# EDGAR Filing Document

**Accession Number:** 0001034027
**File Stem:** 0001193125-26-161335
**Filing Date:** 2026-4
**Character Count:** 117790
**Document Hash:** cb64ec5da7079407d5e0f3c85aaefd00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-161335.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-161335

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUARDIAN SEPARATE ACCOUNT E
- **CENTRAL INDEX KEY:** 0001034027

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08057
- **FILM NUMBER:** 26871232

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

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

## Series and Classes Contracts Data

### GUARDIAN SEPARATE ACCOUNT E (Series ID: S000008785)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000023902 | Guardian Investor Retirement Asset Manager |  |

**FINANCIAL STATEMENTS OF** 

**THE GUARDIAN SEPARATE ACCOUNT E** 

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Equity-Income<br>Portfolio<br>Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 | 1400031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  | 5537854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 1400031 | 5537854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 1528 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1401559 | 5538427 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 1528 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1528 | 573 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $1400031 | $5537854 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 | 1400031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  | 5537854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $1400031 | $5537854 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 | 131458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  | 189913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 131458 | 189913 |
|  **Cost** | $1452928 | $4651268 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 87039 | 122519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $15.130368 | $40.941237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $16.124216 | $43.173764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $1387997 | $5234963 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 746 | 7016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $16.124216 | $43.173764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $16.124216 | $43.173764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $12034 | $302891 |

---

# Rounded units/unit fair values

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity<sup>®</sup> VIP**<br>**Growth**<br>**Opportunities**<br>**Portfolio**<br>**Sub-Account** | **Fidelity<sup>®</sup> VIP**<br>**Government**<br>**Money**<br>**Market Portfolio**<br>**Sub-Account** | **Fidelity<sup>®</sup> VIP Mid<br>Cap Portfolio<br>Sub-Account** | **Templeton Growth<br>VIP Fund<br>Sub-Account** | **Janus Henderson<br>VIT Forty Portfolio<br>Sub-Account** | **Janus Henderson**<br>**VIT Global**<br>**Research**<br>**Portfolio**<br>**Sub-Account** | **Janus Henderson**<br>**VIT<br>Enterprise**<br>**Portfolio**<br>**Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
|  |  |  | 1855361 |  |  |  |
|  |  |  |  | 9270866 | 4846920 | 8995240 |
| 6614767 |  | 22638831 |  |  |  |  |
|  | 36573754 |  |  |  |  |  |
| 6614767 | 36573754 | 22638831 | 1855361 | 9270866 | 4846920 | 8995240 |
| 4351 | 16692 | 5373 | 72 | 906 | 610 | 2865 |
|  | 11 |  |  |  | 1 |  |
| 6619118 | 36590457 | 22644204 | 1855433 | 9271772 | 4847531 | 8998105 |
| 4351 | 16692 | 5373 | 72 | 906 | 610 | 2865 |
| 4351 | 16692 | 5373 | 72 | 906 | 610 | 2865 |
| $6614767 | $36573765 | $22638831 | $1855361 | $9270866 | $4846921 | $8995240 |
| $— | $— | $— | $— | $— | $— | $— |
|  |  |  | 1855361 |  |  |  |
|  |  |  |  | 9270866 | 4846921 | 8995240 |
| 6614767 |  | 22638831 |  |  |  |  |
|  | 36573765 |  |  |  |  |  |
| $6614767 | $36573765 | $22638831 | $1855361 | $9270866 | $4846921 | $8995240 |
|  |  |  | 131121 |  |  |  |
|  |  |  |  | 156023 | 60837 | 107624 |
| 66748 |  | 615353 |  |  |  |  |
|  | 36573754 |  |  |  |  |  |
| 66748 | 36573754 | 615353 | 131121 | 156023 | 60837 | 107624 |
| $4703732 | $36573753 | $22899100 | $1458991 | $7202512 | $3460170 | $8063330 |
| 87164 | 3389247 | 181301 | 67373 | 101027 | 127633 | 157582 |
| $70.745125 | $9.923734 | $94.264058 | $25.075184 | $85.665554 | $34.164794 | $48.616074 |
| $74.602765 | $10.469794 | $124.289443 | $26.606713 | $90.336111 | $37.725996 | $57.142831 |
| $6446948 | $35336792 | $22222617 | $1776168 | $9008098 | $4748762 | $8815676 |
| 2250 | 118147 | 3349 | 2976 | 2909 | 2602 | 3142 |
| $74.602765 | $10.469794 | $124.289443 | $26.606713 | $90.336111 | $37.725996 | $57.142831 |
| $74.602765 | $10.469794 | $124.289443 | $26.606713 | $90.336111 | $37.725996 | $57.142831 |
| $167819 | $1236973 | $416214 | $79193 | $262768 | $98159 | $179564 |

---

**B-3**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **MFS<sup>®</sup> Growth**<br>**Series**<br>**Sub-Account** | **MFS<sup>®</sup> New**<br>**Discovery Series**<br>**Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT | 4009277 | 8995752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 4009277 | 8995752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 5932 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4015209 | 8996319 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 5932 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5933 | 567 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $4009276 | $8995752 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT | 4009276 | 8995752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $4009276 | $8995752 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT | 59090 | 576651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 59090 | 576651 |
|  **Cost** | $3854276 | $8909878 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 60343 | 149600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $60.148901 | $56.926472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $66.311833 | $60.030190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $3926968 | $8967306 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 1241 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $66.311833 | $60.030190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $66.311833 | $60.030190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $82308 | $28446 |

---

# Rounded units/unit fair values

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

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MFS<sup>®</sup><br>Total Return<br>Series<br>Sub-Account** | **Invesco V.I.**<br>**Equity and**<br>**Income Fund<br>Sub-Account** | **Invesco V.I.<br>American<br>Franchise Fund<br>Sub-Account** | **AB VPS<br>Sustainable Global<br>Thematic Portfolio<br>Sub-Account** | **Davis Financial<br>Portfolio<br>Sub-Account** | **Davis Real<br>Estate<br>Portfolio<br>Sub-Account** | **Guardian<br>All Cap Core<br>VIP Fund<br>Sub-Account (1)** |
| $— | $— | $— | $— | $2855757 | $1270790 | $28680528 |
|  |  |  | 7461447 |  |  |  |
| 9038632 |  |  |  |  |  |  |
|  | 901052 | 3508355 |  |  |  |  |
| 9038632 | 901052 | 3508355 | 7461447 | 2855757 | 1270790 | 28680528 |
| 1254 | 242 | 355 | 259 | 214 | 788 | 5154 |
|  |  |  |  |  |  | 1 |
| 9039886 | 901294 | 3508710 | 7461706 | 2855971 | 1271578 | 28685683 |
| 1254 | 242 | 355 | 259 | 214 | 788 | 5154 |
| 1254 | 242 | 355 | 259 | 214 | 788 | 5154 |
| $9038632 | $901052 | $3508355 | $7461447 | $2855757 | $1270790 | $28680529 |
| $— | $— | $— | $— | $2855757 | $1270790 | $28680529 |
|  |  |  | 7461447 |  |  |  |
| 9038632 |  |  |  |  |  |  |
|  | 901052 | 3508355 |  |  |  |  |
| $9038632 | $901052 | $3508355 | $7461447 | $2855757 | $1270790 | $28680529 |
|  |  |  |  | 160797 | 100378 | 2045687 |
|  |  |  | 246578 |  |  |  |
| 387425 |  |  |  |  |  |  |
|  | 49319 | 43313 |  |  |  |  |
| 387425 | 49319 | 43313 | 246578 | 160797 | 100378 | 2045687 |
| $9121037 | $889380 | $2730542 | $7744431 | $2361587 | $1508497 | $23836477 |
| 241846 | 30003 | 75811 | 258511 | 53218 | 28625 | 1929282 |
| $33.700232 | $28.021536 | $43.613547 | $27.202948 | $50.813066 | $39.727690 | $14.236135 |
| $36.951545 | $30.001857 | $46.554795 | $28.864691 | $54.017153 | $42.506338 | $14.501360 |
| $8831629 | $891986 | $3497620 | $7461447 | $2809411 | $1190330 | $27946769 |
| 5602 | 302 | 231 |  | 865 | 1921 | 50599 |
| $36.951545 | $30.001857 | $46.554795 | $— | $53.584116 | $41.894071 | $14.501360 |
| $36.951545 | $30.001857 | $46.554795 | $— | $53.584116 | $41.894071 | $14.501360 |
| $207003 | $9066 | $10735 | $— | $46346 | $80460 | $733760 |

---

**B-5**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian Balanced<br>Allocation VIP<br>Fund**<br>**Sub-Account** | **Guardian Core<br>Fixed Income VIP<br>Fund<br>Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $27143348 | $20305762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 27143348 | 20305762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 4513 | 6268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 27147861 | 20312030 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 4513 | 6268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4513 | 6268 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $27143348 | $20305762 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $27143348 | $20305762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $27143348 | $20305762 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | 1894162 | 1851027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class INST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 1894162 | 1851027 |
|  **Cost** | $19154953 | $18852849 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 1885508 | 1901825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $13.430496 | $10.376581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $13.680675 | $10.472800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $25755209 | $19909619 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 101467 | 37826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $13.680675 | $10.472800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $13.680675 | $10.472800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $1388139 | $396143 |

---

# Rounded units/unit fair values

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

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

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian**<br>**Equity Income**<br>**VIP Fund<br>Sub-Account (2)** | **Guardian<br>Integrated<br>Research**<br>**VIP Fund<br>Sub-Account** | **Guardian**<br>**Large Cap<br>Disciplined<br>Growth VIP Fund<br>Sub-Account** | **Guardian Short<br>Duration Bond VIP<br>Fund<br>Sub-Account** | **Guardian Strategic<br>Large Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government/**<br>**Credit VIP Fund<br>Sub-Account (3)** | **Janus Henderson<br>VIT Research<br>Portfolio<br>Sub-Account** |
| $94563182 | $2937359 | $1416735 | $5084587 | $9055339 | $583747 | $— |
|  |  |  |  |  |  | 5061385 |
| 94563182 | 2937359 | 1416735 | 5084587 | 9055339 | 583747 | 5061385 |
| 26775 | 2829 | 3191 | 280 | 3478 | 47 | 958 |
| 1 |  |  |  |  |  |  |
| 94589958 | 2940188 | 1419926 | 5084867 | 9058817 | 583794 | 5062343 |
| 26775 | 2829 | 3191 | 280 | 3478 | 47 | 958 |
| 26775 | 2829 | 3191 | 280 | 3478 | 47 | 958 |
| $94563183 | $2937359 | $1416735 | $5084587 | $9055339 | $583747 | $5061385 |
| $94563183 | $2937359 | $1416735 | $5084587 | $9055339 | $583747 | $— |
|  |  |  |  |  |  | 5061385 |
| $94563183 | $2937359 | $1416735 | $5084587 | $9055339 | $583747 | $5061385 |
| 6793332 | 94999 | 33724 | 453172 | 606926 | 54863 |  |
|  |  |  |  |  |  | 77987 |
| 6793332 | 94999 | 33724 | 453172 | 606926 | 54863 | 77987 |
| $80013336 | $1802534 | $894893 | $4863241 | $8449729 | $544682 | $3217769 |
| 6897074 | 197565 | 97734 | 469643 | 640099 | 56574 | 89760 |
| $13.046215 | $13.973928 | $14.198402 | $10.613080 | $14.003354 | $9.667108 | $51.017713 |
| $13.289217 | $14.271209 | $14.348587 | $10.711484 | $14.151478 | $9.769382 | $55.057069 |
| $91510473 | $2809224 | $1396954 | $5029568 | $9055339 | $551866 | $4888030 |
| 229713 | 8979 | 1379 | 5136 |  | 3263 | 3149 |
| $13.289217 | $14.271209 | $14.348587 | $10.711484 | $— | $9.769382 | $55.057069 |
| $13.289217 | $14.271209 | $14.348587 | $10.711484 | $— | $9.769382 | $55.057069 |
| $3052710 | $128135 | $19781 | $55019 | $— | $31881 | $173355 |

---

**B-7**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **<br>Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Equity-Income<br>Portfolio<br>Sub-Account** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $42557 | $90865 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (17672) | (72451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (17672) | (72451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 24885 | 18414 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (26673) | 234691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 300577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 81026 | 326764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 54353 | 862032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $79238 | $880446 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity<sup>®</sup> VIP<br>Growth<br>Opportunities<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Mid Cap<br>Portfolio<br>Sub-Account** | **Templeton<br>Growth VIP Fund<br>Sub-Account** | **Janus<br>Henderson<br>VIT Forty<br>Portfolio<br>Sub-Account** | **Janus Henderson**<br>**VIT Global<br>Research<br>Portfolio<br>Sub-Account** | **Janus Henderson<br>VIT Enterprise<br>Portfolio<br>Sub-Account** |
| $— | $666569 | $78596 | $18170 | $6703 | $26124 | $18158 |
| (80749) | (236221) | (225153) | (26186) | (119424) | (58998) | (117366) |
| (80749) | (236221) | (225153) | (26186) | (119424) | (58998) | (117366) |
| (80749) | 430348 | (146557) | (8016) | (112721) | (32874) | (99208) |
| 442878 |  | 52205 | 46199 | 499527 | 342918 | 323477 |
| 99568 |  | 2251165 | 155993 | 1106243 | 390542 | 684855 |
| 583587 |  | (648530) | 228830 | (100135) | 90184 | (358696) |
| 1126033 |  | 1654840 | 431022 | 1505635 | 823644 | 649636 |
| $1045284 | $430348 | $1508283 | $423006 | $1392914 | $790770 | $550428 |

---

**B-9**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **<br>MFS<sup>®</sup> Growth<br>Series<br>Sub-Account** | **MFS<sup>®</sup> New<br>Discovery Series<br>Sub-Account** |
|  **Investment income:** | **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (54522) | (46450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (54522) | (46450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (54522) | (46450) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 210475 | (193158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 731927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (449677) | 604733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 492725 | 411575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $438203 | $365125 |

---

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MFS<sup>®</sup> Total<br>Return Series<br>Sub-Account** | **Invesco V.I.<br>Equity and<br>Income Fund<br>Sub-Account** | **Invesco V.I.<br>American<br>Franchise Fund<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **Davis<br>Financial<br>Portfolio<br>Sub-Account** | **Davis Real<br>Estate Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account (1)** |
| $246143 | $18393 | $— | $— | $42033 | $36272 | $24863 |
| (119876) | (11043) | (43788) | (26813) | (34355) | (19146) | (104058) |
| (119876) | (11043) | (43788) | (26813) | (34355) | (19146) | (104058) |
| 126267 | 7350 | (43788) | (26813) | 7678 | 17126 | (79195) |
| 49787 | 190 | 118755 | (10794) | 189309 | (6795) | (20043731) |
| 656347 | 46723 | 321058 | 40724 | 246398 | 52296 | 14769837 |
| 14326 | 39449 | (74323) | (251285) | 199207 | (166434) | 4394674 |
| 720460 | 86362 | 365490 | (221355) | 634914 | (120933) | (879220) |
| $846727 | $93712 | $321702 | $(248168) | $642592 | $(103807) | $(958415) |

---

**B-11**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian All<br>Cap Core<br>VIP Fund<br>Sub-Account (1)** | **<br>Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (370227) | (429593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (370227) | (429593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (370227) | (429593) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 5527249 | 3837259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 477546 | 237434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 6004795 | 4074693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $5634568 | $3645100 |

---

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

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

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Core<br>Fixed Income<br>VIP Fund<br>Sub-Account** | **Guardian Equity<br>Income VIP Fund<br>Sub-Account (2)** | **Guardian<br>Integrated<br>Research<br>VIP Fund<br>Sub-Account** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund<br>Sub-Account** | **Guardian Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian Strategic<br>Large Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (3)** |
| $— | $— | $— | $— | $— | $— | $— |
| (234771) | (1041409) | (38165) | (19207) | (46604) | (49533) | (7571) |
| (234771) | (1041409) | (38165) | (19207) | (46604) | (49533) | (7571) |
| (234771) | (1041409) | (38165) | (19207) | (46604) | (49533) | (7571) |
| 156165 | 5661317 | 154124 | 107625 | 147655 | 138907 | (244) |
| 995868 | 8152945 | 237788 | 116458 | 38278 | 93217 | 38330 |
| 1152033 | 13814262 | 391912 | 224083 | 185933 | 232124 | 38086 |
| $917262 | $12772853 | $353747 | $204876 | $139329 | $182591 | $30515 |

---

**B-13**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **<br>Janus Henderson<br>VIT Research<br>Portfolio<br>Sub-Account** | **Victory 500 Index<br>VIP Series<br>Sub-Account (4)** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $91649 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (61790) | (69842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (61790) | (69842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (61790) | 21807 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 369408 | (624891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 370595 | 1546820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 56270 | (226067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 796273 | 695862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $734483 | $717669 |

---

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

(4) Liquidated as of August 29, 2025.

(5) Liquidated as of June 27, 2025.

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Victory High<br>Yield VIP Series<br>Sub-Account (4)** | **Victory RS<br>International VIP<br>Series<br>Sub-Account (4)** | **Victory RS Large<br>Cap Alpha VIP<br>Series<br>Sub-Account (2)** | **Victory RS Small<br>Cap Growth<br>Equity VIP<br>Series<br>Sub-Account (4)** | **Victory Sophus<br>Emerging Markets<br>VIP Series<br>Sub-Account (5)** |
| $137161 | $257717 | $1048742 | $71415 | $68907 |
| (13330) | (95993) | (290810) | (123731) | (32141) |
| (13330) | (95993) | (290810) | (123731) | (32141) |
| 123831 | 161724 | 757932 | (52316) | 36766 |
| (237840) | 2126612 | (6777500) | (5792625) | (811433) |
|  | 629746 | 11219574 |  |  |
| 196318 | (831689) | (7166014) | 5116570 | 1393466 |
| (41522) | 1924669 | (2723940) | (676055) | 582033 |
| $82309 | $2086393 | $(1966008) | $(728371) | $618799 |

---

**B-15**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** | **Fidelity® VIP<br>Equity-Income<br>Portfolio<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $24885 | $18414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (26673) | 234691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 300577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 81026 | 326764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 79238 | 880446 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 6226 | 21463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 81482 | 119862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (112828) | (872021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 4 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (2587) | (30870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (38485) | (43824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (66188) | (805377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 13050 | 75069 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1386981 | 5462785 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1400031 | $5537854 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity® VIP<br>Growth<br>Opportunities<br>Portfolio<br>Sub-Account** | **Fidelity® VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** | **Fidelity® VIP<br>Mid Cap<br>Portfolio<br>Sub-Account** | **Templeton<br>Growth<br>VIP Fund<br>Sub-Account** | **Janus<br>Henderson<br>VIT Forty<br>Portfolio<br>Sub-Account** | **Janus<br>Henderson<br>VIT Global<br>Research<br>Portfolio<br>Sub-Account** | **Janus<br>Henderson<br>VIT Enterprise<br>Portfolio<br>Sub-Account** |
| $(80749) | $430348 | $(146557) | $(8016) | $(112721) | $(32874) | $(99208) |
| 442878 |  | 52205 | 46199 | 499527 | 342918 | 323477 |
| 99568 |  | 2251165 | 155993 | 1106243 | 390542 | 684855 |
| 583587 |  | (648530) | 228830 | (100135) | 90184 | (358696) |
| 1045284 | 430348 | 1508283 | 423006 | 1392914 | 790770 | 550428 |
| 7130 | (64548) | 45528 | 8417 | 50415 | 24191 | 25175 |
| 360408 | 32074604 | 7136977 | (280917) | 253920 | 205498 | 8077 |
| (1154250) | (3430510) | (2124507) | (464110) | (1310397) | (648611) | (946168) |
| (82) | 1088 | 232 | (73) | 154 | (1055) | (1191) |
| (81290) | (74243) | (164753) | (883) | (169895) | (8688) | (23706) |
| (168139) | 947294 | (1474690) | (6641) | (89856) | (30870) | (14596) |
| (1036223) | 29453685 | 3418787 | (744207) | (1265659) | (459535) | (952409) |
| 9061 | 29884033 | 4927070 | (321201) | 127255 | 331235 | (401981) |
| 6605706 | 6689732 | 17711761 | 2176562 | 9143611 | 4515686 | 9397221 |
| $6614767 | $36573765 | $22638831 | $1855361 | $9270866 | $4846921 | $8995240 |

---

**B-17**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **MFS® Growth<br>Series<br>Sub-Account** | **<br>MFS® New<br>Discovery<br>Series<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(54522) | $(46450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 210475 | (193158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 731927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (449677) | 604733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 438203 | 365125 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 17966 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 51541 | 7091738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (700233) | (345177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 67 | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (26896) | (3010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (8257) | (7311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (665812) | 6739339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (227609) | 7104464 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4236885 | 1891288 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4009276 | $8995752 |

---

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MFS® Total<br>Return Series<br>Sub-Account** | **Invesco V.I.<br>Equity and<br>Income Fund<br>Sub-Account** | **Invesco V.I.<br>American<br>Franchise<br>Fund<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global<br>Thematic<br>Portfolio<br>Sub-Account** | **Davis<br>Financial<br>Portfolio<br>Sub-Account** | **Davis Real<br>Estate<br>Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account (1)** |
| $126267 | $7350 | $(43788) | $(26813) | $7678 | $17126 | $(79195) |
| 49787 | 190 | 118755 | (10794) | 189309 | (6795) | (20043731) |
| 656347 | 46723 | 321058 | 40724 | 246398 | 52296 | 14769837 |
| 14326 | 39449 | (74323) | (251285) | 199207 | (166434) | 4394674 |
| 846727 | 93712 | 321702 | (248168) | 642592 | (103807) | (958415) |
| 16972 | 567 | 4832 | 9436 | 7838 | 22752 | 10269 |
| 125994 | 45778 | 157951 | 7461331 | 229672 | (74163) | 173074 |
|  |  |  |  |  |  | (23541897) |
| (1178072) | (77345) | (414919) | (88805) | (503867) | (198026) | (824640) |
| 41 | 77 | (39) | (278) | 2 | 420 |  |
| (198913) | (6378) | (47766) |  | (25541) | (62830) | (1038) |
| (22051) | (484) | (2187) |  | (3026) | (12421) | (307010) |
| (1256029) | (37785) | (302128) | 7381684 | (294922) | (324268) | (24491242) |
| (409302) | 55927 | 19574 | 7133516 | 347670 | (428075) | (25449657) |
| 9447934 | 845125 | 3488781 | 327931 | 2508087 | 1698865 | 25449657 |
| $9038632 | $901052 | $3508355 | $7461447 | $2855757 | $1270790 | $— |

---

**B-19**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Guardian All<br>Cap Core<br>VIP Fund<br>Sub-Account (1)** | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(370227) | $(429593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 5527249 | 3837259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 477546 | 237434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 5634568 | 3645100 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 42532 | 50734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (11390678) | (6967015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions | 23541897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (4239150) | (6421636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 186 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (532013) | (401181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 261273 | (66920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | 7684047 | (13805718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 13318615 | (10160618) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 15361914 | 37303966 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $28680529 | $27143348 |

---

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

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

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Core<br>Fixed Income<br>VIP Fund<br>Sub-Account** | **Guardian Equity<br>Income<br>VIP Fund<br>Sub-Account (2)** | **Guardian<br>Integrated<br>Research<br>VIP Fund<br>Sub-Account** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund<br>Sub-Account** | **Guardian<br>Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian<br>Strategic<br>Large Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (3)** |
| $(234771) | $(1041409) | $(38165) | (19207) | $(46604) | $(49533) | $(7571) |
| 156165 | 5661317 | 154124 | 107625 | 147655 | 138907 | (244) |
| 995868 | 8152945 | 237788 | 116458 | 38278 | 93217 | 38330 |
| 917262 | 12772853 | 353747 | 204876 | 139329 | 182591 | 30515 |
| 23669 | 154877 | 23436 | 1796 | 3160 | 16028 | 553 |
| 3373746 | (11521822) | (58442) | 126647 | 2817534 | 7238889 | 579 |
|  | 66474402 |  |  |  |  |  |
| (1828797) | (11610906) | (318928) | (346182) | (1061245) | (371659) | (47794) |
| 12 | (5293) | 270 | 207 | 118 | 705 |  |
| (63693) | (612642) | (9153) | (16999) | (19353) | (49279) | (780) |
| (176491) | 1483667 | (307) | (9034) | (23674) | (11606) | 918 |
| 1328446 | 44362283 | (363124) | (243565) | 1716540 | 6823078 | (46524) |
| 2245708 | 57135136 | (9377) | (38689) | 1855869 | 7005669 | (16009) |
| 18060054 | 37428047 | 2946736 | 1455424 | 3228718 | 2049670 | 599756 |
| $20305762 | $94563183 | $2937359 | $1416735 | $5084587 | $9055339 | $583747 |

---

**B-21**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Janus<br>Henderson<br>VIT Research<br>Portfolio<br>Sub-Account** | **Victory 500<br>Index VIP<br>Series Sub-<br>Account (4)** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(61790) | $21807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 369408 | (624891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 370595 | 1546820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 56270 | (226067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 734483 | 717669 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 10662 | 9040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 223913 | (7881260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (649703) | (1366602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 44 | (1289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (44378) | (161429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (14855) | (393174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (474317) | (9794714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 260166 | (9077045) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4801219 | 9077045 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5061385 | $— |

---

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

(4) Liquidated as of August 29, 2025.

(5) Liquidated as of June 27, 2025.

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Victory High<br>Yield VIP Series<br>Sub-Account (4)** | **Victory RS<br>International<br>VIP Series<br>Sub-Account (4)** | **Victory RS<br>Large Cap Alpha<br>VIP Series<br>Sub-Account (2)** | **Victory RS Small<br>Cap Growth<br>Equity<br>VIP Series<br>Sub-Account (4)** | **Victory Sophus<br>Emerging<br>Markets<br>VIP Series<br>Sub-Account (5)** |
| $123831 | $161724 | $757932 | $(52316) | $36766 |
| (237840) | 2126612 | (6777500) | (5792625) | (811433) |
|  | 629746 | 11219574 |  |  |
| 196318 | (831689) | (7166014) | 5116570 | 1393466 |
| 82309 | 2086393 | (1966008) | (728371) | 618799 |
| 5418 | 9544 | 55780 | 45263 | 5170 |
| (1458808) | (11873723) | 1362920 | (13911740) | (5104326) |
|  |  | (66474402) |  |  |
| (482984) | (1012675) | (3873908) | (1425979) | (808177) |
| 49 | 1657 | 859 | 92 | (1) |
| (6905) | (59615) | (740646) | (256753) | (9750) |
| (17424) | (260535) | (1608890) | (477084) | (179988) |
| (1960654) | (13195347) | (71278287) | (16026201) | (6097072) |
| (1878345) | (11108954) | (73244295) | (16754572) | (5478273) |
| 1878345 | 11108954 | 73244295 | 16754572 | 5478273 |
| $— | $— | $— | $— | $— |

---

**B-23**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** | **Fidelity® VIP<br>Equity-Income<br>Portfolio<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17159 | $16803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (41231) | 271573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 320192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 29416 | 116372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 5344 | 724940 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 18234 | 31085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 42553 | (86892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (303628) | (886400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (25) | (1775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (4129) | (39781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 20149 | 112419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (226846) | (871344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (221502) | (146404) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1608483 | 5609189 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1386981 | $5462785 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity® VIP<br>Growth<br>Opportunities<br>Portfolio<br>Sub-Account** | **Fidelity® VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** | **Fidelity® VIP<br>Mid Cap<br>Portfolio<br>Sub-Account** | **Templeton<br>Growth<br>VIP Fund<br>Sub-Account** | **Janus<br>Henderson<br>VIT Forty<br>Portfolio<br>Sub-Account** | **Janus<br>Henderson<br>VIT Global<br>Research<br>Portfolio<br>Sub-Account** | **Janus<br>Henderson<br>VIT Enterprise<br>Portfolio<br>Sub-Account** |
| $(80514) | $233270 | $(159664) | $(8824) | $(112504) | $(25869) | $(55958) |
| 439234 |  | 1248532 | (100006) | 485605 | 362700 | 476430 |
|  |  | 2302061 | 7567 | 516681 | 144523 | 380973 |
| 1491497 |  | (798819) | 200714 | 1244759 | 388813 | 466806 |
| 1850217 | 233270 | 2592110 | 99451 | 2134541 | 870167 | 1268251 |
| 12069 | 113644 | 38388 | 4895 | 16652 | 28637 | 25167 |
| 692729 | 2327917 | (72327) | 16748 | (5863) | 25976 | (76802) |
| (1161797) | (1737526) | (4245073) | (246923) | (1317667) | (459084) | (1050344) |
| 570 | 303 | 5346 | (5956) | 4729 | (2490) | 294 |
| (97944) | (350387) | (164997) | (10253) | (25416) | (15639) | (29942) |
| 214869 | (150995) | 1744158 | 5421 | (20167) | 32836 | (4091) |
| (339504) | 202956 | (2694505) | (236068) | (1347732) | (389764) | (1135718) |
| 1510713 | 436226 | (102395) | (136617) | 786809 | 480403 | 132533 |
| 5094993 | 6253506 | 17814156 | 2313179 | 8356802 | 4035283 | 9264688 |
| $6605706 | $6689732 | $17711761 | $2176562 | $9143611 | $4515686 | $9397221 |

---

**B-25**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **MFS® Growth<br>Series<br>Sub-Account** | **<br>MFS® New<br>Discovery<br>Series<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(55035) | $(26973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 249890 | (197420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 314760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 508962 | 331191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1018577 | 106798 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 22663 | 5858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 145639 | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (421077) | (246133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 581 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (45162) | (21633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (15986) | (1393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (313342) | (260400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 705235 | (153602) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3531650 | 2044890 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4236885 | $1891288 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MFS® Total<br>Return Series<br>Sub-Account** | **Invesco V.I.<br>Equity and<br>Income Fund<br>Sub-Account** | **Invesco V.I.<br>American<br>Franchise<br>Fund<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global<br>Thematic<br>Portfolio<br>Sub-Account** | **Davis<br>Financial<br>Portfolio<br>Sub-Account** | **Davis Real<br>Estate<br>Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account** |
| $117044 | $3833 | $(43008) | $(7358) | $12471 | $11928 | $(164844) |
| 79532 | (210383) | 13542 | 5587 | 57781 | (27021) | (1034671) |
| 484386 | 32360 |  | 1118 | 199497 | 37826 | 2644339 |
| (43615) | 258229 | 919935 | 15849 | 307610 | 21895 | 1016634 |
| 637347 | 84039 | 890469 | 15196 | 577359 | 44628 | 2461458 |
| 9896 | 519 | 1467 | 542 | 7718 | 8801 | 19408 |
| 15283 | 9374 | 165254 | (2834) | (1483) | (393144) | (91166) |
| (1393941) | (36966) | (312307) | (40381) | (299191) | (136517) | (3592127) |
| (148) | 4 | (66) | 31 | 111 | 5 | 3390 |
| (81872) | (790) | (25151) |  | (5259) | (75383) | (113229) |
| (22565) | (6461) | 1180 |  | 11944 | 1047 | (76282) |
| (1473347) | (34320) | (169623) | (42642) | (286160) | (595191) | (3850006) |
| (836000) | 49719 | 720846 | (27446) | 291199 | (550563) | (1388548) |
| 10283934 | 795406 | 2767935 | 355377 | 2216888 | 2249428 | 26838205 |
| $9447934 | $845125 | $3488781 | $327931 | $2508087 | $1698865 | $25449657 |

---

**B-27**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Guardian All<br>Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(202751) | $(501731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 713799 | 1301016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 2157014 | 3734288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2668062 | 4533573 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 15218 | 43945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (744859) | (589491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (1783123) | (4597027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (295) | 9287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (103915) | (1360212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 83466 | 487611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (2533508) | (6005887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 134554 | (1472314) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 15227360 | 38776280 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $15361914 | $37303966 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Core<br>Fixed Income<br>VIP Fund<br>Sub-Account** | **Guardian<br>Equity Income<br>VIP Fund<br>Sub-Account** | **Guardian<br>Integrated<br>Research<br>VIP Fund<br>Sub-Account** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund<br>Sub-Account** | **Guardian<br>Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian<br>Strategic<br>Large Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian<br>U.S. Government<br>Securities<br>VIP Fund**<br>**Sub-Account** |
| $(230703) | $(513644) | $(43490) | $(24560) | $(43189) | $(27117) | $(9139) |
| 54711 | 1080197 | 230797 | 136639 | 34973 | 57251 | (25938) |
| 193956 | 2682273 | 507563 | 313600 | 120560 | 304796 | 35067 |
| 17964 | 3248826 | 694870 | 425679 | 112344 | 334930 | (10) |
| 14811 | 49385 | 3092 | 2910 | 3804 | 10397 | 1190 |
| 1606121 | (769854) | (361008) | (496995) | 183164 | (10760) | 11731 |
| (1716072) | (4626015) | (576894) | (136186) | (638210) | (249318) | (395113) |
| (1345) | 10300 | (1320) | 21 | (43) | 33 | 37 |
| (120856) | (474007) | (11528) |  | (13069) | (329) | (1371) |
| 110016 | (18520) | (2094) | (5221) | 18201 | (1571) | 2226 |
| (107325) | (5828711) | (949752) | (635471) | (446153) | (251548) | (381300) |
| (89361) | (2579885) | (254882) | (209792) | (333809) | 83382 | (381310) |
| 18149415 | 40007932 | 3201618 | 1665216 | 3562527 | 1966288 | 981066 |
| $18060054 | $37428047 | $2946736 | $1455424 | $3228718 | $2049670 | $599756 |

---

**B-29**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Periods Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **<br>Janus<br>Henderson<br>VIT Research<br>Portfolio<br>Sub-Account** | **Victory 500<br>Index VIP<br>Series<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(60270) | $(5910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 333971 | (284554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 131589 | 759920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 901543 | 1549511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1306833 | 2018967 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 4290 | 9135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 40376 | (991281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (592744) | (1924939) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (2021) | (7618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (24155) | (212977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 15529 | (35219) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (558725) | (3162899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 748108 | (1143932) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4053111 | 10220977 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4801219 | $9077045 |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Victory High<br>Yield VIP<br>Series<br>Sub-Account** | **Victory RS<br>International<br>VIP Series<br>Sub-Account** | **Victory RS<br>Large Cap<br>Alpha VIP<br>Series<br>Sub-Account** | **Victory RS<br>Small Cap<br>Growth Equity<br>VIP Series<br>Sub-Account** | **Victory<br>Sophus<br>Emerging<br>Markets<br>VIP Series<br>Sub-Account** |
| $150467 | $177371 | $(1803) | $(220617) | $85481 |
| (57908) | 417626 | 720112 | (1501917) | (166112) |
|  |  | 2664588 |  |  |
| 37501 | (51458) | 10122313 | 3367053 | 291923 |
| 130060 | 543539 | 13505210 | 1644519 | 211292 |
| 5594 | 17641 | 98070 | 25369 | 4845 |
| 54195 | 47997 | (1562366) | 790321 | 279364 |
| (231660) | (1399647) | (7437335) | (1814734) | (623746) |
| 1 | 2593 | 13146 | 1866 | (254) |
| (5757) | (267321) | (1353422) | (262021) | (64659) |
| 7330 | 37233 | (75673) | (72362) | 65134 |
| (170297) | (1561504) | (10317580) | (1331561) | (339316) |
| (40237) | (1017965) | 3187630 | 312958 | (128024) |
| 1918582 | 12126919 | 70056665 | 16441614 | 5606297 |
| $1878345 | $11108954 | $73244295 | $16754572 | $5478273 |

---

**B-31**

------

**THE GUARDIAN SEPARATE ACCOUNT E** 

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

**1. ORGANIZATION:** 

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

On June 30, 2021, the Account's previous indirect owner, Hopmeadow Holdings GP LLC, completed the sale of the Sponsor Company through the merger of an affiliate of Sixth Street, a global investment firm. Sixth Street obtained 100% control of Talcott Holdings, L.P. and its life and annuity operating subsidiaries including the Account. This transaction does not impact the contracts of the Account or the accounting of the Account.

The Account is comprised of the following Sub-Accounts:

Invesco V.I. Government Securities Fund, Fidelity<sup>®</sup> VIP Equity-Income Portfolio, Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio, Fidelity<sup>®</sup> VIP Government Money Market Portfolio, Fidelity<sup>®</sup> VIP Mid Cap Portfolio, Templeton Growth VIP Fund, Janus Henderson VIT Forty Portfolio, Janus Henderson VIT Global Research Portfolio, Janus Henderson VIT Enterprise Portfolio, MFS<sup>®</sup> Growth Series, MFS<sup>®</sup> New Discovery Series, MFS<sup>®</sup> Total Return Series, Invesco V.I. Equity and Income Fund, Invesco V.I. American Franchise Fund, AB VPS Sustainable Global Thematic Portfolio, Davis Financial Portfolio, Davis Real Estate Portfolio, Gabelli Capital Asset Fund\*\*, Guardian All Cap Core VIP Fund\*\*, Guardian Balanced Allocation VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Equity Income VIP Fund\*\*\*, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Strategic Large Cap Core VIP Fund, Guardian U.S. Government/Credit VIP Fund (Formerly Guardian U.S. Government Securities VIP Fund), Janus Henderson VIT Research Portfolio, Victory 500 Index VIP Series\*, Victory High Yield VIP Series\*, Victory RS International VIP Series\*, Victory RS Large Cap Alpha VIP Series\*\*\*, Victory RS Small Cap Growth Equity VIP Series\*, Victory Sophus Emerging Markets VIP Series\*.

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

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

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

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

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

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

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

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

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

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**2. SIGNIFICANT ACCOUNTING POLICIES:** 

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

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

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

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

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

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

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

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

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

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

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

As of December 31, 2025, the Sub-Accounts invest in mutual funds which are carried at fair value and represent Level 1 investments under the fair value hierarchy levels. There were no Level 2 or Level 3 investments in the Sub-Accounts. The

**B-33**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

Account recognizes transfers of securities among the levels at the beginning of the reporting period. There were no transfers among the levels for the periods ended December 31, 2025 and 2024.

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

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

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

**3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Mortality and Expense Risk Charges — The Sponsor Company, as an issuer of variable annuity contracts, assesses mortality and expense risk charges for which it receives a current maximum annual fee of
1.05% of the Sub-Account's average daily net assets. These charges are reflected in the accompanying Statements of Operations as a reduction in unit value.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Administrative Charges — The Sponsor Company provides administrative services to the Account and receives a current maximum annual fee of 0.20% of the Sub-Account's average daily net assets for these services. These charges are reflected in the accompanying Statements of Operations as a reduction in unit value.

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

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

Earnings Benefit Rider (EBR) charges current maximum of 0.25%

7 Year Enhanced Death Benefit Rider (EDBR) charges current maximum of 0.20%

Contract Anniversary Enhanced Death Benefit Rider (CAEDBR) charges current maximum of 0.25%

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

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

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

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian U.S. Government Securities VIP Fund

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

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

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

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

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

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

GIAC has administrative service fee agreements with Victory Capital Management Inc, Gabelli Capital Asset Fund, Invesco Advisers, Inc., AllianceBernstein, L.P., Davis Selected Advisers, LP, Fidelity Management & Research Company, Templeton Global Advisers Limited, Janus Henderson Group PLC, and Massachusetts Financial Services Company, which compensate GIAC for administrative services provided. These fees range from 0.05% to 0.50% of the average daily net assets. These fees are borne and paid to GIAC by investment advisers, and therefore, are not recorded in the financial statements of the Fund.

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

**4. PURCHASES AND SALES OF INVESTMENTS:** 

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

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** |
|  Invesco V.I. Government Securities Fund | $153253 | $194556 |
|  Fidelity<sup>®</sup> VIP Equity-Income Portfolio | $563282 | $1049666 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio | $657574 | $1674978 |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | $42188079 | $12304055 |
|  Fidelity<sup>®</sup> VIP Mid Cap Portfolio | $9702753 | $4179357 |
|  Templeton Growth VIP Fund | $286566 | $882797 |
|  Janus Henderson VIT Forty Portfolio | $1370273 | $1642409 |
|  Janus Henderson VIT Global Research Portfolio | $653630 | $755497 |
|  Janus Henderson VIT Enterprise Portfolio | $761133 | $1127896 |
|  MFS<sup>®</sup> Growth Series | $840772 | $829178 |

---

**B-35**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** |
|  MFS<sup>®</sup> New Discovery Series | $7216776 | $523888 |
|  MFS<sup>®</sup> Total Return Series | $1130323 | $1603738 |
|  Invesco V.I. Equity and Income Fund | $122548 | $106259 |
|  Invesco V.I. American Franchise Fund | $540954 | $565812 |
|  AB VPS Sustainable Global Thematic Portfolio | $7520808 | $125212 |
|  Davis Financial Portfolio | $587909 | $628755 |
|  Davis Real Estate Portfolio | $119903 | $374748 |
|  Gabelli Capital Asset Fund+ | $14795776 | $24596374 |
|  Guardian All Cap Core VIP Fund+ | $23790508 | $16476690 |
|  Guardian Balanced Allocation VIP Fund | $282384 | $14517694 |
|  Guardian Core Fixed Income VIP Fund | $3615686 | $2522012 |
|  Guardian Equity Income VIP Fund+ | $66911082 | $23590207 |
|  Guardian Integrated Research VIP Fund | $52821 | $454110 |
|  Guardian Large Cap Disciplined Growth VIP Fund | $126926 | $389699 |
|  Guardian Short Duration Bond VIP Fund | $3283768 | $1613832 |
|  Guardian Strategic Large Cap Core VIP Fund | $7226330 | $452784 |
|  Guardian U.S. Government/Credit VIP Fund+ | $25193 | $79291 |
|  Janus Henderson VIT Research Portfolio | $593421 | $758933 |
|  Victory 500 Index VIP Series+ | $1687048 | $9913136 |
|  Victory High Yield VIP Series+ | $192702 | $2029525 |
|  Victory RS International VIP Series+ | $1124508 | $13528384 |
|  Victory RS Large Cap Alpha VIP Series+ | $12672220 | $71973001 |
|  Victory RS Small Cap Growth Equity VIP Series+ | $745805 | $16824323 |
|  Victory Sophus Emerging Markets VIP Series+ | $79909 | $6140214 |

---

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

**5. CHANGES IN UNITS OUTSTANDING:** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units**<br>**Redeemed** | **Net Increase/**<br>**(Decrease)** |
|  Invesco V.I. Government Securities Fund | 7365 | 11800 | (4435) |
|  Fidelity<sup>®</sup> VIP Equity-Income Portfolio | 5369 | 25657 | (20288) |
|  Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio | 8971 | 26851 | (17880) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 4025564 | 1177564 | 2848000 |
|  Fidelity<sup>®</sup> VIP Mid Cap Portfolio | 61964 | 37165 | 24799 |
|  Templeton Growth VIP Fund | 5068 | 35469 | (30401) |
|  Janus Henderson VIT Forty Portfolio | 3198 | 18760 | (15562) |
|  Janus Henderson VIT Global Research Portfolio | 6701 | 21206 | (14505) |
|  Janus Henderson VIT Enterprise Portfolio | 1169 | 18818 | (17649) |
|  MFS<sup>®</sup> Growth Series | 1896 | 12540 | (10644) |
|  MFS<sup>®</sup> New Discovery Series | 123224 | 8527 | 114697 |
|  MFS<sup>®</sup> Total Return Series | 6729 | 42992 | (36263) |
|  Invesco V.I. Equity and Income Fund | 2031 | 3399 | (1368) |
|  Invesco V.I. American Franchise Fund | 4933 | 12232 | (7299) |
|  AB VPS Sustainable Global Thematic Portfolio | 250109 | 3526 | 246583 |
|  Davis Financial Portfolio | 6070 | 12364 | (6294) |
|  Davis Real Estate Portfolio | 485 | 7888 | (7403) |
|  Gabelli Capital Asset Fund+ | 1160 | 403475 | (402315) |
|  Guardian All Cap Core VIP Fund+ | 1951393 | 1146283 | 805110 |
|  Guardian Balanced Allocation VIP Fund | 38035 | 1094259 | (1056224) |
|  Guardian Core Fixed Income VIP Fund | 349689 | 226106 | 123583 |
|  Guardian Equity Income VIP Fund+ | 5738021 | 1806762 | 3931259 |

---

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

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units**<br>**Redeemed** | **Net Increase/**<br>**(Decrease)** |
|  Guardian Integrated Research VIP Fund | 5780 | 33564 | (27784) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 9721 | 28091 | (18370) |
|  Guardian Short Duration Bond VIP Fund | 309877 | 148749 | 161128 |
|  Guardian Strategic Large Cap Core VIP Fund | 509860 | 29820 | 480040 |
|  Guardian U.S. Government/Credit VIP Fund+ | 3095 | 8025 | (4930) |
|  Janus Henderson VIT Research Portfolio | 4252 | 14321 | (10069) |
|  Victory 500 Index VIP Series+ | 2350 | 192324 | (189974) |
|  Victory High Yield VIP Series+ | 2305 | 68461 | (66156) |
|  Victory RS International VIP Series+ | 2050 | 382186 | (380136) |
|  Victory RS Large Cap Alpha VIP Series+ | 6479 | 1644274 | (1637795) |
|  Victory RS Small Cap Growth Equity VIP Series+ | 15408 | 307310 | (291902) |
|  Victory Sophus Emerging Markets VIP Series+ | 346 | 160347 | (160001) |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units<br>Redeemed** | **Net Increase/<br>(Decrease)** |
|  Invesco V.I. Government Securities Fund | 5453 | 21780 | (16327) |
|  Fidelity<sup>®</sup> VIP Equity-Income Portfolio | 2447 | 30025 | (27578) |
|  Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio | 13475 | 23319 | (9844) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 174070 | 220378 | (46308) |
|  Fidelity<sup>®</sup> VIP Mid Cap Portfolio | 508 | 40659 | (40151) |
|  Templeton Growth VIP Fund | 3023 | 13556 | (10533) |
|  Janus Henderson VIT Forty Portfolio | 1010 | 19541 | (18531) |
|  Janus Henderson VIT Global Research Portfolio | 2546 | 16805 | (14259) |
|  Janus Henderson VIT Enterprise Portfolio | 2932 | 25281 | (22349) |
|  MFS<sup>®</sup> Growth Series | 3681 | 8527 | (4846) |
|  MFS<sup>®</sup> New Discovery Series | 2011 | 6938 | (4927) |
|  MFS<sup>®</sup> Total Return Series | 2656 | 46903 | (44247) |
|  Invesco V.I. Equity and Income Fund | 582 | 1639 | (1057) |
|  Invesco V.I. American Franchise Fund | 7024 | 11858 | (4834) |
|  AB VPS Sustainable Global Thematic Portfolio | 59 | 1571 | (1512) |
|  Davis Financial Portfolio | 279 | 8348 | (8069) |
|  Davis Real Estate Portfolio | 367 | 8170 | (7803) |
|  Gabelli Capital Asset Fund | 1461 | 64179 | (62718) |
|  Guardian All Cap Core VIP Fund | 1205 | 212540 | (211335) |
|  Guardian Balanced Allocation VIP Fund | 4156 | 555896 | (551740) |
|  Guardian Core Fixed Income VIP Fund | 181780 | 203844 | (22064) |
|  Guardian Equity Income VIP Fund | 27366 | 536527 | (509161) |
|  Guardian Integrated Research VIP Fund | 1699 | 82708 | (81009) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 8771 | 61527 | (52756) |
|  Guardian Short Duration Bond VIP Fund | 32359 | 78035 | (45676) |
|  Guardian Strategic Large Cap Core VIP Fund | 5431 | 26662 | (21231) |
|  Guardian U.S. Government Securities VIP Fund | 1398 | 42807 | (41409) |
|  Janus Henderson VIT Research Portfolio | 2360 | 16214 | (13854) |
|  Victory 500 Index VIP Series | 583 | 62005 | (61422) |
|  Victory High Yield VIP Series | 3404 | 9748 | (6344) |
|  Victory RS International VIP Series | 9477 | 65247 | (55770) |
|  Victory RS Large Cap Alpha VIP Series | 5070 | 244646 | (239576) |
|  Victory RS Small Cap Growth Equity VIP Series | 17351 | 41823 | (24472) |
|  Victory Sophus Emerging Markets VIP Series | 9163 | 21050 | (11887) |

---

**B-37**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**6. FINANCIAL HIGHLIGHTS:** 

The following is a summary of units, unit fair values, net assets, expense ratios, investment income ratios, and total return ratios as of or for each of the periods presented for the aggregate of all share classes within each Sub- Account that had outstanding units during the period ended December 31, 2025. The ranges presented are calculated using the results of only the contracts with the highest and lowest expense ratios that had assets during the period reported. A specific unit value or ratio may be outside of the range presented in this table due to the initial assigned unit values, combined with varying performance and/or length of time since inception of the presented expense ratios that had assets during the period reported. Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized. In the case of fund mergers, the expense, investment income, and total return ratios are calculated using only the results of the surviving fund and exclude the results of the fund merged into the surviving fund. For the fund merged into the surviving fund the results are through the date of the fund merger. Corporate actions are identified for only the current year, prior years' corporate actions are disclosed in the respective year's report.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Invesco V.I. Government Securities Fund | Invesco V.I. Government Securities Fund |  |  |  |  |  |
| 2025 | 87785 | $15.130368 to $16.124216 | $1400031 | 1.25% to 1.50% | 3.10% to 3.16% | 5.76% to 6.03% |
| 2024 | 92220 | $14.305894 to $15.207486 | $1386981 | 1.25% to 1.50% | 2.45% to 2.46% | 0.19% to 0.44% |
| 2023 | 105324 | $14.278384 to $15.140192 | $1608483 | 1.25% to 1.50% | 4.11% to 4.11% | 3.06% to 3.31% |
| 2022 | 111210 | $13.855101 to $14.654644 | $1674775 | 1.25% to 1.50% | 3.91% to 3.91% | -11.64% to -11.41% |
| 2021 | 121422 | $15.021766 to $16.542877 | $2045405 | 1.25% to 1.70% | 5.55% to 5.55% | -3.92% to -3.49% |
| Fidelity<sup>®</sup> VIP Equity-Income Portfolio | Fidelity<sup>®</sup> VIP Equity-Income Portfolio | Fidelity<sup>®</sup> VIP Equity-Income Portfolio |  |  |  |  |
| 2025 | 129534 | $41.234677 to $43.173764 | $5537854 | 1.25% to 1.75% | 0.55% to 1.61% | 16.85% to 17.43% |
| 2024 | 149823 | $35.289336 to $36.764466 | $5462785 | 1.25% to 1.75% | 1.53% to 1.65% | 13.23% to 13.80% |
| 2023 | 169156 | $31.165784 to $32.305990 | $5609189 | 1.25% to 1.75% | 1.80% to 1.80% | 8.61% to 9.15% |
| 2022 | 187075 | $28.695741 to $29.597074 | $5764146 | 1.25% to 1.75% | 1.69% to 1.69% | -6.74% to -6.27% |
| 2021 | 224644 | $30.770528 to $31.578460 | $7367466 | 1.25% to 1.75% | 2.01% to 2.01% | 22.65% to 23.27% |
| Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio | Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio | Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio |  |  |  |  |
| 2025 | 89413 | $72.822321 to $74.602765 | $6614767 | 1.25% to 1.50% | —% to —% | 19.99% to 20.29% |
| 2024 | 107294 | $60.688403 to $62.016916 | $6605706 | 1.25% to 1.50% | —% to —% | 36.68% to 37.02% |
| 2023 | 111499 | $44.402512 to $45.260844 | $5094993 | 1.25% to 1.50% | —% to —% | 43.33% to 43.69% |
| 2022 | 121871 | $30.978327 to $31.498283 | $3875824 | 1.25% to 1.50% | —% to —% | -39.14% to -38.99% |
| 2021 | 148060 | $50.900132 to $51.624893 | $7711785 | 1.25% to 1.50% | —% to —% | 10.15% to 10.43% |
| Fidelity<sup>®</sup> VIP Government Money Market Portfolio | Fidelity<sup>®</sup> VIP Government Money Market Portfolio | Fidelity<sup>®</sup> VIP Government Money Market Portfolio |  |  |  |  |
| 2025 | 3507394 | $9.923734 to $10.469794 | $36573765 | 1.25% to 1.75% | 1.21% to 3.66% | 2.06% to 2.57% |
| 2024 | 659394 | $9.962359 to $10.207241 | $6689732 | 1.25% to 1.50% | 4.75% to 4.76% | 3.27% to 3.52% |
| 2023 | 678687 | $9.647352 to $9.859714 | $6253506 | 1.25% to 1.50% | 4.52% to 4.52% | 3.06% to 3.32% |
| 2022 | 762925 | $9.217518 to $9.542749 | $7362942 | 1.25% to 1.70% | 1.28% to 1.28% | -0.46% to -0.01% |
| 2021 | 669060 | $9.260465 to $9.544107 | $6470424 | 1.25% to 1.70% | 0.01% to 0.01% | -1.69% to -1.25% |
| Fidelity<sup>®</sup> VIP Mid Cap Portfolio | Fidelity<sup>®</sup> VIP Mid Cap Portfolio | Fidelity<sup>®</sup> VIP Mid Cap Portfolio |  |  |  |  |
| 2025 | 184650 | $94.264058 to $124.289443 | $22638831 | 1.25% to 1.75% | 0.38% to 0.48% | 9.72% to 10.27% |
| 2024 | 159851 | $85.915549 to $112.716308 | $17711761 | 1.25% to 1.75% | 0.46% to 0.47% | 15.30% to 15.88% |
| 2023 | 181580 | $74.512823 to $97.267184 | $17814156 | 1.25% to 1.75% | 0.50% to 0.50% | 13.00% to 13.57% |
| 2022 | 199731 | $65.940977 to $85.647971 | $17253674 | 1.25% to 1.75% | 0.39% to 0.39% | -16.34% to -15.92% |
| 2021 | 225785 | $78.819560 to $101.863885 | $23285618 | 1.25% to 1.75% | 0.60% to 0.60% | 23.32% to 23.94% |
| Templeton Growth VIP Fund | Templeton Growth VIP Fund | Templeton Growth VIP Fund |  |  |  |  |
| 2025 | 70349 | $25.075184 to $26.606713 | $1855361 | 1.25% to 1.50% | 0.88% to 0.90% | 21.97% to 22.28% |
| 2024 | 100750 | $20.557718 to $21.758857 | $2176562 | 1.25% to 1.50% | 0.94% to 0.95% | 3.82% to 4.08% |
| 2023 | 108033 | $19.801052 to $20.905431 | $2313179 | 1.25% to 1.50% | 3.33% to 3.33% | 19.20% to 19.50% |
| 2022 | 117244 | $15.773531 to $17.494471 | $2102792 | 1.25% to 1.75% | 0.16% to 0.16% | -13.05% to -12.61% |
| 2021 | 129224 | $18.140154 to $20.018790 | $2654441 | 1.25% to 1.75% | 1.43% to 1.43% | 3.04% to 3.56% |
| Janus Henderson VIT Forty Portfolio | Janus Henderson VIT Forty Portfolio |  |  |  |  |  |
| 2025 | 103936 | $66.217564 to $90.336111 | $9270866 | 1.25% to 1.75% | —% to 0.07% | 16.08% to 16.67% |
| 2024 | 119498 | $57.043353 to $77.431763 | $9143611 | 1.25% to 1.75% | 0.11% to 0.12% | 26.22% to 26.86% |
| 2023 | 133883 | $45.192297 to $61.037830 | $8356802 | 1.25% to 1.75% | 0.19% to 0.19% | 37.52% to 38.21% |
| 2022 | 151749 | $32.861300 to $44.161829 | $6827621 | 1.25% to 1.75% | 0.17% to 0.17% | -34.71% to -34.38% |
| 2021 | 183967 | $50.332685 to $67.303154 | $12582234 | 1.25% to 1.75% | 0.74% to 0.74% | 20.76% to 21.36% |

---

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

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Janus Henderson VIT Global Research Portfolio | Janus Henderson VIT Global Research Portfolio |  |  |  |  |  |
| 2025 | 130235 | $34.164794 to $37.725996 | $4846921 | 1.25% to 1.50% | 0.57% to 0.58% | 19.11% to 19.41% |
| 2024 | 144740 | $28.683895 to $31.594631 | $4515686 | 1.25% to 1.50% | 0.75% to 0.76% | 21.73% to 22.03% |
| 2023 | 155410 | $23.563834 to $25.889981 | $4035283 | 1.25% to 1.50% | 0.91% to 0.91% | 24.88% to 25.19% |
| 2022 | 186850 | $18.869059 to $20.679945 | $3863234 | 1.25% to 1.50% | 1.60% to 1.60% | -20.62% to -20.42% |
| 2021 | 211334 | $23.770076 to $25.986137 | $5486019 | 1.25% to 1.50% | 0.65% to 0.65% | 16.32% to 16.61% |
| Janus Henderson VIT Enterprise Portfolio | Janus Henderson VIT Enterprise Portfolio |  |  |  |  |  |
| 2025 | 160724 | $48.616074 to $57.142831 | $8995240 | 1.25% to 1.50% | 0.20% to 0.20% | 6.06% to 6.33% |
| 2024 | 178373 | $45.838330 to $53.743196 | $9397221 | 1.25% to 1.50% | 0.74% to 0.74% | 13.87% to 14.16% |
| 2023 | 197315 | $40.254434 to $47.078071 | $9264688 | 1.25% to 1.50% | 0.16% to 0.16% | 16.30% to 16.60% |
| 2022 | 213567 | $34.611210 to $40.377081 | $8604013 | 1.25% to 1.50% | 0.37% to 0.37% | -17.20% to -16.99% |
| 2021 | 238308 | $41.800577 to $48.642161 | $11631292 | 1.25% to 1.50% | 0.40% to 0.40% | 15.08% to 15.37% |
| MFS<sup>®</sup> Growth Series | MFS<sup>®</sup> Growth Series | MFS<sup>®</sup> Growth Series |  |  |  |  |
| 2025 | 61584 | $60.148901 to $66.311833 | $4009276 | 1.25% to 1.50% | —% to —% | 10.52% to 10.79% |
| 2024 | 72228 | $54.425157 to $59.851727 | $4236885 | 1.25% to 1.50% | —% to —% | 29.49% to 29.82% |
| 2023 | 75705 | $42.029303 to $46.104116 | $3531650 | 1.25% to 1.50% | —% to —% | 33.83% to 34.17% |
| 2022 | 82741 | $31.404795 to $34.363482 | $2864410 | 1.25% to 1.50% | —% to —% | -32.66% to -32.49% |
| 2021 | 88816 | $46.635625 to $50.901479 | $4555713 | 1.25% to 1.50% | —% to —% | 21.68% to 21.99% |
| MFS<sup>®</sup> New Discovery Series | MFS<sup>®</sup> New Discovery Series | MFS<sup>®</sup> New Discovery Series |  |  |  |  |
| 2025 | 150074 | $57.956408 to $60.030190 | $8995752 | 1.25% to 1.50% | —% to —% | 11.27% to 11.55% |
| 2024 | 35377 | $52.085449 to $53.814363 | $1891288 | 1.25% to 1.50% | —% to —% | 5.12% to 5.39% |
| 2023 | 39701 | $49.547864 to $51.064205 | $2044890 | 1.25% to 1.50% | —% to —% | 12.70% to 12.98% |
| 2022 | 43596 | $43.964401 to $45.196637 | $1983007 | 1.25% to 1.50% | —% to —% | -30.81% to -30.64% |
| 2021 | 46776 | $63.541921 to $65.159379 | $3068924 | 1.25% to 1.50% | —% to —% | 0.28% to 0.53% |
| MFS<sup>®</sup> Total Return Series | MFS<sup>®</sup> Total Return Series | MFS<sup>®</sup> Total Return Series |  |  |  |  |
| 2025 | 247448 | $33.700232 to $36.951545 | $9038632 | 1.25% to 1.75% | 0.63% to 2.68% | 9.23% to 9.77% |
| 2024 | 283711 | $30.853476 to $33.661261 | $9447934 | 1.25% to 1.75% | 2.37% to 2.48% | 5.87% to 6.40% |
| 2023 | 321729 | $29.143078 to $31.636029 | $10283934 | 1.25% to 1.75% | 2.01% to 2.01% | 8.52% to 9.06% |
| 2022 | 356300 | $26.855435 to $29.007143 | $10509877 | 1.25% to 1.75% | 1.69% to 1.69% | -11.16% to -10.71% |
| 2021 | 405213 | $30.228561 to $32.487436 | $13352782 | 1.25% to 1.75% | 2.17% to 2.17% | 12.13% to 12.69% |
| Invesco V.I. Equity and Income Fund | Invesco V.I. Equity and Income Fund | Invesco V.I. Equity and Income Fund |  |  |  |  |
| 2025 | 30305 | $28.021536 to $30.001857 | $901052 | 1.25% to 1.50% | 1.97% to 2.15% | 11.12% to 11.40% |
| 2024 | 31673 | $25.218003 to $26.932707 | $845125 | 1.25% to 1.50% | 1.80% to 1.82% | 10.44% to 10.72% |
| 2023 | 32416 | $22.834568 to $24.326101 | $795406 | 1.25% to 1.50% | 1.99% to 1.99% | 8.90% to 9.17% |
| 2022 | 40343 | $20.968243 to $22.282037 | $905410 | 1.25% to 1.50% | 1.67% to 1.67% | -8.90% to -8.67% |
| 2021 | 45535 | $23.015490 to $24.396401 | $1127075 | 1.25% to 1.50% | 4.66% to 4.66% | 12.28% to 12.56% |
| Invesco V.I. American Franchise Fund | Invesco V.I. American Franchise Fund | Invesco V.I. American Franchise Fund |  |  |  |  |
| 2025 | 76042 | $43.613547 to $46.554795 | $3508355 | 1.25% to 1.50% | —% to —% | 9.99% to 10.27% |
| 2024 | 83341 | $39.651453 to $42.219672 | $3488781 | 1.25% to 1.50% | —% to —% | 32.86% to 33.20% |
| 2023 | 87897 | $29.843547 to $31.696897 | $2767935 | 1.25% to 1.50% | —% to —% | 38.82% to 39.17% |
| 2022 | 103350 | $21.498371 to $22.776431 | $2339408 | 1.25% to 1.50% | —% to —% | -32.15% to -31.97% |
| 2021 | 110292 | $31.682889 to $33.482385 | $3670311 | 1.25% to 1.50% | —% to —% | 10.25% to 10.53% |
| AB VPS Sustainable Global Thematic Portfolio | AB VPS Sustainable Global Thematic Portfolio | AB VPS Sustainable Global Thematic Portfolio |  |  |  |  |
| 2025 | 258511 | $27.202948 to $28.864691 | $7461447 | 1.25% to 1.50% | —% to —% | 4.44% to 4.70% |
| 2024 | 11928 | $26.046735 to $27.568778 | $327931 | 1.25% to 1.50% | —% to —% | 4.37% to 4.63% |
| 2023 | 13440 | $24.956337 to $26.348434 | $355377 | 1.25% to 1.50% | 0.03% to 0.03% | 13.97% to 14.26% |
| 2022 | 13962 | $21.897066 to $23.060722 | $323164 | 1.25% to 1.50% | —% to —% | -28.26% to -28.08% |
| 2021 | 17723 | $30.522270 to $32.063832 | $569591 | 1.25% to 1.50% | —% to —% | 20.74% to 21.04% |
| Davis Financial Portfolio | Davis Financial Portfolio | Davis Financial Portfolio |  |  |  |  |
| 2025 | 54083 | $53.584116 to $54.017153 | $2855757 | 1.25% to 1.50% | 1.54% to 1.60% | 27.19% to 27.51% |
| 2024 | 60377 | $42.023315 to $42.469027 | $2508087 | 1.25% to 1.50% | 1.72% to 1.92% | 27.55% to 27.87% |
| 2023 | 67518 | $32.862853 to $33.294798 | $2216888 | 1.25% to 1.50% | 2.22% to 2.22% | 13.57% to 13.85% |
| 2022 | 71063 | $28.864538 to $29.317214 | $2054895 | 1.25% to 1.50% | 1.66% to 1.66% | -9.90% to -9.67% |
| 2021 | 88234 | $31.955426 to $32.537957 | $2828484 | 1.25% to 1.50% | 1.62% to 1.62% | 28.59% to 28.91% |
| Davis Real Estate Portfolio | Davis Real Estate Portfolio | Davis Real Estate Portfolio |  |  |  |  |
| 2025 | 30546 | $41.894071 to $44.838894 | $1270790 | 1.25% to 1.75% | 0.50% to 2.46% | -7.36% to -6.89% |
| 2024 | 37949 | $44.994644 to $48.399081 | $1698865 | 1.25% to 1.75% | 1.86% to 1.95% | 3.08% to 3.60% |
| 2023 | 43548 | $43.430357 to $46.951515 | $2249428 | 1.25% to 1.75% | 2.49% to 2.49% | 8.73% to 9.27% |
| 2022 | 50439 | $39.745523 to $43.183543 | $2340125 | 1.25% to 1.75% | 1.59% to 1.59% | -28.08% to -27.72% |
| 2021 | 65418 | $54.986984 to $60.043541 | $4082718 | 1.25% to 1.75% | 1.37% to 1.37% | 39.51% to 40.21% |

---

**B-39**

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ | Gabelli Capital Asset Fund+ |  |  |  |  |
| 2025 |  | $39.443759 to $61.911731 | $— | 1.25% to 1.75% | 0.10% to 0.10% | -4.33% to -4.15% |
| 2024 | 402315 | $41.227740 to $64.593826 | $25449657 | 1.25% to 1.75% | 0.66% to 0.67% | 9.36% to 9.91% |
| 2023 | 460023 | $37.700083 to $58.771098 | $26838205 | 1.25% to 1.75% | 0.49% to 0.49% | 9.91% to 10.46% |
| 2022 | 494444 | $34.302160 to $53.207061 | $26037910 | 1.25% to 1.75% | 0.42% to 0.42% | -14.44% to -14.01% |
| 2021 | 565441 | $40.092074 to $61.877249 | $34655565 | 1.25% to 1.75% | 0.56% to 0.56% | 18.38% to 18.97% |
| Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ | Guardian All Cap Core VIP Fund+ |  |  |  |  |
| 2025 | 1979881 | $14.236135 to $14.501360 | $28680529 | 1.25% to 1.75% | —% to —% | 10.29% to 10.85% |
| 2024 | 1174771 | $12.994522 to $13.082248 | $15361914 | 1.25% to 1.50% | —% to —% | 18.29% to 18.59% |
| 2023 | 1356881 | $10.984914 to $11.031347 | $15227360 | 1.25% to 1.50% | —% to —% | 21.09% to 21.40% |
| 2022 | 1493157 | $9.071529 to $9.087102 | $13799063 | 1.25% to 1.50% | —% to —% | -9.28% to -9.13% |
| Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund | Guardian Balanced Allocation VIP Fund |  |  |  |  |
| 2025 | 1986975 | $13.430496 to $13.680675 | $27143348 | 1.25% to 1.75% | —% to —% | 10.96% to 11.51% |
| 2024 | 3043199 | $12.104304 to $12.268239 | $37303966 | 1.25% to 1.75% | —% to —% | 11.82% to 12.39% |
| 2023 | 3488996 | $10.824518 to $10.916195 | $38776280 | 1.25% to 1.75% | —% to —% | 15.81% to 16.39% |
| 2022 | 3841117 | $9.346711 to $9.378816 | $36696970 | 1.25% to 1.75% | —% to —% | -6.53% to -6.21% |
| Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund | Guardian Core Fixed Income VIP Fund |  |  |  |  |
| 2025 | 1939651 | $10.376581 to $10.472800 | $20305762 | 1.25% to 1.50% | —% to —% | 5.01% to 5.28% |
| 2024 | 1816068 | $9.881257 to $9.947949 | $18060054 | 1.25% to 1.50% | —% to —% | -0.04% to 0.21% |
| 2023 | 1782823 | $9.885574 to $9.927347 | $18149415 | 1.25% to 1.50% | —% to —% | 3.94% to 4.20% |
| 2022 | 1947687 | $9.498174 to $9.527550 | $19072085 | 1.25% to 1.70% | —% to —% | -5.02% to -4.72% |
| Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ | Guardian Equity Income VIP Fund+ |  |  |  |  |
| 2025 | 7126787 | $13.046215 to $13.289217 | $94563183 | 1.25% to 1.75% | —% to —% | 12.76% to 13.32% |
| 2024 | 3195528 | $11.570140 to $11.726823 | $37428047 | 1.25% to 1.75% | —% to —% | 8.15% to 8.69% |
| 2023 | 3603521 | $10.698320 to $10.788914 | $40007932 | 1.25% to 1.75% | —% to —% | 5.54% to 6.07% |
| 2022 | 4018956 | $10.137168 to $10.171977 | $42067727 | 1.25% to 1.75% | —% to —% | 1.37% to 1.72% |
| Guardian Integrated Research VIP Fund | Guardian Integrated Research VIP Fund |  |  |  |  |  |
| 2025 | 206543 | $13.973928 to $14.271209 | $2937359 | 1.25% to 1.75% | —% to —% | 12.65% to 13.21% |
| 2024 | 234328 | $12.404847 to $12.605521 | $2946736 | 1.25% to 1.75% | —% to —% | 23.65% to 24.28% |
| 2023 | 306269 | $10.031984 to $10.143246 | $3201618 | 1.25% to 1.75% | —% to —% | 22.14% to 22.75% |
| 2022 | 338038 | $8.213627 to $8.263267 | $2880860 | 1.25% to 1.75% | —% to —% | -22.51% to -22.12% |
| Guardian Large Cap Disciplined Growth VIP Fund | Guardian Large Cap Disciplined Growth VIP Fund | Guardian Large Cap Disciplined Growth VIP Fund |  |  |  |  |
| 2025 | 99113 | $14.198402 to $14.348587 | $1416735 | 1.25% to 1.50% | —% to —% | 15.24% to 15.53% |
| 2024 | 117483 | $12.321015 to $12.420242 | $1455424 | 1.25% to 1.50% | —% to —% | 26.87% to 27.19% |
| 2023 | 168158 | $9.711543 to $9.765222 | $1665216 | 1.25% to 1.50% | —% to —% | 39.76% to 40.11% |
| 2022 | 132219 | $6.927755 to $6.969629 | $939641 | 1.25% to 1.75% | —% to —% | -32.70% to -32.37% |
| 2021 | 150014 | $10.294543 to $10.304993 | $1575424 | 1.25% to 1.75% | —% to —% | 2.95% to 3.05% |
| Guardian Short Duration Bond VIP Fund | Guardian Short Duration Bond VIP Fund |  |  |  |  |  |
| 2025 | 474779 | $10.613080 to $10.711484 | $5084587 | 1.25% to 1.50% | —% to —% | 3.78% to 4.04% |
| 2024 | 313651 | $10.226961 to $10.295985 | $3228718 | 1.25% to 1.50% | —% to —% | 3.15% to 3.41% |
| 2023 | 351933 | $9.914817 to $9.956726 | $3562527 | 1.25% to 1.50% | —% to —% | 2.54% to 2.79% |
| 2022 | 374160 | $9.669586 to $9.686180 | $3685004 | 1.25% to 1.50% | —% to —% | -3.30% to -3.14% |
| Guardian Strategic Large Cap Core VIP Fund | Guardian Strategic Large Cap Core VIP Fund | Guardian Strategic Large Cap Core VIP Fund |  |  |  |  |
| 2025 | 640099 | $14.003354 to $14.151478 | $9055339 | 1.25% to 1.50% | —% to —% | 10.09% to 10.36% |
| 2024 | 160059 | $12.720087 to $12.822528 | $2049670 | 1.25% to 1.50% | —% to —% | 17.93% to 18.23% |
| 2023 | 180531 | $10.785712 to $10.845323 | $1966288 | 1.25% to 1.50% | —% to —% | 18.35% to 18.65% |
| 2022 | 219934 | $9.085744 to $9.140615 | $2019091 | 1.25% to 1.75% | —% to —% | -11.65% to -11.20% |
| 2021 | 246607 | $10.283284 to $10.293726 | $2539056 | 1.25% to 1.75% | —% to —% | 2.83% to 2.94% |
| Guardian U.S. Government/Credit VIP Fund+ | Guardian U.S. Government/Credit VIP Fund+ | Guardian U.S. Government/Credit VIP Fund+ |  |  |  |  |
| 2025 | 59838 | $9.667108 to $9.769382 | $583747 | 1.25% to 1.50% | —% to —% | 5.12% to 5.39% |
| 2024 | 64767 | $9.195992 to $9.270058 | $599756 | 1.25% to 1.50% | —% to —% | 0.21% to 0.46% |
| 2023 | 103002 | $9.176925 to $9.227645 | $981066 | 1.25% to 1.50% | —% to —% | 2.48% to 2.73% |
| 2022 | 106795 | $8.955107 to $8.982113 | $1005965 | 1.25% to 1.50% | —% to —% | -9.65% to -9.42% |
| 2021 | 124422 | $9.911558 to $9.916595 | $1264119 | 1.25% to 1.50% | —% to —% | -0.88% to -0.83% |
| Janus Henderson VIT Research Portfolio | Janus Henderson VIT Research Portfolio |  |  |  |  |  |
| 2025 | 92909 | $51.017713 to $55.057069 | $5061385 | 1.25% to 1.50% | —% to —% | 16.62% to 16.91% |
| 2024 | 102978 | $43.748190 to $47.094043 | $4801219 | 1.25% to 1.50% | 0.03% to 0.03% | 24.12% to 43.48% |
| 2023 | 113391 | $32.823710 to $35.245537 | $4053111 | 1.25% to 1.50% | 0.14% to 0.14% | 41.03% to 41.38% |
| 2022 | 127018 | $23.274509 to $24.929343 | $3210385 | 1.25% to 1.50% | 0.70% to 0.70% | -30.94% to -30.77% |
| 2021 | 141551 | $33.702192 to $36.008103 | $5164323 | 1.25% to 1.50% | 0.14% to 0.14% | 18.53% to 18.83% |

---

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

------

The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income**<br> **Ratio<br>Lowest to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
| Victory 500 Index VIP Series+ | Victory 500 Index VIP Series+ | Victory 500 Index VIP Series+ | Victory 500 Index VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $49.518451 to $52.865113 | $— | 1.25% to 1.50% | 1.14% to 1.22% | 9.55% to 9.77% |
| 2024 |  | 189974 | $45.200177 to $48.158173 | $9077045 | 1.25% to 1.50% | 1.16% to 1.25% | 23.08% to 23.39% |
| 2023 |  | 244023 | $36.722879 to $39.028064 | $10220977 | 1.25% to 1.50% | 1.35% to 1.35% | 25.04% to 25.35% |
| 2022 |  | 266997 | $26.467838 to $31.134132 | $9004449 | 1.25% to 1.75% | 1.17% to 1.17% | -20.76% to -20.36% |
| 2021 |  | 320047 | $33.402860 to $39.095452 | $13445081 | 1.25% to 1.75% | 1.50% to 1.50% | 25.21% to 25.84% |
| Victory High Yield VIP Series+ | Victory High Yield VIP Series+ | Victory High Yield VIP Series+ | Victory High Yield VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $28.279133 to $30.190431 | $— | 1.25% to 1.50% | 8.96% to 9.31% | 5.12% to 5.33% |
| 2024 |  | 66156 | $26.902081 to $28.662672 | $1878345 | 1.25% to 1.50% | 9.19% to 9.32% | 6.79% to 7.06% |
| 2023 |  | 71930 | $25.190840 to $26.772174 | $1918582 | 1.25% to 1.50% | 7.02% to 7.02% | 9.75% to 10.02% |
| 2022 |  | 89085 | $22.953783 to $24.333707 | $2203814 | 1.25% to 1.50% | 6.75% to 6.75% | -14.85% to -14.63% |
| 2021 |  | 104266 | $26.956031 to $28.505102 | $3028960 | 1.25% to 1.50% | 7.03% to 7.03% | 4.27% to 4.53% |
| Victory RS International VIP Series+ | Victory RS International VIP Series+ | Victory RS International VIP Series+ | Victory RS International VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $21.699030 to $35.773648 | $— | 1.25% to 1.75% | 0.87% to 2.32% | 19.45% to 19.93% |
| 2024 |  | 380136 | $18.166544 to $29.829866 | $11108954 | 1.25% to 1.75% | 2.77% to 2.95% | 3.66% to 4.18% |
| 2023 |  | 428364 | $17.525533 to $28.633213 | $12126919 | 1.25% to 1.75% | 2.69% to 2.69% | 17.93% to 18.52% |
| 2022 |  | 490786 | $14.860978 to $24.158668 | $11678905 | 1.25% to 1.75% | 2.66% to 2.66% | -17.28% to -16.87% |
| 2021 |  | 549649 | $17.965584 to $29.059738 | $15804166 | 1.25% to 1.75% | 2.32% to 2.32% | 12.37% to 12.94% |
| Victory RS Large Cap Alpha VIP Series+ | Victory RS Large Cap Alpha VIP Series+ | Victory RS Large Cap Alpha VIP Series+ |  |  |  |  |  |
| 2025 | ¨ |  | $26.071208 to $44.003015 | $— | 1.25% to 1.75% | 1.50% to 1.51% | -3.22% to -3.04% |
| 2024 |  | 1637795 | $26.937618 to $45.382464 | $73244295 | 1.25% to 1.75% | 1.30% to 1.36% | 19.42% to 20.02% |
| 2023 |  | 1840624 | $22.557863 to $37.813547 | $70056665 | 1.25% to 1.75% | 1.27% to 1.27% | 11.71% to 12.27% |
| 2022 |  | 2067545 | $20.193719 to $33.681556 | $69992377 | 1.25% to 1.75% | 1.36% to 1.36% | -6.00% to -5.53% |
| 2021 |  | 2286884 | $21.483102 to $35.653171 | $81684256 | 1.25% to 1.75% | 1.17% to 1.17% | 21.34% to 21.95% |
| Victory RS Small Cap Growth Equity VIP Series+ | Victory RS Small Cap Growth Equity VIP Series+ | Victory RS Small Cap Growth Equity VIP Series+ | Victory RS Small Cap Growth Equity VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $41.788486 to $54.936974 | $— | 1.25% to 1.75% | 0.50% to 0.50% | -5.27% to -4.89% |
| 2024 |  | 291902 | $44.115004 to $57.762774 | $16754572 | 1.25% to 1.75% | —% to —% | 9.87% to 10.42% |
| 2023 |  | 307681 | $40.153619 to $52.312571 | $16441614 | 1.25% to 1.75% | —% to —% | 18.31% to 18.90% |
| 2022 |  | 340142 | $33.940723 to $43.997609 | $15298627 | 1.25% to 1.75% | —% to —% | -37.47% to -37.16% |
| 2021 |  | 375761 | $54.279608 to $70.011167 | $26893342 | 1.25% to 1.75% | —% to —% | -11.99% to -11.55% |
| Victory Sophus Emerging Markets VIP Series+ | Victory Sophus Emerging Markets VIP Series+ | Victory Sophus Emerging Markets VIP Series+ | Victory Sophus Emerging Markets VIP Series+ |  |  |  |  |
| 2025 | ¨ |  | $38.205383 to $46.205621 | $— | 1.25% to 1.50% | 1.36% to 1.37% | 12.09% to 12.31% |
| 2024 |  | 160001 | $34.016413 to $41.222192 | $5478273 | 1.25% to 1.50% | 2.68% to 2.85% | 3.66% to 3.92% |
| 2023 |  | 166930 | $32.734288 to $39.768172 | $5606297 | 1.25% to 1.50% | 3.07% to 3.07% | 9.37% to 9.65% |
| 2022 |  | 189365 | $28.131629 to $29.854782 | $5779059 | 1.25% to 1.75% | 0.78% to 0.78% | -23.82% to -23.43% |
| 2021 |  | 212608 | $36.926381 to $38.992393 | $8443532 | 1.25% to 1.75% | 1.18% to 1.18% | -6.08% to -5.61% |

---

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

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

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

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

---

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

---

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

**B-41**

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The Guardian Insurance & Annuity Company, Inc.

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**7. SUBSEQUENT EVENTS:** 

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

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

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

The Guardian Insurance & Annuity Company, Inc.

and the Contract Owners of The Guardian Separate Account E

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the sub-accounts of The Guardian Separate Account E indicated in the table below (other than the Victory RS Large Cap Alpha VIP Series, Victory 500 Index VIP Series, Victory High Yield VIP Series, Victory RS Small Cap Growth Equity VIP Series, Victory RS International VIP Series, Victory Sophus Emerging Markets VIP Series, and Gabelli Capital Asset Fund which do not present a statement of assets and liabilities) as of December 31, 2025, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts of The Guardian Separate Account E ((other than the Victory RS Large Cap Alpha VIP Series, Victory 500 Index VIP Series, Victory High Yield VIP Series, Victory RS Small Cap Growth Equity VIP Series, Victory RS International VIP Series, Victory Sophus Emerging Markets VIP Series, and Gabelli Capital Asset Fund which do not present a statement of assets and liabilities) as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Victory RS Large Cap Alpha VIP Series<sup>(2)</sup>

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

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

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

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

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

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

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

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

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

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

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

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

Fidelity<sup>®</sup> VIP Equity-Income Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Mid Cap Portfolio<sup>(1)</sup>

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

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

Janus Henderson VIT Enterprise Portfolio<sup>(1)</sup>

Janus Henderson VIT Forty Portfolio<sup>(1)</sup>

Janus Henderson VIT Research Portfolio<sup>(1)</sup>

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

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

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

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

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

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

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

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

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

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

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

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

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

<sup>(1)</sup> Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025, and 2024.

<sup>(2)</sup> Statement of operations for the period January 1, 2025, through April 25, 2025 (date of substitution) and statement of changes in net assets for the period January 1, 2025, through April 25, 2025 (date of substitution) and the year ended December 31, 2024.

<sup>(3)</sup> Statement of operations for the period January 1, 2025, through June 27, 2025 (date of liquidation) and statement of changes in net assets for the period January 1, 2025, through June 27, 2025 (date of liquidation) and the year ended December 31, 2024.

<sup>(4)</sup> Statement of operations for the period January 1, 2025, through August 29, 2025 (date of liquidation) and statement of changes in net assets for the period January 1, 2025, through August 29, 2025 (date of liquidation) and the year ended December 31, 2024.

***Basis for Opinions***

These financial statements are the responsibility of The Guardian Insurance & Annuity Company, Inc.'s management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of The Guardian Separate Account E based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of The Guardian Separate Account E in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

**B-43**

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We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

We have served as the auditor of one or more of the sub-accounts of The Guardian Separate Account E since 1997.

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