# EDGAR Filing Document

**Accession Number:** 0000933094
**File Stem:** 0000933094-26-000015
**Filing Date:** 2026-4
**Character Count:** 921371
**Document Hash:** 2ee9594648e260dc96efedebf06f40d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933094-26-000015.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000933094-26-000015

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT LLVL
- **CENTRAL INDEX KEY:** 0000933094

**ORGANIZATION NAME:**
- **EIN:** 470098400
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08868
- **FILM NUMBER:** 26893679

**BUSINESS ADDRESS:**
- **STREET 1:** AMERITAS LIFE INSURANCE CORP.
- **STREET 2:** 5900 O STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
- **BUSINESS PHONE:** 402467112

**MAIL ADDRESS:**
- **STREET 1:** AMERITAS LIFE INSURANCE CORP.
- **STREET 2:** 5900 O STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT LLVL
- **CENTRAL INDEX KEY:** 0000933094

**ORGANIZATION NAME:**
- **EIN:** 470098400
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-233977
- **FILM NUMBER:** 26893678

**BUSINESS ADDRESS:**
- **STREET 1:** AMERITAS LIFE INSURANCE CORP.
- **STREET 2:** 5900 O STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
- **BUSINESS PHONE:** 402467112

**MAIL ADDRESS:**
- **STREET 1:** AMERITAS LIFE INSURANCE CORP.
- **STREET 2:** 5900 O STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510

## Series and Classes Contracts Data

### AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT LLVL (Series ID: S000011628)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000216328 | Ameritas Advisor II VUL |  |

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| |
|:---|
| Securities Act Registration No. 333-233977 |
| Investment Act Registration No. 811-08868 |
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-6** |

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| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] |
| Pre-Effective Amendment No. | [ ] |
| Post-Effective Amendment No. 13 | [X] |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | [X] |
| Amendment No. 52 | [X] |
| AMERITAS LIFE INSURANCE CORP. SEPARATE ACCOUNT LLVL | AMERITAS LIFE INSURANCE CORP. SEPARATE ACCOUNT LLVL |
| Registrant | Registrant |
| AMERITAS LIFE INSURANCE CORP. | AMERITAS LIFE INSURANCE CORP. |
| Depositor | Depositor |
| 5900 O Street | 5900 O Street |
| Lincoln, Nebraska 68510 | Lincoln, Nebraska 68510 |
| 402-467-1122 | 402-467-1122 |

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| |
|:---|
| MORGAN B.S. LORENZEN |
| Second Vice President, Assistant General Counsel |
| Ameritas Life Insurance Corp. |
| 5900 O Street |
| Lincoln, Nebraska 68510 |
| 402-467-1122 |
| Approximate Date of Proposed Public Offering: As soon as practicable after effective date. |
| It is proposed that this filing will become effective: |
| [ ] immediately upon filing pursuant to paragraph (b) |
| [X ] on <u>May 1, 2026</u> pursuant to paragraph (b) |
| [ ] 60 days after filing pursuant to paragraph (a)(1) |
| [ ] on ________ pursuant to paragraph (a)(1) of Rule 485 under the Securities Act. |
| If appropriate, check the following box: |
| [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

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| | | |
|:---|:---|:---|
| PROSPECTUS: May 1, 2026 | PROSPECTUS: May 1, 2026 | ![](image_001.gif) |
| **Ameritas Advisor II VUL** | **Ameritas Advisor II VUL** | ![](image_001.gif) |
| Individual Flexible Premium | Individual Flexible Premium | ![](image_001.gif) |
| Variable Universal Life Insurance Policy | Ameritas Life Insurance Corp. Separate Account LLVL | Ameritas Life Insurance Corp. Separate Account LLVL |

---

***This Policy is no longer available for sale effective March 31, 2024.***

***The features, benefits, and risks are applicable to existing Policy Owners.***

This prospectus describes the Ameritas Advisor II VUL (the "Policy"), especially its Separate Account. The Policy is designed to help you, the Policy Owner, provide life insurance protection while having flexibility, within limits, as to the amount and timing of premium payments, the amount of the death benefit, and how you invest your Account Value. **The value of your Policy will increase or decrease based on the performance of the Investment Options you choose. The amount of the death benefit can also vary as a result of investment performance.**

This Policy may be available through third-party financial intermediaries who charge an Advisory Fee for their services. These fees are in addition to Policy fees and expenses described in this prospectus. If the Policy Owner elects to pay the Advisory Fees from the Account Value, this will reduce the Account Value and death benefit under the Policy by the same calculation as any other withdrawals, with the exception that the Specified Amount will not be reduced by the amount of these Advisory Fees. **In addition, Advisory Fee withdrawals may be subject to federal and state income taxes and may be subject to a 10% federal tax penalty.** For more information, see Advisory Fee Endorsement under **OTHER BENEFITS AVAILABLE UNDER THE POLICY,** and Partial Withdrawals and Advisory Fees under **SURRENDERS AND WITHDRAWALS, and TAXES.**

You may allocate all or part of your Account Value among a variety of Subaccount variable Investment Options where you have the investment risk, including possible loss of principal. (The Subaccounts are listed in **APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY ("APPENDIX A")** section of this prospectus.)

You may also allocate all or part of your investment to a Fixed Account fixed interest rate option, where we have the investment risk and guarantee a certain return on your investment. **The Fixed Account is part of our General Account and is subject to the financial strength and claims paying ability of the Company.**

You may access certain documents relating to the Policy and Subaccounts electronically. Current prospectuses and reports for the Policy and Subaccounts are available on our website, and updated prospectuses are posted on or about May 1 of each year. Prospectuses may be supplemented throughout the year, and copies of all supplements are also available on our website. We post annual reports on our website shortly after March 1 each year.

We may make other documents available to you electronically through the email address that you provide to us. When electronic delivery becomes available, and upon your election to receive information online, we will notify you when a transaction pertaining to your Policy has occurred or a document impacting your Policy or the Subaccounts has been posted. In order to receive your Policy documents online you should have regular and continuous Internet access.

**<u>Please Read this Prospectus Carefully and Keep It for Future Reference</u>.**<br> It provides information you should consider before investing in a Policy.<br>Prospectuses for the portfolios that underlie the Subaccount variable Investment Options are available without charge from your sales representative or from our Service Center.<br>Policy guarantees, which are obligations of the General Account are subject to the financial strength and claims paying ability of the Company.<br>

*The Securities and Exchange Commission ("SEC") does not pass upon the accuracy or adequacy of this prospectus, and has not approved or disapproved the Policy. Any representation to the contrary is a criminal offense.*

 

*Additional information about certain investment products, including variable life insurance, has been prepared by the* 

*SEC's staff and is available at investor.gov.*

 

*This prospectus may only be used to offer the Policy where the Policy may lawfully be sold.*

*The Policy, and certain features described in this prospectus, may not be available in all states.*

 

*No one is authorized to give information or make any representation about the Policy that is not in this prospectus. If anyone does so, you should not rely upon it as being accurate or adequate.*

 

---

| |
|:---|
| **NOT FDIC INSURED ■ MAY LOSE VALUE ■ NO BANK GUARANTEE** |
| **Ameritas Life Insurance Corp.** *(Company, we, us, our, Ameritas Life, Depositor)* |
| **Service Center, P.O. Box 81889, Lincoln, Nebraska 68501 800-255-9678**   *ameritas.com* |

---

Ameritas Advisor II VUL 1

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**DEFINED TERMS**](#Defined_Terms) | **3** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**KEY INFORMATION**](#Key_Information) | **5** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**OVERVIEW OF THE POLICY**](#Overview_Policy) | **7** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PURPOSE OF THE POLICY |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PREMIUMS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY FEATURES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FEE TABLE**](#Fee_Table) | **8** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PORTFOLIO COMPANY OPERATING EXPENSES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PRINCIPAL RISKS OF INVESTING IN THE POLICY**](#Principal_Risks) | **10** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE COMPANY**](#The_Company) | **13** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FEES AND PAYMENTS RECEIVED**](#Fees_Payments) | **13** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE SEPARATE ACCOUNT**](#The_Separate_Account) | **13** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PORTFOLIO COMPANIES**](#Portfolio_Companies) | **14** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**VOTING RIGHTS**](#Voting_Rights) | **14** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**](#The_Fixed_Account) | **14** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**CHARGES**](#Charges) | **15** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;TRANSACTION FEES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;DISTRIBUTION COMPENSATION |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PORTFOLIO COMPANY CHARGES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**GENERAL DESCRIPTION OF THE POLICY**](#General_Description) | **17** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;THE PARTIES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;STATE VARIATIONS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;ALLOCATING PREMIUM |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;TELEPHONE TRANSACTIONS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;TRANSFERS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;THIRD-PARTY SERVICES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;SYSTEMATIC TRANSFER PROGRAMS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;GENERAL ACCOUNT |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY OR REGISTRANT CHANGES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;DISRUPTIVE TRADING PROCEDURES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PREMIUMS**](#Premiums) | **23** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY APPLICATION AND ISSUANCE |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PREMIUM REQUIREMENTS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;ACCOUNT VALUE |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY CHANGES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;"RIGHT TO EXAMINE" PERIOD |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;OPTIONAL FEATURES |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;NONPARTICIPATING |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;SPECIAL ARRANGEMENTS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**STANDARD DEATH BENEFITS**](#Standard_Death_Benefits) | **26** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;DEATH BENEFIT |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;NO MATURITY DATE |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PAYMENT OF POLICY PROCEEDS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;MISSTATEMENT OF AGE OR GENDER |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;SUICIDE |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;RELIANCE |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;INCONTESTABILITY |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;ASSIGNMENT |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;UNCLAIMED DEATH BENEFIT PROCEEDS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**OTHER BENEFITS AVAILABLE UNDER THE POLICY**](#Other_Benefits) | **29** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION ON BENEFITS AVAILABLE UNDER THE POLICY |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**SURRENDERS AND WITHDRAWALS**](#Surrenders_Withdrawals) | **35** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;CASH SURRENDER |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PARTIAL WITHDRAWAL |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;DELAY OF PAYMENTS OR TRANSFERS |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**POLICY LOANS**](#Loans) | **36** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**LAPSE AND REINSTATEMENT**](#Lapse_Reinstatement) | **38** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;LAPSE AND GRACE PERIOD |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;REINSTATEMENT |  | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**TAXES**](#Taxes) | **38** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**LEGAL PROCEEDINGS**](#Legal_Proceedings) | **41** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FINANCIAL STATEMENTS**](#Financial_Statement) | **41** | <br>**Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> Email: direct@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**DISTRIBUTION OF THE POLICY**](#Distribution_Policy) | **41** |  |
| [**APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY**](#Appendix_A) | **42** |  |
| [**ILLUSTRATIONS**](#Illustrations) | **46** |  |
| [**STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT**](#SAI) | **46** |  |
| [**REPORTS TO YOU**](#Reports) | **46** |  |
| &nbsp;&nbsp;&nbsp;FINRA PUBLIC DISCLOSURE PROGRAM |  |  |

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Ameritas Advisor II VUL 2

**DEFINED TERMS**

 

*Defined terms, other than "we, us, our," "you and your," are shown using initial capital letters in this prospectus.*

**Account Value / Accumulation Value / Policy Value** means the sum of Net Premiums paid, minus partial withdrawals, minus Policy charges, plus interest credited to the Fixed Account and the Loan Account, adjusted for gains or losses in the Subaccounts. The Account Value is comprised of amounts in the Subaccounts, the Fixed Account and the Loan Account.

**Accumulation Unit** means an accounting unit of measure used to calculate the Account Value allocated to a Subaccount of the Separate Account. It is similar to a share of a mutual fund.

**Advisory Fee** means fees deducted from your Policy pursuant to the independent agreement you may have with a registered investment advisor. The fees deducted are used to compensate your advisor for any management of your Policy, subject to the terms you and your advisor have mutually agreed upon, and will not exceed 1.5% of the Account Value on an annualized basis.

**Annual Date** means the same date each year as the Policy Date.

**Attained Age** means the Issue Age plus the number of completed Policy years. With respect to any increase in Specified Amount, Attained Age means the Issue Age for the increase plus the number of complete years since the increase.

**Beneficiary** is the person(s) to whom the death benefit proceeds are payable upon the death of the Insured. The Beneficiary is designated by the Owner in the application. If changed, the Beneficiary is as shown in the latest change filed and recorded with us. If no Beneficiary survives the Insured, the Owner or the Owner's estate will be the Beneficiary. The interest of any Beneficiary is subject to that of any assignee.

**Business Day** means each day that the New York Stock Exchange is open for trading.

**Cash Surrender Value** means the Account Value minus any Policy Loan Balance.

**Company, We, Us, Our, Ameritas Life, Depositor** means Ameritas Life Insurance Corp.

**Corridor Factor** is the number, or fractional number, multiplied by the Account Value to determine the minimum death benefit required to maintain the Policy's status as life insurance under Section 7702 of the Internal Revenue Code. These factors are shown on the Policy Schedule.

**Fixed Account** is an account that credits a fixed rate of interest guaranteed by us and is not affected by the experience of the variable Investment Options of the Separate Account. The Fixed Account is part of our General Account.

**General Account** is an account in which the assets of Ameritas Life Insurance Corp., are held, other than those allocated to the Separate Account or any other separate account.

**Insured** means the person shown on the Policy schedule upon whose life this Policy is issued. This individual's personal information determines the cost of the life insurance coverage. The Owner also may be the Insured.

**Investment Options** means collectively the Subaccounts and the Fixed Account. You may allocate Net Premiums and reallocate Account Value among the Investment Options.

**Issue Age** means the Insured's age as of the birthday nearest to the Policy Date. With respect to any increase in Specified Amount, Issue Age means the Insured's age as of the birthday nearest to the date of the increase.

**Issue Date** means the date on which the suicide and incontestability periods begin. If we have received the initial premium from you, the Issue Date will also be the date when you have life insurance coverage with us. If we have not received the initial premium from you, you WILL NOT have coverage until the date on which we receive the initial premium from you.

**Lien Balance** means the sum of all unpaid Policy liens and accrued interest on Policy liens.

**Loan Account** is an account we maintain for your Policy if you have a Policy Loan outstanding. The Loan Account is credited with interest and is not affected by the experience of the variable Investment Options of the Separate Account. The Loan Account is part of our General Account.

**Monthly Date** means the same date of each month as the Policy Date.

**Monthly Deduction** means a charge made against the Account Value on each Monthly Date for the coverage provided by this Policy and any attached riders.

**Net Amount at Risk** means the death benefit on the Monthly Date, discounted at the Fixed Account minimum credited rate for one month, minus the Account Value on the Monthly Date, after the Monthly Deduction has been taken except for the cost of insurance.

**Net Premium** means the premium paid reduced by the premium charge, which will not exceed the maximum premium charge shown on the Policy schedule.

Ameritas Advisor II VUL 3

**Planned Periodic Premium** means a level premium you intend to pay at a fixed interval. The Planned Periodic Premium is shown on the Policy schedule.

**Policy Anniversary** means the same date each year as the Policy Date.

**Policy Date** means the date from which Policy months, years and anniversaries are measured. The Policy Date will be determined by us unless you request a different Policy Date that we approve. If the Issue Date is after the Policy Date or we have not received the initial premium from you, you WILL NOT have life insurance coverage on the Policy Date.

**Policy Loan** means a loan secured by the Cash Surrender Value of your Policy. The outstanding loan will accrue interest.

**Policy Loan Balance/Policy Debt** means the sum of all unpaid Policy Loans and accrued interest on Policy Loans.

**Pro-Rata** means allocating a dollar amount among the Investment Options in proportion to the Account Value in those Investment Options.

**Right to Examine Transfer Date** means 13 days after the Issue Date, or if later, the date all requirements necessary to place the Policy in force are delivered to us.

**Specified Amount** means a dollar amount used to determine the death benefit of your Policy. It is shown on the Policy schedule. You may increase or decrease it as provided in your Policy.

**Subaccounts** means the divisions within the Separate Account for which Accumulation Units are separately maintained. Each Subaccount corresponds to a single underlying non-publicly traded portfolio.

**Surrender** means termination of this Policy at your request for its Cash Surrender Value while the Insured is alive.

**Written Notice** means information we have received at Ameritas Life, Service Center, P.O. Box 81889, Lincoln, NE 68501 (or 5900 O Street, Lincoln, NE 68510), by email, or by faxing 402-467-7335. A Written Notice must be signed by you, in good order, and on a form approved by or acceptable to us. Call us if you have questions about what form or information is required. When notice is permitted and sent to us by email or by fax, we have the right to implement the request if the copied or faxed signature appears to be a copy of your genuine original signature.

**You, Your, Owner** means the Owner as shown on the Policy schedule, unless changed. Ownership of this Policy may be held jointly. The Insured may or may not be the Owner.

Ameritas Advisor II VUL 4

**KEY INFORMATION**

*Important Information You Should Consider About the Policy*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Location in** <br> **Prospectus** |
| **Charges for Early Withdrawals** | You can Surrender the Policy in full at any time for its Cash Surrender Value, or, within limits, withdraw part of the Policy Value. This Policy has no Surrender charge.<br>We currently do not charge for early withdrawals, but may in the future charge up to $50. | You can Surrender the Policy in full at any time for its Cash Surrender Value, or, within limits, withdraw part of the Policy Value. This Policy has no Surrender charge.<br>We currently do not charge for early withdrawals, but may in the future charge up to $50. | You can Surrender the Policy in full at any time for its Cash Surrender Value, or, within limits, withdraw part of the Policy Value. This Policy has no Surrender charge.<br>We currently do not charge for early withdrawals, but may in the future charge up to $50. | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[SURRENDERS AND WITHDRAWALS](#Surrenders_Withdrawals)** |
| **Transaction Charges** | <br> You may also be charged for other transactions (such as when you make a premium payment (Maximum Sales Charge Imposed On Premiums (Loads)), transfer Policy Value between Investment Options (Transfer Fee), or request an illustration (Illustration Fee)).<br>You will be charged a $14 fee for a wire transfer if you request one. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal, or Surrender. | <br> You may also be charged for other transactions (such as when you make a premium payment (Maximum Sales Charge Imposed On Premiums (Loads)), transfer Policy Value between Investment Options (Transfer Fee), or request an illustration (Illustration Fee)).<br>You will be charged a $14 fee for a wire transfer if you request one. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal, or Surrender. | <br> You may also be charged for other transactions (such as when you make a premium payment (Maximum Sales Charge Imposed On Premiums (Loads)), transfer Policy Value between Investment Options (Transfer Fee), or request an illustration (Illustration Fee)).<br>You will be charged a $14 fee for a wire transfer if you request one. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal, or Surrender. | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>|
| **Ongoing Fees and Expenses (annual charges)** | <br> In addition to transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy; such fees and expenses are set based on characteristics of the Insured (e.g., age, gender, and rating classification). There is also a monthly administration fee and a monthly specified amount charge. Please refer to your Policy Specification Page for rates and the specific fees applicable to your Policy.<br>The fees and expenses disclosed below do not reflect any Advisory Fees paid to third-party financial professionals from your Account Value or other assets. If such Advisory Fees were reflected, the fees and expenses disclosed below would be higher.<br>You will also bear expenses associated with the Investment Options as shown in the following table. | <br> In addition to transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy; such fees and expenses are set based on characteristics of the Insured (e.g., age, gender, and rating classification). There is also a monthly administration fee and a monthly specified amount charge. Please refer to your Policy Specification Page for rates and the specific fees applicable to your Policy.<br>The fees and expenses disclosed below do not reflect any Advisory Fees paid to third-party financial professionals from your Account Value or other assets. If such Advisory Fees were reflected, the fees and expenses disclosed below would be higher.<br>You will also bear expenses associated with the Investment Options as shown in the following table. | <br> In addition to transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy; such fees and expenses are set based on characteristics of the Insured (e.g., age, gender, and rating classification). There is also a monthly administration fee and a monthly specified amount charge. Please refer to your Policy Specification Page for rates and the specific fees applicable to your Policy.<br>The fees and expenses disclosed below do not reflect any Advisory Fees paid to third-party financial professionals from your Account Value or other assets. If such Advisory Fees were reflected, the fees and expenses disclosed below would be higher.<br>You will also bear expenses associated with the Investment Options as shown in the following table. | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>|
|  | **Annual Fee** | **Minimum** | **Maximum** |  |
|  | Investment Options<br> (Portfolio Company fees and expenses) \* | 0.09% | 3.38% |  |
| \* | Before any Waivers and Reductions | Before any Waivers and Reductions | Before any Waivers and Reductions |  |
|  | **Risks** | **Risks** | **Risks** |  |
| **Risk of Loss** | You can lose money by investing in this Policy, including loss of your premiums (principal). | You can lose money by investing in this Policy, including loss of your premiums (principal). | You can lose money by investing in this Policy, including loss of your premiums (principal). | **[Cover Page](#Cover_Page)**<br>**[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)** |
| **Not a Short-Term Investment** | <br> The Policy is designed to provide lifetime insurance protection. It is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy will usually be unsuitable for short-term savings or short-term life insurance needs. Due to the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. | <br> The Policy is designed to provide lifetime insurance protection. It is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy will usually be unsuitable for short-term savings or short-term life insurance needs. Due to the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. | <br> The Policy is designed to provide lifetime insurance protection. It is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy will usually be unsuitable for short-term savings or short-term life insurance needs. Due to the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. | [**PRINCIPAL RISKS OF INVESTING IN THE POLICY**](#Principal_Risks) |
| **Risks Associated with Investment Options** | <br> An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy. Each Investment Option (including the Fixed Account) will have its own unique risks. You should review these Investment Options before making an investment decision. The Fixed Account is subject to the financial strength and claims paying ability of the Company. | <br> An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy. Each Investment Option (including the Fixed Account) will have its own unique risks. You should review these Investment Options before making an investment decision. The Fixed Account is subject to the financial strength and claims paying ability of the Company. | <br> An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy. Each Investment Option (including the Fixed Account) will have its own unique risks. You should review these Investment Options before making an investment decision. The Fixed Account is subject to the financial strength and claims paying ability of the Company. | **[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[THE SEPARATE ACCOUNT](#The_Separate_Account)**<br>**[PORTFOLIO COMPANIES](#Portfolio_Companies)**<br>**[APPENDIX A](#Appendix_A)** |
| **Insurance Company Risks** | <br> An investment in the Policy is subject to the risks related to the Company including that any obligations (including under the Fixed Account Investment Option), guarantees, or benefits are subject to the claims-paying ability of the Company. Additional information about the Company, including its financial strength ratings, is available on its website, ameritas.com/about/financial-strength, or is available upon request by contacting our Service Center at 800-255-9678. | <br> An investment in the Policy is subject to the risks related to the Company including that any obligations (including under the Fixed Account Investment Option), guarantees, or benefits are subject to the claims-paying ability of the Company. Additional information about the Company, including its financial strength ratings, is available on its website, ameritas.com/about/financial-strength, or is available upon request by contacting our Service Center at 800-255-9678. | <br> An investment in the Policy is subject to the risks related to the Company including that any obligations (including under the Fixed Account Investment Option), guarantees, or benefits are subject to the claims-paying ability of the Company. Additional information about the Company, including its financial strength ratings, is available on its website, ameritas.com/about/financial-strength, or is available upon request by contacting our Service Center at 800-255-9678. | **[Cover Page](#Cover_Page)**<br>**[GENERAL DESCRIPTION OF THE POLICY](#General_Description)** |

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Ameritas Advisor II VUL 5

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| | | |
|:---|:---|:---|
| | **Risks** | **Location in**<br> **Prospectus** |
| **Policy Lapse** | <br> Your Policy will lapse if there are insufficient premium payments, poor investment performance, withdrawals, unpaid Policy Loans, or Policy Loan interest. There is a cost associated with, and limitations on, reinstating a lapsed Policy. Death benefits will not be paid if the Policy has lapsed.<br>| **[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[LAPSE AND REINSTATEMENT](#Lapse_Reinstatement)** |
|  | **Restrictions** |  |
| **Investments** | <br> Transfers must be at least $250, or the entire Subaccount or Fixed Account if less. The first 15 transfers each Policy year are free. Thereafter, we charge $10 for each transfer.<br>In addition to the right of each portfolio company to impose restrictions on excessive trading, we reserve the right to reject or restrict, in our sole discretion, transfers initiated by a market timing organization or individual or other party authorized to give transfer instructions. We further reserve the right to impose restrictions on transfers we determine, in our sole discretion, will disadvantage or potentially hurt the rights or interest of other Policy Owners.<br>A transfer from the Fixed Account (except made pursuant to a systematic transfer program) may be made only once each Policy year; may be delayed up to six months and is limited during any Policy year to the greater of 25% of the Fixed Account value on the date of the transfer during that Policy year, the greatest amount of any non-systematic transfer out of the Fixed Account during the previous 13 months; or $1,000.<br>Ameritas Life reserves the right to remove or substitute portfolio companies as Investment Options that are available under the Policy.<br>| **[CHARGES](#Charges)**<br>**[GENERAL DESCRIPTION OF THE POLICY](#General_Description)**<br>**[APPENDIX A](#Appendix_A)** |
| **Optional Benefits** | <br> Some optional benefits were available to be elected at Policy issue only. Optional benefit riders to the Policy may have separate incontestability provisions. Withdrawals reduce the Account Value and in some cases the Specified Amount which may reduce some of the benefits available under riders where the rider benefit is based on the Specified Amount of the base Policy, and make it potentially more likely the entire Policy, including the rider, would lapse. If the Policy Owner elects to pay the Advisory Fees from the Account Value, this will reduce the Account Value and death benefit under the Policy by the same calculation as any other withdrawals, with the exception that the Specified Amount will not be reduced by the amount of these Advisory Fees. In addition, Advisory Fee withdrawals may be subject to federal and state income taxes and may be subject to a 10% federal tax penalty. We may discontinue offering, or modify the terms of, optional benefits for new sales at any time.<br>| **[Cover Page](#Cover_Page)**<br>**[OVERVIEW OF THE POLICY](#Overview_Policy)**<br>**[GENERAL DESCRIPTION OF THE POLICY](#General_Description)**<br>**[THE SEPARATE ACCOUNT](#The_Separate_Account)**<br>**[OTHER BENEFITS AVAILABLE UNDER THE POLICY](#Other_Benefits)** |
|  | **Taxes** |  |
| **Tax Implications** | <br> You should consult with a tax professional to determine the tax implications of an investment in and payments received under this Policy.<br>There is no additional tax benefit if you purchase the Policy through a tax-qualified plan or individual retirement account (IRA).<br>Unpaid Policy Loans, partial withdrawals and Surrenders may be subject to ordinary income tax and tax penalties.<br>| [**TAXES**](#Taxes) |
|  | **Conflicts of Interest** |  |
| **Investment Professional Compensation** | <br> We and/or an affiliate may pay cash compensation from our own resources pursuant to marketing and education arrangements we have in place with broker-dealers and their marketing organizations. We do not pay commissions to these broker-dealers pursuant to a selling agreement. We do not pay third-party investment professionals who charge an advisory fee any commission amounts.<br>Your representative may receive compensation relating to our sale of this Policy to you, both in the form of compensation and additional cash benefits (e.g., bonuses), and non-cash compensation. This conflict of interest provides a financial incentive that may influence your representative to recommend this Policy over another investment for which the representative is not compensated or compensated less.<br>| **[CHARGES](#Charges)**<br>**[DISTRIBUTION OF THE POLICY](#Distribution_Policy)** |
| **Exchanges** | <br> Some representatives may have a financial incentive to offer you a new policy in place of the one you already own. You should only exchange your Policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new Policy rather than continue to own your existing Policy.<br>| **[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[PREMIUMS](#Premiums)** |

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Ameritas Advisor II VUL 6

**OVERVIEW OF THE POLICY**

 

**purpose of the policy**

 

The **Ameritas Advisor II VUL** Policy is flexible premium variable universal life insurance. The Policy is designed to provide lifetime insurance coverage on the Insured(s) named in the Policy, as well as flexibility in connection with premium payments and death benefits. The Policy pays death benefit proceeds to the Policy Beneficiary upon the Insured's death or pays a Cash Surrender Value to you if you Surrender the Policy. This flexibility allows you to provide for changing insurance needs within the confines of a single insurance Policy.

Some policy forms, features and/or riders described in this prospectus may be subject to state variations or may not be available in all states. See the **STATE VARIATIONS** section**.**

**Premiums**

You have flexibility under the Policy. Within certain limits, you can vary the amount and timing of premium payments, change the death benefit, and transfer amounts among the Investment Options. We reserve the right to limit the amount and frequency of premium payments. We will not issue a Policy to an Insured older than age 80 on the Insured's birthday nearest the Policy Date. We will not accept that portion of a premium payment which affects the tax qualifications of this Policy as described in Section 7702 of the Internal Revenue Code, as amended. This excess amount will be returned to you. **Payment of insufficient premiums may result in a lapse of the Policy.**

You may allocate all or a part of your premiums among the Separate Account Subaccount variable Investment Options or the Fixed Account fixed interest rate option. Subaccount variable Investment Options are in turn invested in corresponding underlying portfolio companies. Fixed Account allocations are invested in our General Account and we guarantee a fixed rate of interest. More information regarding the Fixed Account can be found in section **THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**. More detail concerning each portfolio company can be found in **APPENDIX A.**

 

**POLICY FEATURES**

**<u>Death Benefit</u>**

Your Policy Value and death benefit will go up or down as a result of the investment experience of your Policy. You may choose from three types of death benefit options. You may change from one death benefit type to another, subject to limitations, and charges may apply. The amount we pay depends on whether you have chosen death benefit Option A, death benefit Option B, or death benefit Option C:

· Option A: The death benefit is the greater of the Policy's
 Specified Amount of insurance coverage or the Account Value multiplied by the Corridor Factor on the date of the Insured's death. The
 amount of this death benefit does not change over time, unless the death benefit is being driven by the Corridor Factor or you take any
 action that changes the Policy's Specified Amount.

· Option B: The death benefit is the greater of the Specified
 Amount of insurance coverage plus the Account Value or the Account Value multiplied by the Corridor Factor on the date of the Insured's
 death. Under this option, the amount of death benefit generally changes from day to day, because many factors (including portfolio investment
 performance, charges, and expenses, premium payments and withdrawals) affect your Account Value.

· Option C: The death benefit is the greater of the Specified Amount of insurance coverage plus the sum of premiums paid minus the sum of partial withdrawals taken; or the Account Value multiplied by the Corridor Factor. If you select Option C and the sum of partial withdrawals taken is greater than the sum of premiums paid, the death benefit may be less than the Specified Amount.

*Death benefit proceeds are reduced by any Policy Loan Balance, Lien Balance and any Monthly Deductions due but unpaid at death.*

 

**<u>Surrenders and Withdrawals</u>**

You can Surrender the Policy in full at any time for its Cash Surrender Value, or, within limits, withdraw part of the Account Value. Applicable charges are shown in the **FEE TABLE**. Restrictions include that we may defer payments from the Fixed Account for up to six months. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, withdrawing part of the Account Value may result in a death benefit reduction that is larger than the amount of the partial withdrawal.

**<u>Advisory Fees</u>**

This Policy may be available through third-party financial intermediaries who charge an Advisory Fee for their services. These fees are in addition to Policy fees and expenses described in this prospectus. If the Policy Owner elects to pay the Advisory Fees from the Account Value, this will reduce the Account Value and death benefit under the Policy by the same calculation as any other withdrawals, with the exception that the Specified Amount will not be reduced by the amount of these Advisory Fees. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, withdrawing part of the Account Value may result in a death benefit reduction that is larger than the amount of the partial withdrawal. In addition, Advisory Fee withdrawals may be subject to federal and state income taxes and may be subject to a 10% federal tax penalty. You should discuss the impact of deducting Advisory Fees from Account Value with your financial and tax professional prior to making any election.

Ameritas Advisor II VUL 7

**<u>Policy Loans</u>**

You may borrow a limited amount of Account Value. There is no minimum Policy Loan amount. The maximum Policy Loan amount is the Cash Surrender Value, minus Policy Loan interest to the next Annual Date, minus the sum of the next three monthly deductions. Interest accrues on outstanding Policy Loan amounts. There are two types of Policy Loans. Regular Policy Loans are Policy Loans made during the first five Policy years. Preferred Policy Loans are Policy Loans made after the 5<sup>th</sup> Policy year. Preferred Policy Loans may be available at a lower interest rate for a portion of your Policy Loan Balance.

**<u>Optional Features</u>**

The Policy offers additional insurance coverage and other benefits through optional features. Certain riders have costs associated with them. More detail concerning fees can be found in the **FEE TABLE**.

**FEE TABLE**

The following tables describe the fees and expenses that you will pay when buying, owning, and Surrendering or making withdrawals from the Policy. Please refer to your Policy Specifications Page for information about the specific fees you will pay each year based on the options you have elected.

The fees and expenses do not reflect any Advisory Fees paid to financial professionals from the Account Value or other assets owned by the Policy Owner; if those charges were reflected, the fees and expenses would be higher. The first table describes the fees and expenses that you will pay at the time that you buy the Policy, pay a premium, Surrender or make withdrawals from the Policy, or transfer cash value between Investment Options.

 

---

| | | |
|:---|:---|:---|
| **TRANSACTION FEES** | **TRANSACTION FEES** | **TRANSACTION FEES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted** |
| **MAXIMUM SALES CHARGE IMPOSED ON PREMIUMS (LOAD)\*** | When each premium is paid. | 5.0% |
| **PREMIUM TAXES\*\*** | Not taken as a separate deduction.\*\* | 0% |
| **MAXIMUM DEFERRED SALES CHARGE (LOAD)** |  | 0% |
| **OTHER SURRENDER FEES:** |  |  |
| **Partial Withdrawal Charge** | Upon each withdrawal. | $50 |
| **Wire Transfer Fee** *(per wire)* | As requested by Policy Owner | $14 |
| **TRANSFER FEES** | First 15 transfers per year; | $0 |
|  | Each additional transfer. | $10 |
| **ILLUSTRATION FEE** | First illustration request per year; | $0 |
|  | Each additional illustration request. | $50 |

---

*\** *This premium charge is deducted from each premium payment as it is processed (except if it is a premium that is transferred from another Company policy). Premium taxes are paid from this charge.*

*\*\** *Premium Taxes are paid by the Company from the Maximum Sales Charge Imposed On Premiums (Load). See **CHARGES** section for more information.*

The next table describes the fees and expenses that you will pay periodically during the time that you own the Policy, to equal the annualized charges shown, not including Subaccount portfolio company operating fees and expenses.

---

| | | | |
|:---|:---|:---|:---|
| **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted\*** | **Amount Deducted\*** |
| **BASE POLICY CHARGE:** |  | | |
| **Cost of Insurance \*** | Monthly | *(Rate is per $1,000 of the amount of the Net Amount* | *(Rate is per $1,000 of the amount of the Net Amount* |
|  |  | *at Risk)\** |  |
|  |  | Varies <sup>(1)</sup> |  |
|  |  | Minimum Charge | $0.007 |
|  |  | Maximum Charge | $83.33 |
|  |  | Charge for Representative Insured <sup>(2)</sup> | $0.09 |
| **Annual Maintenance Fee** |  | $0.00 | $0.00 |
| **Mortality and Expense Risk Fees** | Daily | *Risk Charge (for mortality and expense risk equal to % shown). <sup>(3)</sup>* | *Risk Charge (for mortality and expense risk equal to % shown). <sup>(3)</sup>* |
|  |  | Policy years 1-15 | 0.0024590% |
|  |  | Policy years 16+ | 0.0008197% |
| **Administrative Expenses** | Monthly | Specified Amounts $100,00 - $249,999 | $25.00 |
|  |  | Specified Amounts $250,000+ | $25.00 |

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Ameritas Advisor II VUL 8

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| | | | |
|:---|:---|:---|:---|
| **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted\*** | **Amount Deducted\*** |
| **Monthly Specified Amount Charge** | Monthly | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. |
|  |  | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. |
|  |  | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. |
|  |  | Varies <sup>(4)</sup> |  |
|  |  | Policy year 2 |  |
|  |  | Minimum Charge | $0.05 |
|  |  | Maximum Charge | $0.34 |
|  |  | Charge for Representative Insured <sup>(2, 5)</sup> | $0.05 |
| **Accelerated Benefit for Terminal Illness Rider** | When Benefit Exercised | 0.5% of the accelerated benefit | 0.5% of the accelerated benefit |
| **Paid-Up Insurance Benefit Endorsement** | When Benefit Exercised <sup>(6)</sup> | Calculated as a percentage times the Account Value. | 3.5% |
| **Loans for Policies Dated Prior to January 1, 2022** | Annually | *Policy Loan interest rate is deducted upon each Policy Anniversary. <sup>(7)</sup>* | *Policy Loan interest rate is deducted upon each Policy Anniversary. <sup>(7)</sup>* |
|  |  | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(8)</sup>* | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(8)</sup>* |
|  |  | Current | 1.0% |
|  |  | Maximum | 1.0% |
|  |  | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(8)</sup>* | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(8)</sup>* |
|  |  | Current | 0.0% |
|  |  | Maximum | 0.5% |
| **Loans for Policies Dated On or After January 1, 2022** | Annually | *Policy Loan interest rate is deducted upon each Policy Anniversary. <sup>(7)</sup>* | *Policy Loan interest rate is deducted upon each Policy Anniversary. <sup>(7)</sup>* |
|  |  | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(9)</sup>* | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(9)</sup>* |
|  |  | Current | 1.0% |
|  |  | Maximum | 3.0% |
|  |  | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(9)</sup>* | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(9)</sup>* |
|  |  | Current | 0.0% |
|  |  | Maximum | 2.5% |
| **OPTIONAL BENEFIT CHARGES:** |  |  |  |
| **Children's Insurance Rider** | Monthly | *Rate is a per $1,000 of the rider benefit Amount.* | $0.48 |
| **Waiver of Monthly Deduction Rider** | Monthly | *Rates are per $100 of the Monthly Deduction.* |  |
|  |  | Varies <sup>(1)</sup> |  |
|  |  | Minimum | $1.48 |
|  |  | Maximum | $17.28 |
|  |  | Charge for Representative Insured <sup>(10)</sup> | $2.34 |

---

*\** *The cost of insurance and several of the charges vary based on individual characteristics. The cost shown for these charges may not be representative of the charge you will pay. Ask for a Policy illustration or see your Policy for the charge applicable to you.*

 

*Periodic Charges Table Footnotes:*

 

*(1)* *Rate varies by Insured's gender, rate class and Attained Age.* 

*(2)* *"Charge for Representative Insured" charges assume an Insured who is male, best rate class, age 35 when the Policy is issued, a Specified Amount of $1,000,000 and that the Policy is in its second Policy year.* 

*(3)* *The annual maximum charge is 0.90% in years 1 through 15 and 0.30% thereafter.* 

*(4)* *Rate varies by Insured's gender, Issue Age, rate class, Specified Amount and the amount of time you have had your Policy.* 

*(5)* *The annual rate is $0.5785440 in years 1 through 20 and $0.00 thereafter. These same rates would apply for an increase in Specified Amount at Attained Age 35.* 

*(6)* *This endorsement is standard if the Policy Owner elects the guideline premium test ("GPT") on the application. This endorsement is not available if the Policy Owner elects the cash value accumulation test ("CVAT") on the application. This fee is charged when the Paid-Up Insurance Benefit Endorsement is exercised.* 

*(7)* *If there is no Policy Loan on the Policy, there is no Policy Loan interest charged. There are two types of Policy Loans. Regular Policy Loans are Policy Loans made during the first five Policy years. Preferred Policy Loans are Policy Loans made after the 5<sup>th</sup> Policy year. Preferred Policy Loans may be available at a lower interest rate for a portion of your Policy Loan Balance. Net interest rate varies based on whether the Policy is in the first 5 Policy years or after the first 5 Policy years.* 

*(8)* *Interest rates charged on amounts borrowed from the Policy, net of 3.0% annual credited interest rate.* 

*(9)* *Interest rates charged on amounts borrowed from the Policy, net of 1.0% guaranteed annual credited interest rate or 3.0% current annual credited interest rate.* 

*(10)* *"Charge for Representative Insured" charges assume an Insured who is male, best rate class, age 35 when the rider is issued, a base Policy Specified Amount of $1,000,000 and that the rider coverage is in its second year.* 

We currently do not assess a separate charge against our Separate Account or Fixed Account for any income taxes. We may, however, make such a charge in the future if income or gains within the Separate Account will incur any income tax liability, or if tax treatment of our Company changes.

Ameritas Advisor II VUL 9

**Portfolio Company Operating Expenses (for the year ended December 31, 2025, unless noted)**

The next table shows the minimum and maximum total operating expenses charged by the portfolio companies, before any waivers or reductions, that you may pay periodically during the time that you own the Policy. Actual fees and expenses for the underlying portfolios vary daily, so expenses for any given day may be greater or less than listed. A complete list of portfolio companies available under the Policy, including their annual expenses, may be found at the back of this document.

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| | | | |
|:---|:---|:---|:---|
| **<u>Annual Portfolio Company Expenses</u>** | **<u>Annual Portfolio Company Expenses</u>** | **<u>Minimum</u>** | **<u>Maximum</u>** |
| Expenses that are deducted from Portfolio Company assets, including management fees, distribution and/or service (12b-1) fees, and other expenses. \* | Expenses that are deducted from Portfolio Company assets, including management fees, distribution and/or service (12b-1) fees, and other expenses. \* | 0.09% | 3.38% |
| \* | Before any waivers and reductions |  |  |

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**PRINCIPAL RISKS OF INVESTING IN THE POLICY**

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| **Not a Short-Term Investment**<br> ***The Policy is unsuitable for short-term savings or short-term life insurance needs and is subject to investment risk, including the loss of principal*.** This Policy is not considered a short-term investment because of the possibility of a tax penalty at the time of Surrender. Funds allocated to the Fixed Account are subject to the claims paying ability of the Company. You should evaluate the Policy's long-term investment potential and risks before purchasing a Policy. You should purchase a Policy only if you have the financial capability and the intent to keep the Policy in force for a substantial period of time.<br>|
| **Portfolio Company Risk of Loss**<br> Your Account Value will fluctuate with the performance of the Investment Options you choose. You assume the risk that your Account Value may decline or not perform to your expectations. Each underlying portfolio has various investment risks and some have greater risks than others. If you are also invested in the Fixed Account, interest rates may also vary or not perform to your expectations.<br>There is no assurance that any underlying portfolio will meet its objectives. **Prospectuses for Investment Options are available at our website,** **ameritas.com/investments/fund-prospectuses** **or by calling 800-255-9678.**<br>|
| **Fixed Account Risks**<br> The Fixed Account is part of the General Account of Ameritas Life Insurance Corp. The obligations of the General Account including any interest credited to the Fixed Account, and any guaranteed benefits we may provide under the Policy that exceed the value of amounts held in the Separate Account, are subject to the claims of our creditors, the financial strength and the claims paying ability of the Company. The General Account is not a bank account and it is not insured by the FDIC or any other government agency.<br>|
| **Insurance Company Risks**<br> Ameritas Life has sole legal responsibility to pay amounts that are owed under the Policy. You should look to the financial strength of Ameritas Life for its claims-paying ability. We are also exposed to risks related to natural and human-made disasters or other events, including (but not limited to) earthquakes, fires, floods, storms, epidemics and pandemics (such as COVID-19), terrorist acts, civil unrest, malicious acts and/or other events that could adversely affect our ability to conduct business. The risks from such events are common to all insurers. To mitigate such risks, we have business continuity plans in place that include remote workforces, remote system and telecommunication accessibility, and other plans to ensure availability of critical resources and business continuity during an event. Such events can also have an adverse impact on financial markets, U.S. and global economies, service providers, and Fund performance for the portfolios available through your Policy. There can be no assurance that we, the Funds, or our service providers will avoid such adverse impacts due to such event and some events may be beyond control and cannot be fully mitigated or foreseen.<br>|
| **Surrender Risks**<br> The Policy is designed to provide lifetime insurance protection. Depending on the Account Value at the time you are considering Surrender, there may be little or no Cash Surrender Value payable to you. Surrender of a Policy while a Policy Loan is outstanding could result in significant tax consequences. A surrender before age 59 ½ may also result in tax penalties. Following a full Surrender, all your rights in the Policy end, and the Policy may not be reinstated.<br>|
| **Partial Withdrawal Risks**<br> Upon a partial withdrawal from your Policy, we will deduct a Partial Withdrawal Charge. This fee will be deducted from the Investment Options and in the same allocation as your partial withdrawal allocation instruction; if that is not possible (due to insufficient value in one of the Investment Options you elect) or you have not given such instructions, we will deduct this fee on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account. Partial withdrawals may reduce the amount of the death benefit. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, the death benefit may be reduced by more than the amount of the partial withdrawal. Taxes and tax penalties may apply.<br>|

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Ameritas Advisor II VUL 10

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| **Advisory Fee Risks**<br> This Policy may be available through third-party financial intermediaries who charge an Advisory Fee for their services. These fees are in addition to Policy fees and expenses described in this prospectus. If the Policy Owner elects to pay the Advisory Fees from the Account Value, this will reduce the Account Value and death benefit under the Policy by the same calculation as any other withdrawals, with the exception that the Specified Amount will not be reduced by the amount of these Advisory Fees. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, withdrawing part of the Account Value may result in a death benefit reduction that is larger than the amount of the partial withdrawal. In addition, Advisory Fee withdrawals may be subject to federal and state income taxes and may be subject to a 10% federal tax penalty. The Internal Revenue Service has not ruled on the use of this endorsement. We strongly urge you to consult legal counsel and your personal tax and financial professional. For more information, see Advisory Fee Endorsement under **OTHER BENEFITS AVAILABLE UNDER THE POLICY,** Partial Withdrawals and Advisory Fees under **SURRENDERS AND WITHDRAWALS,** and **TAXES.**<br>|
| **Lapse Risks**<br> If the Cash Surrender Value is not sufficient to pay charges when due, your Policy can terminate, or "lapse." This can happen if you have not paid enough premiums or if the Investment Options you selected experienced poor performance or because of a combination of both factors. This can happen even if you pay the Planned Periodic Premiums. You will be given a "grace period" within which to make additional premium payments to keep the Policy from lapsing. You will have a 61 day "grace period" to make a premium payment to continue your Policy. If your Policy lapses, your insurance coverage will terminate; you may be given the opportunity to reinstate the Policy by making the required premium payments and satisfying certain other conditions.<br>Since partial withdrawals reduce your Account Value, partial withdrawals increase the risk of lapse. Taking a Policy Loan also increases the risk of lapse.<br>If the Policy lapses because a grace period ended without a sufficient payment being made, you may reinstate it within five years of the date of lapse, so long as the Insured is Attained Age 80 or less and the requirements of reinstatement are met, including evidence of insurability. For more information see REINSTATEMENT under **LAPSE AND REINSTATEMENT**.<br>|
| **Death Benefit Risks**<br> Death benefit proceeds are reduced by any Policy Loan Balance, Lien Balance, and any Monthly Deductions due but unpaid at death. Depending upon your choice of death benefit option, adverse performance of the Investment Options you choose may decrease your Policy's death benefit. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, the death benefit may be reduced by more than the amount of the partial withdrawal (including Advisory Fee withdrawals).<br>|
| **Policy Loan Risks**<br> A Policy Loan, whether or not repaid, will affect the Cash Surrender Value of your Policy over time. We will transfer all Policy Loan amounts from the Subaccounts and the Fixed Account to a Loan Account. The Loan Account does not participate in the investment experience of the Investment Options or receive any higher current interest rate credited to the Fixed Account.<br>The larger a Policy Loan Balance becomes relative to the Policy's Cash Surrender Value, the greater the risk that the Policy's Cash Surrender Value will not be sufficient to support the Policy's charges and expenses, including any Policy Loan interest due, and the greater the risk of the Policy lapsing. Any Policy Loan interest payable on a Policy Anniversary that you do not pay will become part of the outstanding Policy Loan principal and will also accrue interest.<br>Further, the death benefit is reduced by the amount of any outstanding Policy Loan and accrued Policy Loan interest.<br>Your Policy may lapse if your outstanding Policy Loan and accrued Policy Loan interest reduce the Cash Surrender Value to zero. There is a tax risk associated with outstanding debt. If you Surrender your Policy or your Policy lapses while there is an outstanding Policy Loan, there will generally be Federal income tax payable on the amount by which Policy Loans and partial withdrawals exceed the premiums paid. Since Policy Loans reduce your Policy's Account Value, any remaining Account Value may be insufficient to pay the income tax due and may cause the need for additional premium to keep your Policy in force.<br>|
| **Limitations on Access to Cash Value**<br> There is no minimum Policy Loan amount. We limit partial withdrawals to a minimum of $100 and a maximum such that the remaining Cash Surrender Value is at least an amount sufficient to maintain the Policy in force for the next three months. Policy Loans may only be taken if your Cash Surrender Value; less Policy Loan interest on the Policy Loan Balance including the requested Policy Loan to the next Annual Date; less the sum of the next three Monthly Deductions, is sufficient to keep your Policy in force. We may defer making a Policy Loan for up to six months unless the Policy Loan is to pay premiums to us. We can postpone payments or any transfers out of a Subaccount if (i) the New York Stock Exchange (NYSE) is closed for other than customary weekend and holiday closings; (ii) trading on the NYSE is restricted; (iii) an emergency exists as determined by the SEC; (iv) or the SEC permits delay for the protection of security holders. We may defer payments of a full or partial Surrender from the Fixed Account for up to six months from the date we received your Written Notice requesting the Surrender and receive approval from the department of insurance of the State where the Policy is delivered. The applicable rules of the SEC will govern as to whether the conditions in (iii) or (iv) exist. |

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Ameritas Advisor II VUL 11

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| **Transfer Risks**<br> There is a risk that you will not be able to transfer your Account Value from one Investment Option to another because of limits on the dollar amount or frequency of transfers you can make which the portfolio companies impose. We are required to restrict or prohibit transfer by Policy Owners identified as having engaged in transactions that violate fund trading policies. You should read each portfolio company's prospectus for further details. Limitations on transfers out of the Fixed Account are more restrictive than those that apply to transfers out of the Subaccounts.<br>To discourage disruptive frequent trading activity, we impose restrictions on transfers (See the **Disruptive Trading Procedures** section) and reserve the right to change, suspend or terminate telephone, fax and Internet transaction privileges (See the **Transfers** section). In addition, we reserve the right to take other actions at any time to restrict trading, including, but not limited to: (i) restricting the number of transfers made during a defined period, (ii) restricting the dollar amount of transfers, and (iii) restricting transfers into and out of certain Subaccounts. We also reserve the right to defer a transfer at any time we are unable to purchase or redeem shares of the underlying portfolio.<br>While we seek to identify and prevent disruptive frequent trading activity, it may not always be possible to do so. *Therefore, no assurance can be given that the restrictions we impose will be successful in preventing all disruptive frequent trading and avoiding harm to long-term investors.*<br>|
| **Potential for Increased Charges**<br> The actual charges deducted are current charges on your Policy. However, we have the right to increase those charges at any time up to the guaranteed maximum charges as stated in your Policy.<br>|
| **Market Timing Risks**<br> Investments in variable life insurance products can be a prime target for abusive transfer activity because these products value their Subaccounts on a daily basis and allow transfers among Subaccounts without immediate tax consequences. As a result, some investors may seek to frequently transfer into and out of Subaccounts in reaction to market news or to exploit a perceived pricing inefficiency. Whatever the reason, long-term investors in a Subaccount can be harmed by frequent transfer activity since such activity may expose the Investment Option's underlying portfolio to increased portfolio transaction costs and/or disrupt the portfolio manager's ability to effectively manage the portfolio's investments in accordance with the portfolio's investment objectives and policies, both of which may result in dilution with respect to interests held for long-term investment.<br>|
| **Tax Risks**<br> We believe the Policy qualifies as a life insurance contract for Federal tax purposes; so that death benefits for individually owned life insurance generally are not subject to income tax, and you should not be considered in constructive receipt of the Cash Surrender Value, including any increases in Cash Surrender Value, unless and until it is distributed from the Policy. Other federal and state taxes may apply. In general, you will be taxed on the amount of a distribution if it exceeds the investment in the Policy (premiums paid). Any taxable distributions are treated as ordinary income (rather than as capital gains) for tax purposes.<br>In order for you to receive the tax benefits extended to life insurance under the Internal Revenue Code (the "Code"), your Policy must comply with certain requirements of the Code. We will monitor your Policy for compliance with these requirements, but a Policy might fail to qualify as life insurance in spite of our monitoring. If this were to occur, you would be subject to income tax on the income credited to your Policy for the period of disqualification and all subsequent periods. Tax consequences of Ownership or receipt of Policy proceeds under federal, state and local estate, inheritance, gift and other tax laws can vary greatly depending upon the circumstances of each Owner or Beneficiary. There can also be unfavorable tax consequences on such things as the change of Policy Ownership or assignment of Ownership interests. Limits on premium payments and Treasury Department rules could also impact whether the Policy will qualify for the benefits extended to life insurance under the Code. There is no certainty that the expected benefits of life insurance, relative to other financial or investment products, will always continue to exist. We reserve the right to make such changes in the Policy as we deem necessary to assure it qualifies as a life insurance contract under the Code and continues to provide the tax benefits of such qualification.<br>***Buying a Policy might <u>not</u> be advisable if it is just replacing existing life insurance. You may wish to consult with your financial or insurance professional.***<br>|
| **Cybersecurity Risk**<br> We are at risk for cyber security failures or breaches of our information and processing systems and the systems of our business partners that could have negative impacts on you. These impacts include, but are not limited to, potential financial losses under your Policy, your inability to conduct transactions under your Policy, our inability to calculate your Policy's values, and the disclosure of your personal or confidential information.<br>|
| **Restrictions on Financial Transactions**<br> Applicable laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to reject a premium payment and/or block or "freeze" your Policy. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals, Surrenders, Policy Loans or death benefits, make transfers or continue making payments under your death benefit option until instructions are received from the appropriate regulator. We also may be required to provide additional information about you or your Policy to government regulators.<br>|

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Ameritas Advisor II VUL 12

**Other Matters**<br> Pandemics and their related major public health issues have a major impact on the global economy and financial markets. Governmental and non-governmental organizations may not effectively combat the spread and severity of such a pandemic, increasing its harm to Ameritas Life. Any of these events could materially adversely affect the Company's operations, business, financial results, or financial condition.<br>

<br> **THE COMPANY**

The **AMERITAS ADVISOR II VUL** Policy is offered and issued by Ameritas Life Insurance Corp. (the "Depositor"), 5900 O Street, Lincoln, Nebraska 68510.

**FEES AND PAYMENTS RECEIVED**

The Company receives certain fees and payments from both the funds and the fund companies.

The Company and its affiliate, Ameritas Investment Company, LLC, receive compensation from certain underlying funds pursuant to Rule 12b-1 under the 1940 Act for performing defined services and incurring certain expenses in promoting and distributing the underlying funds. This compensation varies and is paid out of the underlying fund's assets and is as much as 0.25% of the average net assets of the underlying fund that are attributable to the variable life insurance products issued by us that offer the particular fund (the Company's variable policies). The payment of Rule 12b-1 fees by the underlying fund increases the cost of investment in the Subaccount, as the payment of Rule 12b-1 fees results in a lower net asset value per share.

Information regarding investment advisory fees, expenses, and Rule 12b-1 fees are described in more detail in each fund's prospectus.

In addition, the Company receives negotiated payments from certain fund companies for providing services for the fund including, but not limited to, the maintenance of books and records, purchase and redemption orders, fund-related policy owner services, and other administrative support.

**Conflicts of Interest**

Certain funds in our Separate Accounts have 12b-1 fees and other negotiated payment arrangements, which create a conflict of interest for the Company. The 12b-1 fees and other negotiated payments vary by fund and fund company. When deciding to include a class of shares of a fund as an investment option under the Policy, we consider such fees and payments in addition to a number of factors including, but not limited to, the internal structure of our products as well as a fund's investment strategy, asset class, manager's reputation, and performance. Before a fund can be added to the Separate Account as an available investment option, the fund must undergo review and approval by an internal oversight committee. This committee evaluates whether a fund is an appropriate investment option within the Separate Account based on established criteria with due consideration for potential conflicts of interest, and all applicable laws, rules and regulations. Other funds (or share classes) not offered may have lower fees and better performance than the funds offered under the Policy.

**THE SEPARATE ACCOUNT** 

The Registrant is Ameritas Life Insurance Corp. Separate Account LLVL (the "Separate Account"). The Separate Account is registered with the SEC as a unit investment trust. However, the SEC does not supervise the management or the investment practices or policies of the Separate Account or the Depositor. Under Nebraska law, income, gains, and losses credited to or charged against, the Separate Account reflect the Separate Account's own investment experience and not the investment experience of the Depositor's other assets. The assets of the Separate Account may not be used to pay any liabilities of the Depositor other than those arising from the Policies. The Depositor is obligated to pay all amounts promised to investors under the Policies. Any and all distributions made by the underlying portfolios, with respect to the shares held by the Separate Account, will be reinvested in additional shares at net asset value. We are responsible to you for meeting the obligations of the Policy, but we do not guarantee the investment performance of any of the variable Investment Options' underlying portfolios. We do not make any representations about their future performance.

Ameritas Advisor II VUL 13

The Separate Account provides you with variable Investment Options in the form of underlying portfolio investments. Each underlying portfolio is an open-end investment management company. When you allocate investments to an underlying portfolio, those investments are placed in a Subaccount of the Separate Account corresponding to that portfolio, and the Subaccount in turn invests in the portfolio. The Policy Value of your Policy depends directly on the investment performance of the portfolios that you select.

**PORTFOLIO COMPANIES** 

The Policy allows you to choose from a wide array of Investment Options – each chosen for its potential to meet specific investment objectives.

You may allocate all or a part of your premiums among the Separate Account variable Investment Options or the Fixed Account fixed interest rate option. Allocations must be in whole percentages and total 100%.

Information regarding each Portfolio Company, including its (i) name; (ii) objective; (iii) investment adviser and any sub-investment advisers; (iv) current expenses; and (v) performance is found in **APPENDIX A.** Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. You may obtain paper copies of the prospectuses at no cost by calling our Service Center at 800-255-9678 or by sending an email request to alictd@ameritas.com.

You may also view the prospectuses on our website at ameritas.com/investments/fund-prospectuses**.**

**The value of your Policy will increase or decrease based on the investment performance of the variable Investment Options you choose.** The investment results of each variable Investment Option are likely to differ significantly and vary over time. They do not earn a fixed interest rate. Please consider carefully, and on a continuing basis, which Investment Options best suit your long-term investment objectives and risk tolerance.

<u>You bear the risk that the variable Investment Options you select may fail to meet their objectives,</u>

<u>that they could decrease in value, and that you could lose principal</u>.

***There is no assurance the investment objectives will be met*.** An investment in money market funds is neither insured nor guaranteed by the U.S. Government. There can be no assurance that the funds will be able to maintain a stable net asset value of $1.00 per share.

Each Subaccount's underlying portfolio operates as a separate variable Investment Option, and the income or losses of one generally has no effect on the investment performance of any other. Restrictions and other material information related to an investment in the variable Investment Option are contained in the prospectuses for each of the underlying portfolios. **The underlying portfolios in the Separate Account are NOT publicly traded mutual funds and are NOT the same as other publicly traded mutual funds with very similar names.** The portfolios are only available as separate account Investment Options in life insurance or variable annuity policies issued by insurance companies, or through participation in certain qualified pension or retirement plans.

Even if the Investment Options and policies of some underlying portfolios available under the Policy may be very similar to the investment objectives and policies of publicly traded mutual funds that may be managed by the same investment adviser, the investment performance and results of the portfolios available under the Policy may vary significantly from the investment results of such other publicly traded mutual funds.

**VOTING RIGHTS**

As a Policy Owner, you may have voting rights in the portfolios whose shares underlie the Subaccounts in which you invest. You will receive proxy material, and have access to reports, and other materials relating to each underlying portfolio in which you have voting rights. If you send us written voting instructions, we will follow your instructions in voting the Portfolio shares attributable to your Policy. If you do not send us written instructions, we will vote those shares in the same proportions as we vote the shares for which we have received instructions from other Policy Owners. We will vote shares that the Company beneficially holds in the same proportions as we vote the shares for which we receive instructions from other Policy Owners, this is known as "proportionate voting". As a result of proportionate voting, a small number of Policy Owners could determine the outcome of a shareholder vote. The underlying portfolios may not hold routine annual shareholder meetings.

**THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**

There is one fixed interest rate option ("Fixed Account"), where we bear the investment risk. If your Policy Date is prior to January 1, 2022, we guarantee that you will earn a minimum interest rate that will yield at least 3.0% per year, compounded annually. If your Policy Date is on or after January 1, 2022, we guarantee that you will earn a minimum interest rate that will yield at least 1.0% per year, compounded annually. We may declare a higher current interest rate. However, you bear the risk that we will not credit more interest than will yield the minimum guaranteed rate per year for

Ameritas Advisor II VUL 14

the life of the Policy. The Company sets the interest rate which is not tied to a benchmark or other formula. You may obtain the current declared interest rate for the Fixed Account at no cost by calling 800-255-9678 or by sending an email request to alictd@ameritas.com.

All amounts allocated to the Fixed Account become assets of our General Account and are subject to the Company's claims paying ability. You should look solely to the financial strength of the Company for its claims-paying ability. Funds invested in the Fixed Account have not been registered and are not required to be registered under the Securities Act of 1933. The Fixed Account is not required to register as an investment company under the Investment Company Act of 1940 and is not registered as an investment company under the Investment Company Act of 1940. The Fixed Account is subject to generally applicable provisions of the Federal Securities laws regarding accuracy and completeness of disclosures.

We have sole discretion over how assets allocated to the Fixed Account are invested, and we bear the risk that those assets will perform better or worse than the amount of interest we have declared. Refer to the Policy for additional details regarding the Fixed Account.

The value of the Fixed Account, along with the value in the Separate Account variable Investment Options and the Loan Account, constitute the total Policy Value. Unlike value in the Separate Account variable Investment Options, there are no Mortality and Expense Risk Fees deducted from the Fixed Account. Transfers and Systematic Transfer Programs may be limited to the terms defined in the **TRANSFERS** and **SYSTEMATIC TRANSFER PROGRAMS** sections under the **GENERAL DESCRIPTION OF THE POLICY.** Decreases in the Fixed Account value as a result of Transfer, Systematic Transfer Programs, partial withdrawals (including Advisory Fees), and Policy Loans, because they affect Policy Value, could result in reductions in the amount of benefit, or lead to lapse of the Policy and riders. Additional information regarding how the value of the Fixed Account is calculated may be found in the **POLICY VALUE** section under **PREMIUMS**.

**CHARGES** 

The following repeats and adds to information provided in the **FEE TABLE** section where the amount of each charge is shown. Please review both prospectus sections, and the Policy, for information on charges. For those Policies issued on a unisex basis in certain states or in certain cases, gender-distinct rates do not apply. Certain charges expressly permit you to designate the Investment Options from which the charge is to be deducted. If there are insufficient funds in such a designated Investment Option, and for all other charges deducted from total Account Value, charges are deducted Pro-Rata from your selected Subaccount and Fixed Account Investment Options. Any current charge that is less than the applicable maximum may be increased subject to the guaranteed maximum charge.

The fees and expenses do not reflect any Advisory Fees paid to financial professionals from the Account Value or other assets owned by the Policy Owner; if those charges were reflected, the fees and expenses would be higher.

**Transaction FEES**

**<u>Maximum Sales Charge Imposed On Premiums (Load)</u>**

The premium charge is deducted from each premium payment as it is processed (except if it is a premium that is transferred from another Company policy). The current amount of this charge is 2.0% and the maximum charge is 5.0%. This charge is subtracted from the premium received before the funds are applied to the selected Investment Options. Premium taxes are paid by the Company from this charge. The amount added to the selected Investment Options is referred to as the Net Premium.

**<u>Premium Taxes</u>**

Premium taxes are not a separate charge to you; they are paid by the Company from the Maximum Sales Charge Imposed on Premiums (Load).

**<u>Maximum Deferred Sales Charge (Load)</u>**

This Policy has no Maximum Deferred Sales Charge (Load).

**<u>Other Surrender Fees</u>**

**Partial Withdrawal Charge**

Upon a partial withdrawal from your Policy, we may assess a partial withdrawal charge. This fee will be deducted from the Investment Options and in the same allocation as your partial withdrawal allocation instruction; if that is not possible (due to insufficient value in one of the Investment Options you elect) or you have not given such instructions, we will deduct this fee on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account. This helps cover our administrative costs for withdrawals from your Policy. Taxes and tax penalties may apply. We currently do not charge for early withdrawals but may in the future charge up to $50 for each partial withdrawal.

**Wire Transfer Fee**

We charge a $14 wire transfer fee if you request a wire transfer when requesting a Policy Loan, partial withdrawal or Surrender. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal or Surrender.

Ameritas Advisor II VUL 15

**<u>Transfer Fees</u>**

We may charge a transfer fee for any transfer in excess of 15 transfers per Policy year. This fee may be deducted only from Policy Investment Options you designate; if that is not possible (due to insufficient value in an Investment Option you elect) or you have not provided such instructions, we will deduct this fee on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account.

**<u>Illustration Fee</u>**

You may annually request, without charge, an illustration from us. Currently, there is no charge for additional illustrations. However, we reserve the right to charge the maximum fee of $50 for each additional illustration requested in the same Policy year.

**PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES**

The following charges are deducted from Policy Value on each Policy Month date unless otherwise specified.

**<u>Base Policy Charge</u>**

**Cost of Insurance Charge**

The cost of insurance rate per $1,000 of Net Amount at Risk cannot exceed the guaranteed cost of insurance rate that is set forth in the Policy. The maximum cost of insurance each month can be determined by using the guaranteed cost of insurance rate in the formula for cost of insurance, below.

The cost of insurance charge is for providing insurance protection under the Policy. Because the cost of insurance charge depends upon several variables, the cost for each Policy can vary from month to month. The cost of insurance rate for the Specified Amount of insurance coverage varies by the Insured's gender, Issue Age, rate class, Specified Amount and the length of time the Policy has been in force. The cost of insurance rate for an increase in Specified Amount varies by the Insured's gender, age and rate class at the time of the increase, Specified Amount and the length of time the Policy has been in force since the increase. We may use current cost of insurance rates less than those shown in the Policy, and reserve the right to change them so long as they do not exceed the maximum rates shown in the Policy. Changes will apply equally to similarly situated Policy Owners and be based on changes in future expectations of factors such as investment earnings, mortality, persistency, and expenses. We expect a profit from this charge. Ask for a Policy illustration or see your Policy for the charge(s) applicable to you.

The *Cost of Insurance* each month equals:

▪ The Net Amount at Risk for the month; multiplied by

▪ The cost of insurance rate per $1,000 of Net Amount at Risk; divided by

▪ $1,000.

The *Net Amount at Risk* in any month equals:

▪ The death benefit on the Policy Month date, discounted at the guaranteed rate of interest for the Fixed Account for one month; minus

▪ The Policy Value on the Policy Month date after deducting the charge for any optional features selected and the administrative charges
but not the cost of insurance charge.

**Mortality and Expense Risk Fees**

The Mortality and Expense Risk Fees are for the mortality risks we assume – that Insureds may live for shorter periods of time than we estimate, and also compensates us for the Policy expense risks we assume. If this charge exceeds our actual costs to cover these risks, the excess goes to our General Account. Conversely, if this charge is not enough, we bear the additional expense, not you. See the **FEE TABLE** for the maximum charge. The current annual charge is 0.70% in years 1 through 15 and 0.10% thereafter. This charge is applied daily to Separate Account assets in determining the daily Accumulation Unit value of each Subaccount. We expect a profit from this charge.

**Administrative Expenses**

The administrative expense charge is deducted on each Monthly Date to partially compensate us for our costs in issuing and administering the Policy and operating the Separate Account. See the **Fee Table** for the maximum charge. The current monthly charges are as follows. We do not anticipate making a profit from these charges.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specified Amounts $100,000 - $249,999 | $15.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specified Amounts $250,000 + | $12.50 |

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**Monthly Specified Amount Charge**

For certain rate classes and Issue Ages, the maximum cost of insurance rates and other Policy charges are insufficient to cover our costs in issuing and administering the Policy, operating the Separate Account and providing the benefits under the Policy. The Specified Amount charge partially compensates us for these costs. We do not anticipate making a profit from this charge. The maximum monthly Specified Amount charge, if any, is shown on your Policy schedule. Any increase in Specified Amount will result in an additional monthly Specified Amount charge, unless the applicable rate at the time of the increase is zero.

Ameritas Advisor II VUL 16

**Accelerated Benefit for Terminal Illness Rider**

This rider provides as much as 50% of the death benefit, up to $500,000 when the Insured is terminally ill and is anticipated to live less than one year. There is no annual cost for this rider. The payment of any accelerated benefit under this rider is subject to an administrative fee not to exceed 0.5% of the accelerated benefit. The current maximum administrative fee is $250. For additional information on this rider, see the **OTHER BENEFITS AVAILABLE UNDER THE POLICY** section.

**Paid-Up Insurance Benefit Endorsement**

The benefit provided by this endorsement will keep your Policy from lapsing when you have a large outstanding Policy Loan Balance. We will deduct 3.5% of the Policy Value on the date you elect this benefit. For additional information on this rider, see the **OTHER BENEFITS AVAILABLE UNDER THE POLICY** section.

**Policy Loans**

If you borrow from your Account Value, interest accrues on outstanding Policy Loan amounts. After five Policy years, a lower interest rate may be available for a portion of your Policy Loan. See the **POLICY LOANS** section for more information on applicable interest rates.

**Optional Benefit Charges**

The cost for any optional features you select (sometimes called Policy "Riders") is also deducted monthly from Policy Value. See the **FEE TABLE** for information about the costs of these features, and refer to **OTHER BENEFITS AVAILABLE UNDER THE POLICY** for descriptions of these features. Optional features may not be available in all states.

**DISTRIBUTION COMPENSATION**

We and/or an affiliate may pay cash compensation from our own resources pursuant to marketing and education arrangements we have in place with broker-dealers and their marketing organizations. We may provide up to 25% of first year target premium and 1% of premiums above that amount paid in the first Policy year for such marketing and education services, pursuant to these arrangements. We do not pay commissions to these broker-dealers pursuant to a selling agreement. You may ask your financial professional how he/she will personally be compensated for the transaction.

**PORTFOLIO COMPANY CHARGES**

Each Subaccount's underlying portfolio has investment advisory expenses. These expenses, as of the end of each portfolio's last fiscal year, are stated in this prospectus' **APPENDIX A** and described in more detail in each fund's prospectus. A portfolio's charges and expenses are not deducted from your Account Value. Instead, they are reflected in the daily value of portfolio shares which, in turn, will affect the daily Accumulation Unit value of the Subaccounts. These charges and expenses help to pay the portfolio's investment adviser and operating expenses.

**GENERAL DESCRIPTION OF THE POLICY**

**THE PARTIES**

**<u>Insured</u>**

The Insured is the person upon whose life this Policy is issued. This individual's personal information determines the cost of the life insurance coverage. The Owner also may be the Insured.

**<u>Owner</u>**

The Owner (also referred to as Policy Owner) is the person(s) or legal entity who may exercise all rights and privileges under the Policy. If there are joint Owners, the signatures of both Owners are needed to exercise rights under the Policy. If the Policy has been absolutely assigned, the assignee is the Owner. A collateral assignee is not the Owner.

**<u>Beneficiary</u>**

The Beneficiary will receive the death benefit proceeds when the Insured dies. You name the primary Beneficiary and any contingent beneficiaries in your application. If no primary Beneficiary is living when the Insured dies, we will pay to the contingent Beneficiary. If no contingent Beneficiary is living when the Insured dies, we will pay you or your estate. Unless otherwise provided, if any Beneficiary dies within 30 days after the Insured dies as the result of a common disaster, we will pay the death benefit proceeds as if that Beneficiary died first.

Unless your Beneficiary designation provides otherwise, we will follow these rules:

▪ We will pay equal shares when more than one Beneficiary of the same class is to share the funds.

▪ No revocable Beneficiary has rights in this Policy until the Insured dies.

▪ An irrevocable Beneficiary cannot be changed without his or her consent.

▪ The interest of any Beneficiary is subject to the rights of any assignee shown on our records.

▪ When beneficiaries are not shown by name (such as "children"), we may find who they are from sworn statements and not wait
for court records.

You may change your Beneficiary at any time while the Insured is living by sending Written Notice to us. We must approve any change. If approved, the change will be effective as of the date you signed the Written Notice. We will not be liable for any payments we make or actions we take before the change is approved.

Ameritas Advisor II VUL 17

**<u>Minor Owner or Beneficiary</u>**

Generally, a minor may not own the Policy solely in the minor's name and cannot receive payments directly as a Policy Beneficiary. In most states parental status does <u>not</u> automatically give parents the power to provide an adequate release to us to make beneficiary payments to the parent for the minor's benefit. A minor can "own" a Policy through the trustee of a trust established for the minor's benefit, or through the minor's named and court appointed guardian, who owns the Policy in his or her capacity as trustee or guardian. Where a minor is a named Beneficiary, we may be able to pay the minor's beneficiary payments to the minor's trustee or guardian. Some States allow us to make such payments up to a limited amount directly to parents. Parents seeking to have a minor's interest made payable to them for the minor's benefit are encouraged to check with their local court to determine the process to claim proceeds on behalf of the minor; it is often a very simple process that can be accomplished without the assistance of an attorney. If there is no adult representative able to give us an adequate release for payment of the minor's beneficiary interest, we will retain the minor's interest on deposit until the minor attains the age of majority.

**State Variations**

Certain features of your Policy may be different than the features described in the prospectus if your Policy is issued in the state or district described below. Further variations may arise; the variations are subject to change without notice.

<u>California</u>

Requires a special Policy Cover for seniors age 60 and over with a 30 day free look period.

<u>Florida</u>

Reduced Paid-Up Life Insurance: Exchange for a reduced paid-up Policy is available.

Grace Period: 30 day grace period.

Reinstatement: The policy may be put back in force by Written Notice within three years.

Accelerated Death Benefit Terminal Illness Rider: Administrative Fee is $100.

<u>North Dakota</u>

Policy Right to Examine Provision: 20 day free look.

**Allocating Premium**

You may allocate your premiums among the variable Investment Options (the Subaccounts) and the Fixed Account fixed interest rate option. Initial allocations in your Policy application will be used for additional premiums until you change your allocation instructions.

▪ Allocations must be in whole percentages and total 100%.

▪ You may change your allocation by sending us Written Notice or through an authorized telephone transaction
or online transaction. The change will apply to premiums received on or after the date we receive your Written Notice or authorized telephone
transaction.

▪ All premiums will be allocated pursuant to your instructions on record with us, except your initial
premium and any additional premiums received during your Policy's Right to Examine Transfer Date.

Prior to the Right to Examine Transfer Date, we will hold your initial Net Premium and any additional Net Premiums in the money market subaccount. On the Right to Examine Transfer Date, we will invest your Account Value, which will include investment performance results, in the Investment Options pursuant to your application allocation instructions. If, by the Right to Examine Transfer Date, you decide to cancel your Policy, we will refund the premiums paid minus Policy Loan Balance and partial withdrawals.

Until your Policy is issued, premium payments received by us are held in our General Account and are credited with interest at a rate we determine.

**TELEPHONE TRANSACTIONS**

**<u>Telephone Transactions Permitted</u>**

▪ Transfers among Investment Options.

▪ Establish systematic transfer programs.

▪ Change premium allocations.

**<u>How to Authorize Telephone Transactions</u>**

▪ Upon your authorization on the Policy application or in Written Notice to us, you, your registered representative
or a third person named by you may do telephone transactions on your behalf. You bear the risk of the accuracy of any designated person's
instructions to us.

**Telephone Transaction Rules**

▪ Must be received by close of the New York Stock Exchange ("NYSE") (usually 3 p.m. Central
Time); if later, the transaction will be processed the next day the NYSE is open.

▪ Calls will be recorded for your protection.

▪ For security, you or your authorized designee must provide your Social Security number and/or other
identification information.

▪ May be discontinued at any time as to some or all Owners.

We are not liable for following telephone transaction instructions we reasonably believe to be genuine.

Ameritas Advisor II VUL 18

**TRANSFERS**

The Policy is designed for long-term investment. Excessive transfers such as those triggered by market timing services or other large or frequent transfers could harm other Policy Owners by having a detrimental effect on investment portfolio management. In addition to the right of each Portfolio to impose redemption fees on short-term trading, **we reserve the right to reject any specific premium allocation or transfer request, if in the judgment of a Subaccount portfolio fund advisor, a Subaccount portfolio would be unable to invest effectively in accordance with its investment objectives and policies, or if Policy Owners would otherwise potentially be adversely affected.**

We consider any transfer of money out of a Subaccount within 60 days of a purchase to be evidence of possible market timing. We will not execute such a trade until we provide the underlying portfolio's investment adviser with information about it for an opportunity to evaluate the transfer pursuant to the investment adviser's own standards, as stated in the Subaccount's underlying portfolio prospectus. Ultimately the portfolio's investment adviser has the authority to make the determination whether or not to accept a transfer.

Subject to restrictions during the Right to Examine Transfer Date, you may transfer Account Value from one Subaccount to another, from the Separate Account to the Fixed Account, or from the Fixed Account to any Subaccount, subject to these rules:

**Transfer Rules:**

▪ A transfer is any single request to move assets between one or more Investment Options.

▪ We must receive notice of the transfer request by either Written Notice, an authorized telephone transaction, or by Internet when
available. Our Trading Unit fax number is 402-467-7923. Transfers will be processed on the Business Day they are received by our Trading
Unit if received before close of the New York Stock Exchange (usually 3:00 p.m. Central Time). Requests for Rydex transfers must be received
by 2:30 p.m. Central Time to be processed the same day. The 2:30 Central Time cut-off applicable to Rydex subaccount transfers applies
only to transfers. All other transaction requests must be received prior to NYSE close for same day processing. You must be available
to receive a confirmation telephone call for any faxed transfer requests sent to us, or your trade may not be processed until it is confirmed.The
transferred amount must be at least $250, or the entire Subaccount or Fixed Account value if it is less. If the Account Value remaining
in a Subaccount after a transfer will be less than $100, we will include that Account Value in the amount transferred. Information
regarding Dollar Cost Averaging, Portfolio Rebalancing, and Earnings Sweep systematic transfer programs is available under the **SYSTEMATIC TRANSFER PROGRAMS** section.

&nbsp;&nbsp;&nbsp;&nbsp;· If the Dollar Cost Averaging systematic transfer program is used, then the minimum transfer amount out
of a Subaccount or the Fixed Account is the lesser of $250 or the balance in the Subaccount or Fixed Account. Under this program, the
maximum amount that may be transferred from the Fixed Account each month is 1/36<sup>th</sup> of the value of the Fixed Account at the
time the Dollar Cost Averaging program is established. While a Dollar Cost Averaging program is in effect, elective transfers out of the
Fixed Account are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;· The Portfolio Rebalancing and Earnings Sweep systematic transfer programs have no minimum transfer amounts.

▪ The first 15 transfers each Policy year are free. Thereafter, transfers may result in a $10 charge for
each transfer. See the **CHARGES** section of this prospectus for information about this charge. This fee is deducted on a Pro-Rata
basis from balances in all Subaccounts and the Fixed Account; it is not subtracted from the amount of the transfer. Transfers under any
systematic transfer program <u>do</u> count toward the 15 free transfers limit.

▪ A transfer from the Fixed Account (except made pursuant to a systematic transfer program):

&nbsp;&nbsp;&nbsp;&nbsp;· may be made only once each Policy year;

&nbsp;&nbsp;&nbsp;&nbsp;· may be delayed up to six months;

&nbsp;&nbsp;&nbsp;&nbsp;· is limited during any Policy year to the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 25% of the Account Value in the Fixed Account on the date of the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the greatest amount of any Fixed Account transfer that occurred during the previous 13 months; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $1,000.

▪ We reserve the right to limit transfers, or to modify transfer privileges, and we reserve the right to change the transfer rules at
any time. We and the investment advisers consider market timing strategies, programmed transfers or transfers that are large in relation
to the total assets of an Investment Option's underlying portfolio as disruptive. We may react to disruptive transfers by, among other
things, restricting the availability of personal telephone requests, fax transmissions, automated telephone services, Internet services
or any electronic transfer service. We may also refuse to act on transfer instructions of an agent acting under a power of attorney or
otherwise who is acting on behalf of one or more Owners. In making these determinations, we may consider the combined transfer activity
of annuity contracts and life insurance policies that we believe are under common ownership, control or direction. Certain investment
advisers, such as for Rydex, may permit short-term trading within their portfolios and will have disclosed this practice in their prospectuses.

▪ Rydex Subaccount transfers received later than 2:30 p.m. Central Time are processed the next Business Day.

▪ If the Account Value in any Subaccount falls below $100, we may transfer the remaining balance, without charge, to a money market
subaccount. We will notify you when such a transfer occurs. You may, within 60 days of the date of our notice, reallocate the amount transferred,
without charge, to another Investment Option.

▪ In the event you authorize telephone or Internet transfers, we are not liable for telephone or Internet instructions that we in good
faith believe you authorized. We will employ reasonable procedures to confirm that instructions are genuine.

Ameritas Advisor II VUL 19

**<u>Omnibus Orders</u>**

Purchase and redemption orders received by the portfolios generally are "omnibus" orders from intermediaries such as retirement plans and separate accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and individual owners of variable insurance products. The omnibus nature of these orders may limit the ability of the portfolios to apply their respective disruptive trading policies and procedures. We cannot guarantee that the portfolios will not be harmed by transfer activity relating to the retirement plans or other insurance companies that may invest in the portfolios. These other insurance companies are responsible for their own policies and procedures regarding frequent transfer activity. If their policies and procedures fail to successfully discourage harmful transfer activity, it will affect other owners of portfolio shares, as well as the owners of all variable life insurance or variable annuity contracts, including ours, whose variable Investment Options correspond to the affected portfolios. In addition, if a portfolio believes that an omnibus order that we submit may reflect one or more transfer requests from Owners engaged in disruptive trading, the portfolio may reject the entire omnibus order and thereby delay or prevent us from implementing your request.

**<u>Time Period for Special Transfer</u>**

At any time within 24 months of the Policy Date, you may request a transfer of the entire Account Value in the Subaccounts to the Fixed Account without incurring a transfer charge.

**THIRD-PARTY SERVICES**

Where permitted and subject to our rules (including those Transfer Rules above regarding rejection of a transfer request), we may accept your authorization to have a third party (such as your sales representative or someone else you name) exercise transfers or investment allocations on your behalf. Third-party transfers and allocations are subject to the same rules as all other transfers and allocations. You can make this election on the application or by sending us Written Notice on a form provided by us. Please note that any person or entity you authorize to make transfers or allocations on your behalf, including any investment advisory, asset allocation, money management or timing service, does so independently from any agency relationship they may have with us for the sale of the Policies. They are accountable to you alone for such transfers or allocations. We are not responsible for such transfers or allocations on your behalf, or recommendations to you, by such third-party services. You should be aware that charges charged by such third parties for their service are separate from and in addition to charges paid under the Policy.

**<u>Third Party Traders</u>**

We reserve the right to restrict transfers by any firm or any other third party authorized to initiate transfers on behalf of multiple Policy Owners if we determine such third party trader is engaging in a pattern of transfers that may disadvantage Policy Owners. In making this determination, we may, among other things:

▪ reject the transfer instructions of any agent acting under a power of attorney on behalf of more than one Policy Owner, or

▪ reject the transfer or exchange instructions of individual Policy Owners who have executed transfer forms which are submitted by market
timing firms or other third parties on behalf of more than one Policy Owner.

We will notify affected Policy Owners before we limit transfers, modify transfer procedures or refuse to complete a transfer. Transfers made pursuant to participation in a dollar cost averaging, portfolio rebalancing, or earnings sweep program are not subject to these rules. See the sections of the prospectus describing those programs for the rules of each program.

**SYSTEMATIC TRANSFER PROGRAMS**

Transfers under any systematic transfer program <u>do</u> count toward the 15 free transfer limit. We reserve the right to alter or terminate any systematic transfer program upon thirty days advance Written Notice. Only one systematic transfer program may be utilized at a time.

**<u>Dollar Cost Averaging Program</u>**

Dollar Cost Averaging allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. Requested percentages are converted to a dollar amount. You can begin Dollar Cost Averaging when you purchase the Policy or later. You can increase or decrease the amount or percentage of transfers or discontinue the program at any time. Dollar Cost Averaging is intended to limit loss by resulting in the purchase of more Accumulation Units when an underlying portfolio company's value is low, and fewer units when its value is high. However, there is no guarantee that such a program will result in a higher Account Value, protect against a loss, or otherwise achieve your investment goals.

**Dollar Cost Averaging Rules:**

▪ There is no additional charge for the Dollar Cost Averaging program.

▪ We must receive notice of your election and any changed instruction – either Written Notice or
by telephone transaction instruction.

▪ Automatic transfers can only occur monthly.

▪ The minimum transfer amount out of the money market subaccount or the Fixed Account is the lesser of
$250 or the balance in the Subaccount or Fixed Account. Under this program, the maximum amount that may be transferred from the Fixed
Account each month is 1/36<sup>th</sup> of the Fixed Account value at the time Dollar Cost Averaging is established. While a Dollar Cost
Averaging program is in effect, elective transfers out of the Fixed Account are prohibited. There is no maximum transfer amount limitation
applicable to any of the Subaccounts.

Ameritas Advisor II VUL 20

▪ Dollar Cost Averaging program transfers cannot begin before the end of a Policy's Right to Examine Transfer
Date.

▪ You may specify that transfers be made on the 1<sup>st</sup> through the 28<sup>th</sup> day of the
month. Transfers will be made on the date you specify (or if that is not a Business Day, then on the next Business Day). If you do not
select a date, the program will begin on the next Monthly Date following the Right to Examine Transfer Date.

▪ You can limit the number of transfers to be made, in which case the program will end when that number
has been made. Otherwise, the program will terminate when the amount remaining in the money market subaccount or the Fixed Account is
less than $100.

▪ Dollar Cost Averaging is not available when the Portfolio Rebalancing Program is elected.

**<u>Portfolio Rebalancing Program</u>**

The Portfolio Rebalancing program allows you to rebalance your Account Value among designated Subaccounts only as you instruct. You may change your rebalancing allocation instructions at any time. Any change will be effective when the next rebalancing occurs.

**Portfolio Rebalancing Program Rules:**

▪ There is no additional charge for the Portfolio Rebalancing program.

▪ The Fixed Account is excluded from this program.

▪ You must request the rebalancing program, give us your rebalancing instructions, or request to end this
program either by Written Notice or by telephone transaction instruction.

▪ You may have rebalancing occur quarterly, semi-annually or annually.

▪ Portfolio Rebalancing is not available when the Dollar Cost Averaging Program is elected.

**<u>Earnings Sweep Program</u>**

The Earnings Sweep program allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options (Subaccounts or the Fixed Account) either based on your original Policy allocation of premiums or pursuant to new allocation instructions. You may change your Earnings Sweep program instructions at any time. Any change will be effective when the next sweep occurs.

**Earnings Sweep Program Rules:**

▪ There is no additional charge for the Earnings Sweep program.

▪ The Fixed Account is included in this program.

▪ You must request the Earnings Sweep program, give us your allocation instructions or request to end
this program either by Written Notice or by telephone transaction instruction.

▪ You may have your earnings sweep quarterly, semi-annually or annually.

**GENERAL ACCOUNT**

The General Account includes all of our assets except those assets segregated in separate accounts. We have sole discretion to invest the assets of the General Account, subject to applicable law. Until your Policy is issued, any premium payments we receive are held in our General Account. Obligations under the Policy that are funded by Ameritas Life's General Account include the Fixed Account, the Loan Account, and fixed payments including death benefit proceeds. These obligations of the General Account are subject to the claims of our creditors and the claims paying ability and financial strength of the Company. It is not a bank account and it is not insured by the FDIC or any other government agency.

**POLICY OR REGISTRANT CHANGES**

**<u>Policy Changes</u>**

We reserve the right to make such changes in the Policy as we deem necessary to assure it qualifies as a life insurance contract under the Internal Revenue Code and continues to provide the tax benefits of such qualification.

**<u>Adding, Deleting or Substituting Variable Investment Options</u>**

We do not control the Subaccounts' underlying portfolios, so we cannot guarantee that any of the portfolios will always be available.

We retain the right to change the investments of the Separate Account, and to eliminate the shares of any Subaccount's underlying portfolio and substitute shares of another series fund portfolio if the shares of an underlying portfolio are no longer available for investment or if, in our judgment, investment in the portfolio would be inappropriate in view of the purposes of the Separate Account. We may add new Separate Account underlying portfolios or eliminate existing underlying portfolios, when, in our sole discretion, conditions warrant a change. In all of these situations, we will receive any necessary SEC and state approval before making any such change.

Our Separate Account may be (i) operated as an investment management company or any other form permitted by law, (ii) deregistered with the SEC if registration is no longer required, or (iii) combined with one or more other separate accounts. To the extent permitted by law, we also may transfer assets of the Separate Account to other accounts. Where permitted by applicable law, we reserve the right to remove, combine or add Subaccounts. Subaccounts may be closed to new or subsequent transfers or allocations. We will receive any necessary SEC and state approval before making any of these changes.

We will notify you of any changes to the variable Investment Options.

Ameritas Advisor II VUL 21

**<u>Resolving Material Conflicts – Underlying Investment Interests</u>**

In addition to serving as underlying portfolios to the Subaccounts, the portfolios are available to registered separate accounts of other insurance companies offering variable annuity and variable life insurance contracts. We do not currently foresee any disadvantages to you resulting from the fund companies selling portfolio shares to fund other products. However, there is a possibility that a material conflict of interest may arise between Policy Owners and the owners of variable contracts issued by other companies whose values are allocated to one of the portfolios. Shares of some of the portfolios also may be sold to certain qualified pension and retirement plans qualifying under section 401 of the Internal Revenue Code. As a result, there is a possibility that a material conflict may arise between the interests of Owners or owners of other contracts (including contracts issued by other companies), and such retirement plans or participants in such retirement plans. In the event of a material conflict, we will take any necessary steps to resolve the matter, including removing that portfolio as an underlying Investment Option of the Separate Account. The Board of Directors of each fund company will monitor events in order to identify any material conflicts that may arise and determine what action, if any, should be taken in response to those events or conflicts. See the accompanying prospectuses of the portfolios for more information. (Also see the **TRANSFERS** section, **Omnibus Orders**.)

**Disruptive Trading Procedures**

Organizations or individuals that use market timing investment strategies and make frequent or other disruptive transfers should not purchase the Policy, unless such transfers are limited to Subaccounts whose underlying portfolio prospectuses specifically permit such transfers.

The Policy is not designed to serve as a vehicle for frequent trading in response to short-term fluctuations in the market. Such frequent trading, programmed transfers, or transfers that are large in relation to the total assets of a Subaccount's underlying portfolio can disrupt management of a Subaccount's underlying portfolio and raise expenses. This in turn can hurt the performance of an affected Subaccount and therefore hurt your Policy's performance. The risks and harmful effects of disruptive trading include:

▪ dilution of the interests of long-term investors in a separate account if market timers manage to transfer into a portfolio at prices
that are below the true value or to transfer out of the portfolio at prices that are above the true value of the portfolio's investments
(some market timers attempt to do this through methods known as "time-zone arbitrage" and "liquidity arbitrage");

▪ reduced investment performance due to adverse effects on portfolio management by:

&nbsp;&nbsp;&nbsp;&nbsp;· impeding a portfolio investment adviser's ability to sustain an investment objective;

&nbsp;&nbsp;&nbsp;&nbsp;· causing the portfolio to maintain a higher level of cash than would otherwise be the case;

&nbsp;&nbsp;&nbsp;&nbsp;· causing a portfolio to liquidate investments prematurely (or otherwise at an inopportune time) in order to pay withdrawals or transfers
out of the portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;· increased costs to you in the form of increased brokerage and administrative expenses. These costs are borne by all Policy owners
invested in those separate accounts, not just those making the transfers.

Do not invest with us if you intend to conduct market timing or potentially disruptive trading.

Policy Owners should be aware that we are contractually obligated to provide, at the portfolio investment adviser's request, Policy Owner transaction data relating to trading activities, including tax identification numbers and other identifying information contained in our records to assist in identifying any pattern or frequency of Subaccount transfers that may violate the portfolio's trading policies. We are obligated to follow each portfolio investment adviser's instructions regarding enforcement of their trading policy. On receipt of written instructions from a portfolio investment adviser, we will restrict or prohibit further purchases or transfers by Policy Owners identified as having engaged in transactions that violate the portfolio's trading policies. We are not authorized to grant exceptions to an underlying portfolio's trading policy. Please refer to each portfolio's prospectus for more information on its trading policies.

We reserve the right to reject or restrict, in our sole discretion, transfers initiated by a market timing organization or individual or other party authorized to give transfer instructions. We further reserve the right to impose restrictions on transfers that we determine, in our sole discretion, will disadvantage or potentially hurt the rights or interests of other Policy owners. Restrictions may include changing, suspending or terminating telephone, online and fax transfer privileges. We will enforce any Subaccount underlying portfolio investment adviser's restrictions imposed upon transfers considered by the portfolio investment adviser to be disruptive. Our disruptive trading procedures may vary from Subaccount to Subaccount, and may also vary due to differences in operational systems and contract provisions. However, any Subaccount restrictions will be uniformly applied; we do not make special arrangements or grant exceptions or waivers to accommodate any persons or class of persons with regard to these procedures.

There is no assurance that the measures we take will be effective in preventing market timing or other excessive transfer activity. Our ability to detect and deter disruptive trading and to consistently apply our disruptive trading procedures may be limited by operational systems and technological limitations which may result in some Policy Owners being able to market time. Also, because other insurance companies and retirement plans may invest in Subaccount underlying portfolios, we cannot guarantee that Subaccount underlying portfolios will not suffer harm from disruptive trading within contracts issued by them. Certain Subaccount underlying portfolios, such as the Rydex Subaccounts, may engage in short-term trading and will have disclosed this practice in their portfolios' prospectuses.

Ameritas Advisor II VUL 22

**<u>Excessive Transfers</u>**

We reserve the right to restrict transfers if we determine you are engaging in a pattern of transfers that may disadvantage Policy Owners. In making this determination, we will consider, among other things:

▪ the total dollar amount being transferred;

▪ the number of transfers you make over a period of time;

▪ whether your transfers follow a pattern designed to take advantage of short-term market fluctuations, particularly within certain
Subaccount underlying portfolios;

▪ whether your transfers are part of a group of transfers made by a third party on behalf of individual Policy Owners in the group;
and

▪ the investment objectives and/or size of the Subaccount underlying portfolio.

**PREMIUMS**

**POLICY APPLICATION AND ISSUANCE**

Replacing an existing life insurance policy is not always your best choice. Evaluate any replacement carefully.

The Insured must not be older than age 80 on the Insured's birthday nearest to the Policy Date. The minimum initial Specified Amount of life insurance is $100,000. We may reduce the initial Specified Amount for Policies issued in connection with group or sponsored arrangements. See the **Special Arrangements** section, below, for details. To purchase a Policy, you must submit an application, at least the Initial Premium (see below), and provide evidence of the proposed Insured's insurability satisfactory to us. Before accepting an application, we conduct underwriting to determine insurability. We reserve the right to reject any application or premium. If we issue a Policy, insurance coverage will be effective as of the Policy Date.

When you apply for your Policy, you will choose one of three death benefit options, which will be used to determine the death benefit.

**<u>Application in Good Order</u>**

All application questions must be answered, but particularly note these requirements:

▪ The Owner's and Insured's full name, Social Security number (tax identification number for a business or trust Owner), date of birth,
and certain other required information must be included.

▪ Your premium allocations must be complete, be in whole percentages and total 100%.

▪ Initial Premium requirements must be met (see below).

▪ Your signature and your representative's signature must be on the application.

▪ City, state and date the application was signed must be completed.

▪ You must provide all information required for us to underwrite your application (including health and medical information about the
Insured, and other information we consider relevant).

▪ Please give us your e-mail address to facilitate receiving updated Policy information by electronic delivery.

▪ There may be forms in addition to the application required by law or regulation, especially when a replacement of other coverage is
involved.

▪ Your representative must be both properly licensed and appointed with us.

**Premium Requirements**

Your premium checks should be made payable to "Ameritas Life Insurance Corp." We reserve the right to reject any premiums. We may postpone crediting payment of your initial premium made by personal check until the check has been honored by your bank. Payment by certified check, banker's draft or cashier's check will be promptly applied. Under our electronic fund transfer program, you may select a monthly payment schedule for us to automatically deduct premiums from your bank account or other sources.

<u>Initial Premium</u>

▪ At least the Monthly Deduction times the number of months between the Policy Date and the date the Policy is issued plus one month.

<u>Additional Premiums</u>

▪ Payment of additional premiums is flexible, but must be enough to cover Policy charges.

▪ If a premium increases the Net Amount at Risk, it is subject to evidence of the Insured's continued insurability and our underwriting
requirements as to the amount of the increase.

▪ Planned Periodic Premiums may be paid annually, semi-annually, quarterly or monthly. You may change your Planned Periodic Premium,
subject to our approval. Because Account Value can fluctuate depending upon the performance of your selected variable Investment Options, <u>payment of your Planned Periodic Premiums does not guarantee that your Policy will remain in force. Your Policy can lapse even if you pay all Planned Periodic Premiums on time.</u> 

▪ If there is a Policy Loan, you should identify any payment intended to reduce a Policy Loan as a Policy Loan repayment; otherwise
it will be treated as a premium and added to Account Value.

▪ We reserve the right to limit premiums or refund any values so the Policy qualifies as life insurance under the federal Internal Revenue
Code.

Ameritas Advisor II VUL 23

**ACCOUNT VALUE**

On your Policy's Issue Date, Account Value (or "Policy Value" or "Accumulation Value") equals your initial Net Premium (premium less the Percent of Premium Charge) less any Monthly Deduction since the Policy Date. On any Business Day thereafter, your total Account Value equals the sum of Account Value in the Separate Account variable Investment Options, the Fixed Account, and the Loan Account, plus any Net Premium received that Business Day, but not yet allocated.

**<u>Separate Account Value</u>**

Premiums or transfers allocated to Subaccounts are accounted for in Accumulation Units. The Account Value held in the Separate Account Subaccounts on any Business Day is determined by multiplying each Subaccount's Accumulation Unit value by the number of Accumulation Units held in the Subaccount. We will determine the value of the assets of each Subaccount at the close of trading on the New York Stock Exchange on each Business Day.

The unit value of each Subaccount reflects the investment performance of that Subaccount. The unit value of each Subaccount on any Business Day equals the unit value of the Subaccount on the previous Business Day multiplied by the net investment factor for the Subaccount. The net investment factor for each Subaccount can be determined on any Business Day by using the following calculation:

▪ the net asset value per share of the Subaccount's underlying portfolio as of the end of the current Business Day, plus the per share
amount of any dividend or capital gain distribution paid by that underlying portfolio since the previous Business Day, plus the per share
amount of any taxes payable by the Separate Account; divided by

▪ the net asset value per share of the Subaccount's underlying portfolio as of the end of the previous Business Day, minus

▪ the daily risk charge.

Because the net investment factor may be greater than, less than, or equal to 1, unit values may increase or

decrease from one Business Day to the next.

When transactions are made to or from a Subaccount, the actual dollar amounts are converted to Accumulation Units. The number of Accumulation Units for a transaction is equal to the dollar amount of the transaction divided by the Accumulation Unit value on that Business Day. Each transaction described below will increase or decrease your Accumulation Units.

The number of Accumulation Units in a Subaccount will *increase* when:

▪ Net Premiums are credited to it; or

▪ amounts are transferred to it from other Subaccounts, the Fixed Account or the Loan Account.

The number of Accumulation Units in a Subaccount will *decrease* when:

▪ partial withdrawals (and any partial withdrawal charges) are taken from it;

▪ Advisory Fees, if applicable, are taken from it;

▪ Monthly Deductions are taken from it;

▪ transfer charges are taken from it; or

▪ amounts are transferred out of it into other Subaccounts, the Fixed Account or the Loan A ccount.

**<u>Fixed Account Value</u>**

The Account Value of the Fixed Account on any Business Day equals:

▪ Net Premiums credited to the Fixed Account; plus

▪ any transfers from the Subaccounts or the Loan Account to the Fixed Account; plus

▪ interest credited to the Fixed Account; minus

▪ any partial withdrawal (and partial withdrawal charge) taken from the Fixed Account; minus

▪ any Advisory Fees, if applicable, taken from the Fixed Account; minus

▪ the Fixed Account's share of any Monthly Deductions from Account Value; minus

▪ any transfer charges taken from the Fixed Account; minus

▪ amounts transferred from the Fixed Account to the Subaccounts or the Loan Account.

**<u>Loan Account Value</u>**

The Account Value in the Loan Account on any Business Day equals:

▪ amounts transferred to the Loan Account from the Investment Options (the Subaccounts and the Fixed Account); plus

▪ interest credited to the Loan Account; minus

▪ amounts transferred from it into the Investment Options.

(Also see **Defined Terms** for the definition of "Policy Loan.")

**POLICY CHANGES**

You may request to change your Specified Amount, death benefit option or riders. Any change to your Policy is effective only if by Written Notice on a form acceptable to us, and then only when recorded on our records. Information on how to contact us to determine what information is needed and where you can get various forms for Policy changes is shown on this prospectus' first two pages and last page.

Ameritas Advisor II VUL 24

When a Policy change is made, we will send you a revised Policy schedule that will show the updated coverage and any new charges.

A change of Owner may be made at any time by Written Notice, and will take effect on the date Written Notice is signed by you. Such change of Owner is subject to any action we take prior to the date we receive Written Notice when based on instructions we received from the Owner of record.

**"Right to Examine" Period**

You may cancel your Policy for a refund during your "right to examine" or "free look" period. This period expires 10 days after you receive your Policy (30 days after if it is a replacement for another policy), or 45 days after your application is signed, whichever is later. The "right to examine" period is longer in some states, ranging from 15 to 30 days. If you decide to cancel the Policy, you must return it by mail or delivery to the home office or to the Ameritas Life selling representative by the date the "right to examine" period expires. Your Policy will be void from the beginning. We will refund the premiums paid minus Policy Loan Balance and partial withdrawals, unless otherwise required by state law.

Prior to the Right to Examine Transfer Date, we will allocate your initial Net Premium and any additional Net Premiums to a money market subaccount. On the Right to Examine Transfer Date, we will reallocate your Account Value according to the premium allocation You selected on the application. We will allocate Net Premiums paid on or after the Right to Examine Transfer Date, according to the premium allocation in effect on the date we receive the premium.

**This policy is no longer available for sale.**

**Optional Features**

Subject to certain requirements, one or more of the optional insurance benefits described in **OTHER BENEFITS AVAILABLE UNDER THE POLICY** may be added to your Policy by rider. The cost of any optional insurance benefit will be deducted monthly from Account Value as stated in this prospectus' **CHARGES** section.

**Nonparticipating**

The Policy is nonparticipating. No dividends will be paid under the Policy.

**Special Arrangements**

Where permitted by state regulation, we may make Policies available through various special arrangements. We may reduce or waive the premium charge and/or the monthly administrative charge under Policies purchased by:

1. our directors, officers, current or retired employees ("employees"), or agents, or affiliates thereof, or their spouses
or dependents;

2. directors, officers, employees, or agents of broker-dealers that have entered into selling agreements with Ameritas Investment Company,
LLC ("AIC") relating to the Policies, or their spouses or dependents; or

3. directors, officers, employees, or affiliates of the portfolios or investment advisers or sub-advisers or distributors thereof, or
their spouses or dependents.

Any interested person can contact our Service Center concerning the availability of special arrangements. In addition, in the future, we may reduce or waive the premium charge if a Policy is purchased by the Owner of another policy we issued, and/or through transfer or exchange from a life insurance policy we issued, each in accordance with rules we establish and apply on a uniform basis. Reductions or waivers of the premium charge and the monthly administrative charge reflect the reduced sales and administrative effort associated with Policies sold to the Owners specified.

We may issue Policies to group or sponsored arrangements, as well as on an individual basis. A "group arrangement" includes a program under which a trustee, employer or similar entity purchases Policies covering a group of individuals. An example of such an arrangement is a non-qualified deferred compensation plan. A "sponsored arrangement" includes but is not limited to a program under which an employer permits group solicitation of its employees or an association permits group solicitation of its members for the purchase of Policies on an individual basis. The Policies may not be available in connection with group or sponsored arrangements in all states.

For Policies issued in connection with group or sponsored arrangements, we may reduce or waive one or more of the following charges: the premium charge; the monthly charge for the cost of insurance; rider charges; monthly administrative charges; daily risk charges (for mortality and expense risk); and/or the transfer charge. We may also reduce the minimum Specified Amount per Policy. In addition, the interest rate credited on amounts taken from the Subaccounts as a result of a Policy Loan may be increased for these Policies. We will waive or reduce these charges as described below and according to our rules in effect when the Policy application is approved.

To qualify for a waiver or reduction, a group or sponsored arrangement must satisfy certain criteria, for example, size of the group, or number of years in existence. Generally, the sales contacts and effort, administrative costs, insurance cost, and mortality and expense risk per Policy may vary based on such factors as the size of the group or sponsored arrangement, its stability, the purposes for which the Policies are purchased, and certain characteristics of its members (including underwriting-related factors that we determine result in lower anticipated expenses of providing insurance coverage, and/or lower mortality and expense risk, under Policies sold to members of the group or through the sponsored

Ameritas Advisor II VUL 25

arrangement). The amount of any reduction and the criteria for qualification will reflect the reduced sales and administrative effort resulting from sales to qualifying group or sponsored arrangements, and/or the reduced anticipated cost of insurance or mortality and expense risk under such Policies. We may modify from time to time the amount or availability of any charge reduction or waiver, or the criteria for qualification.

Charge reductions or waivers will not be unfairly discriminatory against any person, including the affected Owners and all other owners of Policies funded by the Separate Account.

**STANDARD DEATH BENEFITS**

The principal purpose of the Policy is to provide a death benefit upon the Insured's death, but before then you may also borrow against the Policy's Cash Surrender Value, take a partial withdrawal, or fully Surrender it for its Cash Surrender Value. Tax penalties may apply to amounts taken out of your Policy. The Policy will terminate and all insurance will stop when the Insured dies.

**DEATH BENEFIT**

Upon the Insured's death, we will pay to the Policy Beneficiary:

▪ the death benefit on the Insured's life under the death benefit option in effect; plus

▪ any additional life insurance proceeds provided by any optional benefit or rider; minus

▪ any Policy Loan Balance; minus

▪ any overdue Monthly Deductions, including the Monthly Deduction for the month of death.

We will pay the death benefit proceeds after we receive satisfactory proof that the Insured died while the Policy was in force and other proof that we may require in order to investigate the claim. We will pay the death benefit proceeds in a lump-sum payment to the Beneficiary. We will include interest from the Insured's date of death to the payment date. The rate of interest will be at least the amount required by law. Full payment of the death benefit proceeds discharges us from any and all claims.

**<u>Death Benefit Options</u>**

When you apply for your Policy, you will choose one of the three death benefit options, which will be used to determine the death benefit. Your Policy Value and death benefit may vary based on the performance of the variable Investment Options you select. If we issue a Policy, insurance coverage will be effective as of the Policy Date.

**Death Benefit Option A**

Under Option A, the death benefit is the greater of:

▪ the Specified Amount of insurance coverage; and

▪ the Account Value multiplied by the Corridor Factor.

**Death Benefit Option B**

Under Option B, the death benefit is the greater of:

▪ the Specified Amount of insurance coverage <u>plus</u> the Account Value; and

▪ the Account Value multiplied by the Corridor Factor.

**Death Benefit Option C**

Under Option C, the death benefit is the greater of:

▪ the Specified Amount of insurance coverage <u>plus</u> the sum of premiums paid minus the sum of partial withdrawals taken; and

▪ the Account Value multiplied by the Corridor Factor.

If you select Option C and the sum of partial withdrawals taken is greater than the sum of premiums paid, the death benefit may be less than the Specified Amount.

When you apply for your Policy, you will also choose one of two alternative tests to evaluate whether your Policy qualifies as a life insurance contract under the Internal Revenue Code. Once you have chosen a test for tax qualification, you cannot change it. If you choose the guideline premium test ("GPT"), total premium payments may not exceed the guideline premium payment limitations for life insurance set forth under the Internal Revenue Code. If you choose the cash value accumulation test ("CVAT"), the guideline premium limitations do not apply. The Corridor Factors are shown in the Policy schedule.

**<u>Changes in Death Benefit Option</u>**

You select the death benefit option when you apply for the Policy. You also may change the death benefit option after the first Policy year, as discussed below.

**Changes in Death Benefit Option Rules**

▪ Your request for a change must be by Written Notice.

▪ You can only change your Policy death benefit option once each Policy year. The change will be effective on the Monthly Date after
we receive (or, if evidence of insurability is necessary, after we approve) your Written Notice.

▪ There is no fee to change your Policy death benefit option.

Ameritas Advisor II VUL 26

▪ Changing from Option B to Option A, or from Option C to Option A: The Specified Amount will not change, and the death benefit will
be reduced to equal the Specified Amount.

▪ Changing from Option A to Option B, or from Option C to Option B: The Specified Amount will be adjusted so that the Net Amount at
Risk is unchanged.

▪ The change is allowed only if the new Specified Amount of insurance meets the requirements stated in the **Changes in Specified Amount** section, below.

**<u>Changes in Specified Amount</u>**

The initial Specified Amount is set at the time we issue your Policy. The Specified Amount may change from time to time, as discussed below. A change in Specified Amount could have federal tax consequences (See the **TAX MATTERS** section).

On or after one year from the Policy Date, you may change the current Specified Amount of insurance coverage by Written Notice on a form provided by us, and subject to our approval.

**INCREASE in Coverage Rules**

▪ The minimum amount of an increase in Specified Amount of insurance coverage is $25,000.

▪ An increase of the Specified Amount will require evidence of insurability satisfactory to us and be subject to our underwriting limits
in place at that time.

▪ Any increase of the Specified Amount will be subject to increased cost of insurance charges and monthly Specified Amount charges,
based on the Insured's gender and the Issue Age and rate class for the increase. You will receive a revised Policy schedule stating the
increased charges.

**DECREASE in Coverage Rules**

▪ The amount of any decrease may be no less than $1,000.

▪ Any reduction in the Specified Amount will be in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;· first, reduce the most recent increase of the Specified Amount;

&nbsp;&nbsp;&nbsp;&nbsp;· then, the next most recent increases; and

&nbsp;&nbsp;&nbsp;&nbsp;· finally, the Policy's initial Specified Amount.

▪ Any decrease of the Specified Amount you request will not reduce the monthly Specified Amount charges in effect at the time of the
decrease.

▪ The Specified Amount of coverage after the decrease must be at least $50,000. We may limit any requested decrease to the amount necessary
to keep the Policy in compliance with maximum premium limits under federal tax law.

**No Maturity Date**

This Policy does not have a maturity date. If the Insured is still living at Attained Age 121, all Monthly Deductions will cease, and we will not accept any additional premiums except for amounts required to keep the policy in force. New Policy Loans and Policy Loan repayments can continue to be made and the Policy Loan Balance will continue to accrue interest. The death benefit option will be changed to Option A, and partial withdrawals are not permitted after Attained Age 121. You may Surrender your policy if you do not want coverage to continue past Attained Age 121. Continuing coverage beyond attained age 121 may disqualify the insurance for favorable tax treatment. You should consult a tax advisor before you choose to continue your Policy after Attained Age 121.

**Payment of Policy Proceeds**

A primary function of a life insurance policy is to provide payment of Policy proceeds. Policy proceeds are payable upon the Insured's death, a full Surrender or partial withdrawal of Account Value, or upon any other benefit where certain proceeds are payable. We will make payment in a lump sum to the Beneficiary.

**Rules for Payment of Policy Proceeds**

▪ Payees must be individuals who receive payments in their own behalf unless otherwise agreed to by us.

▪ We may require proof of your age or survival or the age or survival of the payee.

▪ No payee may commute, encumber or alienate any proceeds under this Policy before they are due. No proceeds are subject to attachment
for any debt or obligation of any payee.

**<u>Payment of Death Benefit Proceeds</u>**

We may pay death benefit proceeds in a lump sum by establishing an interest bearing account for the Beneficiary, in the amount of the death benefit proceeds payable. The same interest rate schedule and other account terms will apply to all Beneficiary accounts in place at any given time. We will send the Beneficiary a checkbook within seven days after we receive all the required documents, and the Beneficiary will have immediate access to the account simply by writing a check for all or any part of the amount of the death benefit proceeds payable. The account is part of our General Account. It is not a bank account and it is not insured by the FDIC or any other government agency. As part of our General Account, it is subject to the claims of our creditors. We receive a benefit from all amounts left in the General Account.

Ameritas Advisor II VUL 27

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| | |
|:---|:---|
| We will include interest from the Insured's date of death to the payment date. | We will include interest from the Insured's date of death to the payment date. |
| (1) | Interest will accrue at the rate or rates applicable to the Policy for funds left on deposit or, if the Company has not established a rate for funds left on deposit, at the Two Year Treasury Constant Maturity Rate as published by the Federal Reserve. In determining the effective annual rate, we shall use the rate in effect on the date of death. |
| (2) | Interest will accrue at the effective annual rate deteremined in item (1) above, plus additional interest at a rate of 10% annually beginning with the date that is 31 calendar days from the latest of items (a), (b) and (c) below to the date the claim is paid. |
| (a) | the date that we receive satisfactory proof of death of the Insured; |
| (b) | the date that we receive sufficient information to determine our liability, the extent of that liability, and the appropriate payee legally entitled to the proceeds; |
| (c) | the date that legal impediments to payment of proceeds that depend on the action of parties other than us are resolved and sufficient evidence of the same is provided to us. Legal impediments to payment include, but are not limited to: |
| (i) | the establishment of guardianships and conservatorships; |
| (ii) | the appointment and qualification of trustees, executors and administrators; and |
| (iii) | the submission of information required to satisfy state and federal reporting requirements. |

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**Misstatement of Age or Gender**

If an Insured's age or gender has been misstated on the application, an adjustment will be made to reflect the correct age and gender. If the misstatement is discovered at death, the Policy death benefit and any additional benefits provided will be adjusted based on what the cost of insurance rate as of the most recent Monthly Date would have purchased at the Insured's correct age and gender. If the misstatement is discovered prior to death, the Cash Surrender Value will be adjusted, based on the Insured's correct age and gender, to reflect the expense charges, and cost of insurance rates from the Policy Date.

**Suicide**

We will terminate the Policy without payment of the death benefit and give back the premiums received, less any partial withdrawals and Policy Loan Balance, if the Insured, while sane or insane, commits suicide within two years (one year in North Dakota) after the date the Policy was issued. We will pay only the Monthly Deductions for an increase in Specified Amount of insurance if the Insured, while sane or insane, commits suicide within two years (one year in North Dakota) after the effective date of any increase. Riders to the Policy may have separate suicide provisions.

**RELIANCE**

The Policy was issued based on the answers in the application and supplemental applications. We have assumed all such answers to be true and complete. If any are not, we may, subject to the Incontestability provision, have the right to void the Policy and give back premiums paid, minus any Policy Loan balance and any partial withdrawals.

**Incontestability**

We will not contest the Policy, in the absence of fraud, after it has been in force while the Insured is alive for two years from the Issue Date, nor will we contest any increased benefits later than two years after the effective date of such increase. If you did not request the increase or if evidence of insurability was not required, we will not contest the increase. Increased benefits, for the purposes of this provision, shall include any favorable Policy changes you request. If the Policy is reinstated, the contestable period will start over again beginning on the reinstatement date, but only for statements made in the application for reinstatement. Riders to the Policy may have separate incontestability provisions.

**Assignment**

You may assign your Policy by giving Written Notice. We will not be responsible for the validity or tax consequences of an assignment. Unless you specify otherwise, the assignment will take effect on the date the Written Notice was signed by you. No assignment will be binding on us until we receive Written Notice. We will not be liable for any payments we make or actions we take before we receive Written Notice of an assignment. Your rights, and the rights of any Beneficiary or payee, will be subject to any assignment. An assignment is subject to any Policy Loan Balance.

**UNCLAIMED DEATH BENEFIT PROCEEDS**

Every state has unclaimed property laws that generally declare life insurance policies to be abandoned after a period of inactivity of three to five years from the date any death benefit is due and payable. For example, if the payment of a death benefit has been triggered, and after a thorough search, we are still unable to locate the Beneficiary of the death benefit, the death benefit will be paid to the abandoned property investment division or unclaimed property office of the state in which the Beneficiary or the Policy Owner last resided, as shown on our books and records. However, the state is obligated to pay the death benefit (without interest) if your Beneficiary steps forward to claim it with the proper documentation and within certain mandated periods. To prevent your Policy's death benefit from being paid to the state's abandoned or unclaimed property office, it is important that you update your Beneficiary designation—including complete names and complete address—if and as they change.

Ameritas Advisor II VUL 28

**OTHER BENEFITS AVAILABLE UNDER THE POLICY**

In addition to the standard death benefit(s) associated with your Policy, other standard and/or optional benefits may be available to you. The following table(s) summarize information about those benefits. Information about the fees associated with each benefit included in the table(s) may be found in the **FEE TABLE**.

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit Standard or**<br> **Optional** | **Brief Description of Restrictions/Limitations\*** |
| <br> Accelerated Benefit Rider for Terminal Illness | <br> This rider provides the ability to accelerate a portion of the death benefit to be a living benefit, allowing you to withdraw value from the Policy, as defined in the rider, in the event of diagnosis of terminal illness. | <br> Standard | <br> Available for issue ages 0-80. We charge an administrative fee when this rider is exercised. The administrative fee will be deducted from the accelerated benefit. The amount available as a living benefit is no more than 50% of the total Specified Amount up to $500,000 payable under the Policy. We will treat the accelerated benefit plus accrued interest as a lien against the death benefit proceeds. Your death benefit and access to the Account Value will be reduced by the Lien Balance. We will charge interest on the Lien Balance. We will make only one accelerated benefit payment under this rider. No further changes to the Policy will be permitted without our consent. |
| <br> Advisory Fee Endorsement | <br> This endorsement provides the ability to pay Advisory Fees to a registered investment advisor who has an agreement with the Policy owner. Advisory Fees shall not exceed 1.5% of the Account Value on an annualized basis. | <br> Standard | <br> Not available in North Dakota.<br> There is no minimum Advisory Fee amount. The maximum advisory fee amount is the lesser of (1) 1.5% of the Account Value on an annualized basis; or (2) the Cash Surrender Value minus the sum of the next three Monthly Deductions. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, withdrawing part of the Account Value may result in a death benefit reduction that is larger than the amount of the partial withdrawal. |
| <br> Paid-Up Insurance Benefit Endorsement | <br> This endorsement protects your Policy from lapsing under certain conditions when your outstanding Policy Loan Balance is large relative to your Account Value and Specified Amount. | <br> Standard for Owners that select the guideline premium test ("GPT") | <br> Available for Insured age 75 or older. The Policy must be in its 11<sup>th</sup> Policy year or later. The outstanding Policy Loan Balance must be more than 92.5%, but less than 96% of the Policy Value. For Owners that select the guideline premium test ("GPT"), the endorsement is "inherent" (i.e. added to all Policies). The endorsement is unavailable for Owners that select the cash value accumulation test ("CVAT"). The endorsement has no cost until the Owner elects the option. |

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Ameritas Advisor II VUL 29

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit Standard or**<br> **Optional** | **Brief Description of Restrictions/Limitations\*** |
| <br> Dollar Cost Averaging ("DCA") | <br> This is a systematic transfer program that allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. | <br> Standard | <br> You must request the DCA program. While a DCA program is in effect, elective transfers out of the Fixed Account are prohibited. DCA program transfers cannot begin before the end of a Policy's Right to Examine Transfer Date. DCA is not available when the Portfolio Rebalancing Program is elected. |
| <br> Portfolio Rebalancing Program ("PBL") | <br> This is a systematic transfer program that allows you to rebalance your Account Value among designated Subaccounts. | <br> Standard | <br> The Fixed Account is excluded from this program. You must request the rebalancing program. PBL is not available when the DCA Program is elected. |
| <br> Earnings Sweep Program | <br> This is a systematic transfer program that allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options. | <br> Standard | <br> You must request the Earnings Sweep program. You may have your earnings sweep quarterly semi-annually or annually. |
| <br> Policy Loans | <br> You may obtain a Policy Loan secured by the Cash Surrender Value of your Policy.<br>| <br> Standard | <br> Any Policy Loan transaction will permanently affect your Account Value. We may require you to sign a Policy Loan agreement. The Policy must be assigned to us as security for the Policy Loan.<br>Interest accrues daily and becomes a part of the Policy Loan Balance. There are limits on the amount you can borrow.<br>The death benefit will be reduced by the amount of any Policy Loan Balance on the date of the Insured's death.<br>We may defer making a Policy Loan from the Fixed Account for up to six months unless the Policy Loan is to pay premiums to us.<br>|
| <br> Children's Insurance Rider | <br> This rider provides term life insurance protection, as defined in the Rider, for the Insured's children. | <br> Optional | <br> Available for Basic Insured ages 18-55. Eligible children include those at least 15 days old and no more than 18 years old. Available after issue for covered children with evidence of insurability. |
| <br> Waiver of Monthly Deduction Rider | <br> This rider provides that during periods of the Insured's total disability, as defined in the rider, certain Policy charges and charges for any Policy riders will be waived. | <br> Optional | <br> Available for Issue Ages 0-55. Available after initial policy issue with satisfactory evidence of insurability. |

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*\** We may discontinue offering, or modify the terms of, optional benefits for new sales at any time.

Ameritas Advisor II VUL 30

**ADDITIONAL INFORMATION ON BENEFITS AVAILABLE UNDER THE POLICY**

The examples listed below are hypothetical assumptions and illustrations with the purpose of explaining the operation of the benefits. Actual results will vary.

**<u>Accelerated Benefit Rider for Terminal Illness (Standard)</u>**

We will pay an accelerated benefit if the Insured is terminally ill subject to the provisions of this rider. The accelerated benefit that you may receive is 50% of the eligible amount. The eligible amount includes the Specified Amount or face amount of the policy, any paid-up additions, and any term insurance rider on the same Insured as the policy. The eligible amount does not include accidental death benefit riders, any coverage that is within its two-year contestable period, nor any coverage within two years of its maturity or expiration date.

We will pay the accelerated benefit as a lump sum. We may make payments other than as a lump sum at your request subject to our approval. The accelerated benefit will first be used to repay any Policy Loan Balance. We will treat the accelerated benefit plus accrued interest as a lien against the death benefit proceeds. Your access to any Cash Surrender Value of this Policy through Policy Loans and partial withdrawals/Surrenders is limited to the excess of the Cash Surrender Value over the amount of the lien. We will reduce death benefit proceeds by the amount of the lien on the date of death.

Payment of an accelerated benefit is subject to the following conditions:

▪ The Insured must have a non-correctable medical condition that was first diagnosed while the Policy was in force.

▪ You must provide satisfactory proof that the expected remaining lifetime of the Insured is less than 12 months. This must include
a written statement from the Insured's attending physician certifying the Insured's life expectancy and any other proof we may require.
The physician must be a duly licensed physician who is licensed in the United States. The physician cannot be either you or the Insured,
nor related to either you or the Insured. We reserve the right to obtain a second medical opinion at our expense.

▪ The Policy must be in force other than as extended term insurance, decreasing term or paid-up term insurance.

▪ Any assignee or lienholder must release the assignment or existing lien.

▪ Any irrevocable Beneficiary must consent in writing to the accelerated benefit payment.

▪ You must assign the Policy to us for an amount equal to the lien and accrued interest. No further changes to the Policy will be permitted
without our consent.

▪ We must receive a written claim form that will be provided by us within 10 working days after you request it.

▪ The total accelerated benefit payments on the Insured from Policies with us and our affiliates will not exceed $500,000.

▪ This rider allows for the accelerated payment of death benefit proceeds, which would otherwise be payable to the Beneficiary of the
Policy. You cannot be required to access and exhaust these benefits. Therefore, you are not eligible for this benefit if you are required
by:

&nbsp;&nbsp;&nbsp;&nbsp;· The law to use this benefit to meet the claims of creditors, whether in bankruptcy or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;· A government agency to use this benefit in order to apply for, obtain or otherwise keep a government benefit or entitlement.

After payment of the accelerated benefit, we will pay the minimum premium necessary to keep the basic Policy and any attached riders in force. The total of any premiums paid by us will be assigned to us, made a part of the lien and deducted from the death benefit proceeds.

We will charge interest on the lien. The interest accrues daily at the Policy Loan interest rate currently in effect. If no Policy Loan interest rate is stated, interest accrues daily at an effective annual interest rate of 8%.

The payment of any accelerated benefit under this rider is subject to the following:

(1) We may charge an administrative fee not to exceed .5% of the accelerated benefit. This administrative fee will be deducted from the
accelerated benefit.

(2) We will make only one accelerated benefit payment under this rider.

(3) After we pay the accelerated benefit, you may not surrender the Policy or terminate any rider coverage that was part of the eligible
amount.

Example: An Insured is diagnosed with a terminal illness with a certified life expectancy of 12 months or less. This rider gives the Insured the right to accelerate the lesser of 50% or $500,000 of the Specified Amount which will be held as an interest-accruing lien against the remaining death benefit. If the client has a $1 million death benefit, they would be able to accelerate up to $500,000.

**<u>Advisory Fee Endorsement (Standard)</u>**

You may have an independent agreement between you and a registered investment advisor. You may have Advisory Fees deducted from your Policy, subject to the terms you and your advisor have mutually agreed upon, to pay for management and advice by your registered investment advisor pertaining to this Policy. Advisory Fees will not exceed 1.5% of the Account Value on an annualized basis and are not subject to a withdrawal charge. There is no minimum Advisory Fee amount. The maximum advisory fee amount is the lesser of:

▪ 1.5% of the Account Value on an annualized basis; or

▪ The Cash Surrender Value minus the sum of the next three monthly deductions.

Ameritas Advisor II VUL 31

Advisor fees result in (1) cancellation of the Accumulation Units from each applicable Subaccount; and (2) a reduction of the Account Value in the Fixed Account by the amount of the Advisory fee taken from the Fixed Account. You may tell us how to deduct the Advisory Fee from the Investment Options, provided that the remaining Account Value in each Subaccount is not less than the minimum subaccount balance shown on the Policy schedule. If you do not, we will deduct it Pro-Rata.

These Advisory Fees may be considered withdrawals from the Policy for tax purposes. The Specified Amount will not be reduced by the amount of these Advisory Fees. Advisory Fees may not be taken after the Insured reaches Attained Age 121 or if the Policy is in a paid-up status.

You may authorize your financial professional to make withdrawals to pay advisory fees from your Policy by submitting the advisory fee authorization. This authorization is used to authorize your financial professional to deduct advisory fees directly from your Policy, change or terminate any prior advisory fee authorization, and to change the financial professional that services your Policy. Thereafter, your financial professional must submit a written request for each one-time withdrawal to pay advisory fees or to establish or change a systematic withdrawal program to pay advisory fees, if available. Any systematic withdrawal program will continue until you terminate it. Your authorized withdrawals to pay advisory fees will be noted on your confirmation statements and/or your quarterly statements, as well as on your annual statements. Your financial professional can have the fee deducted on an annual, semi-annual, quarterly, or monthly (for systematic withdrawal programs only) basis. Work with your financial professional to determine which options work for you.

Example: A Policy Owner has a relationship with a registered investment advisor who manages a portion of his/her assets. A portion of those assets are held as part of the VUL policy. The client has a compensation agreement with the advisor, and this endorsement allows the Policy Owner to use funds from the policy to compensate their advisor. The client may select the percentage of compensation as well as the mode as long as the total compensation does not exceed 1.5% per year. After filling out the appropriate forms as required by us, we will use funds from the policy to compensate the advisor. When the funds are withdrawn from the policy, there will be no surrender charges or withdrawal charges assessed, and the withdrawals will not impact the specified amount of the policy.

**<u>Paid-Up Life Insurance Benefit Endorsement (Standard)</u>**

The benefit provided by this endorsement will keep your Policy from lapsing when you have a large outstanding Policy Loan Balance. When the conditions specified below are met, you may elect this benefit, which will provide paid-up life insurance. Once you have elected this benefit, your Policy will not lapse.

You may elect this benefit only if the following requirements are met:

▪ the Insured is age 75 or older; and,

▪ the Policy is in its 11<sup>th</sup> Policy year or later; and,

▪ the outstanding Policy Loan Balance is more than 92.5%, but less than 96% of the Policy Value. If the outstanding Policy Loan Balance
is greater than 96% of your Policy Value, you can repay Policy Loan Balance to bring the balance within the range of 92.5% and 96% of
your Policy Value; and,

▪ the outstanding Policy Loan Balance is more than the Specified Amount; and

▪ The Internal Revenue Code Life Insurance Qualification Test chosen at policy issue was the guideline premium test ("GPT").

Electing this benefit will change your Policy as follows:

▪ We will deduct 3.5% of the Policy Value on the date you elect this benefit.

▪ After we take the 3.5% deduction, we will set the Specified Amount to 105% of the remaining Policy Value. No further changes in the
Specified Amount will be allowed.

▪ We will set the death benefit option to Option A as described in your Policy. No further changes in the death benefit option will
be allowed. The death benefit at any time after you elect the benefit will equal the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;· the Specified Amount;

&nbsp;&nbsp;&nbsp;&nbsp;· the Policy Value multiplied by the Corridor Factor as shown in your Policy;

&nbsp;&nbsp;&nbsp;&nbsp;· the outstanding Policy Loan Balance multiplied by the Corridor Factor as shown in your Policy.

▪ The death benefit proceeds will equal the death benefit on the Insured's date of death minus any outstanding Policy Loan Balance.

▪ Any riders attached to the Policy will terminate, and any charges or fees associated with the riders will cease.

▪ We will not accept any additional premiums.

▪ You may not take additional partial withdrawals and Policy Loans, except for automatic Policy Loans to cover Policy Loan interest
not paid when due.

▪ We will stop taking Monthly Deductions.

▪ All amounts not allocated to the Loan Account must be allocated to the Fixed Account.

Electing the benefit provided by this endorsement may have adverse tax consequences. The Internal Revenue Service has not ruled on the use of this endorsement. We strongly urge you to consult legal counsel and your personal tax adviser before electing this benefit.

Ameritas Advisor II VUL 32

Example: An Insured with attained age 80 is in their 20<sup>th</sup> Policy year. The Policy Loan Balance is between 92.5% and 96% of the Policy Value, and the Policy Value is greater than the Specified Amount. The Insured chooses to elect the Paid-Up Insurance Benefit Endorsement. A charge of 3.5% of the Policy Value is taken from the Policy, the Specified Amount is set to 105% of the remaining Policy Value. The death benefit option is changed to death benefit Option A, no further premiums are accepted, all riders are terminated, monthly deductions cease, and no further changes to the Policy are allowed. Upon death, the Beneficiary receives the death benefit minus any outstanding Policy Loan Balance.

**<u>Dollar Cost Averaging Program (Standard)</u>**

Dollar Cost Averaging allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. Requested percentages are converted to a dollar amount. You can begin Dollar Cost Averaging when you purchase the Policy or later. You can increase or decrease the amount or percentage of transfers or discontinue the program at any time. We must receive notice of your election and any changed instruction – either Written Notice or by telephone transaction instruction. Dollar Cost Averaging is intended to limit loss by resulting in the purchase of more Accumulation Units when an underlying portfolio company's value is low, and fewer units when its value is high. However, there is no guarantee that such a program will result in a higher Account Value, protect against a loss, or otherwise achieve your investment goals. You can limit the number of transfers to be made, in which case the program will end when that number has been made. Otherwise, the program will terminate when the amount remaining in the money market subaccount or the Fixed Account is less than $100. For more information regarding Dollar Cost Averaging rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Dollar Cost Averaging Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**<u>Portfolio Rebalancing Program (Standard)</u>**

The Portfolio Rebalancing program allows you to rebalance your Account Value among designated Subaccounts only as you instruct. You must request the rebalancing program, give us your rebalancing instructions, or request to end this program either by Written Notice or by telephone transaction instruction. You may change your rebalancing allocation instructions at any time. Any change will be effective when the next rebalancing occurs. For more information regarding Portfolio Rebalancing Program rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Portfolio Rebalancing Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**<u>Earnings Sweep Program (Standard)</u>**

The Earnings Sweep program allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options (Subaccounts or the Fixed Account) either based on your original Policy allocation of premiums or pursuant to new allocation instructions. You must request the Earnings Sweep program, give us your allocation instructions, or request to end this program either by Written Notice or by telephone transaction instruction. You may change your Earnings Sweep program instructions at any time. Any change will be effective when the next sweep occurs. For more information regarding the Earnings Sweep Program rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Earnings Sweep Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**<u>Policy Loans (Standard)</u>**

You may obtain a Policy Loan secured by the Cash Surrender Value of your Policy. Any Policy Loan transaction will permanently affect your Account Value. For additional information regarding Policy Loans, refer to the **POLICY LOANS** section.

**<u>Children's Insurance Rider (Optional)</u>**

This rider insures each child of the Insured if the child is:

▪ named in the application for this rider; or

▪ born after the date of the application; or

▪ adopted by the Insured after the date of the application and before the child's 18<sup>th</sup> birthday.

This rider does not insure any child less than 15 days old nor after the child's 25<sup>th</sup> birthday.

We will pay the benefit amount under this rider as soon as we receive satisfactory proof that an insured child died while this rider is in force. Unless otherwise provided, the benefit will be paid to:

▪ the Insured, if living; otherwise

▪ the Insured' *s* spouse, if any; otherwise

▪ the estate of the deceased.

If the Insured dies (except by suicide within two years of the effective date of this rider), existing insurance on each insured child will be continued at no cost until the child's 25<sup>th</sup> birthday.

Conversion will be allowed as provided by this rider. If the Insured commits suicide during the first two years of the Policy, there is a 31-day period for conversion for each insured child.

You may convert the insurance on each insured child, without evidence of insurability, no later than 31 days after the insured child's 25<sup>th</sup> birthday. The face amount of the new policy must be at least $25,000. You must give us Written Notice. Before the insured child's 25<sup>th</sup> birthday, the face amount of the new policy may not exceed the benefit amount of the rider on the date of conversion. On or after the insured child's 25<sup>th</sup> birthday, the face amount of the new policy may not exceed five times the benefit amount of the rider on the date of conversion.

Ameritas Advisor II VUL 33

The new policy may be any permanent plan issued by us on the date of conversion. The date of conversion will be the Monthly Date following Written Notice to us. The Policy Date of the new policy will be the date of conversion. Insurance under this rider on that insured child will terminate on the date of conversion. The incontestability and suicide provisions of the new policy shall be measured from the effective date of this rider up to the benefit amount of this rider on the date of conversion. For any additional face amount, the incontestability and suicide provisions will run from the effective date of the new policy.

In the absence of fraud, we will not contest this rider with respect to each insured child after the benefit amount on that child has been in force during that child's life for two years. Our total liability will be to return the monthly rider charges paid while the insurance on that child's life was in force. We will not contest any increased benefit amount later than two years after its effective date. Our total liability for that increase will be to return the monthly rider charges for that increase paid while the increase was in force for that child. If this rider is reinstated, the incontestable period will start over again beginning on the reinstatement date, but only for statements made in the application for reinstatement.

If any insured child under this rider commits suicide (while sane or insane) within two years after the date that child's insurance starts, our total liability will be to return the monthly rider charges paid while the insurance on that child was in force. If any insured child under this rider commits suicide (while sane or insane) within two years after the effective date for an increase in the benefit amount, our total liability for that increase will be to return the monthly rider charges paid while the increase was in force for that child.

This rider will terminate:

▪ when the Policy terminates for any reason other than the death of the Insured; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the Policy schedule.

You may put this rider back in force by Written Notice to us if:

▪ the Policy is in force;

▪ you provide us with evidence of insurability on each insured child within five years after the rider terminated; and

▪ enough premium is paid to keep this rider in force for three months.

Example: A Policy Owner has this rider attached to their Policy covering their 10-year-old child for an amount of $25,000. That child then dies. A $25,000 death benefit would be paid for the death of the child. This rider is no longer in force after the child's 25<sup>th</sup> birthday.

**<u>Waiver of Monthly Deduction Rider (Optional)</u>**

We will waive the Monthly Deduction for the Policy and riders stated on the Policy schedule, upon receipt of satisfactory proof that:

▪ the Insured is totally disabled; and

▪ total disability began while this rider was in force; and

▪ total disability has continued for six consecutive months.

The benefit will begin on the Monthly Date after the start of the six-month period. If total disability begins:

▪ Before age 60: the benefit will be credited during that disability.

▪ On or after age 60, but before age 63: the benefit will be credited only before age 65 while that disability continues.

▪ On or after age 63, but before age 65: the benefit will be credited only during the two-year period after that disability begins and
while it continues.

As used in this rider, "age 60," "age 63," and "age 65" mean the annual date that is nearest the Insured's 60<sup>th</sup>, 63<sup>rd</sup> and 65<sup>th</sup> birthdays, respectively.

Total disability is a disability which

▪ results from bodily injury or disease; and

▪ lasts for at least six months; and

▪ begins before age 65; and

▪ continuously prevents the Insured from being able to engage in an occupation for pay or profit. During the first 24 months of total
disability, "an occupation" means the regular occupation of the Insured at the time that total disability began. After the first 24 months of total disability, "an occupation" means any occupation for which the Insured is or becomes reasonably suited by education, training or experience. "Occupation for pay or profit" includes being a full-time student or a homemaker, if that was the Insured's regular
occupation at the time that the total disability began.

Ameritas Advisor II VUL 34

Total disability is also the total and irrevocable loss, by the Insured, of:

▪ the sight of both eyes; or

▪ the use of both hands; or

▪ the use of both feet; or

▪ the use of one hand and one foot.

Written Notice and satisfactory proof of the Insured's total disability must be given to us:

▪ during the life of the Insured; and

▪ during the period of total disability; and

▪ within one year after the beginning of the total disability.

Failure to give Written Notice and satisfactory proof within the time required will not invalidate a claim if the Written Notice and satisfactory proof were given as soon as was reasonably possible; however, no amount due more than one year prior to receipt of satisfactory proof by us will be paid.

Satisfactory proof of continuance of total disability must be given to us as often as we reasonably require. After the first two years of continuous total disability, satisfactory proof will not be required more than once a year. Examination of the Insured at our expense by physicians approved by us may be required as a part of any satisfactory proof. If satisfactory proof is not given to us when required, no further Monthly Deductions will be waived.

No benefit will be paid if disability results from or is contributed to by:

▪ intentionally self-inflicted injury; or

▪ an act of declared or undeclared war while the Insured is a member of any armed forces.

This rider will terminate:

▪ when the Policy terminates; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the Policy schedule. However, this termination will not affect an eligible claim for disability that occurred
before age 65.

Example: The owner of a Policy with this rider suffers a covered disability at age 45. After six months of disability, all monthly deductions from the Policy will be waived. The Insured then recovers at age 48, and monthly deductions under the Policy are resumed.

**SURRENDERS AND WITHDRAWALS**

**Cash Surrender**

While the Insured is alive, you may terminate the Policy for its Cash Surrender Value. After a full Surrender, all your rights in the Policy end, and you may not reinstate the Policy.

**Cash Surrender Rules**

▪ We will accept a full Surrender request signed by you on our form of Written Notice by mail, email or fax. However, when accepting
a request by a method not requiring an original signature, there is a greater possibility that unauthorized persons can manipulate your
signature and make changes on your Policy (including withdrawals) without your knowledge.

▪ Any Cash Surrender Value available under the Policy at any time other than on a Policy Anniversary, shall be calculated with allowance
for lapse of time from the last preceding anniversary.

▪ The Policy has no Surrender charge.

▪ We may defer Surrender payments from the Fixed Account for up to six months from the date we receive your request.

**Partial Withdrawal**

While the Insured is alive, you may withdraw part of the Account Value. The amount requested and any partial withdrawal charge will usually be deducted from the Account Value on the date we receive your request if received before 3 p.m. Central Time.

We may deduct a partial withdrawal fee, which will not exceed the maximum partial withdrawal fee of $50.

If *death benefit Option A* (described above) is in effect, then the Specified Amount will be reduced by the partial withdrawal amount plus any fee.

If *death benefit Option B or Option C* (described above) is in effect, the Account Value will be reduced by the amount of the partial withdrawal, but the Specified Amount of insurance coverage will not change.

If *death benefit Option C* (described above) is in effect and the sum of partial withdrawals taken is greater than the sum of premiums paid, the death benefit may be less than the Specified Amount.

Ameritas Advisor II VUL 35

**Partial Withdrawal Rules**

▪ We will accept a partial withdrawal request signed by you on our form of Written Notice by mail, email or fax.

▪ The applicable partial withdrawal charge is stated in the **CHARGES** section of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· The *minimum* partial withdrawal amount is $100; the *maximum* is an amount such that the remaining Cash Surrender Value
is at least an amount sufficient to maintain the Policy in force for the next three months.

▪ A partial withdrawal is irrevocable.

▪ For tax purposes, partial withdrawals are treated as made first from premiums paid and then from earnings, beginning with the most
recent premium payment, unless the Policy is a modified endowment contract.

▪ Partial withdrawals will be deducted from your Policy Investment Options on a Pro-Rata basis, unless you instruct us otherwise. You
may tell us how to allocate the partial withdrawal among the Investment Options, provided that the remaining Account Value in each Subaccount
is not less than $100, if you do not tell us, we will deduct it Pro-Rata.

▪ Partial withdrawals result in cancellation of Accumulation Units from each applicable Subaccount.

▪ We reserve the right to defer withdrawal payments from the Fixed Account for up to six months from the date we receive your request.

▪ Depending upon the circumstances, a partial withdrawal may have tax consequences.

**<u>Advisory Fee Withdrawals</u>**

If you elect to pay the Advisory Fees from the Account Value, you have done so pursuant to a separate agreement between yourself and your financial professional. Ameritas Life has not made any independent investigation of these financial professionals, and is not endorsing such services. Ameritas Life will, pursuant to an advisory fee authorization signed by you, process a partial withdrawal from the value of your Policy to pay for the services of your financial professional. The advisory fees are separate from and in addition to the Policy and optional rider fees and expenses described in this Prospectus. Your financial professional will be solely responsible for the accuracy of any such advisory fee payment calculation as well as the frequency or reasonableness of each withdrawal request to pay advisory fees. We have no duty to inquire into the amount of the Account Value submitted for withdrawal but we will follow instructions provided through the advisory fee authorization and ensure the amount requested is distributed and processed accurately. We will not allow or make an advisory fee withdrawal until we have a completed advisory fee authorization from the Policy Owner.

Withdrawals to pay advisory fees (regardless of percentage or amount withdrawn) will not reduce the Specified Amount. However, withdrawals to pay advisory fees will reduce the Account Value by the withdrawal amount. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, withdrawing part of the Account Value may result in a death benefit reduction that is larger than the amount of the partial withdrawal. Withdrawals used to pay Advisory Fees are subject to the same restrictions and limitations for partial withdrawals generally, as described above. For more information regarding Advisory Fees, see the Advisory Fee Endorsement section under **OTHER BENEFITS AVAILABLE UNDER THE POLICY**.

**Delay of Payments or Transfers**

We will usually pay any amounts from the Separate Account requested as a partial withdrawal or Surrender within seven days after we receive your Written Notice. We can postpone such payments or any transfers out of a Subaccount if:

▪ the NYSE is closed for other than customary weekend and holiday closings, or trading on the NYSE is restricted as determined by the
SEC; or

▪ the SEC permits delay for the protection of security holders; or

▪ an emergency exists as determined by the SEC, as a result of which it is not reasonably practical to dispose of securities, or not
reasonably practical to determine the value of the net assets of the Subaccounts.

The applicable rules of the SEC will govern as to whether these conditions exist.

We may defer payments of a Policy Loan, partial withdrawal or full Surrender from the Fixed Account for up to six months from the date we receive your Written Notice requesting the Policy Loan, withdrawal or Surrender.

For information regarding your "right to examine" and "free look," see **"Right to Examine" Period** under the **PREMIUMS** section and **STATE VARIATIONS** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**POLICY LOANS**

You may obtain a Policy Loan secured by the Cash Surrender Value of your Policy. Any Policy Loan transaction will permanently affect your Account Value. We may require you to sign a Policy Loan agreement. You may ask your sales representative or us to provide illustrations giving examples of how a Policy Loan might affect your Account Value, Cash Surrender Value and death benefit.

Surrender or lapse of a Policy while a Policy Loan is outstanding could result in significant tax consequences. See the discussion at **Tax Treatment of Policy Loans and Other Distributions**.

Ameritas Advisor II VUL 36

The following chart applies to Policies dated prior to January 1, 2022.

---

| | |
|:---|:---|
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Standard Policy Loan</u>. You may borrow no more than:<br> ▪ the Cash Surrender Value; minus<br> ▪ Policy Loan interest on Policy Loan Balance including the requested Policy Loan to the next Annual Date; minus<br> ▪ the sum of the next three Monthly Deductions. | <u>Standard Policy Loan Interest Rate</u>. Current net annual Policy Loan interest rate of 1.0%: we charge a current interest rate with a 4.0% effective annual yield (guaranteed not to exceed 4.0%), but we also credit an interest rate with an effective annual yield of 3.0% to any amounts in the Loan Account. |
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Preferred Rate Policy Loan</u>. After five (5) Policy years, a portion of the Policy Loan Balance may qualify for the preferred Policy Loan interest rate. The portion eligible for the preferred Policy Loan interest rate is:<br> ▪ the Account Value; plus<br> ▪ the sum of partial withdrawals taken, minus<br> ▪ the sum of premiums paid. | <u>Preferred Policy Loan Interest Rate</u>. Current net annual Policy Loan interest rate of 0.0%: we charge a current interest rate with a 3.0% effective annual yield (guaranteed not to exceed 3.5%), but we also credit an interest rate with an effective annual yield of 3.0% to any amounts in the Loan Account. |

---

The following chart applies to Policies dated on or after January 1, 2022.

---

| | |
|:---|:---|
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Standard Policy Loan</u>. You may borrow no more than:<br> ▪ the Cash Surrender Value; minus<br> ▪ Policy Loan interest on Policy Loan Balance including the requested Policy Loan to the next Annual Date; minus<br> ▪ the sum of the next three Monthly Deductions. | <u>Standard Policy Loan Interest Rate.</u> Current net annual Policy Loan interest rate of 1.0% (guaranteed not to exceed 3.0%): we charge a current interest rate with a 4.0% effective annual yield (guaranteed not to exceed 4.0%), but we also credit an interest rate with an effective annual yield of 3.0% (guaranteed to be at least 1.0%) to any amounts in the Loan Account. |
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Preferred Rate Policy Loan</u>. After five (5) Policy years, a portion of the Policy Loan Balance may qualify for the preferred Policy Loan interest rate. The portion eligible for the preferred Policy Loan interest rate is:<br> ▪ the Account Value; plus<br> ▪ the sum of partial withdrawals taken, minus<br> ▪ the sum of premiums paid. | <u>Preferred Policy Loan Interest Rate</u>. Current net annual Policy Loan interest rate of 0.0% (guaranteed not to exceed 2.5%): we charge a current interest rate with a 3.0% effective annual yield (guaranteed not to exceed 3.5%), but we also credit an interest rate with an effective annual yield of 3.0% (guaranteed to be at least 1.0%) to any amounts in the Loan Account. |

---

**Policy Loan Rules**

▪ The Policy must be assigned to us as security for the Policy Loan.

▪ We will accept a Policy Loan request signed by you on our form of Written Notice by mail, email or fax. However, when accepting a
request by a method not requiring an original signature, there is a greater possibility that unauthorized persons can manipulate your
signature and make changes on your Policy (including withdrawals) without your knowledge.

▪ We will transfer all Policy Loan amounts from the Subaccounts and the Fixed Account to a Loan Account. The amounts will be transferred
on a Pro-Rata basis, unless you instruct us otherwise. If the value of an Investment Option after a transfer pursuant to your instructions
is less than $100, the amounts will be transferred on a Pro-Rata basis.

▪ Interest accrues daily and becomes a part of the Policy Loan Balance. Policy Loan interest is due on each Annual Date. If the interest
is not paid when due, we will transfer an amount equal to the unpaid Policy Loan interest only from the Policy Investment Options you
designate; if that is not possible (due to insufficient value in an Investment Option you elect) or you have not provided such instructions,
we will deduct Policy Loan interest on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account.

▪ If the Policy Loan Balance exceeds Account Value minus accrued expenses and charges, you must pay the excess or your Policy will lapse.

▪ You may repay the Policy Loan Balance in full or in part any time while the Policy is in force. We will deduct the amount of the Policy
Loan repayment from the Loan Account and allocate that amount among the Subaccounts and the Fixed Account in the same percentages as Net
Premium is allocated on the date of repayment. You must instruct us to treat your payment as a Policy Loan repayment; otherwise, we will
treat any unspecified payment as premium. Policy Loan repayments will not incur a maximum sales charge
imposed on premiums (load) .

▪ The death benefit will be reduced by the amount of any Policy Loan Balance on the date of the Insured's death.

▪ We may defer making a Policy Loan from the Fixed Account for up to six months unless the Policy Loan is to pay premiums to us.

A Policy Loan Balance, whether or not repaid, will affect the Cash Surrender Value of your Policy over time. We will transfer all Policy Loan amounts from the Subaccounts and the Fixed Account to a Loan Account. The Loan Account does not participate in the investment experience of the Investment Options or receive the potentially higher current interest rate credited to the Fixed Account.

Ameritas Advisor II VUL 37

**LAPSE AND REINSTATEMENT**

**Lapse and Grace Period**

**<u>Lapse</u>**

Because Account Value can fluctuate depending upon the performance of your selected variable Investment Options, your Policy can lapse, even if you pay all Planned Periodic Premiums on time.

**Lapse of the Policy may result in adverse tax consequences.**<br> **See discussion at Tax Treatment of Policy Loans and Other Distributions.**<br>

This Policy will lapse with no value when the Policy's Cash Surrender Value is not enough to cover any due but unpaid charges.

**<u>Grace Period</u>**

If the Cash Surrender Value on any Monthly Date is less than the Monthly Deduction for the next Policy month, you will have a 61-day grace period to make a premium payment to continue your Policy. The minimum premium to continue the Policy is the amount which will result in the Cash Surrender Value on the date the grace period began being equal to the current Monthly Deduction plus the next two Monthly Deductions. At the start of the grace period, we will mail a notice of the minimum premium necessary to keep the Policy in force to you at your current address on record with us and to any assignee on record. Insurance coverage continues during the grace period. If sufficient premium is not paid by the end of the grace period, the Policy will terminate without value as of the first day of the grace period. A death benefit will not be paid if the Policy has lapsed. If the Insured dies during the grace period, we will pay the death benefit proceeds.

**Reinstatement**

If the Policy lapses because a grace period ended without a sufficient payment being made, you may reinstate it within five years of the date of lapse, so long as the Insured is Attained Age 80 or less. To reinstate, we must receive:

▪ Written application signed by you and the Insured;

▪ Evidence of the Insured's insurability satisfactory to us, and the insurability of any insured covered under an optional benefit rider;

▪ Premium at least equal to (a + b - c) divided by (d) where :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is the sum of all due and unpaid *Monthly Deductions* during the grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is the sum of *Monthly Deductions* for three months from the date of reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is the *Account Value* at the beginning of the grace period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is one minus the premium charge.

▪ Repayment or reinstatement of any outstanding Policy Loan Balance.

The effective date of reinstatement will be the Monthly Date on or next following the date the reinstatement is approved.

The Account Value on the date of reinstatement will equal the <u>Net Premium paid to reinstate the Policy; plus the Account Value at the beginning of the grace period; minus the sum of the due and unpaid Monthly Deductions during the grace period.</u>

The Policy cannot be reinstated once it has been fully Surrendered.

**TAXES**

 

*The following is only general information about federal tax law and is not intended as tax advice to any individual. Tax laws affecting the Policy are complex, may change and are affected by your facts and circumstances. We cannot guarantee the tax treatment of the Policy or any transaction involving the Policy. You should consult your own tax adviser as to how these general rules and any applicable taxes will apply to you if you purchase a Policy.* 

**<u>Life Insurance Qualification; Tax Treatment of Death Benefit</u>**

The Internal Revenue Code, as amended (the "Code") defines a life insurance contract for federal income tax purposes. This definition can be met if an insurance contract satisfies either one of two tests. The Code and related regulations do not directly address the manner in which these tests should be applied to certain features of the Policy. Thus, there is some uncertainty about how those tests apply to the Policy.

Nevertheless, we believe the Policy qualifies as a life insurance contract for federal tax purposes, so that:

▪ you should not be considered in constructive receipt of the Cash Surrender Value, including any increases in Cash Surrender Value,
unless and until it is distributed from the Policy and

▪ the death benefit generally should be fully excludable from the Beneficiary's gross income; however, special rules apply to employer
owned life insurance or if the policy is transferred for value, particularly in a reportable policy sale. The death benefit of life insurance
owned by an employer is taxable unless the Insured is a certain class of employee and has been given notice and has consented to coverage
on his life. Specific statutory requirements must be satisfied for the death benefit of employer owned life insurance to be excluded from
taxable income.

Ameritas Advisor II VUL 38

We reserve the right to make such changes in the Policy as we deem necessary to assure it qualifies as a life insurance contract under the Code and continues to provide the tax benefits of such qualification.

*<u>Modified Endowment Contracts</u>.* The Code establishes a class of life insurance contracts designated as modified endowment contracts. Distributions from a modified endowment contract are taxed under different rules, most notably distributions are treated as from income first (to the extent of any gain in the contract) then from cost basis. There are other differences related to modified endowment contracts, such as Policy Loans being treated as a distribution (see Tax Treatment of Policy Loans and Other Distributions below). The rules governing whether a Policy will be treated as a modified endowment contract are extremely complex. In general, a Policy is a modified endowment contract if the accumulated premium payments made at any time during the first seven Policy years exceed the sum of the net level premium payments which would have been paid on or before such time if the Policy provided for paid-up future benefits after the payment of seven level annual premiums. A Policy may also become a modified endowment contract because of a material change. The determination of whether a Policy is a modified endowment contract after a material change generally depends upon the relationship of the Policy's death benefit and Account Value at the time of such change and the additional premium payments made in the seven years following the material change. A Policy may also become a modified endowment contract if the death benefit is reduced.

This Policy's flexibility and how you tailor it to meet your needs could cause it to be a modified endowment contract. We recommend you consult with a tax adviser to determine if desired Policy transactions may cause such treatment. <u>When a premium payment is credited which we believe causes the Policy to become a modified endowment contract, we will notify you</u> and offer you the opportunity to request a refund of that premium in order to avoid such treatment. You have 30 days after receiving such a notice to request the refund.

A Policy issued in exchange for a modified endowment contract is also treated as a modified endowment contract. However, we believe that a Policy issued in exchange for a life insurance Policy that is <u>not</u> a modified endowment contract will generally not be treated as a modified endowment contract if the death benefit of the Policy is greater than or equal to the death benefit of the Policy being exchanged. The payment of any premiums at the time of or after the exchange may, however, cause the Policy to become a modified endowment contract. You may, of course, choose to not make additional payments in order to prevent a Policy from being treated as a modified endowment contract.

**<u>Special Considerations for Corporations and Employers</u>**

Premium paid by a business for a life insurance Policy is not deductible as a business expense or otherwise if the business is directly or indirectly a Beneficiary of the Policy. In 2006, Congress adopted new rules relating to Employer Owned Life Insurance. Any employer contemplating the purchase of a new life insurance contract or a change in an existing contract should observe the Employee Notice and Consent requirements to avoid the income taxation of the life insurance death benefits and consult a tax adviser regarding filing IRS Form 8925.

**<u>Tax Treatment of Policy Loans and Other Distributions</u>**

Upon a Surrender or lapse of the Policy, if the amount received plus any outstanding Policy Loan Balance exceeds the total cost basis in the Policy, the excess generally will be treated as ordinary income subject to tax, regardless of whether a Policy is or is not a modified endowment contract. However, the tax consequences of distributions from, and Policy Loans taken from or secured by, a Policy depend on whether the Policy is classified as a modified endowment contract.

**"<u>Cost Basis in the Policy</u>"** means:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the total of any premium payments or other consideration paid for the Policy, *<u>minus</u>*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any withdrawals previously recovered that were not taxable.<br>

*<u>Distributions from Policies Classified as Modified Endowment Contracts</u>* are subject to the following tax rules:

▪ All distributions, including Surrender and partial withdrawals, are treated as ordinary income subject to tax to the extent the excess
(if any) of the Account Value immediately before the distribution exceeds the cost basis in the Policy at such time.

▪ Policy Loans from or secured by the Policy are treated as distributions and taxed accordingly. If you do not repay Policy Loan interest,
the Policy Loan interest itself is treated as a distribution.

▪ A 10% additional income tax is imposed on the portion of any distribution, Policy Loan, or assignment of the Policy that is included
in income except where the distribution or Policy Loan is made on or after the Owner attains age 59½, is attributable to the Owner's
becoming disabled, or is part of a series of substantially equal periodic payments for the life (or life expectancy) of the Owner or the
joint lives (or joint life expectancies) of the Owner and the Owner's Beneficiary.

*<u>Distributions from Policies Not Classified as Modified Endowment Contracts</u>* are generally treated as first recovering the cost basis in the Policy and then, only after the return of all such cost basis in the Policy, as distributing taxable income. An exception to this general rule occurs in the case of a decrease in the Policy's death benefit or any other change that reduces benefits under the Policy in the first 15 years after the Policy is issued and that results in a cash distribution to the Owner in order for the Policy to continue complying with the Code's definition of life insurance. Such a cash distribution will be taxed in whole or in part as ordinary income (to the extent of any gain in the Policy).

Policy Loans from, or secured by, a Policy that is not a modified endowment contract are not treated as distributions. However, it is possible that reduced rate Policy Loans could be treated as distributions rather than loans.

Ameritas Advisor II VUL 39

Distributions (including upon Surrender and partial withdrawals) and Policy Loans from, or secured by, a Policy that is <u>not</u> a modified endowment contract are not subject to the 10% additional income tax rule. If a Policy is not now but later becomes a modified endowment contract, then any distributions made from the Policy within two years prior to the change will become taxable pursuant to modified endowment contract rules.

**<u>Other Policy Owner Tax Matters</u>**

Depending on the circumstances, the exchange of a Policy, a change in the Policy's death benefit option, a Policy Loan, a partial or full Surrender, a lapse, a change in ownership, or an assignment of the Policy may have federal income tax consequences. In addition, federal, state and local transfer and other tax consequences of ownership or receipt of distributions from a Policy depend on the circumstances of each Owner or Beneficiary.

*<u>Interest paid on Policy Loans</u>* generally is not tax deductible.

 

*<u>Advisory Fee Endorsement.</u>* Paying Advisory Fees from the Policy may be considered a distribution and may have tax consequences. The Internal Revenue Service has not issued any generally applicable guidance on this. We strongly urge you to consult legal counsel and your personal tax adviser.

*<u>Aggregation of modified endowment contracts.</u>* Pre-death distributions (including a Policy Loan, partial withdrawal, collateral assignment or full Surrender) from a Policy that is treated as a modified endowment contract may require a special aggregation to determine the amount of income recognized on the Policy. If we or any of our affiliates issue more than one modified endowment contract to the same Policy Owner within any 12-month period, then for purposes of measuring the income on the Policy with respect to a distribution from any of those Policies, the income for all those Policies will be aggregated and attributed to that distribution.

*<u>Federal and state estate, inheritance and other tax consequences</u>* of ownership or receipt of proceeds under the Policy depend upon your or the Beneficiary's individual circumstances.

*<u>Diversification requirements.</u>* Investments of the Separate Account must be "adequately diversified" for the Policy to qualify as a life insurance contract under the Code. Any failure to comply with diversification requirements could subject you to immediate taxation on the incremental increases in Account Value plus the cost of insurance protection for the year. However, we believe the Policy complies fully with such requirements.

 

*<u>Owner control.</u>* The Treasury Department stated that it anticipates the issuance of regulations or rulings prescribing the circumstances in which your control of the investments of the Separate Account may cause you, rather than us, to be treated as the owner of the assets in the Separate Account. For variable life policies to qualify for tax deferral, assets in the separate accounts supporting the Policy must be considered owned by the insurance company and not by the Policy Owner. If you are considered the Owner of the assets of the Separate Account, income and gains from the Separate Account would be included in your gross income.

The application of the investor control doctrine is subject to some uncertainty. The ownership rights under the Policy are similar to, but different in certain respects from, those described by the IRS in rulings in which it determined that owners were not owners of separate account assets. For example, you have additional flexibility in allocating Policy premium and Account Value. These differences could result in you being treated as the owner of a Pro-Rata share of the assets of the Separate Account. In addition, we do not know what standards will be set forth in future regulations or rulings which the Treasury may issue. We therefore reserve the right to modify the Policy as necessary to attempt to prevent you from being considered the Owner of the assets of the Separate Account.

 

*<u>Paid-Up Life Insurance Benefit Endorsement.</u>* Electing this benefit may have adverse tax consequences. The Internal Revenue Service has not ruled on the use of this endorsement. We strongly urge you to consult legal counsel and your personal tax adviser before electing this benefit.

 

*<u>Tax-advantaged arrangements.</u>* The Policy may be used in various arrangements, including non-qualified deferred compensation, split dollar arrangements and others. The tax consequences of such arrangements may vary depending on the particular facts and circumstances of each individual arrangement. If you are contemplating the use of the Policy in any arrangement the value of which depends in part on its tax consequences, you should be sure to consult a qualified tax adviser regarding the tax attributes of the particular arrangement and the suitability of this Policy for the arrangement.

*<u>Split-Dollar Arrangements.</u>* The IRS and the Treasury Department have issued guidance that substantially affects split-dollar arrangements. Consult a qualified tax adviser before entering into or paying additional premiums with respect to such arrangements.

Also, on July 30, 2002, the Sarbanes-Oxley Act of 2002 became law and required significant accounting and corporate governance reform. This Act prohibits, with limited exceptions, publicly-traded companies from extending many types of personal Policy Loans to their directors or executive officers. This prohibition may be interpreted as applying to some arrangements for split-dollar life insurance policies for directors and executive officers of such companies, since such insurance may be viewed as involving a Policy Loan from the employer for at least some purposes. Any affected business contemplating the payment of a premium on an existing Policy, or the purchase of a new Policy, in connection with a split-dollar life insurance arrangement should consult legal counsel.

*<u>Tax Shelter Regulations.</u>* Prospective owners should consult a tax adviser about the treatment of the Policy when used in a plan or arrangement that under the Treasury Regulations would be considered a tax shelter.

Ameritas Advisor II VUL 40

**LEGAL PROCEEDINGS**

We and our subsidiaries, like other life insurance companies, are subject to regulatory and legal proceedings in the ordinary course of our business. Certain of the proceedings we are involved in assert claims for substantial amounts. While it is not possible to predict with certainty the ultimate outcome of any pending or future case, legal proceeding or regulatory action, we do not expect the ultimate result of any of these actions to result in a material adverse effect on the Separate Account, our ability to meet our obligations under the Policies, or AIC's ability to perform its obligations. Nonetheless, given the large or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could from time to time have a material adverse effect on any or all of the above.

**FINANCIAL STATEMENTS**

Our financial statements are included in a Statement of Additional Information ("SAI"). For information on how to obtain copies of these financial statements, at no charge, see the **STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT** provision on the last page of this prospectus.

**DISTRIBUTION OF THE POLICY**

Our Underwriter, AIC, enters into contracts with various broker-dealers ("Distributors") to distribute Policies. These Distributors are registered with the SEC and are members of the Financial Industry Regulatory Authority. All persons selling the Policy must be registered representatives of the Distributors, and also must be licensed as insurance agents to sell variable insurance products. There is no premium load to cover sales and distribution expenses. All compensation or expense reimbursement received by AIC for serving as principal underwriter of the Policies will be paid by us from our other assets or surplus in our general account, which may include profits derived from other charges made under the Policies. Policies can be purchased directly from us through our direct consumer services, with salaried employees who are registered representatives of AIC and who will not receive compensation related to the purchase.

**This policy is no longer available for sale.**

Ameritas Advisor II VUL 41

**APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY**

The following is a list of Portfolio Companies available under the Policy. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at ameritas.com/investments/fund-prospectuses. You can also request this information at no cost by calling 800-255-9678 or by sending an email request to alictd@ameritas.com.

The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio Company's past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Seeks to provide you with long-term growth of capital. | American Funds® IS EUPAC Fund, Class 1 (named American Funds® IS International Fund, Class 1 prior to 5/1/26)<br> *Capital Research and Management Company (SM)* | 0.47%\* | 27.04% | 3.66% | 7.26% |
| Seeks to provide growth of capital. | American Funds® IS Growth Fund, Class 1<br> *Capital Research and Management Company (SM)* | 0.33% | 20.54% | 13.66% | 18.26% |
| Seeks to achieve long-term growth of capital and income. | American Funds® IS Growth-Income Fund, Class 1<br> *Capital Research and Management Company (SM)* | 0.28% | 18.37% | 14.19% | 14.20% |
| Seeks to provide long-term capital appreciation. | American Funds® IS New World Fund, Class 1<br> *Capital Research and Management Company (SM)* | 0.57%\* | 28.60% | 5.59% | 9.53% |
| Seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing. | American Funds® IS Washington Mutual Investors Fund, Class 1<br> *Capital Research and Management Company (SM)* | 0.25%\* | 17.50% | 14.17% | 12.65% |
| Total return. | Calvert VP SRI Balanced Portfolio, Class I<br> *Calvert Research and Management* | 0.65% | 11.48% | 8.68% | 9.81% |
| Investing to correspond with the returns of the MSCI EAFE Index. | CVT EAFE International Index Portfolio, Class I<br> *Calvert Research and Management* | 0.48%\* | 30.90% | 8.53% | 7.86% |
| Investing to correspond with the returns of the Russell 2000 Index. | CVT Russell 2000 Small Cap Index Portfolio, Class I<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup>* | 0.40%\* | 12.45% | 5.83% | 9.32% |
| Investing to correspond with the returns of the S&P 500 Index. <sup>2</sup> | CVT S&P 500 Index Portfolio<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup>* | 0.28%\* | 17.50% | 14.09% | 14.47% |
| Growth and income. | CVT Volatility Managed Growth Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup> and Parametric Portfolio Associates LLC* | 0.93%\* | 8.06% | 6.67% | 6.74% |
| Income and growth. | CVT Volatility Managed Moderate Growth Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup> and Parametric Portfolio Associates LLC* | 0.91%\* | 8.51% | 5.71% | 6.37% |
| Current income. | CVT Volatility Managed Moderate Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup> and Parametric Portfolio Associates LLC* | 0.89%\* | 6.98% | 4.02% | 5.39% |
| To achieve long-term capital appreciation. | DFA VA Equity Allocation Portfolio<br> *Dimensional Fund Advisors LP /<br> Dimensional Fund Advisors Ltd. and DFA Australia Limited* | 0.31%\* | 19.94% | 12.23% |  |
| To provide a market rate of return for a fixed income portfolio with low relative volatility of returns. | DFA VA Global Bond Portfolio<br> *Dimensional Fund Advisors LP /<br> Dimensional Fund Advisors Ltd. and DFA Australia Limited* | 0.21% | 4.35% | 1.38% | 1.81% |
| To seek total return consisting of capital appreciation and current income. | DFA VA Global Moderate Allocation Portfolio<br> *Dimensional Fund Advisors LP* | 0.28%\* | 14.68% | 8.42% | 8.65% |
| To achieve long-term capital appreciation. | DFA VA International Small Portfolio<br> *Dimensional Fund Advisors LP /<br> Dimensional Fund Advisors Ltd. and DFA Australia Limited* | 0.39% | 36.99% | 8.89% | 8.68% |

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Ameritas Advisor II VUL 42

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| To achieve long-term capital appreciation. | DFA VA International Value Portfolio<br> *Dimensional Fund Advisors LP /<br> Dimensional Fund Advisors Ltd. and DFA Australia Limited* | 0.27% | 45.64% | 15.85% | 10.46% |
| To achieve a stable real return in excess of the rate of inflation with a minimum of risk. | DFA VA Short-Term Fixed Portfolio<br> *Dimensional Fund Advisors LP /<br> Dimensional Fund Advisors Ltd. and DFA Australia Limited* | 0.12% | 4.33% | 2.65% | 1.97% |
| To achieve long-term capital appreciation. | DFA VA U.S. Large Value Portfolio<br> *Dimensional Fund Advisors LP* | 0.21% | 15.83% | 11.97% | 10.51% |
| To achieve long-term capital appreciation. | DFA VA U.S. Targeted Value Portfolio<br> *Dimensional Fund Advisors LP* | 0.29% | 8.95% | 13.60% | 11.00% |
| Long-term growth of capital. | DWS Capital Growth VIP, Class A<br> *DWS Investment Management Americas, Inc.* | 0.49% | 12.53% | 10.92% | 15.29% |
| Long-term capital growth. | DWS International Opportunities VIP, Class A<br> *DWS Investment Management Americas, Inc.* | 0.86%\* | 18.92% | 3.13% | 7.37% |
| Long-term capital appreciation. | DWS Small Mid Cap Value VIP, Class A<br> *DWS Investment Management Americas, Inc.* | 0.80%\* | 18.21% | 9.66% | 7.57% |
| Seeks long-term capital appreciation. | Fidelity® VIP Contrafund<sup>SM</sup> Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.54% | 21.52% | 15.37% | 15.78% |
| Seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index. <sup>2</sup> | Fidelity® VIP Equity-Income Portfolio<sup>SM</sup>, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.46% | 19.02% | 12.51% | 11.60% |
| Seeks as high a level of current income as is consistent with preservation of capital and liquidity. | Fidelity® VIP Government Money Market Portfolio, Initial Class <sup>3,4</sup> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.25% | 4.13% | 3.10% | 2.03% |
| Seeks a high level of current income, while also considering growth of capital. | Fidelity® VIP High Income Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.81% <sup>\*, \*\*</sup> | 10.36% | 4.22% | 5.59% |
| Seeks as high a level of current income as is consistent with the preservation of capital. | Fidelity® VIP Investment Grade Bond Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.37% | 7.22% | 0.06% | 2.71% |
| Seeks long-term growth of capital. | Fidelity® VIP Mid Cap Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.55% | 11.75% | 10.10% | 10.59% |
| Seeks long-term growth of capital. | Fidelity® VIP Overseas Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.72% | 20.39% | 6.62% | 7.93% |
| Seeks a high level of current income. The fund may also seek capital appreciation. | Fidelity® VIP Strategic Income Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.63% | 8.85% | 3.07% | 4.66% |
| Seeks high current income, consistent with preservation of capital, with capital appreciation as secondary consideration. | FTVIPT Templeton Global Bond VIP Fund, Class 2<br> *Franklin Advisers, Inc.* | 0.75%\* | 15.73% | -0.96% | -0.15% |
| Long-term growth of capital. | Invesco V.I. EQV International Equity Fund, Series I<br> *Invesco Advisers, Inc.* | 0.90% | 16.50% | 3.68% | 6.22% |
| Pursues long-term total return using a strategy that seeks to protect against U.S. inflation. | LVIP American Century Inflation Protection Fund, Standard Class II<br> *Lincoln Financial Investments Corporation /<br> American Century Investment Management, Inc.* | 0.47%\* | 6.60% | 0.87% | 2.87% |

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Ameritas Advisor II VUL 43

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Long-term capital growth. Income is a secondary objective. | LVIP American Century Mid Cap Value Fund, Standard Class II<br> *Lincoln Financial Investments Corporation /<br> American Century Investment Management, Inc.* | 0.86%\* | 8.99% | 8.89% | 9.12% |
| Seeks capital appreciation. | MFS® Mid Cap Growth Series, Initial Class<br> *Massachusetts Financial Services Company* | 0.81%\* | 3.66% | 3.26% | 11.60% |
| Seeks capital appreciation. | MFS® Research International Portfolio, Initial Class<br> *Massachusetts Financial Services Company* | 0.90%\* | 22.05% | 5.51% | 7.54% |
| Seeks total return. | MFS® Utilities Series, Initial Class<br> *Massachusetts Financial Services Company* | 0.78%\* | 15.01% | 7.64% | 9.49% |
| Long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries. | Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I<br> *Morgan Stanley Investment Management Inc. /<br> Morgan Stanley Investment Management Company* | 1.25%\* | 32.96% | 4.37% | 7.27% |
| Seeks maximum real return, consistent with prudent investment management. | PIMCO CommodityRealReturn® Strategy Portfolio, Administrative Class<br> *Pacific Investment Management Company LLC* | 3.19%\* | 18.79% | 10.55% | 6.54% |
| Seeks maximum total return, consistent with preservation of capital and prudent investment management. | PIMCO Total Return Portfolio, Administrative Class<br> *Pacific Investment Management Company LLC* | 0.73% | 8.89% | 0.02% | 2.36% |
| Seeks to provide capital appreciation by investing in U.S. and foreign companies that are involved in the precious metals sector, including exploration, mining, production and development, and other precious metals related services. | Rydex Precious Metals Fund<br> *Security Investors, LLC, operating under the name Guggenheim Investments* | 1.68%\* | 147.37% | 17.52% | 21.08% |
| Seeks to provide long-term capital growth. Income is a secondary objective. | T. Rowe Price Blue Chip Growth Portfolio<br> *T. Rowe Price Associates, Inc.* | 0.75% | 18.74% | 11.68% | 15.54% |
| Long-term capital appreciation. | Third Avenue Value Portfolio<br> *Third Avenue Management LLC* | 1.31%\* | 34.85% | 17.68% | 9.66% |
| Seeks to provide long-term capital appreciation and reasonable current income. | Vanguard® Balanced Portfolio <sup>5</sup><br> *Wellington Management Company, LLP* | 0.20% | 16.46% | 9.29% | 10.03% |
| Seeks to provide current income and low to moderate capital appreciation. | Vanguard® Conservative Allocation Portfolio <sup>5</sup><br> *Vanguard Global Equity Index Management* | 0.12% | 12.73% | 4.22% | 6.14% |
| Seeks to provide long-term capital appreciation and income growth. | Vanguard® Diversified Value Portfolio <sup>5</sup><br> *Hotchkis and Wiley Capital Management, LLC, Aristotle Capital Management, LLC and Harris Associates L.P.* | 0.28% | 16.83% | 13.24% | 11.76% |
| Seeks to provide an above-average level of current income and reasonable long-term capital appreciation. | Vanguard® Equity Income Portfolio <sup>5</sup><br> *Vanguard Quantitative Equity Group and<br> Wellington Management Company LLP* | 0.29% | 16.80% | 12.59% | 11.52% |
| Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. | Vanguard® Equity Index Portfolio <sup>5</sup><br> *Vanguard Global Equity Index Management* | 0.14% | 17.70% | 14.27% | 14.66% |
| Seeks to track the performance of a benchmark index that measures the investment return of the global, investment-grade, fixed income market. | Vanguard® Global Bond Index Portfolio <sup>5</sup><br> *Vanguard Fixed Income Group* | 0.13% | 5.69% | -0.41% |  |
| Seeks to provide long-term capital appreciation. | Vanguard® Growth Portfolio <sup>5</sup><br> *Wellington Management Company, LLP* | 0.36% | 16.89% | 11.36% | 15.58% |
| Seeks to provide a high level of current income. | Vanguard® High Yield Bond Portfolio <sup>5</sup><br> *Wellington Management Company, LLP and Vanguard Fixed Income Group* | 0.24% | 9.18% | 4.05% | 5.62% |
| Seeks to provide long-term capital appreciation. | Vanguard® International Portfolio <sup>5</sup><br> *Schroder Investment Management North America Inc. and Baillie Gifford Overseas Ltd.* | 0.32% | 19.97% | 0.62% | 10.48% |
| Seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. | Vanguard® Mid-Cap Index Portfolio <sup>5</sup><br> *Vanguard Strategic Equity Index Management* | 0.17% | 11.54% | 8.46% | 10.77% |
| Seeks to provide capital appreciation and a low to moderate level of current income. | Vanguard® Moderate Allocation Portfolio <sup>5</sup><br> *Vanguard Global Equity Index Management* | 0.12% | 16.19% | 6.51% | 8.14% |

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Ameritas Advisor II VUL 44

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate related investments. Vanguard® Real Estate Index Portfolio <sup>5</sup><br> *Vanguard Strategic Equity Index Management* | 0.26% | 3.11% | 4.51% | 5.08% |
| Seeks to provide current income with limited price volatility. Vanguard® Short-Term Investment-Grade Portfolio <sup>5</sup><br> *Vanguard Fixed Income Group* | 0.14% | 6.85% | 2.23% | 2.81% |
| Seeks to track the performance of a broad, market-weighted bond index. Vanguard® Total Bond Market Index Portfolio <sup>5</sup><br> *Vanguard Fixed Income Group* | 0.14% | 6.94% | -0.51% | 1.90% |
| Seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. Vanguard® Total International Stock Market Index Portfolio <sup>5</sup><br> *Vanguard Global Equity Index Management* | 0.09% | 32.04% | 7.88% |  |
| Seeks to track the performance of a benchmark index that measures the investment return of the overall stock market. Vanguard® Total Stock Market Index Portfolio <sup>5</sup><br> *Vanguard Global Equity Index Management* | 0.13% | 16.93% | 12.98% | 14.10% |

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| | |
|:---|:---|
| \* | Current Expenses take into account expense reimbursement or fee waiver arrangements in place and reflect temporary fee reductions under such an arrangement. |
| \*\* | Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, total annual operating expenses after fee waiver and/or expense reimbursement are 0.67%. |
| 1 | Ameritas Investment Partners, Inc. is an affiliate of Ameritas Life. |
| 2 | "Standard & Poor's®," "S&P®," "S&P 500®," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by us. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's® and Standard & Poor's® makes no representation regarding the advisability of investing in the Product. The Statement of Additional Information sets forth certain additional disclaimers and limitations of liabilities on behalf of Standard & Poor's® as set forth in the Licensing Agreement between us and Standard & Poor's®. |
| 3 | FIDELITY, Contrafund and Equity-Income are registered service marks of FMR LLC. Used with permission. |
| 4 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 5 | Vanguard is a trademark of The Vanguard Group, Inc. |

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Ameritas Advisor II VUL 45

**ILLUSTRATIONS**

Illustrations are tools that can help demonstrate how the Policy operates, given the Policy's charges, Investment Options and any optional features selected, how you plan to accumulate or access Account Value over time, and assumed rates of return. Illustrations may also be able to assist you in comparing the Policy's death benefits, Cash Surrender Value and Account Value with those of other variable life insurance policies based upon the same or similar assumptions. You may ask your financial professional or us (at our toll-free telephone number) to provide an illustration based upon your specific situation. You may annually request, without charge, an illustration from us. We may charge a reasonable fee, not to exceed the maximum shown on the Policy schedule page, for additional illustrations requested in the same Policy year.

**STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT**

A Statement of Additional Information ("SAI") with the same date as this prospectus contains other information about the Separate Account, us, and the Policy. You may obtain a copy without charge, request other information about the Policy, and make investor inquiries by calling our toll-free telephone number 800-255-9678.

**REPORTS TO YOU**

We will send a statement to you at least annually showing your Policy's death benefit, Account Value and any Policy Loan Balance. If your Policy activity is limited to scheduled periodic premiums automatically deducted from your bank or investment account or other systematic transfer programs, you will also receive a quarterly report, which will be confirmation of premium payments and regular Monthly Deductions. We will confirm any other premium payments, Policy Loans, Subaccount transfers, lapses, Surrender, partial withdrawals, and other Policy transactions as they occur. You will receive such additional periodic reports as may be required by the SEC.

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

**FINRA PUBLIC DISCLOSURE PROGRAM**

FINRA provides investor protection education through its website and printed materials. The FINRA regulation website address is finra.org. An investor brochure that includes information describing the BrokerCheck program may be obtained from FINRA. The FINRA BrokerCheck hotline number is 800-289-9999. FINRA does not charge a fee for the BrokerCheck program Services.

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| | |
|:---|:---|
| <br> **THANK YOU**<br> for reviewing this prospectus. You should also review the fund prospectus for the portfolio underlying<br> each Subaccount variable Investment Option you wish to select.<br>**IF YOU HAVE QUESTIONS,**<br> about the Policy described in this prospectus, or wish to request a Statement of Additional Information,<br> contact your sales representative, email,<br> write or telephone us at the following:<br>| <br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Toll-Free Telephone: 800-255-9678<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax: 402-467-7923<br> Website: ameritas.com<br> Email: direct@ameritas.com<br>|
| <br> **REMEMBER, THE CORRECT FORM** is important for us to process your Policy elections and changes accurately. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need. | <br> **REMEMBER, THE CORRECT FORM** is important for us to process your Policy elections and changes accurately. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need. |

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![](image_002.gif)© 2026 Ameritas Life Insurance Corp. SEC Registration #: 811-08868 <br> Class/Contract # C000216328 <br> File # 333-233977

Ameritas Advisor II VUL 46

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| | | |
|:---|:---|:---|
| Statement of Additional Information: May 1, 2026 | Statement of Additional Information: May 1, 2026 | ![](image_003.gif) |
| to accompany the Policy Prospectuses listed below. | to accompany the Policy Prospectuses listed below. | ![](image_003.gif) |
|  |  | ![](image_003.gif) |
|  |  | ![](image_003.gif) |
| **LOW-LOAD Variable Life Insurance Policies** | **LOW-LOAD Variable Life Insurance Policies** | **LOW-LOAD Variable Life Insurance Policies** |
| Ameritas Low-Load Variable Universal Life | Ameritas Advisor II VUL | Ameritas Advisor II VUL |
| Ameritas Low-Load Survivorship Variable Universal Life | Ameritas Advisor ClearEdge VUL | Ameritas Advisor ClearEdge VUL |
| Ameritas Advisor VUL® |  |  |
| offered through | offered through |  |
| **Ameritas Life Insurance Corp. Separate Account LLVL** | **Ameritas Life Insurance Corp. Separate Account LLVL** | **Ameritas Life Insurance Corp. Separate Account LLVL** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>**<u>**TABLE OF CONTENTS**</u>**</u> | <u>**<u>PAGE</u>**</u> | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;GENERAL INFORMATION AND HISTORY | 1 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;SERVICES |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;UNDERWRITER | 2 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;DISTRIBUTION OF THE POLICY |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;MORE INFORMATION ON CHARGES | 3 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;DISTRIBUTION OF MATERIALS |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;ADVERTISING |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;PERFORMANCE DATA |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;LICENSING AGREEMENT | 4 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-255-9678<br> Fax: 402-467-7335<br> ameritas.com<br> Express mail packages should be sent to our street address, not our P.O. Box address. |

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Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp.

This Statement of Additional Information is not a prospectus. It contains information in addition to that set forth in the Policy prospectus and should be read together with the prospectus. The Policy prospectus may be obtained from our Service Center by writing us at P.O. Box 81889, Lincoln, Nebraska 68501, by emailing us or accessing it through our website at ameritas.com/prospectuses or by calling us at 800-255-9678. Defined terms used in the current prospectus for the Policy are incorporated in this Statement of Additional Information.

**GENERAL INFORMATION AND HISTORY**

Ameritas Life Insurance Corp. Separate Account LLVL (referred to as the "Separate Account" or the "Registrant") is a separate investment account of Ameritas Life Insurance Corp. ("Company, we, us, our, Ameritas Life, Depositor"). We are engaged in the business of issuing life insurance and annuities, group dental, vision, and hearing care insurance, retirement plans and 401(k) plans throughout the United States (except New York).

We are a stock life insurance company organized under the insurance laws of the State of Nebraska since 1887. We are wholly owned by Ameritas Holding Company ("AHC"), a Nebraska stock insurance holding company. AHC is wholly owned by Ameritas Mutual Holding Company ("Ameritas"), a Nebraska mutual insurance holding company. Ameritas is a diversified family of financial services businesses. For a complete list of the Ameritas companies and their products and services, visit the Ameritas website at ameritas.com. Each Ameritas company is solely responsible for its own financial condition and contractual obligations.

The Registrant is a segregated asset account of Ameritas Life established to receive and invest your Premiums. Ameritas Life established the Separate Account on August 24, 1994, under the laws of the State of Nebraska, in accordance with resolutions set forth by the Ameritas Life Board of Directors. The Separate Account is registered as a unit investment trust with the SEC under the Investment Company Act of 1940, as amended. This registration does not mean that the SEC supervises the management, investment practices, or policies of the Separate Account.

**Services**

Affiliates of Ameritas Life may provide administrative services, including but not limited to third party administrative services, policy administration and other operation support services, claims administration, and development and maintenance of software, to Ameritas Life relating to policies offered by its separate accounts, including the Separate Account. On October 1, 2021, Ameritas Life entered into a Fourth Amended and Restated General Administrative Services Agreement (the "Agreement"), under which administrative services relating to policies offered by the Ameritas Life separate accounts may be provided by affiliates of Ameritas Life. The parties to the Agreement are Ameritas Life, AHC, Ameritas Investment Partners, Inc., Ameritas Investment Company, LLC, Variable Contract Agency, LLC, Ameritas Advisory Services, LLC, Select Benefits Group, LLC dba Dental Select and Ameritas Bluestar Retirement Services, LLC.

ALIC Separate Account LLVL SAI: 1 Statement of Additional Information

At the time of the Agreement, all parties to the Agreement were wholly owned subsidiaries of AHC or Ameritas Life. Ameritas Bluestar Retirement Services, LLC and Select Benefits Group, LLC dba Dental Select have since been dissolved. Ameritas Life made no payments for administrative services provided by affiliated companies in 2023, 2024, or 2025.

Matters of state and federal law pertaining to the policies have been reviewed by the Ameritas Life legal staff.

**UNDERWRITER**

Ameritas Advisor ClearEdge VUL is offered continuously and distributed by Ameritas Investment Company, LLC ("AIC" or the "Underwriter"), a wholly owned subsidiary of ours, 5900 O Street, Lincoln, Nebraska 68510 (formerly Ameritas Investment Corp. which served as underwriter until its conversion to a limited liability company in January, 2020). Other policies listed above, and offered through the Separate Account, are no longer offered for new sales.

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| | | | |
|:---|:---|:---|:---|
| **YEAR:** | **2023** | **2024** | **2025** |
| Variable life insurance compensation we paid to Underwriter that was paid to other broker-dealers and representatives (not kept by the Underwriter). | $80395 | $88414 | $29313 |
| Variable life insurance compensation earned and kept by the Underwriter. | $0 | $0 | $0 |
| Fees the Depositor paid to the Underwriter for variable life insurance Principal Underwriter services. | $26893 | $34195 | $24548 |

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**DISTRIBUTION OF THE POLICY**

Our Underwriter, AIC, enters into contracts with various broker-dealers ("Distributors") to distribute Policies. These Distributors are registered with the SEC and are members of the Financial Industry Regulatory Authority. All persons selling the Policy must be registered representatives of the Distributors, and also must be licensed as insurance agents to sell variable insurance products. There is no premium load to cover sales and distribution expenses. All compensation or expense reimbursement received by AIC for serving as principal underwriter of the Policies will be paid by us from our other assets or surplus in our general account, which may include profits derived from other charges made under the Policies. Policies can be purchased directly from us through our direct consumer services, with salaried employees who are registered representatives of AIC and who will not receive compensation related to the purchase.

**<u>Distribution Compensation for Currently Sold Products</u>**

<u>Ameritas Advisor ClearEdge VUL</u>: We and/or an affiliate may pay cash compensation from our own resources pursuant to marketing and education arrangements we have in place with broker-dealers and their marketing organizations. We may provide up to 30% of first year target premium and 1% of premiums above that amount paid in the first Policy Year, as well as up to 1% of target premium in Policy years 2 – 10, for such marketing and education services, pursuant to these arrangements. We do not pay commissions to these broker-dealers pursuant to a selling agreement. You may ask your financial professional how he/she will personally be compensated for the transaction.

**<u>Distribution Compensation for Products No Longer Being Sold</u>**

<u>Ameritas Advisor II VUL</u>: We and/or an affiliate may pay cash compensation from our own resources pursuant to marketing and education arrangements we have in place with broker-dealers and their marketing organizations. We may provide up to 25% of first year target premium and 1% of premiums above that amount paid in the first Policy Year for such marketing and education services, pursuant to these arrangements. We do not pay commissions to these broker-dealers pursuant to a selling agreement.

<u>Ameritas Advisor VUL</u>: We pay as commissions for the sale of the Policies up to 15% of first-year target premium and 2% of premiums above that amount paid in the first Policy Year.

<u>Low-Load Survivorship Variable Universal Life</u>: During the first Policy Year, compensation may equal an amount up to 15% of first year target premium paid plus the first year costs of any riders and 2% of excess first year premium.

<u>Low-Load Variable Life</u>: During the first Policy Year, compensation may equal an amount up to 9% of first year target premium paid plus the first year costs of any riders and 2% of excess first year premium. In years thereafter, we may pay the broker-dealer asset-based compensation at an annualized rate of 0.1% per Policy Year of the net Cash Surrender Value.

Compensation arrangements may vary among broker-dealers. Also, we may pay other distribution expenses such as production incentive bonuses. These distribution expenses do not result in any additional charges under the Policy other than those described in the prospectus **CHARGES** sections.

ALIC Separate Account LLVL SAI: 2 Statement of Additional Information

**MORE INFORMATION ON CHARGES**

**<u>Waiver of Certain Charges</u>**

When the Policy is sold in a manner that results in savings of sales or administrative expenses, we reserve the right to waive all or part of any fee we charge under the Policy (excluding charges charged by the portfolios). Factors we consider include one or more of the following: size and type of group to whom the Policy is issued; amount of expected premiums; relationship with us (employee of us or an affiliated company, receiving distributions or making transfers from other policies we or one of our affiliates issue, or transferring amounts held under qualified retirement plans we or one of our affiliates sponsor); type and frequency of administrative and sales services provided; or level of annual maintenance fee and withdrawal charges. Any fee waiver will not discriminate unfairly against protected classes of individuals and will be done according to our rules in effect at the time the Policy is issued. We reserve the right to change these rules. The right to waive any charges may be subject to state approval.

**<u>Underwriting Procedure</u>**

The Policy's cost of insurance depends upon the insured's gender, issue age, risk class, specified amount, and length of time the Policy has been in force. The rates will vary depending upon tobacco use and other risk factors. For Ameritas Advisor II VUL and Ameritas Advisor ClearEdge VUL, guaranteed cost of insurance rates are based on the gender-distinct 2017 Commissioners Standard Ordinary Age Nearest Birthday Ultimate Mortality Tables. Attained ages 18 and greater will follow smoker-distinct rates while attained ages 0-17 will follow composite rates. For Ameritas Advisor VUL, guaranteed cost of insurance rates are based on the gender-distinct smoker-distinct 2001 Commissioners Standard Ordinary Age Nearest Birthday Ultimate Mortality Tables. For all other Policies, the guaranteed cost of insurance rates are based on the insured's attained age and are equal to the 1980 Insurance Commissioners Standard Ordinary Male and Female Mortality Tables without smoker distinction. The maximum rates for the table-rated substandard insureds are based on a multiple (shown in the schedule pages of the Policy) of the above rates. We may add flat extra ratings to reflect higher mortality risk. Any change in the cost of insurance rates will apply to all insureds of the same age, gender, risk class and whose Policies have been in effect for the same length of time.

For all products under this Separate Account with the exception of Ameritas Advisor ClearEdge VUL, the cost of insurance rates, Policy charges, and payment options for Policies issued in Montana, and perhaps other states or in connection with certain employee benefit arrangements, are issued on a gender-neutral (unisex) basis. The unisex rates will be higher than those applicable to females and lower than those applicable to males.

If the rating class for any increase in the specified amount of insurance coverage is not the same as the rating class at issue, the cost of insurance rate used after such increase will be a composite rate based upon a weighted average of the rates of the different rating classes. Decreases may be reflected in the cost of insurance rate, as discussed earlier.

The actual charges made during the Policy Year will be shown in the annual report delivered to Policy Owners.

**DISTRIBUTION OF MATERIALS**

We will distribute proxy statements, updated prospectuses and other materials to you from time to time. In order to achieve cost savings, we may send consolidated mailings to several Owners with the same last name who share a common address or post office box.

**ADVERTISING**

From time to time, we may advertise performance information for the Subaccounts and their underlying portfolios. We may also advertise ratings, rankings or other information related to us, the Subaccounts or the underlying portfolios.

We may provide hypothetical illustrations of Policy value, Cash Surrender Value and death benefit based on historical investment returns of the underlying portfolios for a sample Policy based on assumptions as to age, gender and risk class of the insured, and other Policy-specific assumptions.

We may also provide individualized hypothetical illustrations calculated in the same manner as stated above but based upon factors particular to your Policy.

Past performance is no guarantee of future results. The return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost.

**PERFORMANCE DATA**

From time to time, we may advertise performance for the Subaccount variable investment options. Performance data is available on our website and is authorized for use with prospective investors only when accompanied or preceded by current product and fund prospectuses containing detailed information about the Policy, investment options, limitations and risks.

Performance returns reflect fees and charges assessed by the fund companies and current mortality and expenses and administrative risk charges deducted from Separate Account assets. Some portfolio advisors have agreed to limit their expenses; without these limits, performance would have been lower. The returns shown on our website do not reflect the Policy's transaction fees and periodic charges. If these fees and charges were deducted, the performance quoted would be lower. Yields shown are typically "annualized" yields. This means the income generated during the measured seven days is assumed to be generated each week over a 52-week period, and not reinvested, and is shown as a percentage of the investment.

ALIC Separate Account LLVL SAI: 3 Statement of Additional Information

We encourage you to obtain a personalized illustration which reflects all charges of the Policy and the impact of those charges upon performance; contact your registered representative or us to obtain an illustration based upon your specific situation. See the Policy prospectus for detailed information about Policy charges and portfolio prospectuses for each portfolio's expenses.

For periods prior to the date the Policy Subaccount began operation, performance data will be calculated based on the performance of the underlying portfolio and the assumption that the Subaccounts were in existence for the same periods as those indicated for the underlying portfolio with the level of Policy charges that were in effect at the inception of the Subaccount. Past performance is no guarantee of future results. The return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost.

**LICENSING AGREEMENT**

The Policy is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). S&P makes no representation or warranty, express or implied, to the Owners of the Policy or any member of the public regarding the advisability of investing in securities generally or in the Policy particularly or the ability of the S&P 500 Index to track general stock market performance. S&P's only relationship to the Licensee ("Ameritas Life") is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index which is determined, composed and calculated by S&P without regard to the Licensee or the product. S&P has no obligation to take the needs of the Licensee or the Owners of the Policy into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the Policy or the timing of the issuance or sale of the product or in the determination or calculation of the equation by which the Policy is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Policy.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE POLICY, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

**FINANCIAL STATEMENTS**

The balance sheets – statutory basis of Ameritas Life Insurance Corp., a wholly owned subsidiary of Ameritas Holding Company, which is a wholly owned subsidiary of Ameritas Mutual Holding Company, as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus – statutory basis and statements of cash flows – statutory basis for each of the three years in the period ended December 31, 2025 have been audited by Deloitte & Touche LLP, independent auditors, as stated in their report appearing herein and the statements of net assets of each of the subaccounts of Ameritas Life Insurance Corp. Separate Account LLVL as of December 31, 2025, and the related statements of operations for the period then ended, the statements of changes in net assets for each of the periods in the two years then ended and the financial highlights for each of the periods in the five years then ended, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein.

Such financial statements are included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. The principal business address of Deloitte & Touche LLP is 1100 Capitol Avenue, Suite 300, Omaha, NE 68102.

Our financial statements bear only on our ability to meet our obligations under the Policy and should not be considered as bearing on the investment performance of the assets held in the Separate Account.

ALIC Separate Account LLVL SAI: 4 Statement of Additional Information

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

![](image_004.gif)

**FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025<br> AND FOR EACH OF THE PERIODS IN THE TWO YEARS THEN ENDED<br> AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Policyowners of Ameritas Life Insurance Corp. Separate Account LLVL

and the Board of Directors of Ameritas Life Insurance Corp.

Lincoln, Nebraska

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of net assets for each of the subaccounts of Ameritas Life Insurance Corp. Separate Account LLVL (the "Account") listed in Note 1 as of December 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for the periods presented in Note 1 (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for periods presented in Note 1 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the subaccounts' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

*/s/ Deloitte & Touche LLP*

Omaha, Nebraska

March 19, 2026

We have served as the Account's auditor since 1996.

This page left intentionally blank.

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVL** | **SEPARATE ACCOUNT LLVL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Calvert Variable Series, Inc. (Calvert):</u> |  |
| Calvert VP SRI Balanced Portfolio, Class I (Balanced) - |  |
| 220,867.571 shares at $2.85 per share (cost $509,646) | $629473 |
| Calvert VP SRI Mid Cap Portfolio (Mid Cap) - |  |
| 3,255.067 shares at $26.47 per share (cost $91,590) | 86162 |
| <u>Deutsche DWS Investments VIT Funds (Scudder):</u> |  |
| DWS Equity 500 Index VIP Portfolio, Class A (Equity 500) - |  |
| 9,595.355 shares at $32.55 per share (cost $189,738) | 312329 |
| DWS Small Cap Index VIP Portfolio, Class A (Small Cap) - |  |
| 40,840.074 shares at $15.02 per share (cost $589,721) | 613418 |
| <u>Deutsche DWS Variable Series II (Scudder):</u> |  |
| DWS Small Mid Cap Value VIP Portfolio, Class A (Mid Value) - |  |
| 37,338.148 shares at $14.09 per share (cost $482,322) | 526095 |
| DWS International Opportunities VIP Portfolio, Class A (Global) - |  |
| 16,512.239 shares at $19.22 per share (cost $265,413) | 317365 |
| DWS Alternative Asset Allocation VIP Portfolio, Class A (Alt Asset) - |  |
| 19.726 shares at $13.71 per share (cost $266) | 270 |
| <u>Deutsche DWS Variable Series I (Scudder):</u> |  |
| DWS Capital Growth VIP Portfolio, Class A (Growth) - |  |
| 22,585.739 shares at $42.96 per share (cost $853,589) | 970283 |
| <u>Fidelity(R) Variable Insurance Products (Fidelity):</u> |  |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Initial Class (Contrafund IC) - |  |
| 150,648.321 shares at $59.89 per share (cost $6,858,495) | 9022328 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class (Contrafund SC) - |  |
| 22,254.849 shares at $59.33 per share (cost $984,819) | 1320380 |
| Fidelity(R) VIP High Income Portfolio, Service Class (High Income SC) - |  |
| 14,415.877 shares at $4.84 per share (cost $73,755) | 69773 |
| Fidelity(R) VIP Investment Grade Bond Portfolio, Initial Class (Inv. Grade Bond IC) - |  |
| 127,010.773 shares at $11.36 per share (cost $1,486,353) | 1442842 |
| Fidelity(R) VIP Mid Cap Portfolio, Service Class (Mid Cap SC) - |  |
| 81,325.585 shares at $36.79 per share (cost $2,793,796) | 2991968 |
| Fidelity(R) VIP Overseas Portfolio, Initial Class (Overseas IC) - |  |
| 41,053.866 shares at $27.52 per share (cost $1,000,270) | 1129802 |
| Fidelity(R) VIP Strategic Income Portfolio, Initial Class (Strategic IC) - |  |
| 105,375.704 shares at $11.23 per share (cost $1,164,691) | 1183369 |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Initial Class (Equity Inc. IC) - |  |
| 26,518.379 shares at $29.43 per share (cost $711,390) | 780436 |
| Fidelity(R) VIP High Income Portfolio, Initial Class (High Income IC) - |  |
| 12,926.027 shares at $4.88 per share (cost $62,149) | 63079 |
| Fidelity(R) VIP Mid Cap Portfolio, Initial Class (Mid Cap IC) - |  |
| 18,454.343 shares at $37.51 per share (cost $712,742) | 692222 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVL** | **SEPARATE ACCOUNT LLVL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Fidelity(R) Variable Insurance Products (Fidelity), continued:</u> |  |
| Fidelity(R) VIP Government Money Market Portfolio, Initial Class (Money Market) - |  |
| 9,045,466.130 shares at $1.00 per share (cost $9,045,466) | $9045466 |
| Fidelity(R) VIP Emerging Markets Portfolio, Initial Class (Emerging Markets) - |  |
| 4,323.889 shares at $15.83 per share (cost $61,580) | 68447 |
| Fidelity(R) VIP Growth Portfolio, Initial Class (Growth) - |  |
| 183.948 shares at $97.72 per share (cost $16,929) | 17975 |
| Fidelity(R) VIP International Capital Appreciation Portfolio, Initial Class (International) - |  |
| 16.750 shares at $26.63 per share (cost $447) | 446 |
| Fidelity(R) VIP Technology Portfolio, Initial Class (Tech) - |  |
| 25.742 shares at $47.54 per share (cost $1,074) | 1224 |
| <u>AIM Variable Insurance Funds (AIM):</u> |  |
| Invesco V.I. Diversified Dividend Fund Portfolio, Series I (Dividend) - |  |
| 11,162.405 shares at $27.22 per share (cost $269,318) | 303841 |
| Invesco V.I. Health Care Fund Portfolio, Series I (Health) - |  |
| 27,426.852 shares at $29.89 per share (cost $755,845) | 819789 |
| Invesco V.I. Technology Fund Portfolio, Series I (Technology) - |  |
| 76,588.827 shares at $25.69 per share (cost $1,600,810) | 1967567 |
| Invesco V.I. EQV International Equity Fund Portfolio, Series I (Intl. Growth) - |  |
| 11,912.858 shares at $36.11 per share (cost $414,918) | 430173 |
| Invesco V.I. American Franchise Fund Portfolio, Series I (Franchise) - |  |
| 1,116.156 shares at $81.00 per share (cost $84,818) | 90409 |
| Invesco V.I. Discovery Mid Cap Growth Fund Portfolio, Series I (Mid Cap) - |  |
| 0.826 shares at $75.21 per share (cost $61) | 62 |
| Invesco V.I. Core Plus Bond Fund Portfolio, Series I (Bond) - |  |
| 0.000 shares at $5.85 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Invesco V.I. Main Street Small Cap Fund(R) Portfolio, Series I (Small Cap) - |  |
| 6,975.125 shares at $28.54 per share (cost $216,389) | 199070 |
| <u>Janus Aspen Series (Janus):</u> |  |
| Janus Henderson Research Portfolio, Institutional Shares (Growth) - |  |
| 1,300.490 shares at $64.90 per share (cost $39,977) | 84402 |
| <u>Neuberger Berman Advisers Management Trust (Neuberger Berman):</u> |  |
| Neuberger Berman AMT Short Duration Bond Portfolio, Class I (Bond) - |  |
| 32,457.209 shares at $9.67 per share (cost $335,885) | 313861 |
| Neuberger Berman AMT Mid Cap Growth Portfolio, Class I (Mid-Cap) - |  |
| 92,244.616 shares at $28.99 per share (cost $2,495,999) | 2674171 |
| Neuberger Berman AMT Quality Equity Portfolio, Class I (Equity) - |  |
| 85,481.370 shares at $42.76 per share (cost $2,498,207) | 3655183 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I (Regency) - |  |
| 1,180.301 shares at $16.41 per share (cost $20,144) | 19369 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVL** | **SEPARATE ACCOUNT LLVL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Rydex Variable Trust (Rydex):</u> |  |
| Rydex Nova Fund Portfolio (Nova) - |  |
| 3,265.054 shares at $257.32 per share (cost $450,355) | $840164 |
| Rydex NASDAQ-100(R) Fund Portfolio (NASDAQ) - |  |
| 27,147.088 shares at $96.73 per share (cost $2,101,022) | 2625938 |
| Rydex Precious Metals Fund Portfolio (Precious Metals) - |  |
| 61,332.148 shares at $97.07 per share (cost $3,024,416) | 5953512 |
| Rydex Inverse S&P 500(R) Strategy Fund Portfolio (Inv. S&P 500) - |  |
| 4,293.325 shares at $91.61 per share (cost $413,770) | 393312 |
| Rydex Government Long Bond 1.2x Strategy Fund Portfolio (Gov. Long Bond) - |  |
| 234.177 shares at $178.71 per share (cost $44,544) | 41850 |
| <u>Third Avenue Variable Series Trust (Third Avenue):</u> |  |
| Third Avenue Value Portfolio (Value) - |  |
| 165,133.990 shares at $25.04 per share (cost $3,025,681) | 4134955 |
| <u>Vanguard(R) Variable Insurance Fund (Vanguard):</u> |  |
| Vanguard(R) Equity Index Portfolio (Equity Index) - |  |
| 668,261.440 shares at $81.96 per share (cost $29,203,531) | 54770708 |
| Vanguard(R) Total Bond Market Index Portfolio (Total Bond) - |  |
| 893,697.033 shares at $10.80 per share (cost $9,886,088) | 9651928 |
| Vanguard(R) Real Estate Index Portfolio (REIT Index) - |  |
| 546,907.049 shares at $11.57 per share (cost $6,615,589) | 6327715 |
| Vanguard(R) Mid-Cap Index Portfolio (Mid-Cap) - |  |
| 379,077.747 shares at $27.96 per share (cost $8,336,194) | 10599014 |
| Vanguard(R) Total Stock Market Index Portfolio (Stock Market Index) - |  |
| 508,690.622 shares at $60.93 per share (cost $21,445,861) | 30994520 |
| Vanguard(R) Conservative Allocation Portfolio (Conservative) - |  |
| 24,805.112 shares at $26.46 per share (cost $618,703) | 656343 |
| Vanguard(R) Moderate Allocation Portfolio (Moderate) - |  |
| 53,947.405 shares at $33.28 per share (cost $1,597,518) | 1795370 |
| Vanguard(R) Short-Term Investment-Grade Portfolio (Short-Term) - |  |
| 260,777.639 shares at $10.67 per share (cost $2,719,724) | 2782497 |
| Vanguard(R) Equity Income Portfolio (Equity Income) - |  |
| 511,569.117 shares at $26.22 per share (cost $11,433,799) | 13413342 |
| Vanguard(R) Growth Portfolio (Growth) - |  |
| 807,463.520 shares at $36.68 per share (cost $19,772,744) | 29617762 |
| Vanguard(R) Balanced Portfolio (Balanced) - |  |
| 370,384.816 shares at $25.41 per share (cost $8,135,467) | 9411478 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVL** | **SEPARATE ACCOUNT LLVL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Vanguard(R) Variable Insurance Fund (Vanguard), continued:</u> |  |
| Vanguard(R) High Yield Bond Portfolio (High Yield Bond) - |  |
| 397,260.748 shares at $7.55 per share (cost $2,939,824) | $2999319 |
| Vanguard(R) International Portfolio (International) - |  |
| 607,721.917 shares at $28.59 per share (cost $14,801,717) | 17374770 |
| Vanguard(R) Diversified Value Portfolio (Diversified) - |  |
| 254,567.898 shares at $17.47 per share (cost $3,671,398) | 4447301 |
| Vanguard(R) Small Company Growth Portfolio (Small Company Growth) - |  |
| 815,395.624 shares at $19.07 per share (cost $15,448,665) | 15549595 |
| Vanguard(R) Total International Stock Market Index Portfolio (International Stock) - |  |
| 141,781.110 shares at $26.86 per share (cost $3,106,404) | 3808241 |
| Vanguard(R) Global Bond Index Portfolio (Global Bond) - |  |
| 17,276.176 shares at $18.83 per share (cost $323,423) | 325310 |
| <u>Allspring Funds - Variable Trust (Allspring):</u> |  |
| Allspring VT Discovery SMID Cap Growth Fund Portfolio, Class 2 (Discovery) - |  |
| 14,292.257 shares at $25.29 per share (cost $398,380) | 361451 |
| Allspring VT Opportunity Fund Portfolio, Class 2 (Opportunity) - |  |
| 26,242.583 shares at $25.70 per share (cost $658,688) | 674434 |
| <u>Lincoln Variable Insurance Products Trust (Lincoln):</u> |  |
| LVIP American Century Mid Cap Value Fund Portfolio, Standard Class II (Mid Cap II) - |  |
| 65,839.045 shares at $19.35 per share (cost $1,269,285) | 1273920 |
| LVIP American Century International Fund Portfolio, Standard Class II (International II) - |  |
| 1,535.245 shares at $12.25 per share (cost $16,734) | 18799 |
| LVIP American Century Inflation Protection Fund Portfolio, Standard Class II (Inflation II) - |  |
| 23,851.718 shares at $9.03 per share (cost $220,708) | 215309 |
| <u>American Funds Insurance Series(R) (American Funds):</u> |  |
| American Funds(R) IS Growth-Income Fund Portfolio, Class 1 (IS Growth-Inc) - |  |
| 2,223.241 shares at $67.73 per share (cost $140,732) | 150580 |
| American Funds(R) IS Growth Fund Portfolio, Class 1 (IS Growth) - |  |
| 22,973.807 shares at $141.06 per share (cost $2,860,497) | 3240685 |
| American Funds(R) IS Washington Mutual Investors Fund Portfolio, Class 1 (Blue Chip) - |  |
| 23,075.119 shares at $18.18 per share (cost $342,873) | 419506 |
| American Funds(R) IS International Fund Portfolio, Class 1 (IS International) - |  |
| 15,167.954 shares at $22.33 per share (cost $284,143) | 338700 |
| American Funds(R) IS New World Fund Portfolio, Class 1 (IS New World) - |  |
| 8,517.169 shares at $32.47 per share (cost $233,888) | 276552 |
| American Funds(R) IS The Bond Fund of America Portfolio, Class 1(IS Bond) - |  |
| 2,517.740 shares at $9.52 per share (cost $23,726) | 23969 |
| American Funds(R) IS American High-Income Trust Portfolio, Class 1(IS High Income) - |  |
| 2,099.739 shares at $9.33 per share (cost $19,478) | 19591 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVL** | **SEPARATE ACCOUNT LLVL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Franklin Templeton Variable Insurance Products Trust (Franklin Templeton):</u> |  |
| Templeton Global Bond VIP Fund Portfolio, Class 2 (Global Inc.) - |  |
| 39,236.545 shares at $13.17 per share (cost $523,799) | $516745 |
| <u>MFS(R) Variable Insurance Trust (MFS):</u> |  |
| MFS(R) Utilities Series Portfolio, Initial Class (Utilities IC) - |  |
| 15,516.387 shares at $37.73 per share (cost $542,219) | 585433 |
| MFS(R) Mid Cap Growth Series Portfolio, Initial Class (Mid Cap) - |  |
| 50,787.977 shares at $7.98 per share (cost $444,182) | 405288 |
| MFS(R) New Discovery Series Portfolio, Initial Class (New Discovery) - |  |
| 234.568 shares at $15.60 per share (cost $3,144) | 3659 |
| <u>MFS(R) Variable Insurance Trust II (MFS):</u> |  |
| MFS(R) Research International Portfolio, Initial Class (Research) - |  |
| 50,844.881 shares at $20.61 per share (cost $842,383) | 1047913 |
| <u>MFS(R) Variable Insurance Trust III (MFS)</u> |  |
| MFS(R) Blended Research(R) Small Cap Equity Portfolio, Initial Class (Small Cap) - |  |
| 0.000 shares at $9.77 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| MFS(R) Conservative Allocation Portfolio, Initial Class (Conservative All) - |  |
| 0.000 shares at $9.79 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| MFS(R) Global Real Estate Portfolio, Initial Class (Global RE) - |  |
| 1,249.201 shares at $12.69 per share (cost $15,942) | 15852 |
| MFS(R) Growth Allocation Portfolio, Initial Class (Growth) - |  |
| 0.000 shares at $10.64 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| MFS(R) Mid Cap Value Portfolio, Initial Class (Mid Cap Value) - |  |
| 1,772.469 shares at $10.11 per share (cost $17,866) | 17920 |
| MFS(R) Moderate Allocation Portfolio, Initial Class (Moderate All) - |  |
| 0.000 shares at $11.30 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Calvert Variable Trust, Inc. (Summit):</u> |  |
| CVT EAFE International Index Portfolio, Class I (EAFE Intl.) - |  |
| 9,778.129 shares at $122.51 per share (cost $897,788) | 1197919 |
| CVT S&P MidCap 400 Index Portfolio, Class I (S&P MidCap) - |  |
| 1,572.065 shares at $127.43 per share (cost $151,176) | 200328 |
| CVT S&P 500 Index Portfolio (S&P 500) - |  |
| 20,036.759 shares at $213.87 per share (cost $3,533,232) | 4285262 |
| CVT Russell 2000 Small Cap Index Portfolio, Class I (Russell Small Cap) - |  |
| 14,461.455 shares at $90.62 per share (cost $1,216,162) | 1310497 |
| CVT Volatility Managed Moderate Portfolio, Class F (Moderate) - |  |
| 7,942.867 shares at $17.22 per share (cost $139,562) | 136776 |
| CVT Volatility Managed Moderate Growth Portfolio, Class F (Mod. Growth) - |  |
| 17,969.248 shares at $19.46 per share (cost $343,545) | 349682 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVL** | **SEPARATE ACCOUNT LLVL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Calvert Variable Trust, Inc. (Summit), continued:</u> |  |
| CVT Volatility Managed Growth Portfolio, Class F (Growth) - |  |
| 15,862.181 shares at $19.49 per share (cost $330,684) | $309154 |
| CVT Nasdaq 100 Index Portfolio, Class I (Nasdaq-100 Index) - |  |
| 111.484 shares at $197.98 per share (cost $18,694) | 22072 |
| <u>T. Rowe Price Equity Series, Inc. (T. Rowe):</u> |  |
| T. Rowe Price Blue Chip Growth Portfolio (Blue Chip) - |  |
| 132,488.247 shares at $65.33 per share (cost $5,980,638) | 8655457 |
| <u>Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley):</u> |  |
| Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I (Emerging Markets) - |  |
| 92,411.111 shares at $17.57 per share (cost $1,337,165) | 1623663 |
| <u>PIMCO Variable Insurance Trust (Pimco):</u> |  |
| PIMCO CommodityRealReturn(R) Strategy Portfolio, Administrative Class (Commodity) - |  |
| 126,309.801 shares at $6.29 per share (cost $783,201) | 794489 |
| PIMCO Total Return Portfolio, Administrative Class (Total Return) - |  |
| 85,941.126 shares at $9.45 per share (cost $833,013) | 812144 |
| PIMCO Low Duration Portfolio, Administrative Class (Low Duration) - |  |
| 1,529.731 shares at $9.78 per share (cost $15,093) | 14961 |
| PIMCO CommodityRealReturn(R) Strategy Portfolio, Institutional Class (Commodity Inst) - |  |
| 5,006.463 shares at $6.26 per share (cost $28,738) | 31340 |
| PIMCO Real Return Portfolio, Institutional Class (Real Return) - |  |
| 2,418.698 shares at $12.01 per share (cost $28,952) | 29049 |
| PIMCO Short-Term Portfolio, Institutional Class (Short Term) - |  |
| 0.000 shares at $10.33 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>DFA Investment Dimensions Group Inc. (DFA):</u> |  |
| VA Global Bond Portfolio (Bond) - |  |
| 16,037.422 shares at $9.75 per share (cost $161,525) | 156365 |
| VA International Small Portfolio (Small) - |  |
| 65,158.849 shares at $14.78 per share (cost $878,042) | 963048 |
| VA International Value Portfolio (Value) - |  |
| 95,841.220 shares at $18.53 per share (cost $1,459,792) | 1775938 |
| VA Short-Term Fixed Portfolio (Fixed) - |  |
| 161,120.923 shares at $10.07 per share (cost $1,645,789) | 1622488 |
| VA U.S. Large Value Portfolio (Large) - |  |
| 24,713.916 shares at $34.91 per share (cost $758,690) | 862763 |
| VA U.S. Targeted Value Portfolio (Targeted) - |  |
| 36,359.161 shares at $22.28 per share (cost $804,288) | 810082 |
| VA Global Moderate Allocation Portfolio (Global) - |  |
| 9,596.905 shares at $18.12 per share (cost $153,663) | 173896 |
| VA Equity Allocation Portfolio (Equity) - |  |
| 97,685.399 shares at $18.44 per share (cost $1,627,201) | 1801319 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVL** | **SEPARATE ACCOUNT LLVL** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Columbia Funds Variable Series Trust II (Columbia)</u> |  |
| Columbia Variable Portfolio - Small Cap Value Fund Portfolio, Class 1 (Small) - |  |
| 6,662.648 shares at $12.65 per share (cost $81,130) | $84283 |
| <u>Putnam Variable Trust (Putnam)</u> |  |
| Putnam VT International Value Fund Portfolio, Class IA (International) - |  |
| 2,711.473 shares at $16.12 per share (cost $41,309) | 43709 |
| **NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS** | $308030983 |

---

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

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Calvert** | **Calvert** |
|  | **Balanced** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $9693 |  |
| Mortality and expense risk charge | (6553) |  |
| **Net investment income(loss)** | 3140 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 31797 |  |
| Net realized gain(loss) on sale of fund shares | 191709 |  |
| **Net realized gain(loss)** | 223506 |  |
| **Change in unrealized appreciation/depreciation** | (121635) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $105011 |  |
|  | **Balanced** | **Balanced** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $3140 | $14046 |
| Net realized gain(loss) | 223506 | 35588 |
| Net change in unrealized appreciation/depreciation | (121635) | 155536 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 105011 | 205170 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 44627 | 50505 |
| Subaccounts transfers (including fixed account), net | (847183) | 46474 |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (16512) |
| Policyowner maintenance charges | (17482) | (17151) |
| **Net increase(decrease) from policyowner transactions** | (820038) | 63316 |
| **Total increase(decrease) in net assets** | (715027) | 268486 |
| **Net assets at beginning of period** | 1344500 | 1076014 |
| **Net assets at end of period** | $629473 | $1344500 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Calvert** | **Calvert** | **Scudder** | **Scudder** | **Scudder** | **Scudder** |
| **Mid Cap** |  | **Equity 500** |  | **Small Cap** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $318 |  | $2974 |  | $7407 |  |
| (473) |  | (839) |  | (2903) |  |
| (155) |  | 2135 |  | 4504 |  |
| 5078 |  | 24602 |  | 31631 |  |
| (62) |  | 1630 |  | (3370) |  |
| 5016 |  | 26232 |  | 28261 |  |
| (4065) |  | 17398 |  | 31250 |  |
| $796 |  | $45765 |  | $64015 |  |
| **Mid Cap** | **Mid Cap** | **Equity 500** | **Equity 500** | **Small Cap** | **Small Cap** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(155) | $(393) | $2135 | $4307 | $4504 | $2695 |
| 5016 | 231 | 26232 | 114110 | 28261 | 822 |
| (4065) | 7993 | 17398 | (28287) | 31250 | 47690 |
| 796 | 7831 | 45765 | 90130 | 64015 | 51207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 2910 | 4074 | 12296 | 15615 |
| (8) | (752) | 1197 | (228048) | (593) | (6455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (3419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (5479) | (1417) |
| (2557) | (2586) | (3720) | (3824) | (12636) | (14207) |
| (2565) | (6757) | 387 | (227798) | (6412) | (6464) |
| (1769) | 1074 | 46152 | (137668) | 57603 | 44743 |
| 87931 | 86857 | 266177 | 403845 | 555815 | 511072 |
| $86162 | $87931 | $312329 | $266177 | $613418 | $555815 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Scudder** | **Scudder** |
|  | **Mid Value** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $4656 |  |
| Mortality and expense risk charge | (2726) |  |
| **Net investment income(loss)** | 1930 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 52590 |  |
| Net realized gain(loss) on sale of fund shares | (1336) |  |
| **Net realized gain(loss)** | 51254 |  |
| **Change in unrealized appreciation/depreciation** | 31784 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $84968 |  |
|  | **Mid Value** | **Mid Value** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1930 | $2538 |
| Net realized gain(loss) | 51254 | 22402 |
| Net change in unrealized appreciation/depreciation | 31784 | (3051) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 84968 | 21889 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 42009 | 53107 |
| Subaccounts transfers (including fixed account), net | (14890) | (34397) |
| Transfers for policyowner benefits and terminations | (8854) | (3510) |
| Policyowner maintenance charges | (13967) | (13868) |
| **Net increase(decrease) from policyowner transactions** | 4298 | 1332 |
| **Total increase(decrease) in net assets** | 89266 | 23221 |
| **Net assets at beginning of period** | 436829 | 413608 |
| **Net assets at end of period** | $526095 | $436829 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scudder** | **Scudder** | **Scudder** | **Scudder** | **Scudder** | **Scudder** |
| **Global** |  | **Alt Asset** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $3007 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $468 |  |
| (1488) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (4376) |  |
| 1519 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (3908) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 109076 |  |
| 5474 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 10643 |  |
| 5474 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 119719 |  |
| 45803 |  | 4 |  | (6608) |  |
| $52796 |  | $4 |  | $109203 |  |
| **Global** | **Global** | **Alt Asset** | **Alt Asset** | **Growth** | **Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1519 | $687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(3908) | $(2796) |
| 5474 | 1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 119719 | 56999 |
| 45803 | (703) | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (6608) | 114838 |
| 52796 | 1271 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 109203 | 169041 |
| 5289 | 7848 | 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 13253 | 18813 |
| (19044) | 174630 | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (27218) | 134898 |
| (1668) | (3885) | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (5325) | (2241) |
| (11297) | (11245) | (65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (24926) | (25275) |
| (26720) | 167348 | 266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (44216) | 126195 |
| 26076 | 168619 | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 64987 | 295236 |
| 291289 | 122670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 905296 | 610060 |
| $317365 | $291289 | $270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $970283 | $905296 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Contrafund IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $11812 |  |
| Mortality and expense risk charge | (52982) |  |
| **Net investment income(loss)** | (41170) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1336105 |  |
| Net realized gain(loss) on sale of fund shares | 146875 |  |
| **Net realized gain(loss)** | 1482980 |  |
| **Change in unrealized appreciation/depreciation** | 79768 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1521578 |  |
|  | **Contrafund IC** | **Contrafund IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(41170) | $(31140) |
| Net realized gain(loss) | 1482980 | 984877 |
| Net change in unrealized appreciation/depreciation | 79768 | 799572 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1521578 | 1753309 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 126564 | 132171 |
| Subaccounts transfers (including fixed account), net | 111159 | 571656 |
| Transfers for policyowner benefits and terminations | (81164) | (164709) |
| Policyowner maintenance charges | (144664) | (135547) |
| **Net increase(decrease) from policyowner transactions** | 11895 | 403571 |
| **Total increase(decrease) in net assets** | 1533473 | 2156880 |
| **Net assets at beginning of period** | 7488855 | 5331975 |
| **Net assets at end of period** | $9022328 | $7488855 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **High Income** |  | **Inv. Grade** |  |
| **Contrafund SC** |  | **SC** |  | **Bond IC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $623 |  | $4353 |  | $49536 |  |
| (7122) |  | (203) |  | (7264) |  |
| (6499) |  | 4150 |  | 42272 |  |
| 250003 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 707760 |  | (935) |  | (6444) |  |
| 957763 |  | (935) |  | (6444) |  |
| (459712) |  | 3308 |  | 56286 |  |
| $491552 |  | $6523 |  | $92114 |  |
| **Contrafund SC** | **Contrafund SC** | **High Income SC** | **High Income SC** | **Inv. Grade Bond IC** | **Inv. Grade Bond IC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(6499) | $(5277) | $4150 | $4004 | $42272 | $39359 |
| 957763 | 322411 | (935) | (505) | (6444) | (64753) |
| (459712) | 371721 | 3308 | 2469 | 56286 | 25529 |
| 491552 | 688855 | 6523 | 5968 | 92114 | 135 |
| 63268 | 59710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 33815 | 45207 |
| (2001530) | (9456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (46994) | (38908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (9795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (14130) | (188236) |
| (18947) | (15801) | (1717) | (5245) | (23026) | (22049) |
| (1957209) | 34453 | (11512) | (5245) | (50335) | (203986) |
| (1465657) | 723308 | (4989) | 723 | 41779 | (203851) |
| 2786037 | 2062729 | 74762 | 74039 | 1401063 | 1604914 |
| $1320380 | $2786037 | $69773 | $74762 | $1442842 | $1401063 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Mid Cap SC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $10348 |  |
| Mortality and expense risk charge | (15950) |  |
| **Net investment income(loss)** | (5602) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 327001 |  |
| Net realized gain(loss) on sale of fund shares | 23662 |  |
| **Net realized gain(loss)** | 350663 |  |
| **Change in unrealized appreciation/depreciation** | (37387) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $307674 |  |
|  | **Mid Cap SC** | **Mid Cap SC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(5602) | $(2544) |
| Net realized gain(loss) | 350663 | 401952 |
| Net change in unrealized appreciation/depreciation | (37387) | 29470 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 307674 | 428878 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 53025 | 52959 |
| Subaccounts transfers (including fixed account), net | (233906) | 1169 |
| Transfers for policyowner benefits and terminations | (18410) | (166919) |
| Policyowner maintenance charges | (75491) | (72613) |
| **Net increase(decrease) from policyowner transactions** | (274782) | (185404) |
| **Total increase(decrease) in net assets** | 32892 | 243474 |
| **Net assets at beginning of period** | 2959076 | 2715602 |
| **Net assets at end of period** | $2991968 | $2959076 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Overseas IC** |  | **Strategic IC** |  | **Equity Inc. IC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $17425 |  | $43810 |  | $13359 |  |
| (5940) |  | (5578) |  | (2855) |  |
| 11485 |  | 38232 |  | 10504 |  |
| 96260 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 38939 |  |
| 11032 |  | (3829) |  | 9017 |  |
| 107292 |  | (3829) |  | 47956 |  |
| 56728 |  | 53654 |  | 40520 |  |
| $175505 |  | $88057 |  | $98980 |  |
| **Overseas IC** | **Overseas IC** | **Strategic IC** | **Strategic IC** | **Equity Inc. IC** | **Equity Inc. IC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $11485 | $8495 | $38232 | $34352 | $10504 | $4750 |
| 107292 | 56594 | (3829) | (3352) | 47956 | 28315 |
| 56728 | (29309) | 53654 | 25194 | 40520 | 19337 |
| 175505 | 35780 | 88057 | 56194 | 98980 | 52402 |
| 36275 | 35567 | 19378 | 32395 | 13731 | 12051 |
| 135363 | (8602) | (76687) | 137620 | 303805 | (24537) |
| (8108) | (33987) | (9190) | (42875) | (3149) | (5553) |
| (32166) | (28293) | (17839) | (18731) | (27536) | (23298) |
| 131364 | (35315) | (84338) | 108409 | 286851 | (41337) |
| 306869 | 465 | 3719 | 164603 | 385831 | 11065 |
| 822933 | 822468 | 1179650 | 1015047 | 394605 | 383540 |
| $1129802 | $822933 | $1183369 | $1179650 | $780436 | $394605 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **High Income** |  |
|  | **IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $4024 |  |
| Mortality and expense risk charge | (405) |  |
| **Net investment income(loss)** | 3619 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 1852 |  |
| **Net realized gain(loss)** | 1852 |  |
| **Change in unrealized appreciation/depreciation** | 914 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $6385 |  |
|  | **High Income IC** | **High Income IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $3619 | $3467 |
| Net realized gain(loss) | 1852 | 325 |
| Net change in unrealized appreciation/depreciation | 914 | 729 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 6385 | 4521 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 2898 | 3405 |
| Subaccounts transfers (including fixed account), net | (6687) | 15907 |
| Transfers for policyowner benefits and terminations | (1050) | (2637) |
| Policyowner maintenance charges | (3848) | (3178) |
| **Net increase(decrease) from policyowner transactions** | (8687) | 13497 |
| **Total increase(decrease) in net assets** | (2302) | 18018 |
| **Net assets at beginning of period** | 65381 | 47363 |
| **Net assets at end of period** | $63079 | $65381 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  |  |  |  | **Emerging** |  |
| **Mid Cap IC** |  | **Money Market** |  | **Markets** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $3091 |  | $379082 |  | $1142 |  |
| (3982) |  | (46174) |  | (135) |  |
| (891) |  | 332908 |  | 1007 |  |
| 80027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 440 |  |
| (12007) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 68 |  |
| 68020 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 508 |  |
| 9238 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 7009 |  |
| $76367 |  | $332908 |  | $8524 |  |
| **Mid Cap IC** | **Mid Cap IC** | **Money Market** | **Money Market** | **Emerging Markets** | **Emerging Markets** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(891) | $400 | $332908 | $410751 | $1007 | $42 |
| 68020 | 85379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 508 | 1 |
| 9238 | (31780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 7009 | (142) |
| 76367 | 53999 | 332908 | 410751 | 8524 | (99) |
| 39956 | 27402 | 1846357 | 3483242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 3598 |
| (102167) | 260073 | 3850620 | (3755218) | 50436 | 7344 |
| (2150) | (3312) | (4851584) | (863471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (12720) | (9195) | (379489) | (389311) | (1292) | (64) |
| (77081) | 274968 | 465904 | (1524758) | 49144 | 10878 |
| (714) | 328967 | 798812 | (1114007) | 57668 | 10779 |
| 692936 | 363969 | 8246654 | 9360661 | 10779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $692222 | $692936 | $9045466 | $8246654 | $68447 | $10779 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Growth** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $49 |  |
| Mortality and expense risk charge | (55) |  |
| **Net investment income(loss)** | (6) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1989 |  |
| Net realized gain(loss) on sale of fund shares | 14 |  |
| **Net realized gain(loss)** | 2003 |  |
| **Change in unrealized appreciation/depreciation** | 1092 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $3089 |  |
|  | **Growth** | **Growth** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net realized gain(loss) | 2003 | 50 |
| Net change in unrealized appreciation/depreciation | 1092 | (47) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 3089 | 3 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | 12930 | 278 |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (358) | (32) |
| **Net increase(decrease) from policyowner transactions** | 14637 | 246 |
| **Total increase(decrease) in net assets** | 17726 | 249 |
| **Net assets at beginning of period** | 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $17975 | $249 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **AIM** | **AIM** |
| **International** |  | **Tech** |  | **Dividend** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $3 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $4807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (3) |  | (1567) |  |
| 3 |  | (3) |  | 3240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 37 |  | 22982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 4 |  | 4126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 41 |  | 27108 |  |
| (1) |  | 145 |  | 11579 |  |
| $2 |  | $183 |  | $41927 |  |
| **International** | **International** | **Tech** | **Tech** | **Dividend** | **Dividend** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3240 | $3883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 41 | 3 | 27108 | 17445 |
| (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 145 | 5 | 11579 | 16197 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 183 | 8 | 41927 | 37525 |
| 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6159 | 5919 |
| 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 32 | 185 | (16874) | (27397) |
| (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (9268) | (8441) |
| (107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (190) | (22) | (10530) | (14087) |
| 444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 870 | 163 | (30513) | (44006) |
| 446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1053 | 171 | 11414 | (6481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 292427 | 298908 |
| $446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1224 | $171 | $303841 | $292427 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **AIM** | **AIM** |
|  | **Health** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (3226) |  |
| **Net investment income(loss)** | (3226) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 31440 |  |
| Net realized gain(loss) on sale of fund shares | 263 |  |
| **Net realized gain(loss)** | 31703 |  |
| **Change in unrealized appreciation/depreciation** | 77598 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $106075 |  |
|  | **Health** | **Health** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(3226) | $(4418) |
| Net realized gain(loss) | 31703 | 17284 |
| Net change in unrealized appreciation/depreciation | 77598 | 42684 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 106075 | 55550 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 12073 | 12463 |
| Subaccounts transfers (including fixed account), net | (2818) | (201577) |
| Transfers for policyowner benefits and terminations | (17335) | (34563) |
| Policyowner maintenance charges | (26210) | (28494) |
| **Net increase(decrease) from policyowner transactions** | (34290) | (252171) |
| **Total increase(decrease) in net assets** | 71785 | (196621) |
| **Net assets at beginning of period** | 748004 | 944625 |
| **Net assets at end of period** | $819789 | $748004 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AIM** | **AIM** | **AIM** | **AIM** | **AIM** | **AIM** |
| **Technology** |  | **Intl. Growth** |  | **Franchise** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $5854 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (8643) |  | (2325) |  | (419) |  |
| (8643) |  | 3529 |  | (419) |  |
| 206434 |  | 25984 |  | 8152 |  |
| 98654 |  | 1179 |  | 2128 |  |
| 305088 |  | 27163 |  | 10280 |  |
| 50511 |  | 29205 |  | (3914) |  |
| $346956 |  | $59897 |  | $5947 |  |
| **Technology** | **Technology** | **Intl. Growth** | **Intl. Growth** | **Franchise** | **Franchise** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(8643) | $(8382) | $3529 | $4349 | $(419) | $(347) |
| 305088 | 115393 | 27163 | 2343 | 10280 | 3216 |
| 50511 | 388519 | 29205 | (8381) | (3914) | 11196 |
| 346956 | 495530 | 59897 | (1689) | 5947 | 14065 |
| 37026 | 47743 | 13906 | 18539 | 7218 | 10286 |
| 87369 | 120932 | (3235) | 35269 | 30472 | 4106 |
| (388022) | (304847) | (2959) | (8946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (41133) | (53797) | (9447) | (12055) | (8832) | (8867) |
| (304760) | (189969) | (1735) | 32807 | 28858 | 5525 |
| 42196 | 305561 | 58162 | 31118 | 34805 | 19590 |
| 1925371 | 1619810 | 372011 | 340893 | 55604 | 36014 |
| $1967567 | $1925371 | $430173 | $372011 | $90409 | $55604 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **AIM** | **AIM** |
|  | **Mid Cap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (23) |  |
| **Net investment income(loss)** | (23) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 416 |  |
| Net realized gain(loss) on sale of fund shares | 180 |  |
| **Net realized gain(loss)** | 596 |  |
| **Change in unrealized appreciation/depreciation** | (227) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $346 |  |
|  | **Mid Cap** | **Mid Cap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(23) | $(8) |
| Net realized gain(loss) | 596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net change in unrealized appreciation/depreciation | (227) | 228 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 346 | 220 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 1275 | 3187 |
| Subaccounts transfers (including fixed account), net | (4985) | 376 |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (191) | (166) |
| **Net increase(decrease) from policyowner transactions** | (3901) | 3397 |
| **Total increase(decrease) in net assets** | (3555) | 3617 |
| **Net assets at beginning of period** | 3617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $62 | $3617 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AIM** | **AIM** | **AIM** | **AIM** | **Janus** | **Janus** |
| **Bond** |  | **Small Cap** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $856 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (940) |  | (346) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (84) |  | (346) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 19206 |  | 5845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (273) |  | 995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 18933 |  | 6840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (3785) |  | 6380 |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $15064 |  | $12874 |  |
| **Bond** | **Bond** | **Small Cap** | **Small Cap** | **Growth** | **Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(84) | $(134) | $(346) | $(280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 18933 | (39) | 6840 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (3785) | (13535) | 6380 | 16321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 15064 | (13708) | 12874 | 19185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 26 | 201078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1514) | (374) | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1444) | (254) | (1614) | (1575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (2736) | 200450 | (1616) | (2430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 12328 | 186742 | 11258 | 16755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 186742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 73144 | 56389 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $199070 | $186742 | $84402 | $73144 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Neuberger Berman** | **Neuberger Berman** |
|  | **Bond** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $16769 |  |
| Mortality and expense risk charge | (1765) |  |
| **Net investment income(loss)** | 15004 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (3062) |  |
| **Net realized gain(loss)** | (3062) |  |
| **Change in unrealized appreciation/depreciation** | 3478 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $15420 |  |
|  | **Bond** | **Bond** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $15004 | $25509 |
| Net realized gain(loss) | (3062) | (22253) |
| Net change in unrealized appreciation/depreciation | 3478 | 24592 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 15420 | 27848 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 11176 | 14466 |
| Subaccounts transfers (including fixed account), net | 7286 | (45451) |
| Transfers for policyowner benefits and terminations | (13010) | (206979) |
| Policyowner maintenance charges | (25637) | (30861) |
| **Net increase(decrease) from policyowner transactions** | (20185) | (268825) |
| **Total increase(decrease) in net assets** | (4765) | (240977) |
| **Net assets at beginning of period** | 318626 | 559603 |
| **Net assets at end of period** | $313861 | $318626 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** |
| **Mid-Cap** |  | **Equity** |  | **Regency** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $85 |  |
| (12864) |  | (16842) |  | (78) |  |
| (12864) |  | (16842) |  | 7 |  |
| 356374 |  | 206166 |  | 2005 |  |
| 51626 |  | 58770 |  | (136) |  |
| 408000 |  | 264936 |  | 1869 |  |
| (254011) |  | 179586 |  | 129 |  |
| $141125 |  | $427680 |  | $2005 |  |
| **Mid-Cap** | **Mid-Cap** | **Equity** | **Equity** | **Regency** | **Regency** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(12864) | $(12257) | $(16842) | $(8712) | $7 | $(98) |
| 408000 | 167862 | 264936 | 332389 | 1869 | (3388) |
| (254011) | 384481 | 179586 | 381464 | 129 | 6648 |
| 141125 | 540086 | 427680 | 705141 | 2005 | 3162 |
| 52095 | 47258 | 106362 | 72245 | 955 | 1707 |
| (75372) | (20751) | (63752) | 683852 | 1741 | (7168) |
| (126183) | (78833) | (30987) | (1022148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (28541) |
| (97125) | (93414) | (103745) | (101296) | (810) | (2469) |
| (246585) | (145740) | (92122) | (367347) | 1886 | (36471) |
| (105460) | 394346 | 335558 | 337794 | 3891 | (33309) |
| 2779631 | 2385285 | 3319625 | 2981831 | 15478 | 48787 |
| $2674171 | $2779631 | $3655183 | $3319625 | $19369 | $15478 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Rydex** | **Rydex** |
|  | **Nova** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (3651) |  |
| **Net investment income(loss)** | (3651) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 17904 |  |
| **Net realized gain(loss)** | 17904 |  |
| **Change in unrealized appreciation/depreciation** | 128753 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $143006 |  |
|  | **Nova** | **Nova** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(3651) | $(3769) |
| Net realized gain(loss) | 17904 | 19143 |
| Net change in unrealized appreciation/depreciation | 128753 | 161749 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 143006 | 177123 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 25866 | 24020 |
| Subaccounts transfers (including fixed account), net | (3895) | 13306 |
| Transfers for policyowner benefits and terminations | (73) | (1030) |
| Policyowner maintenance charges | (51088) | (48608) |
| **Net increase(decrease) from policyowner transactions** | (29190) | (12312) |
| **Total increase(decrease) in net assets** | 113816 | 164811 |
| **Net assets at beginning of period** | 726348 | 561537 |
| **Net assets at end of period** | $840164 | $726348 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rydex** | **Rydex** | **Rydex** | **Rydex** | **Rydex** | **Rydex** |
|  |  | **Precious** |  |  |  |
| **NASDAQ** |  | **Metals** |  | **Inv. S&P 500** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $748 |  | $90829 |  | $5202 |  |
| (11705) |  | (21609) |  | (614) |  |
| (10957) |  | 69220 |  | 4588 |  |
| 136058 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 383752 |  | 316781 |  | (4272) |  |
| 519810 |  | 316781 |  | (4272) |  |
| (67357) |  | 2871903 |  | (11052) |  |
| $441496 |  | $3257904 |  | $(10736) |  |
| **NASDAQ** | **NASDAQ** | **Precious Metals** | **Precious Metals** | **Inv. S&P 500** | **Inv. S&P 500** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(10957) | $(6272) | $69220 | $10578 | $4588 | $3017 |
| 519810 | 387982 | 316781 | 19117 | (4272) | (3582) |
| (67357) | 124488 | 2871903 | 37516 | (11052) | (3994) |
| 441496 | 506198 | 3257904 | 67211 | (10736) | (4559) |
| 37002 | 34312 | 66637 | 65849 | 6359 | 13528 |
| (35107) | (325467) | 1403634 | 231259 | 374313 | (258) |
| (49215) | (1082) | (28391) | (53379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (57828) | (53918) | (64548) | (53717) | (5178) | (8050) |
| (105148) | (346155) | 1377332 | 190012 | 375494 | 5220 |
| 336348 | 160043 | 4635236 | 257223 | 364758 | 661 |
| 2289590 | 2129547 | 1318276 | 1061053 | 28554 | 27893 |
| $2625938 | $2289590 | $5953512 | $1318276 | $393312 | $28554 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Rydex** | **Rydex** |
|  | **Gov. Long** |  |
|  | **Bond** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1467 |  |
| Mortality and expense risk charge | (261) |  |
| **Net investment income(loss)** | 1206 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (3193) |  |
| **Net realized gain(loss)** | (3193) |  |
| **Change in unrealized appreciation/depreciation** | 2010 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $23 |  |
|  | **Gov. Long Bond** | **Gov. Long Bond** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1206 | $1971 |
| Net realized gain(loss) | (3193) | (8069) |
| Net change in unrealized appreciation/depreciation | 2010 | (1198) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 23 | (7296) |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 9360 | 9901 |
| Subaccounts transfers (including fixed account), net | 267 | 2941 |
| Transfers for policyowner benefits and terminations | (2118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (10028) | (9841) |
| **Net increase(decrease) from policyowner transactions** | (2519) | 3001 |
| **Total increase(decrease) in net assets** | (2496) | (4295) |
| **Net assets at beginning of period** | 44346 | 48641 |
| **Net assets at end of period** | $41850 | $44346 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Third Avenue** | **Third Avenue** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
| **Value** |  | **Equity Index** |  | **Total Bond** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $76932 |  | $562003 |  | $301464 |  |
| (12747) |  | (248884) |  | (46296) |  |
| 64185 |  | 313119 |  | 255168 |  |
| 249741 |  | 1082879 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 42690 |  | 4052914 |  | (45590) |  |
| 292431 |  | 5135793 |  | (45590) |  |
| 661115 |  | 2848518 |  | 341673 |  |
| $1017731 |  | $8297430 |  | $551251 |  |
| **Value** | **Value** | **Equity Index** | **Equity Index** | **Total Bond** | **Total Bond** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $64185 | $68166 | $313119 | $389137 | $255168 | $163238 |
| 292431 | 388470 | 5135793 | 3458389 | (45590) | (62453) |
| 661115 | (538933) | 2848518 | 6735097 | 341673 | (69669) |
| 1017731 | (82297) | 8297430 | 10582623 | 551251 | 31116 |
| 117632 | 31723 | 821137 | 782918 | 318491 | 304712 |
| 124592 | (51674) | (6019655) | 1033968 | 671998 | 2034328 |
| (43837) | (113691) | (1087142) | (1736566) | (195816) | (1013651) |
| (68701) | (71094) | (791549) | (778866) | (158319) | (158152) |
| 129686 | (204736) | (7077209) | (698546) | 636354 | 1167237 |
| 1147417 | (287033) | 1220221 | 9884077 | 1187605 | 1198353 |
| 2987538 | 3274571 | 53550487 | 43666410 | 8464323 | 7265970 |
| $4134955 | $2987538 | $54770708 | $53550487 | $9651928 | $8464323 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **REIT Index** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $176960 |  |
| Mortality and expense risk charge | (33805) |  |
| **Net investment income(loss)** | 143155 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 113308 |  |
| Net realized gain(loss) on sale of fund shares | (34776) |  |
| **Net realized gain(loss)** | 78532 |  |
| **Change in unrealized appreciation/depreciation** | (46672) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $175015 |  |
|  | **REIT Index** | **REIT Index** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $143155 | $160989 |
| Net realized gain(loss) | 78532 | 126331 |
| Net change in unrealized appreciation/depreciation | (46672) | (41356) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 175015 | 245964 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 187922 | 183067 |
| Subaccounts transfers (including fixed account), net | (287399) | 41514 |
| Transfers for policyowner benefits and terminations | (37200) | (128077) |
| Policyowner maintenance charges | (123238) | (126112) |
| **Net increase(decrease) from policyowner transactions** | (259915) | (29608) |
| **Total increase(decrease) in net assets** | (84900) | 216356 |
| **Net assets at beginning of period** | 6412615 | 6196259 |
| **Net assets at end of period** | $6327715 | $6412615 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  |  | **Stock Market** |  |  |  |
| **Mid-Cap** |  | **Index** |  | **Conservative** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $125350 |  | $326145 |  | $12253 |  |
| (55262) |  | (153917) |  | (2875) |  |
| 70088 |  | 172228 |  | 9378 |  |
| 499380 |  | 1522521 |  | 14354 |  |
| 224320 |  | 479795 |  | 321 |  |
| 723700 |  | 2002316 |  | 14675 |  |
| 252644 |  | 2259126 |  | 32247 |  |
| $1046432 |  | $4433670 |  | $56300 |  |
| **Mid-Cap** | **Mid-Cap** | **Stock Market Index** | **Stock Market Index** | **Conservative** | **Conservative** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $70088 | $81282 | $172228 | $170605 | $9378 | $7097 |
| 723700 | 230735 | 2002316 | 2633670 | 14675 | 8975 |
| 252644 | 985091 | 2259126 | 2375209 | 32247 | 3837 |
| 1046432 | 1297108 | 4433670 | 5179484 | 56300 | 19909 |
| 249796 | 245854 | 766126 | 888196 | 29349 | 22218 |
| (575748) | (80265) | (772107) | (492087) | 146201 | 91189 |
| (149684) | (365454) | (340745) | (1283770) | (464) | (412) |
| (206785) | (226299) | (295320) | (329499) | (14664) | (8689) |
| (682421) | (426164) | (642046) | (1217160) | 160422 | 104306 |
| 364011 | 870944 | 3791624 | 3962324 | 216722 | 124215 |
| 10235003 | 9364059 | 27202896 | 23240572 | 439621 | 315406 |
| $10599014 | $10235003 | $30994520 | $27202896 | $656343 | $439621 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **Moderate** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $39506 |  |
| Mortality and expense risk charge | (10347) |  |
| **Net investment income(loss)** | 29159 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 66366 |  |
| Net realized gain(loss) on sale of fund shares | 1660 |  |
| **Net realized gain(loss)** | 68026 |  |
| **Change in unrealized appreciation/depreciation** | 141173 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $238358 |  |
|  | **Moderate** | **Moderate** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $29159 | $20087 |
| Net realized gain(loss) | 68026 | 24403 |
| Net change in unrealized appreciation/depreciation | 141173 | 75865 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 238358 | 120355 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 16269 | 45939 |
| Subaccounts transfers (including fixed account), net | 19335 | 236104 |
| Transfers for policyowner benefits and terminations | (512) | (17090) |
| Policyowner maintenance charges | (27241) | (26995) |
| **Net increase(decrease) from policyowner transactions** | 7851 | 237958 |
| **Total increase(decrease) in net assets** | 246209 | 358313 |
| **Net assets at beginning of period** | 1549161 | 1190848 |
| **Net assets at end of period** | $1795370 | $1549161 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  |  | **Equity** |  |  |  |
| **Short-Term** |  | **Income** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $103957 |  | $299166 |  | $56460 |  |
| (15273) |  | (59760) |  | (136059) |  |
| 88684 |  | 239406 |  | (79599) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 909398 |  | 1528027 |  |
| 5580 |  | 103136 |  | 939632 |  |
| 5580 |  | 1012534 |  | 2467659 |  |
| 63296 |  | 636309 |  | 1830933 |  |
| $157560 |  | $1888249 |  | $4218993 |  |
| **Short-Term** | **Short-Term** | **Equity Income** | **Equity Income** | **Growth** | **Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $88684 | $76656 | $239406 | $263830 | $(79599) | $(54167) |
| 5580 | (15964) | 1012534 | 769768 | 2467659 | 612654 |
| 63296 | 43193 | 636309 | 456221 | 1830933 | 6078998 |
| 157560 | 103885 | 1888249 | 1489819 | 4218993 | 6637485 |
| 41471 | 36385 | 248177 | 239770 | 475606 | 466096 |
| 224297 | 29033 | 395531 | (255272) | (454872) | 439352 |
| (86076) | (52331) | (376390) | (273838) | (332905) | (1738165) |
| (35990) | (38274) | (340255) | (293932) | (535412) | (473565) |
| 143702 | (25187) | (72937) | (583272) | (847583) | (1306282) |
| 301262 | 78698 | 1815312 | 906547 | 3371410 | 5331203 |
| 2481235 | 2402537 | 11598030 | 10691483 | 26246352 | 20915149 |
| $2782497 | $2481235 | $13413342 | $11598030 | $29617762 | $26246352 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **Balanced** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $184903 |  |
| Mortality and expense risk charge | (46699) |  |
| **Net investment income(loss)** | 138204 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 791995 |  |
| Net realized gain(loss) on sale of fund shares | 79837 |  |
| **Net realized gain(loss)** | 871832 |  |
| **Change in unrealized appreciation/depreciation** | 305115 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1315151 |  |
|  | **Balanced** | **Balanced** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $138204 | $146707 |
| Net realized gain(loss) | 871832 | 557476 |
| Net change in unrealized appreciation/depreciation | 305115 | 416768 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1315151 | 1120951 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 199358 | 192803 |
| Subaccounts transfers (including fixed account), net | (154230) | (27102) |
| Transfers for policyowner benefits and terminations | (300530) | (792598) |
| Policyowner maintenance charges | (301347) | (300213) |
| **Net increase(decrease) from policyowner transactions** | (556749) | (927110) |
| **Total increase(decrease) in net assets** | 758402 | 193841 |
| **Net assets at beginning of period** | 8653076 | 8459235 |
| **Net assets at end of period** | $9411478 | $8653076 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
| **High Yield** |  |  |  |  |  |
| **Bond** |  | **International** |  | **Diversified** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $172854 |  | $129228 |  | $61811 |  |
| (14553) |  | (76344) |  | (22667) |  |
| 158301 |  | 52884 |  | 39144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 870971 |  | 323210 |  |
| (64) |  | 148723 |  | 35044 |  |
| (64) |  | 1019694 |  | 358254 |  |
| 71268 |  | 1690400 |  | 230589 |  |
| $229505 |  | $2762978 |  | $627987 |  |
| **High Yield Bond** | **High Yield Bond** | **International** | **International** | **Diversified** | **Diversified** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $158301 | $119036 | $52884 | $101696 | $39144 | $43301 |
| (64) | (5763) | 1019694 | 561062 | 358254 | 305432 |
| 71268 | 31018 | 1690400 | 492064 | 230589 | 161628 |
| 229505 | 144291 | 2762978 | 1154822 | 627987 | 510361 |
| 137896 | 119525 | 355933 | 283864 | 150774 | 93539 |
| 146138 | 78816 | 178635 | (159377) | (73234) | (194585) |
| (50582) | (94283) | (164291) | (372734) | (40113) | (283164) |
| (69104) | (66366) | (262209) | (254677) | (84645) | (88906) |
| 164348 | 37692 | 108068 | (502924) | (47218) | (473116) |
| 393853 | 181983 | 2871046 | 651898 | 580769 | 37245 |
| 2605466 | 2423483 | 14503724 | 13851826 | 3866532 | 3829287 |
| $2999319 | $2605466 | $17374770 | $14503724 | $4447301 | $3866532 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **Small Company** |  |
|  | **Growth** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $73002 |  |
| Mortality and expense risk charge | (78663) |  |
| **Net investment income(loss)** | (5661) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1037798 |  |
| Net realized gain(loss) on sale of fund shares | (144867) |  |
| **Net realized gain(loss)** | 892931 |  |
| **Change in unrealized appreciation/depreciation** | (100772) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $786498 |  |
|  | **Small Company Growth** | **Small Company Growth** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(5661) | $4461 |
| Net realized gain(loss) | 892931 | (73730) |
| Net change in unrealized appreciation/depreciation | (100772) | 1706831 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 786498 | 1637562 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 290540 | 278481 |
| Subaccounts transfers (including fixed account), net | (1494785) | 313765 |
| Transfers for policyowner benefits and terminations | (223164) | (1133534) |
| Policyowner maintenance charges | (284648) | (309544) |
| **Net increase(decrease) from policyowner transactions** | (1712057) | (850832) |
| **Total increase(decrease) in net assets** | (925559) | 786730 |
| **Net assets at beginning of period** | 16475154 | 15688424 |
| **Net assets at end of period** | $15549595 | $16475154 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Allspring** | **Allspring** |
| **International** |  |  |  |  |  |
| **Stock** |  | **Global Bond** |  | **Discovery** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $84084 |  | $7792 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (21561) |  | (1871) |  | (1968) |  |
| 62523 |  | 5921 |  | (1968) |  |
| 51259 |  | 475 |  | 2495 |  |
| 37698 |  | (212) |  | (16382) |  |
| 88957 |  | 263 |  | (13887) |  |
| 718051 |  | 6395 |  | 31108 |  |
| $869531 |  | $12579 |  | $15253 |  |
| **International Stock** | **International Stock** | **Global Bond** | **Global Bond** | **Discovery** | **Discovery** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $62523 | $42172 | $5921 | $5524 | $(1968) | $(2406) |
| 88957 | 10886 | 263 | (935) | (13887) | (32020) |
| 718051 | 8411 | 6395 | (605) | 31108 | 103817 |
| 869531 | 61469 | 12579 | 3984 | 15253 | 69391 |
| 248967 | 190012 | 24818 | 22760 | 14939 | 15319 |
| 202052 | 588820 | 52720 | 12064 | (40432) | (85856) |
| (18066) | (26682) | (4074) | (5825) | (5636) | (1558) |
| (35375) | (24526) | (6941) | (6454) | (23975) | (24194) |
| 397578 | 727624 | 66523 | 22545 | (55104) | (96289) |
| 1267109 | 789093 | 79102 | 26529 | (39851) | (26898) |
| 2541132 | 1752039 | 246208 | 219679 | 401302 | 428200 |
| $3808241 | $2541132 | $325310 | $246208 | $361451 | $401302 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Allspring** | **Allspring** |
|  | **Opportunity** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $337 |  |
| Mortality and expense risk charge | (2638) |  |
| **Net investment income(loss)** | (2301) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 67922 |  |
| Net realized gain(loss) on sale of fund shares | 604 |  |
| **Net realized gain(loss)** | 68526 |  |
| **Change in unrealized appreciation/depreciation** | (25458) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $40767 |  |
|  | **Opportunity** | **Opportunity** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(2301) | $(2466) |
| Net realized gain(loss) | 68526 | 71376 |
| Net change in unrealized appreciation/depreciation | (25458) | 16261 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 40767 | 85171 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 7172 | 5954 |
| Subaccounts transfers (including fixed account), net | 21206 | (92763) |
| Transfers for policyowner benefits and terminations | (2725) | (345) |
| Policyowner maintenance charges | (17822) | (20228) |
| **Net increase(decrease) from policyowner transactions** | 7831 | (107382) |
| **Total increase(decrease) in net assets** | 48598 | (22211) |
| **Net assets at beginning of period** | 625836 | 648047 |
| **Net assets at end of period** | $674434 | $625836 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** |
| **Mid Cap II** |  | **International II** |  | **Inflation II** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $23703 |  | $221 |  | $17503 |  |
| (6623) |  | (109) |  | (1515) |  |
| 17080 |  | 112 |  | 15988 |  |
| 101913 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 3819 |  | 938 |  | 2246 |  |
| 105732 |  | 938 |  | 2246 |  |
| (23215) |  | 2308 |  | (4466) |  |
| $99597 |  | $3358 |  | $13768 |  |
| **Mid Cap II** | **Mid Cap II** | **International II** | **International II** | **Inflation II** | **Inflation II** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $17080 | $20765 | $112 | $68 | $15988 | $7840 |
| 105732 | 30803 | 938 | 432 | 2246 | 3443 |
| (23215) | 27848 | 2308 | (242) | (4466) | (934) |
| 99597 | 79416 | 3358 | 258 | 13768 | 10349 |
| 45887 | 26732 | 4995 | 3842 | 7821 | 19408 |
| (31883) | 1105898 | (7607) | 23135 | (61485) | 230337 |
| (2902) | (6420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (74) | (1677) | (405) |
| (23839) | (18566) | (5219) | (3889) | (1353) | (1454) |
| (12737) | 1107644 | (7831) | 23014 | (56694) | 247886 |
| 86860 | 1187060 | (4473) | 23272 | (42926) | 258235 |
| 1187060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 23272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 258235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $1273920 | $1187060 | $18799 | $23272 | $215309 | $258235 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **American Funds** | **American Funds** |
|  | **IS Growth-Inc** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1561 |  |
| Mortality and expense risk charge | (638) |  |
| **Net investment income(loss)** | 923 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 15703 |  |
| Net realized gain(loss) on sale of fund shares | 646 |  |
| **Net realized gain(loss)** | 16349 |  |
| **Change in unrealized appreciation/depreciation** | 91 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $17363 |  |
|  | **IS Growth-Inc** | **IS Growth-Inc** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $923 | $309 |
| Net realized gain(loss) | 16349 | 3248 |
| Net change in unrealized appreciation/depreciation | 91 | 5595 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 17363 | 9152 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 19278 | 5782 |
| Subaccounts transfers (including fixed account), net | 61604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | (53) | (15) |
| Policyowner maintenance charges | (3281) | (2490) |
| **Net increase(decrease) from policyowner transactions** | 77548 | 3277 |
| **Total increase(decrease) in net assets** | 94911 | 12429 |
| **Net assets at beginning of period** | 55669 | 43240 |
| **Net assets at end of period** | $150580 | $55669 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
|  |  |  |  | **IS** |  |
| **IS Growth** |  | **Blue Chip** |  | **International** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $6495 |  | $6291 |  | $4871 |  |
| (16790) |  | (2426) |  | (2099) |  |
| (10295) |  | 3865 |  | 2772 |  |
| 203004 |  | 22474 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 9511 |  | 4196 |  | 15242 |  |
| 212515 |  | 26670 |  | 15242 |  |
| 236448 |  | 24223 |  | 50347 |  |
| $438668 |  | $54758 |  | $68361 |  |
| **IS Growth** | **IS Growth** | **Blue Chip** | **Blue Chip** | **IS International** | **IS International** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(10295) | $(385) | $3865 | $3272 | $2772 | $1817 |
| 212515 | 16486 | 26670 | 3272 | 15242 | 774 |
| 236448 | 155840 | 24223 | 36701 | 50347 | 1677 |
| 438668 | 171941 | 54758 | 43245 | 68361 | 4268 |
| 131649 | 83799 | 26175 | 28585 | 16223 | 30188 |
| 1847183 | 153296 | 44002 | 2895 | 31374 | (220) |
| (3290) | (2338) | (1321) | (1040) | (1105) | (776) |
| (40558) | (17793) | (3228) | (2796) | (2631) | (2492) |
| 1934984 | 216964 | 65628 | 27644 | 43861 | 26700 |
| 2373652 | 388905 | 120386 | 70889 | 112222 | 30968 |
| 867033 | 478128 | 299120 | 228231 | 226478 | 195510 |
| $3240685 | $867033 | $419506 | $299120 | $338700 | $226478 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **American Funds** | **American Funds** |
|  | **IS New World** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $3462 |  |
| Mortality and expense risk charge | (1510) |  |
| **Net investment income(loss)** | 1952 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 8564 |  |
| Net realized gain(loss) on sale of fund shares | 7332 |  |
| **Net realized gain(loss)** | 15896 |  |
| **Change in unrealized appreciation/depreciation** | 39940 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $57788 |  |
|  | **IS New World** | **IS New World** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1952 | $2031 |
| Net realized gain(loss) | 15896 | 1161 |
| Net change in unrealized appreciation/depreciation | 39940 | 5887 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 57788 | 9079 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 22810 | 32403 |
| Subaccounts transfers (including fixed account), net | (4932) | 5601 |
| Transfers for policyowner benefits and terminations | (2227) | (834) |
| Policyowner maintenance charges | (3663) | (3635) |
| **Net increase(decrease) from policyowner transactions** | 11988 | 33535 |
| **Total increase(decrease) in net assets** | 69776 | 42614 |
| **Net assets at beginning of period** | 206776 | 164162 |
| **Net assets at end of period** | $276552 | $206776 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds** | **American Funds** | **American Funds** | **American Funds** | **Franklin Templeton** | **Franklin Templeton** |
|  |  | **IS** |  |  |  |
| **IS Bond** |  | **High Income** |  | **Global Inc.** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1014 |  | $1254 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (93) |  | (73) |  | (3547) |  |
| 921 |  | 1181 |  | (3547) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 89 |  | 4 |  | (37491) |  |
| 89 |  | 4 |  | (37491) |  |
| 242 |  | 114 |  | 142487 |  |
| $1252 |  | $1299 |  | $101449 |  |
| **IS Bond** | **IS Bond** | **IS High Income** | **IS High Income** | **Global Inc.** | **Global Inc.** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(3547) | $(4366) |
| 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (37491) | (29523) |
| 242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 142487 | (66218) |
| 1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 101449 | (100107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 52289 | 56904 |
| 23296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 18185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (442674) | 134929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (7222) | (27660) |
| (579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (12252) | (12919) |
| 22717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 18292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (409859) | 151254 |
| 23969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 19591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (308410) | 51147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 825155 | 774008 |
| $23969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $19591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $516745 | $825155 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Utilities IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $16555 |  |
| Mortality and expense risk charge | (4596) |  |
| **Net investment income(loss)** | 11959 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 7571 |  |
| Net realized gain(loss) on sale of fund shares | 43640 |  |
| **Net realized gain(loss)** | 51211 |  |
| **Change in unrealized appreciation/depreciation** | 52690 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $115860 |  |
|  | **Utilities IC** | **Utilities IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $11959 | $14287 |
| Net realized gain(loss) | 51211 | 31341 |
| Net change in unrealized appreciation/depreciation | 52690 | 34782 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 115860 | 80410 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 80286 | 33222 |
| Subaccounts transfers (including fixed account), net | (517527) | 88317 |
| Transfers for policyowner benefits and terminations | (416) | (31552) |
| Policyowner maintenance charges | (24571) | (23961) |
| **Net increase(decrease) from policyowner transactions** | (462228) | 66026 |
| **Total increase(decrease) in net assets** | (346368) | 146436 |
| **Net assets at beginning of period** | 931801 | 785365 |
| **Net assets at end of period** | $585433 | $931801 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **MFS** | **MFS** |
|  |  | **New** |  |  |  |
| **Mid Cap** |  | **Discovery** |  | **Research** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $16064 |  |
| (2814) |  | (10) |  | (6832) |  |
| (2814) |  | (10) |  | 9232 |  |
| 73759 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (12194) |  | 1 |  | 32080 |  |
| 61565 |  | 1 |  | 32080 |  |
| (62410) |  | 515 |  | 160633 |  |
| $(3659) |  | $506 |  | $201945 |  |
| **Mid Cap** | **Mid Cap** | **New Discovery** | **New Discovery** | **Research** | **Research** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(2814) | $(3823) | $(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $9232 | $9025 |
| 61565 | 39743 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 32080 | 5087 |
| (62410) | 36955 | 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 160633 | 7199 |
| (3659) | 72875 | 506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 201945 | 21311 |
| 41488 | 14917 | 478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 34707 | 49336 |
| (204619) | 7975 | 2758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (110255) | 28856 |
| (3048) | (4381) | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (10547) | (16164) |
| (7287) | (7740) | (82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (19716) | (21472) |
| (173466) | 10771 | 3153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (105811) | 40556 |
| (177125) | 83646 | 3659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 96134 | 61867 |
| 582413 | 498767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 951779 | 889912 |
| $405288 | $582413 | $3659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1047913 | $951779 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Small Cap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net investment income(loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net realized gain(loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Change in unrealized appreciation/depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
|  | **Small Cap** | **Small Cap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net realized gain(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) in net assets resulting** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;**from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Total increase(decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **MFS** | **MFS** |
| **Conservative** |  |  |  |  |  |
| **All** |  | **Global RE** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $137 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (29) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 108 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (90) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $17 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Conservative All** | **Conservative All** | **Global RE** | **Global RE** | **Growth** | **Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 15756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 15835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 15852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $15852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Mid Cap** |  |
|  | **Value** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (16) |  |
| **Net investment income(loss)** | (16) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (1) |  |
| **Net realized gain(loss)** | (1) |  |
| **Change in unrealized appreciation/depreciation** | 54 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $37 |  |
|  | **Mid Cap Value** | **Mid Cap Value** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net realized gain(loss) | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net change in unrealized appreciation/depreciation | 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | 17933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | 17883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Total increase(decrease) in net assets** | 17920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $17920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **Summit** | **Summit** | **Summit** | **Summit** |
|  |  | **EAFE** |  | **S&P** |  |
| **Moderate All** |  | **Intl.** |  | **MidCap** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $26330 |  | $2102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (5187) |  | (566) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 21143 |  | 1536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 12656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 10175 |  | 368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 10175 |  | 13024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 229793 |  | (1771) |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $261111 |  | $12789 |  |
| **Moderate All** | **Moderate All** | **EAFE Intl.** | **EAFE Intl.** | **S&P MidCap** | **S&P MidCap** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $21143 | $19622 | $1536 | $1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 10175 | 13490 | 13024 | 8290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 229793 | (9963) | (1771) | 12055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 261111 | 23149 | 12789 | 21998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 36066 | 37685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 51921 | (38374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (8562) | (15274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (10870) | (10292) | (857) | (773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 68555 | (26255) | (857) | (773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 329666 | (3106) | 11932 | 21225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 868253 | 871359 | 188396 | 167171 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1197919 | $868253 | $200328 | $188396 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **S&P** |  |
|  | **500** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $43757 |  |
| Mortality and expense risk charge | (24550) |  |
| **Net investment income(loss)** | 19207 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 366762 |  |
| Net realized gain(loss) on sale of fund shares | 332800 |  |
| **Net realized gain(loss)** | 699562 |  |
| **Change in unrealized appreciation/depreciation** | (75259) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $643510 |  |
|  | **S&P 500** | **S&P 500** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $19207 | $24906 |
| Net realized gain(loss) | 699562 | 388174 |
| Net change in unrealized appreciation/depreciation | (75259) | 457107 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 643510 | 870187 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 134265 | 128187 |
| Subaccounts transfers (including fixed account), net | (861154) | 110366 |
| Transfers for policyowner benefits and terminations | (21089) | (415664) |
| Policyowner maintenance charges | (80667) | (73752) |
| **Net increase(decrease) from policyowner transactions** | (828645) | (250863) |
| **Total increase(decrease) in net assets** | (185135) | 619324 |
| **Net assets at beginning of period** | 4470397 | 3851073 |
| **Net assets at end of period** | $4285262 | $4470397 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Summit** | **Summit** | **Summit** | **Summit** |
| **Russell** |  |  |  | **Mod.** |  |
| **Small Cap** |  | **Moderate** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $21499 |  | $3345 |  | $6915 |  |
| (7147) |  | (836) |  | (1953) |  |
| 14352 |  | 2509 |  | 4962 |  |
| 69946 |  | 8592 |  | 27048 |  |
| 3684 |  | 89 |  | 4521 |  |
| 73630 |  | 8681 |  | 31569 |  |
| 47441 |  | (2528) |  | (9901) |  |
| $135423 |  | $8662 |  | $26630 |  |
| **Russell Small Cap** | **Russell Small Cap** | **Moderate** | **Moderate** | **Mod. Growth** | **Mod. Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $14352 | $6841 | $2509 | $2199 | $4962 | $4913 |
| 73630 | 19491 | 8681 | 8416 | 31569 | 19968 |
| 47441 | 69023 | (2528) | (1732) | (9901) | 9347 |
| 135423 | 95355 | 8662 | 8883 | 26630 | 34228 |
| 59903 | 67127 | 11153 | 12825 | 8830 | 16291 |
| (136605) | 227257 | (11654) | 6387 | (66045) | (10966) |
| (6097) | (112218) | (5859) | (449) | (2474) | (9009) |
| (23592) | (25468) | (6565) | (6884) | (5121) | (7290) |
| (106391) | 156698 | (12925) | 11879 | (64810) | (10974) |
| 29032 | 252053 | (4263) | 20762 | (38180) | 23254 |
| 1281465 | 1029412 | 141039 | 120277 | 387862 | 364608 |
| $1310497 | $1281465 | $136776 | $141039 | $349682 | $387862 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **Growth** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $5150 |  |
| Mortality and expense risk charge | (1969) |  |
| **Net investment income(loss)** | 3181 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 37062 |  |
| Net realized gain(loss) on sale of fund shares | (264) |  |
| **Net realized gain(loss)** | 36798 |  |
| **Change in unrealized appreciation/depreciation** | (16823) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $23156 |  |
|  | **Growth** | **Growth** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $3181 | $2837 |
| Net realized gain(loss) | 36798 | 19638 |
| Net change in unrealized appreciation/depreciation | (16823) | 3507 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 23156 | 25982 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 1549 | 1654 |
| Subaccounts transfers (including fixed account), net | 36779 | 893 |
| Transfers for policyowner benefits and terminations | (2805) | (3346) |
| Policyowner maintenance charges | (1503) | (1438) |
| **Net increase(decrease) from policyowner transactions** | 34020 | (2237) |
| **Total increase(decrease) in net assets** | 57176 | 23745 |
| **Net assets at beginning of period** | 251978 | 228233 |
| **Net assets at end of period** | $309154 | $251978 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **T. Rowe** | **T. Rowe** | **Morgan Stanley** | **Morgan Stanley** |
| **Nasdaq-100** |  |  |  | **Emerging** |  |
| **Index** |  | **Blue Chip** |  | **Markets** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $78 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $7576 |  |
| (117) |  | (35222) |  | (9388) |  |
| (39) |  | (35222) |  | (1812) |  |
| 460 |  | 715924 |  | 62912 |  |
| 1865 |  | 690139 |  | 30983 |  |
| 2325 |  | 1406063 |  | 93895 |  |
| 3298 |  | 13376 |  | 360527 |  |
| $5584 |  | $1384217 |  | $452610 |  |
| **Nasdaq-100 Index** | **Nasdaq-100 Index** | **Blue Chip** | **Blue Chip** | **Emerging Markets** | **Emerging Markets** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(35222) | $(36513) | $(1812) | $13455 |
| 2325 | 301 | 1406063 | 718304 | 93895 | (15307) |
| 3298 | 81 | 13376 | 1433767 | 360527 | 115092 |
| 5584 | 382 | 1384217 | 2115558 | 452610 | 113240 |
| 13535 | 9901 | 264044 | 189134 | 100574 | 100540 |
| (5612) | 1963 | (824579) | 423059 | (570166) | (37403) |
| (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (380710) | (693190) | (24210) | (80621) |
| (2518) | (1162) | (168009) | (169276) | (27651) | (27194) |
| 5404 | 10702 | (1109254) | (250273) | (521453) | (44678) |
| 10988 | 11084 | 274963 | 1865285 | (68843) | 68562 |
| 11084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 8380494 | 6515209 | 1692506 | 1623944 |
| $22072 | $11084 | $8655457 | $8380494 | $1623663 | $1692506 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Pimco** | **Pimco** |
|  | **Commodity** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $21213 |  |
| Mortality and expense risk charge | (3851) |  |
| **Net investment income(loss)** | 17362 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (23873) |  |
| **Net realized gain(loss)** | (23873) |  |
| **Change in unrealized appreciation/depreciation** | 120646 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $114135 |  |
|  | **Commodity** | **Commodity** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $17362 | $10609 |
| Net realized gain(loss) | (23873) | (58311) |
| Net change in unrealized appreciation/depreciation | 120646 | 67590 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 114135 | 19888 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 39350 | 58440 |
| Subaccounts transfers (including fixed account), net | 42016 | (104256) |
| Transfers for policyowner benefits and terminations | (4826) | (26762) |
| Policyowner maintenance charges | (11051) | (11147) |
| **Net increase(decrease) from policyowner transactions** | 65489 | (83725) |
| **Total increase(decrease) in net assets** | 179624 | (63837) |
| **Net assets at beginning of period** | 614865 | 678702 |
| **Net assets at end of period** | $794489 | $614865 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pimco** | **Pimco** | **Pimco** | **Pimco** | **Pimco** | **Pimco** |
|  |  | **Low** |  | **Commodity** |  |
| **Total Return** |  | **Duration** |  | **Inst** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $37652 |  | $589 |  | $739 |  |
| (5361) |  | (68) |  | (111) |  |
| 32291 |  | 521 |  | 628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (16025) |  | (44) |  | 273 |  |
| (16025) |  | (44) |  | 273 |  |
| 56304 |  | 261 |  | 2524 |  |
| $72570 |  | $738 |  | $3425 |  |
| **Total Return** | **Total Return** | **Low Duration** | **Low Duration** | **Commodity Inst** | **Commodity Inst** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $32291 | $34793 | $521 | $722 | $628 | $43 |
| (16025) | (37827) | (44) | (175) | 273 | (240) |
| 56304 | 17814 | 261 | 342 | 2524 | 79 |
| 72570 | 14780 | 738 | 889 | 3425 | (118) |
| 40853 | 45778 | 1336 | 1391 | 9418 | 3598 |
| (178584) | 13318 | (936) | (6687) | 16396 | 569 |
| (11362) | (229309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (30614) | (32133) | (1595) | (2084) | (1707) | (241) |
| (179707) | (202346) | (1195) | (7380) | 24107 | 3926 |
| (107137) | (187566) | (457) | (6491) | 27532 | 3808 |
| 919281 | 1106847 | 15418 | 21909 | 3808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $812144 | $919281 | $14961 | $15418 | $31340 | $3808 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Pimco** | **Pimco** |
|  | **Real** |  |
|  | **Return** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $442 |  |
| Mortality and expense risk charge | (65) |  |
| **Net investment income(loss)** | 377 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 9 |  |
| **Net realized gain(loss)** | 9 |  |
| **Change in unrealized appreciation/depreciation** | 113 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $499 |  |
|  | **Real Return** | **Real Return** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $377 | $10 |
| Net realized gain(loss) | 9 | 2 |
| Net change in unrealized appreciation/depreciation | 113 | (16) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 499 | (4) |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | 24359 | 2464 |
| Transfers for policyowner benefits and terminations | (36) | (5) |
| Policyowner maintenance charges | (513) | (165) |
| **Net increase(decrease) from policyowner transactions** | 26260 | 2294 |
| **Total increase(decrease) in net assets** | 26759 | 2290 |
| **Net assets at beginning of period** | 2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $29049 | $2290 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pimco** | **Pimco** | **DFA** | **DFA** | **DFA** | **DFA** |
| **Short** |  |  |  |  |  |
| **Term** |  | **Bond** |  | **Small** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $5710 |  | $29481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (905) |  | (4862) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 4805 |  | 24619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 35670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (232) |  | 32069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (232) |  | 67739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 361 |  | 110280 |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $4934 |  | $202638 |  |
| **Short Term** | **Short Term** | **Bond** | **Bond** | **Small** | **Small** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $4805 | $5430 | $24619 | $12405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (232) | (2204) | 67739 | 11702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 361 | 2627 | 110280 | (11621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 4934 | 5853 | 202638 | 12486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 8704 | 10460 | 33339 | 41929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 11663 | (23889) | 281797 | (18849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (180) | (195) | (2849) | (566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1471) | (1478) | (7039) | (4233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 18716 | (15102) | 305248 | 18281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 23650 | (9249) | 507886 | 30767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 132715 | 141964 | 455162 | 424395 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $156365 | $132715 | $963048 | $455162 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **DFA** | **DFA** |
|  | **Value** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $68531 |  |
| Mortality and expense risk charge | (7620) |  |
| **Net investment income(loss)** | 60911 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 49885 |  |
| Net realized gain(loss) on sale of fund shares | 63383 |  |
| **Net realized gain(loss)** | 113268 |  |
| **Change in unrealized appreciation/depreciation** | 257436 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $431615 |  |
|  | **Value** | **Value** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $60911 | $25900 |
| Net realized gain(loss) | 113268 | 29376 |
| Net change in unrealized appreciation/depreciation | 257436 | (14692) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 431615 | 40584 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 58518 | 72724 |
| Subaccounts transfers (including fixed account), net | 524921 | (22223) |
| Transfers for policyowner benefits and terminations | (7847) | (2620) |
| Policyowner maintenance charges | (16245) | (12754) |
| **Net increase(decrease) from policyowner transactions** | 559347 | 35127 |
| **Total increase(decrease) in net assets** | 990962 | 75711 |
| **Net assets at beginning of period** | 784976 | 709265 |
| **Net assets at end of period** | $1775938 | $784976 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DFA** | **DFA** | **DFA** | **DFA** | **DFA** | **DFA** |
| **Fixed** |  | **Large** |  | **Targeted** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $65771 |  | $15457 |  | $14019 |  |
| (9966) |  | (6593) |  | (6307) |  |
| 55805 |  | 8864 |  | 7712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 48280 |  | 63423 |  |
| 570 |  | 56509 |  | 64407 |  |
| 570 |  | 104789 |  | 127830 |  |
| (5249) |  | 19166 |  | (51235) |  |
| $51126 |  | $132819 |  | $84307 |  |
| **Fixed** | **Fixed** | **Large** | **Large** | **Targeted** | **Targeted** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $55805 | $55232 | $8864 | $13223 | $7712 | $7390 |
| 570 | 247 | 104789 | 122146 | 127830 | 85075 |
| (5249) | 3285 | 19166 | (30188) | (51235) | (25804) |
| 51126 | 58764 | 132819 | 105181 | 84307 | 66661 |
| 255031 | 94171 | 53752 | 78056 | 47903 | 56731 |
| 3398 | (16034) | (292013) | (27404) | (346266) | (8301) |
| (12468) | (2715) | (1375) | (10224) | (209) | (2062) |
| (10449) | (10434) | (7273) | (8482) | (5481) | (5252) |
| 235512 | 64988 | (246909) | 31946 | (304053) | 41116 |
| 286638 | 123752 | (114090) | 137127 | (219746) | 107777 |
| 1335850 | 1212098 | 976853 | 839726 | 1029828 | 922051 |
| $1622488 | $1335850 | $862763 | $976853 | $810082 | $1029828 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **DFA** | **DFA** |
|  | **Global** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $4250 |  |
| Mortality and expense risk charge | (786) |  |
| **Net investment income(loss)** | 3464 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1587 |  |
| Net realized gain(loss) on sale of fund shares | 772 |  |
| **Net realized gain(loss)** | 2359 |  |
| **Change in unrealized appreciation/depreciation** | 12545 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $18368 |  |
|  | **Global** | **Global** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $3464 | $1757 |
| Net realized gain(loss) | 2359 | 3820 |
| Net change in unrealized appreciation/depreciation | 12545 | 2775 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 18368 | 8352 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 36235 | 7363 |
| Subaccounts transfers (including fixed account), net | 39087 | (11730) |
| Transfers for policyowner benefits and terminations | (713) | (370) |
| Policyowner maintenance charges | (5388) | (4382) |
| **Net increase(decrease) from policyowner transactions** | 69221 | (9119) |
| **Total increase(decrease) in net assets** | 87589 | (767) |
| **Net assets at beginning of period** | 86307 | 87074 |
| **Net assets at end of period** | $173896 | $86307 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DFA** | **DFA** | **Columbia** | **Columbia** | **Putnam** | **Putnam** |
| **Equity** |  | **Small** |  | **International** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $34292 |  | $410 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (6833) |  | (199) |  | (61) |  |
| 27459 |  | 211 |  | (61) |  |
| 20849 |  | 5661 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 40817 |  | (143) |  | 6 |  |
| 61666 |  | 5518 |  | 6 |  |
| 68102 |  | 3239 |  | 2400 |  |
| $157227 |  | $8968 |  | $2345 |  |
| **Equity** | **Equity** | **Small** | **Small** | **International** | **International** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $27459 | $9642 | $211 | $13 | $(61) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 61666 | 14666 | 5518 | 101 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 68102 | 55464 | 3239 | (88) | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 157227 | 79772 | 8968 | 26 | 2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 100803 | 104711 | 2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 783117 | 38986 | 61930 | 13414 | 41529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (113) | (1536) | (40) | (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (7717) | (7603) | (2292) | (168) | (165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 876090 | 134558 | 62048 | 13241 | 41364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 1033317 | 214330 | 71016 | 13267 | 43709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 768002 | 553672 | 13267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $1801319 | $768002 | $84283 | $13267 | $43709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVL**

**NOTES TO FINANCIAL STATEMENTS**

**FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024**

**1. ORGANIZATION** 

Ameritas Life Insurance Corp. Separate Account LLVL (the "Account") began operations during 1995. It operates as a separate investment account within Ameritas Life Insurance Corp. (the "Company"), a Nebraska domiciled company. The statements of operations and changes in net assets, financial highlights, and the related notes for each of the subaccounts listed below, are presented for the periods noted in the financial statements and notes, except for those subaccounts with commencement dates occurring during the period as referenced below. For those subaccounts with commencement dates during the respective period, the financial statements and the notes are presented from the commencement date forward. The assets of the Account are held by the Company and are segregated from all of the Company's other assets and are used only to support the variable life products issued by the Company.

Management believes these financial statements should be read in conjunction with the policyowner statements and policy and fund prospectuses.

The Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is made up of variable investment options called subaccounts for which accumulation units are separately maintained. Each subaccount corresponds to a single underlying non-publicly traded portfolio issued through a fund series. At December 31, 2025 there are one hundred eight subaccounts available within the Account listed as follows:

---

| | |
|:---|:---|
| **Calvert Research and Management** | **Fidelity Management & Research** |
| **(Advisor)** | **Company LLC, continued** |
| *Calvert (Fund Series short cite)* | *Fidelity* |
| \*Balanced (Subaccount short cite) | \*Strategic IC |
| \*Mid Cap | \*Equity Inc. IC |
|  | \*High Income IC |
| **DWS Investment Management** | \*Mid Cap IC |
| **Americas, Inc.** | \*Money Market |
| *Scudder* | \*Emerging Markets |
| \*Equity 500 | (Commenced July 30, 2024) |
| \*Small Cap | \*Growth |
| \*Mid Value | (Commenced November 5, 2024) |
| \*Global *(formerly DWS International* | \*International |
| *Growth VIP Portfolio, Class A)* | (Commenced July 14, 2025) |
| \*Alt Asset | \*Tech |
| (Commenced July 14, 2025) | (Commenced November 5, 2024) |
| \*Growth |  |
|  | **Invesco Advisers, Inc.** |
| **Fidelity Management & Research** | *AIM* |
| **Company LLC** | \*Dividend |
| *Fidelity* | \*Health |
| \*Contrafund IC | \*Technology |
| \*Contrafund SC | \*Intl. Growth |
| \*High Income SC | \*Franchise |
| \*Inv. Grade Bond IC | \*Mid Cap |
| \*Mid Cap SC | (Commenced March 4, 2024) |
| \*Overseas IC | \*Bond (A) |
|  | \*Small Cap |
|  | (Commenced November 11, 2024) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. ORGANIZATION,continued**

---

| | |
|:---|:---|
| **Janus Henderson Investors US LLC** | **Schroder Investment Management North** |
| *Janus* | **America Inc. and Baillie Gifford Overseas Ltd.** |
| \*Growth | *Vanguard* |
|  | \*International |
| **Neuberger Berman Investment Advisers LLC** |  |
| *Neuberger Berman* | **Hotchkis and Wiley Capital Management, LLC,** |
| \*Bond | **Aristotle Capital Management, LLC and Harris** |
| \*Mid-Cap | **Associates L.P. (formerly Hotchkis and Wiley Capital** |
| \*Equity *(formerly Neuberger Berman AMT* | **Management, LLC and Lazard Asset Management** |
| *Sustainable Equity Portfolio, Class I)* | **LLC)** |
| \*Regency | *Vanguard* |
|  | \*Diversified |
| **Guggenheim Investments** |  |
| *Rydex* | **The Vanguard Group, Inc. and** |
| \*Nova | **ArrowMark Partners** |
| \*NASDAQ | *Vanguard* |
| \*Precious Metals | \*Small Company Growth |
| \*Inv. S&P 500 |  |
| \*Gov. Long Bond | **The Vanguard Group, Inc.** |
|  | *Vanguard* |
| **Third Avenue Management LLC** | \*International Stock |
| *Third Avenue* | \*Global Bond |
| \*Value |  |
|  | **Allspring Funds Management, LLC** |
| **The Vanguard Group, Inc.** | *Allspring* |
| *Vanguard* | \*Discovery |
| \*Equity Index | \*Opportunity |
| \*Total Bond |  |
| \*REIT Index | **Lincoln Financial Investments Corporation** |
| \*Mid-Cap | *Lincoln* |
| \*Stock Market Index | \*Mid Cap II |
| \*Conservative | \*International II |
| \*Moderate | \*Inflation II |
| \*Short-Term |  |
| **Wellington Management Company, LLP** |  |
| **and The Vanguard Group, Inc.** |  |
| *Vanguard* |  |
| \*Equity Income |  |
| **Wellington Management Company, LLP** |  |
| *Vanguard* |  |
| \*Growth |  |
| \*Balanced |  |
| **Wellington Management Company, LLP and** |  |
| **The Vanguard Group, Inc.** |  |
| *Vanguard* |  |
| \*High Yield Bond |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. ORGANIZATION,continued**

---

| | |
|:---|:---|
| **Capital Research and Management Company (SM)** | **T. Rowe Price Associates, Inc.** |
| *American Funds* | *T. Rowe* |
| \*IS Growth-Inc | \*Blue Chip |
| \*IS Growth |  |
| \*Blue Chip | **Morgan Stanley Investment Management Inc.** |
| \*IS International | *Morgan Stanley* |
| \*IS New World | \*Emerging Markets |
| \*IS Bond |  |
| (Commenced February 19, 2025) | **Pacific Investment Management Company LLC** |
| \*IS High Income | *Pimco* |
| (Commenced February 19, 2025) | \*Commodity |
|  | \*Total Return |
| **Franklin Advisers, Inc.** | \*Low Duration |
| *Franklin Templeton* | \*Commodity Inst |
| \*Global Inc. | (Commenced July 12, 2024) |
|  | \*Real Return |
| **Massachusetts Financial Services** | (Commenced July 29, 2024) |
| **Company** | \*Short Term (A) |
| *MFS* |  |
| \*Utilities IC | **Dimensional Fund Advisors LP** |
| \*Mid Cap | *DFA* |
| \*New Discovery | \*Bond |
| (Commenced May 5, 2025) | \*Small |
| \*Research | \*Value |
| \*Small Cap (A) | \*Fixed |
| \*Conservative All (A) | \*Large |
| \*Global RE | \*Targeted |
| (Commenced July 1, 2025) | \*Global |
| \*Growth (A) | \*Equity |
| \*Mid Cap Value |  |
| (Commenced October 27, 2025) | **Columbia Management Investment Advisers, LLC** |
| \*Moderate All (A) | *Columbia* |
|  | \*Small |
| **Calvert Research and Management** | (Commenced July 29, 2024) |
| (See Note 3) |  |
| *Summit* | **Putnam Investment Management, LLC** |
| \*EAFE Intl. | *Putnam* |
| \*S&P MidCap | \*International |
| \*S&P 500 | (Commenced July 1, 2025) |
| \*Russell Small Cap |  |
| \*Moderate |  |
| \*Mod. Growth |  |
| \*Growth |  |
| \*Nasdaq-100 Index |  |
| (Commenced March 4, 2024) |  |

---

(A) These subaccounts have had no activity since inception.

Note: The above chart references the fund series and subaccount short cites from the Statements of Net Assets.

**2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**BASIS OF ACCOUNTING**

The financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for variable life separate accounts registered as unit investment trusts.

**USE OF ESTIMATES**

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

**INVESTMENTS**

The assets of the subaccounts are carried at the net asset value of the underlying portfolios, adjusted for the accrual of dividends. The value of the policyowners' units corresponds to the investment in the underlying subaccounts. The availability of investment portfolio and subaccount options may vary between products. Share transactions and security transactions are accounted for on a trade date basis.

Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments represent the difference between the proceeds from sales of investments by the subaccounts and the cost of such shares, which is determined on a weighted average cost basis.

**FAIR VALUE MEASUREMENTS**

The accounting guidance on fair value measurements establishes a framework for measuring fair value and expands disclosures about fair value measurements. It also defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The fair value measurement guidance applies to all assets and liabilities that are measured and reported on a fair value basis and enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Each asset and liability carried at fair value is classified into one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – Quoted market prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 – Unobservable inputs that are not corroborated by market data.

Each subaccount invests in shares of open-ended mutual funds, which calculate a daily net asset value based on the value of the underlying securities in its portfolios. As a result, and as required by law, pricing information is provided on an ongoing basis. Shares of open end mutual funds are purchased and redeemed at their quoted daily net asset values as reported by the fund companies at the close of each business day. On that basis, the fair value measurements of all shares held by the Account are reported as Level 1 assets.

**FEDERAL AND STATE INCOME TAXES**

The operations of the Account form a part of and are taxed with the operations of the Company. The Company is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. Under existing federal income tax law, separate account investment income and capital gains are not taxed to the extent they are applied to increase reserves under a contract issued in connection with the Account. Investment income and realized capital gains and losses on assets of the Account are automatically applied to increase or decrease reserves under the contract. Accordingly, no provision for federal income taxes or unrecognized tax benefits are reflected in these financial statements.

**3. SEGMENT INFORMATION**

Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by Ameritas Life Insurance Corp. to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer of the Company as the chief operating decision maker as the Separate Account does not have employees and is not a separate legal entity.

The CODM uses Increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant account policies (see note 2.) The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant expenses principle and the existing segment disclosure requirements as of December 31, 2025 and for the years ended December 31, 2025 and December 31, 2024. All assets held and revenue is generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

**4. RELATED PARTIES**

Ameritas Investment Partners, Inc., an affiliate of the Company, provides sub-advisor services to certain portfolios of the Summit funds for a fee. These fees are reflected in the daily value of the underlying portfolio share price. The fee is computed separately for each underlying portfolio on daily average net assets, at an annual rate, as of December 31, 2025 and 2024, as follows:

---

| | |
|:---|:---|
|  | **Sub-Advisor<br> Fee %**  |
| **Summit:** |  |
| S&P MidCap | .050 |
| S&P 500 | .050 |
| Russell Small Cap | .050 |
| Moderate | .050 |
| Mod. Growth | .050 |
| Growth | .050 |
| Nasdaq-100 Index | .500 |

---

**5. PURCHASES AND SALES OF INVESTMENTS**

The cost of purchases and proceeds from sales of investments in the subaccounts for the period ended

December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Calvert:** |  |  |
| Balanced | $85022 | $870122 |
| Mid Cap | 5394 | 3036 |
| **Scudder:** |  |  |
| Equity 500 | 31650 | 4528 |
| Small Cap | 76724 | 47001 |
| Mid Value | 146825 | 88008 |
| Global | 19407 | 44608 |
| Alt Asset | 266 | 1 |
| Growth | 155889 | 94938 |
| **Fidelity:** |  |  |
| Contrafund IC | 1839405 | 532575 |
| Contrafund SC | 309632 | 2023337 |
| High Income SC | 4278 | 11640 |
| Inv. Grade Bond IC | 207786 | 215850 |
| Mid Cap SC | 380043 | 333427 |
| Overseas IC | 302669 | 63560 |
| Strategic IC | 127866 | 173972 |
| Equity Inc. IC | 419345 | 83052 |
| High Income IC | 68470 | 73538 |
| Mid Cap IC | 285518 | 283462 |
| Money Market | 13626786 | 12827974 |
| Emerging Markets | 56284 | 5693 |
| Growth | 16801 | 182 |
| International | 449 | 2 |
| Tech | 997 | 93 |
| **AIM:** |  |  |
| Dividend | 33808 | 38099 |
| Health | 50041 | 56117 |
| Technology | 328361 | 435329 |
| Intl. Growth | 65781 | 38003 |
| Franchise | 52140 | 15549 |
| Mid Cap | 1625 | 5133 |
| Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Small Cap | 20076 | 3691 |
| **Janus:** |  |  |
| Growth | 5838 | 1955 |

---

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Neuberger Berman:** |  |  |
| Bond | $47132 | $52314 |
| Mid-Cap | 397575 | 300651 |
| Equity | 286982 | 189780 |
| Regency | 5644 | 1746 |
| **Rydex:** |  |  |
| Nova | 12931 | 45772 |
| NASDAQ | 2291488 | 2271534 |
| Precious Metals | 2339094 | 892542 |
| Inv. S&P 500 | 406824 | 26741 |
| Gov. Long Bond | 50262 | 51575 |
| **Third Avenue:** |  |  |
| Value | 648774 | 205162 |
| **Vanguard:** |  |  |
| Equity Index | 3773773 | 9454985 |
| Total Bond | 1747283 | 855760 |
| REIT Index | 800920 | 804372 |
| Mid-Cap | 1081944 | 1194897 |
| Stock Market Index | 2849455 | 1796752 |
| Conservative | 200420 | 16265 |
| Moderate | 135841 | 32464 |
| Short-Term | 1047117 | 814731 |
| Equity Income | 2172809 | 1096943 |
| Growth | 3821413 | 3220568 |
| Balanced | 1288044 | 914594 |
| High Yield Bond | 528985 | 206337 |
| International | 2304546 | 1272622 |
| Diversified | 600376 | 285240 |
| Small Company Growth | 1958871 | 2638791 |
| International Stock | 823184 | 311824 |
| Global Bond | 83821 | 10902 |
| **Allspring:** |  |  |
| Discovery | 35339 | 89916 |
| Opportunity | 95546 | 22095 |
| **Lincoln:** |  |  |
| Mid Cap II | 219194 | 112939 |
| International II | 2539 | 10258 |
| Inflation II | 45178 | 85884 |

---

**.**

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **American Funds:** |  |  |
| IS Growth-Inc | $103543 | $9368 |
| IS Growth | 2241253 | 113559 |
| Blue Chip | 115774 | 23807 |
| IS International | 311567 | 264933 |
| IS New World | 96782 | 74277 |
| IS Bond | 26880 | 3242 |
| IS High Income | 19620 | 146 |
| **Franklin Templeton:** |  |  |
| Global Inc. | 93215 | 506621 |
| **MFS:** |  |  |
| Utilities IC | 139524 | 582222 |
| Mid Cap | 219855 | 322376 |
| New Discovery | 3152 | 9 |
| Research | 113521 | 210100 |
| Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Conservative All | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Global RE | 16043 | 100 |
| Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Mid Cap Value | 17933 | 65 |
| Moderate All | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Summit:** |  |  |
| EAFE Intl. | 147290 | 57592 |
| S&P MidCap | 14757 | 1421 |
| S&P 500 | 1162845 | 1605520 |
| Russell Small Cap | 386439 | 408532 |
| Moderate | 25636 | 27460 |
| Mod. Growth | 55571 | 88372 |
| Growth | 81279 | 7017 |
| Nasdaq-100 Index | 17558 | 11733 |
| **T. Rowe:** |  |  |
| Blue Chip | 1483774 | 1912326 |
| **Morgan Stanley:** |  |  |
| Emerging Markets | 346544 | 806898 |
| **Pimco:** |  |  |
| Commodity | 416884 | 334033 |
| Total Return | 189600 | 337016 |
| Low Duration | 1781 | 2455 |
| Commodity Inst | 30205 | 5469 |
| Real Return | 27605 | 968 |
| Short Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **DFA:** |  |  |
| Bond | $34603 | $11082 |
| Small | 620906 | 255369 |
| Value | 972046 | 301903 |
| Fixed | 437652 | 146334 |
| Large | 164476 | 354240 |
| Targeted | 386771 | 619689 |
| Global | 81331 | 7058 |
| Equity | 1146498 | 222099 |
| **Columbia:** |  |  |
| Small | 73490 | 5570 |
| **Putnam:** |  |  |
| International | 41527 | 223 |

---

**6. FINANCIAL HIGHLIGHTS**

The unit value, units, net assets, investment income ratio ("Inv. Income Ratio"), expense ratio and total return (certain of which are defined below) are included in the following table (amounts have been rounded). Total returns, unit values and expense ratios in this table may not be applicable to all policies.

Inv. Income Ratio – The Inv. Income Ratio represents the dividend distributions received divided by average daily net assets. This ratio excludes the mortality and expense risk charge and is affected by the timing of the declaration of dividends by the underlying fund portfolio.

Expense Ratio – The Expense Ratio represents the annualized contract expenses of the subaccounts for the period indicated and includes only those expenses that are charged through a reduction of the unit value. Included in this category are mortality and expense charges. During the year ended December 31, 2025, these fees range between .10 percent and .75 percent (annualized) of net assets, depending on the product selected. Expenses of the underlying fund portfolios and charges made directly to policyowner accounts through the redemption of units are excluded. For this separate account, charges made through the redemption of units ranged up to $25 per policy monthly, depending on the product selected. On all life insurance policies, cost of insurance is charged to each policyowner monthly through the redemption of units. The cost of insurance is determined based upon several variables, including policyowners death benefit amount and account value.

Total Return – The Total Return represents the change in the unit value reported year-to-date; however, subaccounts which commenced during a year, as shown in Note 1, are based on shorter return periods. These percentages do not include any expenses assessed through the redemption of units. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Calvert:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 6.80 | 7.82 | 111971 | 629473 | 0.94 | 0.10 | 0.75 | 10.65 | 11.37 |
| 2024 | 6.10 | 7.07 | 251352 | 1344500 | 1.81 | 0.10 | 0.75 | 11.52 | 18.72 |
| 2023 | 3.70 | 5.95 | 234324 | 1076014 | 1.62 | 0.45 | 0.75 | 15.95 | 16.30 |
| 2022 | 3.18 | 5.13 | 220700 | 874906 | 1.14 | 0.45 | 0.75 | (16.04) | (15.79) |
| 2021 | 3.78 | 6.11 | 247115 | 1201255 | 1.18 | 0.45 | 0.75 | 14.26 | 14.60 |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 57.98 | 102.53 | 1288 | 86162 | 0.36 | 0.45 | 0.75 | 0.70 | 1.01 |
| 2024 | 57.41 | 101.82 | 1321 | 87931 | 0.12 | 0.45 | 0.75 | 9.39 | 9.73 |
| 2023 | 52.32 | 93.07 | 1284 | 86857 | 0.19 | 0.45 | 0.75 | 10.81 | 11.14 |
| 2022 | 47.07 | 83.99 | 1252 | 80927 |  | 0.45 | 0.75 | (20.08) | (19.85) |
| 2021 | 58.73 | 105.10 | 1355 | 112257 | 0.20 | 0.45 | 0.75 | 14.17 | 14.51 |
| **Scudder:** |  |  |  |  |  |  |  |  |  |
| <u>Equity 500</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 77.47 | 77.47 | 4032 | 312329 | 1.06 | 0.30 | 0.30 | 17.28 | 17.28 |
| 2024 | 66.06 | 66.06 | 4030 | 266177 | 1.37 | 0.30 | 0.30 | 24.25 | 24.25 |
| 2023 | 53.16 | 53.16 | 7596 | 403845 | 1.35 | 0.30 | 0.30 | 25.63 | 25.63 |
| 2022 | 42.32 | 42.32 | 7646 | 323560 | 1.24 | 0.30 | 0.30 | (18.58) | (18.58) |
| 2021 | 51.98 | 51.98 | 7677 | 399046 | 1.42 | 0.30 | 0.30 | 28.02 | 28.02 |
| <u>Small Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 35.45 | 61.41 | 15412 | 613418 | 1.35 | 0.45 | 0.75 | 11.80 | 12.13 |
| 2024 | 14.52 | 54.93 | 15658 | 555815 | 1.10 | 0.30 | 0.75 | 10.32 | 10.91 |
| 2023 | 31.33 | 49.79 | 14532 | 511072 | 1.07 | 0.30 | 0.75 | 15.89 | 16.39 |
| 2022 | 26.92 | 42.96 | 14174 | 432993 | 0.93 | 0.30 | 0.75 | (21.23) | (20.88) |
| 2021 | 34.02 | 54.54 | 13070 | 565033 | 0.99 | 0.30 | 0.75 | 13.65 | 14.12 |
| <u>Mid Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 34.40 | 38.61 | 17368 | 526095 | 0.99 | 0.10 | 0.75 | 14.39 | 17.33 |
| 2024 | 27.22 | 29.32 | 16911 | 436829 | 1.17 | 0.30 | 0.75 | 5.41 | 5.89 |
| 2023 | 25.70 | 27.82 | 17284 | 413608 | 1.13 | 0.30 | 0.75 | 14.09 | 14.61 |
| 2022 | 22.43 | 24.38 | 13728 | 290344 | 0.79 | 0.30 | 0.75 | (16.43) | (16.05) |
| 2021 | 26.72 | 29.17 | 17831 | 414059 | 1.16 | 0.30 | 0.75 | 29.53 | 30.11 |
| <u>Global</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 20.81 | 23.42 | 15040 | 317365 | 0.96 | 0.10 | 0.75 | 17.46 | 18.80 |
| 2024 | 17.72 | 19.71 | 16339 | 291289 | 0.94 | 0.10 | 0.75 | 4.30 | 8.38 |
| 2023 | 16.27 | 16.35 | 7517 | 122670 | 0.77 | 0.45 | 0.75 | 15.24 | 15.52 |
| 2022 | 14.08 | 14.18 | 6953 | 98420 | 1.28 | 0.45 | 0.75 | (29.03) | (28.83) |
| 2021 | 19.79 | 19.99 | 12015 | 241592 | 0.33 | 0.45 | 0.75 | 7.32 | 7.63 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Scudder, continued:** | **Scudder, continued:** |  |  |  |  |  |  |  |  |
| <u>Alt Asset</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 15.87 | 15.87 | 17 | 270 |  | 0.50 | 0.50 | 4.18 | 4.18 |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 132.39 | 145.62 | 9589 | 970283 | 0.05 | 0.10 | 0.75 | 11.69 | 34.46 |
| 2024 | 67.96 | 118.54 | 10017 | 905296 | 0.17 | 0.30 | 0.75 | 25.67 | 26.24 |
| 2023 | 53.84 | 94.33 | 8326 | 610060 | 0.07 | 0.30 | 0.75 | 37.55 | 38.16 |
| 2022 | 38.97 | 68.58 | 8631 | 453725 | 0.09 | 0.30 | 0.75 | (31.25) | (30.94) |
| 2021 | 56.43 | 99.76 | 8015 | 655989 | 0.21 | 0.30 | 0.75 | 21.86 | 22.41 |
| **Fidelity:** |  |  |  |  |  |  |  |  |  |
| <u>Contrafund IC</u> | <u>Contrafund IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 177.37 | 232.91 | 49826 | 9022328 | 0.15 | 0.10 | 0.75 | 20.58 | 21.36 |
| 2024 | 146.15 | 193.16 | 48478 | 7488855 | 0.20 | 0.10 | 0.75 | 14.32 | 32.79 |
| 2023 | 87.13 | 145.47 | 44764 | 5331975 | 0.46 | 0.45 | 0.75 | 32.46 | 32.86 |
| 2022 | 65.59 | 109.82 | 55890 | 5009123 | 0.50 | 0.45 | 0.75 | (26.86) | (26.64) |
| 2021 | 89.40 | 150.15 | 60881 | 7409065 | 0.06 | 0.45 | 0.75 | 26.88 | 27.26 |
| <u>Contrafund SC</u> | <u>Contrafund SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 142.71 | 142.71 | 9252 | 1320380 | 0.03 | 0.30 | 0.30 | 21.01 | 21.01 |
| 2024 | 117.92 | 117.92 | 23626 | 2786037 | 0.09 | 0.30 | 0.30 | 33.23 | 33.23 |
| 2023 | 88.51 | 88.51 | 23305 | 2062729 | 0.41 | 0.30 | 0.30 | 32.94 | 32.94 |
| 2022 | 37.63 | 66.58 | 22793 | 1517522 | 0.43 | 0.30 | 0.60 | (26.60) | (10.06) |
| 2021 | 90.71 | 153.55 | 13941 | 1358300 | 0.05 | 0.30 | 0.60 | 26.95 | 27.33 |
| <u>High Income SC</u> | <u>High Income SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 8.72 | 8.72 | 7998 | 69773 | 6.41 | 0.30 | 0.30 | 9.99 | 9.99 |
| 2024 | 7.93 | 7.93 | 9426 | 74762 | 5.71 | 0.30 | 0.30 | 8.40 | 8.40 |
| 2023 | 7.32 | 7.32 | 10119 | 74039 | 5.60 | 0.30 | 0.30 | 10.17 | 10.17 |
| 2022 | 6.64 | 6.64 | 10854 | 72085 | 5.18 | 0.30 | 0.30 | (11.82) | (11.82) |
| 2021 | 7.53 | 7.53 | 2987 | 22500 | 5.14 | 0.30 | 0.30 | 4.19 | 4.19 |
| <u>Inv. Grade Bond IC</u> | <u>Inv. Grade Bond IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 18.34 | 22.28 | 76799 | 1442842 | 3.47 | 0.10 | 0.75 | 6.43 | 7.12 |
| 2024 | 17.24 | 20.80 | 79935 | 1401063 | 3.55 | 0.10 | 0.75 | 1.02 | 2.34 |
| 2023 | 14.81 | 17.06 | 91146 | 1604914 | 2.04 | 0.30 | 0.75 | 5.41 | 5.89 |
| 2022 | 13.99 | 16.18 | 144701 | 2142801 | 2.49 | 0.30 | 0.75 | (13.61) | (13.22) |
| 2021 | 16.12 | 18.73 | 129362 | 2169347 | 2.05 | 0.30 | 0.75 | (1.35) | (0.90) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Mid Cap SC</u> | <u>Mid Cap SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 96.66 | 167.50 | 29411 | 2991968 | 0.36 | 0.30 | 0.75 | 10.83 | 11.33 |
| 2024 | 86.82 | 151.13 | 32550 | 2959076 | 0.48 | 0.30 | 0.75 | 16.47 | 17.00 |
| 2023 | 74.21 | 129.75 | 34389 | 2715602 | 0.47 | 0.30 | 0.75 | 14.15 | 14.66 |
| 2022 | 64.72 | 113.67 | 39975 | 2966042 | 0.39 | 0.30 | 0.75 | (15.49) | (15.11) |
| 2021 | 76.23 | 134.50 | 42580 | 3927233 | 0.51 | 0.30 | 0.75 | 24.57 | 25.13 |
| <u>Overseas IC</u> | <u>Overseas IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 47.56 | 52.46 | 25393 | 1129802 | 1.68 | 0.10 | 0.75 | 10.46 | 19.49 |
| 2024 | 32.33 | 43.90 | 21825 | 822933 | 1.62 | 0.30 | 0.75 | 4.26 | 4.74 |
| 2023 | 30.87 | 42.10 | 22664 | 822468 | 1.03 | 0.30 | 0.75 | 19.61 | 20.15 |
| 2022 | 25.69 | 35.20 | 24094 | 725398 | 0.86 | 0.30 | 0.75 | (25.05) | (24.71) |
| 2021 | 34.13 | 46.96 | 31183 | 1268989 | 0.54 | 0.30 | 0.75 | 18.81 | 19.35 |
| <u>Strategic IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 22.11 | 24.80 | 55943 | 1183369 | 3.84 | 0.10 | 0.75 | 8.04 | 8.74 |
| 2024 | 20.46 | 22.81 | 64717 | 1179650 | 3.80 | 0.10 | 0.75 | 5.28 | 6.18 |
| 2023 | 14.64 | 19.44 | 57661 | 1015047 | 4.41 | 0.30 | 0.75 | 8.60 | 9.10 |
| 2022 | 13.42 | 17.90 | 55201 | 923049 | 4.00 | 0.30 | 0.75 | (11.92) | (11.53) |
| 2021 | 15.17 | 20.32 | 58705 | 1099513 | 2.56 | 0.30 | 0.75 | 2.97 | 3.41 |
| <u>Equity Inc. IC</u> | <u>Equity Inc. IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 86.57 | 95.87 | 14048 | 780436 | 2.34 | 0.10 | 0.70 | 18.19 | 18.90 |
| 2024 | 73.24 | 80.63 | 6758 | 394605 | 1.77 | 0.10 | 0.70 | 6.06 | 14.54 |
| 2023 | 32.38 | 63.95 | 7602 | 383540 | 2.10 | 0.70 | 0.70 | 9.88 | 9.88 |
| 2022 | 29.47 | 58.20 | 6660 | 321837 | 1.93 | 0.70 | 0.70 | (5.62) | (5.62) |
| 2021 | 31.23 | 61.66 | 4993 | 284468 | 1.98 | 0.70 | 0.70 | 24.02 | 24.02 |
| <u>High Income IC</u> | <u>High Income IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 8.16 | 12.10 | 7231 | 63079 | 5.75 | 0.45 | 0.75 | 9.54 | 9.87 |
| 2024 | 7.43 | 11.05 | 6981 | 65381 | 6.72 | 0.45 | 0.75 | 8.15 | 8.48 |
| 2023 | 6.85 | 10.21 | 5166 | 47363 | 5.14 | 0.45 | 0.75 | 9.66 | 9.98 |
| 2022 | 6.23 | 9.31 | 6564 | 39083 | 5.85 | 0.45 | 0.75 | (12.04) | (11.77) |
| 2021 | 7.06 | 10.59 | 9740 | 80109 | 5.03 | 0.45 | 0.75 | 3.63 | 3.94 |
| <u>Mid Cap IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 118.96 | 131.73 | 10843 | 692222 | 0.47 | 0.10 | 0.70 | 10.98 | 11.64 |
| 2024 | 107.19 | 118.00 | 9964 | 692936 | 0.77 | 0.10 | 0.70 | 6.61 | 16.67 |
| 2023 | 46.65 | 91.88 | 4710 | 363969 | 0.63 | 0.70 | 0.70 | 14.28 | 14.28 |
| 2022 | 40.83 | 80.40 | 4304 | 298830 | 0.48 | 0.70 | 0.70 | (15.34) | (15.34) |
| 2021 | 48.22 | 94.96 | 3984 | 348002 | 0.67 | 0.70 | 0.70 | 8.29 | 24.73 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Money Market</u> | <u>Money Market</u> |  |  |  |  |  |  |  |  |
| 2025 | 1.14 | 1.21 | 7746597 | 9045466 | 4.05 | 0.10 | 0.75 | 3.36 | 4.03 |
| 2024 | 1.10 | 1.16 | 7353915 | 8246654 | 5.01 | 0.10 | 0.75 | 3.72 | 4.31 |
| 2023 | 1.05 | 1.09 | 8721096 | 9360661 | 4.80 | 0.30 | 0.75 | 4.11 | 4.58 |
| 2022 | 1.01 | 1.04 | 9089175 | 9299720 | 1.50 | 0.30 | 0.75 | 0.68 | 1.14 |
| 2021 | 1.01 | 1.03 | 8895987 | 9031492 | 0.01 | 0.30 | 0.75 | (0.74) | (0.29) |
| <u>Emerging Markets</u> | <u>Emerging Markets</u> |  |  |  |  |  |  |  |  |
| 2025 | 16.55 | 16.55 | 4136 | 68447 | 4.13 | 0.50 | 0.50 | 40.50 | 40.50 |
| 2024 | 11.78 | 11.78 | 915.00 | 10779.00 | 1.43 | 0.50 | 0.50 | 1.82 | 1.82 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 142.95 | 142.95 | 126 | 17975 | 0.44 | 0.50 | 0.50 | 14.33 | 14.33 |
| 2024 | 125.04 | 125.04 | 2.00 | 249.00 |  | 0.50 | 0.50 | 0.82 | 0.82 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>International</u> | <u>International</u> |  |  |  |  |  |  |  |  |
| 2025 | 26.93 | 26.93 | 17 | 446 | 1.25 | 0.50 | 0.50 | 0.29 | 0.29 |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Tech</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 52.93 | 52.93 | 23 | 1224 |  | 0.50 | 0.50 | 22.16 | 22.16 |
| 2024 | 43.33 | 43.33 | 4.00 | 171.00 |  | 0.50 | 0.50 | 4.25 | 4.25 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **AIM:** |  |  |  |  |  |  |  |  |  |
| <u>Dividend</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 54.33 | 55.31 | 5618 | 303841 | 1.63 | 0.30 | 0.75 | 14.88 | 15.39 |
| 2024 | 47.30 | 47.93 | 6217 | 292427 | 1.80 | 0.30 | 0.75 | 12.37 | 12.88 |
| 2023 | 42.09 | 42.46 | 7155 | 298908 | 2.04 | 0.30 | 0.75 | 8.23 | 8.72 |
| 2022 | 38.89 | 39.06 | 7992 | 307950 | 1.86 | 0.30 | 0.75 | (2.41) | (1.97) |
| 2021 | 39.84 | 39.85 | 8684 | 343611 | 2.25 | 0.30 | 0.75 | 18.01 | 18.54 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **AIM, continued:** | **AIM, continued:** |  |  |  |  |  |  |  |  |
| <u>Health</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 63.82 | 79.42 | 13110 | 819789 |  | 0.30 | 0.75 | 14.47 | 14.98 |
| 2024 | 55.50 | 69.39 | 13724 | 748004 |  | 0.30 | 0.75 | 3.39 | 3.85 |
| 2023 | 53.44 | 67.11 | 17142 | 944625 |  | 0.30 | 0.75 | 2.26 | 2.72 |
| 2022 | 52.03 | 65.63 | 16666 | 919399 |  | 0.30 | 0.75 | (13.96) | (13.57) |
| 2021 | 60.20 | 76.28 | 17012 | 1099246 | 0.21 | 0.30 | 0.75 | 11.46 | 11.96 |
| <u>Technology</u> | <u>Technology</u> |  |  |  |  |  |  |  |  |
| 2025 | 88.38 | 90.20 | 24112 | 1967567 |  | 0.30 | 0.75 | 19.57 | 20.11 |
| 2024 | 73.58 | 75.44 | 28033 | 1925371 |  | 0.30 | 0.75 | 33.26 | 33.87 |
| 2023 | 54.97 | 56.61 | 31157 | 1619810 |  | 0.30 | 0.75 | 45.85 | 46.51 |
| 2022 | 37.52 | 38.81 | 30928 | 1115963 |  | 0.30 | 0.75 | (40.40) | (40.13) |
| 2021 | 62.67 | 65.12 | 28834 | 1731866 |  | 0.30 | 0.75 | 13.56 | 14.07 |
| <u>Intl. Growth</u> | <u>Intl. Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 61.59 | 67.17 | 6983 | 430173 | 1.44 | 0.10 | 0.75 | 15.63 | 16.38 |
| 2024 | 53.26 | 57.72 | 7097 | 372011 | 1.80 | 0.10 | 0.75 | (0.14) | 0.82 |
| 2023 | 37.82 | 53.34 | 6537 | 340893 | 0.19 | 0.30 | 0.75 | 17.27 | 17.80 |
| 2022 | 32.11 | 45.48 | 9332 | 416182 | 1.65 | 0.30 | 0.75 | (28.80) | (18.91) |
| 2021 | 45.09 | 56.09 | 11112 | 608649 | 1.29 | 0.30 | 0.75 | (1.00) | 5.10 |
| <u>Franchise</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 127.45 | 209.02 | 563 | 90409 |  | 0.45 | 0.75 | 10.84 | 11.16 |
| 2024 | 114.65 | 188.58 | 389 | 55604 |  | 0.45 | 0.75 | 33.88 | 34.28 |
| 2023 | 85.38 | 140.86 | 343 | 36014 |  | 0.45 | 0.75 | 39.88 | 40.30 |
| 2022 | 60.86 | 100.70 | 421 | 33616 |  | 0.45 | 0.75 | (31.62) | (22.85) |
| 2021 | 123.29 | 147.27 | 309 | 43200 |  | 0.45 | 0.75 | 11.09 | 11.42 |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 80.61 | 80.61 | 1 | 62 |  | 0.50 | 0.50 | 4.27 | 4.27 |
| 2024 | 77.31 | 77.31 | 47.00 | 3617.00 |  | 0.50 | 0.50 | 8.53 | 8.53 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **AIM, continued:** | **AIM, continued:** |  |  |  |  |  |  |  |  |
| <u>Small Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 32.92 | 32.92 | 6047 | 199070 | 0.45 | 0.50 | 0.50 | 8.16 | 8.16 |
| 2024 | 30.44 | 30.44 | 6135.00 | 186742.00 |  | 0.50 | 0.50 | (6.82) | (6.82) |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **Janus:** |  |  |  |  |  |  |  |  |  |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 117.01 | 117.01 | 721 | 84402 |  | 0.45 | 0.45 | 17.86 | 17.86 |
| 2024 | 99.28 | 99.28 | 737 | 73144 | 0.03 | 0.45 | 0.45 | 34.70 | 34.70 |
| 2023 | 73.70 | 73.70 | 765 | 56389 | 0.14 | 0.45 | 0.45 | 42.53 | 42.53 |
| 2022 | 31.58 | 51.71 | 787 | 40677 | 0.71 | 0.45 | 0.75 | (31.86) | (30.20) |
| 2021 | 74.08 | 103.97 | 780 | 60175 | 0.10 | 0.45 | 0.75 | 19.44 | 19.80 |
| **Neuberger Berman:** | **Neuberger Berman:** |  |  |  |  |  |  |  |  |
| <u>Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.54 | 26.77 | 19968 | 313861 | 5.41 | 0.45 | 0.75 | 4.92 | 5.24 |
| 2024 | 9.66 | 25.52 | 20502 | 318626 | 5.52 | 0.30 | 0.75 | 5.18 | 5.30 |
| 2023 | 11.66 | 24.23 | 31211 | 559603 | 4.30 | 0.30 | 0.75 | 5.11 | 5.62 |
| 2022 | 11.04 | 23.05 | 36423 | 618799 | 3.82 | 0.30 | 0.75 | (5.89) | (5.44) |
| 2021 | 11.68 | 24.50 | 33467 | 656105 | 2.50 | 0.30 | 0.75 | (0.01) | 0.41 |
| <u>Mid-Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 59.62 | 62.41 | 43519 | 2674171 |  | 0.30 | 0.75 | 4.66 | 5.13 |
| 2024 | 56.97 | 59.36 | 47489 | 2779631 |  | 0.30 | 0.75 | 23.09 | 23.65 |
| 2023 | 46.28 | 48.01 | 50323 | 2385285 |  | 0.30 | 0.75 | 17.27 | 17.79 |
| 2022 | 39.47 | 40.76 | 50815 | 2045810 |  | 0.30 | 0.75 | (29.26) | (28.95) |
| 2021 | 55.79 | 57.36 | 54232 | 3076574 |  | 0.30 | 0.75 | 12.15 | 12.66 |
| <u>Equity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 59.44 | 60.64 | 60451 | 3655183 |  | 0.45 | 0.75 | 12.89 | 13.23 |
| 2024 | 52.65 | 53.56 | 62148 | 3319625 | 0.22 | 0.45 | 0.75 | 24.90 | 25.28 |
| 2023 | 42.16 | 42.75 | 69902 | 2981831 | 0.34 | 0.45 | 0.75 | 25.96 | 26.33 |
| 2022 | 26.80 | 33.47 | 77011 | 2601750 | 0.44 | 0.30 | 0.75 | (19.06) | (14.65) |
| 2021 | 41.35 | 41.97 | 78379 | 3263183 | 0.38 | 0.30 | 0.75 | 22.56 | 23.40 |
| <u>Regency</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 24.35 | 46.38 | 769 | 19369 | 0.51 | 0.45 | 0.75 | 10.67 | 11.06 |
| 2024 | 21.92 | 41.91 | 695 | 15478 | 0.28 | 0.45 | 0.75 | 7.90 | 8.33 |
| 2023 | 20.24 | 38.84 | 2253 | 48787 | 1.05 | 0.45 | 0.75 | 10.18 | 10.51 |
| 2022 | 18.31 | 35.25 | 2317 | 45395 | 0.23 | 0.45 | 0.75 | (10.42) | (10.16) |
| 2021 | 20.38 | 39.36 | 6158 | 195116 | 0.60 | 0.45 | 0.75 | 10.12 | 31.64 |

---

**6. FINANCIAL HIGHLIGHTS, continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Rydex:** |  |  |  |  |  |  |  |  |  |
| <u>Nova</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 101.03 | 369.92 | 1916 | 840164 |  | 0.30 | 0.75 | 19.97 | 20.46 |
| 2024 | 84.21 | 307.08 | 4336 | 726348 |  | 0.30 | 0.75 | 31.76 | 32.31 |
| 2023 | 63.92 | 232.09 | 4709 | 561537 |  | 0.30 | 0.75 | 34.07 | 34.66 |
| 2022 | 47.67 | 172.35 | 5508 | 469207 | 0.42 | 0.30 | 0.75 | (30.78) | (30.48) |
| 2021 | 68.88 | 247.92 | 6832 | 804495 | 0.35 | 0.30 | 0.75 | 41.13 | 41.71 |
| <u>NASDAQ</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 171.34 | 178.59 | 15705 | 2625938 | 0.03 | 0.30 | 0.75 | 18.15 | 18.68 |
| 2024 | 145.02 | 150.48 | 16210 | 2289590 | 0.21 | 0.30 | 0.75 | 22.97 | 23.53 |
| 2023 | 117.93 | 121.81 | 18438 | 2129547 |  | 0.30 | 0.75 | 52.08 | 52.76 |
| 2022 | 77.54 | 79.74 | 20173 | 1530594 |  | 0.30 | 0.75 | (34.63) | (34.34) |
| 2021 | 118.62 | 121.44 | 26144 | 3003342 |  | 0.30 | 0.75 | 24.61 | 25.17 |
| <u>Precious Metals</u> | <u>Precious Metals</u> |  |  |  |  |  |  |  |  |
| 2025 | 23.93 | 28.61 | 153255 | 5953512 | 2.49 | 0.10 | 0.75 | 145.53 | 147.12 |
| 2024 | 9.75 | 11.58 | 77555 | 1318276 | 1.44 | 0.10 | 0.75 | (5.30) | 7.30 |
| 2023 | 9.08 | 47.43 | 76494 | 1061053 | 0.34 | 0.30 | 0.75 | 3.05 | 3.52 |
| 2022 | 8.81 | 45.81 | 80207 | 1243144 | 0.51 | 0.30 | 0.75 | (11.74) | (11.35) |
| 2021 | 9.99 | 51.68 | 88904 | 1378246 | 3.68 | 0.30 | 0.75 | (9.87) | (9.46) |
| <u>Inv. S&P 500</u> | <u>Inv. S&P 500</u> |  |  |  |  |  |  |  |  |
| 2025 | 0.43 | 100.64 | 771856 | 393312 | 4.80 | 0.30 | 0.75 | (20.45) | (12.49) |
| 2024 | 0.49 | 4.36 | 16702 | 28554 | 10.83 | 0.45 | 0.75 | (13.75) | (13.50) |
| 2023 | 0.57 | 5.04 | 17408 | 27893 | 1.79 | 0.45 | 0.75 | (15.57) | (15.33) |
| 2022 | 0.68 | 5.96 | 354859 | 295949 |  | 0.45 | 0.75 | 15.72 | 16.07 |
| 2021 | 0.59 | 5.13 | 7487 | 21550 |  | 0.45 | 0.75 | (24.94) | (24.78) |
| <u>Gov. Long Bond</u> | <u>Gov. Long Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 17.39 | 178.71 | 2228 | 41850 | 3.28 | 0.30 | 0.75 | 0.95 | 24.21 |
| 2024 | 17.22 | 22.90 | 2380 | 44346 | 3.20 | 0.30 | 0.75 | (15.26) | (13.11) |
| 2023 | 19.82 | 27.02 | 2294 | 48641 | 3.00 | 0.30 | 0.75 | (3.90) | (1.77) |
| 2022 | 20.18 | 28.12 | 3229 | 71262 | 1.66 | 0.30 | 0.75 | (41.27) | (29.56) |
| 2021 | 34.36 | 39.92 | 2670 | 95951 | 0.34 | 0.30 | 0.75 | (8.18) | (7.74) |
| **Third Avenue:** | **Third Avenue:** |  |  |  |  |  |  |  |  |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 55.82 | 73.82 | 89128 | 4134955 | 2.28 | 0.10 | 0.75 | 33.84 | 34.71 |
| 2024 | 41.44 | 55.15 | 85281 | 2987538 | 2.52 | 0.10 | 0.75 | (6.95) | (3.01) |
| 2023 | 27.46 | 56.86 | 94232 | 3274571 | 2.40 | 0.30 | 0.75 | 19.91 | 20.45 |
| 2022 | 22.80 | 47.42 | 96657 | 2828874 | 1.46 | 0.30 | 0.75 | 15.25 | 15.76 |
| 2021 | 19.69 | 41.14 | 106917 | 2718889 | 0.69 | 0.30 | 0.75 | 21.16 | 21.70 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Vanguard:** |  |  |  |  |  |  |  |  |  |
| <u>Equity Index</u> | <u>Equity Index</u> |  |  |  |  |  |  |  |  |
| 2025 | 177.25 | 242.41 | 412172 | 54770708 | 1.08 | 0.10 | 0.75 | 16.82 | 17.58 |
| 2024 | 150.75 | 207.50 | 459991 | 53550487 | 1.28 | 0.10 | 0.75 | 23.90 | 24.72 |
| 2023 | 120.87 | 167.47 | 460716 | 43666410 | 1.39 | 0.10 | 0.75 | (0.28) | 25.18 |
| 2022 | 72.13 | 133.78 | 449909 | 33999703 | 1.36 | 0.30 | 0.75 | (18.84) | (18.47) |
| 2021 | 88.47 | 164.83 | 463254 | 43549930 | 1.25 | 0.30 | 0.75 | 27.59 | 28.17 |
| <u>Total Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 18.09 | 28.05 | 660457 | 9651928 | 3.35 | 0.10 | 0.75 | 6.14 | 6.83 |
| 2024 | 16.93 | 26.43 | 617037 | 8464323 | 2.64 | 0.10 | 0.75 | 0.48 | 2.01 |
| 2023 | 12.81 | 26.30 | 520646 | 7265970 | 2.43 | 0.30 | 0.75 | 4.79 | 5.26 |
| 2022 | 12.17 | 25.10 | 399783 | 5520078 | 2.04 | 0.30 | 0.75 | (13.86) | (13.47) |
| 2021 | 14.06 | 29.14 | 387133 | 6205970 | 2.12 | 0.30 | 0.75 | (2.45) | (2.01) |
| <u>REIT Index</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 35.45 | 73.84 | 252612 | 6327715 | 2.68 | 0.10 | 0.75 | 2.34 | 3.01 |
| 2024 | 34.42 | 72.15 | 256019 | 6412615 | 3.12 | 0.10 | 0.75 | 3.96 | 8.00 |
| 2023 | 20.39 | 69.41 | 249801 | 6196259 | 2.44 | 0.30 | 0.75 | 10.87 | 11.37 |
| 2022 | 18.31 | 62.60 | 239872 | 5581171 | 1.92 | 0.30 | 0.75 | (26.85) | (26.52) |
| 2021 | 24.92 | 85.58 | 233433 | 7630087 | 1.97 | 0.30 | 0.75 | 39.16 | 39.79 |
| <u>Mid-Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 76.07 | 101.80 | 165025 | 10599014 | 1.22 | 0.10 | 0.75 | 10.71 | 11.43 |
| 2024 | 68.27 | 91.96 | 177599 | 10235003 | 1.39 | 0.10 | 0.75 | 14.21 | 14.97 |
| 2023 | 46.78 | 80.51 | 183263 | 9364059 | 1.45 | 0.30 | 0.75 | 14.97 | 15.49 |
| 2022 | 40.51 | 70.03 | 195822 | 8790793 | 1.14 | 0.30 | 0.75 | (19.42) | (19.06) |
| 2021 | 50.05 | 86.91 | 205418 | 11544970 | 1.07 | 0.30 | 0.75 | 23.43 | 23.98 |
| <u>Stock Market Index</u> | <u>Stock Market Index</u> |  |  |  |  |  |  |  |  |
| 2025 | 176.79 | 190.63 | 260906 | 30994520 | 1.14 | 0.10 | 0.75 | 16.06 | 16.82 |
| 2024 | 151.34 | 164.25 | 266739 | 27202896 | 1.23 | 0.10 | 0.75 | 15.01 | 22.78 |
| 2023 | 76.58 | 133.77 | 270126 | 23240572 | 1.10 | 0.30 | 0.75 | 25.02 | 25.58 |
| 2022 | 60.99 | 107.00 | 241399 | 16947534 | 1.34 | 0.30 | 0.75 | (20.19) | (19.83) |
| 2021 | 76.07 | 134.07 | 243421 | 21694056 | 1.17 | 0.30 | 0.75 | 24.70 | 25.26 |
| <u>Conservative</u> | <u>Conservative</u> |  |  |  |  |  |  |  |  |
| 2025 | 36.32 | 38.41 | 17407 | 656343 | 2.43 | 0.45 | 0.75 | 11.89 | 12.23 |
| 2024 | 32.46 | 34.22 | 13123 | 439621 | 2.74 | 0.45 | 0.75 | 6.79 | 7.01 |
| 2023 | 30.40 | 31.98 | 10028 | 315406 | 1.87 | 0.45 | 0.75 | 11.67 | 12.01 |
| 2022 | 27.22 | 28.55 | 5638 | 159767 | 2.44 | 0.45 | 0.75 | (15.53) | (15.28) |
| 2021 | 32.23 | 33.70 | 5517 | 184486 | 1.44 | 0.45 | 0.75 | 5.20 | 5.51 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Vanguard, continued:** | **Vanguard, continued:** | **Vanguard, continued:** |  |  |  |  |  |  |  |
| <u>Moderate</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 33.24 | 50.02 | 38755 | 1795370 | 2.39 | 0.45 | 0.75 | (0.04) | 15.67 |
| 2024 | 43.25 | 43.95 | 38466 | 1549161 | 2.09 | 0.45 | 0.70 | 9.55 | 9.83 |
| 2023 | 39.38 | 40.12 | 32859 | 1190848 | 2.05 | 0.45 | 0.70 | 14.75 | 15.03 |
| 2022 | 26.65 | 34.23 | 32623 | 1029186 | 2.43 | 0.45 | 0.75 | (16.55) | (16.30) |
| 2021 | 40.90 | 41.82 | 35101 | 1335439 | 1.49 | 0.45 | 0.75 | 9.25 | 9.58 |
| <u>Short-Term</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.71 | 13.52 | 217619 | 2782497 | 3.96 | 0.10 | 0.75 | 6.06 | 6.75 |
| 2024 | 11.98 | 12.67 | 205864 | 2481235 | 3.89 | 0.10 | 0.75 | 0.93 | 4.11 |
| 2023 | 11.51 | 11.71 | 206464 | 2402537 | 2.00 | 0.30 | 0.75 | 5.37 | 5.84 |
| 2022 | 10.92 | 11.07 | 236252 | 2603531 | 1.87 | 0.30 | 0.75 | (6.42) | (6.00) |
| 2021 | 11.67 | 11.77 | 256701 | 3011671 | 1.58 | 0.30 | 0.75 | (1.19) | (0.75) |
| <u>Equity Income</u> | <u>Equity Income</u> |  |  |  |  |  |  |  |  |
| 2025 | 86.45 | 161.64 | 206657 | 13413342 | 2.41 | 0.10 | 0.75 | 15.93 | 16.68 |
| 2024 | 74.09 | 139.44 | 206384 | 11598030 | 2.88 | 0.10 | 0.75 | 13.04 | 14.26 |
| 2023 | 50.05 | 122.04 | 214652 | 10691483 | 2.91 | 0.30 | 0.75 | 7.29 | 7.78 |
| 2022 | 46.44 | 113.74 | 260949 | 11992071 | 2.52 | 0.30 | 0.75 | (1.40) | (0.96) |
| 2021 | 46.89 | 115.36 | 220488 | 10799341 | 1.92 | 0.30 | 0.75 | 24.39 | 24.95 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 109.63 | 150.24 | 311260 | 29617762 | 0.21 | 0.10 | 0.75 | 16.02 | 16.77 |
| 2024 | 93.89 | 129.50 | 318814 | 26246352 | 0.28 | 0.10 | 0.75 | 20.56 | 32.14 |
| 2023 | 66.77 | 98.00 | 332250 | 20915149 | 0.24 | 0.30 | 0.75 | 39.10 | 39.72 |
| 2022 | 47.79 | 70.46 | 338584 | 15401003 |  | 0.30 | 0.75 | (33.86) | (33.56) |
| 2021 | 71.93 | 106.53 | 333766 | 23189665 | 0.03 | 0.30 | 0.75 | 16.98 | 17.51 |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 79.68 | 149.95 | 151226 | 9411478 | 2.08 | 0.10 | 0.75 | 15.60 | 16.35 |
| 2024 | 68.48 | 129.72 | 161228 | 8653076 | 2.25 | 0.10 | 0.75 | 10.63 | 13.94 |
| 2023 | 41.88 | 113.85 | 173153 | 8459235 | 2.05 | 0.45 | 0.75 | 13.48 | 13.82 |
| 2022 | 36.79 | 100.33 | 185684 | 8415342 | 1.94 | 0.45 | 0.75 | (14.94) | (14.69) |
| 2021 | 43.13 | 117.95 | 202497 | 10800882 | 1.79 | 0.45 | 0.75 | 18.13 | 18.48 |
| <u>High Yield Bond</u> | <u>High Yield Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 20.48 | 39.94 | 215876 | 2999319 | 6.26 | 0.10 | 0.75 | 8.37 | 9.07 |
| 2024 | 18.77 | 36.86 | 191762 | 2605466 | 5.31 | 0.10 | 0.75 | 5.65 | 6.35 |
| 2023 | 10.43 | 34.89 | 180023 | 2423483 | 4.81 | 0.30 | 0.75 | 10.84 | 11.33 |
| 2022 | 9.37 | 31.48 | 164342 | 2033938 | 5.13 | 0.30 | 0.75 | (10.04) | (9.63) |
| 2021 | 10.36 | 34.99 | 176175 | 2565259 | 4.19 | 0.30 | 0.75 | 2.91 | 3.37 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Vanguard, continued:** | **Vanguard, continued:** | **Vanguard, continued:** |  |  |  |  |  |  |  |
| <u>International</u> | <u>International</u> |  |  |  |  |  |  |  |  |
| 2025 | 61.99 | 83.90 | 310322 | 17374770 | 0.81 | 0.10 | 0.75 | 19.07 | 19.85 |
| 2024 | 51.72 | 70.46 | 309112 | 14503724 | 1.21 | 0.10 | 0.75 | 4.38 | 8.19 |
| 2023 | 41.29 | 65.13 | 318410 | 13851826 | 1.53 | 0.30 | 0.75 | 13.80 | 14.31 |
| 2022 | 36.12 | 57.23 | 334637 | 12810138 | 1.36 | 0.30 | 0.75 | (30.64) | (30.33) |
| 2021 | 51.84 | 82.51 | 349637 | 19447697 | 0.27 | 0.30 | 0.75 | (2.28) | (1.84) |
| <u>Diversified</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 66.59 | 72.26 | 82511 | 4447301 | 1.52 | 0.10 | 0.75 | 15.96 | 16.71 |
| 2024 | 57.06 | 62.31 | 81410 | 3866532 | 1.67 | 0.10 | 0.75 | 12.41 | 14.02 |
| 2023 | 40.10 | 54.65 | 90997 | 3829287 | 1.41 | 0.30 | 0.75 | 19.23 | 19.77 |
| 2022 | 33.48 | 45.83 | 92115 | 3292057 | 1.15 | 0.30 | 0.75 | (12.15) | (11.75) |
| 2021 | 37.94 | 52.17 | 104363 | 4246129 | 1.04 | 0.30 | 0.75 | 29.49 | 30.08 |
| <u>Small Company Growth</u> | <u>Small Company Growth</u> | <u>Small Company Growth</u> |  |  |  |  |  |  |  |
| 2025 | 75.71 | 135.05 | 261646 | 15549595 | 0.48 | 0.10 | 0.75 | 5.32 | 6.00 |
| 2024 | 71.42 | 128.23 | 296101 | 16475154 | 0.55 | 0.10 | 0.75 | 10.54 | 10.90 |
| 2023 | 48.43 | 116.00 | 310958 | 15688424 | 0.41 | 0.30 | 0.75 | 18.76 | 19.29 |
| 2022 | 40.60 | 97.67 | 330280 | 13991490 | 0.27 | 0.30 | 0.75 | (25.91) | (25.57) |
| 2021 | 54.55 | 131.83 | 339365 | 19813230 | 0.37 | 0.30 | 0.75 | 13.37 | 13.88 |
| <u>International Stock</u> | <u>International Stock</u> |  |  |  |  |  |  |  |  |
| 2025 | 33.15 | 34.50 | 116012 | 3808241 | 2.59 | 0.10 | 0.70 | 31.13 | 38.14 |
| 2024 | 22.91 | 25.28 | 101664 | 2541132 | 2.70 | 0.50 | 0.70 | 4.32 | 4.33 |
| 2023 | 24.23 | 24.34 | 72079 | 1752039 | 2.86 | 0.70 | 0.70 | 14.74 | 14.74 |
| 2022 | 21.12 | 21.21 | 55391 | 1173889 | 3.35 | 0.70 | 0.70 | (16.60) | (16.60) |
| 2021 | 25.32 | 25.43 | 48241 | 1225534 | 1.42 | 0.70 | 0.70 | 7.77 | 7.77 |
| <u>Global Bond</u> | <u>Global Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 21.35 | 21.45 | 15185 | 325310 | 2.90 | 0.70 | 0.70 | 4.96 | 4.96 |
| 2024 | 20.34 | 20.43 | 12058 | 246208 | 2.90 | 0.70 | 0.70 | 1.32 | 1.32 |
| 2023 | 20.08 | 20.17 | 10900 | 219679 | 1.94 | 0.70 | 0.70 | 5.78 | 5.78 |
| 2022 | 18.98 | 19.07 | 5372 | 102309 | 2.68 | 0.70 | 0.70 | (13.73) | (13.73) |
| 2021 | 22.00 | 22.10 | 3284 | 72553 | 0.53 | 0.70 | 0.70 | (2.52) | (2.52) |
| **Allspring:** |  |  |  |  |  |  |  |  |  |
| <u>Discovery</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 25.29 | 79.00 | 5288 | 361451 |  | 0.30 | 0.75 | (0.54) | 4.60 |
| 2024 | 36.70 | 75.52 | 6196 | 401302 |  | 0.30 | 0.75 | 17.25 | 18.13 |
| 2023 | 31.07 | 64.41 | 7614 | 428200 |  | 0.30 | 0.75 | 19.25 | 20.14 |
| 2022 | 25.86 | 54.02 | 7827 | 371398 |  | 0.30 | 0.75 | (39.49) | (38.31) |
| 2021 | 42.74 | 87.56 | 8573 | 655114 |  | 0.30 | 0.75 | (10.18) | (5.75) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Allspring, continued:** | **Allspring, continued:** | **Allspring, continued:** |  |  |  |  |  |  |  |
| <u>Opportunity</u> | <u>Opportunity</u> |  |  |  |  |  |  |  |  |
| 2025 | 74.43 | 150.23 | 9802 | 674434 | 0.05 | 0.30 | 0.75 | 5.92 | 6.39 |
| 2024 | 69.96 | 141.84 | 9604 | 625836 | 0.05 | 0.30 | 0.75 | 14.18 | 14.70 |
| 2023 | 60.99 | 124.22 | 11405 | 648047 |  | 0.30 | 0.75 | 25.56 | 26.12 |
| 2022 | 48.36 | 98.93 | 11850 | 541881 |  | 0.30 | 0.75 | (21.40) | (21.04) |
| 2021 | 61.25 | 125.86 | 12821 | 774013 | 0.04 | 0.30 | 0.75 | 23.85 | 24.40 |
| **Lincoln:** |  |  |  |  |  |  |  |  |  |
| <u>Mid Cap II</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 21.98 | 22.23 | 57724 | 1273920 | 1.91 | 0.10 | 0.75 | 8.18 | 8.89 |
| 2024 | 20.32 | 20.41 | 58326 | 1187060 | 2.03 | 0.10 | 0.75 | 6.29 | 6.76 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>International II</u> | <u>International II</u> |  |  |  |  |  |  |  |  |
| 2025 | 12.32 | 12.38 | 1519 | 18799 | 0.98 | 0.45 | 0.75 | 15.19 | 15.47 |
| 2024 | 10.70 | 10.72 | 2171 | 23272 | 0.60 | 0.45 | 0.75 | (0.28) | (0.08) |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Inflation II</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 10.02 | 10.12 | 21472 | 215309 | 7.76 | 0.10 | 0.70 | 5.86 | 6.50 |
| 2024 | 9.47 | 9.51 | 27271 | 258235 | 3.12 | 0.10 | 0.70 | 2.91 | 3.33 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **American Funds:** | **American Funds:** |  |  |  |  |  |  |  |  |
| <u>IS Growth-Inc</u> | <u>IS Growth-Inc</u> |  |  |  |  |  |  |  |  |
| 2025 | 92.28 | 121.08 | 1451 | 150580 | 1.51 | 0.50 | 0.70 | 17.54 | 17.78 |
| 2024 | 78.35 | 103.00 | 599 | 55669 | 1.38 | 0.50 | 0.70 | 14.47 | 23.67 |
| 2023 | 73.91 | 83.29 | 570 | 43240 | 1.48 | 0.70 | 0.70 | 25.59 | 25.59 |
| 2022 | 58.85 | 66.32 | 314 | 19314 | 1.74 | 0.70 | 0.70 | (16.87) | (16.87) |
| 2021 | 70.79 | 79.78 | 255 | 18717 | 1.66 | 0.70 | 0.70 | 23.55 | 23.55 |
| <u>IS Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 253.16 | 263.47 | 13687 | 3240685 | 0.25 | 0.10 | 0.70 | 19.69 | 42.78 |
| 2024 | 138.45 | 211.50 | 4492 | 867033 | 0.64 | 0.50 | 0.70 | 18.62 | 31.04 |
| 2023 | 143.55 | 161.41 | 3190 | 478128 | 0.67 | 0.70 | 0.70 | 37.85 | 37.85 |
| 2022 | 104.14 | 117.09 | 2470 | 268645 | 0.57 | 0.70 | 0.70 | (30.25) | (30.25) |
| 2021 | 149.29 | 167.86 | 3080 | 473979 | 0.92 | 0.70 | 0.70 | 21.45 | 21.45 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **American Funds, continued:** | **American Funds, continued:** | **American Funds, continued:** |  |  |  |  |  |  |  |
| <u>Blue Chip</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 30.41 | 31.65 | 15467 | 419506 | 1.77 | 0.10 | 0.70 | 4.77 | 16.68 |
| 2024 | 23.56 | 26.06 | 12284 | 299120 | 1.94 | 0.70 | 0.70 | 18.57 | 18.57 |
| 2023 | 19.87 | 21.98 | 11104 | 228231 | 2.28 | 0.70 | 0.70 | 16.84 | 16.84 |
| 2022 | 17.01 | 18.81 | 7489 | 131783 | 2.98 | 0.70 | 0.70 | (8.92) | (8.92) |
| 2021 | 18.67 | 20.65 | 2295 | 46393 | 2.10 | 0.70 | 0.70 | 27.23 | 27.23 |
| <u>IS International</u> | <u>IS International</u> |  |  |  |  |  |  |  |  |
| 2025 | 27.35 | 28.40 | 12180 | 338700 | 1.61 | 0.70 | 0.70 | 26.16 | 26.16 |
| 2024 | 21.68 | 22.51 | 10296 | 226478 | 1.54 | 0.70 | 0.70 | 2.67 | 2.67 |
| 2023 | 21.11 | 21.93 | 9130 | 195510 | 1.24 | 0.70 | 0.70 | 15.31 | 15.31 |
| 2022 | 18.31 | 19.01 | 11881 | 218860 | 2.16 | 0.70 | 0.70 | (21.12) | (21.12) |
| 2021 | 23.21 | 24.10 | 3759 | 88975 | 3.94 | 0.70 | 0.70 | (1.92) | (1.92) |
| <u>IS New World</u> | <u>IS New World</u> |  |  |  |  |  |  |  |  |
| 2025 | 40.38 | 41.78 | 6961 | 276552 | 1.48 | 0.10 | 0.70 | 27.71 | 28.48 |
| 2024 | 31.62 | 32.52 | 6566 | 206776 | 1.76 | 0.10 | 0.70 | 3.75 | 6.11 |
| 2023 | 29.80 | 29.80 | 5509 | 164162 | 1.63 | 0.70 | 0.70 | 15.41 | 15.41 |
| 2022 | 25.82 | 25.82 | 8772 | 226494 | 1.86 | 0.70 | 0.70 | (22.40) | (22.40) |
| 2021 | 33.28 | 33.28 | 5537.00 | 184248.00 | 1.26 | 0.70 | 0.70 | 4.43 | 4.43 |
| <u>IS Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 10.64 | 10.64 | 2253 | 23969 | 4.68 | 0.50 | 0.50 | 5.91 | 5.91 |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>IS High Income</u> | <u>IS High Income</u> |  |  |  |  |  |  |  |  |
| 2025 | 11.30 | 11.30 | 1733 | 19591 | 7.42 | 0.50 | 0.50 | 6.09 | 6.09 |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **Franklin Templeton:** | **Franklin Templeton:** |  |  |  |  |  |  |  |  |
| <u>Global Inc.</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 23.51 | 25.40 | 31560 | 516745 |  | 0.10 | 0.75 | 14.87 | 15.61 |
| 2024 | 20.46 | 21.97 | 52270 | 825155 |  | 0.10 | 0.75 | (12.04) | (7.18) |
| 2023 | 16.11 | 23.26 | 42254 | 774008 |  | 0.30 | 0.75 | 2.12 | 2.58 |
| 2022 | 15.70 | 22.78 | 35797 | 632934 |  | 0.30 | 0.75 | (5.66) | (5.24) |
| 2021 | 16.57 | 24.15 | 22797 | 477116 |  | 0.30 | 0.75 | (5.70) | (5.28) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **MFS:** |  |  |  |  |  |  |  |  |  |
| <u>Utilities IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 84.44 | 94.74 | 8136 | 585433 | 2.08 | 0.10 | 0.75 | 14.15 | 14.89 |
| 2024 | 73.97 | 82.46 | 14106 | 931801 | 2.28 | 0.10 | 0.75 | 10.82 | 13.01 |
| 2023 | 54.52 | 66.75 | 12666 | 785365 | 3.55 | 0.30 | 0.75 | (2.84) | (2.42) |
| 2022 | 55.87 | 68.70 | 14510 | 896637 | 2.59 | 0.30 | 0.75 | 0.01 | 0.45 |
| 2021 | 55.63 | 68.69 | 13285 | 833250 | 1.73 | 0.30 | 0.75 | 13.24 | 13.75 |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.45 | 18.16 | 24871 | 405288 |  | 0.10 | 0.70 | 2.94 | 3.56 |
| 2024 | 16.95 | 17.54 | 37504 | 582413 |  | 0.10 | 0.70 | 6.08 | 13.92 |
| 2023 | 13.05 | 14.88 | 36854 | 498767 |  | 0.70 | 0.70 | 20.48 | 20.48 |
| 2022 | 10.83 | 12.35 | 20283 | 231664 |  | 0.70 | 0.70 | (29.19) | (29.19) |
| 2021 | 15.29 | 17.44 | 16630 | 267898 |  | 0.70 | 0.70 | 13.32 | 13.32 |
| <u>New Discovery</u> | <u>New Discovery</u> |  |  |  |  |  |  |  |  |
| 2025 | 15.38 | 15.38 | 238 | 3659 |  | 0.50 | 0.50 | 18.15 | 18.15 |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Research</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 27.24 | 29.21 | 38597 | 1047913 | 1.50 | 0.10 | 0.75 | 21.14 | 21.93 |
| 2024 | 22.49 | 23.96 | 42593 | 951779 | 1.63 | 0.10 | 0.75 | 2.32 | 3.24 |
| 2023 | 21.98 | 21.99 | 40869 | 889912 | 1.13 | 0.45 | 0.75 | 12.17 | 12.51 |
| 2022 | 19.55 | 19.59 | 58979 | 1147966 | 1.84 | 0.45 | 0.75 | (18.19) | (17.95) |
| 2021 | 23.82 | 23.95 | 60724 | 1442193 | 0.83 | 0.45 | 0.75 | 10.74 | 11.07 |
| <u>Small Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Conservative All</u> | <u>Conservative All</u> |  |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **MFS, continued:** | **MFS, continued:** |  |  |  |  |  |  |  |  |
| <u>Global RE</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 14.15 | 14.15 | 1121 | 15852 | 1.17 | 0.50 | 0.50 | (0.48) | (0.48) |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Mid Cap Value</u> | <u>Mid Cap Value</u> |  |  |  |  |  |  |  |  |
| 2025 | 12.31 | 12.31 | 1456 | 17920 |  | 0.50 | 0.50 | 0.21 | 0.21 |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Moderate All</u> | <u>Moderate All</u> |  |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **Summit:** |  |  |  |  |  |  |  |  |  |
| <u>EAFE Intl.</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 157.21 | 163.25 | 7604 | 1197919 | 2.58 | 0.45 | 0.75 | 29.93 | 30.32 |
| 2024 | 120.63 | 125.65 | 7194 | 868253 | 2.68 | 0.45 | 0.75 | 2.37 | 2.68 |
| 2023 | 117.49 | 122.74 | 7378 | 871359 | 2.35 | 0.45 | 0.75 | 16.90 | 17.25 |
| 2022 | 83.54 | 105.00 | 3065 | 301900 | 3.46 | 0.30 | 0.75 | (16.37) | (15.22) |
| 2021 | 119.49 | 123.84 | 1851 | 225091 | 1.81 | 0.30 | 0.75 | 10.05 | 10.88 |
| <u>S&P MidCap</u> | <u>S&P MidCap</u> |  |  |  |  |  |  |  |  |
| 2025 | 230.76 | 230.76 | 868 | 200328 | 1.11 | 0.30 | 0.30 | 6.82 | 6.82 |
| 2024 | 216.04 | 216.04 | 872 | 188396 | 1.22 | 0.30 | 0.30 | 13.18 | 13.18 |
| 2023 | 190.88 | 190.88 | 876 | 167171 | 1.25 | 0.30 | 0.30 | 15.77 | 15.77 |
| 2022 | 164.88 | 164.88 | 880 | 145064 | 0.95 | 0.30 | 0.30 | (13.59) | (13.59) |
| 2021 | 190.81 | 190.81 | 872 | 166407 | 0.85 | 0.30 | 0.30 | 24.04 | 24.04 |

---

**6. FINANCIAL HIGHLIGHTS, continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Summit, continued:** | **Summit, continued:** |  |  |  |  |  |  |  |  |
| <u>S&P 500</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 459.31 | 498.64 | 9921 | 4285262 | 1.03 | 0.10 | 0.75 | 15.13 | 16.63 |
| 2024 | 359.90 | 393.82 | 12169 | 4470397 | 1.24 | 0.30 | 0.75 | 23.70 | 24.26 |
| 2023 | 289.64 | 318.37 | 12976 | 3851073 | 1.41 | 0.30 | 0.75 | 24.99 | 25.55 |
| 2022 | 230.70 | 254.73 | 10495 | 2539347 | 1.42 | 0.30 | 0.75 | (18.95) | (18.58) |
| 2021 | 283.36 | 314.27 | 8380 | 2486777 | 1.34 | 0.30 | 0.75 | 27.46 | 28.03 |
| <u>Russell Small Cap</u> | <u>Russell Small Cap</u> |  |  |  |  |  |  |  |  |
| 2025 | 158.66 | 168.48 | 8887 | 1310497 | 1.69 | 0.10 | 0.75 | 11.62 | 12.34 |
| 2024 | 142.14 | 149.98 | 9809 | 1281465 | 1.21 | 0.10 | 0.75 | 8.95 | 10.40 |
| 2023 | 128.76 | 136.74 | 8673 | 1029412 | 0.91 | 0.30 | 0.75 | 15.73 | 16.25 |
| 2022 | 111.25 | 117.63 | 7235 | 752695 | 0.75 | 0.30 | 0.75 | (21.11) | (20.75) |
| 2021 | 141.02 | 148.43 | 7782 | 1031639 | 0.80 | 0.30 | 0.75 | 13.68 | 14.19 |
| <u>Moderate</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 24.93 | 26.89 | 5497 | 136776 | 2.41 | 0.10 | 0.75 | 6.18 | 6.87 |
| 2024 | 23.48 | 25.16 | 6023 | 141039 | 2.29 | 0.10 | 0.75 | 6.89 | 7.91 |
| 2023 | 21.96 | 22.08 | 5539 | 120277 | 1.46 | 0.45 | 0.75 | 11.09 | 11.43 |
| 2022 | 19.77 | 19.82 | 5077 | 100063 | 1.12 | 0.45 | 0.75 | (14.81) | (14.56) |
| 2021 | 23.19 | 23.21 | 4586 | 106710 | 1.10 | 0.45 | 0.75 | 9.24 | 9.58 |
| <u>Mod. Growth</u> | <u>Mod. Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 27.09 | 29.63 | 12332 | 349682 | 1.89 | 0.10 | 0.75 | 7.70 | 8.40 |
| 2024 | 25.15 | 27.33 | 14985 | 387862 | 1.90 | 0.10 | 0.75 | 9.22 | 9.34 |
| 2023 | 23.00 | 23.53 | 15609 | 364608 | 1.32 | 0.45 | 0.75 | 12.94 | 13.28 |
| 2022 | 20.36 | 20.77 | 16534 | 340998 | 0.99 | 0.45 | 0.75 | (15.24) | (14.99) |
| 2021 | 24.03 | 24.44 | 18589 | 452503 | 1.01 | 0.45 | 0.75 | 12.80 | 13.13 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 28.10 | 28.65 | 10957 | 309154 | 1.82 | 0.70 | 0.70 | 7.31 | 7.31 |
| 2024 | 26.19 | 26.70 | 9608 | 251978 | 1.86 | 0.70 | 0.70 | 11.38 | 11.38 |
| 2023 | 23.51 | 23.97 | 9694 | 228233 | 3.36 | 0.70 | 0.70 | 14.85 | 14.85 |
| 2022 | 20.47 | 20.87 | 1176 | 24534 | 1.14 | 0.70 | 0.70 | (15.53) | (15.53) |
| 2021 | 24.24 | 24.71 | 504 | 12425 | 2.57 | 0.70 | 0.70 | 15.06 | 15.06 |
| <u>Nasdaq-100 Index</u> | <u>Nasdaq-100 Index</u> |  |  |  |  |  |  |  |  |
| 2025 | 213.42 | 213.42 | 103 | 22072 | 0.33 | 0.50 | 0.50 | 19.80 | 19.80 |
| 2024 | 178.15 | 178.15 | 62.00 | 11084.00 | 0.42 | 0.50 | 0.50 | 15.02 | 15.02 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

**6. FINANCIAL HIGHLIGHTS, continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **T. Rowe:** |  |  |  |  |  |  |  |  |  |
| <u>Blue Chip</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 85.77 | 96.19 | 93848 | 8655457 |  | 0.10 | 0.75 | 17.85 | 18.62 |
| 2024 | 72.78 | 81.09 | 107976 | 8380494 |  | 0.10 | 0.75 | 27.44 | 34.49 |
| 2023 | 54.11 | 59.06 | 115935 | 6515209 |  | 0.30 | 0.75 | 48.18 | 48.85 |
| 2022 | 36.52 | 39.68 | 112766 | 4253360 |  | 0.30 | 0.75 | (38.96) | (38.69) |
| 2021 | 59.83 | 64.71 | 120870 | 7438318 |  | 0.30 | 0.75 | 16.74 | 17.27 |
| **Morgan Stanley:** | **Morgan Stanley:** |  |  |  |  |  |  |  |  |
| <u>Emerging Markets</u> | <u>Emerging Markets</u> |  |  |  |  |  |  |  |  |
| 2025 | 25.43 | 31.15 | 67697 | 1623663 | 0.46 | 0.10 | 0.75 | 31.97 | 32.83 |
| 2024 | 19.14 | 23.60 | 94555 | 1692506 | 1.37 | 0.10 | 0.75 | 7.01 | 10.46 |
| 2023 | 17.00 | 22.06 | 96835 | 1623944 | 1.59 | 0.30 | 0.75 | 11.14 | 11.64 |
| 2022 | 15.22 | 19.84 | 94657 | 1431509 | 0.46 | 0.30 | 0.75 | (25.64) | (25.31) |
| 2021 | 20.38 | 26.69 | 110369 | 2233464 | 0.84 | 0.30 | 0.75 | 2.22 | 2.68 |
| **Pimco:** |  |  |  |  |  |  |  |  |  |
| <u>Commodity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 10.27 | 11.75 | 71762 | 794489 | 3.03 | 0.10 | 0.75 | 17.91 | 18.68 |
| 2024 | 8.71 | 9.90 | 64749 | 614865 | 2.23 | 0.10 | 0.75 | 2.88 | 3.38 |
| 2023 | 8.43 | 9.74 | 74607 | 678702 | 15.62 | 0.45 | 0.75 | (8.54) | (8.27) |
| 2022 | 9.21 | 10.62 | 74899 | 737743 | 21.98 | 0.45 | 0.75 | 7.81 | 8.13 |
| 2021 | 8.55 | 9.82 | 72011 | 637135 | 4.31 | 0.45 | 0.75 | 32.35 | 32.74 |
| <u>Total Return</u> | <u>Total Return</u> |  |  |  |  |  |  |  |  |
| 2025 | 16.18 | 18.02 | 61167 | 812144 | 4.11 | 0.10 | 0.75 | 8.08 | 8.78 |
| 2024 | 14.97 | 16.57 | 74731 | 919281 | 4.03 | 0.10 | 0.75 | 1.77 | 3.46 |
| 2023 | 12.36 | 14.71 | 89627 | 1106847 | 3.56 | 0.30 | 0.75 | 5.15 | 5.62 |
| 2022 | 11.70 | 13.99 | 93009 | 1095407 | 2.65 | 0.30 | 0.75 | (14.94) | (14.56) |
| 2021 | 13.70 | 16.44 | 64288 | 933241 | 1.82 | 0.30 | 0.75 | (2.00) | (1.56) |
| <u>Low Duration</u> | <u>Low Duration</u> |  |  |  |  |  |  |  |  |
| 2025 | 11.54 | 11.67 | 1296 | 14961 | 3.95 | 0.45 | 0.75 | 4.33 | 5.05 |
| 2024 | 10.99 | 11.18 | 1401 | 15418 | 4.00 | 0.45 | 0.75 | 3.75 | 4.03 |
| 2023 | 10.56 | 10.78 | 2058 | 21909 | 3.60 | 0.45 | 0.75 | 4.19 | 4.50 |
| 2022 | 10.11 | 10.35 | 3364 | 34178 | 1.61 | 0.45 | 0.75 | (6.45) | (6.16) |
| 2021 | 10.77 | 11.06 | 4642 | 50688 | 0.52 | 0.45 | 0.75 | (1.66) | (1.37) |
| <u>Commodity Inst</u> | <u>Commodity Inst</u> |  |  |  |  |  |  |  |  |
| 2025 | 7.75 | 7.75 | 4043 | 31340 | 3.29 | 0.50 | 0.50 | 18.48 | 18.48 |
| 2024 | 6.54 | 6.54 | 582.00 | 3808.00 | 1.50 | 0.50 | 0.50 | (0.83) | (0.83) |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

**6. FINANCIAL HIGHLIGHTS, continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Pimco, continued:** | **Pimco, continued:** |  |  |  |  |  |  |  |  |
| <u>Real Return</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 13.00 | 13.00 | 2235 | 29049 | 3.33 | 0.50 | 0.50 | 7.47 | 7.47 |
| 2024 | 12.10 | 12.10 | 189.00 | 2290.00 | 0.63 | 0.50 | 0.50 | (0.28) | (0.28) |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Short Term</u> |  |  |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **DFA:** |  |  |  |  |  |  |  |  |  |
| <u>Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 13.20 | 14.44 | 12541 | 156365 | 4.16 | 0.10 | 0.70 | 3.63 | 4.25 |
| 2024 | 12.73 | 13.85 | 11013 | 132715 | 4.91 | 0.10 | 0.70 | 3.91 | 4.65 |
| 2023 | 10.07 | 12.17 | 12333 | 141964 | 3.21 | 0.70 | 0.70 | 4.32 | 4.32 |
| 2022 | 9.65 | 11.66 | 26530 | 300265 | 1.67 | 0.70 | 0.70 | (6.98) | (6.98) |
| 2021 | 10.37 | 12.54 | 22059 | 272535 | 0.79 | 0.70 | 0.70 | (1.73) | (1.73) |
| <u>Small</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.20 | 30.08 | 43432 | 963048 | 4.15 | 0.50 | 0.70 | 36.04 | 36.31 |
| 2024 | 12.62 | 22.11 | 23765 | 455162 | 3.51 | 0.50 | 0.70 | (2.78) | 3.09 |
| 2023 | 14.34 | 21.45 | 22426 | 424395 | 3.13 | 0.70 | 0.70 | 13.32 | 13.32 |
| 2022 | 12.65 | 18.93 | 24682 | 428026 | 1.88 | 0.70 | 0.70 | (18.22) | (18.22) |
| 2021 | 15.47 | 23.14 | 35336 | 781319 | 2.79 | 0.70 | 0.70 | 13.77 | 13.77 |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 30.53 | 33.41 | 65598 | 1775938 | 5.76 | 0.10 | 0.70 | 44.63 | 45.49 |
| 2024 | 21.11 | 22.97 | 39250 | 784976 | 4.09 | 0.10 | 0.70 | 5.87 | 7.39 |
| 2023 | 15.74 | 19.94 | 37276 | 709265 | 4.30 | 0.70 | 0.70 | 17.04 | 17.04 |
| 2022 | 13.44 | 17.04 | 44246 | 709933 | 4.64 | 0.70 | 0.70 | (4.13) | (4.13) |
| 2021 | 14.02 | 17.77 | 34872 | 613593 | 4.08 | 0.70 | 0.70 | 17.29 | 17.29 |
| <u>Fixed</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 11.39 | 12.46 | 143039 | 1622488 | 4.56 | 0.10 | 0.70 | 3.61 | 4.23 |
| 2024 | 10.99 | 11.96 | 122110 | 1335850 | 5.05 | 0.10 | 0.70 | 4.46 | 4.74 |
| 2023 | 10.33 | 10.49 | 116178 | 1212098 | 6.81 | 0.70 | 0.70 | 4.25 | 4.25 |
| 2022 | 9.91 | 10.06 | 29562 | 294561 | 0.62 | 0.70 | 0.70 | (1.84) | (1.84) |
| 2021 | 10.10 | 10.25 | 61667 | 626033 | 0.01 | 0.70 | 0.70 | (0.88) | (0.88) |

---

**6. FINANCIAL HIGHLIGHTS, continued** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** | | |  |  |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **DFA, continued:** | **DFA, continued:** |  |  |  |  |  |  |  |  |
| <u>Large</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 64.52 | 70.61 | 15567 | 862763 | 1.62 | 0.10 | 0.70 | 15.02 | 15.71 |
| 2024 | 56.10 | 61.02 | 19421 | 976853 | 2.09 | 0.10 | 0.70 | 2.61 | 12.59 |
| 2023 | 35.28 | 49.82 | 18725 | 839726 | 2.17 | 0.70 | 0.70 | 10.15 | 10.15 |
| 2022 | 32.03 | 45.23 | 19390 | 771952 | 1.58 | 0.70 | 0.70 | (5.54) | (5.54) |
| 2021 | 33.90 | 47.88 | 24819 | 1130357 | 1.85 | 0.70 | 0.70 | 26.15 | 26.15 |
| <u>Targeted</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 48.56 | 53.14 | 19594 | 810082 | 1.55 | 0.10 | 0.70 | 8.19 | 8.84 |
| 2024 | 44.88 | 48.82 | 24468 | 1029828 | 1.47 | 0.10 | 0.70 | 5.90 | 7.38 |
| 2023 | 29.19 | 41.80 | 23065 | 922051 | 1.54 | 0.70 | 0.70 | 19.20 | 19.20 |
| 2022 | 24.49 | 35.07 | 29354 | 958629 | 1.34 | 0.70 | 0.70 | (4.88) | (4.88) |
| 2021 | 25.75 | 36.86 | 33354 | 1086101 | 1.56 | 0.70 | 0.70 | 38.71 | 38.71 |
| <u>Global</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 19.81 | 23.00 | 8354 | 173896 | 3.28 | 0.50 | 0.70 | 13.89 | 14.11 |
| 2024 | 17.36 | 20.20 | 4596 | 86307 | 2.82 | 0.50 | 0.70 | 2.82 | 11.21 |
| 2023 | 17.31 | 18.16 | 4931 | 87074 | 2.79 | 0.70 | 0.70 | 13.93 | 13.93 |
| 2022 | 15.19 | 15.94 | 3986 | 62044 | 2.06 | 0.70 | 0.70 | (11.58) | (11.58) |
| 2021 | 17.18 | 18.03 | 1952 | 34365 | 1.74 | 0.70 | 0.70 | 7.29 | 13.41 |
| <u>Equity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 22.87 | 23.81 | 78513 | 1801319 | 3.30 | 0.10 | 0.70 | 19.11 | 19.82 |
| 2024 | 19.20 | 19.87 | 39790 | 768002 | 2.18 | 0.10 | 0.70 | 1.79 | 14.29 |
| 2023 | 16.80 | 16.88 | 32871 | 553672 | 2.66 | 0.70 | 0.70 | 19.31 | 19.31 |
| 2022 | 14.08 | 14.14 | 25668 | 362377 | 3.03 | 0.70 | 0.70 | (14.28) | (14.28) |
| 2021 | 16.43 | 16.50 | 9957.00 | 164075.00 | 4.41 | 0.70 | 0.70 | 23.51 | 23.51 |
| **Columbia:** |  |  |  |  |  |  |  |  |  |
| <u>Small</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.31 | 17.31 | 4870 | 84283 | 1.01 | 0.50 | 0.50 | 14.42 | 14.42 |
| 2024 | 15.13 | 15.13 | 877.00 | 13267.00 | 0.69 | 0.50 | 0.50 | 1.16 | 1.16 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **Putnam:** |  |  |  |  |  |  |  |  |  |
| <u>International</u> | <u>International</u> |  |  |  |  |  |  |  |  |
| 2025 | 17.04 | 17.04 | 2566 | 43709 |  | 0.50 | 0.50 | 10.06 | 10.06 |
| 2024 |  |  |  |  |  |  |  |  |  |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

**7. CHANGES IN UNITS OUTSTANDING**

The change in units outstanding for the periods ended December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Calvert:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 95455 | 87442 |
| Units redeemed | (234836) | (70414) |
| Net increase(decrease) | (139381) | 17028 |
| <u>Mid Cap</u> |  |  |
| Units issued | 4 | 350 |
| Units redeemed | (37) | (313) |
| Net increase(decrease) | (33) | 37 |
| **Scudder:** |  |  |
| <u>Equity 500</u> |  |  |
| Units issued | 56 | 68 |
| Units redeemed | (54) | (3634) |
| Net increase(decrease) | 2 | (3566) |
| <u>Small Cap</u> |  |  |
| Units issued | 10613 | 14688 |
| Units redeemed | (10859) | (13562) |
| Net increase(decrease) | (246) | 1126 |
| <u>Mid Value</u> |  |  |
| Units issued | 15299 | 17288 |
| Units redeemed | (14842) | (17661) |
| Net increase(decrease) | 457 | (373) |
| <u>Global</u> |  |  |
| Units issued | 5897 | 16698 |
| Units redeemed | (7196) | (7876) |
| Net increase(decrease) | (1299) | 8822 |
| <u>Alt Asset</u> |  |  |
| Units issued | 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Growth</u> |  |  |
| Units issued | 3020 | 3866 |
| Units redeemed | (3448) | (2175) |
| Net increase(decrease) | (428) | 1691 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity:** |  |  |
| <u>Contrafund IC</u> |  |  |
| Units issued | 17275 | 21938 |
| Units redeemed | (15927) | (18224) |
| Net increase(decrease) | 1348 | 3714 |
| <u>Contrafund SC</u> |  |  |
| Units issued | 3434 | 3588 |
| Units redeemed | (17808) | (3267) |
| Net increase(decrease) | (14374) | 321 |
| <u>High Income SC</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (1428) | (693) |
| Net increase(decrease) | (1428) | (693) |
| <u>Inv. Grade Bond IC</u> |  |  |
| Units issued | 142758 | 165624 |
| Units redeemed | (145894) | (176835) |
| Net increase(decrease) | (3136) | (11211) |
| <u>Mid Cap SC</u> |  |  |
| Units issued | 7858 | 10428 |
| Units redeemed | (10997) | (12267) |
| Net increase(decrease) | (3139) | (1839) |
| <u>Overseas IC</u> |  |  |
| Units issued | 17278 | 11126 |
| Units redeemed | (13710) | (11965) |
| Net increase(decrease) | 3568 | (839) |
| <u>Strategic IC</u> |  |  |
| Units issued | 113905 | 109323 |
| Units redeemed | (122679) | (102267) |
| Net increase(decrease) | (8774) | 7056 |
| <u>Equity Inc. IC</u> |  |  |
| Units issued | 14188 | 6507 |
| Units redeemed | (6898) | (7351) |
| Net increase(decrease) | 7290 | (844) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>High Income IC</u> |  |  |
| Units issued | 19106 | 13114 |
| Units redeemed | (18856) | (11299) |
| Net increase(decrease) | 250 | 1815 |
| <u>Mid Cap IC</u> |  |  |
| Units issued | 6145 | 8408 |
| Units redeemed | (5266) | (3154) |
| Net increase(decrease) | 879 | 5254 |
| <u>Money Market</u> |  |  |
| Units issued | 14965521 | 8616898 |
| Units redeemed | (14572839) | (9984079) |
| Net increase(decrease) | 392682 | (1367181) |
| <u>Emerging Markets</u> |  |  |
| Units issued | 3615 | 920 |
| Units redeemed | (394) | (5) |
| Net increase(decrease) | 3221 | 915 |
| <u>Growth</u> |  |  |
| Units issued | 127 | 2 |
| Units redeemed | (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 124 | 2 |
| <u>International</u> |  |  |
| Units issued | 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Tech</u> |  |  |
| Units issued | 23 | 5 |
| Units redeemed | (4) | (1) |
| Net increase(decrease) | 19 | 4 |
| **AIM:** |  |  |
| <u>Dividend</u> |  |  |
| Units issued | 1650 | 3078 |
| Units redeemed | (2249) | (4016) |
| Net increase(decrease) | (599) | (938) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **AIM, continued:** |  |  |
| <u>Health</u> |  |  |
| Units issued | 1701 | 4336 |
| Units redeemed | (2315) | (7754) |
| Net increase(decrease) | (614) | (3418) |
| <u>Technology</u> |  |  |
| Units issued | 7376 | 9356 |
| Units redeemed | (11297) | (12480) |
| Net increase(decrease) | (3921) | (3124) |
| <u>Intl. Growth</u> |  |  |
| Units issued | 20441 | 21842 |
| Units redeemed | (20555) | (21282) |
| Net increase(decrease) | (114) | 560 |
| <u>Franchise</u> |  |  |
| Units issued | 517 | 619 |
| Units redeemed | (343) | (573) |
| Net increase(decrease) | 174 | 46 |
| <u>Mid Cap</u> |  |  |
| Units issued | 18 | 49 |
| Units redeemed | (64) | (2) |
| Net increase(decrease) | (46) | 47 |
| <u>Bond</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Small Cap</u> |  |  |
| Units issued | 7 | 6156 |
| Units redeemed | (95) | (21) |
| Net increase(decrease) | (88) | 6135 |
| **Janus:** |  |  |
| <u>Growth</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (16) | (28) |
| Net increase(decrease) | (16) | (28) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Neuberger Berman:** |  |  |
| <u>Bond</u> |  |  |
| Units issued | 13134 | 16467 |
| Units redeemed | (13668) | (27176) |
| Net increase(decrease) | (534) | (10709) |
| <u>Mid-Cap</u> |  |  |
| Units issued | 8571 | 10789 |
| Units redeemed | (12541) | (13623) |
| Net increase(decrease) | (3970) | (2834) |
| <u>Equity</u> |  |  |
| Units issued | 4752 | 20969 |
| Units redeemed | (6449) | (28723) |
| Net increase(decrease) | (1697) | (7754) |
| <u>Regency</u> |  |  |
| Units issued | 145 | 1296 |
| Units redeemed | (71) | (2854) |
| Net increase(decrease) | 74 | (1558) |
| **Rydex:** |  |  |
| <u>Nova</u> |  |  |
| Units issued | 780 | 560 |
| Units redeemed | (3200) | (933) |
| Net increase(decrease) | (2420) | (373) |
| <u>NASDAQ</u> |  |  |
| Units issued | 17734 | 12874 |
| Units redeemed | (18239) | (15102) |
| Net increase(decrease) | (505) | (2228) |
| <u>Precious Metals</u> |  |  |
| Units issued | 161297 | 66389 |
| Units redeemed | (85597) | (65328) |
| Net increase(decrease) | 75700 | 1061 |
| <u>Inv. S&P 500</u> |  |  |
| Units issued | 768306 | 4913 |
| Units redeemed | (13152) | (5619) |
| Net increase(decrease) | 755154 | (706) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Rydex, continued:** |  |  |
| <u>Gov. Long Bond</u> |  |  |
| Units issued | 3487 | 12281 |
| Units redeemed | (3639) | (12195) |
| Net increase(decrease) | (152) | 86 |
| **Third Avenue:** |  |  |
| <u>Value</u> |  |  |
| Units issued | 45439 | 76466 |
| Units redeemed | (41592) | (85417) |
| Net increase(decrease) | 3847 | (8951) |
| **Vanguard:** |  |  |
| <u>Equity Index</u> |  |  |
| Units issued | 187492 | 214179 |
| Units redeemed | (235311) | (214904) |
| Net increase(decrease) | (47819) | (725) |
| <u>Total Bond</u> |  |  |
| Units issued | 480836 | 479202 |
| Units redeemed | (437416) | (382811) |
| Net increase(decrease) | 43420 | 96391 |
| <u>REIT Index</u> |  |  |
| Units issued | 178426 | 190146 |
| Units redeemed | (181833) | (183928) |
| Net increase(decrease) | (3407) | 6218 |
| <u>Mid-Cap</u> |  |  |
| Units issued | 107439 | 109525 |
| Units redeemed | (120013) | (115189) |
| Net increase(decrease) | (12574) | (5664) |
| <u>Stock Market Index</u> |  |  |
| Units issued | 89440 | 128919 |
| Units redeemed | (95273) | (132306) |
| Net increase(decrease) | (5833) | (3387) |
| <u>Conservative</u> |  |  |
| Units issued | 5388 | 10382 |
| Units redeemed | (1104) | (7287) |
| Net increase(decrease) | 4284 | 3095 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Vanguard, continued:** |  |  |
| <u>Moderate</u> |  |  |
| Units issued | 4893 | 11497 |
| Units redeemed | (4604) | (5890) |
| Net increase(decrease) | 289 | 5607 |
| <u>Short-Term</u> |  |  |
| Units issued | 264565 | 163470 |
| Units redeemed | (252810) | (164070) |
| Net increase(decrease) | 11755 | (600) |
| <u>Equity Income</u> |  |  |
| Units issued | 78853 | 68046 |
| Units redeemed | (78580) | (76314) |
| Net increase(decrease) | 273 | (8268) |
| <u>Growth</u> |  |  |
| Units issued | 113690 | 116985 |
| Units redeemed | (121244) | (130421) |
| Net increase(decrease) | (7554) | (13436) |
| <u>Balanced</u> |  |  |
| Units issued | 36663 | 49904 |
| Units redeemed | (46665) | (61829) |
| Net increase(decrease) | (10002) | (11925) |
| <u>High Yield Bond</u> |  |  |
| Units issued | 199731 | 205475 |
| Units redeemed | (175617) | (193736) |
| Net increase(decrease) | 24114 | 11739 |
| <u>International</u> |  |  |
| Units issued | 193118 | 224001 |
| Units redeemed | (191908) | (233299) |
| Net increase(decrease) | 1210 | (9298) |
| <u>Diversified</u> |  |  |
| Units issued | 91412 | 97552 |
| Units redeemed | (90311) | (107139) |
| Net increase(decrease) | 1101 | (9587) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Vanguard, continued:** |  |  |
| <u>Small Company Growth</u> |  |  |
| Units issued | 129498 | 139950 |
| Units redeemed | (163953) | (154807) |
| Net increase(decrease) | (34455) | (14857) |
| <u>International Stock</u> |  |  |
| Units issued | 78670 | 64181 |
| Units redeemed | (64322) | (34596) |
| Net increase(decrease) | 14348 | 29585 |
| <u>Global Bond</u> |  |  |
| Units issued | 19726 | 13568 |
| Units redeemed | (16599) | (12410) |
| Net increase(decrease) | 3127 | 1158 |
| **Allspring:** |  |  |
| <u>Discovery</u> |  |  |
| Units issued | 2425 | 2898 |
| Units redeemed | (3333) | (4316) |
| Net increase(decrease) | (908) | (1418) |
| <u>Opportunity</u> |  |  |
| Units issued | 4364 | 4686 |
| Units redeemed | (4166) | (6487) |
| Net increase(decrease) | 198 | (1801) |
| **Lincoln:** |  |  |
| <u>Mid Cap II</u> |  |  |
| Units issued | 66281 | 105779 |
| Units redeemed | (66883) | (47453) |
| Net increase(decrease) | (602) | 58326 |
| <u>International II</u> |  |  |
| Units issued | 1485 | 4970 |
| Units redeemed | (2137) | (2799) |
| Net increase(decrease) | (652) | 2171 |
| <u>Inflation II</u> |  |  |
| Units issued | 44888 | 39756 |
| Units redeemed | (50687) | (12485) |
| Net increase(decrease) | (5799) | 27271 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **American Funds:** |  |  |
| <u>IS Growth-Inc</u> |  |  |
| Units issued | 1189 | 165 |
| Units redeemed | (337) | (136) |
| Net increase(decrease) | 852 | 29 |
| <u>IS Growth</u> |  |  |
| Units issued | 11814 | 2138 |
| Units redeemed | (2619) | (836) |
| Net increase(decrease) | 9195 | 1302 |
| <u>Blue Chip</u> |  |  |
| Units issued | 8644 | 5926 |
| Units redeemed | (5461) | (4746) |
| Net increase(decrease) | 3183 | 1180 |
| <u>IS International</u> |  |  |
| Units issued | 15131 | 4102 |
| Units redeemed | (13247) | (2936) |
| Net increase(decrease) | 1884 | 1166 |
| <u>IS New World</u> |  |  |
| Units issued | 7626 | 3824 |
| Units redeemed | (7231) | (2767) |
| Net increase(decrease) | 395 | 1057 |
| <u>IS Bond</u> |  |  |
| Units issued | 2308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 2253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>IS High Income</u> |  |  |
| Units issued | 1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 1733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Franklin Templeton:** |  |  |
| <u>Global Inc.</u> |  |  |
| Units issued | 60247 | 91064 |
| Units redeemed | (80957) | (81048) |
| Net increase(decrease) | (20710) | 10016 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **MFS:** |  |  |
| <u>Utilities IC</u> |  |  |
| Units issued | 6633 | 14340 |
| Units redeemed | (12603) | (12900) |
| Net increase(decrease) | (5970) | 1440 |
| <u>Mid Cap</u> |  |  |
| Units issued | 15130 | 24749 |
| Units redeemed | (27763) | (24099) |
| Net increase(decrease) | (12633) | 650 |
| <u>New Discovery</u> |  |  |
| Units issued | 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Research</u> |  |  |
| Units issued | 95604 | 90602 |
| Units redeemed | (99600) | (88878) |
| Net increase(decrease) | (3996) | 1724 |
| <u>Small Cap</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Conservative All</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Global RE</u> |  |  |
| Units issued | 1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 1121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Growth</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **MFS, continued:** |  |  |
| <u>Mid Cap Value</u> |  |  |
| Units issued | 1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 1456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Moderate All</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Summit:** |  |  |
| <u>EAFE Intl.</u> |  |  |
| Units issued | 1847 | 1045 |
| Units redeemed | (1437) | (1229) |
| Net increase(decrease) | 410 | (184) |
| <u>S&P MidCap</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (4) | (4) |
| Net increase(decrease) | (4) | (4) |
| <u>S&P 500</u> |  |  |
| Units issued | 9606 | 8767 |
| Units redeemed | (11854) | (9574) |
| Net increase(decrease) | (2248) | (807) |
| <u>Russell Small Cap</u> |  |  |
| Units issued | 5631 | 10409 |
| Units redeemed | (6553) | (9273) |
| Net increase(decrease) | (922) | 1136 |
| <u>Moderate</u> |  |  |
| Units issued | 18404 | 19506 |
| Units redeemed | (18930) | (19022) |
| Net increase(decrease) | (526) | 484 |
| <u>Mod. Growth</u> |  |  |
| Units issued | 49834 | 50170 |
| Units redeemed | (52487) | (50794) |
| Net increase(decrease) | (2653) | (624) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Summit, continued:** |  |  |
| <u>Growth</u> |  |  |
| Units issued | 5916 | 2807 |
| Units redeemed | (4567) | (2893) |
| Net increase(decrease) | 1349 | (86) |
| <u>Nasdaq-100 Index</u> |  |  |
| Units issued | 108 | 99 |
| Units redeemed | (67) | (37) |
| Net increase(decrease) | 41 | 62 |
| **T. Rowe:** |  |  |
| <u>Blue Chip</u> |  |  |
| Units issued | 56648 | 95582 |
| Units redeemed | (70776) | (103541) |
| Net increase(decrease) | (14128) | (7959) |
| **Morgan Stanley:** |  |  |
| <u>Emerging Markets</u> |  |  |
| Units issued | 92526 | 91942 |
| Units redeemed | (119384) | (94222) |
| Net increase(decrease) | (26858) | (2280) |
| **Pimco:** |  |  |
| <u>Commodity</u> |  |  |
| Units issued | 146683 | 122987 |
| Units redeemed | (139670) | (132845) |
| Net increase(decrease) | 7013 | (9858) |
| <u>Total Return</u> |  |  |
| Units issued | 122381 | 155164 |
| Units redeemed | (135945) | (170060) |
| Net increase(decrease) | (13564) | (14896) |
| <u>Low Duration</u> |  |  |
| Units issued | 1444 | 4242 |
| Units redeemed | (1549) | (4899) |
| Net increase(decrease) | (105) | (657) |
| <u>Commodity Inst</u> |  |  |
| Units issued | 6858 | 1349 |
| Units redeemed | (3397) | (767) |
| Net increase(decrease) | 3461 | 582 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Pimco, continued:** |  |  |
| <u>Real Return</u> |  |  |
| Units issued | 2089 | 203 |
| Units redeemed | (43) | (14) |
| Net increase(decrease) | 2046 | 189 |
| <u>Short Term</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **DFA:** |  |  |
| <u>Bond</u> |  |  |
| Units issued | 13128 | 11946 |
| Units redeemed | (11600) | (13266) |
| Net increase(decrease) | 1528 | (1320) |
| <u>Small</u> |  |  |
| Units issued | 52318 | 11827 |
| Units redeemed | (32651) | (10488) |
| Net increase(decrease) | 19667 | 1339 |
| <u>Value</u> |  |  |
| Units issued | 119033 | 61976 |
| Units redeemed | (92685) | (60002) |
| Net increase(decrease) | 26348 | 1974 |
| <u>Fixed</u> |  |  |
| Units issued | 45140 | 13246 |
| Units redeemed | (24211) | (7314) |
| Net increase(decrease) | 20929 | 5932 |
| <u>Large</u> |  |  |
| Units issued | 5454 | 7090 |
| Units redeemed | (9308) | (6394) |
| Net increase(decrease) | (3854) | 696 |
| <u>Targeted</u> |  |  |
| Units issued | 12175 | 8977 |
| Units redeemed | (17049) | (7574) |
| Net increase(decrease) | (4874) | 1403 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **DFA, continued:** |  |  |
| <u>Global</u> |  |  |
| Units issued | 4092 | 1857 |
| Units redeemed | (334) | (2192) |
| Net increase(decrease) | 3758 | (335) |
| <u>Equity</u> |  |  |
| Units issued | 57070 | 12701 |
| Units redeemed | (18347) | (5782) |
| Net increase(decrease) | 38723 | 6919 |
| **Columbia:** |  |  |
| <u>Small</u> |  |  |
| Units issued | 4141 | 889 |
| Units redeemed | (148) | (12) |
| Net increase(decrease) | 3993 | 877 |
| **Putnam:** |  |  |
| <u>International</u> |  |  |
| Units issued | 2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 2566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**AMERITAS LIFE INSURANCE CORP.**

**________________**

**STATUTORY BASIS FINANCIAL STATEMENTS AS OF** 

**DECEMBER 31, 2025 AND 2024 AND FOR EACH OF THE**

**THREE YEARS ENDED DECEMBER 31, 2025**

**SUPPLEMENTAL SCHEDULES AS OF AND FOR THE**

**YEAR ENDED DECEMBER 31, 2025**

**AND INDEPENDENT AUDITOR'S REPORT**

 **INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors

Ameritas Life Insurance Corp.

Lincoln, Nebraska

**Opinions**

We have audited the statutory basis financial statements of Ameritas Life Insurance Corp. (the "Company"), which comprise the balance sheets - statutory basis as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus - statutory basis and statements of cash flows - statutory basis for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements - statutory basis (collectively referred to as the "statutory basis financial statements").

 

***Unmodified Opinion on Statutory Basis of Accounting***

In our opinion, the accompanying statutory basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska described in Note 1 to the statutory basis financial statements.

***Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

**Basis for Opinion**

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

***Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

As described in Note 1 to the statutory basis financial statements, the statutory basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Insurance Department of the State of Nebraska. The effects on the statutory basis financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Responsibilities of Management for the Statutory Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory basis financial statements are issued.

**Auditor's Responsibilities for the Audit of the Statutory Basis Financial Statements**

Our objectives are to obtain reasonable assurance about whether the statutory basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory basis financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the statutory basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

March 30, 2026

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---

| | | |
|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** |
| **(in thousands, except shares)** | **(in thousands, except shares)** | **(in thousands, except shares)** |
|  | **December 31** | **December 31** |
| **ADMITTED ASSETS** | **2025** | **2024** |
| Bonds | $12904203 | $12109742 |
| Preferred stocks |  | 2828 |
| Common stocks | 478370 | 483188 |
| Mortgage loans | 2436818 | 2300251 |
| Real estate: |  |  |
| &nbsp;&nbsp;Properties occupied by the company | 32225 | 38470 |
| &nbsp;&nbsp;Properties held for the production of income | 26423 | 4732 |
| Cash, cash equivalents, and short-term investments | 341551 | 201163 |
| Contract loans | 967549 | 851561 |
| Other investments | 1600111 | 1495017 |
| &nbsp;&nbsp;**Total Cash and Invested Assets** | 18787250 | 17486952 |
| Investment income due and accrued | 150555 | 145519 |
| Deferred and uncollected premiums | 110048 | 109647 |
| Federal income tax recoverable |  | 3032 |
| Net deferred income tax asset | 117529 | 125426 |
| Funds held under coinsurance - affiliate | 33327 | 33945 |
| Other admitted assets | 152542 | 138472 |
| Separate account assets | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Admitted Assets** | $30638605 | $28799284 |
| **LIABILITIES, CAPITAL AND SURPLUS** |  |  |
| Reserves for life, accident and health policies | $14373108 | $13684723 |
| Deposit-type funds | 1409540 | 1192888 |
| Reserves for unpaid claims | 153178 | 153824 |
| Dividends payable to policyholders | 31150 | 28994 |
| Interest maintenance reserve | 40430 | 48625 |
| Accrued commissions, expenses and insurance taxes | 155500 | 152753 |
| Federal income taxes payable | 30202 |  |
| Asset valuation reserve | 325047 | 354449 |
| Other liabilities | 664851 | 545291 |
| Separate account liabilities | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Liabilities** | 28470360 | 26917838 |
| Common stock, par value $0.10 per share; 25,000,000 shares authorized, |  |  |
| &nbsp;&nbsp; issued and outstanding | 2500 | 2500 |
| Additional paid in capital | 496449 | 431449 |
| Surplus notes | 49993 | 49984 |
| Unassigned surplus | 1619303 | 1397513 |
| &nbsp;&nbsp;**Total Capital and Surplus** | 2168245 | 1881446 |
| &nbsp;&nbsp;**Total Liabilities, Capital and Surplus** | $30638605 | $28799284 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **Premiums and Other Revenue** |  |  |  |
| &nbsp;&nbsp;Premiums, net | $3951843 | $4210410 | $3779855 |
| &nbsp;&nbsp;Net investment income | 893742 | 806210 | 622185 |
| &nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 41158 | 34784 | 33566 |
| &nbsp;&nbsp;Modco reinsurance adjustment – affiliate | 2474 | 9968 | 11843 |
| &nbsp;&nbsp;Income from fees associated with separate accounts | 68559 | 69115 | 63552 |
| &nbsp;&nbsp;Miscellaneous income | 52936 | 55982 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Premiums and Other Revenue** | 5010712 | 5186469 | 4573674 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Benefits to policyholders | 4038904 | 4038081 | 3358782 |
| &nbsp;&nbsp;Change in reserves for life, accident and health policies | 682854 | 1135517 | 636666 |
| &nbsp;&nbsp;Commissions | 343882 | 372384 | 318711 |
| &nbsp;&nbsp;General insurance expenses | 588755 | 587818 | 589251 |
| &nbsp;&nbsp;Taxes, licenses and fees | 58206 | 67561 | 59330 |
| &nbsp;&nbsp;Net transfers from separate accounts | (911109) | (951350) | (487201) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 4801492 | 5250011 | 4475539 |
| **Gain (Loss) from Operations before Dividends, Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 209220 | (63542) | 98135 |
| &nbsp;&nbsp;Dividends to policyholders | 29550 | 30907 | 25630 |
| **Gain (Loss) from Operations before Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 179670 | (94449) | 72505 |
| &nbsp;&nbsp;Federal income tax expense (benefit) | 16986 | (16252) | 31114 |
| **Gain (Loss) from Operations before Net Realized Capital Gains** | 162684 | (78197) | 41391 |
| &nbsp;&nbsp;Net realized capital gains, net of taxes | 41778 | 44770 | 32387 |
| **Net Income (Loss)** | 204462 | (33427) | 73778 |
| **Surplus notes** |  |  |  |
| &nbsp;&nbsp;Surplus notes amortization | 9 | 9 | 9 |
| **Additional paid in capital** |  |  |  |
| &nbsp;&nbsp;Capital contribution from parent | 65000 |  |  |
| **Unassigned surplus** |  |  |  |
| &nbsp;&nbsp;Change in unrealized gains, net of tax | 23635 | 23633 | 50539 |
| &nbsp;&nbsp;Change in net deferred income taxes | 5918 | 29059 | 65216 |
| &nbsp;&nbsp;Change in nonadmitted assets | (36073) | (41149) | (50383) |
| &nbsp;&nbsp;Change in asset valuation reserve | 29402 | (17539) | (72433) |
| &nbsp;&nbsp;Change in unrecognized actuarial losses on pension, net of tax | (607) | (37) | (250) |
| &nbsp;&nbsp;Amortization of reinsurance gain, net of tax (Note 13) | (4947) | (4266) | (3954) |
| &nbsp;&nbsp;Dissolution of subsidiary (Note 2) |  |  | (95745) |
| &nbsp;&nbsp;Cumulative effect of change in accounting principle (Note 1) |  |  | 58822 |
| **Net Change in Capital and Surplus** | 286799 | (43717) | 25599 |
| Capital and Surplus at the Beginning of the Year | 1881446 | 1925163 | 1899564 |
| &nbsp;&nbsp;**Capital and Surplus at the End of Year** | $2168245 | $1881446 | $1925163 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| Premium collected net of reinsurance | $3945890 | $4236530 | $3783194 |
| Net investment income received | 901250 | 801523 | 620675 |
| Miscellaneous income | 163016 | 160112 | 160206 |
| Benefits paid to policyholders | (4029025) | (4010542) | (3377550) |
| Net transfers from separate accounts | 907358 | 959589 | 490322 |
| Commissions, expenses and taxes paid | (995884) | (1021655) | (945340) |
| Dividends paid to policyholders | (27393) | (27516) | (23832) |
| Federal income taxes received (paid) | 5213 | (27086) | (17142) |
| &nbsp;&nbsp;**Net Cash from Operating Activities** | 870425 | 1070955 | 690533 |
| **INVESTING ACTIVITIES** |  |  |  |
| Proceeds from investments sold, matured or repaid | 2376607 | 1665850 | 1300512 |
| Cost of investments acquired | (3327033) | (2609281) | (1605951) |
| Net change in contract loans | (115721) | (119637) | (118593) |
| &nbsp;&nbsp;**Net Cash from Investing Activities** | (1066147) | (1063068) | (424032) |
| **FINANCING AND MISCELLANEOUS ACTIVITIES** |  |  |  |
| Change in deposit-type funds | 216654 | 22451 | (417) |
| Proceeds from capital contributions | 65000 |  |  |
| Proceeds from borrowings |  | 107 | 167500 |
| Redemptions of borrowings | (2959) |  | (262500) |
| Other miscellaneous, net | 57415 | 13837 | (56338) |
| &nbsp;&nbsp;**Net Cash from Financing and Miscellaneous Activities** | 336110 | 36395 | (151755) |
| **Net Change in Cash, Cash Equivalents and Short-Term Investments** | 140388 | 44282 | 114746 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– Beginning of Year** | 201163 | 156881 | 42135 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– End of Year** | $341551 | $201163 | $156881 |
| **Non-cash transactions from operating, investing and financing activities:** |  |  |  |
| Exchanges of bonds and stocks | $183673 | $41833 | $16375 |
| Real estate acquired through mortgage loan foreclosure | 14055 |  |  |
| Transfer of bonds to other invested assets | 2633 |  |  |
| Acquisition of stock from alternative partnerships | 195 |  |  |
| Bonds converted to stocks |  | 5161 |  |
| Recognized commitments for low income housing investments (Note 3) |  | 2932 | 18069 |
| Net assets (liabilities) acquired from dissolution of subsidiary (Note 2) |  |  | (3296) |
| Disposal of investment from dissolution of subsidiary (Note 2) |  |  | (92609) |

---

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

 **AMERITAS LIFE INSURANCE CORP.**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025, 2024 and 2023**

**(in thousands)**

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES**

**Nature of Operations**

Ameritas Life Insurance Corp. (the Company or Ameritas Life), a stock life insurance company domiciled in the state of Nebraska, is a wholly-owned subsidiary of Ameritas Holding Company (AHC), which is a wholly-owned subsidiary of Ameritas Mutual Holding Company (AMHC). AMHC is a mutual insurance holding company. Owners of designated policies issued by the Company have membership interest in AMHC, while contractual rights remain with the Company. AHC also wholly owns Ameritas Investment Partners, Inc. (AIP), an advisor providing investment management services to the Company.

The Company wholly-owns Ameritas Life Insurance Corp. of New York (Ameritas-NY), a New York domiciled life insurance subsidiary, Ameritas Investment Company, LLC (AIC), a broker dealer, Variable Contract Agency LLC (VCA), an insurance agency, and Ameritas Advisory Services LLC (AAS), a registered investment advisor.

The Company has established three Closed Blocks of policies: (a) the first on October 1, 1998, (b) the second on July 1, 2005, and (c) the third on July 1, 2007, (collectively, the Closed Blocks). The Company formed these closed blocks of policies, under the arrangements approved by the Insurance Departments of the State of Nebraska, Ohio or the District of Columbia, as appropriate, to provide for dividends on policies that were in force on each respective effective date and which were within the classes of individual policies for which the Company had a dividend scale in effect at those dates. The Closed Blocks were designed to give reasonable assurance to owners of affected policies that the assets will be available to support such policies including maintaining dividend scales in effect at the effective dates, if the experience underlying such scales continues. The assets, including revenue thereon, will accrue solely to the benefit of the owners of policies included in the block until the block is no longer in effect.

The Company's insurance operations consist of life and health insurance, annuity, group pension and retirement contracts. The Company operates in 49 states and the District of Columbia.

**Basis of Presentation** 

The accompanying financial statements of the Company have been prepared in accordance with accounting practices prescribed or permitted by the Nebraska Department of Insurance (the Department). Accounting practices and procedures of the National Association of Insurance Commissioners (NAIC) as prescribed or permitted by the Department comprise a comprehensive basis of accounting (NAIC SAP) other than accounting principles generally accepted in the United States of America (GAAP). The Company follows NAIC SAP and has not been granted any Nebraska prescribed or permitted practices.

<br> The preparation of financial statements in accordance with statutory accounting practices requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Material estimates susceptible to significant change include reserves, income taxes, investment values, and other-than-temporary impairments (OTTI).

Current NAIC SAP practices vary from GAAP. The more significant variances between NAIC SAP and GAAP are as follows:

 

Under NAIC SAP, investments in bonds and redeemable preferred stock are generally reported at amortized cost, with certain NAIC designated securities reported at the lower of amortized cost or fair value and adjustments to fair value reported directly in surplus. Under GAAP, bonds are carried either at amortized cost or fair value based on their classifications. Under GAAP, bonds designated as held-to-maturity based on the Company's intent and ability to hold to maturity would be carried at amortized cost. Bonds designated as available-for-sale would be carried at fair value with net unrealized holding gains and losses reported in other comprehensive income. Bonds designated as trading would be carried at fair value with net unrealized holding gains and losses reported in income.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, the cost basis of an impaired issuer credit obligations or asset-backed security is written down to fair value when a decline in value is considered other-than-temporary. The full impairment loss is recognized in income. Under U.S. GAAP, credit-related impairment to a debt security is recorded through an allowance in income, with the remaining unrealized loss, if applicable, recognized in other comprehensive income.

<br> Under NAIC SAP, investments in unaffiliated common stocks are stated at fair value with changes in fair value recognized in unrealized gains (losses) on investments, a component of surplus. Under GAAP, common stocks are carried at fair value with changes in unrealized gains and losses recognized in income.

Subsidiaries are included as common stocks carried under the equity method, with the equity in net income (loss) of subsidiaries credited directly to the Company's unassigned surplus for NAIC SAP. Dividends received from subsidiaries are recorded in net investment income. GAAP requires either consolidation or the equity interest in net income of subsidiaries to be credited to the income statement.<br>Under NAIC SAP, a mortgage loan is impaired when it it is probable the Company will be unable to collect all amounts contractually due. Impairments are evaluated on an individual basis. Under GAAP, a mortgage loan is stated at amortized cost less an allowance based on expected lifetime credit loss. Collectibility is measured on a collective basis for assets with similar risk characteristics.

Under NAIC SAP, real estate owned and occupied by the Company is included in invested assets, and net investment income and operating expenses includes self-charged rent for the Company's occupancy of this property. Under GAAP, this property would be classified as an operating asset, and there would be no self-charged rent or expenses.

Under NAIC SAP, limited partnerships are stated at the underlying audited GAAP equity value with the change in valuation reflected in unrealized gains (losses), net of tax in unassigned surplus. Income distributions from the limited partnerships are reported as net investment income when declared, to the extent that they are not in excess of the undistributed accumulated earnings, in the statement of operations and changes in capital and surplus on a NAIC SAP basis. Under GAAP, the change in valuation as well as the income distributions are reflected in either net investment income or as a realized capital gain or loss depending on the underlying investments.

The asset valuation reserve (AVR) and interest maintenance reserve (IMR) are established only on the statutory financial statements.

Under NAIC SAP, derivative instruments that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability and embedded derivatives are not accounted for separately from the host contract. Also, the change in fair value of open derivative instruments that do not meet the criteria of an effective hedge is recorded as an unrealized gain or loss in surplus. Under GAAP, all derivatives are reported on the balance sheets at fair value. Changes in fair value of derivatives, to the extent they are effective at offsetting hedged risk are recorded through either income or equity, depending on the nature of the hedge. An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and reported at fair value.<br>

Acquisition costs, such as commissions and other costs directly related to acquiring new business, are charged to operations as incurred under NAIC SAP. Under GAAP, costs related to successful acquisitions are capitalized and charged to operations on a constant level basis over the expected term of the related insurance contracts.

Under NAIC SAP, identifiable intangible assets are not recorded.

 ****

Under NAIC SAP, amounts that represent revenue for services to be provided in future periods are reported as revenue when received. Under GAAP, amounts would be reported as a liability and amortized into revenue using the same assumptions used to amortize deferred policy acquisition costs.

 

<br> Certain assets designated as nonadmitted are excluded from the accompanying Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Under GAAP, these assets would be included in the balance sheets, net of any valuation allowance.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, Universal Life and Annuity revenues consist of the entire premium received and benefits represent the death benefits paid and the change in policy reserves. Under GAAP, revenues are comprised of contract charges and fees which are recognized when assessed against the policyholder account balance.

Policy reserves for Life, Accident and Health policies are based on methods prescribed by the NAIC. For policies subject to formulaic reserving method, a prescribed limited range of assumptions, such as mortality, morbidity and interest assumptions and economic market information are used. For policies subject to Principle Based Reserving method, a wider range of the Company's own assumptions are considered, subject to prescribed rule based regulatory requirements. Under GAAP, policy reserves are based on relevant actual cash flows and the Company's own assumptions such as morbidity, mortality, and lapse; as well as market-observable discount rates and other economic information.

Under NAIC SAP, policyholder dividends are recognized when declared. Under GAAP, policyholder dividends would be for dividends that have accrued as of the financial statement date based on the best available estimate of the amount of dividends to be paid.

 ****

Under NAIC SAP, reinsurance agreements must transfer risk from the ceding company to the reinsurer in order to receive the reinsurance accounting treatment. If the terms of the agreement violate the risk transfer criteria, the agreement shall be accounted for as deposit accounting. Under NAIC SAP, reserves and unpaid claim liabilities ceded to reinsurers have been reported as reductions to the related reserves. Under GAAP, to qualify for risk transfer and be accounted for as reinsurance an evaluation must be made to determine whether the contract indemnifies against insurance risk. If risk transfer requirements are not met, the reinsurance agreement is considered a financing arrangement and deposit accounting is required.

Under NAIC SAP, a liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers unauthorized by license to assume such business. Changes to those amounts are credited or charged directly to unassigned surplus. Under GAAP, no such amounts are recorded.

Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves, while under GAAP, they are reported as an asset.

<br> Under NAIC SAP, the difference between the employee benefit plan's assets and the employee benefit obligation is reflected as an asset or liability, with an offset to unassigned surplus and any asset balances nonadmitted. Prior service costs are recorded as a component of unassigned surplus, net of tax. Under GAAP, the difference between the plan's assets and the benefit obligation is reflected as an asset or liability, with an offset to other comprehensive income. Prior service costs are recorded as a component of other comprehensive income, net of tax.

 

NAIC SAP requires an amount be recorded for deferred taxes as a component of surplus, however, there are limitations as to the amount of deferred tax assets that may be reported as admitted assets that are not applicable under GAAP. Under NAIC SAP, both the valuation allowance determination and admission calculation are made based on a separate company basis.

Under SAP, surplus notes are reported as surplus and interest cannot be accrued until written approval has been received from the Department. Under GAAP, surplus notes are included in liabilities including interest.

 ****

Under NAIC SAP, the amount of goodwill recorded as an admitted asset is subject to limitation and is amortized into earnings over a period not to exceed 10 years. Goodwill under GAAP is not amortized into earnings and is annually analyzed for impairment which would be reported as a recognized loss into earnings.<br>

Under NAIC SAP, the Statements of Cash Flow – Statutory Basis reflects changes in cash, cash equivalents, and short-term investments with remaining maturities when purchased of one year or less. Under GAAP, the statement of cash flows reflects changes in cash and investments with original maturities when purchased of three months or less.

Comprehensive income and its components are not presented under NAIC SAP.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Significant statutory accounting practices are as follows:

**Investments**

Investments are stated at amounts prescribed by the NAIC which are as follows: issuer credit obligations and asset-backed securities with NAIC ratings 1-5 are stated at amortized cost. Issuer credit obligations and asset-backed securities with a NAIC rating of 6 are stated at the lower of amortized cost or fair value. Significant changes in estimated cash flows from the original purchase assumptions are reviewed monthly. Prepayment assumptions for asset-backed securities are obtained from broker dealer survey values or internal estimates based on characteristics of similar products, consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all asset-backed securities of high credit quality. The prospective method is used to value investments with significant changes in cash flow or of lower credit quality.

Common stocks are reported at fair value. Investments in stocks of insurance subsidiaries are carried at audited statutory equity and non-insurance subsidiaries and affiliates in which the Company has an interest of 10% or more are carried equal to the Company's proportionate share of the audited GAAP-basis equity after the date of acquisition. The change in the carrying value is recorded as a change in unrealized gains (losses) on investments, a component of unassigned surplus. The value of affiliated subsidiaries was $114,509 and $102,398 at December 31, 2025 and 2024, respectively.

Mortgage loans are stated at the unpaid principal balance adjusted for unamortized discounts or premiums. The Company records a reserve for losses on mortgage loans as part of the AVR and mortgage loans are recorded at the lower of unamortized cost and the fair value of the collateral, less estimated selling cost, if deemed other than temporarily impaired.

Real estate occupied by the Company and held for the production of income is reported at depreciated cost. Depreciation expense is determined by the straight-line method. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company's occupancy of its owned properties. Fair value for impaired commercial real estate is determined by valuations based on external appraisals. Real estate impairment losses due to decreases in property value are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with maturity of three months or less at the date acquired. Money market mutual funds are stated at amortized cost which approximates fair value. Short-term investments presented in the Balance Sheets – Statutory Basis consist of all investments that have a maturity date of one year or less at the date acquired and are stated at amortized cost, which approximates fair value.

Contract loans are stated at the aggregate unpaid principal balance. The excess of the unpaid balance of the loan over the cash surrender value is considered a nonadmitted asset.

A carrying amount of limited partnerships, limited liability companies, and joint ventures reflects the underlying audited GAAP equity of these investments. Income from these investments is recognized when declared, to the extent that they are not in excess of the undistributed accumulated earnings. Unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus. These investments are recorded in other investments in the Balance Sheets – Statutory Basis. The recorded carrying value of affiliated limited liability companies are as follows:

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| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| AIC | $18043 | $14266 |
| VCA <sup>1</sup> | 535 | 524 |
| AAS <sup>1</sup> | 1744 | 402 |
| Total | $20322 | $15192 |

---

<sup>1</sup> VCA and AAS did not have GAAP audits performed, so the Company nonadmits these assets.

Other investments also include collateral loans, surplus debentures, residual tranches, and low-income housing tax credits carried under the proportional amortized cost method. Other-than-temporary impairments on other investments of $8,161, $1,000, and $3,256 were recorded as realized losses during 2025, 2024, and 2023, respectively. The Company has no investments in joint ventures, partnerships, or limited liability companies that exceeds 10% of its admitted assets.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The Company purchases and sells futures contracts to hedge against principal losses on variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Futures contracts are a standardized contractual agreement to buy or sell a particular financial instrument at a predetermined price in the future. The gains and losses of futures contracts are derived from the daily movement of the underlying market. These gains and losses are settled in cash through a daily variation margin. The Company sells futures contracts on certain equity indices with expiration dates of less than 6 months as well as buys and sells futures contracts on certain Treasury notes and bonds, ranging in maturities between 1 and 30 years, with expiration dates of less than 6 months. The Company does not receive cash on the initial purchase or sale of the futures contracts, but will receive or pay cash daily based on the movement of the underlying index or Treasury notes. At December 31, 2025, and 2024, respectively, the notional amount of the equity and treasury futures contracts bought by the Company was $123,000, and $144,100, and the notional amount of the equity and treasury futures contracts sold was $118,915, and $144,100.<br>

The Company is required to post collateral to the brokering bank for futures. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The bank acts as an intermediary to the futures transactions and takes initial margins from both parties to limit the counterparty risk. The collateral (treasury bills) is recorded in bonds on the Balance Sheets – Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2025 and 2024 was $16,974 and $22,780, respectively.

Since futures contracts are not considered an effective hedge, the total variation margin on open contracts is reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The total variation margin on closed futures contracts is reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

<br> The Company purchases and sells call options (Over the Counter "OTC" index call options) to hedge variable annuity, fixed index annuity, and index universal life insurance contracts whose credited interest is linked to returns on multiple equity indices based on a formula which applies participation rates and/or cap rates to the returns in the indices. Call options are contracts, which give the option purchaser the right, but not the obligation, to buy securities at a specified price during a specified period. The OTC index call options expire monthly until December 23, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased OTC index call options give the Company the right to receive cash at settlement if the closing Index value is above the strike price, while the written OTC index call options require the Company to pay cash at settlement if the closing Index value is above the strike price. The Company sells OTC index call options to effectively offset the proceeds the Company would receive on its purchased OTC index call options that represent a return above the amount that would be credited to insurance contracts electing a capped return in the Index. These proceeds do not result in income to the Company because the hedged insurance contracts would be credited interest for an equivalent amount.

The Company purchases and sells exchange traded index call options (exchange traded index call options) based on multiple equity indices to hedge fixed index annuity contracts and index universal life contracts. The Company has purchased and written exchange traded index call options that expire through June 17, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased exchange traded index call options give the Company the right to receive cash at settlement if the closing index value is above the strike price, while the written exchange traded index call options require the Company to pay cash at settlement if the closing index value is above the strike price.

The Company purchases and sells exchange traded put options (equity put options) based on multiple equity indices to hedge variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Put options are contracts, which give the option purchaser the right, but not the obligation, to sell securities at a specified price during a specified period. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased equity put options give the Company the right to receive cash at settlement if the closing index value is below the strike price, while the written equity put options require the Company to pay cash at settlement if the closing index value is below the strike price. If the closing index value is above the strike price, the equity put options expire without value.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The Company uses OTC foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with holding foreign currency denominated investments. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, cash flows in one currency for cash flows in another currency. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. When the currency swaps meet specific criteria, they may be designated as accounting hedges and accounted for as foreign currency fair value hedges. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and qualitatively assessed, at least quarterly, throughout the life of the designated hedging relationship.

The Company is exposed to credit-related losses in the event of nonperformance by counter-parties on its OTC derivative positions. The Company manages its exposure to credit risk by utilizing highly rated counterparties and uses master netting agreements (MNAs) which permit either party to net payments due to exposure. Collateral is either pledged or received when certain predetermined exposure limits are exceeded. The Company had collateral pledged from counterparties of $30,000, and $10,000 which is included in other liabilities on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. The Company had $1,991 and $4,981 of collateral pledged to counterparties included in bonds on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. There are no losses on derivative financial instruments due to counterparty nonperformance.

The options (OTC index call options, exchange traded index call options, and equity put options) are carried at their fair value with changes recorded through unrealized capital gains (losses). Options with a positive fair value or carrying value are reported as other investments in the Balance Sheets – Statutory Basis. Options with a negative fair value or carrying value are reported as other liabilities in the Balance Sheets – Statutory Basis.

<br> Cash flows related to the gains and losses from options, opening and closing marks for futures, and interest payments from currency swaps are reflected in net investment income received in the Statement of Cash Flows - Statutory Basis. Cash flows related to long options' open, closed, and the mark-to-market transactions, futures mark-to-market, and currency swap open and close transactions are reflected in proceeds from investments sold, matured or repaid and cost of investments acquired in the Statement of Cash Flows - Statutory Basis. Cash flows related to short options' open, closed and the mark-to-market transactions are reflected in other miscellaneous, net in the Statement of Cash Flows - Statutory Basis.<br>

The foreign currency swaps used in effective hedges are carried in a manner consistent with the hedged asset or liability. Foreign currency swaps hedging bonds are carried at amortized cost and reflected in other investments and other liabilities in the Balance Sheets - Statutory Basis. Changes in the carrying value of open foreign currency swaps as a result of exchange rate changes are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Interest income received from open foreign currency swaps is reflected in net investment income. Changes in the carrying value of closed foreign currency swaps is reflected in net investment income.

Foreign currency swaps not used in an effective hedge are carried at fair value and reflected in other investments when fair value is positive and other liabilities when fair value is negative in the Balance Sheets - Statutory Basis. Changes in the fair value of open foreign currency swaps are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Changes in the fair value of closed foreign currency swaps and interest income associated with the currency swaps are reflected in net investment income.<br>

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The credit exposure is limited to the fair value of the options and foreign currency swaps included in other investments in the Balance Sheets - Statutory Basis as follows:<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts owned - gross asset | $4226896 | $3712055 | $332848 | $202246 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts written - gross liability | 1950496 | 1411000 | (152404) | (86294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts owned | 2094868 | 2079595 | 322150 | 273603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability |  | 22321 |  | (664) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 24058 | 178474 | 1724 | 11461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 10882 | 39728 | (864) | (1920) |

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The fair value of the related derivative liabilities included in other liabilities in the Balance Sheets - Statutory Basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts written | $1991038 | $2001383 | $176900 | $145709 |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 59710 |  | (2757) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 191683 |  | 14825 |  |

---

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The amounts recognized in net investment income and change in unrealized gains (losses) in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for options, futures and foreign currency swaps are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Amount Recognized* | *Amount Recognized* | *Amount Recognized* |
|  | *2025* | *2024* | *2023* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - closed | $15765 | $32236 | $(15207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - closed | 62163 | 32276 | 6913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity put option contracts - closed | (190) | (80) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - closed | (7146) | (19020) | (36224) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - closed |  |  | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | 4111 | 2655 |  |
| Total recognized in net investment income | $74703 | $48067 | $(43362) |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - open | $38292 | $(15988) | $37212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - open | 12855 | 19200 | 30723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - open | 47 | (8508) | 8028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open |  | (664) |  |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | (19270) | 10379 | 2832 |
| Total recognized in change in unrealized gains (losses) | $31924 | $4419 | $78795 |

---

Investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on asset-backed securities is determined on the effective yield method based on estimated principal repayments. Accrual of income is suspended for bonds and mortgage loans that are in default or when the receipt of interest payments is in doubt. Realized capital gains and losses are determined on a specific identification basis and recorded in operations.

Accrued interest more than 180 days past due deemed collectible on mortgage loans in default is nonadmitted. All other investment income due and accrued, excluding contract loans, with amounts over 90 days past due is nonadmitted. Interest income due and accrued for contract loans in excess of the cash surrender value is nonadmitted.

<br> If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. For issuer credit obligations, if the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. For asset-backed securities, if the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. All write downs are recorded as a realized loss. For unaffiliated common stocks and other investments carried at fair value, unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus.

**Nonadmitted Assets**

In accordance with NAIC SAP, certain assets, designated as nonadmitted assets, are excluded from the Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Nonadmitted assets consist primarily of a portion of deferred income tax assets, contract loans, prepaid expenses, advances to agents, unearned annualized commissions, furniture and equipment, application software, other investment income that is over 90 days past due, unaudited non-insurance subsidiaries and other assets not specifically identified as an admitted asset within NAIC SAP. Total nonadmitted assets were $308,755 and $272,682 at December 31, 2025 and 2024, respectively.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

****

<br> **Furniture and Equipment** 

Electronic data processing (EDP) equipment and operating software are carried at cost of $11,409 and $14,523 less accumulated depreciation of $10,128 and $12,202 at December 31, 2025 and 2024, respectively. EDP equipment and operating software are depreciated using the straight line method over the lesser of the estimated useful life of the related asset or three years.

An impairment of an asset is recorded as a charge to operations if both of the following conditions are met: information available prior to issuance of the statutory basis financial statements indicates that it is probable that an asset has been impaired at the date of the statutory basis financial statements and the amount of loss can be reasonably estimated.

Leasehold improvements are carried at cost less accumulated amortization. The Company calculated amortization of leasehold improvements using the straight-line method over the lesser of the useful life of the asset or the remaining original lease term, excluding options or renewal periods. Leasehold improvements are generally amortized over three to twenty years. Non-operating software is depreciated over the lesser of its estimated useful life or five years. Other furniture and equipment are depreciated using the straight line method over the estimated useful lives of the assets. Furniture and fixtures are generally depreciated over three to ten years. Depreciation expense on depreciable assets of $11,379, $8,285, and $8,098, was recorded in general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis for the years ended December 31, 2025, 2024, and 2023 respectively.

**Reserves for Life, Accident and Health Policies, and Deposit-type Funds**<br> Life policy reserves are established to provide amounts adequate to discharge estimated future policy obligations in excess of estimated future premiums on policies in force. Reserves for traditional, flexible premium and variable life insurance are determined using the Commissioners' Reserve Valuation Method or Net Level Premium Method, or, where applicable, under the principle-based reserve requirements of VM-20, using prescribed interest and mortality assumptions and other assumptions consistent with regulatory guidance.

Reserves for fixed annuities are calculated using the Commissioners' Annuity Reserve Valuation Method with applicable statutory interest and mortality assumptions. Reserves for variable annuities are determined in accordance with VM-21, based on a conditional tail expectation 70 stochastic reserve and any additional standard projection amount required, using a prescribed set of economic scenarios and assumptions as defined by VM-21.

Tabular interest, less actual reserves released and tabular cost for all life contracts are determined based upon statutory regulations. Other policy reserves are established and maintained on the basis of published mortality and morbidity tables using assumed interest rates and valuation methods as prescribed by the Department.

Reserves for deposit-type funds are equal to deposits received and interest credited to the benefit of policyholders, less withdrawals that represent a return to the policyholder. For the determination of tabular interest to deposit-type funds, the valuation interest rate, which varies by issue year, is multiplied by the average funds in force during the year subject to such valuation interest rate.

**<br> Reserve for Unpaid Claims**<br> The reserves for unpaid group and individual dental and vision claims are estimated using historical claim lags, with adjustments based on the current level of pending/unprocessed claims, and relative to the historical levels during the time period used to generate claim lag factors. The reserves for unpaid claims for group and individual dental and vision insurance includes claims in course of settlement and incurred but not reported claims. Claim adjustment expenses corresponding to the unpaid claims are accounted for by adding an additional load to the reserve for unpaid claims. To the extent the ultimate liability differs from the amounts recorded, such differences are reflected in operations when additional information becomes known.

Reserves for unpaid individual accident and health disability contracts claims, the present value of amounts not yet due on claim reserves is a first principles-type calculation based on a seriatim listing of open disability claims. All termination rate and interest discounting assumptions adhere to minimum NAIC Standards. An additional liability is recorded for claim adjustment expenses corresponding to the unpaid claims.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> Reserves for unpaid life claims include claims reported and unpaid and claims not yet reported, which is estimated based upon historical experience. As such amounts are necessarily estimates, the ultimate liability will differ from the amount recorded and will be reflected in operations when additional information becomes known.

Reserves for unpaid group accident and health long-term disability contracts are a tabular calculation based on a seriatim listing of open disability claims. Issued and incurred claims are generated based on the 2012 Group Long-term Disability Table (GLTD). A modification is made for claims in the first two years from disablement.

**Dividends to Policyholders**

Dividends are provided based on dividend formulas approved by the Board of Directors of the Company in accordance with actuarially determined dividend scales. Dividends to policyholders are reflected in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis at amounts estimated to be paid or credited to policyholders during the subsequent year on the policy anniversary dates. Dividends to policyholders also include reinsurance assumed business. A portion of the Company's business has been issued on a participating basis. The amount of insurance in force on direct individual life participating policies was $22,362,038, or 19.0%, and $22,397,605, or 17.8%, of the individual life policies in force as of December 31, 2025 and 2024, respectively.

**Asset Valuation and Interest Maintenance Reserves**

The AVR is a required appropriation of unassigned surplus to provide for possible losses that may occur on certain investments of the Company. The reserve is computed based on holdings of all investments and realized and unrealized gains and losses, other than those resulting from interest rate changes. Changes in the reserve are charged or credited to unassigned surplus.

The IMR is calculated based on the prescribed methods developed by the NAIC. Realized gains and losses, net of tax, resulting from interest rate changes on fixed income investments are deferred and credited to this reserve. These gains and losses are then amortized into investment income over what would have been the remaining years to maturity of the underlying investment. Amortization included in net investment income was $7,932, $7,780, and $9,711 for 2025, 2024, and 2023, respectively.

**Recognition of Premium Revenues and Related Costs**

Life premiums are recognized as revenue when premiums are due. Annuity considerations are recognized as income when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Consideration received on deposit-type funds, which do not contain life contingencies, is recorded directly to the related liability.

Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.<br>**Reinsurance**<br> Reinsurance premiums and claims are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, reserves for life, accident and health policies, and reserves for unpaid claims are reported net of reinsured amounts. In a modified coinsurance arrangement, the ceding company retains the assets with respect to the policies reinsured and also retains and records the associated reserves. The assuming company does not reflect the assets or reserves in its balance sheet.

<br> **<br> Leases**<br> The Company leases and subleases office space under operating lease agreements that expire at various dates through 2030. Certain rental commitments have renewal options extending through the year 2030. Some of these leases include escalation clauses, which vary with levels of operating expense. The impact of these leases, including future minimum lease payments under noncancellable operating leases, were not material for 2025, 2024, and 2023.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

**<br> Income Taxes**

The Company files a life/non-life consolidated tax return with AMHC and AMHC eligible affiliates. The Company's income tax allocation is based upon a written agreement which uses a modified separate return method. The modified separate return method adjusts the separate return method so that the net operating losses (or other current or deferred tax attributes) are characterized as realized by the Company when those attributes are realized (or realizable) by the consolidated group.

The Company is subject to tax-related audits in the normal course of operations. The Company records a contingency reserve for tax-related matters when it is more likely than not that a liability has been incurred and the amount of the loss can be reasonably estimated. The tax contingency reserves are evaluated based upon the facts and circumstances that exist at each reporting measurement. Adjustments may result from new information, resolution of an issue with the taxing authorities or changes in laws or regulations. There was no reserve for tax related contingencies at December 31, 2025 and 2024.

The Company is subject to taxation in the United States and various states. The Company is not subject to examinations by tax authorities for years before 2022.

**Separate Accounts**

Separate account assets and liabilities reported in the accompanying financial statements represent funds that are separately administered, principally for variable annuity, variable life and group annuity contracts and for which the contract holders, rather than the Company, bear the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company. Investment income and gains and losses from these accounts accrue directly to contract holders and are not included in the accompanying financial statements. Net asset values and changes in net asset values of separate account assets generally accrue directly to the contract holders and are not included in the Company's revenues and expenses or surplus.

**Vulnerability due to Certain Concentrations**

The Company operates in a business environment which is subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, interest rate risk, market risk, credit risk and legal and regulatory changes, including policies and related impacts from pandemics or other public health issues. Furthermore, the market for deferred annuities and interest-sensitive life insurance is enhanced by the tax incentives available under current law. Any legislative changes that lessen these incentives are likely to negatively impact the demand for these products. The demand for life insurance products that are used to address a customer's estate planning needs may be impacted to the extent any legislative changes occur to the current estate tax laws.

**Accounting Pronouncements**

The NAIC issued revisions to Statement of Statutory Accounting Principles (SSAP) No. 26 – Bonds, and SSAP No. 43R – Asset-Backed Securities, SSAP No. 2R – Cash, Cash Equivalents, Drafts, and Short-Term Investments, SSAP No. 21R – Other Admitted Assets, as part of the Principles-Based Bond Project. The amended guidance, effective January 1, 2025, provides criteria for distinguishing bonds from other types of investments, further restricts the investments that are permitted for cash equivalent or short-term reporting and provides guidance for debt securities that do not qualify as bonds under the principles-based bond definition. The adoption of this guidance was not material to the Company's statutory financial statements.

**Accounting Changes**

During 2023, the Company changed its method of accounting for distributions received from joint ventures, partnerships, and limited liability companies to include fair value adjustments in addition to accumulated earnings in order to better align with the U.S. GAAP equity of the investee. The change resulted in a decrease in net unrealized capital gains (losses), less capital gains tax of $58,822 as of December 31, 2023.

**NOTE 2 - BUSINESS COMBINATIONS AND GOODWILL**

**Statutory Merger**

Effective October 1, 2023, Select Benefits Group, LLC (Dental Select), a third-party administrator (TPA) for dental and vision plans, was merged into the Company with the Company assuming net liabilities of $3,296. In the Summary of Operations and Changes in Capital and Surplus - Statutory Basis, the Company recorded a charge of $92,822 for the write-off of embedded goodwill and reversed unrealized losses of $28,074, net of taxes, for a net charge to surplus of $64,748.

**NOTE 3 - INVESTMENTS**

**Bonds**

The cost or amortized cost and estimated fair value of bonds by type are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Issuer Credit Obligations:* |  |  |  |  |
| &nbsp;&nbsp;U.S. Government Obligations | $11663 | $53 | $(56) | $11660 |
| &nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities | 62333 | 1652 | (379) | 63606 |
| &nbsp;&nbsp;Municipal Bonds – Special Revenues | 88568 | 778 | (2989) | 86357 |
| &nbsp;&nbsp;Corporate Bonds (Unaffiliated) | 8301299 | 105950 | (725923) | 7681326 |
| &nbsp;&nbsp;Single Entity Backed Obligations (Unaffiliated) | 18425 |  | (1008) | 17417 |
| &nbsp;&nbsp;SVO-Identified Bond Exchange Traded Funds – Systematic Value | 537 | 22 |  | 559 |
| &nbsp;&nbsp;Bonds Issued by Funds Representing Operating Entities (Unaffiliated) | 589983 | 6947 | (43550) | 553380 |
| &nbsp;&nbsp;Other Issuer Credit Obligations (Unaffiliated) | 15600 | 25 | (240) | 15385 |
| Total Issuer Credit Obligations | 9088408 | 115427 | (774145) | 8429690 |

---

**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Asset-Backed Securities:* |  |  |  |  |
| &nbsp;&nbsp;Financial Asset-Backed – Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Guaranteed | 178621 | 2174 | (7745) | 173050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Guaranteed | 248747 | 223 | (5749) | 243221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed | 83560 | 100 | (7490) | 76170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Not/Partially Guaranteed | 33828 | 1421 | (198) | 35051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) | 390430 | 3501 | (21761) | 372170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) | 218565 | 532 | (125) | 218972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency – CLOs/CBOs/CDOs (Unaffiliated) | 1443370 | 3856 | (7363) | 1439863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Self-Liquidating (Unaffiliated) | 284356 | 1605 | (8085) | 277876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset-Backed - Self-Liquidating | 2881477 | 13412 | (58516) | 2836373 |
| &nbsp;&nbsp;Financial Asset-Backed – Not Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Backed Securities (Unaffiliated) | 80909 | 1521 | (283) | 82147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Not Self-Liquidating (Unaffiliated) | 378372 |  | (133) | 378239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset Backed - Not Self-Liquidating | 459281 | 1521 | (416) | 460386 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Practical Expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Practical Expedient (Unaffiliated) | 142314 | 754 | (12157) | 130911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Practical Expedient (Unaffiliated) | 753 |  |  | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Practical Expedient | 143067 | 754 | (12157) | 131664 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Full Analysis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Full Analysis (Unaffiliated) | 175496 | 1030 | (6240) | 170286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Full Analysis (Unaffiliated) | 146452 | 1518 | (3727) | 144243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Full Analysis | 321948 | 2548 | (9967) | 314529 |
| Total Asset-Backed Securities | 3805773 | 18235 | (81056) | 3742952 |
| Total Bonds | $12894181 | $133662 | $(855201) | $12172642 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| U.S. Government | $81536 | $3 | $(11187) | $70352 |
| All other governments | 51830 | 323 | (1673) | 50480 |
| Special revenue and special assessment obligations and |  |  |  |  |
| &nbsp;&nbsp;all non-guaranteed obligations of agencies and authorities |  |  |  |  |
| &nbsp;&nbsp;of governments and their political subdivisions | 200140 | 20 | (17704) | 182456 |
| Hybrid securities | 5137 | 2 | (298) | 4841 |
| Industrial and miscellaneous | 11779827 | 62758 | (1057702) | 10784883 |
| Total bonds | $12118470 | $63106 | $(1088564) | $11093012 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The amortized cost of bonds was increased by $10,022 and reduced by $8,728 at December 31, 2025 and December 31, 2024, respectively, as a result of cumulative fair value adjustments to derive the carrying amounts of bonds in the Balance Sheets - Statutory Basis of $12,904,203 and $12,109,742, respectively.

The cost or amortized cost and estimated fair value of bonds at December 31, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | *Cost or Amortized Cost* | *Fair Value* |
| Due in one year or less | $304866 | $303302 |
| Due after one year through five years | 1509437 | 1485205 |
| Due after five years through ten years | 2611142 | 2564487 |
| Due after ten years | 8468736 | 7819648 |
| Total bonds | $12894181 | $12172642 |

---

Proceeds from the sales of bonds were $733,936, $388,956, and $308,442 for the years ended December 31, 2025, 2024, and 2023, respectively.

Realized capital gains (losses) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Bonds: |  |  |  |
| &nbsp;&nbsp;Gross realized capital gains on sales | $10730 | $12380 | $7070 |
| &nbsp;&nbsp;Gross realized capital losses on sales | (16042) | (10149) | (9335) |
| Net realized capital gains (losses) on sales | (5312) | 2231 | (2265) |
| Other, including impairments and net gain on dispositions other than sales | (817) | (2880) | (5148) |
| Total bonds | (6129) | (649) | (7413) |
| Preferred stocks | 539 | 272 | (618) |
| Common stocks | 49783 | 47308 | 33983 |
| Mortgage loans | (902) | (296) | (2040) |
| Real estate | (6202) | 379 | 2285 |
| Other investments | 15463 | 10371 | 12092 |
| Realized capital gains before federal income taxes and transfer to IMR | 52552 | 57385 | 38289 |
| Realized capital gains (losses) transferred to IMR | (332) | 714 | (2708) |
| Federal income tax expense | 11106 | 11901 | 8610 |
| Net realized capital gains | $41778 | $44770 | $32387 |

---

The Company sold common stock with a fair market value of $50,200 and a book adjusted carrying value of $32,412 to AHC on December 23, 2024 for cash consideration of $50,200. The sale resulted in a realized gain of $17,788.

**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

The Company has entered into an agreement with the FHLB of Topeka to enhance investment yields through investment spread strategies and to provide for liquidity needs, if a future need for immediate liquidity arises. The agreement provides for advances (lines of credit, inclusive of the existing funding agreements) up to $1,175,594 to the Company in return for the purchase of asset-based membership stock equal to 0.1% of assets, with a $500 maximum, plus an additional activity-based stock purchase equal to 4.0% of the advances less the amount of the asset-based membership stock held. As of December 31, 2025 and 2024, the Company did not have any FHLB membership stock eligible for redemption. Excluding the funding agreements, the Company had no outstanding balance related to the line of credit as of December 31, 2025 and 2024, respectively.

The amount of FHLB capital stock held, in aggregate, and classified as of December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Membership stock - class A | $408 | $397 |
| Membership stock - class B | 33288 | 21928 |
| Excess stock | 721 | 645 |
| Aggregate total | $34417 | $22970 |
| Actual borrowing capacity as determined by the insurer | $1175594 | $852634 |

---

The related reserves of $903,171 and $702,681 are reported in deposit-type funds on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024, respectively.

The values of the collateral pledged to the FHLB and the total aggregate borrowing by the Company as of December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1166792 |
| Carrying value | 1652068 | 1290524 |
| Aggregate total borrowing - funding agreements | 900000 | 700000 |

---

The maximum amount of collateral pledged to the FHLB during the years ended December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1386123 |
| Carrying value | 1652068 | 1436940 |
| Amount borrowed at time of maximum collateral - funding agreements | 900000 | 700000 |
| Amount borrowed at time of maximum collateral - lines of credit | 61455 |  |

---

There are prepayment penalties on the Company's funding agreements.

**NOTE 3 - INVESTMENTS, (continued)**

**<br> Restricted Assets**

A detailed summary of restricted assets (including pledged assets) primarily bonds, common stock, mortgage loans and cash at cost or amortized cost is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  |  | *Percentage* | *Percentage* |  | *Percentage* | *Percentage* |
| *Restricted Asset Category* | *Total Admitted Gross Assets Current Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* | *Total Admitted Gross Assets Prior Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* |
| FHLB capital stock | $34417 | 0.1% | 0.1% | $22970 | 0.1% | 0.1% |
| Bonds on deposit with states | 121097 | 0.4% | 0.4% | 144792 | 0.5% | 0.5% |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 1652068 | 5.3% | 5.4% | 1290524 | 4.4% | 4.5% |
| Pledged as collateral not captured in other categories: |  |  |  |  |  |  |
| Derivatives | 18965 | 0.1% | 0.1% | 27761 | 0.1% | 0.1% |
| Other restricted assets: |  |  |  |  |  |  |
| Policy loans reinsurance assumed | 102600 | 0.3% | 0.3% | 107429 | 0.4% | 0.4% |
| Bonds and short-term investments reinsurance assumed \* | 873122 | 2.8% | 2.8% | 886156 | 3.0% | 3.1% |
| Collateral assets received and on balance sheet\*\* | 30000 | 0.1% | 0.1% | 10000 | 0.0% | 0.0% |
| Separate account assets held under modco reinsurance agreements | 103278 | 0.3% | 0.3% | 100804 | 0.3% | 0.4% |
| Total restricted assets | $2935547 | 9.4% | 9.5% | $2590436 | 8.8% | 9.1% |

---

\* Includes investment income due and accrued<br> \*\* Reported in cash, cash equivalents and short-term investments on the Statutory Balance Sheet.<br>The Company had $103,278 and $100,804 of separate account assets and recognized obligations under modco reinsurance agreements in Schedule D, Part 2, Section 2 of it separate accounts statutory financials as of December 31, 2025 and 2024, respectively. These assets represented 0.9% of both total separate account assets and total admitted separate account assets and liabilities for both years. The underlying invested assets are not related or affiliated with the reinsurer.

<br> An aging of unrealized losses on the Company's investments in bonds and unaffiliated stocks were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Issuer Credit Obligations | $2332150 | $(82317) | $5415054 | $(691828) | 7747204 | (774145) |
| Asset-Backed Securities | 1632317 | (14884) | 1006949 | (66172) | 2639266 | (81056) |
| Common stocks | 110577 | (1434) | 25067 | (1371) | 135644 | (2805) |
| Total | $4075044 | $(98635) | $6447070 | $(759371) | $10522114 | $(858006) |

---

**NOTE 3 - INVESTMENTS, (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Bonds: |  |  |  |  |  |  |
| U.S. Governments | $3568 | $(345) | $66750 | $(10842) | $70318 | $(11187) |
| All other governments | 35757 | (1067) | 9550 | (606) | 45307 | (1673) |
| Special revenue and special assessment |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations and all non-guaranteed |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations of agencies and authorities |  |  |  |  |  |  |
| &nbsp;&nbsp;of governments and their political |  |  |  |  |  |  |
| &nbsp;&nbsp;subdivisions | 58261 | (2452) | 122344 | (15252) | 180605 | (17704) |
| Hybrid securities | 1056 | (67) | 3785 | (231) | 4841 | (298) |
| Industrial and miscellaneous | 3403375 | (198644) | 6084379 | (859058) | 9487754 | (1057702) |
| Total bonds | 3502017 | (202575) | 6286808 | (885989) | 9788825 | (1088564) |
| Preferred stocks | 609 |  | 2175 | (130) | 2784 | (130) |
| Common stocks | 144533 | (1842) | 27841 | (1658) | 172374 | (3500) |
| Total | $3647159 | $(204417) | $6316824 | $(887777) | $9963983 | $(1092194) |

---

The Company considers various factors when considering if a decline is other-than-temporary, including the size of the unrealized loss, deterioration in ratings, industry conditions or factors related to a geographic area that are negatively affecting a security, violation of loan covenants, overall financial condition of the issuer and the Company's intention and ability to sell or hold the security for a period of time sufficient to allow for a recovery in value. The Company has determined that such declines are temporary in nature.

<br> The Company considers various factors when considering if a decline in the fair value of a common stock security is other-than-temporary, including but not limited to the magnitude of the unrealized loss; the volatility of the investment; analyst recommendations, price targets and NAIC ratings; opinions of the Company's investment managers; market liquidity; and the Company's intentions to sell or ability to hold the investments until recovery. During 2025, 2024, and 2023, based on an evaluation of these factors, the realized losses for other-than-temporary impairments recognized by the Company on unaffiliated common stocks were not material.

<br> The Company's bond and short-term investment portfolios are predominantly comprised of investment grade securities. At December 31, 2025 and 2024, bonds at book/adjusted carrying value totaling $279,259 and $436,189, respectively, (2.2% and 3.5%, respectively, of the total bond and short-term portfolios) are considered below investment grade. Securities are classified as below investment grade by utilizing rating criteria established by the NAIC. During 2025, 2024, and 2023, the realized losses for other-than-temporary impairments recognized by the Company on bonds were not material. The Company did not recognize any other-than-temporary impairments on asset-backed and structured security investments in 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> A summary of asset-backed security and structured security investments included with unrealized losses for which an other-than-temporary impairment has not been recognized is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Asset-backed securities | $605985 | $596083 | $(9902) | $933591 | $862414 | $(71177) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Structured Securities | $193033 | $187385 | $(5648) | $1305594 | $1203661 | $(101933) |

---

**<br> Mortgage Loans**

For the commercial mortgage loans held by the Company, debt service coverage ratio (DSCR) is considered a key credit quality indicator for loans that are income dependent while loan to value and borrower financial strength are considered key credit quality indicators for borrower-occupied loans. Debt service coverage ratios compare a property's net operating income to the borrower's principal and interest payments. Loan to value and debt service coverage ratios are updated annually or as warranted by economic conditions or impairment considerations.

Debt service coverage ratios for income dependent mortgage loans are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| DSCR distribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 1 | $79426 | $72947 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.0 - 1.2 | 107308 | 147689 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 - 1.5 | 358278 | 398826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater than 1.5 | 1882371 | 1669985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2427383 | $2289447 |

---

<br> Mortgage loans with a DSCR below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable future, the decrease in cash flows is considered temporary, or there are other risk mitigating factors.

Loan to value for borrower-occupied commercial real estate mortgage loans is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Loan to value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 60% | $9435 | $8786 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-75% |  | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $9435 | $10804 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aging analysis of the commercial loans held by the Company is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Recorded investment (all) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $2435704 | $2292386 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due |  | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;90-179 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;180+ days past due | 1114 | 5396 |
| Accruing Interest 180+ Days Past Due |  |  |
| &nbsp;&nbsp;Recorded investment | 1114 | 5396 |
| &nbsp;&nbsp;Interest accrued | 56 | 124 |
| Participant or co-lender in a mortgage loan agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recorded investment | 211 | 312 |

---

At December 31, 2025, the average size of an individual commercial mortgage loan was $2,826. For commercial mortgage loans, the Company's policy is to obtain a first mortgage lien and to require a loan to value ratio of 75% or less at acquisition. The Company's policy for commercial loans is to recognize due and accrued interest income on impaired loans if deemed collectible. As of December 31, 2025, the maximum and minimum rates of interest in the Company's mortgage loan portfolio were 8.85% and 2.85% for commercial mortgage loans.<br>**** <br> In 2025 and 2024, the Company had 118 and 91, respectively, commercial loans acquired or with additions to existing loans at the maximum and minimum rates of interest of 8.68% and 8.68%, respectively, and 4.60% and 4.55%, respectively, totaling $458,898 and $335,896, respectively.<br>

Commercial mortgage loans are evaluated individually for impairment. The Company's impairments for commercial loans and interest income on impaired commercial mortgage loans was not material for December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, no impaired commercial mortgage loans were on nonaccrual status under SSAP No 34, paragraph 6.

In 2025, the Company had $36,954 aggregate amount of mortgage loans derecognized as a result of foreclosure, $14,055 real estate collateral recognized, and $22,732 other collateral recognized. In 2024, the Company had no mortgage loans derecognized as a result of foreclosure.

**Investments in Tax Credit Structures**

During 2025 and 2024, the Company recognized $10,406 and $11,214, respectively, of low income housing tax credits (LIHTC) and other tax benefits. The Company's investment in LIHTC recognized in the Balance Sheets - Statutory Basis in other investments was $56,308 and $70,877 and in other liabilities was $14,144 and $23,498 for the years ended December 31, 2025 and 2024, respectively. No property is currently subject to any regulatory review. The Company had no investment in LIHTC that exceeded 10% of its admitted assets. The Company recognized no impairment losses related to LIHTC at December 31, 2025 and 2024. The Company recognized no write-down or reclassification resulting from the forfeiture or ineligibility of tax credits at December 31, 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aggregate schedule of non-transferrable tax credits expected to be generated by the Company each year for the subsequent five years and thereafter, as of December 31, 2025, is presented below:

---

| | |
|:---|:---|
| *Year* | *Non-Transferable* |
| 2026 | $11410 |
| 2027 | 898 |
| 2028 | 117 |
| 2029 | 314 |
| 2030 | 147 |
| Thereafter | 1258 |
| Total | $14144 |

---

The Company has no transferrable tax credits as of December 31, 2025.

<br> **<br> Offsetting and Netting of Assets and Liabilities**<br> Call options and foreign currency swaps that are included in other investments and other liabilities on the Balance Sheets - Statutory Basis and qualified for offsetting and netting are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* |
| *Assets:* |  |  |  |  |  |  |
| Derivatives - call options | $332848 | $152405 | $180443 | $202246 | $86294 | $115952 |
| Derivatives - foreign currency swaps | 4482 | 3621 | 861 | 11461 | 2584 | 8877 |
| *Liabilities:* |  |  |  |  |  |  |
| Derivatives - call options | $152405 | $152405 | $— | $86294 | $86294 | $— |
| Derivatives - foreign currency swaps | 15689 | 3621 | 12068 | 2584 | 2584 |  |

---

**NOTE 3 - INVESTMENTS, (continued)**

**Net Investment Income**<br> Major categories of net investment income by class of investment are summarized below.

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Income: |  |  |  |
| Bonds | $590016 | $556609 | $499408 |
| Preferred stocks | 66 | 166 | 490 |
| Common stocks | 11262 | 9885 | 8382 |
| Mortgage loans | 121493 | 104896 | 98441 |
| Real estate<sup>1</sup> | 12062 | 11175 | 14261 |
| Contract loans | 44237 | 39226 | 33583 |
| Short-term investments | 8109 | 6936 | 3385 |
| Derivatives | 74703 | 48067 | (43362) |
| Other investments | 81541 | 77269 | 50021 |
| Amortization of interest maintenance reserve | 7932 | 7780 | 9711 |
| Gross investment income | 951421 | 862009 | 674320 |
| Total investment expenses | 57679 | 55799 | 52135 |
| Net investment income | $893742 | $806210 | $622185 |

---

<sup>1</sup>Includes amounts for the occupancy of company-owned property of $5,647, $5,647, and $8,302 in 2025, 2024, and 2023, respectively.

** 

**Fair Value Measurements**

** 

Included in various investment related lines in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

**** 

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Fair Value Measurements as defined under NAIC SAP. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset's classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:<br>

Level 1 – Values are unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

 

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

**** 

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset at the reporting date.

**NOTE 3 - INVESTMENTS, (continued)**

<br> Net asset value (NAV) – Separate account assets are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.<br>The following tables provide information about the Company's financial assets and liabilities measured and reported at fair value or NAV:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Asset-Backed Securities | $— | $3415 | $— | $— | $3415 |
| Total bonds |  | 3415 |  |  | 3415 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | $329444 | $— | $— | $— | $329444 |
| Total common stocks | 329444 |  |  |  | 329444 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 322150 |  |  |  | 322150 |
| Over the counter index call options |  | 180444 |  |  | 180444 |
| Foreign currency swaps |  | 860 |  |  | 860 |
| Total other investments | 322150 | 181304 |  |  | 503454 |
| Separate account assets |  |  |  | 11287354 | 11287354 |
| Total assets at fair value/net asset value | $651594 | $184719 | $— | $11287354 | $12123667 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $176900 | $— | $— | $— | $176900 |
| Foreign currency swaps |  | 12068 |  |  | 12068 |
| Total liabilities at fair value | $176900 | $12068 | $— | $— | $188968 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Asset-Backed Securities | $— | $673 | $— | $— | $673 |
| Total bonds |  | 673 |  |  | 673 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | 357820 |  |  |  | 357820 |
| Total common stocks | 357820 |  |  |  | 357820 |
| Other investments | 14052 |  |  |  | 14052 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 273603 |  |  |  | 273603 |
| Over the counter index call options |  | 115952 |  |  | 115952 |
| Foreign currency swaps |  | 8877 |  |  | 8877 |
| Total other investments | 287655 | 124829 |  |  | 412484 |
| Separate account assets |  |  |  | 10756291 | 10756291 |
| Total assets at fair value/net asset value | $645475 | $125502 | $— | $10756291 | $11527268 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $145709 | $— | $— | $— | $145709 |
| Total liabilities at fair value | $145709 | $— | $— | $— | $145709 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The valuation techniques used to measure the fair values by type of investment in the above table are as follows:

**Level 1 – Financial Assets and Liabilities**

These assets and liabilities include actively-traded exchange-listed common stocks, mutual funds, exchange traded call and put options and exchange traded call and put options (written). Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Derivative asset and liability valuations are based on quoted prices in active markets for identical securities. Exchange traded call options and equity put options and written exchange traded call options and written equity put options are classified as Level 1.

**Level 2 – Financial Assets and Liabilities**

The Company's Level 2 assets includes bonds, OTC index call options and foreign currency swaps. Prices are based on other observable inputs, including quoted prices for similar assets/liabilities. The Company used broker quotes which are corroborated to the market for the monthly valuation of the index call options and foreign currency swaps. For the index call options, the broker quotes use the S&P Dividend Yield and Implied Volatility inputs in the Black Scholes Model that is tailored to the remaining term of each call option. For the foreign currency swaps, the broker quotes use models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. In addition, the Company corroborates the broker quotes to Bloomberg and to actual trades.

**Level 3 - Financial Assets and Liabilities**

There were no financial assets measured at fair value in Level 3 at December 31, 2025 and December 31, 2024.

**<br> NAV - Financial Assets and Liabilities**

Separate account assets represent NAVs as a practical expedient received from fund managers who stand ready to transact at the quoted values. The funds in the separate account assets are considered open-end mutual funds, meaning that the fund is ready to redeem its shares at any time and offers its shares for sale to the public, either through retail outlets or through institutional investors continuously. For institutional funds, NAVs are received daily from fund managers, and the managers stand ready to transact at these quoted amounts. The Company, on behalf of the contract holders, transacts in these funds on a daily basis as part of the separate account trading activity. There are no unfunded commitments in the separate account assets.

<br> There were no material transfers of financial instruments carried at fair value into or out of Level 3 during the years ended December 31, 2025 and 2024.

The Company had no financial instruments that were not practicable to calculate fair value. The Company had no investments measured using NAV instead of fair value in which the investment may be sold below NAV or significant restrictions in the liquidation of the investment held at NAV.

**NOTE 3 - INVESTMENTS, (continued)**

<br> The tables below reflect the fair values or NAV and book/adjusted carrying values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method. The fair values are also categorized into the three-level fair value hierarchy as described previously.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $8429689 | $9099637 | $— | $6377988 | $2051701 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 3742953 | 3804566 |  | 3000533 | 742420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Bonds | 12172642 | 12904203 |  | 9378521 | 2794121 |  |
| &nbsp;&nbsp;Common stocks | 363861 | 363861 | 329444 | 34417 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2363644 | 2436818 |  |  | 2363644 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| &nbsp;&nbsp;investments | 341551 | 341551 | 341551 |  |  |  |
| &nbsp;&nbsp;Contract loans | 916656 | 967549 |  |  | 916656 |  |
| &nbsp;&nbsp;Other investments | 623379 | 630044 | 322150 | 236266 | 64963 |  |
| &nbsp;&nbsp;Investment income due and accrued | 150555 | 150555 | 150555 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 11287354 |  |  |  | 11287354 |
| Total financial assets | $16932288 | $29081935 | $1143700 | $9649204 | $6139384 | $11287354 |
| &nbsp;&nbsp;Deposit-type funds | $1408143 | $1409540 | $— | $— | $1408143 | $— |
| &nbsp;&nbsp;Derivative liabilities | 188967 | 188967 | 176899 | 12068 |  |  |
| Total financial liabilities | $1597110 | $1598507 | $176899 | $12068 | $1408143 | $— |

---

**<br>** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds | $11093012 | $12109742 | $— | $7447078 | $3645934 | $— |
| &nbsp;&nbsp;Preferred stocks | 2784 | 2828 |  | 2784 |  |  |
| &nbsp;&nbsp;Common stocks | 380790 | 380790 | 357820 | 22970 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2134258 | 2300251 |  |  | 2134258 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| investments | 201163 | 201163 | 201163 |  |  |  |
| &nbsp;&nbsp;Contract loans | 796924 | 851561 |  |  | 796924 |  |
| &nbsp;&nbsp;Other investments | 557790 | 566065 | 297012 | 181226 | 79552 |  |
| &nbsp;&nbsp;Investment income due and accrued | 145519 | 145519 | 145519 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 10756291 |  |  |  | 10756291 |
| Total financial assets | $15312240 | $27314210 | $1001514 | $7654058 | $6656668 | $10756291 |
| *Liabilities:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposit-type funds | $1190833 | $1192888 | $— | $— | $1190833 | $— |
| &nbsp;&nbsp;Borrowings | 3011 | 2959 |  |  | 3011 |  |
| &nbsp;&nbsp;Derivative liabilities | 145709 | 145709 | 145709 |  |  |  |
| Total financial liabilities | $1339553 | $1341556 | $145709 | $— | $1193844 | $— |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The following methods and assumptions were used by the Company in estimating its fair value disclosures for each class of financial instruments for which it is practicable to estimate a value:

*Bonds:* For issuer credit obligations not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. The fair values of asset-backed securities are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Issuer credit obligations, asset-backed securities priced based on observable market information are assigned to Level 2. Issuer credit obligations and asset-backed securities priced based on uncorroborated broker quotes, unobservable market inputs, partnership valuations or internal valuations are assigned to Level 3.

*Preferred Stocks:* For preferred stocks not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield credit quality, and maturity of the investments. Preferred stocks priced based on observable market information are assigned to Level 2.

*Common stocks:* For publicly traded securities and mutual funds, fair value is obtained from independent pricing services or fund managers and are assigned to Level 1 as the fair values are based on quoted prices in active markets for identical securities. For stock in FHLB, fair value is presumed to be par, which is the value at which the FHLB will repurchase the stock, and is assigned to Level 2. Stocks in affiliates carried on the equity method are not included as part of the fair value disclosure.

*Mortgage loans:* The fair value of commercial mortgage loans is primarily determined by estimating expected future cash flows and discounting the cash flows using current interest rates for similar mortgage loans with similar credit risk.

*Cash, cash equivalents and short-term investments, and investment income due and accrued:* The carrying amounts approximate fair values.**<br>** 

<br> *Other investments and derivative liabilities*: Fair values are estimated using values obtained from independent pricing services where available, or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Other investments priced based on observable market information for similar assets are assigned to Level 2. Other investments priced based on uncorroborated broker quotes, unobservable market inputs or internal valuations are assigned to Level 3. Other investments carried on the equity method are not included as part of the fair value disclosure. Exchange traded call and put options and exchange traded call and put options (written) are classified as Level 1 since the valuations are based on quoted prices in active markets for identical securities. Foreign currency swaps are classified as Level 2 as the *v*aluation is based on models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment.

*Contract loans:* The fair values for contract loans are estimated using discounted cash flow analysis at interest rates currently offered for similar loans. Contract loans with similar characteristics are aggregated for purposes of the calculations.

*Deposit-type funds*: Deposit-type funds are valued using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

*Borrowings:* The fair value of borrowed money is estimated using discounted cash flow calculations based on current interest rates consistent with the maturity of the obligation.**<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

*Separate account assets*: Separate account assets represent NAV as a practical expedient received from fund managers who stand ready to transact at the quoted values.

**NOTE 4 - INCOME TAXES**

The application of NAIC SAP requires a company to evaluate the recoverability of gross deferred tax assets and to establish a valuation allowance if necessary to reduce the gross deferred tax asset to an amount which is more likely than not to be realized (adjusted gross deferred tax asset). Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company considers many factors including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversals; (4) taxable capital gains in prior carry back years as well as projected taxable earnings exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and (7) tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Based on an evaluation of the above factors, management believes it more likely than not that the adjusted gross deferred tax assets will be realized.

The components of the net deferred tax asset/(liability) as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $353272 | $2448 | $355720 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 353272 | 2448 | 355720 |
| Deferred tax assets nonadmitted | 116710 |  | 116710 |
| Subtotal net admitted deferred tax assets | 236562 | 2448 | 239010 |
| Deferred tax liabilities | 39616 | 81865 | 121481 |
| Net admitted deferred tax assets/(liability) | $196946 | $(79417) | $117529 |

---

<br> The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2025 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $307415 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $119033 | $2448 | $121481 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $236562 | $2448 | $239010 |

---

The components of the net deferred tax asset/(liability) as of December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $348557 | $2748 | $351305 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 348557 | 2748 | 351305 |
| Deferred tax assets nonadmitted | 105799 |  | 105799 |
| Subtotal net admitted deferred tax assets | 242758 | 2748 | 245506 |
| Deferred tax liabilities | 34378 | 85702 | 120080 |
| Net admitted deferred tax assets/(net deferred tax liability) | $208380 | $(82954) | $125426 |

---

**NOTE 4 - INCOME TAXES, (continued)**

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2024 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $263055 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $117332 | $2748 | $120080 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $242758 | $2748 | $245506 |

---

The changes in the components of the net deferred tax asset/(liability) from December 31, 2024 to December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $4715 | $(300) | $4415 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 4715 | (300) | 4415 |
| Deferred tax assets nonadmitted | 10911 |  | 10911 |
| Subtotal net admitted deferred tax assets | (6196) | (300) | (6496) |
| Deferred tax liabilities | 5238 | (3837) | 1401 |
| Net admitted deferred tax assets/(net deferred tax liability) | $(11434) | $3537 | $(7897) |

---

**<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | (7897) |  | (7897) |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | (7897) |  | (7897) |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | 44360 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | 1701 | (300) | 1401 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $(6196) | $(300) | $(6496) |

---

The Company does not carry any deferred tax liabilities on unrealized capital gains related to investments in affiliates.

The Company used the following amounts in determining the DTA admissibility:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Ratio percentage used to determine recovery period and |  |  |
| &nbsp;&nbsp;threshold limitation above | 972% | 841% |
| Amount of adjusted capital and surplus used to determine |  |  |
| &nbsp;&nbsp;recovery period and threshold limitation above | $2049435 | $1753699 |

---

There were no tax planning strategies utilized as of December 31, 2025 or 2024.

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for incurred federal income taxes on earnings are:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years ended December 31* | *Years ended December 31* | *Years ended December 31* |
|  | *2025* | *2024* | *2023* |
| Federal | $16986 | $(16252) | $31114 |
| Federal income tax on net capital gains | 11036 | 12051 | 8041 |
| Federal income tax incurred/(recovered) | $28022 | $(4201) | $39155 |

---

<br> The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| *Deferred tax assets:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discounting of unpaid losses | $178 | $157 | $165 | $21 | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium reserve | 534 | 523 | 505 | 11 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 138269 | 134578 | 111591 | 3691 | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 8676 | 8166 | 7877 | 510 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 103832 | 94942 | 88273 | 8890 | 6669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends accrual | 1410 | 2145 | 1632 | (735) | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | (693) | 9891 | 11241 | (10584) | (1350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits accrual | 26798 | 25898 | 25789 | 900 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 40329 | 35046 | 29906 | 5283 | 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry-forward | 190 | 208 | 225 | (18) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible Amortization | 22739 | 25522 | 28309 | (2783) | (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax assets) | 11010 | 11481 | 10103 | (471) | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 353272 | 348557 | 315616 | 4715 | 32941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted deferred tax assets | 116710 | 105799 | 89124 | 10911 | 16675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary deferred tax assets | $236562 | $242758 | $226492 | $(6196) | $16266 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $203 | $435 | $1272 | $(232) | $(837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2245 | 2313 | 2793 | (68) | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted capital deferred tax assets | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted deferred tax assets | $239010 | $245506 | $230557 | $(6496) | $14949 |

---

**<br>** 

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Deferred tax liabilities:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $6384 | $4790 | $3171 | $1594 | $1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 8123 | 818 | 2042 | 7305 | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 14621 | 15297 | 17372 | (676) | (2075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 437 | 3509 | 6588 | (3072) | (3079) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned commissions | 9907 | 9820 | 9251 | 87 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax liabilities) | 144 | 144 | 143 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 39616 | 34378 | 38567 | 5238 | (4189) |

---

**NOTE 4 - INCOME TAXES, (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $80590 | $84427 | $74312 | $(3837) | $10115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | 1275 | 1275 | 1276 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $81865 | $85702 | $75588 | $(3837) | $10114 |
| Deferred tax liabilities | $121481 | $120080 | $114155 | $1401 | $5925 |
| Net deferred tax assets | $117529 | $125426 | $116402 | $(7897) | $9024 |

---

The change in the net admitted deferred tax assets was $(7,897), $9,024 and $19,640 for the years ended December 31, 2025, 2024, and 2023, respectively. The change in nonadmitted deferred tax assets of $10,911, $16,675, and $7,304 was included in change in nonadmitted assets in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2025, 2024, and 2023, respectively.

The change in net deferred income taxes as of December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *Change* |
| Total gross deferred tax assets | $355720 | $351305 | $4415 |
| Total deferred tax liabilities | 121481 | 120080 | 1401 |
| Net deferred tax asset | $234239 | $231225 | 3014 |
| Tax effect of change in unrealized gains and pension liability |  |  | 2904 |
| Change in net deferred income tax |  |  | $5918 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2024* | *2023* | *Change* |
| Total gross deferred tax assets | $351305 | $319681 | $31624 |
| Total deferred tax liabilities | 120080 | 114155 | 5925 |
| Net deferred tax asset | $231225 | $205526 | 25699 |
| Tax effect of change in unrealized gains and pension liability |  |  | 3360 |
| Change in net deferred income tax |  |  | $29059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2023* | *2022* | *Change* |
| Total gross deferred tax assets | $319681 | $273463 | $46218 |
| Total deferred tax liabilities | 114155 | 94881 | 19274 |
| Net deferred tax asset | $205526 | $178582 | 26944 |
| Tax effect of change in unrealized gains and pension liability |  |  | 35349 |
| Adjustment to prior year deferred income tax |  |  | 2923 |
| Change in net deferred income tax |  |  | $65216 |

---

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference as of December 31, 2025, 2024, and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Net gain (loss) from operations before income taxes | $179670 | $(94449) | $72505 |
| Net realized capital gains before income taxes | 52552 | 57385 | 38289 |
| Deferred reinsurance loss, net | (4947) | (4266) | (3954) |
| Total pre-tax statutory income (loss) | 227275 | (41330) | 106840 |
| Change in nonadmitted assets | (25161) | (24475) | (43079) |
| IMR amortization | (7932) | (7780) | (9711) |
| Tax-exempt income | (24174) | (25301) | (22687) |
| Adjustment to prior year deferreds | (270) | (1217) | 3083 |
| Dissolution of subsidiary |  |  | (92822) |
| Non-deductible expense | 4085 | 4251 | 4884 |
| Other | 1344 | (1117) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 175167 | (96969) | (53900) |
| Statutory tax rate | 0.21 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 36785 | (20364) | (11319) |
| Adjustment to prior year deferred income tax |  |  | (2923) |
| Tax credits | (14681) | (12896) | (11819) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |
| Federal and foreign income tax incurred/(recovered) | $28022 | $(4201) | $39155 |
| Change in deferred income tax | (5918) | (29059) | (65216) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |

---

The Company has no foreign tax credit carryovers to subsequent years.

At December 31, 2025, the Company has tax carryovers to subsequent years as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year of Origination |  | Amount | Year of Expiration |
| 2016 | Net Operating Loss | $907 | 2036 |

---

The amount of federal income tax which is available for recoupment in the event of future capital losses is $11,983, $9,928, and $14,604, for the tax years 2025, 2024, and 2023, respectively. There were no deposits admitted under IRC Section 6033.

The Company joins in a consolidated federal income tax return filed by AMHC with AHC, AIP and Ameritas-NY.

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

The Inflation Reduction Act was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT) which is effective for tax years beginning after 2022. The Company is a nonapplicable reporting entity that does not reasonably expect to be an applicable corporation subject to CAMT as a member of a tax-controlled group of corporations in 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. Connected to OBBBA, the Company is immediately expensing domestic research and development costs in 2025 that have been previously capitalized. The other provisions of OBBBA are not material to the Company.

**NOTE 5 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES**

The Company loaned $3,000 to Ameritas Advisory Services, LLC on December 5, 2023 under a promissory note due on or before December 1, 2024. The promissory note was repaid in full on June 28, 2024.

The Company loaned $2,000 to Ameritas Investment Company, LLC on April 3, 2023 under a promissory note due on or before April 1, 2024. The promissory note was repaid in full on March 21, 2024.

AAS and AIC each established a $10,000 unsecured line of credit with the Company expiring March 31, 2026. There were no balances outstanding at any time during 2025.

The Company received capital contributions in the amount of $40,000 and $25,000 from AHC on June 23, 2025 and December 3, 2025, respectively.

Ameritas-NY and AHC each established a $50,000 unsecured line of credit with the Company. There were no balances outstanding at any time during 2025, 2024, and 2023. The unsecured lines of credit with Ameritas-NY and AHC provide for automatic annual renewal on May 1, and January 1, respectively, unless terminated by either party.

The Company established a $50,000 unsecured line of credit with AHC under an agreement that provides for automatic renewal on January 1 unless terminated by either either party. There were no balances outstanding at any time during 2025 or 2024.

The Company's variable life and annuity products are distributed through AIC. Policies placed by this affiliate generated commission and general insurance expense of $21,085, $20,984, and $21,305, for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company had amounts due to and from various affiliates at December 31, 2025 and 2024 which were recorded in other admitted assets and other liabilities in the Balance Sheets-Statutory Basis. The balances are settled monthly on a net basis. Additionally, the Company provides, as well as receives, technical, financial, legal and marketing support, and investment advisory services from certain affiliates under administrative service and cost-sharing agreement which were recorded in general insurance expenses in the Summary of Operations-Statutory Basis. Both the individual and combined amounts recorded under these agreements were not material for the years ended December 31, 2025, 2024, and 2023.

**NOTE 6 - EMPLOYEE BENEFITS**

The Company has deferred compensation plans covering the Board of Directors, certain management employees and agents. The Company's method of accounting for these plans is the accrual method and the assets for some of these deferred compensation plans are held in a Rabbi Trust.

The Company has unfunded, non-qualified pension plans (the NQ Plans) where the Company makes payments under certain voluntary arrangements for retirement benefits, which are not provided for under the AHC sponsored defined benefit pension plan. The measurement date for the Company's NQ Plans was December 31. A summary of the obligations and assumptions are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Benefit obligation at beginning of year | $29240 | $31776 | $34365 |
| Interest cost | 1511 | 1560 | 1763 |
| Actuarial loss | (996) | (372) | (84) |
| Benefits paid | (3649) | (3724) | (4268) |
| Benefit obligation at end of year | $26106 | $29240 | $31776 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Reporting entity contribution | 3649 | 3724 | 4268 |
| Benefits paid | (3649) | (3724) | (4268) |
| Fair value of plan assets at end of year | $— | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Components: |  |  |  |
| Accrued benefit costs | $27563 | $31465 | $34049 |
| Liability (asset) for pension benefits | (1457) | (2225) | (2273) |
| Assets and liabilities recognized: |  |  |  |
| Liabilities recognized | 26106 | 29240 | 31776 |
| Unrecognized liabilities (assets) | (1457) | (2225) | (2273) |

---

The components of net periodic benefit cost are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Interest cost | 1511 | 1560 | 1763 |
| Amount of recognized gains | (1764) | (420) | (399) |
| Total net periodic benefit cost | $(253) | $1140 | $1364 |

---

Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Items not yet recognized as a component of net periodic cost - prior year | $(2225) | $(2273) | $(2588) |
| Net loss arising during the period | (996) | (372) | (84) |
| Net gain recognized | 1764 | 420 | 399 |
| Items not yet recognized as a component of net |  |  |  |
| periodic cost - current year | $(1457) | $(2225) | $(2273) |

---

<br> The weighted-average discount rate assumptions at December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Net periodic benefit cost | 5.28% | 5.43% | 3.08% |
| Projected benefit obligation | 5.44% | 5.28% | 5.43% |

---

Future expected pension benefit payments are as follows:

---

| | |
|:---|:---|
| *Year* | *Amount* |
| 2026 | $3472 |
| 2027 | 3347 |
| 2028 | 3221 |
| 2029 | 3097 |
| 2030 | 2972 |
| 2031-2035 | 11886 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

The accumulated pension benefit obligation for the NQ plans is as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Accumulated benefit obligation | $26106 | $29239 |
| Projected benefit obligation (PBO) | $26106 | $29239 |
| Funded status (PBO - Plan assets) | $26106 | $29239 |
| Unrecognized items: |  |  |
| Unrecognized gains, net of tax | $(1151) | $(1758) |
| Total unrecognized items, net of tax | $(1151) | $(1758) |

---

The Company participates in the Ameritas Pension Plan (the Plan), of which AHC is the plan sponsor. Plan assets are held in separate accounts of the Company. The Company participates in a postretirement benefit plan sponsored by AHC. The expenses recognized by the Company for the Plan and the postretirement benefit plan were not material for 2025, 2024, or 2023.

The Company's employees and agents participate in defined contribution plans sponsored by AHC that cover substantially all full-time employees and agents. In addition, certain of the Company's employees participate in an unfunded, non-qualified defined contribution plan sponsored by AHC. Company matching contributions under the defined contribution plans range from 0.5% to 3.0% of the participant's compensation. In addition, for eligible employees, the Company makes a contribution of 6.0% of the participant's compensation for those employees hired prior to January 1, 2006 and 5.0% of the participant's compensation for those hired after January 1, 2006. Contributions by the Company to the employee and agents defined contribution plans were $18,857, $19,027, and $18,281 in 2025, 2024, and 2023, respectively.

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS**

The Company is subject to regulation by the Department, which restricts the advancement of funds to parent and affiliated companies as well as the amount of dividends that may be paid without prior approval. Dividend payments to the stockholder by the Company, when aggregated with all other dividends in the preceding 12 months, cannot exceed the greater of 10% of surplus as of the preceding year-end or the statutory net gain from operations for the previous calendar year, without prior approval from the Department. Based on this limitation, the Company would be able to pay $216,574 in dividends in 2026, without prior approval. The Company did not pay ordinary dividends to AHC, its parent, in 2025, 2024, or 2023.

Unassigned surplus represents the undistributed and unappropriated amount of surplus at the statement date. The cumulative effect related to the portion of unassigned surplus represented or reduced by each of the following items as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Unrealized capital gains, net of taxes | $134593 | $110958 | $87325 |
| Nonadmitted asset values | (308755) | (272682) | (231533) |
| Asset valuation reserve | (325047) | (354449) | (336910) |

---

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS, (continued)**

On November 1, 1996, the Company issued $50,000 of 8.20% Surplus Notes (Notes). The Notes mature on November 1, 2026 and may not be redeemed prior to maturity. The Notes are unsecured and subordinated to all present and future policy claims, prior claims and senior indebtedness. These Notes were underwritten by Merrill Lynch & Co. with the trustee as Bank of New York. Subject to prior written approval of the Department, these Notes will pay interest semi-annually on May 1 and November 1. In accordance with Department regulations, interest cannot be accrued or paid until written approval has been received. Interest of $4,100 was paid in 2025, 2024, and 2023 and included as reduction to net investment income on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The carrying amount of the Notes was $49,993 and $49,984 at December 31, 2025 and 2024, respectively. There is no unapproved interest and principal. The life-to-date interest expense recognized on the Notes as of December 31, 2025 is $118,866. There has been no principal paid during the life of the Notes as of December 31, 2025. The interest offset percentage is 100%. The Notes holder, the asset issuer and the liquidity source are not related parties. The Notes are not contractually linked and the Notes payments are not subject to administrative offsetting provisions. Cash received upon issuance was not used to purchase an asset directly from the holder of the surplus note.

**NOTE 8 - COMMITMENTS AND CONTINGENCIES**

At December 31, 2025, the Company had outstanding agreements to fund mortgages totaling $126,459. In addition at December 31, 2025, the Company has committed to invest $362,332 in equity-type limited partnerships and $168,672 in bonds in subsequent years. These transactions are in the normal course of operations and are not reflected in the accompanying statutory basis financial statements. The Company's exposure to credit loss is represented by the contractual notional amount of these instruments. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet instruments.

**Guaranty Funds Assessments** 

As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in life and health guaranty funds. Member companies are subject to assessments each year based on life, health or annuity premiums collected in the state. In some states these assessments may be applied against premium taxes. For 2025, 2024, and 2023, the charge to operations related to these assessments was not material. The estimated liability for future guaranty fund assessments of $3,001 and $4,989 at December 31, 2025 and 2024, respectively, was based on data provided by the National Organization of Life & Health Guaranty Associations and is included in other liabilities in the Balance Sheets - Statutory Basis. At December 31, 2025 and 2024, the Company had a related receivable of $2,701 and $4,332, respectively, for amounts recoverable against premium taxes which is included in other admitted assets in the Balance Sheets - Statutory Basis. The periods over which the guaranty funds assessments are expected to be paid are unknown at this time. Premium tax offsets are realized over the period allowed by each state once the guaranty fund assessment has been paid.

<br> Reconciliation of assets recognized from paid and accrued premium tax offsets and policy surcharges which are included in other admitted assets on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of prior year end | $8842 | $4844 |
| &nbsp;&nbsp;Decreases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium tax offset applied | (1138) | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge off of estimated premium tax offset | (1630) |  |
|  | (2768) | (397) |
| &nbsp;&nbsp;Increases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated premium tax offset |  | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assessments paid | 428 | 3577 |
|  | 428 | 4395 |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of current year end | $6502 | $8842 |

---

**NOTE 8 - COMMITMENTS AND CONTINGENCIES, (continued)**

<br> The Company recognizes liabilities, contingencies and assessments for long-term care insolvencies related guaranty funds liabilities and assets related to the Penn Treaty/ANIC insolvency. As of December 31, 2025, the undiscounted and discounted guaranty fund assessments were $6,877 and $2,598, and the related undiscounted and discounted assets were $5,244 and $2,032. As of December 31, 2024, the undiscounted and discounted guaranty fund assessments were $6,961 and $2,682, and the related undiscounted and discounted assets were $5,076 and $2,033.<br>

**Litigation and Regulatory Examination**

From time to time, the Company is subject to litigation and regulatory examination in the normal course of business. Management does not believe that the Company is party to any such pending litigation or examination which would have a material adverse effect on its financial condition or results of its operations. There were no claims (per claim or claimant) where amounts paid to settle were related to extra contractual obligations or bad faith claims resulting from lawsuits during 2025 and 2024.

**Uncollectibility of Assets**

The Company had admitted assets of $16,431 and $14,406 at December 31, 2025 and 2024, respectively, in accounts receivable for uninsured plans included in other admitted assets on the Balance Sheets – Statutory Basis. The Company routinely assesses the collectibility of these receivables. Based upon Company experience, less than 1% of the balance may become uncollectible and the potential loss is not material to the Company's financial condition.

**NOTE 9 – GAIN OR LOSS TO THE REPORTING ENTITY FROM UNINSURED ACCIDENT AND HEALTH PLANS** 

**ASC Plans** 

The gain (loss) from operations from administrative services contract (ASC) uninsured plans which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis is as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Gross reimbursement for medical cost incurred | $249726 | $227572 | $212227 |
| Other income or expenses (including interest paid to or received from plans) | 25358 | 23732 | 24431 |
| Gross expenses incurred (claims and administrative) | 275084 | 251304 | 236658 |
| Net gain (loss) from operations | $1827 | $1249 | $(106) |

---

**NOTE 10 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS**

The Company has a third-party administrator, for which direct premiums written exceed 5% of total capital and surplus. The third party administers ordinary life and individual annuity business and does not have an exclusive contract. The third party has been granted the authority for policy administration, claims payment, claims adjustment, reinsurance ceding, binding authority and premium collection. The total amount of direct premiums administered was $203,739, $552,348, and $342,707 for the years ended December 31, 2025, 2024, and 2023, respectively. Another third-party administrator, which administered group accident and health business, does not have an exclusive contract, and has been granted the authority for binding authority and premium collection. Direct premiums administered were $126,718, $119,830, and $115,530 for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had various other third party administrators and managing general agents during these periods, however their direct premiums written did not exceed 5% of total capital and surplus. The total amount of direct premiums administered by third-party administrators was $492,298, $830,868, and $613,333 for the years ended December 31, 2025, 2024, and 2023, respectively.

**NOTE 11 - OTHER ITEMS**

**Securities on Deposit** 

Included in the Company's deposits with government agencies are bonds with a book/adjusted carrying value of $111,292 and $127,093 and cash of $1,899 and $9,919 at December 31, 2025 and 2024, respectively, in a Regulation 109 deposit account with the State of New York as a result of its delicensure in the state as of September 30, 2013.

**NOTE 12 - SUBSEQUENT EVENTS** 

The Company has evaluated events subsequent to December 31, 2025 and through March 30, 2026, the date the financial statements were available to be issued.

**NOTE 13 - REINSURANCE**

In the ordinary course of business, the Company assumes and cedes reinsurance with other insurers and reinsurers. These arrangements provide greater diversification of business and limit the maximum net loss potential on large or hazardous risks. These reinsured risks are treated in the financial statements as risks for which the Company is not liable. Accordingly, policy liabilities and accruals, including incurred but not reported claims, are reported in the financial statements net of reinsurance assumed and ceded. A contingent liability exists with respect to the amount of such reinsurance in the event that the reinsuring companies are unable to meet their obligations. Reinsurance of risk does not discharge the primary liability of the Company, the Company remains contingently liable with respect to any reinsurance ceded, and this contingency would become an actual liability in the event that the assuming company becomes unable to meet its obligation under the reinsurance treaty.

The Company recaptured previously ceded business related to a reinsurer under an order of rehabilitation, due to a liquidation order effective September 30, 2023. The impacts from the liquidation order resulted in the recording of a $5,054 and $5,302 recoverable at December 31, 2025 and 2024, respectively, as an estimate of settlement from the reinsurer's estate. This recoverable consists of paid claims and waived and unearned premiums.

On December 31, 2025, the Company amended certain reinsurance agreements under which all previously ceded business was recaptured in exchange for a one-time recapture payment of $9,091. As a result of the recapture payment, $6,543 of ceded commission and $2,548 of ceded renewal premium was recorded in Commissions and expense allowances on reinsurance ceded and Premium income, respectively, in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

The Company conducts reinsurance business with Ameritas-NY and other non-affiliated companies. No policies issued by the Company have been reinsured with a foreign company.

<br> The reinsurance premiums, net are included in the premium income, net in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Reinsurance premium transactions with affiliated and non-affiliated companies are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Assumed | $101473 | $96572 | $108381 |
| Ceded | (317665) | (296232) | (286288) |
| &nbsp;&nbsp;Reinsurance premiums, net | $(216192) | $(199660) | $(177907) |

---

The Company did not have any affiliated transactions through reinsurance operations for premium income, commission expense allowances, benefits to policyholders and reserves for life, accident and health policies that were more than half of 1% of the Company's admitted assets for the years ended December 31, 2025, 2024, and 2023.

<br> Effective October 1, 2019, the Company entered into a combination coinsurance/quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with a third party. This agreement covers policies sold through June 30, 2024. Amortization of $4,947 and $4,266, which is based on the growth of the funds withheld liability, was recorded in change in surplus as a result of reinsurance, net of taxes, in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at December 31, 2025 and 2024, respectively. Effective December 1, 2024 the Company entered into a quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with an additional third party. This agreement included policies sold on or after July 1, 2024.

**NOTE 13 - REINSURANCE, (continued)**

<br> The Company entered into two coinsurance agreements of participating life blocks with a third party (Coinsurance Treaties) effective on December 1, 2015. As of December 31, 2025 and 2024, invested assets of $883,591 and $896,696, respectively, were held in trust to support the obligations reinsured under the Coinsurance Treaties. The amounts held in trust are to be used solely to fund obligations incurred under the Coinsurance Treaties and represent 2.9% and 3.1% of the Company's admitted assets at December 31, 2025 and 2024, respectively.

No reinsurance contracts with risk-limiting features were identified for disclosure in any year.

**NOTE 14 - CHANGES IN UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES**

The change in the liability for unpaid accident and health claims and claim adjustment expenses, which is reported in reserves for unpaid claims and reserves for life, accident and health policies in the Balance Sheets – Statutory Basis, is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Total reserve for unpaid claims at January 1 | $387210 | $373034 | $356953 |
| Less reinsurance assumed | (14918) | (16234) | (16244) |
| Plus reinsurance ceded | 216426 | 202128 | 192807 |
| Direct balance | 588718 | 558928 | 533516 |
| Incurred related to: |  |  |  |
| &nbsp;&nbsp;Current year | 973098 | 920602 | 831876 |
| &nbsp;&nbsp;Prior year | (21568) | (3346) | (4967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 951530 | 917256 | 826909 |
| Paid related to: |  |  |  |
| &nbsp;&nbsp;Current year | 804431 | 782116 | 699500 |
| &nbsp;&nbsp;Prior year | 106995 | 105350 | 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total paid | 911426 | 887466 | 801497 |
| Direct balance | 628822 | 588718 | 558928 |
| Plus reinsurance assumed | 14806 | 14918 | 16234 |
| Less reinsurance ceded | (229424) | (216426) | (202128) |
| Total reserve for unpaid claims at December 31 | $414204 | $387210 | $373034 |

---

As a result of favorable settlement of prior years' estimated claims, the provision for claims and claim adjustment expenses decreased by $21,568, $3,346, and $4,967 for the years ended December 31, 2025, 2024, and 2023, respectively. During 2025, incurred claims were negative for prior year primarily due to favorable claim runout for both group dental and disability products. During 2024 and 2023, incurred claims were negative for prior year primarily due to favorable claim runout for group dental products partially offset by unfavorable claim runout for disability products. There were no significant changes in methodologies and assumptions used in calculating the liability for unpaid losses and loss adjustment expenses for the year ended December 31, 2025.

<br> The Company paid and incurred assumed and ceded reinsurance claims as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Paid assumed reinsurance claims | $79391 | $79533 | $80811 |
| Incurred assumed reinsurance claims | $79279 | $78217 | $80801 |
| Paid ceded reinsurance claims | $34533 | $33118 | $31346 |
| Incurred ceded reinsurance claims | $47531 | $47416 | $40667 |

---

Anticipated salvage and subrogation are not included in the Company's determination of the liability for unpaid claims/losses.

**NOTE 15 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES**

The Company waives deduction of deferred fractional premiums due upon death of the insured and returns any portion of the final premium beyond the date of death on traditional business. Surrender values are not provided in excess of legally computed direct reserves.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Reserves for substandard policies are included in the reserves for life, accident and health policies as reflected on the Balance Sheets – Statutory Basis. The corresponding reserves held on such policies are calculated using the same interest rate as standard policies, but employ mortality rates which are multiples of standard mortality.

<br> As of December 31, 2025 and 2024, respectively, the Company had $1,195,979 and $1,397,738 of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Department. Reserves to cover the above insurance totaled $22,920 and $23,629 at December 31, 2025 and 2024, respectively.

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of annuity reserves and deposit-type funds at December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3341312 |  | 3341312 | 39.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2193442 | 2193442 | 26.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3341312 | 2193442 | 5534754 | 65.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1940442 |  | 1940442 | 23.0% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 955516 |  | 955516 | 11.4% |
| &nbsp;&nbsp;Total gross | 6237270 | 2193442 | 8430712 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 647942 |  | 647942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5589328 | $2193442 | $7782770 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $475872 | $— | $475872 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $1051627 | $— | $1051627 | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 7406276 | 7406276 | 86.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 1051627 | 7406276 | 8457903 | 98.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 90536 |  | 90536 | 1.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 26873 |  | 26873 | 0.2% |
| &nbsp;&nbsp;Total gross | 1169036 | 7406276 | 8575312 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 8914 |  | 8914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1160122 | $7406276 | $8566398 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $280175 | $— | $280175 | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 379872 | 379872 | 21.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 280175 | 379872 | 660047 | 36.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 402050 |  | 402050 | 22.5% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 727645 |  | 727645 | 40.6% |
| &nbsp;&nbsp;Total gross | 1409870 | 379872 | 1789742 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 330 |  | 330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1409540 | $379872 | $1789412 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $8158990 | $9979590 | $18138580 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

**<br>** 

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3192063 |  | 3192063 | 39.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2207123 | 2207123 | 27.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3192063 | 2207123 | 5399186 | 66.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1877039 |  | 1877039 | 22.9% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 910189 |  | 910189 | 11.1% |
| &nbsp;&nbsp;Total gross | 5979291 | 2207123 | 8186414 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 651627 |  | 651627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5327664 | $2207123 | $7534787 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $327756 | $— | $327756 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $889681 | $— | $889681 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 6963887 | 6963887 | 87.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 889681 | 6963887 | 7853568 | 98.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 101597 |  | 101597 | 1.3% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 29604 |  | 29604 | 0.4% |
| &nbsp;&nbsp;Total gross | 1020882 | 6963887 | 7984769 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 9761 |  | 9761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1011121 | $6963887 | $7975008 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $262230 | $— | $262230 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 384837 | 384837 | 24.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 262230 | 384837 | 647067 | 41.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 207286 |  | 207286 | 13.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 723769 |  | 723769 | 45.9% |
| &nbsp;&nbsp;Total gross | 1193285 | 384837 | 1578122 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 397 |  | 397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1192888 | $384837 | $1577725 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $7531673 | $9555847 | $17087520 |  |

---

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile annuity reserves and deposit-type funds to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Annuities Section, Total (net) | $6726378 | $6316848 |
| &nbsp;&nbsp;Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) | 23072 | 21937 |
| &nbsp;&nbsp;Exhibit 7, Deposit-Type Contracts, Line 14, Column 1 | 1409540 | 1192888 |
| &nbsp;&nbsp;Subtotal | 8158990 | 7531673 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0299999, Column 2 | 9599718 | 9171010 |
| &nbsp;&nbsp;Exhibit 4, Line 9, Column 1 | 379872 | 384837 |
| &nbsp;&nbsp;Subtotal | 9979590 | 9555847 |
| Total | $18138580 | $17087520 |

---

**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of life insurance account value, cash value and reserves as of December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $956382 | $907899 | $966310 | $— | $— | $— |
| Universal life with secondary guarantees | 740644 | 617760 | 1305496 |  |  |  |
| Indexed universal life | 12169 | 11437 | 12219 |  |  |  |
| Indexed universal life with secondary guarantees | 1731188 | 1337261 | 1573945 |  |  |  |
| Other permanent cash value life insurance |  | 1770849 | 3002306 |  |  |  |
| Variable universal life | 140280 | 1352935 | 151486 | 1302916 |  | 1299133 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 492688 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 351 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 20163 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22030 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 85545 | XXX | XXX |  |
| Total gross | 3580663 | 5998141 | 7632539 | 1302916 |  | 1299133 |
| Reinsurance ceded |  |  | 557870 |  |  |  |
| Total life reserves | $3580663 | $5998141 | $7074669 | $1302916 | $— | $1299133 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $996993 | $946535 | $1006328 | $— | $— | $— |
| Universal life with secondary guarantees | 743684 | 614536 | 1286146 |  |  |  |
| Indexed universal life | 13832 | 12471 | 13959 |  |  |  |
| Indexed universal life with secondary guarantees | 1500201 | 1150310 | 1424274 |  |  |  |
| Other permanent cash value life insurance |  | 1733973 | 2910875 |  |  |  |
| Variable universal life | 135447 | 1244884 | 146615 | 1193954 |  | 1189416 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 500944 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 344 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 22278 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22232 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 76958 | XXX | XXX |  |
| Total gross | 3390157 | 5702709 | 7410953 | 1193954 |  | 1189416 |
| Reinsurance ceded |  |  | 576609 |  |  |  |
| Total life reserves | $3390157 | $5702709 | $6834344 | $1193954 | $— | $1189416 |

---

**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS, (continued)**

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile life reserves to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Life Insurance Section, Total (net) | $6965126 | $6733319 |
| &nbsp;&nbsp;Exhibit 5, Accidental Death Benefits Section, Total (net) | 331 | 322 |
| &nbsp;&nbsp;Exhibit 5, Disability - Active Lives Section, Total (net) | 9206 | 9761 |
| &nbsp;&nbsp;Exhibit 5, Disability - Disabled Lives Section, Total (net) | 15371 | 15086 |
| &nbsp;&nbsp;Exhibit 5, Miscellaneous Reserves Section, Total (net) | 84635 | 75856 |
| &nbsp;&nbsp;Subtotal | 7074669 | 6834344 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0199999, Column 2 | 1299133 | 1189416 |
| &nbsp;&nbsp;Subtotal | 1299133 | 1189416 |
| Total | $8373802 | $8023760 |

---

**NOTE 18 - PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED**

Deferred and uncollected life insurance premiums and annuity considerations as of December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2024* | *2024* |
| *Type* | *Gross* | *Net of Loading* | *Gross* | *Net of Loading* |
| Ordinary new business | $5657 | $(857) | $5047 | $(462) |
| Ordinary renewal | $47448 | $50409 | $45995 | $52586 |
| Total | $53105 | $49552 | $51042 | $52124 |

---

**NOTE 19 - SEPARATE ACCOUNTS**

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2025, the Company reported assets and liabilities from variable universal life, variable annuities, funding agreements and group annuities product lines in a separate account. In accordance with the products/transactions recorded within the separate account, assets are considered legally separated or legally insulated from the general account. As of December 31, 2025 and 2024, the Company's Separate Accounts included legally insulated assets of $11,287,354 and $10,756,291, respectively. The assets of the separate account are carried at NAV.

Separate accounts held by the Company offer no investment experience guarantees and relate to individual variable life and annuity policies, group annuity contracts and group funding agreements of a nonguaranteed return nature, as approved by the state of domicile pursuant to the Company's certificate of authority. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative.

Variable life and annuities provide an incidental death benefit of the greater of account value or premium paid. The Company offers a policy with a step up minimum guaranteed death benefit option and a guaranteed lifetime withdrawal benefit. The minimum guaranteed death benefit reserve and the guaranteed lifetime withdrawal benefit reserve is held in reserves for life, accident and health policies line of the Balance Sheets – Statutory Basis.

The Company does not engage in securities lending transactions within the separate account.

**NOTE 19 - SEPARATE ACCOUNTS, (continued)**

<br> Information regarding the nonguaranteed separate accounts of the Company is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| For the year ended December 31: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, considerations or deposits | $870039 | $912398 | $992717 |
| At December 31: |  |  |  |
| Reserves by valuation basis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $11278756 | $10745264 |  |
| Reserves subject to discretionary withdrawal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | $11278756 | $10745264 |  |
| Total included in Separate account liabilities in the |  |  |  |
| &nbsp;&nbsp;Balance Sheets – Statutory Basis | $11278756 | $10745264 |  |

---

Following is a reconciliation of net transfers to (from) separate accounts at December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Transfers as reported in the Statements of Income and |  |  |  |
| &nbsp;&nbsp;Changes in Surplus of the Separate Accounts Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers to the separate accounts | $840697 | $879909 | $957081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from the separate accounts | (1751806) | (1831259) | (1444282) |
| Net transfers from the separate accounts in the Summary of Operations and |  |  |  |
| &nbsp;&nbsp;Changes in Capital and Surplus – Statutory Basis of the Company | $(911109) | $(951350) | $(487201) |

---

 

 

 

**<u>PART C</u>**

**<u>OTHER INFORMATION</u>**

**Item 30.** **Exhibits**

---

| | | |
|:---|:---|:---|
| Exhibit<br> Number | Exhibit<br> Number | Description of Exhibit |
| (a) |  | Resolution of Board of Directors of Ameritas Life Insurance Corp. establishing Ameritas Life Insurance Corp. Separate Account LLVL. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form S-6 Post-Effective Amendment No. 4 to Registration No. 33-86500, filed April 6, 1998, EX-99.1(1).<br> [https://www.sec.gov/Archives/edgar/data/933094/0000933094-98-000004.txt](https://www.sec.gov/Archives/edgar/data/933094/0000933094-98-000004.txt) |
| (b) |  | Custody Agreements. Not Applicable |
| (c) | (1) | Fifth Amended and Restated Principal Underwriting Agreement. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 1 to Registration No. 333-233977, filed February 26, 2020, EX.99.C1.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/principalunderagreement.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/principalunderagreement.htm) |
| (c) | (2) | Form of Selling Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 3 to Registration Statement 333-142494 filed on January 28, 2021, EX(c)(2).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc2-286.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc2-286.htm) |
| (c) | (3) | Networking Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 3 to Registration Statement 333-142494 filed on January 28, 2021, EX(c)(3).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc3-286.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc3-286.htm) |
| (d) | (1) | Form of Policy. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Initial Registration Statement to Registration No. 333-233977, filed September 27, 2019, Ex-99.D.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309419000013/policy_ex-d.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309419000013/policy_ex-d.htm) |
| (d) | (2) | Form of Policy riders.<br> Accelerated Benefit Rider for Terminal Illness<br> Children's Insurance Rider<br> Paid-Up Insurance Benefit Endorsement<br> Waiver of Monthly Deduction Rider<br> Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration No. 333-151913, filed April 29, 2015, EX.99.d(2)(A), EX.99.d(2)(D), EX.99.d(2)(G), and EX.99.d(2)(L).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/0000783402-15-000016-index.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/0000783402-15-000016-index.htm) |
| (d) | (3) | Form of Policy endorsements.<br> Advisory Fee Endorsement. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 1 to Registration No. 333-233977, filed February 26, 2020, EX.99.D(3).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/advfee_endorsement.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/advfee_endorsement.htm) |
| (e) |  | Application for Ameritas Advisor II VUL. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Initial Registration Statement to Registration No. 333-233977, filed September 27, 2019, Ex-99.E.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309419000013/application_ex-e.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309419000013/application_ex-e.htm) |
| (f) | (1) | Amended and Restated Articles of Incorporation of Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 5 to Registration No. 333-182090, filed April 22, 2014, EX99.A.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484814000012/ovmedley485b-50_ex6a.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484814000012/ovmedley485b-50_ex6a.htm) |
| (f) | (2) | Amended and Restated By-Laws of Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 8 to Registration No. 333-233977, filed April 26, 2022, EX.99.f(2).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exf2-75.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exf2-75.htm) |

---

---

| | | |
|:---|:---|:---|
| Exhibit<br> Number | Exhibit<br> Number | Description of Exhibit |
| (g) |  | Reinsurance Agreements. |
| (g) | (1) | Munich American Reassurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 8 to Registration No. 333-233977, filed April 26, 2022, EX.99.g(1).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg1-75.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg1-75.htm) |
| (g) | (2) | RGA Reinsurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 8 to Registration No. 333-233977, filed April 26, 2022, EX.99.g(2).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg2-75.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg2-75.htm) |
| (g) | (3) | SCOR Global Life USA Reinsurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 8 to Registration No. 333-233977, filed April 26, 2022, EX.99.g(3).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg3-75.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg3-75.htm) |
| (g) | (4) | Swiss Re Life & Health America Inc. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 8 to Registration No. 333-233977, filed April 26, 2022, EX.99.g(4).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg4-75.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exg4-75.htm) |
| (h) |  | Participation Agreements. |
| (h) | (1) | AIM/Invesco. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Initial Registration Statement for File No. 333-151912, filed June 25, 2008, EX-99.H1.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h1.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h1.txt) |
| (h) | (2) | American Funds Insurance Series. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration No. 333-206889, filed November 25, 2015, EX-8.A.4.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a4.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a4.htm) |
| (h) | (3) | Calvert Variable Series and Calvert Variable Products. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 13 to Registration No. 333-142483, filed April 18, 2011, EX.99.H(1).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8a.txt](https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8a.txt)<br> Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVA Form N-4 Post-Effective Amendment No. 3 to Registration No. 333-205138, filed February 24, 2017, EX 8(a)(3).<br> [https://www.sec.gov/Archives/edgar/data/1016274/000117516417000055/advisornoloadva485a_ex8-65.htm](https://www.sec.gov/Archives/edgar/data/1016274/000117516417000055/advisornoloadva485a_ex8-65.htm) |
| (h) | (4) | DWS Variable Series I and II. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration No. 333-151912, filed November 12, 2008, EX.99.H.1.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/ameradv-exhh1.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/ameradv-exhh1.txt) |
| (h) | (5) | DFA. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVA Form N-4 Post-Effective Amendment No. 10 to Registration No. 333-120972, filed April 18, 2011, EX-99.H.<br> [https://www.sec.gov/Archives/edgar/data/1016274/000101627411000012/aanewnlva485b-30_ex8.txt](https://www.sec.gov/Archives/edgar/data/1016274/000101627411000012/aanewnlva485b-30_ex8.txt) |
| (h) | (6) | Fidelity Variable Insurance Products Funds. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration No. 333-151912, filed November 12, 2008, EX.99.H.2.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh2.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh2.txt) |
| (h) | (7) | Franklin Templeton. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Initial Registration Statement for File No. 333-151912, filed June 25, 2008, EX-99.H.4.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h4.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h4.txt) |
| (h) | (8) | Lincoln Variable Insurance Products Trust. Incorporated by reference to Ameritas Variable Separate Account V Form N-6/A Post-Effective Amendment No. 10. To Registration Statement No. 333-233986, Filed April 24, 2024, EX.99.H.10.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exh10-44.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exh10-44.htm) |
| (h) | (9) | MFS Variable Insurance Trust. Incorporated by reference to Ameritas Variable Separate Account V Form S-6 Initial Registration Statement for File No. 333-15585, filed November 6, 1996, EX-99.A8C.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt) |
| (h) | (10) | MFS Variable Insurance Trust II. Incorporated by reference to Carillon Account Form N-4 Initial Registration Statement for No. 333-197146, filed July 1, 2014, EX-99.8(k).<br> [https://www.sec.gov/Archives/edgar/data/749330/000074933014000017/ex8k.htm](https://www.sec.gov/Archives/edgar/data/749330/000074933014000017/ex8k.htm) |
| (h) | (11) | Morgan Stanley. Incorporated by reference to Ameritas Variable Separate Account V Form S-6 Initial Registration Statement for File No. 333-15585, filed November 6, 1996, EX-99.A8D.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt) |

---

---

| | | |
|:---|:---|:---|
| Exhibit<br> Number | Exhibit<br> Number | Description of Exhibit |
| (h) | (12) | PIMCO. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration No. 333-151912, filed November 12, 2008, EX.99.H.3.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh3.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh3.txt) |
| (h) | (13) | Rydex Variable Trust. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form S-6/A Pre-Effective Amendment No. 1 to Registration No. 333-76359, filed June 11, 1999, EX-99.1(8)(C).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309499000008/0000933094-99-000008.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309499000008/0000933094-99-000008.txt) |
| (h) | (14) | T. Rowe Price. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-151913, filed June 25, 2008, EX. 99.H.5.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-5.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-5.txt) |
| (h) | (15) | Third Avenue. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Initial Registration Statement for File No. 333-151912, filed June 25, 2008, EX. 99.H.5.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h5.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h5.txt) |
| (h) | (16) | Vanguard Variable Insurance Funds. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Initial Registration Statement for File No. 333-151912, filed June 25, 2008, EX-99.H.6.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h6.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000023/adv-h6.txt) |
| (i) |  | Administrative Contracts. |
| (i) | (1) | Fourth Amended and Restated General Administrative Services Agreement. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 8 to Registration No. 333-233977, filed April 26, 2022, EX.99.j(1).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exi1-75.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309422000012/amadvisoriivul_exi1-75.htm) |
| (j) |  | Other Material Contracts: Powers of Attorney. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 11 to Registration No. 333-233977, filed April 24, 2024, EX.99.J.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309424000014/advisoriivul_exj-46.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309424000014/advisoriivul_exj-46.htm) |
| (k) |  | Legal Opinion. [Exhibit (k), filed herein.](advisoriivul_exk-88.htm) |
| (l) |  | Actuarial Opinion. Not applicable. |
| (m) |  | Calculation. Not applicable. |
| (n) |  | Consents of Independent Auditors and Independent Registered Public Accounting Firm. [Exhibit (n), filed herein.](advisoriivul_exn-88.htm) |
| (o) |  | No financial statements are omitted from Item 28. |
| (p) |  | Initial Capital Agreements. Not applicable. |
| (q) |  | Transfer and Redemption Procedures Pursuant to Rule 6e-3(b)(12)(iii). Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 9 to Registration No. 333-233977, filed February 10, 2023, EX.99.Q.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309423000002/amadvisoriivul-6_exq.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309423000002/amadvisoriivul-6_exq.htm) |
| (r) |  | Form of Initial Summary Prospectuses. Not applicable. |

---

**Item 31.** **Directors and Officers of the Depositor**

---

| | |
|:---|:---|
| Name and Principal | Position and Offices |
| <u>Business Address</u>\* | <u>with Depositor</u> |
| Robert M. Jurgensmeier | Director, Chair, Chief Executive Officer |
| Susan K. Wilkinson | President & Chief Operating Officer |
| L. Javier Fernandez | Director |
| Ann M. Frohman | Director |
| Thomas W. Knapp | Director |
| Tonn M. Ostergard | Director |
| Kim M. Robak | Director |
| Paul C. Schorr, IV | Director |
| Bryan E. Slone | Director |
| Oris R. Stuart, III | Director |
| Rohit Verma | Director |
| Ryan C. Beasley | Executive Vice President, Individual |
| Orlando R. Cruz | Senior Vice President, Retirement Plans |
| Laura A. Fender | Senior Vice President, Controller |
| Patrick D. Fleming | Senior Vice President, Group Sales & Distribution |
| Jeffrey C. Graves | Senior Vice President, Agency & Field Distribution |
| Kelly J. Halverson | Senior Vice President, Chief Actuary & Underwriting, Individual |
| Morgan B.S. Lorenzen | Second Vice President, Assistant General Counsel |
| Bruce E. Mieth | Senior Vice President, Group Operations |
| Shreejit R. Nair | Senior Vice President, Chief Information Officer |
| Christine M. Neighbors | Senior Vice President, General Counsel & Corporate Secretary |
| April L. Rimpley | Senior Vice President, Human Resources |
| Jeremy M. Robson | Senior Vice President, Wealth Management & Investment Services & AIC President |
| Craig T. Schommer | Senior Vice President, Risk & Compliance |
| Tina J. Udell | Senior Vice President, Chief Investment Officer |
| David A. Voelker | Senior Vice President, Individual Operations |
| Linda A. Whitmire | Senior Vice President, Chief Actuary, Corporate |
| Kelly J. Wieseler | Executive Vice President, Group |
| Jennifer A. Wooster | Senior Vice President, Chief Actuary and Underwriting, Group |
| Michele X. Wu | Senior Vice President, Chief Financial Officer & Treasurer |

---

\* Principal business address: Ameritas Life Insurance Corp., 5900 O Street, Lincoln, Nebraska 68510.

**Item 32.** **Persons Controlled by or Under Common Control with the Depositor or the Registrant**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Principal Business</u>** |
| **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | mutual insurance holding company |
|  | **Ameritas Holding Company** (NE) | **Ameritas Holding Company** (NE) | **Ameritas Holding Company** (NE) | stock insurance holding company |
|  |  | **Ameritas Life Insurance Corp.** (NE) | **Ameritas Life Insurance Corp.** (NE) | life/health insurance company |
|  |  |  | <u>Ameritas Investment Company, LLC (NE)</u> | securities broker dealer |
|  |  |  | <u>Variable Contract Agency, LLC (NE)</u> | insurance agency |
|  |  |  | <u>Ameritas Advisory Services, LLC (NE)</u> | investment adviser |
|  |  |  | <u>Ameritas Life Insurance Corp. of New York (NY)</u> | life insurance company |
|  |  | **Ameritas Investment Partners, Inc.** (NE) | **Ameritas Investment Partners, Inc.** (NE) | investment adviser |

---

Subsidiaries are indicated by indentations.

Ameritas Life Insurance Corp. filed a consolidated financial statement which includes its subsidiaries.

Ownership is 100% by the parent company.

**Item 33.** **Indemnification**

Ameritas Life Insurance Corp.'s By-Laws provide as follows:

**<u>Section 9.01. Mandatory Indemnification.</u>** (a) Every person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was a Director, Officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a Director, Officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified by the Corporation to the fullest extent permitted by law against expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful; and (b) To the extent that a Director, Officer, employee or agent of a Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in this section or any action, suit or proceeding by or in the right of the Corporation, or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

**<u>Section 9.02. Application of Article</u>.** Any indemnification under Section 9.01 or otherwise (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the present or former Director, Officer, employee or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in Section 9.01. Such determination shall be made, with respect to a person who is a Director or Officer at the time of such determination (1) by a majority vote of the Directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such Directors designated by majority vote of such Directors, even though less than a quorum, or (3) if there are no such Directors, or if such Directors so direct, by independent legal counsel in a written opinion, or (4) by the shareholders.

**<u>Section 9.03. Advance Payment</u>.** Expenses (including attorneys' fees) incurred by any current or former Officer, Director, employee or agent in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such current or former Officer, Director, employee or agent to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation as authorized in this section.

**<u>Section 9.04. Other Rights</u>.** The indemnification and advancement of expenses provided by this Article shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested Directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a Director, Officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

**<u>Section 9.05. Insurance</u>.** The Corporation may purchase and maintain insurance on behalf of any person who is or was a Director, Officer, employee or agent of the Corporation, or who is or was serving at the request of the Corporation as a Director, Officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of this Article.

Under the Nebraska Model Business Corporation Act, Ameritas Life Insurance Corp. is required to indemnify a director or officer who was wholly successful in defense of any proceeding to which he or she was a party because of his or her position as a director or officer of the corporation against expenses incurred in connection with the proceeding. Under the Nebraska Model Business Corporation Act, Ameritas Life Insurance Corp. is permitted, but not required, to indemnify a director or officer against liability if the director or officer conducted himself or herself in good faith, and the director or officer reasonably believed, in the case of conduct in an official capacity, that his or her conduct was in the best interests of the corporation, and, in all other cases, that his or her conduct was at least not opposed to the best interests of the corporation, and, in the case of any criminal proceeding, the director or officer had no reasonable cause to believe his or her conduct was unlawful or the director or officer engaged in conduct for which broader indemnification has been made permissible or obligatory under a provision of the articles of incorporation.

**Item 34.** **Principal Underwriter**

**(a)** Ameritas Investment Company, LLC ("AIC"), which serves as the principal underwriter for the variable life insurance policies
issued through Ameritas Life Insurance Corp. Separate Account LLVL, also serves as the principal underwriter for variable annuity contracts
issued through Ameritas Life Insurance Corp. Separate Account LLVA. AIC also serves as the principal underwriter for variable life insurance
contracts issued through Ameritas Variable Separate Account V, Ameritas Variable Separate Account VL, Ameritas Life of NY Separate Account
VUL, and Carillon Life Account, and for variable annuity contracts issued through Ameritas Variable Separate Account VA-2, Ameritas Variable
Separate Account VA, Ameritas Life of NY Separate Account VA, and Carillon Account.

**(b)** The following table sets forth certain information regarding the officers and directors of the principal underwriter, Ameritas Investment
Company, LLC.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Principal | Positions and Offices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Address\*</u> | <u>With Underwriter</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan C. Beasley | Director, Chair |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeremy M. Robson | Director, President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelly J. Halverson | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michele X. Wu | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A. Berthold | Vice President, Service |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollin L. Biel | Second Vice President, Financial Reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew J. Kinsella | Vice President, Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jennifer A. Kobza | Vice President, Public Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christine M. Neighbors | Assistant Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roger A. Ruz | Vice President, Sales Supervision |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler J. Schubauer | Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maria E. Sherffius | Second Vice President, Compliance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael E. Shoemaker | Vice President & Managing Director, Public Finance |

---

\* Principal business address: Ameritas Investment Company, LLC, 5900 O Street, Lincoln, Nebraska 68510.

**(c)** Compensation From the Registrant.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (2) | (3) | (4) | (5) |
| <br> Name of Principal<br> <u>Underwriter</u> | Net Underwriting<br> Discounts and<br> <u>Commission</u> | Compensation<br> on<br> <u>Redemption</u> | <br> Brokerage<br> <u>Commissions</u> | <br><u>Compensation</u> |
| Ameritas Investment Company, LLC | $29313 | $0 | $0 | $24548 |

---

(2)+(4)+(5) = Gross variable life compensation received by AIC.

(2) = Sales compensation received and paid out by AIC as underwriter; AIC retains 0.

(4) = Sales compensation received by AIC for retail sales.

(5) = Sales compensation received by AIC and retained as underwriting fee.

**Item 35.** **Location of Accounts and Records**

The Books, records and other documents required to be maintained by Section 31(a) of the 1940 Act and Rules 31a-1 to 31a-3 thereunder are maintained at Ameritas Life Insurance Corp., 5900 O Street, Lincoln, Nebraska 68510.

**Item 36.** **Management Services**

There are no additional management services contracts that are not discussed in Part A or B of the registration statement.

**Item 37.** **Fee Representation**

Ameritas Life Insurance Corp. represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant (certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and) has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Lincoln, County of Lancaster, State of Nebraska on this 24<sup>th</sup> day of April, 2026.

AMERITAS LIFE INSURANCE CORP. SEPARATE ACCOUNT LLVL, Registrant

---

| |
|:---|
| By: <u>/s/ Robert M. Jurgensmeier\*\*\*</u> |
| Director, Chair, Chief Executive Officer |
| Ameritas Life Insurance Corp. |

---

AMERITAS LIFE INSURANCE CORP., Depositor

---

| |
|:---|
| By: <u>/s/ Robert M. Jurgensmeier\*\*\*</u> |
| Director, Chair, Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on April 24<sup>th</sup>, 2026.

---

| | |
|:---|:---|
| **<u>SIGNATURE</u>** | **<u>TITLE</u>** |
| Robert M. Jurgensmeier\*\*\* | Director, Chair, Chief Executive Officer |
| Susan K. Wilkinson \*\*\* | President & Chief Operating Officer |
| L. Javier Fernandez \*\* | Director |
| Ann M. Frohman \* | Director |
| Thomas W. Knapp \* | Director |
| Tonn M. Ostergard \* | Director |
| Kim M. Robak \* | Director |
| Paul C. Schorr, IV \* | Director |
| Bryan E. Slone \* | Director |
| Oris R. Stuart, III \* | Director |
| Rohit Verma \* | Director |
| Ryan C. Beasley \* | Executive Vice President, Individual |
| Michele X. Wu \*\*\* | Senior Vice President, Chief Financial Officer & Treasurer |
| Laura A. Fender \* | Senior Vice President, Controller |
| Christine M. Neighbors \* | Senior Vice President, General Counsel & Corporate Secretary |

---

---

| | |
|:---|:---|
| <u>/s/ Morgan B.S. Lorenzen</u> |  |
| Morgan B.S. Lorenzen | Second Vice President, Assistant General Counsel |

---

\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of September 12, 2022.

\*\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of September 16, 2022.

\*\*\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of January 10, 2024.

**<u>Exhibit Index</u>**

**<u>Exhibit</u>**

(k) [Legal Opinion](advisoriivul_exk-88.htm)

(n) [Consents of Independent Auditors and Independent Registered Public Accounting Firm](advisoriivul_exn-88.htm)

## Ex-99.K

**<u>EXHIBIT (k)</u>**

**<u>Legal Opinion</u>**

---

| | |
|:---|:---|
| **Ameritas Life Insurance Corp.**<br> 5900 O Street / Lincoln, NE 68510 | ![Description: Ameritas_Bison_Tag_color](image_001.jpg) |

---

April 24, 2026

Ameritas Life Insurance Corp.

5900 O Street

P.O. Box 81889

Lincoln, Nebraska 68501

With reference to the Post-Effective Amendment No. 13 to Registration Statement No. 333-233977 on Form N-6, filed by Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. Separate Account LLVL with the Securities and Exchange Commission covering Ameritas Advisor II VUL flexible premium life insurance policies, I have examined such documents and such laws as I considered necessary and appropriate, and on the basis of such examination, it is my opinion that:

1. Ameritas Life Insurance Corp. is duly organized and validly
existing under the laws of the State of Nebraska and has been duly authorized to issue variable life policies by the Insurance Department
of the State of Nebraska.

2. Ameritas Life Insurance Corp. Separate Account LLVL is a
duly authorized and existing separate account established pursuant to the provisions of Section 44-402.01 of the Statutes of the State
of Nebraska.

3. The flexible premium variable universal life policies, when
issued as contemplated by said Form N-6 Registration Statement, will constitute legal, validly issued and binding obligations of Ameritas
Life Insurance Corp.

I hereby consent to the filing of this opinion as an exhibit to said Amendment to the Form N-6 Registration Statement.

Sincerely,

/s/ Morgan B.S. Lorenzen

Morgan B.S. Lorenzen

Second Vice President, Assistant General Counsel

## Ex-99.N

**<u>Exhibit (n)</u>**

**Consents of Independent Auditors and** 

**Independent Registered Public Accounting Firm**

**CONSENT OF INDEPENDENT AUDITORS**

We consent to the use in this Post-Effective Amendment No. 13 to Registration Statement No. 333-233977 on Form N-6 of our report dated March 30, 2026, relating to the statutory basis financial statements of Ameritas Life Insurance Corp. appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the heading "Financial Statements" in such Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Omaha, Nebraska<br> April 24, 2026

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Post-Effective Amendment No. 13 to Registration Statement No. 333-233977 on Form N-6 of our report dated March 19, 2026, relating to the financial statements and financial highlights of the subaccounts of Ameritas Life Insurance Corp. Separate Account LLVL appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the heading "Financial Statements" in such Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Omaha, Nebraska<br> April 24, 2026