# EDGAR Filing Document

**Accession Number:** 0001115936
**File Stem:** 0001193125-26-161331
**Filing Date:** 2026-4
**Character Count:** 152395
**Document Hash:** 859851ac93b4ab7317adf9856fe94475
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-161331.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-161331

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUARDIAN SEPARATE ACCT F OF THE GUARDIAN INS & ANNUITY CO
- **CENTRAL INDEX KEY:** 0001115936

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09965
- **FILM NUMBER:** 26871228

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

**MAIL ADDRESS:**
- **STREET 1:** GUARDIAN INS & ANNUITY CO INC
- **STREET 2:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## Series and Classes Contracts Data

### GUARDIAN SEPARATE ACCT F OF THE GUARDIAN INS & ANNUITY CO (Series ID: S000008798)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023934 | Guardian CXC |  |
| C000023935 | Guardian C+C |  |

**FINANCIAL STATEMENTS OF** 

**THE GUARDIAN SEPARATE ACCOUNT F** 

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** | **Invesco V.I.<br>Main Street<br>Mid Cap Fund<sup>®</sup><br>Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 | 405312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 |  | 12782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 405312 | 12782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 19 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 405331 | 12783 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 19 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19 | 1 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $405312 | $12782 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 | 405312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 |  | 12782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $405312 | $12782 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 | 38057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 |  | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 38057 | 1217 |
|  **Cost** | $436644 | $12652 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 28159 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $13.564757 | $30.731988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $14.450042 | $30.731988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $405002 | $12782 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $14.450042 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $14.450042 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $310 | $— |

---

# Rounded units/unit fair values

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital<br>Appreciation<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government Money<br>Market Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Balanced Portfolio<br>Sub-Account** | **Franklin Rising<br>Dividends VIP<br>Fund<br>Sub-Account** | **Templeton Growth<br>VIP Fund<br>Sub-Account** | **Janus Henderson<br>VIT Global<br>Research Portfolio<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
|  |  |  |  | 248350 | 234565 |  |
| 1195463 |  |  |  |  |  |  |
| 114701 |  |  |  |  |  |  |
|  |  |  |  |  |  | 802481 |
|  | 431029 | 6374466 | 1782330 |  |  |  |
| 1310164 | 431029 | 6374466 | 1782330 | 248350 | 234565 | 802481 |
|  |  |  | 26122 |  |  |  |
| 61 | 20 | 445 |  | 11 | 11 | 37 |
|  |  | 2 |  |  |  |  |
| 1310225 | 431049 | 6374913 | 1808452 | 248361 | 234576 | 802518 |
| 61 | 20 | 445 |  | 11 | 11 | 37 |
|  |  |  | 26122 |  |  |  |
| 1 |  |  |  |  |  |  |
| 62 | 20 | 445 | 26122 | 11 | 11 | 37 |
| $1310163 | $431029 | $6374468 | $1782330 | $248350 | $234565 | $802481 |
| $— | $— | $— | $— | $— | $— | $— |
|  |  |  |  | 248350 | 234565 |  |
| 1195463 |  |  |  |  |  |  |
| 114700 |  |  |  |  |  |  |
|  |  |  |  |  |  | 802481 |
|  | 431029 | 6374468 | 1782330 |  |  |  |
| $1310163 | $431029 | $6374468 | $1782330 | $248350 | $234565 | $802481 |
|  |  |  |  | 8857 | 16577 |  |
| 9278 |  |  |  |  |  |  |
| 1033 |  |  |  |  |  |  |
|  |  |  |  |  |  | 10501 |
|  | 39292 | 6374466 | 70033 |  |  |  |
| 10311 | 39292 | 6374466 | 70033 | 8857 | 16577 | 10501 |
| $816697 | $483820 | $6374465 | $1437316 | $231194 | $190908 | $554496 |
| 16844 | 31509 | 608455 | 44958 | 5696 | 7560 | 35172 |
| $70.576165 | $13.679739 | $9.505067 | $34.291896 | $43.599279 | $21.480553 | $21.447886 |
| $120.141778 | $13.679739 | $10.027957 | $38.913287 | $43.599279 | $24.184982 | $22.847674 |
| $1309243 | $431029 | $6061938 | $1721222 | $248350 | $178110 | $802481 |
| 12 |  | 31166 | 1570 |  | 2334 |  |
| $75.181685 | $— | $10.027957 | $38.913287 | $— | $24.184982 | $— |
| $75.181685 | $— | $10.027957 | $38.913287 | $— | $24.184982 | $— |
| $920.00 | $— | $312530.00 | $61108.00 | $— | $56455.00 | $— |

---

**B-3**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **<br>Invesco V.I.<br>American<br>Franchise Fund**<br>**Sub-Account** | **MFS<sup>®</sup><br>Core Equity<br>Portfolio<br>Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 | 489415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 | 51041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  | 272054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 540456 | 272054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 23242 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 563698 | 272067 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 23242 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 23242 | 13 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $540456 | $272054 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 | 489415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 | 51041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  | 272054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $540456 | $272054 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 | 6043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 | 709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  | 8739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 6752 | 8739 |
|  **Cost** | $435381 | $249362 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 22807 | 8455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $21.608443 | $30.384624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $46.575015 | $32.367474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $540456 | $272054 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $— | $— |

---

# Rounded units/unit fair values

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

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

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

(3) Invesco V.I. Core Equity Fund was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(4) MFS<sup>®</sup> Investors Trust Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AB VPS**<br>**Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **Davis Real Estate<br>Portfolio<br>Sub-Account** | **Guardian All Cap<br>Core VIP Fund<br>Sub-Account (1)** | **Guardian Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** | **Guardian Core<br>Fixed Income VIP<br>Fund<br>Sub-Account** | **Guardian Equity<br>Income VIP Fund<br>Sub-Account<br>(2)(3)(4)** | **Guardian<br>Integrated Research<br>VIP Fund<br>Sub-Account** |
| $— | $20223 | $1855163 | $1638541 | $1547010 | $5548231 | $2052316 |
| 64537 |  |  |  |  |  |  |
| 64537 | 20223 | 1855163 | 1638541 | 1547010 | 5548231 | 2052316 |
| 3 | 1 | 106 | 76 | 113 | 749 | 114 |
| 64540 | 20224 | 1855269 | 1638617 | 1547123 | 5548980 | 2052430 |
| 3 | 1 | 106 | 76 | 113 | 749 | 114 |
| 3 | 1 | 106 | 76 | 113 | 749 | 114 |
| $64537 | $20223 | $1855163 | $1638541 | $1547010 | $5548231 | $2052316 |
| $— | $20223 | $1855163 | $1638541 | $1547010 | $5548231 | $2052316 |
| 64537 |  |  |  |  |  |  |
| $64537 | $20223 | $1855163 | $1638541 | $1547010 | $5548231 | $2052316 |
|  | 1597 | 132323 | 114343 | 141022 | 398580 | 66375 |
| 2133 |  |  |  |  |  |  |
| 2133 | 1597 | 132323 | 114343 | 141022 | 398580 | 66375 |
| $69431 | $22819 | $1284037 | $1182740 | $1412241 | $4533353 | $1239678 |
| 2566 | 1043 | 129309 | 121644 | 140748 | 406042 | 136426 |
| $24.726802 | $19.391233 | $12.937525 | $13.232462 | $10.223527 | $12.853811 | $13.884551 |
| $26.237285 | $19.391233 | $13.074395 | $13.478958 | $10.318327 | $13.093250 | $14.031500 |
| $64537 | $20223 | $1688196 | $1637866 | $1450917 | $5311219 | $1913489 |
|  |  | 12771 | 50 | 9313 | 18102 | 9894 |
| $— | $— | $13.074395 | $13.478958 | $10.318327 | $13.093250 | $14.031500 |
| $— | $— | $13.074395 | $13.478958 | $10.318327 | $13.093250 | $14.031500 |
| $— | $— | $166967 | $675 | $96093 | $237012 | $138827 |

---

**B-5**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **<br>Guardian Large<br>Cap Disciplined<br>Growth VIP Fund<br>Sub-Account** | **Guardian Mid Cap<br>Relative<br>Value VIP Fund<br>Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None | $1631633 | $43630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 1631633 | 43630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 2910 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1634543 | 43632 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 2910 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2910 | 2 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $1631633 | $43630 |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None | $1631633 | $43630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $1631633 | $43630 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class None | 38839 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class STD2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 38839 | 1931 |
|  **Cost** | $938797 | $31803 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 97486 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $13.813697 | $11.991053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $14.107606 | $11.991053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $1372190 | $43630 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 18390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $14.107606 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $14.107606 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $259443 | $— |

---

# Rounded units/unit fair values

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

(5) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

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

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Small<br>Cap Value<br>Diversified VIP<br>Fund<br>Sub-Account (5)** | **Guardian Short<br>Duration Bond VIP<br>Fund<br>Sub-Account** | **Guardian Strategic<br>Large Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Select<br>Mid Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Small-<br>Mid Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Total<br>Return Bond VIP<br>Fund<br>Sub-Account** | **Guardian U.S.<br>Government/Credit<br>VIP Fund<br>Sub-Account (6)** | **LVIP American<br>Century Capital<br>Appreciation Fund<br>Sub-Account** |
| $521473 | $400349 | $855645 | $1816329 | $15200 | $663426 | $120196 | $— |
|  |  |  |  |  |  |  | 540785 |
| 521473 | 400349 | 855645 | 1816329 | 15200 | 663426 | 120196 | 540785 |
| 24 | 18 | 39 | 276 | 1 | 31 | 11 | 25 |
| 521497 | 400367 | 855684 | 1816605 | 15201 | 663457 | 120207 | 540810 |
| 24 | 18 | 39 | 276 | 1 | 31 | 11 | 25 |
| 24 | 18 | 39 | 276 | 1 | 31 | 11 | 25 |
| $521473 | $400349 | $855645 | $1816329 | $15200 | $663426 | $120196 | $540785 |
| $521473 | $400349 | $855645 | $1816329 | $15200 | $663426 | $120196 | $— |
|  |  |  |  |  |  |  | 540785 |
| $521473 | $400349 | $855645 | $1816329 | $15200 | $663426 | $120196 | $540785 |
| 36595 | 35682 | 57349 | 145539 | 1457 | 64598 | 11297 |  |
|  |  |  |  |  |  |  | 35672 |
| 36595 | 35682 | 57349 | 145539 | 1457 | 64598 | 11297 | 35672 |
| $440748 | $358606 | $594728 | $1372443 | $14537 | $624020 | $115985 | $524190 |
| 47994 | 37955 | 43493 | 145604 | 1563 | 73421 | 12512 | 7501 |
| $10.680500 | $10.456565 | $13.623971 | $11.395774 | $9.726356 | $8.855173 | $9.504677 | $36.232145 |
| $10.879529 | $10.553521 | $13.913789 | $11.638215 | $9.726356 | $9.043571 | $9.605272 | $38.596849 |
| $521473 | $400349 | $604895 | $1690296 | $15200 | $663249 | $119873 | $285844 |
|  |  | 18022 | 10829 |  | 20 | 34 | 6605 |
| $— | $— | $13.913789 | $11.638215 | $— | $9.043571 | $9.605272 | $38.596849 |
| $— | $— | $13.913789 | $11.638215 | $— | $9.043571 | $9.605272 | $38.596849 |
| $— | $— | $250750 | $126033 | $— | $177 | $323 | $254941 |

---

**B-7**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

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

---

| | | |
|:---|:---|:---|
|  | **Invesco V.I.<br>Core Equity Fund<br>Sub-Account (1)** | **Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $12778 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (2) | (823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (13) | (6094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (15) | (6917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (15) | 5861 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 235 | (4034) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (405) | 20534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (170) | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $(185) | $22361 |

---

(1) Invesco V.I. Core Equity Fund was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br>V.I. Main<br>Street Mid<br>Cap Fund<sup>®</sup><br>Sub-Account** | **Alger Capital<br>Appreciation<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment<br>Grade Bond<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Balanced<br>Portfolio<br>Sub-Account** | **Franklin Rising<br>Dividends VIP<br>Fund<br>Sub-Account** | **Templeton<br>Growth<br>VIP Fund<br>Sub-Account** |
| $13 | $— | $14751 | $113038 | $25995 | $1920 | $1845 |
| (25) | (2564) | (863) | (6185) | (3179) | (472) | (438) |
| (178) | (18774) | (6297) | (46647) | (24116) | (3445) | (3378) |
| (203) | (21338) | (7160) | (52832) | (27295) | (3917) | (3816) |
| (190) | (21338) | 7591 | 60206 | (1300) | (1997) | (1971) |
| (23) | 134622 | (11211) | (1) | 60017 | 59 | 701 |
| 1244 | 208448 |  |  | 82562 | 22999 | 15840 |
| (176) | 40307 | 25586 | 1 | 50492 | 1463 | 28330 |
| 1045 | 383377 | 14375 |  | 193071 | 24521 | 44871 |
| $855 | $362039 | $21966 | $60206 | $191771 | $22524 | $42900 |

---

**B-9**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

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

---

| | | |
|:---|:---|:---|
|  | **<br>Janus Henderson<br>VIT Global<br>Research Portfolio<br>Sub-Account** | **MFS<sup>®</sup> Investors<br>Trust Series<br>Sub-Account (2)** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3311 | $— |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (1576) | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (11544) | (2039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (13120) | (2310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (9809) | (2310) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 79706 | 82864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 70775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (6924) | (103627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 143557 | (20763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $133748 | $(23073) |

---

(2) MFS<sup>®</sup> Investors Trust Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco V.I.<br>American<br>Franchise Fund<br>Sub-Account** | **MFS<sup>®</sup> Core<br>Equity<br>Portfolio<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **Davis Real<br>Estate<br>Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account (3)** | **Guardian All<br>Cap Core<br>VIP Fund<br>Sub-Account (3)** | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** |
| $— | $571 | $— | $596 | $24 | $— | $— |
| (1307) | (503) | (163) | (50) | (15) | (3671) | (3206) |
| (9978) | (3727) | (1303) | (362) | (112) | (27409) | (23860) |
| (11285) | (4230) | (1466) | (412) | (127) | (31080) | (27066) |
| (11285) | (3659) | (1466) | 184 | (103) | (31080) | (27066) |
| 71084 | 21136 | (2010) | 504 | (17864) | 54167 | 75633 |
| 67380 | 25976 | 11223 | 833 | 14248 |  |  |
| (55829) | (18829) | (3764) | (3500) | 2755 | 163304 | 121848 |
| 82635 | 28283 | 5449 | (2163) | (861) | 217471 | 197481 |
| $71350 | $24624 | $3983 | $(1979) | $(964) | $186391 | $170415 |

---

**B-11**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

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

---

| | | |
|:---|:---|:---|
|  | **<br>Guardian Core<br>Fixed Income<br>VIP Fund<br>Sub-Account** | **Guardian<br>Equity Income<br>VIP Fund<br>Sub-Account**<br>**(1)(2)(7)** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (3153) | (9379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (23402) | (69806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (26555) | (79185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (26555) | (79185) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 13768 | 213978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 87401 | 552272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 101169 | 766250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $74614 | $687065 |

---

(1) Invesco V.I. Core Equity Fund was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(2) MFS<sup>®</sup> Investors Trust Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(4) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>Integrated<br>Research<br>VIP Fund<br>Sub-Account** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value VIP<br>Fund<br>Sub-Account** | **Guardian Small<br>Cap Value<br>Diversified<br>VIP Fund<br>Sub-Account (4)** | **Guardian<br>Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian<br>Strategic<br>Large<br>Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian<br>Select Mid<br>Cap Core<br>VIP Fund<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| (3961) | (3015) | (85) | (1011) | (845) | (1784) | (3734) |
| (29212) | (22645) | (617) | (7542) | (6203) | (13175) | (28290) |
| (33173) | (25660) | (702) | (8553) | (7048) | (14959) | (32024) |
| (33173) | (25660) | (702) | (8553) | (7048) | (14959) | (32024) |
| 77008 | 32011 | 147 | 4849 | 6491 | 48262 | 48326 |
| 198742 | 207808 | 2181 | 28052 | 15542 | 52446 | 137379 |
| 275750 | 239819 | 2328 | 32901 | 22033 | 100708 | 185705 |
| $242577 | $214159 | $1626 | $24348 | $14985 | $85749 | $153681 |

---

**B-13**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>Guardian<br>Small-Mid Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian<br>Total Return<br>Bond VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (5)** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (34) | (1326) | (239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (247) | (9855) | (1820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (281) | (11181) | (2059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (281) | (11181) | (2059) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 166 | (6359) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 122 | 49880 | 7803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 288 | 43521 | 7790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $7 | $32340 | $5731 |

---

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

(6) Liquidated as of August 29, 2025.

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

(8) Liquidated as of June 27, 2025.

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Victory 500<br>Index VIP Series<br>Sub-Account (6)** | **Victory High<br>Yield VIP Series<br>Sub-Account (6)** | **Victory RS<br>International<br>VIP Series<br>Sub-Account (6)** | **Victory RS<br>Large Cap Alpha<br>VIP Series<br>Sub-Account (7)** | **Victory RS<br>Small Cap<br>Growth Equity<br>VIP Series<br>Sub-Account (6)** | **Victory Sophus<br>Emerging<br>Markets<br>VIP Series<br>Sub-Account (8)** | **LVIP American<br>Century Capital<br>Appreciation<br>Fund<br>Sub-Account** |
| $38221 | $76073 | $21551 | $39149 | $3580 | $6157 | $— |
| (4394) | (1205) | (1218) | (1656) | (947) | (420) | (1233) |
| (33661) | (8986) | (9240) | (12303) | (7124) | (3171) | (9230) |
| (38055) | (10191) | (10458) | (13959) | (8071) | (3591) | (10463) |
| 166 | 65882 | 11093 | 25190 | (4491) | 2566 | (10463) |
| (244187) | (176920) | 156986 | (337680) | 25378 | (31083) | 19618 |
| 645078 |  | 52661 | 418816 |  |  | 97389 |
| (86477) | 156778 | (55099) | (183294) | (56866) | 80355 | (73206) |
| 314414 | (20142) | 154548 | (102158) | (31488) | 49272 | 43801 |
| $314580 | $45740 | $165641 | $(76968) | $(35979) | $51838 | $33338 |

---

**B-15**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | |
|:---|:---|:---|
|  | **<br>Invesco V.I.<br>Core<br>Equity Fund<br>Sub-Account (1)** | **Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(15) | $5861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 235 | (4034) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (405) | 20534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (185) | 22361 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 12834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers |  | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions | (2735) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (70) | (22772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (21348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (2805) | (24128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (2990) | (1767) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2990 | 407079 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $— | $405312 |

---

(1) Invesco V.I. Core Equity Fund was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco V.I.<br>Main Street<br>Mid Cap Fund<sup>®</sup><br>Sub-Account** | **Alger Capital<br>Appreciation<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment<br>Grade Bond<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** | **<br>Fidelity<sup>®</sup> VIP<br>Balanced<br>Portfolio<br>Sub-Account** | **Franklin Rising<br>Dividends<br>VIP Fund<br>Sub-Account** | **Templeton<br>Growth<br>VIP Fund<br>Sub-Account** |
| $(190) | $(21338) | $7591 | $60206 | $(1300) | $(1997) | $(1971) |
| (23) | 134622 | (11211) | (1) | 60017 | 59 | 701 |
| 1244 | 208448 |  |  | 82562 | 22999 | 15840 |
| (176) | 40307 | 25586 | 1 | 50492 | 1463 | 28330 |
| 855 | 362039 | 21966 | 60206 | 191771 | 22524 | 42900 |
|  | 30790 | 70 | 23311 | 691 |  |  |
|  | 6500 | 5277 | 5754067 | 155313 |  | 40019 |
| (5) | (241198) | (37775) | (834220) | (207889) | (453) | (96599) |
|  | 296 |  | 164 |  |  |  |
|  | (58795) |  | (23620) | (2527) |  | (44) |
|  | (5538) |  | 306734 | 56866 |  | 53460 |
| (5) | (267945) | (32428) | 5226436 | 2454 | (453) | (3164) |
| 850 | 94094 | (10462) | 5286642 | 194225 | 22071 | 39736 |
| 11932 | 1216069 | 441491 | 1087826 | 1588105 | 226279 | 194829 |
| $12782 | $1310163 | $431029 | $6374468 | $1782330 | $248350 | $234565 |

---

**B-17**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | |
|:---|:---|:---|
|  | **Janus<br>Henderson<br>VIT Global<br>Research<br>Portfolio<br>Sub-Account** | **MFS<sup>®</sup> Investors<br>Trust Series<br>Sub-Account (2)** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9809) | $(2310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 79706 | 82864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 70775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (6924) | (103627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 133748 | (23073) |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 45640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 33248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  | (406725) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (109554) | (12253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (34959) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (646) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (65828) | (418978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 67920 | (442051) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 734561 | 442051 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $802481 | $— |

---

(2) MFS<sup>®</sup> Investors Trust Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco V.I.<br>American<br>Franchise<br>Fund<br>Sub-Account** | **MFS<sup>®</sup> Core<br>Equity<br>Portfolio<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global<br>Thematic<br>Portfolio<br>Sub-Account** | **Davis Real<br>Estate<br>Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account (3)** | **Guardian All<br>Cap Core<br>VIP Fund<br>Sub-Account (3)** | **Guardian<br>Balanced<br>Allocation<br>VIP Fund<br>Sub-Account** |
| $(11285) | $(3659) | $(1466) | $184 | $(103) | $(31080) | $(27066) |
| 71084 | 21136 | (2010) | 504 | (17864) | 54167 | 75633 |
| 67380 | 25976 | 11223 | 833 | 14248 |  |  |
| (55829) | (18829) | (3764) | (3500) | 2755 | 163304 | 121848 |
| 71350 | 24624 | 3983 | (1979) | (964) | 186391 | 170415 |
| 30245 | 39452 | 11625 | 35 |  | 15608 | 45333 |
| 7188 | 11838 | (11563) | (5423) |  | (5441) | 48210 |
|  |  |  |  | (22711) | 22711 |  |
| (226434) | (43169) | (4202) | (2801) |  | (324923) | (209528) |
| 499 | 1030 |  |  |  | (11) | 490 |
| (14100) |  | (20595) |  |  | (7428) | (1059) |
| 109 | (9811) |  |  |  | 157821 | (377) |
| (202493) | (660) | (24735) | (8189) | (22711) | (141663) | (116931) |
| (131143) | 23964 | (20752) | (10168) | (23675) | 44728 | 53484 |
| 671599 | 248090 | 85289 | 30391 | 23675 | 1810435 | 1585057 |
| $540456 | $272054 | $64537 | $20223 | $— | $1855163 | $1638541 |

---

**B-19**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | |
|:---|:---|:---|
|  | **<br>Guardian Core<br>Fixed Income<br>VIP Fund<br>Sub-Account** | **Guardian<br>Equity Income<br>VIP Fund<br>Sub-Account**<br>**(1)(2)(7)** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(26555) | $(79185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 13768 | 213978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 87401 | 552272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 74614 | 687065 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 84343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 36989 | (13712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  | 2896723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (177445) | (893906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (1) | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (21541) | (80319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (9524) | 204618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (171522) | 2198769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (96908) | 2885834 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1643918 | 2662397 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1547010 | $5548231 |

---

(1) Invesco V.I. Core Equity Fund was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(2) MFS<sup>®</sup> Investors Trust Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(4) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>Integrated<br>Research<br>VIP Fund<br>Sub-Account** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value<br>VIP Fund<br>Sub-Account** | **Guardian Small<br>Cap Value<br>Diversified<br>VIP Fund<br>Sub-Account (4)** | **Guardian<br>Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian<br>Strategic<br>Large Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian<br>Select Mid<br>Cap Core<br>VIP Fund<br>Sub-Account** |
| $(33173) | $(25660) | $(702) | $(8553) | $(7048) | $(14959) | $(32024) |
| 77008 | 32011 | 147 | 4849 | 6491 | 48262 | 48326 |
| 198742 | 207808 | 2181 | 28052 | 15542 | 52446 | 137379 |
| 242577 | 214159 | 1626 | 24348 | 14985 | 85749 | 153681 |
| 12159 | 3775 |  | 15116 | 20954 | 6468 | 26792 |
| 8841 | 10400 |  | 861 | 13048 | (2181) | 10730 |
| (295699) | (37408) | (6) | (16295) | (46518) | (104876) | (258367) |
| (1) | 726 |  | 293 | 1 | (1) |  |
| (22166) | (9557) |  | (20039) | (34758) | (1330) | (2550) |
| 131545 | (48311) |  | (6548) |  | (32889) | (11218) |
| (165321) | (80375) | (6) | (26612) | (47273) | (134809) | (234613) |
| 77256 | 133784 | 1620 | (2264) | (32288) | (49060) | (80932) |
| 1975060 | 1497849 | 42010 | 523737 | 432637 | 904705 | 1897261 |
| $2052316 | $1631633 | $43630 | $521473 | $400349 | $855645 | $1816329 |

---

**B-21**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>Guardian<br>Small-Mid Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian<br>Total Return<br>Bond VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (5)** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(281) | $(11181) | $(2059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 166 | (6359) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 122 | 49880 | 7803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 7 | 32340 | 5731 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 70 | 25708 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers |  | 35038 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (4106) | (74360) | (5982) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (41993) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  | 169 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (4036) | (55438) | (5371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (4029) | (23098) | 360 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 19229 | 686524 | 119836 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $15200 | $663426 | $120196 |

---

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

(6) Liquidated as of August 29, 2025.

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

(8) Liquidated as of June 27, 2025.

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Victory 500<br>Index VIP Series<br>Sub-Account (6)** | **Victory High<br>Yield VIP Series<br>Sub-Account (6)** | **Victory RS<br>International<br>VIP Series<br>Sub-Account (6)** | **Victory RS<br>Large Cap Alpha<br>VIP Series<br>Sub-Account (7)** | **Victory RS<br>Small Cap<br>Growth Equity<br>VIP Series<br>Sub-Account (6)** | **Victory Sophus<br>Emerging<br>Markets<br>VIP Series<br>Sub-Account (8)** | **LVIP American<br>Century<br>Capital<br>Appreciation<br>Fund<br>Sub-Account** |
| $166 | $65882 | $11093 | $25190 | $(4491) | $2566 | $(10463) |
| (244187) | (176920) | 156986 | (337680) | 25378 | (31083) | 19618 |
| 645078 |  | 52661 | 418816 |  |  | 97389 |
| (86477) | 156778 | (55099) | (183294) | (56866) | 80355 | (73206) |
| 314580 | 45740 | 165641 | (76968) | (35979) | 51838 | 33338 |
| 11475 | 19443 | 1290 | 14047 | 17407 | 7680 | 23997 |
| (3420440) | (818323) | (931016) | 16922 | (619443) | (377088) |  |
|  |  |  | (2487263) |  |  |  |
| (463999) | (276832) | (61209) | (95330) | (125703) | (6437) | (348269) |
|  |  | (2) | (4) | 269 |  | 282 |
| (20403) | (27301) | (5034) | (89) | (712) |  | (49290) |
| (58822) | (23762) | (39780) | (24958) | (43183) | (84652) | 259251 |
| (3952189) | (1126775) | (1035751) | (2576675) | (771365) | (460497) | (114029) |
| (3637609) | (1081035) | (870110) | (2653643) | (807344) | (408659) | (80691) |
| 3637609 | 1081035 | 870110 | 2653643 | 807344 | 408659 | 621476 |
| $— | $— | $— | $— | $— | $— | $540785 |

---

**B-23**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | |
|:---|:---|:---|
|  | **Invesco V.I. Core<br>Equity Fund<br>Sub-Account** | **Invesco V.I.<br>Government<br>Securities Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(208) | $3416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (198) | (9611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 736 | 5654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 570 | (541) |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers |  | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (195) | (40725) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 13 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (13551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (182) | (50557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 388 | (51098) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2602 | 458177 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2990 | $407079 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco V.I. Main<br>Street Mid Cap<br>Fund<sup>®</sup><br>Sub-Account** | **Alger Capital<br>Appreciation<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Balanced<br>Portfolio<br>Sub-Account** | **Franklin Rising<br>Dividends VIP<br>Fund<br>Sub-Account** | **Templeton<br>Growth VIP Fund<br>Sub-Account** |
| $(383) | $(24995) | $7518 | $34497 | $(859) | $(5214) | $(3116) |
| (836) | 16211 | (5293) |  | 51780 | 1093 | (3745) |
| 286 |  |  |  | 52941 | 10710 | 714 |
| 2454 | 381296 | (2990) |  | 95363 | 8543 | 14272 |
| 1521 | 372512 | (765) | 34497 | 199225 | 15132 | 8125 |
|  |  | 120 | 360 | 651 |  | 120 |
| (1) | 89440 | 12351 | (19538) | 16915 | 5625 | (1138) |
| (4) | (17170) | (20570) | (58381) | (137691) | (318) | (32673) |
| 24 | 282 | (3) | 18 | 34 | 11 | 17 |
|  |  |  | (27973) | (27958) |  | (119) |
|  | (2238) |  | (17679) | (1389) |  |  |
| 19 | 70314 | (8102) | (123193) | (149438) | 5318 | (33793) |
| 1540 | 442826 | (8867) | (88696) | 49787 | 20450 | (25668) |
| 10392 | 773243 | 450358 | 1176522 | 1538318 | 205829 | 220497 |
| $11932 | $1216069 | $441491 | $1087826 | $1588105 | $226279 | $194829 |

---

**B-25**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | |
|:---|:---|:---|
|  | **Janus Henderson<br>VIT Global<br>Research<br>Portfolio<br>Sub-Account** | **MFS<sup>®</sup> Investors<br>Trust Series<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(8416) | $(11239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 22164 | 11131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 23561 | 31440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 94961 | 30445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 132270 | 61777 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (1850) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (22559) | (18977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 76 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (2410) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (26743) | (18943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 105527 | 42834 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 629034 | 399217 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $734561 | $442051 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco V.I.<br>American<br>Franchise Fund<br>Sub-Account** | **MFS<sup>®</sup> Core<br>Equity Portfolio<br>Sub-Account** | **AB VPS<br>Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **Davis Real Estate<br>Portfolio<br>Sub-Account** | **Gabelli Capital<br>Asset Fund<br>Sub-Account** | **Guardian All Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** |
| $(14745) | $(4210) | $(7560) | $278 | $(426) | $(31474) | $(28113) |
| 2404 | 70301 | 4870 | (798) | (1233) | 39130 | 58467 |
|  | 10145 | 267 | 678 | 2456 |  |  |
| 172160 | (39202) | (641) | 358 | 1229 | 291422 | 155788 |
| 159819 | 37034 | (3064) | 516 | 2026 | 299078 | 186142 |
| 48 |  | 60 | 180 | 240 | 13872 | 2314 |
| 74595 | 10998 | 16683 | (5671) |  | (102571) | (20605) |
| (17003) | (8392) | (593) | (1686) | (5) | (121020) | (258681) |
| 82 | 234 | 16 | 2 | 18 | 539 | 506 |
|  |  |  |  |  | (10028) | (32507) |
|  | (3203) |  |  |  | (7400) | (10300) |
| 57722 | (363) | 16166 | (7175) | 253 | (226608) | (319273) |
| 217541 | 36671 | 13102 | (6659) | 2279 | 72470 | (133131) |
| 454058 | 211419 | 72187 | 37050 | 21396 | 1737965 | 1718188 |
| $671599 | $248090 | $85289 | $30391 | $23675 | $1810435 | $1585057 |

---

**B-27**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | |
|:---|:---|:---|
|  | **<br>Guardian Core<br>Fixed Income VIP<br>Fund<br>Sub-Account** | **Guardian Equity<br>Income VIP Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(29283) | $(49239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 7400 | 99462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 18956 | 181730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (2927) | 231953 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 1140 | 11265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 45755 | (38874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (178424) | (499921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 135 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (28331) | (45075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (24606) | (37269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (184331) | (609448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (187258) | (377495) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1831176 | 3039892 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1643918 | $2662397 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>Integrated<br>Research VIP<br>Fund<br>Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Growth VIP Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value VIP Fund<br>Sub-Account** | **Guardian Small<br>Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian<br>Strategic Large<br>Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Select<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** |
| $(33212) | $(24489) | $(985) | $(11021) | $(12285) | $(15852) | $(36756) |
| 59505 | 38326 | 3410 | 6787 | 2738 | 51185 | 48119 |
| 375559 | 314712 | 2595 | 31120 | 18175 | 112774 | 204680 |
| 401852 | 328549 | 5020 | 26886 | 8628 | 148107 | 216043 |
| 240 | 2965 |  | 3474 | 1485 | 5580 | 24936 |
| (117615) | (146974) | (16683) | 24709 | 9148 | (41862) | (26841) |
| (94462) | (74495) | (6) | (40227) | (42657) | (188266) | (470565) |
| 136 | (3742) | 10 | 167 | (1) | (1009) | 575 |
| (238) |  |  | (25215) |  |  | (15123) |
| (4553) | 63394 |  | (2760) |  | 70273 | (24111) |
| (216492) | (158852) | (16679) | (39852) | (32025) | (155284) | (511129) |
| 185360 | 169697 | (11659) | (12966) | (23397) | (7177) | (295086) |
| 1789700 | 1328152 | 53669 | 536703 | 456034 | 911882 | 2192347 |
| $1975060 | $1497849 | $42010 | $523737 | $432637 | $904705 | $1897261 |

---

**B-29**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Small-<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Total<br>Return Bond VIP<br>Fund<br>Sub-Account** | **Guardian U.S.<br>Government<br>Securities VIP<br>Fund<br>Sub-Account** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(412) | $(12483) | $(2170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 157 | (17150) | (1460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 1253 | 29720 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 998 | 87 | (94) |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 120 | 2190 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (1) | (2996) | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (2382) | (89742) | (13569) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 14 | (5) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (14489) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  |  | (8595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (2249) | (105042) | (18189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (1251) | (104955) | (18283) |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 20480 | 791479 | 138119 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $19229 | $686524 | $119836 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Victory 500 Index<br>VIP Series<br>Sub-Account** | **Victory High Yield<br>VIP Series<br>Sub-Account** | **Victory RS<br>International VIP<br>Series<br>Sub-Account** | **<br>Victory RS Large<br>Cap Alpha VIP<br>Series<br>Sub-Account** | **Victory RS Small<br>Cap Growth<br>Equity VIP Series<br>Sub-Account** | **Victory Sophus<br>Emerging Markets<br>VIP Series<br>Sub-Account** | **LVIP American<br>Century Capital<br>Appreciation Fund<br>Sub-Account** |
| $(14246) | $81986 | $10626 | $(11629) | $(14909) | $3660 | $(11851) |
| 52258 | (8820) | 11983 | (9751) | (47383) | (47439) | 8665 |
| 300728 |  |  | 96040 |  |  | 35965 |
| 370954 | (3988) | 9108 | 403404 | 139198 | 63640 | 85743 |
| 709694 | 69178 | 31717 | 478064 | 76906 | 19861 | 118522 |
| 16485 | 3810 | 1621 | 17131 | 20526 | 7506 |  |
| 32130 | (23659) | 8249 | (24316) | 25068 | (4420) | (23779) |
| (221765) | (108090) | (32783) | (331118) | (133833) | (117432) | (9624) |
| 982 | 253 | 49 | 718 | (258) | (415) | 22 |
|  |  |  | (21017) | (46211) | (8605) |  |
| (28243) | 19187 | (2380) | (24194) | 6488 | 18369 | (2424) |
| (200411) | (108499) | (25244) | (382796) | (128220) | (104997) | (35805) |
| 509283 | (39321) | 6473 | 95268 | (51314) | (85136) | 82717 |
| 3128326 | 1120356 | 863637 | 2558375 | 858658 | 493795 | 538759 |
| $3637609 | $1081035 | $870110 | $2653643 | $807344 | $408659 | $621476 |

---

**B-31**

------

**THE GUARDIAN SEPARATE ACCOUNT F** 

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

**1. ORGANIZATION:** 

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

The Account is comprised of the following Sub-Accounts:

Invesco V.I. Core Equity Fund\*\*, Invesco V.I. Government Securities Fund, Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>, Alger Capital Appreciation Portfolio, Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio, Fidelity<sup>®</sup> VIP Government Money Market Portfolio, Fidelity<sup>®</sup> VIP Balanced Portfolio, Franklin Rising Dividends VIP Fund, Templeton Growth VIP Fund, Janus Henderson VIT Global Research Portfolio, MFS<sup>®</sup> Investors Trust Series\*\*, Invesco V.I. American Franchise Fund, MFS<sup>®</sup> Core Equity Portfolio, AB VPS Sustainable Global Thematic Portfolio, Davis Real Estate Portfolio, Gabelli Capital Asset Fund\*\*\*, Guardian All Cap Core VIP Fund\*\*\*, Guardian Balanced Allocation VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Equity Income VIP Fund\*\*, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Small Cap Value Diversified VIP Fund (Formerly Guardian Small Cap Core VIP Fund), Guardian Short Duration Bond VIP Fund, Guardian Strategic Large Cap Core VIP Fund, Guardian Select Mid Cap Core VIP Fund, Guardian Small-Mid Cap Core VIP Fund, Guardian Total Return Bond VIP Fund, Guardian U.S. Government/Credit VIP Fund (Formerly Guardian U.S. Government Securities VIP Fund), Victory 500 Index VIP Series\*, Victory High Yield VIP Series\*, Victory RS International VIP Series\*, Victory RS Large Cap Alpha VIP Series\*\*, Victory RS Small Cap Growth Equity VIP Series\*, Victory Sophus Emerging Markets VIP Series\*, LVIP American Century Capital Appreciation Fund.

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

\*\* Effective April 25, 2025, the following Sub-Accounts were substituted with the Guardian Equity Income VIP Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco V.I. Core Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS<sup>®</sup> Investors Trust Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Victory RS Large Cap Alpha VIP Series

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

Sub-Account may invest in one or more share classes of a Fund, depending upon the product(s) available in that Sub-Account. A contract owner's unitized performance correlates with the share class associated with the contract owner's product.

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

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

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

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

**2. SIGNIFICANT ACCOUNTING POLICIES:** 

The Account qualifies as an investment company and follows the accounting and reporting guidance as defined in Accounting Standards Codification 946, "Financial Services—Investment Companies." The following is a summary of

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

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

significant accounting policies of the Account, which are in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"):

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

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

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

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

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

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

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

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

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

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

As of December 31, 2025, the Sub-Accounts invest in mutual funds which are carried at fair value and represent Level 1 investments under the fair value hierarchy levels. There were no Level 2 or Level 3 investments in the Sub-Accounts. The Account recognizes transfers of securities among the levels at the beginning of the reporting period. There were no transfers among the levels for the periods ended December 31, 2025 and 2024.

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

**B-33**

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Mortality and Expense Risk Charges — The Sponsor Company, as an issuer of variable annuity contracts, assesses mortality and expense risk charges for which it receives a current maximum annual fee of 1.45% of the Sub-Account's average daily net assets. These charges are reflected in the accompanying Statements of Operations as a reduction in unit value.

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

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

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

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

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

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

Asset Access (GMWB I) charges current maximum of 0.50%

Guaranteed Minimum Income Benefit Rider (GMIB) charges current maximum of 0.50%

Lifetime Asset Access charges current maximum of 0.60%

Lifetime Focus charges current maximum of 0.65%

Spousal Asset Access charges current maximum of 0.75%

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

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

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

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

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

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

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

Guardian Integrated Research VIP Fund

Guardian Large Cap Disciplined Growth VIP Fund

Guardian Mid Cap Relative Value VIP Fund

Guardian U.S. Government Securities VIP Fund

Guardian Total Return Bond VIP Fund

Guardian Small Cap Core VIP Fund

Guardian All Cap Core VIP Fund

Guardian Select Mid Cap Core VIP Fund

Guardian Small-Mid Cap Core VIP Fund

Guardian Strategic Large Cap Core VIP Fund

Guardian Core Fixed Income VIP Fund

Guardian Short Duration Bond VIP Fund

Guardian Balanced Allocation VIP Fund

Guardian Equity Income VIP Fund

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

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

**B-35**

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

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

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

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Purchases at**<br>**Cost** | **Proceeds from**<br>**Sales** |
|  Invesco V.I. Core Equity Fund+ | $— | $2820 |
|  Invesco V.I. Government Securities Fund | $20690 | $38957 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | $1257 | $207 |
|  Alger Capital Appreciation Portfolio | $215279 | $296114 |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | $19843 | $44681 |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | $6606983 | $1320341 |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | $265552 | $181836 |
|  Franklin Rising Dividends VIP Fund | $24919 | $4369 |
|  Templeton Growth VIP Fund | $58220 | $47515 |
|  Janus Henderson VIT Global Research Portfolio | $142162 | $147024 |
|  MFS<sup>®</sup> Investors Trust Series+ | $— | $421288 |
|  Invesco V.I. American Franchise Fund | $159572 | $305970 |
|  MFS<sup>®</sup> Core Equity Portfolio | $114245 | $92589 |
|  AB VPS Sustainable Global Thematic Portfolio | $17502 | $32480 |
|  Davis Real Estate Portfolio | $1437 | $8608 |
|  Gabelli Capital Asset Fund+ | $14272 | $22839 |
|  Guardian All Cap Core VIP Fund+ | $42055 | $214800 |
|  Guardian Balanced Allocation VIP Fund | $130232 | $274229 |
|  Guardian Core Fixed Income VIP Fund | $39363 | $237439 |
|  Guardian Equity Income VIP Fund+ | $3010436 | $890852 |
|  Guardian Integrated Research VIP Fund | $17340 | $215834 |
|  Guardian Large Cap Disciplined Growth VIP Fund | $16260 | $122295 |
|  Guardian Mid Cap Relative Value VIP Fund | $— | $708 |
|  Guardian Small Cap Value Diversified VIP Fund+ | $7010 | $42174 |
|  Guardian Short Duration Bond VIP Fund | $15933 | $70255 |
|  Guardian Strategic Large Cap Core VIP Fund | $7952 | $157720 |
|  Guardian Select Mid Cap Core VIP Fund | $40014 | $306649 |
|  Guardian Small-Mid Cap Core VIP Fund | $58 | $4376 |
|  Guardian Total Return Bond VIP Fund | $42131 | $108751 |
|  Guardian U.S. Government/Credit VIP Fund+ | $1238 | $8669 |
|  Victory 500 Index VIP Series+ | $702666 | $4009611 |
|  Victory High Yield VIP Series+ | $79344 | $1140237 |
|  Victory RS International VIP Series+ | $85332 | $1057329 |
|  Victory RS Large Cap Alpha VIP Series+ | $472596 | $2605265 |
|  Victory RS Small Cap Growth Equity VIP Series+ | $26969 | $802826 |
|  Victory Sophus Emerging Markets VIP Series+ | $13795 | $471726 |
|  LVIP American Century Capital Appreciation Fund | $97865 | $124968 |

---

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

**5. CHANGES IN UNITS OUTSTANDING:** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units**<br>**Redeemed** | **Net**<br>**Increase/**<br>**(Decrease)** |
|  Invesco V.I. Core Equity Fund+ |  | 86 | (86) |
|  Invesco V.I. Government Securities Fund | 587 | 2322 | (1735) |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> |  |  |  |
|  Alger Capital Appreciation Portfolio | 110 | 3147 | (3037) |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | 384 | 2816 | (2432) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 656539 | 128034 | 528505 |

---

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

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units**<br>**Redeemed** | **Net**<br>**Increase/**<br>**(Decrease)** |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | 5839 | 6108 | (269) |
|  Franklin Rising Dividends VIP Fund |  | 11 | (11) |
|  Templeton Growth VIP Fund | 4204 | 4321 | (117) |
|  Janus Henderson VIT Global Research Portfolio | 4315 | 7350 | (3035) |
|  MFS<sup>®</sup> Investors Trust Series+ |  | 13016 | (13016) |
|  Invesco V.I. American Franchise Fund | 4966 | 11277 | (6311) |
|  MFS<sup>®</sup> Core Equity Portfolio | 4005 | 4057 | (52) |
|  AB VPS Sustainable Global Thematic Portfolio | 231 | 1157 | (926) |
|  Davis Real Estate Portfolio | 1 | 411 | (410) |
|  Gabelli Capital Asset Fund+ | 1 | 771 | (770) |
|  Guardian All Cap Core VIP Fund+ | 17045 | 28019 | (10974) |
|  Guardian Balanced Allocation VIP Fund | 13367 | 22384 | (9017) |
|  Guardian Core Fixed Income VIP Fund | 3909 | 21010 | (17101) |
|  Guardian Equity Income VIP Fund+ | 279171 | 84733 | 194438 |
|  Guardian Integrated Research VIP Fund | 11602 | 24092 | (12490) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 1282 | 7733 | (6451) |
|  Guardian Mid Cap Relative Value VIP Fund |  |  |  |
|  Guardian Small Cap Value Diversified VIP Fund+ | 689 | 3242 | (2553) |
|  Guardian Short Duration Bond VIP Fund | 1539 | 6073 | (4534) |
|  Guardian Strategic Large Cap Core VIP Fund | 594 | 10601 | (10007) |
|  Guardian Select Mid Cap Core VIP Fund | 3919 | 24724 | (20805) |
|  Guardian Small-Mid Cap Core VIP Fund | 8 | 420 | (412) |
|  Guardian Total Return Bond VIP Fund | 4736 | 11156 | (6420) |
|  Guardian U.S. Government/Credit VIP Fund+ | 135 | 709 | (574) |
|  Victory 500 Index VIP Series+ | 521 | 90427 | (89906) |
|  Victory High Yield VIP Series+ | 128 | 42587 | (42459) |
|  Victory RS International VIP Series+ | 497 | 44320 | (43823) |
|  Victory RS Large Cap Alpha VIP Series+ | 547 | 103885 | (103338) |
|  Victory RS Small Cap Growth Equity VIP Series+ | 3626 | 26398 | (22772) |
|  Victory Sophus Emerging Markets VIP Series+ | 221 | 11660 | (11439) |
|  LVIP American Century Capital Appreciation Fund | 6901 | 9874 | (2973) |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units**<br>**Redeemed** | **Net**<br>**Increase/**<br>**(Decrease)** |
|  Invesco V.I. Core Equity Fund |  | 6 | (6) |
|  Invesco V.I. Government Securities Fund | 332 | 4007 | (3675) |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> |  |  |  |
|  Alger Capital Appreciation Portfolio | 1198 | 340 | 858 |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | 1208 | 1828 | (620) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 355 | 10513 | (10158) |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | 540 | 5173 | (4633) |
|  Franklin Rising Dividends VIP Fund | 149 | 8 | 141 |
|  Templeton Growth VIP Fund | 21 | 1726 | (1705) |
|  Janus Henderson VIT Global Research Portfolio | 183 | 1520 | (1337) |
|  MFS<sup>®</sup> Investors Trust Series |  | 614 | (614) |
|  Invesco V.I. American Franchise Fund | 2311 | 1197 | 1114 |
|  MFS<sup>®</sup> Core Equity Portfolio |  | 314 | (314) |
|  AB VPS Sustainable Global Thematic Portfolio | 661 | 23 | 638 |
|  Davis Real Estate Portfolio | 7 | 382 | (375) |
|  Gabelli Capital Asset Fund | 8 |  | 8 |

---

**B-37**

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units Issued** | **Units**<br>**Redeemed** | **Net**<br>**Increase/**<br>**(Decrease)** |
|  Guardian All Cap Core VIP Fund | 1464 | 21487 | (20023) |
|  Guardian Balanced Allocation VIP Fund | 1236 | 28263 | (27027) |
|  Guardian Core Fixed Income VIP Fund | 6421 | 22431 | (16010) |
|  Guardian Equity Income VIP Fund | 2384 | 51432 | (49048) |
|  Guardian Integrated Research VIP Fund | 52 | 18943 | (18891) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 1093 | 18516 | (17423) |
|  Guardian Mid Cap Relative Value VIP Fund |  | 1465 | (1465) |
|  Guardian Small Cap Core VIP Fund | 1931 | 6552 | (4621) |
|  Guardian Short Duration Bond VIP Fund | 1141 | 4323 | (3182) |
|  Guardian Strategic Large Cap Core VIP Fund | 455 | 17687 | (17232) |
|  Guardian Select Mid Cap Core VIP Fund | 2519 | 46691 | (44172) |
|  Guardian Small-Mid Cap Core VIP Fund | 12 | 236 | (224) |
|  Guardian Total Return Bond VIP Fund | 3743 | 15422 | (11679) |
|  Guardian U.S. Government Securities VIP Fund | 445 | 1517 | (1072) |
|  Victory 500 Index VIP Series | 2752 | 7019 | (4267) |
|  Victory High Yield VIP Series | 584 | 5581 | (4997) |
|  Victory RS International VIP Series | 1203 | 2370 | (1167) |
|  Victory RS Large Cap Alpha VIP Series | 773 | 15303 | (14530) |
|  Victory RS Small Cap Growth Equity VIP Series | 1154 | 4933 | (3779) |
|  Victory Sophus Emerging Markets VIP Series | 209 | 3418 | (3209) |
|  LVIP American Century Capital Appreciation Fund | 191 | 1411 | (1220) |

---

**6. FINANCIAL HIGHLIGHTS:** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income Ratio<br>Lowest to Highest\*\*** | **Total Return<br>Ratio<br>Lowest to Highest\*\*\*** |
|  Invesco V.I. Core Equity Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $34.861081 to $34.861081 | $— | 1.65% to 1.65% | —% to —% | (0.01)% to (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 86 | $34.863978 to $34.863978 | $2990 | 1.65% to 1.65% | 0.40% to 0.40% | 23.22% to 23.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 92 | $28.293875 to $28.293875 | $2602 | 1.65% to 1.65% | 0.48% to 0.48% | 21.06% to 21.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 99 | $23.371986 to $23.371986 | $2310 | 1.65% to 1.65% | 0.63% to 0.63% | (22.06)% to (22.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 106 | $29.986865 to $29.986865 | $3164 | 1.65% to 1.65% | 0.45% to 0.45% | 25.28% to 25.28% |
|  Invesco V.I. Government Securities Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 28180 | $13.564757 to $14.450042 | $405312 | 1.65% to 1.90% | 3.10% to 3.16% | 5.34% to 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 29915 | $12.877356 to $13.683498 | $407079 | 1.65% to 1.90% | 2.50% to 2.50% | (0.21)% to 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 33567 | $12.904621 to $13.678102 | $456951 | 1.65% to 1.90% | 4.07% to 4.07% | 2.64% to 2.90% |
| &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; 2022 | 39051 | $12.572613 to $13.292877 | $517058 | 1.65% to 1.90% | 3.97% to 3.97% | (11.99)% to (11.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 41310 | $14.285633 to $15.066263 | $619778 | 1.65% to 1.90% | 4.65% to 4.65% | (4.12)% to (3.88)% |

---

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

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income Ratio<br>Lowest to Highest\*\*** | **Total Return<br>Ratio<br>Lowest to Highest\*\*\*** |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 416 | $30.731988 to $30.731988 | $12782 | 1.65% to 1.65% | 0.11% to 0.11% | 7.17% to 7.17% |
| &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; 2024 | 416 | $28.675811 to $28.675811 | $11932 | 1.65% to 1.65% | 0.12% to 0.12% | 14.87% to 14.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 416 | $24.964688 to $24.964688 | $10392 | 1.65% to 1.65% | 0.04% to 0.04% | 12.26% to 12.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 416 | $22.237295 to $22.237295 | $9262 | 1.65% to 1.65% | 0.07% to 0.07% | (15.86)% to (15.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 417 | $26.429874 to $26.429874 | $11013 | 1.65% to 1.65% | 0.26% to 0.26% | 20.84% to 20.84% |
|  Alger Capital Appreciation Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16856 | $70.576165 to $75.181685 | $1310163 | 1.65% to 1.90% | —% to —% | 30.36% to 30.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19893 | $54.140343 to $57.529319 | $1216069 | 1.65% to 1.90% | —% to —% | 45.32% to 45.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 18933 | $37.254890 to $39.487753 | $768711 | 1.65% to 1.90% | —% to —% | 40.42% to 40.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 38190 | $26.530646 to $28.050504 | $1102367 | 1.65% to 1.90% | —% to —% | (37.73)% to (37.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 38153 | $42.602702 to $44.930509 | $1769851 | 1.65% to 1.90% | —% to —% | 16.87% to 17.16% |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 31509 | $13.679739 to $13.679739 | $431029 | 1.65% to 1.65% | 3.42% to 3.42% | 5.17% to 5.17% |
| &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; 2024 | 33941 | $13.007525 to $13.007525 | $441491 | 1.65% to 1.65% | 3.34% to 3.34% | (0.18)% to (0.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 34561 | $13.030647 to $13.030647 | $450358 | 1.65% to 1.65% | 2.50% to 2.50% | 4.25% to 4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 28328 | $12.498850 to $12.498850 | $354062 | 1.65% to 1.65% | 1.92% to 1.92% | (14.64)% to (14.64)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 39155 | $14.642880 to $14.642880 | $573349 | 1.65% to 1.65% | 1.83% to 1.83% | (2.53)% to (2.53)% |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 639621 | $9.505067 to $10.027957 | $6374468 | 1.65% to 2.15% | 3.67% to 3.79% | 1.65% to 2.16% |
| &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; 2024 | 111116 | $9.350802 to $9.815952 | $1087826 | 1.65% to 2.15% | 4.78% to 4.79% | 2.59% to 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 120932 | $9.114632 to $9.520130 | $1148695 | 1.65% to 2.15% | 4.54% to 4.54% | 2.39% to 2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 115165 | $8.901681 to $9.251287 | $1062973 | 1.65% to 2.15% | 0.94% to 0.94% | (0.91)% to (0.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 137331 | $8.983759 to $9.289962 | $1273567 | 1.65% to 2.15% | 0.01% to 0.01% | (2.14)% to (1.65)% |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 46528 | $34.291896 to $38.913287 | $1782330 | 1.65% to 2.15% | 1.61% to 1.64% | 12.50% to 13.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46797 | $30.481656 to $34.416933 | $1588105 | 1.65% to 2.15% | 1.71% to 1.71% | 13.15% to 13.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 51400 | $26.939008 to $30.264667 | $1536079 | 1.65% to 2.15% | 1.53% to 1.53% | 18.64% to 19.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 57576 | $22.705942 to $25.381688 | $1445176 | 1.65% to 2.15% | 1.04% to 1.04% | (19.94)% to (19.54)% |
| &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; 2021 | 61590 | $28.360305 to $31.543979 | $1922882 | 1.65% to 2.15% | 0.72% to 0.72% | 15.47% to 16.05% |
|  Franklin Rising Dividends VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5696 | $43.599279 to $43.599279 | $248350 | 1.65% to 1.65% | 0.81% to 0.81% | 9.96% to 9.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5707 | $39.648496 to $39.648496 | $226279 | 1.65% to 1.65% | 1.01% to 1.01% | 8.96% to 8.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5566 | $36.389037 to $36.389037 | $202535 | 1.65% to 1.65% | 0.90% to 0.90% | 10.23% to 10.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7159 | $33.012028 to $33.012028 | $236320 | 1.65% to 1.65% | 0.82% to 0.82% | (12.04)% to (12.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6728 | $37.532435 to $37.532435 | $252514 | 1.65% to 1.65% | 0.88% to 0.88% | 24.70% to 24.70% |
|  Templeton Growth VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9894 | $21.480553 to $24.184982 | $234565 | 1.65% to 2.15% | 0.87% to 0.88% | 21.18% to 21.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10011 | $17.725999 to $19.858145 | $194829 | 1.65% to 2.15% | 0.93% to 0.93% | 3.14% to 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11716 | $17.185774 to $19.156522 | $219647 | 1.65% to 2.15% | 3.41% to 3.41% | 18.42% to 19.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12914 | $14.512195 to $16.095615 | $203691 | 1.65% to 2.15% | 0.16% to 0.16% | (13.40)% to (12.96)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14154 | $16.756971 to $18.492476 | $257090 | 1.65% to 2.15% | 1.10% to 1.10% | 2.63% to 3.14% |
|  Janus Henderson VIT Global Research Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 35172 | $21.447886 to $22.847674 | $802481 | 1.65% to 1.90% | 0.37% to 0.42% | 18.32% to 18.61% |
| &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; 2024 | 38207 | $18.127393 to $19.262212 | $734561 | 1.65% to 1.90% | 0.60% to 0.60% | 20.93% to 21.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 39544 | $14.990354 to $15.888863 | $626993 | 1.65% to 1.90% | 0.76% to 0.76% | 24.08% to 24.39% |
| &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; 2022 | 44486 | $12.081539 to $12.773696 | $567219 | 1.65% to 1.90% | 1.47% to 1.47% | (21.13)% to (20.93)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51659 | $15.318824 to $16.155919 | $833292 | 1.65% to 1.90% | 0.35% to 0.35% | 15.57% to 15.86% |
|  MFS<sup>®</sup> Investors Trust Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $32.335709 to $34.391143 | $— | 1.65% to 1.90% | —% to —% | 0.02% to 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13016 | $32.328970 to $34.352620 | $442051 | 1.65% to 1.90% | 0.46% to 0.47% | 16.96% to 17.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13630 | $27.641207 to $29.297813 | $394498 | 1.65% to 1.90% | 0.48% to 0.48% | 16.42% to 16.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 14891 | $23.742978 to $25.103054 | $369622 | 1.65% to 1.90% | 0.39% to 0.39% | (18.27)% to (18.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15743 | $27.544049 to $30.636171 | $473306 | 1.65% to 2.15% | 0.42% to 0.42% | 23.80% to 24.43% |

---

**B-39**

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income Ratio<br>Lowest to Highest\*\*** | **Total Return<br>Ratio<br>Lowest to Highest\*\*\*** |
|  Invesco V.I. American Franchise Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22807 | $21.608443 to $23.018741 | $540456 | 1.65% to 1.90% | —% to —% | 9.55% to 9.82% |
| &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; 2024 | 29118 | $19.724733 to $20.959558 | $671599 | 1.65% to 1.90% | —% to —% | 32.33% to 32.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28004 | $14.905842 to $15.799305 | $451939 | 1.65% to 1.90% | —% to —% | 38.26% to 38.61% |
| &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; 2022 | 35886 | $10.781024 to $11.398699 | $412353 | 1.65% to 1.90% | —% to —% | (32.42)% to (32.25)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 42491 | $15.952588 to $16.824352 | $716654 | 1.65% to 1.90% | —% to —% | 9.81% to 10.08% |
|  MFS<sup>®</sup> Core Equity Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8455 | $30.384624 to $32.367474 | $272054 | 1.65% to 1.90% | 0.23% to 0.23% | 10.10% to 10.37% |
| &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; 2024 | 8507 | $27.597587 to $29.325096 | $248090 | 1.65% to 1.90% | 0.39% to 0.39% | 17.60% to 17.89% |
| &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; 2023 | 8524 | $23.467965 to $24.874482 | $210881 | 1.65% to 1.90% | 0.32% to 0.32% | 20.47% to 20.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9197 | $19.480476 to $20.596416 | $188522 | 1.65% to 1.90% | 0.08% to 0.08% | (19.05)% to (18.84)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11370 | $24.064077 to $25.378935 | $286448 | 1.65% to 1.90% | 0.28% to 0.28% | 22.69% to 23.00% |
|  AB VPS Sustainable Global Thematic Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2566 | $24.726802 to $26.237285 | $64537 | 1.65% to 1.90% | —% to —% | 4.02% to 4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3492 | $23.771399 to $25.160481 | $85289 | 1.65% to 1.90% | —% to —% | 3.95% to 4.21% |
| &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; 2023 | 2854 | $22.868463 to $24.144096 | $66553 | 1.65% to 1.90% | 0.03% to 0.03% | 13.51% to 13.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3119 | $20.146110 to $21.216728 | $64210 | 1.65% to 1.90% | —% to —% | (28.55)% to (28.37)% |
| &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; 2021 | 4968 | $28.195088 to $29.619152 | $144517 | 1.65% to 1.90% | —% to —% | 20.25% to 20.55% |
|  Davis Real Estate Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1043 | $19.391233 to $19.391233 | $20223 | 1.65% to 1.65% | 2.40% to 2.40% | (7.27)% to (7.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1453 | $20.910453 to $20.910453 | $30391 | 1.65% to 1.65% | 1.94% to 1.94% | 3.18% to 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1828 | $20.265170 to $20.265170 | $37050 | 1.65% to 1.65% | 2.40% to 2.40% | 8.83% to 8.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2144 | $18.620621 to $18.620621 | $39914 | 1.65% to 1.65% | 1.68% to 1.68% | (28.01)% to (28.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2252 | $25.865298 to $25.865298 | $58251 | 1.65% to 1.65% | 1.19% to 1.19% | 39.65% to 39.65% |
|  Gabelli Capital Asset Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $29.408773 to $29.408773 | $— | 1.65% to 1.65% | 0.10% to 0.10% | (4.29)% to (4.29)% |
| &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; 2024 | 770 | $30.727933 to $30.727933 | $23675 | 1.65% to 1.65% | 0.67% to 0.67% | 9.46% to 9.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 762 | $28.071177 to $28.071177 | $21396 | 1.65% to 1.65% | 0.53% to 0.53% | 10.01% to 10.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 404 | $25.516161 to $25.516161 | $10308 | 1.65% to 1.65% | 0.44% to 0.44% | (14.36)% to (14.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 404 | $29.793935 to $29.793935 | $12045 | 1.65% to 1.65% | 0.45% to 0.45% | 18.50% to 18.50% |
|  Guardian All Cap Core VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 142080 | $12.937525 to $13.074395 | $1855163 | 1.65% to 1.90% | —% to —% | 10.13% to 10.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 153054 | $11.747899 to $11.842520 | $1810435 | 1.65% to 1.90% | —% to —% | 17.82% to 18.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 172755 | $9.971269 to $10.026396 | $1730813 | 1.65% to 1.90% | —% to —% | 20.61% to 20.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 210362 | $8.267670 to $8.292602 | $1743636 | 1.65% to 1.90% | —% to —% | (19.11)% to (18.90)% |
| &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; 2021¨ | 200131 | $10.220336 to $10.225518 | $2046322 | 1.65% to 1.90% | —% to —% | 2.20% to 2.26% |
|  Guardian Balanced Allocation VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 121694 | $13.232462 to $13.478958 | $1638541 | 1.65% to 2.15% | —% to —% | 10.51% to 11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 130711 | $11.973946 to $12.136125 | $1585057 | 1.65% to 2.15% | —% to —% | 11.37% to 11.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 157738 | $10.751282 to $10.842356 | $1709452 | 1.65% to 2.15% | —% to —% | 15.35% to 15.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 186339 | $9.320943 to $9.352959 | $1742524 | 1.65% to 2.15% | —% to —% | (6.79)% to (6.47)% |
|  Guardian Core Fixed Income VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 150061 | $10.223527 to $10.318327 | $1547010 | 1.65% to 1.90% | —% to —% | 4.59% to 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 167162 | $9.774804 to $9.840792 | $1643918 | 1.65% to 1.90% | —% to —% | (0.45)% to (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 172915 | $9.818669 to $9.860168 | $1704241 | 1.65% to 1.90% | —% to —% | 3.52% to 3.78% |
| &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; 2022¨ | 203537 | $9.484997 to $9.501279 | $1933474 | 1.65% to 1.90% | —% to —% | (5.15)% to (4.99)% |
|  Guardian Equity Income VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 424144 | $12.853811 to $13.093250 | $5548231 | 1.65% to 2.15% | —% to —% | 12.30% to 12.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 229706 | $11.445509 to $11.600526 | $2662397 | 1.65% to 2.15% | —% to —% | 7.71% to 8.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 277034 | $10.625924 to $10.715922 | $2967231 | 1.65% to 2.15% | —% to —% | 5.11% to 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 343543 | $10.109227 to $10.143955 | $3484058 | 1.65% to 2.15% | —% to —% | 1.09% to 1.44% |
|  Guardian Integrated Research VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 146320 | $13.884551 to $14.031500 | $2052316 | 1.65% to 1.90% | —% to —% | 12.48% to 12.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 158810 | $12.344304 to $12.443799 | $1975060 | 1.65% to 1.90% | —% to —% | 23.46% to 23.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 177600 | $9.998305 to $10.053631 | $1784740 | 1.65% to 1.90% | —% to —% | 21.95% to 22.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 207154 | $8.198548 to $8.223308 | $1702935 | 1.65% to 1.90% | —% to —% | (22.63)% to (22.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 44068 | $10.596365 to $10.601742 | $467198 | 1.65% to 1.90% | —% to —% | 5.96% to 6.02% |

---

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

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income Ratio<br>Lowest to Highest\*\*** | **Total Return<br>Ratio<br>Lowest to Highest\*\*\*** |
|  Guardian Large Cap Disciplined Growth VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 115876 | $13.813697 to $14.107606 | $1631633 | 1.65% to 2.15% | —% to —% | 14.49% to 15.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 122327 | $12.065679 to $12.260905 | $1497849 | 1.65% to 2.15% | —% to —% | 26.04% to 26.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 117567 | $9.572754 to $9.678960 | $1136830 | 1.65% to 2.15% | —% to —% | 38.85% to 39.55% |
| &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; 2022 | 142738 | $6.894225 to $6.935917 | $989533 | 1.65% to 2.15% | —% to —% | (32.98)% to (32.64)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 135654 | $10.286130 to $10.296580 | $1396709 | 1.65% to 2.15% | —% to —% | 2.86% to 2.97% |
|  Guardian Mid Cap Relative Value VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3639 | $11.991053 to $11.991053 | $43630 | 1.65% to 1.65% | —% to —% | 3.87% to 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3639 | $11.544192 to $11.544192 | $42010 | 1.65% to 1.65% | —% to —% | 9.80% to 9.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5104 | $10.514285 to $10.514285 | $53669 | 1.65% to 1.65% | —% to —% | 7.31% to 7.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 5107 | $9.797605 to $9.797605 | $50034 | 1.65% to 1.65% | —% to —% | (2.02)% to (2.02)% |
|  Guardian Small Cap Value Diversified VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47994 | $10.680500 to $10.879529 | $521473 | 1.65% to 2.15% | —% to —% | 4.38% to 4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 50547 | $10.232134 to $10.370767 | $523737 | 1.65% to 2.15% | —% to —% | 5.26% to 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 54548 | $9.720601 to $9.802960 | $534447 | 1.65% to 2.15% | —% to —% | 14.45% to 15.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 56917 | $8.493368 to $8.522562 | $484983 | 1.65% to 2.15% | —% to —% | (15.07)% to (14.77)% |
|  Guardian Short Duration Bond VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37955 | $10.456565 to $10.553521 | $400349 | 1.65% to 1.90% | —% to —% | 3.36% to 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 42489 | $10.116819 to $10.185093 | $432637 | 1.65% to 1.90% | —% to —% | 2.73% to 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 45671 | $9.847737 to $9.889350 | $451475 | 1.65% to 1.90% | —% to —% | 2.12% to 2.38% |
| &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; 2022¨ | 48859 | $9.642927 to $9.659475 | $471876 | 1.65% to 1.90% | —% to —% | (3.57)% to (3.41)% |
|  Guardian Strategic Large Cap Core VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 61515 | $13.623971 to $13.913789 | $855645 | 1.65% to 2.15% | —% to —% | 9.37% to 9.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 71522 | $12.456527 to $12.658027 | $904705 | 1.65% to 2.15% | —% to —% | 17.16% to 17.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 68250 | $10.631619 to $10.749513 | $733184 | 1.65% to 2.15% | —% to —% | 17.58% to 18.17% |
| &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; 2022 | 81880 | $9.041805 to $9.096429 | $744594 | 1.65% to 2.15% | —% to —% | (12.00)% to (11.56)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 95381 | $10.274894 to $10.285325 | $980963 | 1.65% to 2.15% | —% to —% | 2.75% to 2.85% |
|  Guardian Select Mid Cap Core VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 156433 | $11.395774 to $11.638215 | $1816329 | 1.65% to 2.15% | —% to —% | 7.99% to 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 177238 | $10.552960 to $10.723675 | $1897261 | 1.65% to 2.15% | —% to —% | 10.02% to 10.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 209557 | $9.592233 to $9.698599 | $2029841 | 1.65% to 2.15% | —% to —% | 13.81% to 14.39% |
| &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; 2022 | 232998 | $8.427937 to $8.478855 | $1974184 | 1.65% to 2.15% | —% to —% | (16.02)% to (15.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 186249 | $10.035924 to $10.046116 | $1870897 | 1.65% to 2.15% | —% to —% | 0.36% to 0.46% |
|  Guardian Small-Mid Cap Core VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1563 | $9.726356 to $9.726356 | $15200 | 1.65% to 1.65% | —% to —% | (0.11)% to (0.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1975 | $9.737528 to $9.737528 | $19229 | 1.65% to 1.65% | —% to —% | 4.56% to 4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2199 | $9.312949 to $9.312949 | $20480 | 1.65% to 1.65% | —% to —% | 14.06% to 14.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2221 | $8.165170 to $8.165170 | $18131 | 1.65% to 1.65% | —% to —% | (18.80)% to (18.80)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 2450 | $10.056088 to $10.056088 | $24641 | 1.65% to 1.65% | —% to —% | 0.56% to 0.56% |
|  Guardian Total Return Bond VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 73441 | $8.855173 to $9.043571 | $663426 | 1.65% to 2.15% | —% to —% | 4.58% to 5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 79861 | $8.467110 to $8.604079 | $686524 | 1.65% to 2.15% | —% to —% | (0.38)% to 0.12% |
| &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; 2023 | 91540 | $8.499547 to $8.593800 | $786242 | 1.65% to 2.15% | —% to —% | 2.88% to 3.39% |
| &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; 2022 | 148434 | $8.262012 to $8.311928 | $1233528 | 1.65% to 2.15% | —% to —% | (17.17)% to (16.76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 110690 | $9.975082 to $9.985206 | $1105217 | 1.65% to 2.15% | —% to —% | (0.25)% to (0.15)% |
|  Guardian U.S. Government/Credit VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12546 | $9.504677 to $9.605272 | $120196 | 1.65% to 1.90% | —% to —% | 4.70% to 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13120 | $9.077971 to $9.151127 | $119836 | 1.65% to 1.90% | —% to —% | (0.20)% to 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14153 | $9.095820 to $9.146141 | $129293 | 1.65% to 1.90% | —% to —% | 2.06% to 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 15332 | $8.911802 to $8.938702 | $136964 | 1.65% to 1.90% | —% to —% | (10.01)% to (9.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 24616 | $9.903468 to $9.908500 | $243893 | 1.65% to 1.90% | —% to —% | (0.97)% to (0.92)% |
|  Victory 500 Index VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $42.273769 to $45.010028 | $— | 1.65% to 1.90% | 1.14% to 1.19% | 9.20% to 9.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 89906 | $38.712226 to $41.135250 | $3637609 | 1.65% to 1.90% | 1.33% to 1.40% | 22.59% to 22.90% |
| &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; 2023 | 92861 | $31.579016 to $33.471484 | $3060379 | 1.65% to 1.90% | 1.36% to 1.36% | 24.54% to 24.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 97363 | $25.356756 to $26.809167 | $2572448 | 1.65% to 1.90% | 1.22% to 1.22% | (20.88)% to (20.68)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 103877 | $30.389134 to $33.800546 | $3461263 | 1.65% to 2.15% | 1.30% to 1.30% | 24.71% to 25.33% |

---

**B-41**

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit**<br> **Fair Value**<br> **Lowest to Highest #** | **Net Assets** | **Expense Ratio<br>Lowest to Highest\*** | **Investment**<br> **Income Ratio<br>Lowest to Highest\*\*** | **Total Return<br>Ratio<br>Lowest to Highest\*\*\*** |
|  Victory High Yield VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $25.277388 to $26.913583 | $— | 1.65% to 1.90% | 8.07% to 9.32% | 4.78% to 4.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 42459 | $24.124388 to $25.634400 | $1081035 | 1.65% to 1.90% | 9.23% to 9.25% | 6.36% to 6.63% |
| &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; 2023 | 46574 | $22.681280 to $24.040554 | $1112980 | 1.65% to 1.90% | 7.86% to 7.86% | 9.30% to 9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 51371 | $20.750490 to $21.939077 | $1120666 | 1.65% to 1.90% | 6.74% to 6.74% | (15.19)% to (14.98)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 54652 | $24.467009 to $25.803761 | $1403025 | 1.65% to 1.90% | 5.59% to 5.59% | 3.85% to 4.11% |
|  Victory RS International VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $22.609065 to $24.072875 | $— | 1.65% to 1.90% | 2.34% to 2.36% | 19.30% to 19.54% |
| &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; 2024 | 43823 | $18.951606 to $20.138150 | $870110 | 1.65% to 1.90% | 2.95% to 3.00% | 3.50% to 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 43335 | $18.310893 to $19.408531 | $829430 | 1.65% to 1.90% | 2.72% to 2.72% | 17.75% to 18.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 47352 | $15.550626 to $16.441621 | $767681 | 1.65% to 1.90% | 2.53% to 2.53% | (17.41)% to (17.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 55381 | $17.852616 to $19.857029 | $1085688 | 1.65% to 2.15% | 1.91% to 1.91% | 11.92% to 12.48% |
|  Victory RS Large Cap Alpha VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $23.528478 to $25.024271 | $— | 1.65% to 1.90% | 1.50% to 1.58% | (3.27)% to (3.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 103338 | $24.323916 to $25.846683 | $2653643 | 1.65% to 1.90% | 1.25% to 1.31% | 19.23% to 19.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 116886 | $20.400298 to $21.623104 | $2512031 | 1.65% to 1.90% | 1.16% to 1.16% | 11.54% to 11.82% |
| &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; 2022 | 155795 | $18.290155 to $19.338025 | $2995003 | 1.65% to 1.90% | 1.54% to 1.54% | (6.15)% to (5.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 157397 | $19.487718 to $20.552662 | $3215747 | 1.65% to 1.90% | 1.14% to 1.14% | 21.15% to 21.46% |
|  Victory RS Small Cap Growth Equity VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $29.975976 to $33.982766 | $— | 1.65% to 2.15% | 0.50% to 0.51% | (5.58)% to (5.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22772 | $31.747420 to $35.846570 | $807344 | 1.65% to 2.15% | —% to —% | 9.42% to 9.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 25179 | $29.013594 to $32.595703 | $812634 | 1.65% to 2.15% | —% to —% | 17.83% to 18.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45097 | $24.623342 to $27.525329 | $1234320 | 1.65% to 2.15% | —% to —% | (37.72)% to (37.41)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 42803 | $39.538019 to $43.976748 | $1866693 | 1.65% to 2.15% | —% to —% | (12.35)% to (11.91)% |
|  Victory Sophus Emerging Markets VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $38.031010 to $40.492772 | $— | 1.65% to 1.90% | 1.44% to 1.46% | 11.73% to 11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11439 | $34.039124 to $36.169759 | $408659 | 1.65% to 1.90% | 2.27% to 2.69% | 3.24% to 3.50% |
| &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; 2023 | 12564 | $32.971403 to $34.947385 | $433657 | 1.65% to 1.90% | 3.15% to 3.15% | 8.93% to 9.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13539 | $30.268081 to $32.001851 | $428486 | 1.65% to 1.90% | 0.77% to 0.77% | (23.93)% to (23.74)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14349 | $39.791478 to $41.965484 | $596190 | 1.65% to 1.90% | 0.86% to 0.86% | (6.23)% to (5.99)% |
|  LVIP American Century Capital Appreciation Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14106 | $36.232145 to $38.596849 | $540785 | 1.65% to 1.90% | —% to —% | 4.70% to 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 17079 | $34.606107 to $36.772559 | $621476 | 1.65% to 1.90% | —% to —% | 22.61% to 22.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 18148 | $28.224588 to $29.916379 | $537690 | 1.65% to 1.90% | —% to —% | 18.41% to 18.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21276 | $23.837276 to $25.202938 | $530382 | 1.65% to 1.90% | —% to —% | (29.47)% to (29.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 24021 | $33.798431 to $35.645345 | $847487 | 1.65% to 1.90% | —% to —% | 9.05% to 9.33% |

---

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

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

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

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

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

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

------

The Guardian Separate Account F

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

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

---

**7. SUBSEQUENT EVENTS:** 

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

**B-43**

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

The Guardian Insurance & Annuity Company, Inc.

and the Contract Owners of The Guardian Separate Account F

***Opinions on the Financial Statements***

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Main Street Mid Cap Fund<sup>®</sup><sup>(1)</sup>

Invesco V.I. Core Equity Fund<sup>(2)</sup>

Alger Capital Appreciation Portfolio<sup>(1)</sup>

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

LVIP American Century Capital Appreciation Fund<sup>(1)</sup>

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

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

Fidelity<sup>®</sup> VIP Balanced Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio<sup>(1)</sup>

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

Franklin Rising Dividends VIP Fund<sup>(1)</sup>

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

MFS<sup>®</sup> Core Equity Portfolio<sup>(1)</sup>

MFS<sup>®</sup> Investors Trust Series<sup>(2)</sup>

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

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

Guardian Mid Cap Relative Value VIP Fund<sup>(1)</sup>

Guardian Total Return Bond VIP Fund<sup>(1)</sup>

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

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

Guardian Small-Mid Cap Core VIP Fund<sup>(1)</sup>

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

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

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

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

Guardian Small Cap Value Diversified VIP Fund<sup>(1)</sup>

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

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

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

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

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

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

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

------

***Basis for Opinions***

These financial statements are the responsibility of The Guardian Insurance & Annuity Company, Inc.'s management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of The Guardian Separate Account F based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of The Guardian Separate Account F 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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

/s/ PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

We have served as the auditor of one or more of the sub-accounts of The Guardian Separate Account F since 2000.

**B-45**