# EDGAR Filing Document

**Accession Number:** 0000110698
**File Stem:** 0001193125-26-194373
**Filing Date:** 2026-4
**Character Count:** 553258
**Document Hash:** d2cbc88b60d68c83a19a628df446f9c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-194373.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-194373

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HORACE MANN LIFE INSURANCE CO SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000110698

**ORGANIZATION NAME:**
- **EIN:** 370726637
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01343
- **FILM NUMBER:** 26920502

**BUSINESS ADDRESS:**
- **STREET 1:** #1 HORACE MANN PLZ
- **CITY:** SPRINGFIELD
- **STATE:** IL
- **ZIP:** 62715-0001
- **BUSINESS PHONE:** 2177892500

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 4657
- **CITY:** SPRINGFIELD
- **STATE:** IL
- **ZIP:** 62708-4657

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANN HORACE LIFE INSURANCE CO SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MANN HORACE LIFE INSURANCE CO SEPARATE ACCOUNT (Series ID: S000001088)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000002945 | 529 Individual           |  |
| C000002946 | 66-4A Group              |  |
| C000002948 | New Solutions            |  |
| C000002951 | Maximum Solutions        |  |
| C000002953 | Single Premium           |  |
| C000007663 | Maximum Solutions 55+    |  |
| C000007665 | Single Premium 55+       |  |
| C000007667 | 527 Group Annuity        |  |
| C000007668 | 565 Annuity              |  |
| C000007669 | 66-3A Individual Annuity |  |
| C000007670 | 66-2A Individual Annuity |  |

May 1, 2026

***STATEMENT OF ADDITIONAL INFORMATION*** <br>HORACE MANN LIFE INSURANCE COMPANY SEPARATE ACCOUNT <br>Individual Flexible Premium And Single Premium Variable Deferred Annuity <br>Contracts <br>Horace Mann Life Insurance Company

This Statement of Additional Information is not a prospectus, and should be read in conjunction with the prospectuses for flexible premium variable annuity Contracts dated May 1, 2026. Copies of the prospectuses for the Contracts may be obtained by writing to Horace Mann Life Insurance Company, P.O. Box 4657, Springfield, Illinois 62708-4657, by sending a telefacsimile (FAX) transmission to (877) 832-3785, or by telephoning toll-free (800) 999-1030. The prospectuses for the Contracts set forth information that a prospective investor should know before investing in a Contract. Capitalized terms that are used, but not defined, in this Statement of Additional Information have the same meanings as in the prospectuses for the Contracts.

May 1, 2026

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**General Information and History**

Horace Mann Life Insurance Company ("HMLIC") sponsors the Horace Mann Life Insurance Company Separate Account (the "Separate Account"). HMLIC established the Separate Account under Illinois law on October 9, 1965. HMLIC is a wholly-owned subsidiary of Educators Life Insurance Company of America, which engages in the business of insurance. HMLIC is an indirect, wholly-owned subsidiary of Horace Mann Educators Corporation ("HMEC"), a publicly-held insurance holding company traded on the New York Stock Exchange.

**Underwriter**

HMLIC offers and sells the Contracts on a continuous basis through its licensed life insurance sales personnel who are also registered representatives of Horace Mann Investors, Inc. ("HM Investors"), a broker/dealer registered with the Securities and Exchange Commission and a member of FINRA. HM Investors serves as principal underwriter of the Separate Account. HM Investors is located at 1 Horace Mann Plaza, Springfield, Illinois 62715-0001. HM Investors is an affiliate of HMLIC and a wholly-owned subsidiary of HMEC.

HMLIC contracts with HM Investors to distribute the variable Contracts of HMLIC. The Contracts also may be offered and sold through independent agents and other, unaffiliated broker-dealers that have entered into selling agreements with HMLIC and HM Investors. (HM Investors and such unaffiliated broker-dealers shall be referred to herein collectively as "selling firms."). HM Investors passes through any commissions it receives for sales of the Contracts to its registered representatives and to other selling firms for their sales of the Contracts. The amount of the commissions was $9,860,501, $8,604,755 and $7,319,821 at December 31, 2025, 2024 and 2023.

**Non-Principal Risks**

There are no non-principal risks at this time.

**Separate Account Pricing Agreement**

Effective April 15, 2005 HMLIC entered into an agreement with State Street Bank and Trust Company ("State Street"), a national banking association located at 801 Pennsylvania; Avenue, Kansas City, MO 64105, to calculate the daily Accumulation Unit Value for each Subaccount and to maintain certain required accounting records. For these services HMLIC paid State Street $420,190.38, $424,409.00, and $434,932.02 in 2023, 2024 and 2025.

**Independent Registered Public Accounting Firm**

The statement of net assets of each of the sub-accounts comprising the Horace Mann Life Insurance Company Separate Account as of December 31, 2025, and the related statement of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, and the related statutory statements of admitted assets, liabilities and capital and surplus of Horace Mann Life Insurance Company as of December 31, 2025 and 2024, and the related statutory statements of operations, capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes and schedules I, III, and IV, included herein have been audited by KPMG LLP, independent registered public accounting firm, as set forth in their respective reports thereon included herein, and are included in reliance upon such reports given upon the authority of such firm as experts in accounting and auditing. The principal business address of KPMG LLP is 191 West Nationwide Blvd., Columbus, Ohio 43215.

The audit report covering the December 31, 2025 financial statements of Horace Mann Life Insurance Company contains an explanatory paragraph that states that Horace Mann Life Insurance Company prepared the statutory financial statements using statutory accounting practices prescribed or permitted by the Illinois Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report states that the statutory financial statements are not presented fairly in conformity with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in conformity with statutory accounting practices prescribed or permitted by the Illinois Department of Insurance.

------

**Financial Statements**

Audited financial statements of HMLIC and of the Separate Account are included herein. The financial statements for HMLIC should be considered only as bearing upon the ability of HMLIC to meet its obligations under the Contracts.

------

![](g342305kpmglogo.jpg)

KPMG LLP <br>Suite 500 <br>191 West Nationwide Blvd. <br>Columbus, OH 43215-2568

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of Horace Mann Life Insurance Company and Contract Owners of Horace Mann Life Insurance Company Separate Account:

*Opinion on the Financial Statements*

We have audited the accompanying statement of net assets of the sub-accounts listed in the Appendix that comprise the Horace Mann Life Insurance Company Separate Account (the Separate Account) as of December 31, 2025, the related statement of operations for the year or period then ended, statements of changes in net assets for each of the years or periods in the two-year period then ended, and the related notes (collectively, the financial statements) including the financial highlights in Note 6 for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each sub-account as of December 31, 2025, the results of its operations for the year or period listed in the Appendix, changes in its net assets for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights 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 and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Separate Account's auditor since 1989.

Columbus, Ohio <br>April 9, 2026 <br>

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of <br>the KPMG global organization of independent member firms affiliated with KPMG <br> International Limited, a private English company limited by guarantee.

------

**Appendix**

Statement of net assets as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 <br>ALLSPRING VT DISCOVERY SMID CAP GROWTH FUND <br>AMERICAN FUNDS IS GOVERNMENT SECURITIES CLASS 1 <br>AMERICAN FUNDS IS GROWTH FUND CLASS 4 <br>AMERICAN FUNDS IS INTERNATIONAL GROWTH & INCOME FUND CLASS 1 <br>AMERICAN FUNDS IS MANAGED RISK ALLOCATION FUND CLASS P2 <br>AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 <br>AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 <br>AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTOR FUND CLASS 1 <br>AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTORS FUND CLASS 4 <br>BLACKROCK HIGH YIELD V.I. FUND CLASS I <br>BLACKROCK HIGH YIELD V.I. FUND CLASS III <br>BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO SERVICE SHARES <br>CALVERT S&P MIDCAP 400 INDEX PORTFOLIO CLASS F <br>CALVERT VP SRI BALANCED PORTFOLIO CLASS I <br>CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO CLASS I <br>DIMENSIONAL VA U.S. TARGETED VALUE PORTFOLIO <br>FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 <br>FIDELITY VIP FREEDOM INCOME PORTFOLIO INITIAL CLASS <br>FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 <br>FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 <br>FIDELITY VIP INDEX 500 PORTFOLIO SC2 <br>FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO INITIAL CLASS <br>FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO SC2 <br>FIDELITY VIP OVERSEAS PORTFOLIO SC2 <br>FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 <br>GOLDMAN SACHS GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES <br>JANUS HENDERSON VIT ENTERPRISE PORTFOLIO INSTIUTIONAL SHARES <br>JPMORGAN SMALL CAP VALUE FUND CLASS A <br>LORD ABBETT SERIES FUND DEVELOPING GROWTH PORTFOLIO VC SHARES <br>LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS 1 <br>MFS BLENDED RESEARCH SMALL CAP EQUITY PORTFOLIO INITIAL CLASS <br>MFS VIT II INTERNATIONAL GROWTH SC <br>MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS <br>MFS VIT MID CAP VALUE PORTFOLIO SC <br>MFS VIT NEW DISCOVERY SERIES INITIAL CLASS <br>

------

PUTNAM VT SUSTAINABLE LEADERS FUND IA SHARES <br>T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO INVESTOR CLASS <br>T. ROWE PRICE EMERGING MARKETS STOCK FUND INVESTOR CLASS <br>T. ROWE PRICE EQUITY INCOME FUND INVESTOR CLASS <br>T. ROWE PRICE GLOBAL REAL ESTATE FUND INVESTOR CLASS <br>T. ROWE PRICE GROWTH STOCK FUND INVESTOR CLASS <br>T. ROWE PRICE INTERNATIONAL BOND FUND INVESTOR CLASS <br>T. ROWE PRICE NEW HORIZONS FUND INVESTOR CLASS <br>T. ROWE PRICE NEW INCOME FUND INVESTOR CLASS <br>T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR CLASS <br>T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR CLASS <br>T. ROWE PRICE SPECTRUM INCOME FUND INVESTOR CLASS <br>TEMPLETON GLOBAL BOND VIP FUND CLASS 1 <br>TEMPLETON GLOBAL BOND VIP FUND CLASS 4 <br>VANGUARD 500 INDEX FUND ADMIRAL SHARES <br>VANGUARD DEVELOPED MARKETS INDEX FUND ADMIRAL SHARES <br>VANGUARD EMERGING MARKETS STOCK INDEX FUND ADMIRAL SHARES <br>VANGUARD EXTENDED MARKET INDEX FUND ADMIRAL SHARES <br>VANGUARD FEDERAL MONEY MARKET FUND <br>VANGUARD HIGH-YIELD CORPORATE FUND ADMIRAL SHARES <br>VANGUARD MID-CAP GROWTH INDEX FUND <br>VANGUARD REIT INDEX FUND ADMIRAL SHARES <br>VANGUARD SELECTED VALUE FUND INVESTOR SHARES <br>VANGUARD SMALL-CAP INDEX FUND ADMIRAL SHARES <br>VANGUARD TARGET RETIREMENT 2020 FUND <br>VANGUARD TARGET RETIREMENT 2025 FUND <br>VANGUARD TARGET RETIREMENT 2030 FUND <br>VANGUARD TARGET RETIREMENT 2035 FUND <br>VANGUARD TARGET RETIREMENT 2040 FUND <br>VANGUARD TARGET RETIREMENT 2045 FUND <br>VANGUARD TARGET RETIREMENT 2050 FUND <br>VANGUARD TARGET RETIREMENT 2055 FUND <br>VANGUARD TARGET RETIREMENT 2060 FUND <br>VANGUARD TARGET RETIREMENT INCOME FUND <br>VANGUARD TOTAL BOND MARKET INDEX FUND <br>VANGUARD VIF EQUITY INDEX PORTFOLIO <br>VANGUARD VIF GLOBAL BOND INDEX <br>VANGUARD VIF INTERNATIONAL PORTFOLIO <br>VANGUARD VIF MID-CAP INDEX PORTFOLIO <br>VANGUARD VIF REIT INDEX PORTFOLIO <br>VANGUARD VIF SHORT TERM INVESTMENT GRADE BOND <br>VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO <br>VANGUARD VIF TOTAL BOND MARKET INDEX PORTFOLIO <br>WILSHIRE VIT GLOBAL ALLOCATION FUND

Statement of net assets as of December 31, 2025, and the related statement of operations and changes in net assets for the period from May 1, 2025 (inception) to December 31, 2025.

NEUBERGER GENESIS FUND ADVISOR CLASS <br>JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL I <br>JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL S

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**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $265244 | &nbsp;&nbsp; $35318902 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| **TOTAL ASSETS** | $265244 | &nbsp;&nbsp; $35318902 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $265244 | &nbsp;&nbsp; $35128557 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $190345 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $265244 | &nbsp;&nbsp; $35318902 | &nbsp;&nbsp; $6046234 | &nbsp;&nbsp; $71256270 | &nbsp;&nbsp; $9963029 | &nbsp;&nbsp; $11573052 | &nbsp;&nbsp; $1194934 | &nbsp;&nbsp; $19089085 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $230553 | &nbsp;&nbsp; $34965446 | &nbsp;&nbsp; $6092183 | &nbsp;&nbsp; $52000498 | &nbsp;&nbsp; $8047206 | &nbsp;&nbsp; $11053455 | &nbsp;&nbsp; $1016853 | &nbsp;&nbsp; $15324820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on investments<br>| $34690 | &nbsp;&nbsp; $353456 | &nbsp;&nbsp; $(45949) | &nbsp;&nbsp; $19255771 | &nbsp;&nbsp; $1915823 | &nbsp;&nbsp; $519597 | &nbsp;&nbsp; $178081 | &nbsp;&nbsp; $3764265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp; 11135 | &nbsp;&nbsp;&nbsp; 1396556 | &nbsp;&nbsp;&nbsp;&nbsp; 610731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530220 | &nbsp;&nbsp;&nbsp;&nbsp; 738549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601989 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 5019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448390 | &nbsp;&nbsp;&nbsp;&nbsp; 477269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157484 | &nbsp;&nbsp;&nbsp;&nbsp; 377118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 5019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496643 | &nbsp;&nbsp;&nbsp;&nbsp; 477269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178565 | &nbsp;&nbsp;&nbsp;&nbsp; 377118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419923 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $76.04 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $412.20 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $52.85 | &nbsp;&nbsp; $71.53 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $397.79 | &nbsp;&nbsp; $26.42 | &nbsp;&nbsp; $20.99 | &nbsp;&nbsp; $41.71 | &nbsp;&nbsp; $45.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $69.60 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $387.69 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.28 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $44.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $68.24 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $383.06 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.85 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $67.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $379.10 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.98 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $25.29 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148384104 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| **TOTAL ASSETS** | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148384104 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148264594 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $119510 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $5929441 | &nbsp;&nbsp; $36807237 | &nbsp;&nbsp; $2369728 | &nbsp;&nbsp; $2184772 | &nbsp;&nbsp; $148384104 | &nbsp;&nbsp; $286082087 | &nbsp;&nbsp; $19118516 | &nbsp;&nbsp; $2156011 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $4884482 | &nbsp;&nbsp; $29112334 | &nbsp;&nbsp; $2356197 | &nbsp;&nbsp; $2114621 | &nbsp;&nbsp; $138336433 | &nbsp;&nbsp; $247943889 | &nbsp;&nbsp; $16873770 | &nbsp;&nbsp; $2226408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $1044959 | &nbsp;&nbsp; $7694903 | &nbsp;&nbsp; $13531 | &nbsp;&nbsp; $70151 | &nbsp;&nbsp; $10047671 | &nbsp;&nbsp; $38138198 | &nbsp;&nbsp; $2244746 | &nbsp;&nbsp; $(70398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp; 326152 | &nbsp;&nbsp;&nbsp; 2097278 | &nbsp;&nbsp;&nbsp;&nbsp; 336609 | &nbsp;&nbsp;&nbsp;&nbsp; 310337 | &nbsp;&nbsp;&nbsp;&nbsp; 8238984 | &nbsp;&nbsp;&nbsp;&nbsp; 2260625 | &nbsp;&nbsp;&nbsp; 6708251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76454 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 176553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786503 | &nbsp;&nbsp;&nbsp;&nbsp; 228903 | &nbsp;&nbsp;&nbsp;&nbsp; 177505 | &nbsp;&nbsp;&nbsp;&nbsp; 2655712 | &nbsp;&nbsp;&nbsp;&nbsp; 1140926 | &nbsp;&nbsp;&nbsp; 4919076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 176553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925941 | &nbsp;&nbsp;&nbsp;&nbsp; 228903 | &nbsp;&nbsp;&nbsp;&nbsp; 214262 | &nbsp;&nbsp;&nbsp;&nbsp; 2800317 | &nbsp;&nbsp;&nbsp;&nbsp; 1192351 | &nbsp;&nbsp;&nbsp; 4919076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54393 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $41.00 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $55.68 | &nbsp;&nbsp; $251.80 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $40.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $33.58 | &nbsp;&nbsp; $39.57 | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $52.96 | &nbsp;&nbsp; $239.52 | &nbsp;&nbsp; $3.89 | &nbsp;&nbsp; $39.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $38.49 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $50.81 | &nbsp;&nbsp; $236.73 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $39.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $38.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $50.04 | &nbsp;&nbsp; $230.68 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $38.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $37.72 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $49.20 | &nbsp;&nbsp; $224.81 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $38.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| **TOTAL ASSETS** | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $1110644 | &nbsp;&nbsp; $1844537 | &nbsp;&nbsp; $858563 | &nbsp;&nbsp; $1191273 | &nbsp;&nbsp; $14701602 | &nbsp;&nbsp; $2251607 | &nbsp;&nbsp; $1630189 | &nbsp;&nbsp; $38068786 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $1110356 | &nbsp;&nbsp; $1843957 | &nbsp;&nbsp; $894743 | &nbsp;&nbsp; $1054853 | &nbsp;&nbsp; $13592583 | &nbsp;&nbsp; $2047085 | &nbsp;&nbsp; $1465934 | &nbsp;&nbsp; $32374107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) <br> on investments<br>| $287 | &nbsp;&nbsp; $580 | &nbsp;&nbsp; $(36181) | &nbsp;&nbsp; $136419 | &nbsp;&nbsp; $1109019 | &nbsp;&nbsp; $204522 | &nbsp;&nbsp; $164255 | &nbsp;&nbsp; $5694679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual <br> funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49849 | &nbsp;&nbsp;&nbsp;&nbsp; 155133 | &nbsp;&nbsp;&nbsp; 64748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861759 | &nbsp;&nbsp;&nbsp;&nbsp; 127353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54051 | &nbsp;&nbsp;&nbsp; 1277047 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73897 | &nbsp;&nbsp;&nbsp; 40451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91136 | &nbsp;&nbsp;&nbsp; 40451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888452 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $24.82 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $44.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $38.69 | &nbsp;&nbsp; $20.11 | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp; $23.21 | &nbsp;&nbsp; $24.03 | &nbsp;&nbsp; $24.44 | &nbsp;&nbsp; $41.27 | &nbsp;&nbsp; $42.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $19.86 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.50 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $18.98 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.27 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $41.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $19.20 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $41.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| **TOTAL ASSETS** | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $811712 | &nbsp;&nbsp; $1414122 | &nbsp;&nbsp; $31497457 | &nbsp;&nbsp; $268733 | &nbsp;&nbsp; $189255 | &nbsp;&nbsp; $1417264 | &nbsp;&nbsp; $15625 | &nbsp;&nbsp; $718447 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $687805 | &nbsp;&nbsp; $1200221 | &nbsp;&nbsp; $25255265 | &nbsp;&nbsp; $209345 | &nbsp;&nbsp; $149371 | &nbsp;&nbsp; $1305253 | &nbsp;&nbsp; $13877 | &nbsp;&nbsp; $672060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $123907 | &nbsp;&nbsp; $213901 | &nbsp;&nbsp; $6242192 | &nbsp;&nbsp; $59388 | &nbsp;&nbsp; $39884 | &nbsp;&nbsp; $112011 | &nbsp;&nbsp; $1748 | &nbsp;&nbsp; $46387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual <br> funds<br>| &nbsp;&nbsp;&nbsp; 27257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46093 | &nbsp;&nbsp;&nbsp; 1037807 | &nbsp;&nbsp;&nbsp;&nbsp; 9709 | &nbsp;&nbsp;&nbsp; 91436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12155 | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 47485 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp; 19112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665061 | &nbsp;&nbsp;&nbsp;&nbsp; 6919 | &nbsp;&nbsp;&nbsp;&nbsp; 9874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp; 37983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp; 19112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701729 | &nbsp;&nbsp;&nbsp;&nbsp; 6919 | &nbsp;&nbsp;&nbsp;&nbsp; 9924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp; 38223 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided <br> by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.31 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.71 | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $42.47 | &nbsp;&nbsp; $42.91 | &nbsp;&nbsp; $44.82 | &nbsp;&nbsp; $38.84 | &nbsp;&nbsp; $19.07 | &nbsp;&nbsp; $18.88 | &nbsp;&nbsp; $19.18 | &nbsp;&nbsp; $18.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $44.57 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.55 | &nbsp;&nbsp; $18.51 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.00 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp; $18.25 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.02 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX**<br> **500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777554711 | &nbsp;&nbsp; $6487123 |
| **TOTAL ASSETS** | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777554711 | &nbsp;&nbsp; $6487123 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777402667 | &nbsp;&nbsp; $6487123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $152044 | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $1167608 | &nbsp;&nbsp; $3791686 | &nbsp;&nbsp; $11969525 | &nbsp;&nbsp; $50460116 | &nbsp;&nbsp; $47165617 | &nbsp;&nbsp; $32900685 | &nbsp;&nbsp; $777554711 | &nbsp;&nbsp; $6487123 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $1105932 | &nbsp;&nbsp; $3677074 | &nbsp;&nbsp; $10669201 | &nbsp;&nbsp; $43595248 | &nbsp;&nbsp; $38747028 | &nbsp;&nbsp; $25842721 | &nbsp;&nbsp; $313763666 | &nbsp;&nbsp; $6412107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on <br> investments<br>| $61676 | &nbsp;&nbsp; $114613 | &nbsp;&nbsp; $1300325 | &nbsp;&nbsp; $6864868 | &nbsp;&nbsp; $8418590 | &nbsp;&nbsp; $7057965 | &nbsp;&nbsp; $463791045 | &nbsp;&nbsp; $75015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in <br> underlying mutual funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99881 | &nbsp;&nbsp;&nbsp;&nbsp; 339453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897939 | &nbsp;&nbsp;&nbsp; 4316520 | &nbsp;&nbsp;&nbsp; 3140188 | &nbsp;&nbsp;&nbsp; 2125367 | &nbsp;&nbsp;&nbsp;&nbsp; 1195852 | &nbsp;&nbsp;&nbsp;&nbsp; 571050 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80664 | &nbsp;&nbsp;&nbsp;&nbsp; 166814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484793 | &nbsp;&nbsp;&nbsp; 2166205 | &nbsp;&nbsp;&nbsp; 1655751 | &nbsp;&nbsp;&nbsp; 1113567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892172 | &nbsp;&nbsp;&nbsp;&nbsp; 493796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80664 | &nbsp;&nbsp;&nbsp;&nbsp; 257765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573237 | &nbsp;&nbsp;&nbsp; 2372944 | &nbsp;&nbsp;&nbsp; 1872271 | &nbsp;&nbsp;&nbsp; 1169352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934524 | &nbsp;&nbsp;&nbsp;&nbsp; 493796 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net <br> assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $784.36 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $15.01 | &nbsp;&nbsp; $21.51 | &nbsp;&nbsp; $21.92 | &nbsp;&nbsp; $25.95 | &nbsp;&nbsp; $29.02 | &nbsp;&nbsp; $868.15 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $14.48 | &nbsp;&nbsp; $14.55 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp; $25.13 | &nbsp;&nbsp; $28.10 | &nbsp;&nbsp; $831.08 | &nbsp;&nbsp; $13.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp; $20.23 | &nbsp;&nbsp; $20.79 | &nbsp;&nbsp; $24.63 | &nbsp;&nbsp; $27.73 | &nbsp;&nbsp; $791.11 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $20.32 | &nbsp;&nbsp; $20.74 | &nbsp;&nbsp; $24.56 | &nbsp;&nbsp; $27.46 | &nbsp;&nbsp; $781.01 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $20.13 | &nbsp;&nbsp; $20.43 | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; $758.92 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $650.21 | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL I\***<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL S\***<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE FUND**<br> **CLASS A**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $35779546 | &nbsp;&nbsp; $72808771 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| **TOTAL ASSETS** | $35779546 | &nbsp;&nbsp; $72808771 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $35761111 | &nbsp;&nbsp; $72667221 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $18435 | &nbsp;&nbsp; $141550 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $35779546 | &nbsp;&nbsp; $72808771 | &nbsp;&nbsp; $18893998 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2577836 | &nbsp;&nbsp; $1555048 | &nbsp;&nbsp; $2015732 | &nbsp;&nbsp; $4500918 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $39522551 | &nbsp;&nbsp; $57404842 | &nbsp;&nbsp; $19266904 | &nbsp;&nbsp; $33301961 | &nbsp;&nbsp; $2497485 | &nbsp;&nbsp; $1507204 | &nbsp;&nbsp; $1948610 | &nbsp;&nbsp; $4559062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on investments<br>| $(3743005) | &nbsp;&nbsp; $15403929 | &nbsp;&nbsp; $(372906) | &nbsp;&nbsp; $– | &nbsp;&nbsp; $80351 | &nbsp;&nbsp; $47844 | &nbsp;&nbsp; $67122 | &nbsp;&nbsp; $(58144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp; 3261583 | &nbsp;&nbsp;&nbsp; 2684689 | &nbsp;&nbsp;&nbsp; 1084615 | &nbsp;&nbsp; 33301961 | &nbsp;&nbsp;&nbsp;&nbsp; 107679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24117 | &nbsp;&nbsp;&nbsp;&nbsp; 178963 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65263 | &nbsp;&nbsp;&nbsp; 3550816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp; 1354036 | &nbsp;&nbsp;&nbsp; 1381320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678764 | &nbsp;&nbsp; 26690772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp; 1524347 | &nbsp;&nbsp;&nbsp; 1459965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753058 | &nbsp;&nbsp; 30406254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92774 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $25.17 | &nbsp;&nbsp; $53.76 | &nbsp;&nbsp; $25.84 | &nbsp;&nbsp; $1.13 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.28 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $49.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $23.42 | &nbsp;&nbsp; $49.86 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $1.09 | &nbsp;&nbsp; $26.21 | &nbsp;&nbsp; $26.21 | &nbsp;&nbsp; $143.94 | &nbsp;&nbsp; $48.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $17.44 | &nbsp;&nbsp; $42.94 | &nbsp;&nbsp; $24.27 | &nbsp;&nbsp; $1.11 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $47.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $17.10 | &nbsp;&nbsp; $42.13 | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $16.77 | &nbsp;&nbsp; $41.27 | &nbsp;&nbsp; $24.05 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $46.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $10.97 | &nbsp;&nbsp; $27.12 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>| **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **NEUBERGER** <br> **GENESIS** <br> **FUND ADVISOR** <br> **CLASS\***<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| **TOTAL ASSETS** | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $7622521 | &nbsp;&nbsp; $60530037 | &nbsp;&nbsp; $1142102 | &nbsp;&nbsp; $3748859 | &nbsp;&nbsp; $614419 | &nbsp;&nbsp; $6025035 | &nbsp;&nbsp; $4860041 | &nbsp;&nbsp; $450224 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $7504402 | &nbsp;&nbsp; $41333645 | &nbsp;&nbsp; $1150426 | &nbsp;&nbsp; $3168624 | &nbsp;&nbsp; $606692 | &nbsp;&nbsp; $5581928 | &nbsp;&nbsp; $4117897 | &nbsp;&nbsp; $514429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on investments<br>| $118119 | &nbsp;&nbsp; $19196391 | &nbsp;&nbsp; $(8325) | &nbsp;&nbsp; $580235 | &nbsp;&nbsp; $7727 | &nbsp;&nbsp; $443107 | &nbsp;&nbsp; $742144 | &nbsp;&nbsp; $(64205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; 228014 | &nbsp;&nbsp;&nbsp; 1226099 | &nbsp;&nbsp;&nbsp;&nbsp; 116899 | &nbsp;&nbsp;&nbsp;&nbsp; 213003 | &nbsp;&nbsp;&nbsp; 60773 | &nbsp;&nbsp;&nbsp;&nbsp; 606751 | &nbsp;&nbsp;&nbsp;&nbsp; 311541 | &nbsp;&nbsp;&nbsp;&nbsp; 8678 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 111986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 | &nbsp;&nbsp;&nbsp;&nbsp; 140185 | &nbsp;&nbsp;&nbsp; 37062 | &nbsp;&nbsp;&nbsp;&nbsp; 258961 | &nbsp;&nbsp;&nbsp;&nbsp; 178586 | &nbsp;&nbsp;&nbsp;&nbsp; 7527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 127618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 | &nbsp;&nbsp;&nbsp;&nbsp; 157526 | &nbsp;&nbsp;&nbsp; 37062 | &nbsp;&nbsp;&nbsp;&nbsp; 287046 | &nbsp;&nbsp;&nbsp;&nbsp; 178586 | &nbsp;&nbsp;&nbsp;&nbsp; 7527 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets <br> divided by units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $61.94 | &nbsp;&nbsp; $97.55 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $21.62 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $59.60 | &nbsp;&nbsp; $92.86 | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp; $23.75 | &nbsp;&nbsp; $16.58 | &nbsp;&nbsp; $20.94 | &nbsp;&nbsp; $27.21 | &nbsp;&nbsp; $59.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $58.29 | &nbsp;&nbsp; $91.54 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.77 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.00 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $57.43 | &nbsp;&nbsp; $90.40 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.30 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $56.67 | &nbsp;&nbsp; $89.24 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $23.17 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.15 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EQUITY INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| **TOTAL ASSETS** | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $14350494 | &nbsp;&nbsp; $6234568 | &nbsp;&nbsp; $4901215 | &nbsp;&nbsp; $41957922 | &nbsp;&nbsp; $2181078 | &nbsp;&nbsp; $69593580 | &nbsp;&nbsp; $1248510 | &nbsp;&nbsp; $15888651 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $12574599 | &nbsp;&nbsp; $4733230 | &nbsp;&nbsp; $4498473 | &nbsp;&nbsp; $37550684 | &nbsp;&nbsp; $2238540 | &nbsp;&nbsp; $60495318 | &nbsp;&nbsp; $1381988 | &nbsp;&nbsp; $18979940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation <br> (depreciation) on <br> investments<br>| $1775894 | &nbsp;&nbsp; $1501338 | &nbsp;&nbsp; $402742 | &nbsp;&nbsp; $4407238 | &nbsp;&nbsp; $(57463) | &nbsp;&nbsp; $9098261 | &nbsp;&nbsp; $(133477) | &nbsp;&nbsp; $(3091290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying <br> mutual funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95432 | &nbsp;&nbsp;&nbsp;&nbsp; 109721 | &nbsp;&nbsp;&nbsp; 1087274 | &nbsp;&nbsp;&nbsp;&nbsp; 124776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647141 | &nbsp;&nbsp;&nbsp;&nbsp; 172685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307265 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71239 | &nbsp;&nbsp;&nbsp;&nbsp; 106177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392652 | &nbsp;&nbsp;&nbsp;&nbsp; 158491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71239 | &nbsp;&nbsp;&nbsp;&nbsp; 106177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392652 | &nbsp;&nbsp;&nbsp;&nbsp; 158491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153069 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net <br> assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $78.57 | &nbsp;&nbsp; $87.52 | &nbsp;&nbsp; $46.16 | &nbsp;&nbsp; $65.04 | &nbsp;&nbsp; $23.47 | &nbsp;&nbsp; $177.24 | &nbsp;&nbsp; $7.88 | &nbsp;&nbsp; $103.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL**<br> **BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL**<br> **BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| **TOTAL ASSETS** | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $3599130 | &nbsp;&nbsp; $5418175 | &nbsp;&nbsp; $6728677 | &nbsp;&nbsp; $4487357 | &nbsp;&nbsp; $171033 | &nbsp;&nbsp; $3219994 | &nbsp;&nbsp; $314385750 | &nbsp;&nbsp; $32965521 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $3991121 | &nbsp;&nbsp; $4131469 | &nbsp;&nbsp; $7107325 | &nbsp;&nbsp; $4596709 | &nbsp;&nbsp; $167824 | &nbsp;&nbsp; $3401241 | &nbsp;&nbsp; $197398532 | &nbsp;&nbsp; $24456103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $(391991) | &nbsp;&nbsp; $1286706 | &nbsp;&nbsp; $(378648) | &nbsp;&nbsp; $(109352) | &nbsp;&nbsp; $3209 | &nbsp;&nbsp; $(181248) | &nbsp;&nbsp; $116987218 | &nbsp;&nbsp; $8509418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual <br> funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; 447097 | &nbsp;&nbsp;&nbsp;&nbsp; 334662 | &nbsp;&nbsp;&nbsp;&nbsp; 131291 | &nbsp;&nbsp;&nbsp;&nbsp; 393628 | &nbsp;&nbsp;&nbsp; 12217 | &nbsp;&nbsp;&nbsp;&nbsp; 239583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497572 | &nbsp;&nbsp;&nbsp; 1642527 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 373941 | &nbsp;&nbsp;&nbsp;&nbsp; 306801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84878 | &nbsp;&nbsp;&nbsp;&nbsp; 298419 | &nbsp;&nbsp;&nbsp; 11527 | &nbsp;&nbsp;&nbsp;&nbsp; 146862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480729 | &nbsp;&nbsp;&nbsp; 1394602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 373941 | &nbsp;&nbsp;&nbsp;&nbsp; 306801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84878 | &nbsp;&nbsp;&nbsp;&nbsp; 298419 | &nbsp;&nbsp;&nbsp; 11527 | &nbsp;&nbsp;&nbsp;&nbsp; 176320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480729 | &nbsp;&nbsp;&nbsp; 1394602 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by <br> units outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $19.06 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $9.62 | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $79.27 | &nbsp;&nbsp; $15.04 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $18.15 | &nbsp;&nbsp; $653.98 | &nbsp;&nbsp; $23.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $17.27 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $17.04 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>| **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| **TOTAL ASSETS** | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $11435499 | &nbsp;&nbsp; $50609233 | &nbsp;&nbsp; $21144552 | &nbsp;&nbsp; $23899502 | &nbsp;&nbsp; $15973659 | &nbsp;&nbsp; $11792432 | &nbsp;&nbsp; $17999199 | &nbsp;&nbsp; $51446020 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $9482785 | &nbsp;&nbsp; $37545468 | &nbsp;&nbsp; $21142984 | &nbsp;&nbsp; $23774437 | &nbsp;&nbsp; $17080750 | &nbsp;&nbsp; $11698523 | &nbsp;&nbsp; $18992752 | &nbsp;&nbsp; $39992311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $1952714 | &nbsp;&nbsp; $13063765 | &nbsp;&nbsp; $1568 | &nbsp;&nbsp; $125065 | &nbsp;&nbsp; $(1107091) | &nbsp;&nbsp; $93908 | &nbsp;&nbsp; $(993553) | &nbsp;&nbsp; $11453709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319060 | &nbsp;&nbsp; 21144552 | &nbsp;&nbsp;&nbsp; 4290754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416297 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317677 | &nbsp;&nbsp; 19162064 | &nbsp;&nbsp;&nbsp; 2982393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317677 | &nbsp;&nbsp; 19162064 | &nbsp;&nbsp;&nbsp; 2982393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408264 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $52.05 | &nbsp;&nbsp; $159.31 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $8.01 | &nbsp;&nbsp; $51.14 | &nbsp;&nbsp; $158.48 | &nbsp;&nbsp; $59.93 | &nbsp;&nbsp; $126.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020**<br> **FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025**<br> **FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| **TOTAL ASSETS** | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $8934116 | &nbsp;&nbsp; $31748588 | &nbsp;&nbsp; $68167203 | &nbsp;&nbsp; $72734351 | &nbsp;&nbsp; $71306191 | &nbsp;&nbsp; $54827188 | &nbsp;&nbsp; $61597016 | &nbsp;&nbsp; $13691468 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $9433480 | &nbsp;&nbsp; $30542079 | &nbsp;&nbsp; $61518054 | &nbsp;&nbsp; $62625660 | &nbsp;&nbsp; $59704774 | &nbsp;&nbsp; $43148557 | &nbsp;&nbsp; $46645350 | &nbsp;&nbsp; $10834197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $(499364) | &nbsp;&nbsp; $1206509 | &nbsp;&nbsp; $6649148 | &nbsp;&nbsp; $10108691 | &nbsp;&nbsp; $11601416 | &nbsp;&nbsp; $11678631 | &nbsp;&nbsp; $14951667 | &nbsp;&nbsp; $2857272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp; 325469 | &nbsp;&nbsp;&nbsp; 1591408 | &nbsp;&nbsp;&nbsp; 1610376 | &nbsp;&nbsp;&nbsp; 2656477 | &nbsp;&nbsp;&nbsp; 1427551 | &nbsp;&nbsp;&nbsp; 1578215 | &nbsp;&nbsp;&nbsp; 1039086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206945 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 193710 | &nbsp;&nbsp;&nbsp; 1089202 | &nbsp;&nbsp;&nbsp; 1222647 | &nbsp;&nbsp;&nbsp; 2013553 | &nbsp;&nbsp;&nbsp; 1088722 | &nbsp;&nbsp;&nbsp; 1268504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 193710 | &nbsp;&nbsp;&nbsp; 1089202 | &nbsp;&nbsp;&nbsp; 1222647 | &nbsp;&nbsp;&nbsp; 2013553 | &nbsp;&nbsp;&nbsp; 1088722 | &nbsp;&nbsp;&nbsp; 1268504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181732 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $46.12 | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp; $55.75 | &nbsp;&nbsp; $36.12 | &nbsp;&nbsp; $65.50 | &nbsp;&nbsp; $43.22 | &nbsp;&nbsp; $71.35 | &nbsp;&nbsp; $75.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>| **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| **TOTAL ASSETS** | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| **TOTAL NET ASSETS**  | $15812077 | &nbsp;&nbsp; $14450987 | &nbsp;&nbsp; $29546137 | &nbsp;&nbsp; $19011085 | &nbsp;&nbsp; $5704774 | &nbsp;&nbsp; $1962323 | &nbsp;&nbsp; $5156169 | &nbsp;&nbsp; $1571988 |
| **INVESTMENTS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $12516789 | &nbsp;&nbsp; $13757008 | &nbsp;&nbsp; $31013723 | &nbsp;&nbsp; $14546451 | &nbsp;&nbsp; $5700854 | &nbsp;&nbsp; $1815183 | &nbsp;&nbsp; $4583088 | &nbsp;&nbsp; $1638335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on <br> investments<br>| $3295288 | &nbsp;&nbsp; $693980 | &nbsp;&nbsp; $(1467586) | &nbsp;&nbsp; $4464634 | &nbsp;&nbsp; $3921 | &nbsp;&nbsp; $147140 | &nbsp;&nbsp; $573081 | &nbsp;&nbsp; $(66347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259299 | &nbsp;&nbsp;&nbsp; 1041888 | &nbsp;&nbsp;&nbsp; 3024170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231956 | &nbsp;&nbsp;&nbsp;&nbsp; 302962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68637 | &nbsp;&nbsp;&nbsp;&nbsp; 184412 | &nbsp;&nbsp;&nbsp;&nbsp; 135868 |
| Total Net Assets Represented by: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789663 | &nbsp;&nbsp;&nbsp; 2627423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178050 | &nbsp;&nbsp;&nbsp;&nbsp; 268474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42871 | &nbsp;&nbsp;&nbsp;&nbsp; 115063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789663 | &nbsp;&nbsp;&nbsp; 2627423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178050 | &nbsp;&nbsp;&nbsp;&nbsp; 277061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42871 | &nbsp;&nbsp;&nbsp;&nbsp; 115063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92143 |
| &nbsp;&nbsp;&nbsp; Accumulation Unit Value (Net assets divided by units <br> outstanding)<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $21.02 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $66.54 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $106.77 | &nbsp;&nbsp; $20.59 | &nbsp;&nbsp; $45.77 | &nbsp;&nbsp; $44.81 | &nbsp;&nbsp; $17.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.93 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Net Assets**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>| **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at market value | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $484327638 |
| **TOTAL ASSETS** | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $484327638 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active Contracts | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $482979539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payout Contracts | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $1348099 |
| **TOTAL NET ASSETS**  | $3110565 | &nbsp;&nbsp; $1194761 | &nbsp;&nbsp; $3387892 | &nbsp;&nbsp; $484327638 |
| **INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $2972671 | &nbsp;&nbsp; $1124640 | &nbsp;&nbsp; $3388196 | &nbsp;&nbsp; $428850822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments | $137894 | &nbsp;&nbsp; $70121 | &nbsp;&nbsp; $(304) | &nbsp;&nbsp; $55476816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares in underlying mutual funds | &nbsp;&nbsp;&nbsp;&nbsp; 291524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62651 | &nbsp;&nbsp;&nbsp;&nbsp; 313694 | &nbsp;&nbsp;&nbsp; 23499641 |
| Total Net Assets Represented by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of units outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | &nbsp;&nbsp;&nbsp;&nbsp; 268709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30613 | &nbsp;&nbsp;&nbsp;&nbsp; 279484 | &nbsp;&nbsp;&nbsp;&nbsp; 9416418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65410 |
| **Total Units** | &nbsp;&nbsp;&nbsp;&nbsp; 268709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30613 | &nbsp;&nbsp;&nbsp;&nbsp; 279484 | &nbsp;&nbsp;&nbsp;&nbsp; 9815685 |
| Accumulation Unit Value (Net assets divided by units outstanding) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0000 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $67.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0029 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $40.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0039 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $39.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0095 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $53.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0125 | $11.58 | &nbsp;&nbsp; $39.03 | &nbsp;&nbsp; $12.12 | &nbsp;&nbsp; $49.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0145 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $43.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0155 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&E Rate .0165 | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retired Payout | $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $20.61 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $– | &nbsp;&nbsp; $1359 | &nbsp;&nbsp; $261659 | &nbsp;&nbsp; $87736 | &nbsp;&nbsp; $232402 | &nbsp;&nbsp; $283742 | &nbsp;&nbsp; $14772 | &nbsp;&nbsp; $161814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp; 261659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87736 | &nbsp;&nbsp;&nbsp;&nbsp; 232402 | &nbsp;&nbsp;&nbsp;&nbsp; 283742 | &nbsp;&nbsp;&nbsp; 14772 | &nbsp;&nbsp;&nbsp;&nbsp; 161814 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS) ON** <br> **INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 254875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 5491473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 672778 | &nbsp;&nbsp;&nbsp; 42233 | &nbsp;&nbsp;&nbsp;&nbsp; 727729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp; (5316) | &nbsp;&nbsp; (1325899) | &nbsp;&nbsp; (111111) | &nbsp;&nbsp;&nbsp; 3826595 | &nbsp;&nbsp;&nbsp; (266965) | &nbsp;&nbsp;&nbsp;&nbsp; (17801) | &nbsp;&nbsp; (22619) | &nbsp;&nbsp;&nbsp;&nbsp; 670885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; 44847 | &nbsp;&nbsp;&nbsp; 2902102 | &nbsp;&nbsp;&nbsp; 252377 | &nbsp;&nbsp;&nbsp; 2966629 | &nbsp;&nbsp; 2159096 | &nbsp;&nbsp;&nbsp;&nbsp; 276759 | &nbsp;&nbsp; 233618 | &nbsp;&nbsp; 2783751 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 39531 | &nbsp;&nbsp;&nbsp; 1831078 | &nbsp;&nbsp;&nbsp; 141267 | &nbsp;&nbsp; 12284698 | &nbsp;&nbsp; 1892131 | &nbsp;&nbsp;&nbsp;&nbsp; 931736 | &nbsp;&nbsp; 253232 | &nbsp;&nbsp; 4182364 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp; (3099) | &nbsp;&nbsp;&nbsp;&nbsp; (433939) | &nbsp;&nbsp;&nbsp; (67136) | &nbsp;&nbsp;&nbsp;&nbsp; (828522) | &nbsp;&nbsp;&nbsp;&nbsp; (89958) | &nbsp;&nbsp;&nbsp; (131829) | &nbsp;&nbsp; (13101) | &nbsp;&nbsp;&nbsp; (215847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (3099) | &nbsp;&nbsp;&nbsp;&nbsp; (433939) | &nbsp;&nbsp;&nbsp; (67136) | &nbsp;&nbsp;&nbsp;&nbsp; (828522) | &nbsp;&nbsp;&nbsp;&nbsp; (89958) | &nbsp;&nbsp;&nbsp; (131829) | &nbsp;&nbsp; (13101) | &nbsp;&nbsp;&nbsp; (215847) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $36432 | &nbsp;&nbsp; $1398499 | &nbsp;&nbsp; $335790 | &nbsp;&nbsp; $11543912 | &nbsp;&nbsp; $2034576 | &nbsp;&nbsp; $1083649 | &nbsp;&nbsp; $254903 | &nbsp;&nbsp; $4128332 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $90522 | &nbsp;&nbsp; $444126 | &nbsp;&nbsp; $136011 | &nbsp;&nbsp; $133744 | &nbsp;&nbsp; $1865896 | &nbsp;&nbsp; $3081778 | &nbsp;&nbsp; $283206 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 90522 | &nbsp;&nbsp;&nbsp;&nbsp; 444126 | &nbsp;&nbsp; 136011 | &nbsp;&nbsp; 133744 | &nbsp;&nbsp;&nbsp; 1865896 | &nbsp;&nbsp;&nbsp; 3081778 | &nbsp;&nbsp;&nbsp;&nbsp; 283206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp; 344319 | &nbsp;&nbsp; 2430852 | &nbsp;&nbsp;&nbsp;&nbsp; 5145 | &nbsp;&nbsp;&nbsp;&nbsp; 4820 | &nbsp;&nbsp; 14203860 | &nbsp;&nbsp; 18553088 | &nbsp;&nbsp;&nbsp;&nbsp; 928989 | &nbsp;&nbsp;&nbsp; 145170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp; 1096787 | &nbsp;&nbsp; (29555) | &nbsp;&nbsp; (44374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295551 | &nbsp;&nbsp;&nbsp; 4133171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79718 | &nbsp;&nbsp; (218749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 417210 | &nbsp;&nbsp; 1567101 | &nbsp;&nbsp;&nbsp; 64906 | &nbsp;&nbsp;&nbsp; 82794 | &nbsp;&nbsp; (8956904) | &nbsp;&nbsp; (7064135) | &nbsp;&nbsp;&nbsp;&nbsp; 574917 | &nbsp;&nbsp;&nbsp; 250857 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 763207 | &nbsp;&nbsp; 5094740 | &nbsp;&nbsp;&nbsp; 40495 | &nbsp;&nbsp;&nbsp; 43240 | &nbsp;&nbsp;&nbsp; 5542507 | &nbsp;&nbsp; 15622124 | &nbsp;&nbsp; 1583625 | &nbsp;&nbsp;&nbsp; 177279 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (65760) | &nbsp;&nbsp;&nbsp; (430140) | &nbsp;&nbsp; (25327) | &nbsp;&nbsp; (24571) | &nbsp;&nbsp; (1785633) | &nbsp;&nbsp; (3481171) | &nbsp;&nbsp;&nbsp; (208852) | &nbsp;&nbsp;&nbsp; (25949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (65760) | &nbsp;&nbsp;&nbsp; (430140) | &nbsp;&nbsp; (25327) | &nbsp;&nbsp; (24571) | &nbsp;&nbsp; (1785633) | &nbsp;&nbsp; (3481171) | &nbsp;&nbsp;&nbsp; (208852) | &nbsp;&nbsp;&nbsp; (25949) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $787969 | &nbsp;&nbsp; $5108726 | &nbsp;&nbsp; $151179 | &nbsp;&nbsp; $152414 | &nbsp;&nbsp; $5622769 | &nbsp;&nbsp; $15222731 | &nbsp;&nbsp; $1657979 | &nbsp;&nbsp; $151329 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $18525 | &nbsp;&nbsp; $48402 | &nbsp;&nbsp; $23453 | &nbsp;&nbsp; $29873 | &nbsp;&nbsp; $333881 | &nbsp;&nbsp; $52985 | &nbsp;&nbsp; $33575 | &nbsp;&nbsp; $700831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 18525 | &nbsp;&nbsp;&nbsp; 48402 | &nbsp;&nbsp;&nbsp; 23453 | &nbsp;&nbsp;&nbsp; 29873 | &nbsp;&nbsp;&nbsp;&nbsp; 333881 | &nbsp;&nbsp;&nbsp; 52985 | &nbsp;&nbsp;&nbsp; 33575 | &nbsp;&nbsp;&nbsp;&nbsp; 700831 |
| **NET REALIZED AND UNREALIZED** <br> **GAIN (LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 83812 | &nbsp;&nbsp;&nbsp; 64842 | &nbsp;&nbsp;&nbsp; 49973 | &nbsp;&nbsp;&nbsp; 39377 | &nbsp;&nbsp;&nbsp;&nbsp; 525967 | &nbsp;&nbsp; 123240 | &nbsp;&nbsp;&nbsp; 91971 | &nbsp;&nbsp; 1925241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; 56157 | &nbsp;&nbsp; (59239) | &nbsp;&nbsp; (48486) | &nbsp;&nbsp;&nbsp;&nbsp; (7778) | &nbsp;&nbsp;&nbsp;&nbsp; 338317 | &nbsp;&nbsp;&nbsp; 17389 | &nbsp;&nbsp;&nbsp;&nbsp; (9531) | &nbsp;&nbsp;&nbsp;&nbsp; 806940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (57758) | &nbsp;&nbsp; 134751 | &nbsp;&nbsp;&nbsp; 80984 | &nbsp;&nbsp;&nbsp; 92737 | &nbsp;&nbsp;&nbsp;&nbsp; 780383 | &nbsp;&nbsp; 147141 | &nbsp;&nbsp; 138042 | &nbsp;&nbsp; 1988263 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 82211 | &nbsp;&nbsp; 140353 | &nbsp;&nbsp;&nbsp; 82471 | &nbsp;&nbsp; 124336 | &nbsp;&nbsp; 1644667 | &nbsp;&nbsp; 287770 | &nbsp;&nbsp; 220482 | &nbsp;&nbsp; 4720444 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note <br> 3)<br>| &nbsp;&nbsp; (12337) | &nbsp;&nbsp; (20521) | &nbsp;&nbsp; (10712) | &nbsp;&nbsp; (14179) | &nbsp;&nbsp;&nbsp; (181037) | &nbsp;&nbsp; (30494) | &nbsp;&nbsp; (20545) | &nbsp;&nbsp;&nbsp; (442624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (12337) | &nbsp;&nbsp; (20521) | &nbsp;&nbsp; (10712) | &nbsp;&nbsp; (14179) | &nbsp;&nbsp;&nbsp; (181037) | &nbsp;&nbsp; (30494) | &nbsp;&nbsp; (20545) | &nbsp;&nbsp;&nbsp; (442624) |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $88399 | &nbsp;&nbsp; $168235 | &nbsp;&nbsp; $95213 | &nbsp;&nbsp; $140030 | &nbsp;&nbsp; $1797511 | &nbsp;&nbsp; $310261 | &nbsp;&nbsp; $233512 | &nbsp;&nbsp; $4978650 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $13317 | &nbsp;&nbsp; $19261 | &nbsp;&nbsp; $361475 | &nbsp;&nbsp; $3647 | &nbsp;&nbsp; $2387 | &nbsp;&nbsp; $15012 | &nbsp;&nbsp; $211 | &nbsp;&nbsp; $7916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 13317 | &nbsp;&nbsp;&nbsp; 19261 | &nbsp;&nbsp;&nbsp;&nbsp; 361475 | &nbsp;&nbsp;&nbsp; 3647 | &nbsp;&nbsp;&nbsp; 2387 | &nbsp;&nbsp;&nbsp; 15012 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 7916 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 49057 | &nbsp;&nbsp;&nbsp; 79517 | &nbsp;&nbsp; 1895078 | &nbsp;&nbsp; 18719 | &nbsp;&nbsp; 10785 | &nbsp;&nbsp;&nbsp; 71107 | &nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp; 41790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 9240 | &nbsp;&nbsp;&nbsp; 14418 | &nbsp;&nbsp;&nbsp;&nbsp; 896995 | &nbsp;&nbsp; 15160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 15683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 59973 | &nbsp;&nbsp; 109960 | &nbsp;&nbsp; 2032477 | &nbsp;&nbsp; 11518 | &nbsp;&nbsp; 17581 | &nbsp;&nbsp; 109903 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 60474 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 118269 | &nbsp;&nbsp; 203894 | &nbsp;&nbsp; 4824549 | &nbsp;&nbsp; 45397 | &nbsp;&nbsp; 28941 | &nbsp;&nbsp; 196694 | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 106113 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (9499) | &nbsp;&nbsp; (15520) | &nbsp;&nbsp;&nbsp; (359841) | &nbsp;&nbsp; (3363) | &nbsp;&nbsp; (2168) | &nbsp;&nbsp; (15322) | &nbsp;&nbsp;&nbsp; (171) | &nbsp;&nbsp;&nbsp;&nbsp; (7793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; (9499) | &nbsp;&nbsp; (15520) | &nbsp;&nbsp;&nbsp; (359841) | &nbsp;&nbsp; (3363) | &nbsp;&nbsp; (2168) | &nbsp;&nbsp; (15322) | &nbsp;&nbsp;&nbsp; (171) | &nbsp;&nbsp;&nbsp;&nbsp; (7793) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $122088 | &nbsp;&nbsp; $207635 | &nbsp;&nbsp; $4826183 | &nbsp;&nbsp; $45681 | &nbsp;&nbsp; $29161 | &nbsp;&nbsp; $196383 | &nbsp;&nbsp; $2300 | &nbsp;&nbsp; $106236 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX 500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE**<br> **BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $39807 | &nbsp;&nbsp; $131142 | &nbsp;&nbsp; $292153 | &nbsp;&nbsp; $1009135 | &nbsp;&nbsp; $777473 | &nbsp;&nbsp; $398175 | &nbsp;&nbsp; $6830959 | &nbsp;&nbsp; $213263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 39807 | &nbsp;&nbsp; 131142 | &nbsp;&nbsp;&nbsp;&nbsp; 292153 | &nbsp;&nbsp; 1009135 | &nbsp;&nbsp;&nbsp;&nbsp; 777473 | &nbsp;&nbsp;&nbsp;&nbsp; 398175 | &nbsp;&nbsp;&nbsp;&nbsp; 6830959 | &nbsp;&nbsp; 213263 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS)** <br> **ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 204820 | &nbsp;&nbsp;&nbsp;&nbsp; 439561 | &nbsp;&nbsp;&nbsp;&nbsp; 576813 | &nbsp;&nbsp;&nbsp;&nbsp; 3924402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp; (44945) | &nbsp;&nbsp; (35063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41978 | &nbsp;&nbsp;&nbsp; (393136) | &nbsp;&nbsp;&nbsp;&nbsp; 572269 | &nbsp;&nbsp;&nbsp;&nbsp; 468309 | &nbsp;&nbsp;&nbsp; 51026504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 134383 | &nbsp;&nbsp; 235447 | &nbsp;&nbsp; 1193037 | &nbsp;&nbsp; 6214399 | &nbsp;&nbsp; 5315834 | &nbsp;&nbsp; 4239548 | &nbsp;&nbsp;&nbsp; 58290356 | &nbsp;&nbsp; 138412 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 89867 | &nbsp;&nbsp; 200383 | &nbsp;&nbsp; 1235015 | &nbsp;&nbsp; 6026082 | &nbsp;&nbsp; 6327664 | &nbsp;&nbsp; 5284670 | &nbsp;&nbsp; 113241262 | &nbsp;&nbsp; 138915 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp; (17126) | &nbsp;&nbsp; (43779) | &nbsp;&nbsp;&nbsp; (141700) | &nbsp;&nbsp;&nbsp; (600009) | &nbsp;&nbsp;&nbsp; (556327) | &nbsp;&nbsp;&nbsp; (394539) | &nbsp;&nbsp;&nbsp;&nbsp; (9168223) | &nbsp;&nbsp; (65330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (17126) | &nbsp;&nbsp; (43779) | &nbsp;&nbsp;&nbsp; (141700) | &nbsp;&nbsp;&nbsp; (600009) | &nbsp;&nbsp;&nbsp; (556327) | &nbsp;&nbsp;&nbsp; (394539) | &nbsp;&nbsp;&nbsp;&nbsp; (9168223) | &nbsp;&nbsp; (65330) |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS** <br> **RESULTING FROM** <br> **OPERATIONS** <br>| $112547 | &nbsp;&nbsp; $287746 | &nbsp;&nbsp; $1385468 | &nbsp;&nbsp; $6435208 | &nbsp;&nbsp; $6548811 | &nbsp;&nbsp; $5288307 | &nbsp;&nbsp; $110903998 | &nbsp;&nbsp; $286848 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL I\***<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL S\***<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE**<br> **FUND**<br> **CLASS A**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $1216731 | &nbsp;&nbsp; $991947 | &nbsp;&nbsp; $363647 | &nbsp;&nbsp; $1397349 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $2368 | &nbsp;&nbsp; $35554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp; 1216731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991947 | &nbsp;&nbsp;&nbsp; 363647 | &nbsp;&nbsp; 1397349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp;&nbsp; 35554 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS) ON** <br> **INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 6458619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 5184 | &nbsp;&nbsp;&nbsp; 9397 | &nbsp;&nbsp;&nbsp; 67569 | &nbsp;&nbsp;&nbsp; 387594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (589478) | &nbsp;&nbsp;&nbsp; 3404564 | &nbsp;&nbsp; (367139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2139 | &nbsp;&nbsp;&nbsp; 2954 | &nbsp;&nbsp;&nbsp; (7097) | &nbsp;&nbsp; (162023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; 1762056 | &nbsp;&nbsp;&nbsp; 2206771 | &nbsp;&nbsp;&nbsp; 544653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 80351 | &nbsp;&nbsp; 47844 | &nbsp;&nbsp;&nbsp; 28255 | &nbsp;&nbsp;&nbsp; 195952 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1172578 | &nbsp;&nbsp; 12069953 | &nbsp;&nbsp;&nbsp; 186021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 87674 | &nbsp;&nbsp; 60196 | &nbsp;&nbsp;&nbsp; 88727 | &nbsp;&nbsp;&nbsp; 421523 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp; (434472) | &nbsp;&nbsp;&nbsp;&nbsp; (897468) | &nbsp;&nbsp; (235448) | &nbsp;&nbsp;&nbsp; (412387) | &nbsp;&nbsp; (7902) | &nbsp;&nbsp; (6153) | &nbsp;&nbsp; (14069) | &nbsp;&nbsp;&nbsp; (49796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (434472) | &nbsp;&nbsp;&nbsp;&nbsp; (897468) | &nbsp;&nbsp; (235448) | &nbsp;&nbsp;&nbsp; (412387) | &nbsp;&nbsp; (7902) | &nbsp;&nbsp; (6153) | &nbsp;&nbsp; (14069) | &nbsp;&nbsp;&nbsp; (49796) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING** <br> **FROM OPERATIONS** <br>| $1954837 | &nbsp;&nbsp; $12164433 | &nbsp;&nbsp; $314220 | &nbsp;&nbsp; $984963 | &nbsp;&nbsp; $79772 | &nbsp;&nbsp; $54042 | &nbsp;&nbsp; $77026 | &nbsp;&nbsp; $407281 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>| **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **NEUBERGER** <br> **GENESIS** <br> **FUND ADVISOR** <br> **CLASS\***<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $14017 | &nbsp;&nbsp; $265422 | &nbsp;&nbsp; $10439 | &nbsp;&nbsp; $27053 | &nbsp;&nbsp; $5994 | &nbsp;&nbsp; $50753 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14017 | &nbsp;&nbsp;&nbsp;&nbsp; 265422 | &nbsp;&nbsp;&nbsp; 10439 | &nbsp;&nbsp;&nbsp; 27053 | &nbsp;&nbsp;&nbsp;&nbsp; 5994 | &nbsp;&nbsp;&nbsp;&nbsp; 50753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS) ON** <br> **INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 1668458 | &nbsp;&nbsp; 103124 | &nbsp;&nbsp; 200570 | &nbsp;&nbsp;&nbsp; 52171 | &nbsp;&nbsp;&nbsp; 553056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 55804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24268 | &nbsp;&nbsp; 3503899 | &nbsp;&nbsp; (60454) | &nbsp;&nbsp;&nbsp; 36006 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp; 229417 | &nbsp;&nbsp; (127352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 986124 | &nbsp;&nbsp; 2484584 | &nbsp;&nbsp;&nbsp; 15582 | &nbsp;&nbsp; 407140 | &nbsp;&nbsp; (24781) | &nbsp;&nbsp; (507700) | &nbsp;&nbsp;&nbsp; 716381 | &nbsp;&nbsp; (64205) |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1010391 | &nbsp;&nbsp; 7656941 | &nbsp;&nbsp;&nbsp; 58251 | &nbsp;&nbsp; 643716 | &nbsp;&nbsp;&nbsp; 29465 | &nbsp;&nbsp;&nbsp; 274773 | &nbsp;&nbsp;&nbsp; 589029 | &nbsp;&nbsp;&nbsp; (8997) |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89747) | &nbsp;&nbsp;&nbsp; (725474) | &nbsp;&nbsp; (13206) | &nbsp;&nbsp; (44135) | &nbsp;&nbsp;&nbsp; (7416) | &nbsp;&nbsp;&nbsp; (74526) | &nbsp;&nbsp;&nbsp; (54353) | &nbsp;&nbsp;&nbsp; (2018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; (89747) | &nbsp;&nbsp;&nbsp; (725474) | &nbsp;&nbsp; (13206) | &nbsp;&nbsp; (44135) | &nbsp;&nbsp;&nbsp; (7416) | &nbsp;&nbsp;&nbsp; (74526) | &nbsp;&nbsp;&nbsp; (54353) | &nbsp;&nbsp;&nbsp; (2018) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $934661 | &nbsp;&nbsp; $7196889 | &nbsp;&nbsp; $55485 | &nbsp;&nbsp; $626634 | &nbsp;&nbsp; $28043 | &nbsp;&nbsp; $251000 | &nbsp;&nbsp; $534676 | &nbsp;&nbsp; $(11016) |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EQUITY**<br> **INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $95843 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $27649 | &nbsp;&nbsp; $639897 | &nbsp;&nbsp; $51127 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $42989 | &nbsp;&nbsp; $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27649 | &nbsp;&nbsp;&nbsp;&nbsp; 639897 | &nbsp;&nbsp;&nbsp; 51127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 42989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS)** <br> **ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp; 1230823 | &nbsp;&nbsp; 520673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 452335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 8271497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 1695938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14242 | &nbsp;&nbsp;&nbsp; 51548 | &nbsp;&nbsp;&nbsp;&nbsp; (42394) | &nbsp;&nbsp;&nbsp;&nbsp; 409009 | &nbsp;&nbsp; (26812) | &nbsp;&nbsp; 1065960 | &nbsp;&nbsp; (48208) | &nbsp;&nbsp;&nbsp; (190814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56672 | &nbsp;&nbsp; 384893 | &nbsp;&nbsp; 1249802 | &nbsp;&nbsp; 3474799 | &nbsp;&nbsp;&nbsp; 90795 | &nbsp;&nbsp;&nbsp; (128120) | &nbsp;&nbsp; 126853 | &nbsp;&nbsp;&nbsp; (987231) |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1301737 | &nbsp;&nbsp; 957114 | &nbsp;&nbsp; 1207408 | &nbsp;&nbsp; 4336142 | &nbsp;&nbsp;&nbsp; 63984 | &nbsp;&nbsp; 9209336 | &nbsp;&nbsp;&nbsp; 78645 | &nbsp;&nbsp;&nbsp;&nbsp; 517893 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp; (149177) | &nbsp;&nbsp; (65561) | &nbsp;&nbsp;&nbsp;&nbsp; (53339) | &nbsp;&nbsp;&nbsp; (445479) | &nbsp;&nbsp; (26022) | &nbsp;&nbsp;&nbsp; (751314) | &nbsp;&nbsp; (15959) | &nbsp;&nbsp;&nbsp; (190274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (149177) | &nbsp;&nbsp; (65561) | &nbsp;&nbsp;&nbsp;&nbsp; (53339) | &nbsp;&nbsp;&nbsp; (445479) | &nbsp;&nbsp; (26022) | &nbsp;&nbsp;&nbsp; (751314) | &nbsp;&nbsp; (15959) | &nbsp;&nbsp;&nbsp; (190274) |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS RESULTING** <br> **FROM OPERATIONS** <br>| $1248403 | &nbsp;&nbsp; $891554 | &nbsp;&nbsp; $1181718 | &nbsp;&nbsp; $4530561 | &nbsp;&nbsp; $89089 | &nbsp;&nbsp; $8458023 | &nbsp;&nbsp; $105675 | &nbsp;&nbsp; $327619 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $162801 | &nbsp;&nbsp; $108855 | &nbsp;&nbsp; $52587 | &nbsp;&nbsp; $239095 | &nbsp;&nbsp; $– | &nbsp;&nbsp; $– | &nbsp;&nbsp; $3324280 | &nbsp;&nbsp; $1032701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 162801 | &nbsp;&nbsp;&nbsp;&nbsp; 108855 | &nbsp;&nbsp;&nbsp;&nbsp; 52587 | &nbsp;&nbsp; 239095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 3324280 | &nbsp;&nbsp; 1032701 |
| **NET REALIZED AND UNREALIZED** <br> **GAIN (LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 658758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp; (161598) | &nbsp;&nbsp;&nbsp;&nbsp; 212680 | &nbsp;&nbsp;&nbsp; 168670 | &nbsp;&nbsp; (58083) | &nbsp;&nbsp; (4097) | &nbsp;&nbsp; (156206) | &nbsp;&nbsp;&nbsp; 3027395 | &nbsp;&nbsp;&nbsp;&nbsp; 630640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 247757 | &nbsp;&nbsp; 1032016 | &nbsp;&nbsp; (342307) | &nbsp;&nbsp; 139393 | &nbsp;&nbsp; 29370 | &nbsp;&nbsp;&nbsp; 610837 | &nbsp;&nbsp; 39643992 | &nbsp;&nbsp; 6910689 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 86159 | &nbsp;&nbsp; 1244696 | &nbsp;&nbsp;&nbsp; 485120 | &nbsp;&nbsp;&nbsp; 81311 | &nbsp;&nbsp; 25273 | &nbsp;&nbsp;&nbsp; 454631 | &nbsp;&nbsp; 42671387 | &nbsp;&nbsp; 7541329 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp; (45558) | &nbsp;&nbsp;&nbsp;&nbsp; (61667) | &nbsp;&nbsp;&nbsp; (74617) | &nbsp;&nbsp; (53235) | &nbsp;&nbsp; (2173) | &nbsp;&nbsp;&nbsp; (38459) | &nbsp;&nbsp; (3336716) | &nbsp;&nbsp;&nbsp; (359763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (45558) | &nbsp;&nbsp;&nbsp;&nbsp; (61667) | &nbsp;&nbsp;&nbsp; (74617) | &nbsp;&nbsp; (53235) | &nbsp;&nbsp; (2173) | &nbsp;&nbsp;&nbsp; (38459) | &nbsp;&nbsp; (3336716) | &nbsp;&nbsp;&nbsp; (359763) |
| **NET INCREASE (DECREASE) IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS** <br>| $203401 | &nbsp;&nbsp; $1291883 | &nbsp;&nbsp; $463090 | &nbsp;&nbsp; $267170 | &nbsp;&nbsp; $23099 | &nbsp;&nbsp; $416172 | &nbsp;&nbsp; $42658951 | &nbsp;&nbsp; $8214267 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>| **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $304983 | &nbsp;&nbsp; $544222 | &nbsp;&nbsp; $810941 | &nbsp;&nbsp; $1299507 | &nbsp;&nbsp; $31896 | &nbsp;&nbsp; $442820 | &nbsp;&nbsp; $342430 | &nbsp;&nbsp; $640337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 304983 | &nbsp;&nbsp;&nbsp;&nbsp; 544222 | &nbsp;&nbsp;&nbsp; 810941 | &nbsp;&nbsp; 1299507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31896 | &nbsp;&nbsp;&nbsp; 442820 | &nbsp;&nbsp;&nbsp;&nbsp; 342430 | &nbsp;&nbsp;&nbsp;&nbsp; 640337 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** <br> **ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2372272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 1782494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 135458 | &nbsp;&nbsp;&nbsp;&nbsp; 719648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (74055) | &nbsp;&nbsp;&nbsp;&nbsp; 125647 | &nbsp;&nbsp;&nbsp;&nbsp; 35061 | &nbsp;&nbsp;&nbsp;&nbsp; 295265 | &nbsp;&nbsp;&nbsp;&nbsp; 333113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 1797823 | &nbsp;&nbsp; 3808860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 624627 | &nbsp;&nbsp; (1170713) | &nbsp;&nbsp; (132885) | &nbsp;&nbsp;&nbsp; (681365) | &nbsp;&nbsp; 3201191 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 1933281 | &nbsp;&nbsp; 4528508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 550573 | &nbsp;&nbsp;&nbsp; 1327206 | &nbsp;&nbsp;&nbsp; (97824) | &nbsp;&nbsp; 1396394 | &nbsp;&nbsp; 3534304 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp; (125160) | &nbsp;&nbsp;&nbsp; (550628) | &nbsp;&nbsp; (245766) | &nbsp;&nbsp;&nbsp; (257149) | &nbsp;&nbsp;&nbsp;&nbsp; (194338) | &nbsp;&nbsp; (142914) | &nbsp;&nbsp;&nbsp; (201096) | &nbsp;&nbsp;&nbsp; (553305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (125160) | &nbsp;&nbsp;&nbsp; (550628) | &nbsp;&nbsp; (245766) | &nbsp;&nbsp;&nbsp; (257149) | &nbsp;&nbsp;&nbsp;&nbsp; (194338) | &nbsp;&nbsp; (142914) | &nbsp;&nbsp;&nbsp; (201096) | &nbsp;&nbsp;&nbsp; (553305) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $2113104 | &nbsp;&nbsp; $4522102 | &nbsp;&nbsp; $565175 | &nbsp;&nbsp; $1592931 | &nbsp;&nbsp; $1164763 | &nbsp;&nbsp; $202081 | &nbsp;&nbsp; $1537728 | &nbsp;&nbsp; $3621337 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $275655 | &nbsp;&nbsp; $882686 | &nbsp;&nbsp; $1748783 | &nbsp;&nbsp; $1740304 | &nbsp;&nbsp; $1602315 | &nbsp;&nbsp; $1158900 | &nbsp;&nbsp; $1261007 | &nbsp;&nbsp; $278049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp; 275655 | &nbsp;&nbsp;&nbsp;&nbsp; 882686 | &nbsp;&nbsp; 1748783 | &nbsp;&nbsp; 1740304 | &nbsp;&nbsp;&nbsp; 1602315 | &nbsp;&nbsp; 1158900 | &nbsp;&nbsp; 1261007 | &nbsp;&nbsp;&nbsp;&nbsp; 278049 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 402874 | &nbsp;&nbsp; 1303574 | &nbsp;&nbsp;&nbsp;&nbsp; 896139 | &nbsp;&nbsp;&nbsp;&nbsp; 339549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313606 | &nbsp;&nbsp;&nbsp;&nbsp; 177108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp; (532928) | &nbsp;&nbsp;&nbsp; (486226) | &nbsp;&nbsp;&nbsp;&nbsp; 696500 | &nbsp;&nbsp;&nbsp;&nbsp; 493700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369050 | &nbsp;&nbsp;&nbsp;&nbsp; 665342 | &nbsp;&nbsp;&nbsp;&nbsp; 596151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 855958 | &nbsp;&nbsp; 2419632 | &nbsp;&nbsp; 5729086 | &nbsp;&nbsp; 7711884 | &nbsp;&nbsp;&nbsp; 8500311 | &nbsp;&nbsp; 6823548 | &nbsp;&nbsp; 8690411 | &nbsp;&nbsp; 1870539 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 725904 | &nbsp;&nbsp; 3236981 | &nbsp;&nbsp; 7321725 | &nbsp;&nbsp; 8545133 | &nbsp;&nbsp;&nbsp; 9182966 | &nbsp;&nbsp; 7665999 | &nbsp;&nbsp; 9286562 | &nbsp;&nbsp; 1911281 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (109587) | &nbsp;&nbsp;&nbsp; (376107) | &nbsp;&nbsp;&nbsp; (750439) | &nbsp;&nbsp;&nbsp; (787070) | &nbsp;&nbsp;&nbsp;&nbsp; (777994) | &nbsp;&nbsp;&nbsp; (599279) | &nbsp;&nbsp;&nbsp; (670066) | &nbsp;&nbsp;&nbsp; (137935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (109587) | &nbsp;&nbsp;&nbsp; (376107) | &nbsp;&nbsp;&nbsp; (750439) | &nbsp;&nbsp;&nbsp; (787070) | &nbsp;&nbsp;&nbsp;&nbsp; (777994) | &nbsp;&nbsp;&nbsp; (599279) | &nbsp;&nbsp;&nbsp; (670066) | &nbsp;&nbsp;&nbsp; (137935) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $891972 | &nbsp;&nbsp; $3743560 | &nbsp;&nbsp; $8320069 | &nbsp;&nbsp; $9498367 | &nbsp;&nbsp; $10007287 | &nbsp;&nbsp; $8225620 | &nbsp;&nbsp; $9877503 | &nbsp;&nbsp; $2051395 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>| **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $316917 | &nbsp;&nbsp; $480164 | &nbsp;&nbsp; $1072928 | &nbsp;&nbsp; $178423 | &nbsp;&nbsp; $159233 | &nbsp;&nbsp; $15222 | &nbsp;&nbsp; $60753 | &nbsp;&nbsp; $34309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 316917 | &nbsp;&nbsp;&nbsp;&nbsp; 480164 | &nbsp;&nbsp; 1072928 | &nbsp;&nbsp;&nbsp;&nbsp; 178423 | &nbsp;&nbsp;&nbsp; 159233 | &nbsp;&nbsp;&nbsp;&nbsp; 15222 | &nbsp;&nbsp;&nbsp; 60753 | &nbsp;&nbsp;&nbsp; 34309 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS) ON INVESTMENTS** <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 236738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 343789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9707 | &nbsp;&nbsp;&nbsp; 102592 | &nbsp;&nbsp; 242033 | &nbsp;&nbsp;&nbsp; 21968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75961 | &nbsp;&nbsp;&nbsp; (193514) | &nbsp;&nbsp;&nbsp; (422754) | &nbsp;&nbsp;&nbsp;&nbsp; 764423 | &nbsp;&nbsp; (116223) | &nbsp;&nbsp; (137004) | &nbsp;&nbsp;&nbsp; 73925 | &nbsp;&nbsp;&nbsp; (1578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 2154264 | &nbsp;&nbsp; 1007021 | &nbsp;&nbsp; 1229135 | &nbsp;&nbsp; 1502021 | &nbsp;&nbsp;&nbsp; 232877 | &nbsp;&nbsp;&nbsp; 349805 | &nbsp;&nbsp; 170263 | &nbsp;&nbsp; (14662) |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp; 2230225 | &nbsp;&nbsp; 1050244 | &nbsp;&nbsp;&nbsp;&nbsp; 806381 | &nbsp;&nbsp; 2610232 | &nbsp;&nbsp;&nbsp; 126361 | &nbsp;&nbsp;&nbsp; 315393 | &nbsp;&nbsp; 486221 | &nbsp;&nbsp;&nbsp;&nbsp; 5728 |
| **EXPENSES**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp; (160391) | &nbsp;&nbsp;&nbsp; (178275) | &nbsp;&nbsp;&nbsp; (343105) | &nbsp;&nbsp;&nbsp; (207561) | &nbsp;&nbsp;&nbsp; (65140) | &nbsp;&nbsp;&nbsp; (23027) | &nbsp;&nbsp; (61504) | &nbsp;&nbsp; (16191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; (160391) | &nbsp;&nbsp;&nbsp; (178275) | &nbsp;&nbsp;&nbsp; (343105) | &nbsp;&nbsp;&nbsp; (207561) | &nbsp;&nbsp;&nbsp; (65140) | &nbsp;&nbsp;&nbsp; (23027) | &nbsp;&nbsp; (61504) | &nbsp;&nbsp; (16191) |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS** <br>| $2386751 | &nbsp;&nbsp; $1352134 | &nbsp;&nbsp; $1536204 | &nbsp;&nbsp; $2581094 | &nbsp;&nbsp; $220454 | &nbsp;&nbsp; $307588 | &nbsp;&nbsp; $485470 | &nbsp;&nbsp; $23846 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statement of Operations**

**For the year ended December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>| **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **INVESTMENT INCOME**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income distribution | $114730 | &nbsp;&nbsp; $4749 | &nbsp;&nbsp; $122738 | &nbsp;&nbsp; $14817977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp; 114730 | &nbsp;&nbsp;&nbsp;&nbsp; 4749 | &nbsp;&nbsp;&nbsp; 122738 | &nbsp;&nbsp; 14817977 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 67511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 14474408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; 13684 | &nbsp;&nbsp;&nbsp; 11008 | &nbsp;&nbsp; (107140) | &nbsp;&nbsp;&nbsp;&nbsp; (285239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 66460 | &nbsp;&nbsp; (13778) | &nbsp;&nbsp;&nbsp; 221036 | &nbsp;&nbsp; 46464356 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investments | &nbsp;&nbsp;&nbsp; 80143 | &nbsp;&nbsp;&nbsp; 64741 | &nbsp;&nbsp;&nbsp; 113896 | &nbsp;&nbsp; 60653526 |
| **EXPENSES**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (37177) | &nbsp;&nbsp; (12647) | &nbsp;&nbsp;&nbsp; (43938) | &nbsp;&nbsp; (5791554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; (37177) | &nbsp;&nbsp; (12647) | &nbsp;&nbsp;&nbsp; (43938) | &nbsp;&nbsp; (5791554) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $157696 | &nbsp;&nbsp; $56842 | &nbsp;&nbsp; $192696 | &nbsp;&nbsp; $69679950 |

---

\* Janus Henderson Global Technology and Innovation Fund Class I became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Janus Henderson Global Technology and Innovation Fund Class S became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Neuberger Genesis Fund Advisor Class became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $– | $1359 | $261659 | $87736 | $232402 | $283742 | $14772 | $161814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 5491473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5316) | &nbsp;&nbsp; (1325899) | &nbsp;&nbsp;&nbsp; (111111) | &nbsp;&nbsp;&nbsp; 3826595 | &nbsp;&nbsp;&nbsp; (266965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17801) | &nbsp;&nbsp;&nbsp;&nbsp; (22619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 44847 | &nbsp;&nbsp;&nbsp; 2902102 | &nbsp;&nbsp;&nbsp;&nbsp; 252377 | &nbsp;&nbsp;&nbsp; 2966629 | &nbsp;&nbsp; 2159096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276759 | &nbsp;&nbsp;&nbsp;&nbsp; 233618 | &nbsp;&nbsp;&nbsp; 2783751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3099) | &nbsp;&nbsp;&nbsp;&nbsp; (433939) | &nbsp;&nbsp;&nbsp;&nbsp; (67136) | &nbsp;&nbsp;&nbsp;&nbsp; (828522) | &nbsp;&nbsp;&nbsp;&nbsp; (89958) | &nbsp;&nbsp;&nbsp;&nbsp; (131829) | &nbsp;&nbsp;&nbsp;&nbsp; (13101) | &nbsp;&nbsp;&nbsp;&nbsp; (215847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 36432 | &nbsp;&nbsp;&nbsp; 1398499 | &nbsp;&nbsp;&nbsp;&nbsp; 335790 | &nbsp;&nbsp; 11543912 | &nbsp;&nbsp; 2034576 | &nbsp;&nbsp;&nbsp; 1083649 | &nbsp;&nbsp;&nbsp;&nbsp; 254903 | &nbsp;&nbsp;&nbsp; 4128332 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937134 | &nbsp;&nbsp; 1156995 | &nbsp;&nbsp;&nbsp; 2184363 | &nbsp;&nbsp; 2193878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546415 | &nbsp;&nbsp;&nbsp;&nbsp; 114373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (263) | &nbsp;&nbsp;&nbsp;&nbsp; (950533) | &nbsp;&nbsp;&nbsp;&nbsp; 350290 | &nbsp;&nbsp; (3048609) | &nbsp;&nbsp;&nbsp;&nbsp; 385474 | &nbsp;&nbsp;&nbsp;&nbsp; (224527) | &nbsp;&nbsp;&nbsp;&nbsp; (19266) | &nbsp;&nbsp;&nbsp;&nbsp; (924764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (1720) | &nbsp;&nbsp;&nbsp;&nbsp; (425584) | &nbsp;&nbsp;&nbsp;&nbsp; 150167 | &nbsp;&nbsp;&nbsp; 1002418 | &nbsp;&nbsp; 1035332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (4504) | &nbsp;&nbsp; (2599152) | &nbsp;&nbsp;&nbsp; (679216) | &nbsp;&nbsp; (6617032) | &nbsp;&nbsp;&nbsp; (548514) | &nbsp;&nbsp; (1096656) | &nbsp;&nbsp;&nbsp; (106350) | &nbsp;&nbsp; (1231571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5665) | &nbsp;&nbsp; (3037884) | &nbsp;&nbsp;&nbsp;&nbsp; 974200 | &nbsp;&nbsp; (6501557) | &nbsp;&nbsp; 3061162 | &nbsp;&nbsp;&nbsp;&nbsp; (432200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2343 | &nbsp;&nbsp; (1264173) |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; 30767 | &nbsp;&nbsp; (1639385) | &nbsp;&nbsp; 1309990 | &nbsp;&nbsp;&nbsp; 5042355 | &nbsp;&nbsp; 5095738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651449 | &nbsp;&nbsp;&nbsp;&nbsp; 257246 | &nbsp;&nbsp;&nbsp; 2864159 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $234477 | $36958287 | $4736244 | $66213915 | $4867291 | $10921603 | $937688 | $16224926 |
| **End of year** | $265244 | $35318902 | $6046234 | $71256270 | $9963029 | $11573052 | $1194934 | $19089085 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $90522 | $444126 | $136011 | $133744 | $1865896 | $3081778 | $283206 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp; 344319 | &nbsp;&nbsp;&nbsp; 2430852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820 | &nbsp;&nbsp;&nbsp; 14203860 | &nbsp;&nbsp;&nbsp; 18553088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928989 | &nbsp;&nbsp;&nbsp;&nbsp; 145170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp;&nbsp; 1096787 | &nbsp;&nbsp;&nbsp;&nbsp; (29555) | &nbsp;&nbsp;&nbsp;&nbsp; (44374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295551 | &nbsp;&nbsp;&nbsp;&nbsp; 4133171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79718 | &nbsp;&nbsp;&nbsp; (218749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 417210 | &nbsp;&nbsp;&nbsp; 1567101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82794 | &nbsp;&nbsp;&nbsp;&nbsp; (8956904) | &nbsp;&nbsp;&nbsp;&nbsp; (7064135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574917 | &nbsp;&nbsp;&nbsp;&nbsp; 250857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (65760) | &nbsp;&nbsp;&nbsp;&nbsp; (430140) | &nbsp;&nbsp;&nbsp;&nbsp; (25327) | &nbsp;&nbsp;&nbsp;&nbsp; (24571) | &nbsp;&nbsp;&nbsp;&nbsp; (1785633) | &nbsp;&nbsp;&nbsp;&nbsp; (3481171) | &nbsp;&nbsp;&nbsp;&nbsp; (208852) | &nbsp;&nbsp;&nbsp;&nbsp; (25949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 787969 | &nbsp;&nbsp;&nbsp; 5108726 | &nbsp;&nbsp;&nbsp;&nbsp; 151179 | &nbsp;&nbsp;&nbsp;&nbsp; 152414 | &nbsp;&nbsp;&nbsp;&nbsp; 5622769 | &nbsp;&nbsp;&nbsp; 15222731 | &nbsp;&nbsp;&nbsp; 1657979 | &nbsp;&nbsp;&nbsp;&nbsp; 151329 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 840286 | &nbsp;&nbsp;&nbsp; 1432028 | &nbsp;&nbsp;&nbsp;&nbsp; 388165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74265 | &nbsp;&nbsp;&nbsp;&nbsp; 3492306 | &nbsp;&nbsp;&nbsp;&nbsp; 6613546 | &nbsp;&nbsp;&nbsp; 3405335 | &nbsp;&nbsp;&nbsp;&nbsp; 146169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (73220) | &nbsp;&nbsp; (1031460) | &nbsp;&nbsp;&nbsp;&nbsp; (53393) | &nbsp;&nbsp;&nbsp;&nbsp; (61839) | &nbsp;&nbsp;&nbsp;&nbsp; (3896174) | &nbsp;&nbsp;&nbsp;&nbsp; (5968954) | &nbsp;&nbsp;&nbsp;&nbsp; (168551) | &nbsp;&nbsp;&nbsp; (124501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 146828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871638 | &nbsp;&nbsp;&nbsp;&nbsp; 371889 | &nbsp;&nbsp;&nbsp;&nbsp; 333845 | &nbsp;&nbsp;&nbsp;&nbsp; 1559741 | &nbsp;&nbsp;&nbsp;&nbsp; 1356228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546578 | &nbsp;&nbsp;&nbsp;&nbsp; (67917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (645804) | &nbsp;&nbsp; (4077920) | &nbsp;&nbsp;&nbsp; (340956) | &nbsp;&nbsp;&nbsp; (282473) | &nbsp;&nbsp; (11662298) | &nbsp;&nbsp; (21434837) | &nbsp;&nbsp; (1607386) | &nbsp;&nbsp;&nbsp; (113387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 266517 | &nbsp;&nbsp; (2813054) | &nbsp;&nbsp;&nbsp;&nbsp; 365111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63614 | &nbsp;&nbsp; (10526673) | &nbsp;&nbsp; (19455037) | &nbsp;&nbsp;&nbsp; 2166514 | &nbsp;&nbsp;&nbsp; (159687) |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 1054486 | &nbsp;&nbsp;&nbsp; 2295672 | &nbsp;&nbsp;&nbsp;&nbsp; 516291 | &nbsp;&nbsp;&nbsp;&nbsp; 216028 | &nbsp;&nbsp;&nbsp;&nbsp; (4903904) | &nbsp;&nbsp;&nbsp;&nbsp; (4232307) | &nbsp;&nbsp;&nbsp; 3824494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8358) |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $4874955 | $34511565 | $1853437 | $1968744 | $153288007 | $290314394 | $15294022 | $2164369 |
| **End of year** | $5929441 | $36807237 | $2369728 | $2184772 | $148384104 | $286082087 | $19118516 | $2156011 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $18525 | $48402 | $23453 | $29873 | $333881 | $52985 | $33575 | $700831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64842 | &nbsp;&nbsp;&nbsp;&nbsp; 49973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525967 | &nbsp;&nbsp;&nbsp;&nbsp; 123240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91971 | &nbsp;&nbsp;&nbsp; 1925241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56157 | &nbsp;&nbsp;&nbsp;&nbsp; (59239) | &nbsp;&nbsp;&nbsp; (48486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57758) | &nbsp;&nbsp;&nbsp;&nbsp; 134751 | &nbsp;&nbsp;&nbsp;&nbsp; 80984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780383 | &nbsp;&nbsp;&nbsp;&nbsp; 147141 | &nbsp;&nbsp;&nbsp;&nbsp; 138042 | &nbsp;&nbsp;&nbsp; 1988263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (12337) | &nbsp;&nbsp;&nbsp;&nbsp; (20521) | &nbsp;&nbsp;&nbsp; (10712) | &nbsp;&nbsp;&nbsp;&nbsp; (14179) | &nbsp;&nbsp;&nbsp;&nbsp; (181037) | &nbsp;&nbsp;&nbsp;&nbsp; (30494) | &nbsp;&nbsp;&nbsp;&nbsp; (20545) | &nbsp;&nbsp;&nbsp;&nbsp; (442624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88399 | &nbsp;&nbsp;&nbsp;&nbsp; 168235 | &nbsp;&nbsp;&nbsp;&nbsp; 95213 | &nbsp;&nbsp;&nbsp;&nbsp; 140030 | &nbsp;&nbsp;&nbsp; 1797511 | &nbsp;&nbsp;&nbsp;&nbsp; 310261 | &nbsp;&nbsp;&nbsp;&nbsp; 233512 | &nbsp;&nbsp;&nbsp; 4978650 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41469 | &nbsp;&nbsp;&nbsp;&nbsp; 17584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719765 | &nbsp;&nbsp;&nbsp;&nbsp; 847170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18160 | &nbsp;&nbsp;&nbsp; 2035884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4754) | &nbsp;&nbsp;&nbsp;&nbsp; (52253) | &nbsp;&nbsp;&nbsp;&nbsp; (2124) | &nbsp;&nbsp;&nbsp;&nbsp; (22230) | &nbsp;&nbsp;&nbsp;&nbsp; (717612) | &nbsp;&nbsp;&nbsp;&nbsp; (15710) | &nbsp;&nbsp;&nbsp;&nbsp; (80514) | &nbsp;&nbsp;&nbsp;&nbsp; (763759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 162917 | &nbsp;&nbsp;&nbsp;&nbsp; 163781 | &nbsp;&nbsp;&nbsp; (58121) | &nbsp;&nbsp;&nbsp;&nbsp; (77318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112330 | &nbsp;&nbsp;&nbsp; (109771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp; 1013235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (157089) | &nbsp;&nbsp;&nbsp; (132413) | &nbsp;&nbsp; (158015) | &nbsp;&nbsp;&nbsp;&nbsp; (78590) | &nbsp;&nbsp; (1569055) | &nbsp;&nbsp;&nbsp; (719031) | &nbsp;&nbsp;&nbsp; (226177) | &nbsp;&nbsp; (2914441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20090 | &nbsp;&nbsp; (201019) | &nbsp;&nbsp;&nbsp; (104153) | &nbsp;&nbsp; (1459997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 | &nbsp;&nbsp;&nbsp; (288529) | &nbsp;&nbsp;&nbsp;&nbsp; (643714) |
| **TOTAL INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 177079 | &nbsp;&nbsp;&nbsp;&nbsp; 188325 | &nbsp;&nbsp; (105806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337514 | &nbsp;&nbsp;&nbsp;&nbsp; 311998 | &nbsp;&nbsp;&nbsp;&nbsp; (55018) | &nbsp;&nbsp;&nbsp; 4334936 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $933565 | $1656212 | $964369 | $1155396 | $14364088 | $1939609 | $1685207 | $33733850 |
| **End of year** | $1110644 | $1844537 | $858563 | $1191273 | $14701602 | $2251607 | $1630189 | $38068786 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $13317 | $19261 | $361475 | $3647 | $2387 | $15012 | $211 | $7916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 49057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79517 | &nbsp;&nbsp;&nbsp; 1895078 | &nbsp;&nbsp;&nbsp; 18719 | &nbsp;&nbsp;&nbsp; 10785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp; 41790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 9240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896995 | &nbsp;&nbsp;&nbsp; 15160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 59973 | &nbsp;&nbsp;&nbsp;&nbsp; 109960 | &nbsp;&nbsp;&nbsp; 2032477 | &nbsp;&nbsp;&nbsp; 11518 | &nbsp;&nbsp;&nbsp; 17581 | &nbsp;&nbsp;&nbsp;&nbsp; 109903 | &nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 60474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (9499) | &nbsp;&nbsp;&nbsp;&nbsp; (15520) | &nbsp;&nbsp;&nbsp;&nbsp; (359841) | &nbsp;&nbsp;&nbsp;&nbsp; (3363) | &nbsp;&nbsp;&nbsp;&nbsp; (2168) | &nbsp;&nbsp;&nbsp;&nbsp; (15322) | &nbsp;&nbsp;&nbsp;&nbsp; (171) | &nbsp;&nbsp;&nbsp;&nbsp; (7793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 122088 | &nbsp;&nbsp;&nbsp;&nbsp; 207635 | &nbsp;&nbsp;&nbsp; 4826183 | &nbsp;&nbsp;&nbsp; 45681 | &nbsp;&nbsp;&nbsp; 29161 | &nbsp;&nbsp;&nbsp;&nbsp; 196383 | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 106236 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92120 | &nbsp;&nbsp;&nbsp; 1689074 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57108 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (7954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14382 | &nbsp;&nbsp;&nbsp;&nbsp; (488499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 10329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (680) | &nbsp;&nbsp;&nbsp;&nbsp; (1116) | &nbsp;&nbsp;&nbsp;&nbsp; 193901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 86388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (33205) | &nbsp;&nbsp;&nbsp;&nbsp; (28217) | &nbsp;&nbsp; (1958645) | &nbsp;&nbsp; (57092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (42839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; (23694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp;&nbsp;&nbsp; (141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75709 | &nbsp;&nbsp;&nbsp;&nbsp; (111697) | &nbsp;&nbsp; (57597) | &nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp; 207820 | &nbsp;&nbsp;&nbsp; 1638 | &nbsp;&nbsp;&nbsp; 66410 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 112448 | &nbsp;&nbsp;&nbsp;&nbsp; 283343 | &nbsp;&nbsp;&nbsp; 4714486 | &nbsp;&nbsp; (11916) | &nbsp;&nbsp;&nbsp; 31586 | &nbsp;&nbsp;&nbsp;&nbsp; 404203 | &nbsp;&nbsp;&nbsp; 3938 | &nbsp;&nbsp; 172646 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $699264 | $1130778 | $26782971 | $280649 | $157669 | $1013061 | $11687 | $545801 |
| **End of year** | $811712 | $1414122 | $31497457 | $268733 | $189255 | $1417264 | $15625 | $718447 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX 500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE**<br> **BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $39807 | $131142 | $292153 | $1009135 | $777473 | $398175 | $6830959 | $213263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576813 | &nbsp;&nbsp;&nbsp;&nbsp; 3924402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44945) | &nbsp;&nbsp;&nbsp;&nbsp; (35063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41978 | &nbsp;&nbsp;&nbsp;&nbsp; (393136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468309 | &nbsp;&nbsp;&nbsp; 51026504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 134383 | &nbsp;&nbsp;&nbsp;&nbsp; 235447 | &nbsp;&nbsp;&nbsp; 1193037 | &nbsp;&nbsp;&nbsp; 6214399 | &nbsp;&nbsp;&nbsp; 5315834 | &nbsp;&nbsp;&nbsp; 4239548 | &nbsp;&nbsp;&nbsp; 58290356 | &nbsp;&nbsp;&nbsp;&nbsp; 138412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17126) | &nbsp;&nbsp;&nbsp;&nbsp; (43779) | &nbsp;&nbsp;&nbsp;&nbsp; (141700) | &nbsp;&nbsp;&nbsp;&nbsp; (600009) | &nbsp;&nbsp;&nbsp;&nbsp; (556327) | &nbsp;&nbsp;&nbsp;&nbsp; (394539) | &nbsp;&nbsp;&nbsp;&nbsp; (9168223) | &nbsp;&nbsp;&nbsp;&nbsp; (65330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112547 | &nbsp;&nbsp;&nbsp;&nbsp; 287746 | &nbsp;&nbsp;&nbsp; 1385468 | &nbsp;&nbsp;&nbsp; 6435208 | &nbsp;&nbsp;&nbsp; 6548811 | &nbsp;&nbsp;&nbsp; 5288307 | &nbsp;&nbsp; 110903998 | &nbsp;&nbsp;&nbsp;&nbsp; 286848 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments <br> received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358362 | &nbsp;&nbsp;&nbsp; 2160921 | &nbsp;&nbsp;&nbsp; 1963431 | &nbsp;&nbsp;&nbsp; 1602342 | &nbsp;&nbsp;&nbsp; 14510213 | &nbsp;&nbsp; 1157720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1780) | &nbsp;&nbsp;&nbsp; (133271) | &nbsp;&nbsp;&nbsp;&nbsp; (113533) | &nbsp;&nbsp; (1601176) | &nbsp;&nbsp; (1449438) | &nbsp;&nbsp; (1264332) | &nbsp;&nbsp; (22792752) | &nbsp;&nbsp;&nbsp;&nbsp; 457115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325 | &nbsp;&nbsp;&nbsp;&nbsp; (86897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83893) | &nbsp;&nbsp;&nbsp;&nbsp; (774665) | &nbsp;&nbsp; (1949222) | &nbsp;&nbsp; (2275733) | &nbsp;&nbsp;&nbsp;&nbsp; (2639421) | &nbsp;&nbsp;&nbsp;&nbsp; 543829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (509838) | &nbsp;&nbsp;&nbsp; (296957) | &nbsp;&nbsp; (1239347) | &nbsp;&nbsp; (3737281) | &nbsp;&nbsp; (2879495) | &nbsp;&nbsp; (2132722) | &nbsp;&nbsp; (59462776) | &nbsp;&nbsp;&nbsp; (346531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from contract <br> owners; transactions<br>| &nbsp;&nbsp;&nbsp; (462016) | &nbsp;&nbsp;&nbsp; (426833) | &nbsp;&nbsp; (1083858) | &nbsp;&nbsp; (3976218) | &nbsp;&nbsp; (4333729) | &nbsp;&nbsp; (4084665) | &nbsp;&nbsp; (70544602) | &nbsp;&nbsp; 1809777 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; (349468) | &nbsp;&nbsp;&nbsp; (139087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301610 | &nbsp;&nbsp;&nbsp; 2458990 | &nbsp;&nbsp;&nbsp; 2215082 | &nbsp;&nbsp;&nbsp; 1203642 | &nbsp;&nbsp;&nbsp; 40359396 | &nbsp;&nbsp; 2096625 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $1517076 | $3930773 | $11667915 | $48001126 | $44950535 | $31697043 | $737195316 | $4390498 |
| **End of year** | $1167608 | $3791686 | $11969525 | $50460116 | $47165617 | $32900685 | $777554711 | $6487123 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL I\***<br>| **JANUS** <br> **HENDERSON**<br> **GLOBAL** <br> **TECHNOLOGY**<br> **AND INNOVATION** <br> **FUND**<br> **CL S\***<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE**<br> **FUND**<br> **CLASS A**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1216731 | $991947 | $363647 | $1397349 | $– | $– | $2368 | $35554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 6458619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67569 | &nbsp;&nbsp;&nbsp;&nbsp; 387594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (589478) | &nbsp;&nbsp;&nbsp; 3404564 | &nbsp;&nbsp;&nbsp;&nbsp; (367139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7097) | &nbsp;&nbsp;&nbsp; (162023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 1762056 | &nbsp;&nbsp;&nbsp; 2206771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28255 | &nbsp;&nbsp;&nbsp;&nbsp; 195952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434472) | &nbsp;&nbsp;&nbsp;&nbsp; (897468) | &nbsp;&nbsp;&nbsp;&nbsp; (235448) | &nbsp;&nbsp;&nbsp;&nbsp; (412387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6153) | &nbsp;&nbsp;&nbsp;&nbsp; (14069) | &nbsp;&nbsp;&nbsp;&nbsp; (49796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 1954837 | &nbsp;&nbsp; 12164433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77026 | &nbsp;&nbsp;&nbsp;&nbsp; 407281 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 1283756 | &nbsp;&nbsp;&nbsp; 2117979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818995 | &nbsp;&nbsp;&nbsp; 2506281 | &nbsp;&nbsp; 1242976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22325 | &nbsp;&nbsp;&nbsp;&nbsp; 719756 | &nbsp;&nbsp;&nbsp;&nbsp; 209121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (750525) | &nbsp;&nbsp; (1692959) | &nbsp;&nbsp;&nbsp;&nbsp; (498630) | &nbsp;&nbsp; (1497602) | &nbsp;&nbsp;&nbsp;&nbsp; (32020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58011 | &nbsp;&nbsp;&nbsp; (210200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 2451069 | &nbsp;&nbsp; (1348031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200519 | &nbsp;&nbsp;&nbsp; 3595689 | &nbsp;&nbsp; 1309302 | &nbsp;&nbsp; 1511048 | &nbsp;&nbsp;&nbsp;&nbsp; 700080 | &nbsp;&nbsp;&nbsp;&nbsp; 271547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (3936664) | &nbsp;&nbsp; (5487277) | &nbsp;&nbsp; (1600815) | &nbsp;&nbsp; (4486640) | &nbsp;&nbsp;&nbsp;&nbsp; (21913) | &nbsp;&nbsp;&nbsp;&nbsp; (38665) | &nbsp;&nbsp;&nbsp; (158332) | &nbsp;&nbsp;&nbsp; (299174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (959621) | &nbsp;&nbsp; (6427205) | &nbsp;&nbsp; (1082342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113030 | &nbsp;&nbsp; 2498064 | &nbsp;&nbsp; 1501006 | &nbsp;&nbsp; 1319254 | &nbsp;&nbsp;&nbsp;&nbsp; (29249) |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995216 | &nbsp;&nbsp;&nbsp; 5737228 | &nbsp;&nbsp;&nbsp;&nbsp; (768122) | &nbsp;&nbsp;&nbsp; 1097993 | &nbsp;&nbsp; 2577836 | &nbsp;&nbsp; 1555048 | &nbsp;&nbsp; 1396280 | &nbsp;&nbsp;&nbsp;&nbsp; 378032 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $34784330 | $67071543 | $19662120 | $32203969 | $– | $– | $619452 | $4122886 |
| **End of year** | $35779546 | $72808771 | $18893998 | $33301961 | $2577836 | $1555048 | $2015732 | $4500918 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>| **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **NEUBERGER** <br> **GENESIS** <br> **FUND ADVISOR** <br> **CLASS\***<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $14017 | $265422 | $10439 | $27053 | $5994 | $50753 | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1668458 | &nbsp;&nbsp;&nbsp;&nbsp; 103124 | &nbsp;&nbsp;&nbsp;&nbsp; 200570 | &nbsp;&nbsp;&nbsp; 52171 | &nbsp;&nbsp;&nbsp;&nbsp; 553056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 55804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24268 | &nbsp;&nbsp;&nbsp; 3503899 | &nbsp;&nbsp;&nbsp;&nbsp; (60454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36006 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp;&nbsp; 229417 | &nbsp;&nbsp;&nbsp; (127352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 986124 | &nbsp;&nbsp;&nbsp; 2484584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15582 | &nbsp;&nbsp;&nbsp;&nbsp; 407140 | &nbsp;&nbsp; (24781) | &nbsp;&nbsp;&nbsp; (507700) | &nbsp;&nbsp;&nbsp;&nbsp; 716381 | &nbsp;&nbsp; (64205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89747) | &nbsp;&nbsp;&nbsp;&nbsp; (725474) | &nbsp;&nbsp;&nbsp;&nbsp; (13206) | &nbsp;&nbsp;&nbsp;&nbsp; (44135) | &nbsp;&nbsp;&nbsp;&nbsp; (7416) | &nbsp;&nbsp;&nbsp;&nbsp; (74526) | &nbsp;&nbsp;&nbsp;&nbsp; (54353) | &nbsp;&nbsp;&nbsp;&nbsp; (2018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 934661 | &nbsp;&nbsp;&nbsp; 7196889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55485 | &nbsp;&nbsp;&nbsp;&nbsp; 626634 | &nbsp;&nbsp;&nbsp; 28043 | &nbsp;&nbsp;&nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 534676 | &nbsp;&nbsp; (11016) |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 293057 | &nbsp;&nbsp;&nbsp; 1191341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92130 | &nbsp;&nbsp;&nbsp;&nbsp; 138110 | &nbsp;&nbsp;&nbsp; 61017 | &nbsp;&nbsp;&nbsp;&nbsp; 301301 | &nbsp;&nbsp;&nbsp;&nbsp; 712588 | &nbsp;&nbsp; 223211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (309522) | &nbsp;&nbsp; (2307927) | &nbsp;&nbsp;&nbsp;&nbsp; (36177) | &nbsp;&nbsp;&nbsp; (143332) | &nbsp;&nbsp;&nbsp;&nbsp; (6592) | &nbsp;&nbsp;&nbsp; (368363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99134 | &nbsp;&nbsp;&nbsp; 45373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (239884) | &nbsp;&nbsp;&nbsp;&nbsp; (214309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38526 | &nbsp;&nbsp;&nbsp;&nbsp; 230603 | &nbsp;&nbsp;&nbsp; 11930 | &nbsp;&nbsp;&nbsp; (134603) | &nbsp;&nbsp;&nbsp;&nbsp; 216992 | &nbsp;&nbsp; 204900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (804643) | &nbsp;&nbsp; (4790080) | &nbsp;&nbsp;&nbsp;&nbsp; (72076) | &nbsp;&nbsp;&nbsp; (297588) | &nbsp;&nbsp; (73605) | &nbsp;&nbsp;&nbsp; (452709) | &nbsp;&nbsp;&nbsp; (327147) | &nbsp;&nbsp; (12231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp; (1061958) | &nbsp;&nbsp; (6127145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22088 | &nbsp;&nbsp;&nbsp;&nbsp; (72274) | &nbsp;&nbsp;&nbsp;&nbsp; (7474) | &nbsp;&nbsp;&nbsp; (655006) | &nbsp;&nbsp;&nbsp;&nbsp; 696623 | &nbsp;&nbsp; 461240 |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127297) | &nbsp;&nbsp;&nbsp; 1069743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77573 | &nbsp;&nbsp;&nbsp;&nbsp; 554360 | &nbsp;&nbsp;&nbsp; 20569 | &nbsp;&nbsp;&nbsp; (404006) | &nbsp;&nbsp; 1231299 | &nbsp;&nbsp; 450224 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $7749818 | $59460294 | $1064529 | $3194499 | $593850 | $6429041 | $3628742 | $– |
| **End of year** | $7622521 | $60530037 | $1142102 | $3748859 | $614419 | $6025035 | $4860041 | $450224 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EQUITY**<br> **INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $95843 | $– | $27649 | $639897 | $51127 | $– | $42989 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 1230823 | &nbsp;&nbsp;&nbsp;&nbsp; 520673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 8271497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1695938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51548 | &nbsp;&nbsp;&nbsp;&nbsp; (42394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409009 | &nbsp;&nbsp;&nbsp;&nbsp; (26812) | &nbsp;&nbsp;&nbsp; 1065960 | &nbsp;&nbsp;&nbsp;&nbsp; (48208) | &nbsp;&nbsp;&nbsp;&nbsp; (190814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56672 | &nbsp;&nbsp;&nbsp;&nbsp; 384893 | &nbsp;&nbsp; 1249802 | &nbsp;&nbsp;&nbsp; 3474799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90795 | &nbsp;&nbsp;&nbsp;&nbsp; (128120) | &nbsp;&nbsp;&nbsp;&nbsp; 126853 | &nbsp;&nbsp;&nbsp;&nbsp; (987231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149177) | &nbsp;&nbsp;&nbsp;&nbsp; (65561) | &nbsp;&nbsp;&nbsp;&nbsp; (53339) | &nbsp;&nbsp;&nbsp;&nbsp; (445479) | &nbsp;&nbsp;&nbsp;&nbsp; (26022) | &nbsp;&nbsp;&nbsp;&nbsp; (751314) | &nbsp;&nbsp;&nbsp;&nbsp; (15959) | &nbsp;&nbsp;&nbsp;&nbsp; (190274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 1248403 | &nbsp;&nbsp;&nbsp;&nbsp; 891554 | &nbsp;&nbsp; 1181718 | &nbsp;&nbsp;&nbsp; 4530561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89089 | &nbsp;&nbsp;&nbsp; 8458023 | &nbsp;&nbsp;&nbsp;&nbsp; 105675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327619 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 2632626 | &nbsp;&nbsp;&nbsp;&nbsp; 969369 | &nbsp;&nbsp;&nbsp;&nbsp; 370921 | &nbsp;&nbsp;&nbsp; 6886880 | &nbsp;&nbsp;&nbsp;&nbsp; 190458 | &nbsp;&nbsp; 10187746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59498 | &nbsp;&nbsp;&nbsp; 1767027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239196 | &nbsp;&nbsp;&nbsp;&nbsp; (50551) | &nbsp;&nbsp;&nbsp;&nbsp; (51809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566025 | &nbsp;&nbsp;&nbsp;&nbsp; 171554 | &nbsp;&nbsp;&nbsp;&nbsp; (19248) | &nbsp;&nbsp;&nbsp; 2127496 | &nbsp;&nbsp;&nbsp;&nbsp; 144660 | &nbsp;&nbsp;&nbsp; 1362766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (889867) | &nbsp;&nbsp;&nbsp; (394883) | &nbsp;&nbsp;&nbsp; (378784) | &nbsp;&nbsp; (2963975) | &nbsp;&nbsp;&nbsp; (230963) | &nbsp;&nbsp; (4624860) | &nbsp;&nbsp;&nbsp; (158304) | &nbsp;&nbsp; (1308003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note <br> 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2537084 | &nbsp;&nbsp;&nbsp;&nbsp; 693458 | &nbsp;&nbsp;&nbsp;&nbsp; (82772) | &nbsp;&nbsp;&nbsp; 6572544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92953 | &nbsp;&nbsp;&nbsp; 7177176 | &nbsp;&nbsp;&nbsp;&nbsp; (66948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317006 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; 3785487 | &nbsp;&nbsp; 1585011 | &nbsp;&nbsp; 1098945 | &nbsp;&nbsp; 11103105 | &nbsp;&nbsp;&nbsp;&nbsp; 182042 | &nbsp;&nbsp; 15635198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644625 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $10565007 | $4649557 | $3802270 | $30854817 | $1999036 | $53958382 | $1209783 | $15244026 |
| **End of year** | $14350494 | $6234568 | $4901215 | $41957922 | $2181078 | $69593580 | $1248510 | $15888651 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $162801 | $108855 | $52587 | $239095 | $– | $– | $3324280 | $1032701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 658758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (161598) | &nbsp;&nbsp;&nbsp;&nbsp; 212680 | &nbsp;&nbsp;&nbsp;&nbsp; 168670 | &nbsp;&nbsp;&nbsp;&nbsp; (58083) | &nbsp;&nbsp;&nbsp;&nbsp; (4097) | &nbsp;&nbsp;&nbsp; (156206) | &nbsp;&nbsp;&nbsp;&nbsp; 3027395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 247757 | &nbsp;&nbsp; 1032016 | &nbsp;&nbsp;&nbsp; (342307) | &nbsp;&nbsp;&nbsp;&nbsp; 139393 | &nbsp;&nbsp;&nbsp; 29370 | &nbsp;&nbsp;&nbsp;&nbsp; 610837 | &nbsp;&nbsp;&nbsp; 39643992 | &nbsp;&nbsp;&nbsp; 6910689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note <br> 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45558) | &nbsp;&nbsp;&nbsp;&nbsp; (61667) | &nbsp;&nbsp;&nbsp;&nbsp; (74617) | &nbsp;&nbsp;&nbsp;&nbsp; (53235) | &nbsp;&nbsp;&nbsp;&nbsp; (2173) | &nbsp;&nbsp;&nbsp;&nbsp; (38459) | &nbsp;&nbsp;&nbsp;&nbsp; (3336716) | &nbsp;&nbsp;&nbsp;&nbsp; (359763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 203401 | &nbsp;&nbsp; 1291883 | &nbsp;&nbsp;&nbsp;&nbsp; 463090 | &nbsp;&nbsp;&nbsp;&nbsp; 267170 | &nbsp;&nbsp;&nbsp; 23099 | &nbsp;&nbsp;&nbsp;&nbsp; 416172 | &nbsp;&nbsp;&nbsp; 42658951 | &nbsp;&nbsp;&nbsp; 8214267 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 194825 | &nbsp;&nbsp;&nbsp;&nbsp; 467750 | &nbsp;&nbsp;&nbsp;&nbsp; 911244 | &nbsp;&nbsp;&nbsp;&nbsp; 490484 | &nbsp;&nbsp;&nbsp;&nbsp; 3416 | &nbsp;&nbsp;&nbsp;&nbsp; 189898 | &nbsp;&nbsp;&nbsp; 47319404 | &nbsp;&nbsp;&nbsp; 3280350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (97445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57059 | &nbsp;&nbsp;&nbsp;&nbsp; 145875 | &nbsp;&nbsp;&nbsp;&nbsp; (29999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (221304) | &nbsp;&nbsp;&nbsp;&nbsp; 3997847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 130396 | &nbsp;&nbsp;&nbsp; (124560) | &nbsp;&nbsp;&nbsp;&nbsp; 172384 | &nbsp;&nbsp;&nbsp;&nbsp; 126752 | &nbsp;&nbsp;&nbsp;&nbsp; 9132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31372 | &nbsp;&nbsp;&nbsp;&nbsp; 9932415 | &nbsp;&nbsp;&nbsp;&nbsp; (390170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (586791) | &nbsp;&nbsp;&nbsp; (562966) | &nbsp;&nbsp;&nbsp; (501705) | &nbsp;&nbsp;&nbsp; (421003) | &nbsp;&nbsp; (17458) | &nbsp;&nbsp;&nbsp; (252687) | &nbsp;&nbsp; (19928728) | &nbsp;&nbsp; (2179046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (230646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp; (361189) | &nbsp;&nbsp;&nbsp; (166863) | &nbsp;&nbsp;&nbsp;&nbsp; 722437 | &nbsp;&nbsp;&nbsp;&nbsp; 163802 | &nbsp;&nbsp;&nbsp;&nbsp; (4932) | &nbsp;&nbsp;&nbsp; (253307) | &nbsp;&nbsp;&nbsp; 41090292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944130 |
| **TOTAL INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; (157788) | &nbsp;&nbsp; 1125020 | &nbsp;&nbsp; 1185527 | &nbsp;&nbsp;&nbsp;&nbsp; 430973 | &nbsp;&nbsp;&nbsp; 18168 | &nbsp;&nbsp;&nbsp;&nbsp; 162866 | &nbsp;&nbsp;&nbsp; 83749243 | &nbsp;&nbsp;&nbsp; 9158397 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $3756918 | $4293156 | $5543150 | $4056384 | $152866 | $3057128 | $230636507 | $23807124 |
| **End of year** | $3599130 | $5418175 | $6728677 | $4487357 | $171033 | $3219994 | $314385750 | $32965521 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>| **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $304983 | $544222 | $810941 | $1299507 | $31896 | $442820 | $342430 | $640337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2372272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1782494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp;&nbsp; 1797823 | &nbsp;&nbsp;&nbsp; 3808860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624627 | &nbsp;&nbsp; (1170713) | &nbsp;&nbsp;&nbsp;&nbsp; (132885) | &nbsp;&nbsp;&nbsp;&nbsp; (681365) | &nbsp;&nbsp;&nbsp; 3201191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (125160) | &nbsp;&nbsp;&nbsp;&nbsp; (550628) | &nbsp;&nbsp;&nbsp;&nbsp; (245766) | &nbsp;&nbsp;&nbsp;&nbsp; (257149) | &nbsp;&nbsp;&nbsp;&nbsp; (194338) | &nbsp;&nbsp;&nbsp;&nbsp; (142914) | &nbsp;&nbsp;&nbsp;&nbsp; (201096) | &nbsp;&nbsp;&nbsp;&nbsp; (553305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 2113104 | &nbsp;&nbsp;&nbsp; 4522102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565175 | &nbsp;&nbsp;&nbsp; 1592931 | &nbsp;&nbsp;&nbsp; 1164763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202081 | &nbsp;&nbsp;&nbsp; 1537728 | &nbsp;&nbsp;&nbsp; 3621337 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 1368880 | &nbsp;&nbsp;&nbsp; 6594845 | &nbsp;&nbsp;&nbsp; 8625642 | &nbsp;&nbsp;&nbsp; 3255898 | &nbsp;&nbsp;&nbsp; 1015770 | &nbsp;&nbsp;&nbsp; 1092790 | &nbsp;&nbsp;&nbsp; 2350373 | &nbsp;&nbsp;&nbsp; 7036466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22245 | &nbsp;&nbsp;&nbsp;&nbsp; (120596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147090 | &nbsp;&nbsp;&nbsp; 1400975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6213 | &nbsp;&nbsp;&nbsp; 2168940 | &nbsp;&nbsp; (1545330) | &nbsp;&nbsp;&nbsp; 2043196 | &nbsp;&nbsp;&nbsp;&nbsp; (291879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801358 | &nbsp;&nbsp;&nbsp; 2673389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (691261) | &nbsp;&nbsp; (2962739) | &nbsp;&nbsp; (3789582) | &nbsp;&nbsp; (1394187) | &nbsp;&nbsp; (1423994) | &nbsp;&nbsp; (1066336) | &nbsp;&nbsp; (1481438) | &nbsp;&nbsp; (2770550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885121 | &nbsp;&nbsp;&nbsp; 6578868 | &nbsp;&nbsp;&nbsp; 3428642 | &nbsp;&nbsp;&nbsp; 3914447 | &nbsp;&nbsp;&nbsp;&nbsp; (834067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594774 | &nbsp;&nbsp;&nbsp; 1805402 | &nbsp;&nbsp;&nbsp; 8308601 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; 2998225 | &nbsp;&nbsp; 11100970 | &nbsp;&nbsp;&nbsp; 3993817 | &nbsp;&nbsp;&nbsp; 5507377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796855 | &nbsp;&nbsp;&nbsp; 3343130 | &nbsp;&nbsp; 11929938 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $8437274 | $39508263 | $17150735 | $18392124 | $15642963 | $10995577 | $14656069 | $39516082 |
| **End of year** | $11435499 | $50609233 | $21144552 | $23899502 | $15973659 | $11792432 | $17999199 | $51446020 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $275655 | $882686 | $1748783 | $1740304 | $1602315 | $1158900 | $1261007 | $278049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp; 402874 | &nbsp;&nbsp;&nbsp; 1303574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (532928) | &nbsp;&nbsp;&nbsp;&nbsp; (486226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 855958 | &nbsp;&nbsp;&nbsp; 2419632 | &nbsp;&nbsp;&nbsp; 5729086 | &nbsp;&nbsp;&nbsp; 7711884 | &nbsp;&nbsp;&nbsp; 8500311 | &nbsp;&nbsp;&nbsp; 6823548 | &nbsp;&nbsp;&nbsp; 8690411 | &nbsp;&nbsp;&nbsp; 1870539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (109587) | &nbsp;&nbsp;&nbsp;&nbsp; (376107) | &nbsp;&nbsp;&nbsp;&nbsp; (750439) | &nbsp;&nbsp;&nbsp;&nbsp; (787070) | &nbsp;&nbsp;&nbsp;&nbsp; (777994) | &nbsp;&nbsp;&nbsp;&nbsp; (599279) | &nbsp;&nbsp;&nbsp;&nbsp; (670066) | &nbsp;&nbsp;&nbsp;&nbsp; (137935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 891972 | &nbsp;&nbsp;&nbsp; 3743560 | &nbsp;&nbsp;&nbsp; 8320069 | &nbsp;&nbsp;&nbsp; 9498367 | &nbsp;&nbsp; 10007287 | &nbsp;&nbsp;&nbsp; 8225620 | &nbsp;&nbsp;&nbsp; 9877503 | &nbsp;&nbsp;&nbsp; 2051395 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 732238 | &nbsp;&nbsp;&nbsp; 2628673 | &nbsp;&nbsp; 13446896 | &nbsp;&nbsp; 11161627 | &nbsp;&nbsp;&nbsp; 9482542 | &nbsp;&nbsp;&nbsp; 7268849 | &nbsp;&nbsp;&nbsp; 7668628 | &nbsp;&nbsp;&nbsp; 3466027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (212414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244785 | &nbsp;&nbsp;&nbsp;&nbsp; (694452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866232 | &nbsp;&nbsp;&nbsp;&nbsp; (399579) | &nbsp;&nbsp;&nbsp;&nbsp; (159092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 150384 | &nbsp;&nbsp;&nbsp;&nbsp; (746362) | &nbsp;&nbsp;&nbsp;&nbsp; (837986) | &nbsp;&nbsp;&nbsp;&nbsp; (414328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293895 | &nbsp;&nbsp;&nbsp;&nbsp; (181960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (1284289) | &nbsp;&nbsp; (2820613) | &nbsp;&nbsp; (5134986) | &nbsp;&nbsp; (3548519) | &nbsp;&nbsp; (2790224) | &nbsp;&nbsp; (3323160) | &nbsp;&nbsp; (2537167) | &nbsp;&nbsp;&nbsp;&nbsp; (637882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82404) | &nbsp;&nbsp;&nbsp;&nbsp; (111265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (618485) | &nbsp;&nbsp;&nbsp;&nbsp; (713311) | &nbsp;&nbsp;&nbsp; 6728338 | &nbsp;&nbsp;&nbsp; 7992894 | &nbsp;&nbsp;&nbsp; 6300233 | &nbsp;&nbsp;&nbsp; 3998088 | &nbsp;&nbsp;&nbsp; 4758470 | &nbsp;&nbsp;&nbsp; 2839602 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 273487 | &nbsp;&nbsp;&nbsp; 3030249 | &nbsp;&nbsp; 15048407 | &nbsp;&nbsp; 17491260 | &nbsp;&nbsp; 16307520 | &nbsp;&nbsp; 12223708 | &nbsp;&nbsp; 14635973 | &nbsp;&nbsp;&nbsp; 4890997 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $8660629 | $28718339 | $53118796 | $55243091 | $54998671 | $42603480 | $46961043 | $8800471 |
| **End of year** | $8934116 | $31748588 | $68167203 | $72734351 | $71306191 | $54827188 | $61597016 | $13691468 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>| **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $316917 | $480164 | $1072928 | $178423 | $159233 | $15222 | $60753 | $34309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9707 | &nbsp;&nbsp;&nbsp;&nbsp; 102592 | &nbsp;&nbsp;&nbsp;&nbsp; 242033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75961 | &nbsp;&nbsp;&nbsp;&nbsp; (193514) | &nbsp;&nbsp;&nbsp;&nbsp; (422754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764423 | &nbsp;&nbsp;&nbsp; (116223) | &nbsp;&nbsp;&nbsp; (137004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 2154264 | &nbsp;&nbsp;&nbsp; 1007021 | &nbsp;&nbsp;&nbsp; 1229135 | &nbsp;&nbsp;&nbsp; 1502021 | &nbsp;&nbsp;&nbsp;&nbsp; 232877 | &nbsp;&nbsp;&nbsp;&nbsp; 349805 | &nbsp;&nbsp;&nbsp;&nbsp; 170263 | &nbsp;&nbsp;&nbsp;&nbsp; (14662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (160391) | &nbsp;&nbsp;&nbsp;&nbsp; (178275) | &nbsp;&nbsp;&nbsp;&nbsp; (343105) | &nbsp;&nbsp;&nbsp;&nbsp; (207561) | &nbsp;&nbsp;&nbsp;&nbsp; (65140) | &nbsp;&nbsp;&nbsp;&nbsp; (23027) | &nbsp;&nbsp;&nbsp;&nbsp; (61504) | &nbsp;&nbsp;&nbsp;&nbsp; (16191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 2386751 | &nbsp;&nbsp;&nbsp; 1352134 | &nbsp;&nbsp;&nbsp; 1536204 | &nbsp;&nbsp;&nbsp; 2581094 | &nbsp;&nbsp;&nbsp;&nbsp; 220454 | &nbsp;&nbsp;&nbsp;&nbsp; 307588 | &nbsp;&nbsp;&nbsp;&nbsp; 485470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23846 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 3952865 | &nbsp;&nbsp;&nbsp; 1071882 | &nbsp;&nbsp;&nbsp; 3437081 | &nbsp;&nbsp;&nbsp; 3721073 | &nbsp;&nbsp;&nbsp;&nbsp; 468594 | &nbsp;&nbsp;&nbsp;&nbsp; 201256 | &nbsp;&nbsp;&nbsp;&nbsp; 711024 | &nbsp;&nbsp;&nbsp;&nbsp; 379968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (107513) | &nbsp;&nbsp;&nbsp;&nbsp; (161890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92278 | &nbsp;&nbsp;&nbsp;&nbsp; (116424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24626 | &nbsp;&nbsp;&nbsp;&nbsp; (18656) | &nbsp;&nbsp;&nbsp;&nbsp; (62493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26549) | &nbsp;&nbsp;&nbsp; 1442707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261500 | &nbsp;&nbsp;&nbsp;&nbsp; 587155 | &nbsp;&nbsp;&nbsp;&nbsp; (19496) | &nbsp;&nbsp;&nbsp;&nbsp; (51048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp; (578126) | &nbsp;&nbsp; (1585409) | &nbsp;&nbsp; (2621083) | &nbsp;&nbsp; (2324094) | &nbsp;&nbsp;&nbsp; (458066) | &nbsp;&nbsp;&nbsp; (190747) | &nbsp;&nbsp;&nbsp; (585799) | &nbsp;&nbsp;&nbsp;&nbsp; (61894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 3422396 | &nbsp;&nbsp;&nbsp;&nbsp; (709544) | &nbsp;&nbsp;&nbsp; 2335108 | &nbsp;&nbsp;&nbsp; 1537027 | &nbsp;&nbsp;&nbsp;&nbsp; 620274 | &nbsp;&nbsp;&nbsp;&nbsp; (28154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10176 | &nbsp;&nbsp;&nbsp;&nbsp; 315550 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; 5809147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642590 | &nbsp;&nbsp;&nbsp; 3871313 | &nbsp;&nbsp;&nbsp; 4118120 | &nbsp;&nbsp;&nbsp;&nbsp; 840727 | &nbsp;&nbsp;&nbsp;&nbsp; 279434 | &nbsp;&nbsp;&nbsp;&nbsp; 495646 | &nbsp;&nbsp;&nbsp;&nbsp; 339396 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $10002930 | $13808397 | $25674824 | $14892965 | $4864047 | $1682888 | $4660524 | $1232592 |
| **End of year** | $15812077 | $14450987 | $29546137 | $19011085 | $5704774 | $1962323 | $5156169 | $1571988 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>| **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $114730 | $4749 | $122738 | $14817977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 14474408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11008 | &nbsp;&nbsp;&nbsp; (107140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (285239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66460 | &nbsp;&nbsp;&nbsp;&nbsp; (13778) | &nbsp;&nbsp;&nbsp;&nbsp; 221036 | &nbsp;&nbsp;&nbsp; 46464356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (37177) | &nbsp;&nbsp;&nbsp;&nbsp; (12647) | &nbsp;&nbsp;&nbsp;&nbsp; (43938) | &nbsp;&nbsp;&nbsp;&nbsp; (5791554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 157696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56842 | &nbsp;&nbsp;&nbsp;&nbsp; 192696 | &nbsp;&nbsp;&nbsp; 69679950 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 571277 | &nbsp;&nbsp;&nbsp;&nbsp; 151235 | &nbsp;&nbsp;&nbsp;&nbsp; 281424 | &nbsp;&nbsp;&nbsp; 11367896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5574) | &nbsp;&nbsp;&nbsp;&nbsp; (11038) | &nbsp;&nbsp;&nbsp;&nbsp; (59156) | &nbsp;&nbsp;&nbsp;&nbsp; (7199277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 142995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40806 | &nbsp;&nbsp;&nbsp;&nbsp; 112990 | &nbsp;&nbsp;&nbsp;&nbsp; (4684154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (430285) | &nbsp;&nbsp;&nbsp;&nbsp; (32301) | &nbsp;&nbsp;&nbsp; (514013) | &nbsp;&nbsp; (39041228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (142553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contract owners; transactions | &nbsp;&nbsp;&nbsp;&nbsp; 277018 | &nbsp;&nbsp;&nbsp;&nbsp; 148459 | &nbsp;&nbsp;&nbsp; (179614) | &nbsp;&nbsp; (39731579) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; 434713 | &nbsp;&nbsp;&nbsp;&nbsp; 205301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13081 | &nbsp;&nbsp;&nbsp; 29948371 |
| **Net Assets:** |  |  |  |  |
| **Beginning of year**  | $2675851 | $989460 | $3374811 | $454379267 |
| **End of year** | $3110565 | $1194761 | $3387892 | $484327638 |

---

\* Janus Henderson Global Technology and Innovation Fund Class I became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Janus Henderson Global Technology and Innovation Fund Class S became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

\* Neuberger Genesis Fund Advisor Class became available for investment on May 1, 2025 (inception). The Statement of Operations is from May 1, 2025 (inception) through December 31, 2025.

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ALGER**<br> **MID CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **I-2**<br>| **ALLSPRING** <br> **VT**<br> **DISCOVERY SMID** <br> **CAP GROWTH FUND**<br>| **AMERICAN**<br> **FUNDS IS**<br> **GOVERNMENT**<br> **SECURITIES**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS** <br> **GROWTH**<br> **FUND** <br> **CLASS 4**<br>| **AMERICAN**<br> **FUNDS IS**<br> **INTERNATIONAL**<br> **GROWTH** <br> **AND INCOME** <br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **MANAGED**<br> **RISK ALLOCATION**<br> **FUND**<br> **CLASS P2**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 1**<br>| **AMERICAN**<br> **FUNDS IS**<br> **NEW WORLD**<br> **FUND**<br> **CLASS 4**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $– | $– | $189593 | $102984 | $125987 | $204274 | $15505 | $195679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1418290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146175 | &nbsp;&nbsp;&nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp; (10245) | &nbsp;&nbsp; (1631399) | &nbsp;&nbsp;&nbsp; (103857) | &nbsp;&nbsp;&nbsp; 2846961 | &nbsp;&nbsp;&nbsp; (251309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98174) | &nbsp;&nbsp;&nbsp;&nbsp; (7840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 57307 | &nbsp;&nbsp;&nbsp; 7784254 | &nbsp;&nbsp;&nbsp;&nbsp; (47123) | &nbsp;&nbsp; 11923244 | &nbsp;&nbsp;&nbsp;&nbsp; 206546 | &nbsp;&nbsp;&nbsp; 1177582 | &nbsp;&nbsp;&nbsp; 47105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2996) | &nbsp;&nbsp;&nbsp;&nbsp; (454817) | &nbsp;&nbsp;&nbsp;&nbsp; (51681) | &nbsp;&nbsp;&nbsp;&nbsp; (743833) | &nbsp;&nbsp;&nbsp;&nbsp; (50555) | &nbsp;&nbsp;&nbsp;&nbsp; (127923) | &nbsp;&nbsp; (11829) | &nbsp;&nbsp;&nbsp;&nbsp; (209474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 44066 | &nbsp;&nbsp;&nbsp; 5698038 | &nbsp;&nbsp;&nbsp;&nbsp; (13068) | &nbsp;&nbsp; 15547646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30668 | &nbsp;&nbsp;&nbsp; 1301934 | &nbsp;&nbsp;&nbsp; 47259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860674 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996532 | &nbsp;&nbsp; 1032852 | &nbsp;&nbsp;&nbsp; 1908989 | &nbsp;&nbsp; 1251553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442751 | &nbsp;&nbsp;&nbsp; 72318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1672) | &nbsp;&nbsp;&nbsp;&nbsp; (869673) | &nbsp;&nbsp;&nbsp;&nbsp; 231417 | &nbsp;&nbsp; (2553953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63345 | &nbsp;&nbsp;&nbsp;&nbsp; (146121) | &nbsp;&nbsp; (29670) | &nbsp;&nbsp;&nbsp;&nbsp; (724850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (2217) | &nbsp;&nbsp; (1641385) | &nbsp;&nbsp;&nbsp;&nbsp; 282095 | &nbsp;&nbsp;&nbsp; 3068359 | &nbsp;&nbsp;&nbsp;&nbsp; 542168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438919 | &nbsp;&nbsp;&nbsp; 30734 | &nbsp;&nbsp;&nbsp;&nbsp; (107721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (36003) | &nbsp;&nbsp; (3491573) | &nbsp;&nbsp;&nbsp; (545139) | &nbsp;&nbsp; (6710254) | &nbsp;&nbsp;&nbsp; (253358) | &nbsp;&nbsp; (1064429) | &nbsp;&nbsp; (54285) | &nbsp;&nbsp; (1619277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp; (36326) | &nbsp;&nbsp; (5007629) | &nbsp;&nbsp;&nbsp;&nbsp; 997973 | &nbsp;&nbsp; (4316805) | &nbsp;&nbsp; 1600166 | &nbsp;&nbsp;&nbsp;&nbsp; (331553) | &nbsp;&nbsp;&nbsp; 18829 | &nbsp;&nbsp; (1590378) |
| **TOTAL INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690409 | &nbsp;&nbsp;&nbsp;&nbsp; 984904 | &nbsp;&nbsp; 11230841 | &nbsp;&nbsp; 1630834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970381 | &nbsp;&nbsp;&nbsp; 66088 | &nbsp;&nbsp;&nbsp;&nbsp; (729704) |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $226737 | $36267878 | $3751340 | $54983074 | $3236457 | $9951222 | $871600 | $16954630 |
| **End of year** | $234477 | $36958287 | $4736244 | $66213915 | $4867291 | $10921603 | $937688 | $16224926 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 1**<br>| **AMERICAN**<br> **FUNDS** <br> **IS**<br> **WASHINGTON**<br> **MUTUAL**<br> **INVESTORS**<br> **FUND CLASS 4**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS I**<br>| **BLACKROCK**<br> **HIGH YIELD**<br> **VI FUND**<br> **CLASS III**<br>| **BNY MELLON**<br> **SMALL CAP**<br> **STOCK INDEX**<br> **PORTFOLIO**<br> **SERVICE**<br> **SHARES**<br>| **CALVERT VP** <br> **S&P** <br> **MIDCAP** <br> **400 INDEX** <br> **PORTFOLIO** <br> **CLASS F**<br>| **CALVERT VP**<br> **SRI** <br> **BALANCED I**<br> **PORTFOLIO**<br> **CLASS 1**<br>| **CLEARBRIDGE** <br> **VARIABLE** <br> **SMALL CAP**<br> **GROWTH**<br> **PORTFOLIO** <br> **CLASS I**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $82308 | $479387 | $127889 | $127151 | $1740668 | $3482282 | $238305 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 3408903 | &nbsp;&nbsp;&nbsp; 12549781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497027 | &nbsp;&nbsp;&nbsp;&nbsp; (13484) | &nbsp;&nbsp;&nbsp;&nbsp; (47801) | &nbsp;&nbsp;&nbsp;&nbsp; 1467681 | &nbsp;&nbsp;&nbsp;&nbsp; 5087722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101092 | &nbsp;&nbsp;&nbsp; (350557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 640120 | &nbsp;&nbsp;&nbsp; 4461315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64760 | &nbsp;&nbsp;&nbsp;&nbsp; 5284813 | &nbsp;&nbsp;&nbsp; 15146766 | &nbsp;&nbsp;&nbsp; 1710201 | &nbsp;&nbsp;&nbsp;&nbsp; 376621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (54785) | &nbsp;&nbsp;&nbsp;&nbsp; (405700) | &nbsp;&nbsp;&nbsp;&nbsp; (23196) | &nbsp;&nbsp;&nbsp;&nbsp; (22903) | &nbsp;&nbsp;&nbsp;&nbsp; (1909447) | &nbsp;&nbsp;&nbsp;&nbsp; (3633750) | &nbsp;&nbsp;&nbsp;&nbsp; (165958) | &nbsp;&nbsp;&nbsp;&nbsp; (28608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 689981 | &nbsp;&nbsp;&nbsp; 5307946 | &nbsp;&nbsp;&nbsp;&nbsp; 124021 | &nbsp;&nbsp;&nbsp;&nbsp; 121207 | &nbsp;&nbsp;&nbsp;&nbsp; 9992617 | &nbsp;&nbsp;&nbsp; 32632801 | &nbsp;&nbsp;&nbsp; 2129166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71500 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 640365 | &nbsp;&nbsp;&nbsp; 1353128 | &nbsp;&nbsp;&nbsp;&nbsp; 104094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86297 | &nbsp;&nbsp;&nbsp;&nbsp; 3720076 | &nbsp;&nbsp;&nbsp;&nbsp; 6801038 | &nbsp;&nbsp;&nbsp; 2527827 | &nbsp;&nbsp;&nbsp;&nbsp; 114216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; 212853 | &nbsp;&nbsp;&nbsp;&nbsp; (428410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; (29360) | &nbsp;&nbsp;&nbsp;&nbsp; (2651752) | &nbsp;&nbsp;&nbsp;&nbsp; (4708407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357235 | &nbsp;&nbsp;&nbsp;&nbsp; (86658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (13806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11969 | &nbsp;&nbsp;&nbsp;&nbsp; 257437 | &nbsp;&nbsp;&nbsp;&nbsp; (1427658) | &nbsp;&nbsp;&nbsp;&nbsp; (4654363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621885 | &nbsp;&nbsp;&nbsp; (182088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (350440) | &nbsp;&nbsp; (3804786) | &nbsp;&nbsp;&nbsp; (199996) | &nbsp;&nbsp;&nbsp; (276005) | &nbsp;&nbsp; (11210648) | &nbsp;&nbsp; (20731799) | &nbsp;&nbsp; (1073098) | &nbsp;&nbsp;&nbsp; (351452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 487603 | &nbsp;&nbsp; (2535214) | &nbsp;&nbsp;&nbsp;&nbsp; (82665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38010 | &nbsp;&nbsp; (11585706) | &nbsp;&nbsp; (23321908) | &nbsp;&nbsp;&nbsp; 2426501 | &nbsp;&nbsp;&nbsp; (506083) |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 1177584 | &nbsp;&nbsp;&nbsp; 2772732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41356 | &nbsp;&nbsp;&nbsp;&nbsp; 159217 | &nbsp;&nbsp;&nbsp;&nbsp; (1593089) | &nbsp;&nbsp;&nbsp;&nbsp; 9310893 | &nbsp;&nbsp;&nbsp; 4555666 | &nbsp;&nbsp;&nbsp; (434583) |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $3697371 | $31738833 | $1812081 | $1809527 | $154881096 | $281003501 | $10738356 | $2598952 |
| **End of year** | $4874955 | $34511565 | $1853437 | $1968744 | $153288007 | $290314394 | $15294022 | $2164369 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S.**<br> **TARGETED**<br> **VALUE** <br> **PORTFOLIO**<br>| **FIDELITY VIP**<br> **FREEDOM 2015**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2020**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2025** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM 2030** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM 2035** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2035** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $12701 | $52140 | $27689 | $31982 | $331854 | $43269 | $31618 | $553838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 61869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58027 | &nbsp;&nbsp;&nbsp; 26404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp; 26865 | &nbsp;&nbsp;&nbsp; (126432) | &nbsp;&nbsp;&nbsp;&nbsp; (2942) | &nbsp;&nbsp;&nbsp;&nbsp; (68312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342026 | &nbsp;&nbsp;&nbsp;&nbsp; (32801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (32095) | &nbsp;&nbsp;&nbsp;&nbsp; 133205 | &nbsp;&nbsp;&nbsp; 18873 | &nbsp;&nbsp;&nbsp;&nbsp; 176131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490660 | &nbsp;&nbsp;&nbsp;&nbsp; 144080 | &nbsp;&nbsp;&nbsp;&nbsp; 105455 | &nbsp;&nbsp;&nbsp; 1524391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp; (10711) | &nbsp;&nbsp;&nbsp;&nbsp; (22381) | &nbsp;&nbsp; (12041) | &nbsp;&nbsp;&nbsp;&nbsp; (18267) | &nbsp;&nbsp;&nbsp;&nbsp; (181907) | &nbsp;&nbsp;&nbsp;&nbsp; (23217) | &nbsp;&nbsp;&nbsp;&nbsp; (21724) | &nbsp;&nbsp;&nbsp;&nbsp; (406984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp; 58629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94558 | &nbsp;&nbsp;&nbsp; 57984 | &nbsp;&nbsp;&nbsp;&nbsp; 123748 | &nbsp;&nbsp;&nbsp; 1010146 | &nbsp;&nbsp;&nbsp;&nbsp; 135505 | &nbsp;&nbsp;&nbsp;&nbsp; 160100 | &nbsp;&nbsp;&nbsp; 2828910 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 41023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43450 | &nbsp;&nbsp;&nbsp; 14069 | &nbsp;&nbsp;&nbsp;&nbsp; 166747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867694 | &nbsp;&nbsp;&nbsp;&nbsp; 350544 | &nbsp;&nbsp;&nbsp;&nbsp; 162060 | &nbsp;&nbsp;&nbsp; 1965001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp; 32386 | &nbsp;&nbsp;&nbsp; (238579) | &nbsp;&nbsp;&nbsp;&nbsp; (4552) | &nbsp;&nbsp;&nbsp; (140021) | &nbsp;&nbsp;&nbsp;&nbsp; (295704) | &nbsp;&nbsp;&nbsp;&nbsp; (82258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2780 | &nbsp;&nbsp;&nbsp;&nbsp; (358764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 37058 | &nbsp;&nbsp;&nbsp; (190507) | &nbsp;&nbsp;&nbsp;&nbsp; (1676) | &nbsp;&nbsp;&nbsp; (220467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12088) | &nbsp;&nbsp;&nbsp;&nbsp; (16244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (32589) | &nbsp;&nbsp;&nbsp; (143590) | &nbsp;&nbsp; (32524) | &nbsp;&nbsp;&nbsp; (465268) | &nbsp;&nbsp; (1711898) | &nbsp;&nbsp;&nbsp; (212425) | &nbsp;&nbsp;&nbsp; (242988) | &nbsp;&nbsp; (1592031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 77622 | &nbsp;&nbsp;&nbsp; (530459) | &nbsp;&nbsp; (25137) | &nbsp;&nbsp;&nbsp; (659848) | &nbsp;&nbsp; (1160399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38671 | &nbsp;&nbsp;&nbsp;&nbsp; (45518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78792) |
| **TOTAL INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| &nbsp;&nbsp; 136251 | &nbsp;&nbsp;&nbsp; (435901) | &nbsp;&nbsp;&nbsp; 32847 | &nbsp;&nbsp;&nbsp; (536100) | &nbsp;&nbsp;&nbsp;&nbsp; (150253) | &nbsp;&nbsp;&nbsp;&nbsp; 174176 | &nbsp;&nbsp;&nbsp;&nbsp; 114583 | &nbsp;&nbsp;&nbsp; 2750117 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $797314 | $2092113 | $931522 | $1691496 | $14514341 | $1765433 | $1570624 | $30983733 |
| **End of year** | $933565 | $1656212 | $964369 | $1155396 | $14364088 | $1939609 | $1685207 | $33733850 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM 2040** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2045** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2050** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2055** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FREEDOM 2060**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FREEDOM**<br> **2065** <br> **PORTFOLIO**<br> **SC2**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $9845 | $14501 | $285014 | $3807 | $1955 | $10419 | $141 | $5295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp; 9837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7755 | &nbsp;&nbsp;&nbsp;&nbsp; 2617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 2207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp; 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 49289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88887 | &nbsp;&nbsp;&nbsp; 1832727 | &nbsp;&nbsp;&nbsp;&nbsp; 47424 | &nbsp;&nbsp;&nbsp; 14110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9905) | &nbsp;&nbsp;&nbsp; 1012 | &nbsp;&nbsp; (10144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (8022) | &nbsp;&nbsp;&nbsp;&nbsp; (13135) | &nbsp;&nbsp;&nbsp;&nbsp; (319758) | &nbsp;&nbsp;&nbsp;&nbsp; (5322) | &nbsp;&nbsp;&nbsp;&nbsp; (1922) | &nbsp;&nbsp;&nbsp;&nbsp; (12017) | &nbsp;&nbsp;&nbsp;&nbsp; (137) | &nbsp;&nbsp;&nbsp;&nbsp; (2117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 63156 | &nbsp;&nbsp;&nbsp;&nbsp; 115515 | &nbsp;&nbsp;&nbsp; 2814375 | &nbsp;&nbsp;&nbsp;&nbsp; 58094 | &nbsp;&nbsp;&nbsp; 17031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91582 | &nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp;&nbsp; (1562) |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp; 131075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56860 | &nbsp;&nbsp;&nbsp; 1691520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86442 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (6051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57042 | &nbsp;&nbsp;&nbsp;&nbsp; (126058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 35193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp;&nbsp; 4346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; 413496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4650) | &nbsp;&nbsp; (1014072) | &nbsp;&nbsp; (212255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (60356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; (3077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175) | &nbsp;&nbsp;&nbsp;&nbsp; (105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp; 139016 | &nbsp;&nbsp;&nbsp;&nbsp; 106410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809263 | &nbsp;&nbsp; (207779) | &nbsp;&nbsp;&nbsp;&nbsp; 4289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68537 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp; 447104 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 202172 | &nbsp;&nbsp;&nbsp;&nbsp; 221925 | &nbsp;&nbsp;&nbsp; 3623639 | &nbsp;&nbsp; (149685) | &nbsp;&nbsp;&nbsp; 21320 | &nbsp;&nbsp;&nbsp;&nbsp; 160119 | &nbsp;&nbsp;&nbsp; 2304 | &nbsp;&nbsp; 445543 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $497092 | $908853 | $23159332 | $430334 | $136349 | $852942 | $9383 | $100258 |
| **End of year** | $699264 | $1130778 | $26782971 | $280649 | $157669 | $1013061 | $11687 | $545801 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **FREEDOM**<br> **INCOME** <br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER**<br> **20% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **50% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **FUNDSMANAGER** <br> **60% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **70% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **FUNDSMANAGER** <br> **85% PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INDEX 500**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **INVESTMENT**<br> **GRADE**<br> **BOND**<br> **PORTFOLIO** <br> **INITIAL**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $59551 | $136992 | $265707 | $924397 | $721508 | $380300 | $7482150 | $140340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (118244) | &nbsp;&nbsp;&nbsp;&nbsp; (25956) | &nbsp;&nbsp;&nbsp;&nbsp; (138232) | &nbsp;&nbsp;&nbsp;&nbsp; (180894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239291 | &nbsp;&nbsp;&nbsp; 43858375 | &nbsp;&nbsp;&nbsp;&nbsp; (22332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 137306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855294 | &nbsp;&nbsp;&nbsp; 3628943 | &nbsp;&nbsp;&nbsp; 3400437 | &nbsp;&nbsp;&nbsp; 3002063 | &nbsp;&nbsp; 103327198 | &nbsp;&nbsp;&nbsp;&nbsp; (73313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22455) | &nbsp;&nbsp;&nbsp;&nbsp; (44755) | &nbsp;&nbsp;&nbsp;&nbsp; (149110) | &nbsp;&nbsp;&nbsp;&nbsp; (600145) | &nbsp;&nbsp;&nbsp;&nbsp; (567659) | &nbsp;&nbsp;&nbsp;&nbsp; (391096) | &nbsp;&nbsp;&nbsp;&nbsp; (8881910) | &nbsp;&nbsp;&nbsp;&nbsp; (42270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57088 | &nbsp;&nbsp;&nbsp;&nbsp; 156748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833659 | &nbsp;&nbsp;&nbsp; 3772301 | &nbsp;&nbsp;&nbsp; 4133314 | &nbsp;&nbsp;&nbsp; 3230558 | &nbsp;&nbsp; 146220539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments <br> received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42799 | &nbsp;&nbsp;&nbsp;&nbsp; 158718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465606 | &nbsp;&nbsp;&nbsp; 2523389 | &nbsp;&nbsp;&nbsp; 2286105 | &nbsp;&nbsp;&nbsp; 1707455 | &nbsp;&nbsp;&nbsp; 15224575 | &nbsp;&nbsp; 1215320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18876 | &nbsp;&nbsp;&nbsp;&nbsp; (101722) | &nbsp;&nbsp;&nbsp;&nbsp; (779099) | &nbsp;&nbsp; (1334752) | &nbsp;&nbsp;&nbsp;&nbsp; (876177) | &nbsp;&nbsp; (15647956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; (195671) | &nbsp;&nbsp;&nbsp;&nbsp; 109669 | &nbsp;&nbsp;&nbsp;&nbsp; (245274) | &nbsp;&nbsp;&nbsp;&nbsp; (816997) | &nbsp;&nbsp; (1324846) | &nbsp;&nbsp;&nbsp;&nbsp; (524505) | &nbsp;&nbsp;&nbsp;&nbsp; (5242281) | &nbsp;&nbsp;&nbsp;&nbsp; 528635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (463056) | &nbsp;&nbsp;&nbsp; (423439) | &nbsp;&nbsp; (1237299) | &nbsp;&nbsp; (3852690) | &nbsp;&nbsp; (4306598) | &nbsp;&nbsp; (1995531) | &nbsp;&nbsp; (58253519) | &nbsp;&nbsp;&nbsp; (243982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from contract <br> owners; transactions<br>| &nbsp;&nbsp;&nbsp; (669540) | &nbsp;&nbsp;&nbsp; (138235) | &nbsp;&nbsp; (1127830) | &nbsp;&nbsp; (2954072) | &nbsp;&nbsp; (4706193) | &nbsp;&nbsp; (1707746) | &nbsp;&nbsp; (64102655) | &nbsp;&nbsp; 1588392 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; (612452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18513 | &nbsp;&nbsp;&nbsp;&nbsp; (294171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818229 | &nbsp;&nbsp;&nbsp;&nbsp; (572879) | &nbsp;&nbsp;&nbsp; 1522812 | &nbsp;&nbsp;&nbsp; 82117884 | &nbsp;&nbsp; 1590817 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $2129528 | $3912260 | $11962086 | $47182897 | $45523414 | $30174231 | $655077432 | $2799681 |
| **End of year** | $1517076 | $3930773 | $11667915 | $48001126 | $44950535 | $31697043 | $737195316 | $4390498 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY VIP** <br> **INVESTMENT**<br> **GRADE BOND**<br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP** <br> **OVERSEAS** <br> **PORTFOLIO**<br> **SC2**<br>| **FIDELITY VIP**<br> **REAL ESTATE**<br> **PORTFOLIO**<br> **SC2**<br>| **GOLDMAN SACHS**<br> **GOVERNMENT**<br> **MONEY MARKET**<br> **FUND**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JANUS**<br> **HENDERSON**<br> **VIT**<br> **ENTERPRISE**<br> **PORTFOLIO**<br> **INSTITUTIONAL**<br> **SHARES**<br>| **JPMORGAN**<br> **SMALL CAP**<br> **VALUE**<br> **FUND**<br> **CLASS A**<br>| **LORD ABBETT**<br> **SERIES FUND**<br> **DEVELOPING**<br> **GROWTH**<br> **PORTFOLIO VC SHARES**<br>| **LVIP JPMORGAN**<br> **U.S. EQUITY** <br> **FUND**<br> **STANDARD CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1174219 | $987719 | $771736 | $1393556 | $3832 | $33495 | $11725 | $295715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 3221898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 19761 | &nbsp;&nbsp;&nbsp;&nbsp; 255984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 2504912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (471408) | &nbsp;&nbsp;&nbsp; 3092318 | &nbsp;&nbsp;&nbsp;&nbsp; (450020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; (16940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29383 | &nbsp;&nbsp;&nbsp; (139401) | &nbsp;&nbsp;&nbsp; 3538926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (181666) | &nbsp;&nbsp; (3771434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 68604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24301 | &nbsp;&nbsp; 1670693 | &nbsp;&nbsp;&nbsp; 5888214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (429150) | &nbsp;&nbsp;&nbsp;&nbsp; (890927) | &nbsp;&nbsp;&nbsp;&nbsp; (245836) | &nbsp;&nbsp;&nbsp;&nbsp; (338752) | &nbsp;&nbsp;&nbsp;&nbsp; (6475) | &nbsp;&nbsp;&nbsp;&nbsp; (50896) | &nbsp;&nbsp;&nbsp;&nbsp; (95688) | &nbsp;&nbsp;&nbsp;&nbsp; (719966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91995 | &nbsp;&nbsp;&nbsp; 2639573 | &nbsp;&nbsp;&nbsp; 1004765 | &nbsp;&nbsp;&nbsp; 1054804 | &nbsp;&nbsp;&nbsp; 68783 | &nbsp;&nbsp;&nbsp;&nbsp; 292267 | &nbsp;&nbsp; 1447329 | &nbsp;&nbsp; 11507801 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments <br> received<br>| &nbsp;&nbsp;&nbsp; 1559426 | &nbsp;&nbsp;&nbsp; 2227025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923428 | &nbsp;&nbsp;&nbsp; 4812803 | &nbsp;&nbsp; 187695 | &nbsp;&nbsp;&nbsp;&nbsp; 210741 | &nbsp;&nbsp;&nbsp;&nbsp; 342789 | &nbsp;&nbsp;&nbsp; 1017003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp; (665740) | &nbsp;&nbsp; (1616757) | &nbsp;&nbsp;&nbsp;&nbsp; (548812) | &nbsp;&nbsp;&nbsp; 3871288 | &nbsp;&nbsp;&nbsp; 69740 | &nbsp;&nbsp;&nbsp;&nbsp; (26057) | &nbsp;&nbsp;&nbsp;&nbsp; (61149) | &nbsp;&nbsp; (1426065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 1484426 | &nbsp;&nbsp;&nbsp;&nbsp; (611823) | &nbsp;&nbsp;&nbsp;&nbsp; (311540) | &nbsp;&nbsp;&nbsp; 3212006 | &nbsp;&nbsp; (93256) | &nbsp;&nbsp;&nbsp;&nbsp; (29546) | &nbsp;&nbsp;&nbsp; (455223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (2897867) | &nbsp;&nbsp; (5467916) | &nbsp;&nbsp; (1879672) | &nbsp;&nbsp; (3081064) | &nbsp;&nbsp; (12792) | &nbsp;&nbsp;&nbsp; (544530) | &nbsp;&nbsp;&nbsp; (713982) | &nbsp;&nbsp; (4512107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br> assets resulting from contract <br> owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (526964) | &nbsp;&nbsp; (5474960) | &nbsp;&nbsp; (1820163) | &nbsp;&nbsp;&nbsp; 8810866 | &nbsp;&nbsp; 151151 | &nbsp;&nbsp;&nbsp; (390862) | &nbsp;&nbsp;&nbsp; (889608) | &nbsp;&nbsp; (4807482) |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434969) | &nbsp;&nbsp; (2835387) | &nbsp;&nbsp;&nbsp;&nbsp; (815398) | &nbsp;&nbsp;&nbsp; 9865670 | &nbsp;&nbsp; 219934 | &nbsp;&nbsp;&nbsp;&nbsp; (98596) | &nbsp;&nbsp;&nbsp;&nbsp; 557721 | &nbsp;&nbsp;&nbsp; 6700319 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $35219299 | $69906930 | $20477518 | $22338299 | $399518 | $4221482 | $7192097 | $52759975 |
| **End of year** | $34784330 | $67071543 | $19662120 | $32203969 | $619452 | $4122886 | $7749818 | $59460294 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS VIT**<br> **BLENDED**<br> **RESEARCH**<br> **SMALL CAP**<br> **EQUITY**<br> **PORTFOLIO**<br> **INITIAL** <br> **CLASS**<br>| **MFS VIT**<br> **INTERNATIONAL**<br> **GROWTH**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **INITIAL**<br> **CLASS**<br>| **MFS VIT**<br> **MID CAP**<br> **VALUE**<br> **PORTFOLIO**<br> **SC**<br>| **MFS VIT** <br> **NEW**<br> **DISCOVERY**<br> **SERIES**<br> **INITIAL**<br> **CLASS**<br>| **PUTNAM VT**<br> **SUSTAINABLE**<br> **LEADERS FUND**<br> **IA SHARES**<br>| **T. ROWE PRICE**<br> **BLUE CHIP**<br> **GROWTH**<br> **PORTFOLIO**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **EMERGING**<br> **MARKETS**<br> **STOCK FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $10115 | $26352 | $7474 | $66789 | $– | $29005 | $– | $13203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10349 | &nbsp;&nbsp;&nbsp; 25204 | &nbsp;&nbsp;&nbsp;&nbsp; 270361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47802 | &nbsp;&nbsp;&nbsp;&nbsp; 187655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (10016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8922 | &nbsp;&nbsp;&nbsp;&nbsp; 9126 | &nbsp;&nbsp;&nbsp;&nbsp; 213768 | &nbsp;&nbsp;&nbsp; (302097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39487 | &nbsp;&nbsp;&nbsp;&nbsp; (40967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44342 | &nbsp;&nbsp;&nbsp;&nbsp; 231565 | &nbsp;&nbsp;&nbsp; 35536 | &nbsp;&nbsp;&nbsp;&nbsp; 270931 | &nbsp;&nbsp;&nbsp;&nbsp; 484437 | &nbsp;&nbsp;&nbsp; 1482698 | &nbsp;&nbsp; 1034621 | &nbsp;&nbsp;&nbsp;&nbsp; (36320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (12552) | &nbsp;&nbsp;&nbsp;&nbsp; (40193) | &nbsp;&nbsp;&nbsp;&nbsp; (7535) | &nbsp;&nbsp;&nbsp;&nbsp; (79888) | &nbsp;&nbsp;&nbsp;&nbsp; (38540) | &nbsp;&nbsp;&nbsp;&nbsp; (107187) | &nbsp;&nbsp;&nbsp;&nbsp; (53164) | &nbsp;&nbsp;&nbsp;&nbsp; (47464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40309 | &nbsp;&nbsp;&nbsp;&nbsp; 236994 | &nbsp;&nbsp;&nbsp; 69805 | &nbsp;&nbsp;&nbsp;&nbsp; 741960 | &nbsp;&nbsp;&nbsp;&nbsp; 143800 | &nbsp;&nbsp;&nbsp; 1485674 | &nbsp;&nbsp; 1208600 | &nbsp;&nbsp;&nbsp; (111549) |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91837 | &nbsp;&nbsp;&nbsp;&nbsp; 144972 | &nbsp;&nbsp;&nbsp; 28987 | &nbsp;&nbsp;&nbsp;&nbsp; 298395 | &nbsp;&nbsp;&nbsp;&nbsp; 743703 | &nbsp;&nbsp;&nbsp; 2162239 | &nbsp;&nbsp;&nbsp;&nbsp; 347934 | &nbsp;&nbsp;&nbsp;&nbsp; 404508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52798 | &nbsp;&nbsp;&nbsp;&nbsp; (68780) | &nbsp;&nbsp; (48067) | &nbsp;&nbsp;&nbsp; (104961) | &nbsp;&nbsp;&nbsp;&nbsp; 198108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368928 | &nbsp;&nbsp;&nbsp;&nbsp; (63053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41819 | &nbsp;&nbsp;&nbsp;&nbsp; (24521) | &nbsp;&nbsp;&nbsp;&nbsp; (3292) | &nbsp;&nbsp;&nbsp; (304491) | &nbsp;&nbsp;&nbsp;&nbsp; 286346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722769 | &nbsp;&nbsp;&nbsp;&nbsp; (71078) | &nbsp;&nbsp;&nbsp;&nbsp; 113792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (128550) | &nbsp;&nbsp;&nbsp; (274993) | &nbsp;&nbsp; (28200) | &nbsp;&nbsp;&nbsp; (524386) | &nbsp;&nbsp;&nbsp; (333399) | &nbsp;&nbsp;&nbsp;&nbsp; (654110) | &nbsp;&nbsp;&nbsp; (386215) | &nbsp;&nbsp;&nbsp; (264345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57598 | &nbsp;&nbsp;&nbsp; (223719) | &nbsp;&nbsp; (50807) | &nbsp;&nbsp;&nbsp; (636959) | &nbsp;&nbsp;&nbsp;&nbsp; 890364 | &nbsp;&nbsp;&nbsp; 2590239 | &nbsp;&nbsp;&nbsp; (174236) | &nbsp;&nbsp;&nbsp;&nbsp; 257261 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13276 | &nbsp;&nbsp;&nbsp; 18999 | &nbsp;&nbsp;&nbsp;&nbsp; 105002 | &nbsp;&nbsp; 1034164 | &nbsp;&nbsp;&nbsp; 4075913 | &nbsp;&nbsp; 1034364 | &nbsp;&nbsp;&nbsp;&nbsp; 145712 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $966622 | $3181223 | $574851 | $6324039 | $2594578 | $6489094 | $3615193 | $3656558 |
| **End of year** | $1064529 | $3194499 | $593850 | $6429041 | $3628742 | $10565007 | $4649557 | $3802270 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **EQUITY**<br> **INCOME**<br> **FUND** <br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GLOBAL REAL**<br> **ESTATE**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **GROWTH STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **INTERNATIONAL**<br> **BOND**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **HORIZONS**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **NEW**<br> **INCOME**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **OVERSEAS**<br> **STOCK**<br> **FUND**<br> **INVESTOR**<br> **CLASS**<br>| **T. ROWE PRICE**<br> **SMALL-CAP**<br> **VALUE FUND**<br> **INVESTOR**<br> **CLASS**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $562642 | $44044 | $– | $37443 | $– | $166127 | $99366 | $45856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp; 1914999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 3342532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 447697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216578 | &nbsp;&nbsp;&nbsp;&nbsp; (31531) | &nbsp;&nbsp;&nbsp; 1132793 | &nbsp;&nbsp;&nbsp;&nbsp; (30329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77887) | &nbsp;&nbsp;&nbsp;&nbsp; (80575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized <br> appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13806 | &nbsp;&nbsp;&nbsp; 7300616 | &nbsp;&nbsp;&nbsp;&nbsp; (73074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89842) | &nbsp;&nbsp;&nbsp;&nbsp; (34384) | &nbsp;&nbsp;&nbsp;&nbsp; (74905) | &nbsp;&nbsp;&nbsp;&nbsp; (54612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge <br> (Note 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (344984) | &nbsp;&nbsp;&nbsp;&nbsp; (23593) | &nbsp;&nbsp;&nbsp;&nbsp; (586523) | &nbsp;&nbsp;&nbsp;&nbsp; (15350) | &nbsp;&nbsp;&nbsp;&nbsp; (178271) | &nbsp;&nbsp;&nbsp;&nbsp; (47289) | &nbsp;&nbsp;&nbsp;&nbsp; (51457) | &nbsp;&nbsp;&nbsp;&nbsp; (61235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; 2487011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2727 | &nbsp;&nbsp; 11189418 | &nbsp;&nbsp;&nbsp;&nbsp; (81311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50968 | &nbsp;&nbsp;&nbsp;&nbsp; 441463 |
| **CONTRACT OWNERS'** <br> **TRANSACTIONS**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 5707198 | &nbsp;&nbsp;&nbsp;&nbsp; 345858 | &nbsp;&nbsp;&nbsp; 8060220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56748 | &nbsp;&nbsp;&nbsp; 2440049 | &nbsp;&nbsp;&nbsp;&nbsp; 203634 | &nbsp;&nbsp;&nbsp;&nbsp; 603747 | &nbsp;&nbsp;&nbsp;&nbsp; 697379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed <br> accumulation account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911425 | &nbsp;&nbsp;&nbsp;&nbsp; 105785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134653 | &nbsp;&nbsp;&nbsp;&nbsp; (26408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 1417406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39859 | &nbsp;&nbsp;&nbsp;&nbsp; (704136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286278 | &nbsp;&nbsp;&nbsp;&nbsp; 160263 | &nbsp;&nbsp;&nbsp;&nbsp; 248968 | &nbsp;&nbsp;&nbsp;&nbsp; 376648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (3034436) | &nbsp;&nbsp;&nbsp; (191080) | &nbsp;&nbsp; (4053267) | &nbsp;&nbsp;&nbsp;&nbsp; (85173) | &nbsp;&nbsp; (1104278) | &nbsp;&nbsp;&nbsp; (375556) | &nbsp;&nbsp;&nbsp; (383520) | &nbsp;&nbsp;&nbsp; (372317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note <br> 3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from contract owners; <br> transactions<br>| &nbsp;&nbsp;&nbsp; 4979376 | &nbsp;&nbsp;&nbsp;&nbsp; 298580 | &nbsp;&nbsp;&nbsp; 3601055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18373 | &nbsp;&nbsp;&nbsp; 1742010 | &nbsp;&nbsp;&nbsp;&nbsp; (40336) | &nbsp;&nbsp;&nbsp;&nbsp; 544959 | &nbsp;&nbsp;&nbsp;&nbsp; 757023 |
| **TOTAL INCREASE** <br> **(DECREASE) IN NET ASSETS**<br>| &nbsp;&nbsp;&nbsp; 7466387 | &nbsp;&nbsp;&nbsp;&nbsp; 301307 | &nbsp;&nbsp; 14790473 | &nbsp;&nbsp;&nbsp;&nbsp; (62937) | &nbsp;&nbsp;&nbsp; 2103069 | &nbsp;&nbsp;&nbsp;&nbsp; (36457) | &nbsp;&nbsp;&nbsp;&nbsp; 595928 | &nbsp;&nbsp; 1198486 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $23388430 | $1697729 | $39167909 | $1272720 | $13140957 | $3793375 | $3697228 | $4344664 |
| **End of year** | $30854817 | $1999036 | $53958382 | $1209783 | $15244026 | $3756918 | $4293156 | $5543150 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE**<br> **SPECTRUM**<br> **INCOME FUND**<br> **INVESTOR**<br> **CLASS**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 1**<br>| **TEMPLETON**<br> **GLOBAL BOND**<br> **VIP FUND**<br> **CLASS 4**<br>| **VANGUARD 500**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **DEVELOPED**<br> **MARKETS** <br> **INDEX FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **EMERGING**<br> **MARKETS** <br> **STOCK**<br> **INDEX FUND**<br> **ADMIRAL** <br> **SHARES**<br>| **VANGUARD**<br> **EXTENDED**<br> **MARKET** <br> **INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **FEDERAL**<br> **MONEY**<br> **MARKET**<br> **FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $182384 | $– | $– | $2697186 | $745997 | $253623 | $412211 | $656860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (52256) | &nbsp;&nbsp; (22131) | &nbsp;&nbsp;&nbsp; (249189) | &nbsp;&nbsp;&nbsp;&nbsp; 3886484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (162360) | &nbsp;&nbsp;&nbsp; 36304408 | &nbsp;&nbsp;&nbsp;&nbsp; (324664) | &nbsp;&nbsp;&nbsp;&nbsp; 472308 | &nbsp;&nbsp;&nbsp; 4603653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (47406) | &nbsp;&nbsp;&nbsp;&nbsp; (2465) | &nbsp;&nbsp;&nbsp;&nbsp; (41806) | &nbsp;&nbsp;&nbsp;&nbsp; (2498603) | &nbsp;&nbsp;&nbsp;&nbsp; (285792) | &nbsp;&nbsp;&nbsp;&nbsp; (96143) | &nbsp;&nbsp;&nbsp;&nbsp; (432441) | &nbsp;&nbsp;&nbsp;&nbsp; (163109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102684 | &nbsp;&nbsp; (24586) | &nbsp;&nbsp;&nbsp; (453355) | &nbsp;&nbsp;&nbsp; 40389475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303917 | &nbsp;&nbsp;&nbsp;&nbsp; 682154 | &nbsp;&nbsp;&nbsp; 5053638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493751 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp;&nbsp; 612448 | &nbsp;&nbsp;&nbsp;&nbsp; 4222 | &nbsp;&nbsp;&nbsp;&nbsp; 188926 | &nbsp;&nbsp;&nbsp; 34487409 | &nbsp;&nbsp;&nbsp; 3200246 | &nbsp;&nbsp; 1268735 | &nbsp;&nbsp;&nbsp; 5421666 | &nbsp;&nbsp;&nbsp; 9246395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation <br> account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2909 | &nbsp;&nbsp;&nbsp;&nbsp; 1547 | &nbsp;&nbsp;&nbsp; (234053) | &nbsp;&nbsp;&nbsp;&nbsp; 5474686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921222 | &nbsp;&nbsp;&nbsp;&nbsp; 457528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607097 | &nbsp;&nbsp;&nbsp; 1692315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; 248891 | &nbsp;&nbsp;&nbsp; 34264 | &nbsp;&nbsp;&nbsp;&nbsp; 112301 | &nbsp;&nbsp;&nbsp;&nbsp; 4811955 | &nbsp;&nbsp;&nbsp; 1189979 | &nbsp;&nbsp;&nbsp;&nbsp; 291017 | &nbsp;&nbsp;&nbsp; 1017215 | &nbsp;&nbsp;&nbsp; 1251741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp;&nbsp; (442694) | &nbsp;&nbsp; (63311) | &nbsp;&nbsp;&nbsp; (362434) | &nbsp;&nbsp; (16540502) | &nbsp;&nbsp; (2147173) | &nbsp;&nbsp;&nbsp; (679137) | &nbsp;&nbsp; (2631120) | &nbsp;&nbsp; (2856768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting <br> from contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 419212 | &nbsp;&nbsp; (23335) | &nbsp;&nbsp;&nbsp; (295958) | &nbsp;&nbsp;&nbsp; 28046374 | &nbsp;&nbsp;&nbsp; 3148746 | &nbsp;&nbsp; 1331429 | &nbsp;&nbsp;&nbsp; 4389308 | &nbsp;&nbsp;&nbsp; 9329171 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 521895 | &nbsp;&nbsp; (47920) | &nbsp;&nbsp;&nbsp; (749313) | &nbsp;&nbsp;&nbsp; 68435849 | &nbsp;&nbsp;&nbsp; 3452663 | &nbsp;&nbsp; 2013583 | &nbsp;&nbsp;&nbsp; 9442947 | &nbsp;&nbsp;&nbsp; 9822922 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $3534489 | $200786 | $3806441 | $162200658 | $20354461 | $6423691 | $30065316 | $7327813 |
| **End of year** | $4056384 | $152866 | $3057128 | $230636507 | $23807124 | $8437274 | $39508263 | $17150735 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **HIGH-YIELD**<br> **CORPORATE**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **MID-CAP**<br> **GROWTH**<br> **INDEX**<br> **FUND**<br>| **VANGUARD**<br> **REIT INDEX**<br> **FUND** <br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD** <br> **SELECTED VALUE** <br> **FUND** <br> **INVESTOR** <br> **SHARES**<br>| **VANGUARD**<br> **SMALL-CAP**<br> **INDEX FUND**<br> **ADMIRAL**<br> **SHARES**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2020 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2025 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2030 FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1013993 | $277322 | $415117 | $251092 | $478067 | $252830 | $789746 | $1404112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp; 1571999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 488829 | &nbsp;&nbsp;&nbsp; 1247308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (116536) | &nbsp;&nbsp;&nbsp;&nbsp; (173663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373489 | &nbsp;&nbsp;&nbsp;&nbsp; (297925) | &nbsp;&nbsp;&nbsp;&nbsp; (127305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120130 | &nbsp;&nbsp;&nbsp; 2375587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6558 | &nbsp;&nbsp; (1266515) | &nbsp;&nbsp;&nbsp; 3670408 | &nbsp;&nbsp;&nbsp;&nbsp; 197648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686219 | &nbsp;&nbsp;&nbsp; 2753039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (205638) | &nbsp;&nbsp;&nbsp;&nbsp; (189130) | &nbsp;&nbsp;&nbsp;&nbsp; (134258) | &nbsp;&nbsp;&nbsp;&nbsp; (166828) | &nbsp;&nbsp;&nbsp;&nbsp; (425027) | &nbsp;&nbsp;&nbsp;&nbsp; (108044) | &nbsp;&nbsp;&nbsp;&nbsp; (363067) | &nbsp;&nbsp;&nbsp;&nbsp; (619464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811950 | &nbsp;&nbsp;&nbsp; 2290116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698056 | &nbsp;&nbsp;&nbsp; 4096936 | &nbsp;&nbsp;&nbsp;&nbsp; 533338 | &nbsp;&nbsp;&nbsp; 2232901 | &nbsp;&nbsp;&nbsp; 4266921 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 2666019 | &nbsp;&nbsp;&nbsp; 1247796 | &nbsp;&nbsp;&nbsp; 1077781 | &nbsp;&nbsp;&nbsp; 2369918 | &nbsp;&nbsp;&nbsp; 5757979 | &nbsp;&nbsp;&nbsp;&nbsp; 796421 | &nbsp;&nbsp;&nbsp; 3455678 | &nbsp;&nbsp; 10150892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81353 | &nbsp;&nbsp;&nbsp;&nbsp; (125733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670692 | &nbsp;&nbsp;&nbsp; 1879145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9820) | &nbsp;&nbsp;&nbsp;&nbsp; (464597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp; 1812941 | &nbsp;&nbsp;&nbsp;&nbsp; (680982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464628 | &nbsp;&nbsp;&nbsp; 1886554 | &nbsp;&nbsp;&nbsp;&nbsp; (234317) | &nbsp;&nbsp; (2185989) | &nbsp;&nbsp;&nbsp;&nbsp; (632363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (1578004) | &nbsp;&nbsp; (1369459) | &nbsp;&nbsp; (1237513) | &nbsp;&nbsp; (1456269) | &nbsp;&nbsp; (2380528) | &nbsp;&nbsp; (1048146) | &nbsp;&nbsp; (3237495) | &nbsp;&nbsp; (4327808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 2970282 | &nbsp;&nbsp;&nbsp;&nbsp; (942963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304498 | &nbsp;&nbsp;&nbsp; 2038151 | &nbsp;&nbsp;&nbsp; 7115211 | &nbsp;&nbsp;&nbsp;&nbsp; (500765) | &nbsp;&nbsp; (2453348) | &nbsp;&nbsp;&nbsp; 5105858 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp;&nbsp; 3782232 | &nbsp;&nbsp;&nbsp; 1347153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720267 | &nbsp;&nbsp;&nbsp; 2736207 | &nbsp;&nbsp; 11212147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32573 | &nbsp;&nbsp;&nbsp;&nbsp; (220447) | &nbsp;&nbsp;&nbsp; 9372779 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $14609892 | $14295810 | $10275310 | $11919862 | $28303935 | $8628056 | $28938786 | $43746017 |
| **End of year** | $18392124 | $15642963 | $10995577 | $14656069 | $39516082 | $8660629 | $28718339 | $53118796 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2035 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2040 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2045 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2050 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **2055 FUND**<br>| **VANGUARD**<br> **TARGET** <br> **RETIREMENT**<br> **2060 FUND**<br>| **VANGUARD**<br> **TARGET**<br> **RETIREMENT**<br> **INCOME** <br> **FUND**<br>| **VANGUARD**<br> **TOTAL BOND**<br> **MARKET INDEX**<br> **FUND**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $1384890 | $1305584 | $960214 | $1006780 | $186272 | $208956 | $438264 | $894752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42717 | &nbsp;&nbsp;&nbsp;&nbsp; (327407) | &nbsp;&nbsp;&nbsp;&nbsp; (424757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp;&nbsp; 3393380 | &nbsp;&nbsp;&nbsp; 3911404 | &nbsp;&nbsp;&nbsp; 3577611 | &nbsp;&nbsp;&nbsp; 4140033 | &nbsp;&nbsp;&nbsp;&nbsp; 711792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440759 | &nbsp;&nbsp;&nbsp;&nbsp; (149536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (638625) | &nbsp;&nbsp;&nbsp;&nbsp; (601763) | &nbsp;&nbsp;&nbsp;&nbsp; (485559) | &nbsp;&nbsp;&nbsp;&nbsp; (529313) | &nbsp;&nbsp;&nbsp;&nbsp; (89174) | &nbsp;&nbsp;&nbsp;&nbsp; (103075) | &nbsp;&nbsp;&nbsp;&nbsp; (174548) | &nbsp;&nbsp;&nbsp;&nbsp; (309875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 4872288 | &nbsp;&nbsp;&nbsp; 4957392 | &nbsp;&nbsp;&nbsp; 4409507 | &nbsp;&nbsp;&nbsp; 5009349 | &nbsp;&nbsp;&nbsp;&nbsp; 813978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10584 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 8755921 | &nbsp;&nbsp; 10716610 | &nbsp;&nbsp;&nbsp; 6824612 | &nbsp;&nbsp;&nbsp; 8099635 | &nbsp;&nbsp; 2699363 | &nbsp;&nbsp;&nbsp; 3137286 | &nbsp;&nbsp;&nbsp; 1493349 | &nbsp;&nbsp;&nbsp; 3492743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (516468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; (424000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152278 | &nbsp;&nbsp;&nbsp;&nbsp; (418788) | &nbsp;&nbsp;&nbsp; 1925216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (3219373) | &nbsp;&nbsp; (2406042) | &nbsp;&nbsp; (1270268) | &nbsp;&nbsp; (1919995) | &nbsp;&nbsp;&nbsp; (220455) | &nbsp;&nbsp;&nbsp;&nbsp; (557708) | &nbsp;&nbsp; (1584250) | &nbsp;&nbsp; (3120912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76645) | &nbsp;&nbsp;&nbsp;&nbsp; (103967) | &nbsp;&nbsp;&nbsp;&nbsp; (32295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp; 5627531 | &nbsp;&nbsp;&nbsp; 9023262 | &nbsp;&nbsp;&nbsp; 4964809 | &nbsp;&nbsp;&nbsp; 6148001 | &nbsp;&nbsp; 2566256 | &nbsp;&nbsp;&nbsp; 2714986 | &nbsp;&nbsp;&nbsp;&nbsp; (534925) | &nbsp;&nbsp;&nbsp; 2339232 |
| **TOTAL INCREASE (DECREASE) IN NET** <br> **ASSETS**<br>| &nbsp;&nbsp; 10499820 | &nbsp;&nbsp; 13980653 | &nbsp;&nbsp;&nbsp; 9374316 | &nbsp;&nbsp; 11157351 | &nbsp;&nbsp; 3380233 | &nbsp;&nbsp;&nbsp; 3655948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194037 | &nbsp;&nbsp;&nbsp; 2349815 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $44743271 | $41018018 | $33229164 | $35803692 | $5420238 | $6346982 | $13614360 | $23325009 |
| **End of year** | $55243091 | $54998671 | $42603480 | $46961043 | $8800471 | $10002930 | $13808397 | $25674824 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VANGUARD**<br> **VIF EQUITY**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF GLOBAL**<br> **BOND INDEX**<br>| **VANGUARD**<br> **VIF**<br> **INTERNATIONAL**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF** <br> **MID-CAP**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF REIT**<br> **INDEX**<br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF SHORT**<br> **TERM**<br> **INVESTMENT**<br> **GRADE**<br> **PORTFOLIO**<br>| **VANGUARD** <br> **VIF SMALL** <br> **COMPANY** <br> **GROWTH** <br> **PORTFOLIO**<br>| **VANGUARD**<br> **VIF TOTAL**<br> **BOND** <br> **MARKET**<br> **INDEX**<br> **PORTFOLIO**<br>|
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $173276 | $129237 | $20584 | $58720 | $39312 | $77248 | $5189 | $90320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790058 | &nbsp;&nbsp;&nbsp; (148365) | &nbsp;&nbsp;&nbsp;&nbsp; (35254) | &nbsp;&nbsp;&nbsp;&nbsp; 153013 | &nbsp;&nbsp;&nbsp;&nbsp; (32293) | &nbsp;&nbsp;&nbsp;&nbsp; (17595) | &nbsp;&nbsp;&nbsp; (22584) | &nbsp;&nbsp;&nbsp;&nbsp; (88353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 1542806 | &nbsp;&nbsp;&nbsp;&nbsp; 111658 | &nbsp;&nbsp;&nbsp;&nbsp; 105749 | &nbsp;&nbsp;&nbsp;&nbsp; 352990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49067 | &nbsp;&nbsp;&nbsp; 124079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (172360) | &nbsp;&nbsp;&nbsp;&nbsp; (57279) | &nbsp;&nbsp;&nbsp;&nbsp; (21422) | &nbsp;&nbsp;&nbsp;&nbsp; (55024) | &nbsp;&nbsp;&nbsp;&nbsp; (15802) | &nbsp;&nbsp;&nbsp;&nbsp; (28667) | &nbsp;&nbsp;&nbsp; (12150) | &nbsp;&nbsp;&nbsp;&nbsp; (41617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; 2829164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40061 | &nbsp;&nbsp;&nbsp;&nbsp; 124144 | &nbsp;&nbsp;&nbsp;&nbsp; 558637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80053 | &nbsp;&nbsp;&nbsp;&nbsp; 94535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1865) |
| **CONTRACT OWNERS' TRANSACTIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 1233893 | &nbsp;&nbsp;&nbsp;&nbsp; 443911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85304 | &nbsp;&nbsp;&nbsp;&nbsp; 400562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34393 | &nbsp;&nbsp;&nbsp;&nbsp; 561192 | &nbsp;&nbsp;&nbsp;&nbsp; 56175 | &nbsp;&nbsp;&nbsp;&nbsp; 327830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (593745) | &nbsp;&nbsp;&nbsp;&nbsp; 209144 | &nbsp;&nbsp;&nbsp;&nbsp; (94423) | &nbsp;&nbsp;&nbsp; (160435) | &nbsp;&nbsp;&nbsp;&nbsp; (78331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3534 | &nbsp;&nbsp; (104864) | &nbsp;&nbsp;&nbsp; (174196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (172130) | &nbsp;&nbsp;&nbsp;&nbsp; 436049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp;&nbsp; 274726 | &nbsp;&nbsp;&nbsp;&nbsp; (4298) | &nbsp;&nbsp;&nbsp;&nbsp; 236848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (1074771) | &nbsp;&nbsp;&nbsp; (481965) | &nbsp;&nbsp;&nbsp; (143049) | &nbsp;&nbsp;&nbsp; (274413) | &nbsp;&nbsp;&nbsp;&nbsp; (97525) | &nbsp;&nbsp;&nbsp; (237213) | &nbsp;&nbsp;&nbsp; (45834) | &nbsp;&nbsp;&nbsp; (289226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> contract owners; transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (611313) | &nbsp;&nbsp;&nbsp;&nbsp; 605031 | &nbsp;&nbsp;&nbsp; (131538) | &nbsp;&nbsp;&nbsp;&nbsp; (33206) | &nbsp;&nbsp;&nbsp; (140863) | &nbsp;&nbsp;&nbsp;&nbsp; 600952 | &nbsp;&nbsp;&nbsp; (99096) | &nbsp;&nbsp;&nbsp;&nbsp; 100359 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp; 2217851 | &nbsp;&nbsp;&nbsp;&nbsp; 645092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7394) | &nbsp;&nbsp;&nbsp;&nbsp; 525431 | &nbsp;&nbsp;&nbsp;&nbsp; (95044) | &nbsp;&nbsp;&nbsp;&nbsp; 681005 | &nbsp;&nbsp;&nbsp;&nbsp; (4562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98494 |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| **Beginning of year**  | $12675114 | $4218955 | $1690282 | $4135093 | $1327636 | $1994846 | $994022 | $3276317 |
| **End of year** | $14892965 | $4864047 | $1682888 | $4660524 | $1232592 | $2675851 | $989460 | $3374811 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

**Statements of Changes in Net Assets**

**For the year ended December 31, 2024** 

---

| | |
|:---|:---|
|  | **WILSHIRE**<br> **VIT GLOBAL**<br> **ALLOCATION**<br> **FUND**<br>|
| **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | $8385623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (3955661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 43408492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (5726333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 42112121 |
| **CONTRACT OWNERS' TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross stipulated payments received | &nbsp;&nbsp;&nbsp; 11198153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) fixed accumulation account | &nbsp;&nbsp;&nbsp;&nbsp; (5434910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer between funds | &nbsp;&nbsp;&nbsp;&nbsp; (6081490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to contract owners | &nbsp;&nbsp; (36256375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual maintenance charge (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrender charges (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality guarantee adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contract owners; transactions | &nbsp;&nbsp; (36690100) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; 5422021 |
| **Net Assets:** |  |
| **Beginning of year**  | $448957246 |
| **End of year** | $454379267 |

---

See accompanying notes to the financial statements.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements

**For the Years Ended December 31, 2025 and December 31, 2024**

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

**1. NATURE OF SEPARATE ACCOUNT**

Horace Mann Life Insurance Company - Separate Account (the Separate Account), a unit investment trust registered with the Securities and Exchange Commission under the Investment Company Act of 1940, was established by Horace Mann Life Insurance Company (HMLIC) to fund variable annuity contracts.

---

| |
|:---|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 |
| ALLSPRING VT DISCOVERY SMID CAP GROWTH FUND |
| AMERICAN FUNDS IS GOVERNMENT SECURITIES CLASS 1 |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 |
| AMERICAN FUNDS IS INTERNATIONAL GROWTH & INCOME FUND CLASS 1 |
| AMERICAN FUNDS IS MANAGED RISK ALLOCATION FUND CLASS P2 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTOR FUND CLASS 1 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTORS FUND CLASS 4 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III |
| BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO SERVICE SHARES |
| CALVERT S&P MIDCAP 400 INDEX PORTFOLIO CLASS F |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I |
| CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO CLASS I |
| DIMENSIONAL VA U.S. TARGETED VALUE PORTFOLIO |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 |
| FIDELITY VIP FREEDOM INCOME PORTFOLIO INITIAL CLASS |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| |
|:---|
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO INITIAL CLASS |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO SC2 |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 |
| GOLDMAN SACHS GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL I |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL S |
| JANUS HENDERSON VIT ENTERPRISE PORTFOLIO INSTIUTIONAL SHARES |
| JPMORGAN SMALL CAP VALUE FUND CLASS A |
| LORD ABBETT SERIES FUND DEVELOPING GROWTH PORTFOLIO VC SHARES |
| LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS 1 |
| MFS BLENDED RESEARCH SMALL CAP EQUITY PORTFOLIO INITIAL CLASS |
| MFS VIT II INTERNATIONAL GROWTH SC |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS |
| MFS VIT MID CAP VALUE PORTFOLIO SC |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS |
| NEUBERGER GENESIS FUND ADVISOR CLASS |
| PUTNAM VT SUSTAINABLE LEADERS FUND IA SHARES |
| T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO INVESTOR CLASS |
| T. ROWE PRICE EMERGING MARKETS STOCK FUND INVESTOR CLASS |
| T. ROWE PRICE EQUITY INCOME FUND INVESTOR CLASS |
| T. ROWE PRICE GLOBAL REAL ESTATE FUND INVESTOR CLASS |
| T. ROWE PRICE GROWTH STOCK FUND INVESTOR CLASS |
| T. ROWE PRICE INTERNATIONAL BOND FUND INVESTOR CLASS |
| T. ROWE PRICE NEW HORIZONS FUND INVESTOR CLASS |
| T. ROWE PRICE NEW INCOME FUND INVESTOR CLASS |
| T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR CLASS |
| T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR CLASS |
| T. ROWE PRICE SPECTRUM INCOME FUND INVESTOR CLASS |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES |
| VANGUARD DEVELOPED MARKETS INDEX FUND ADMIRAL SHARES |
| VANGUARD EMERGING MARKETS STOCK INDEX FUND ADMIRAL SHARES |
| VANGUARD EXTENDED MARKET INDEX FUND ADMIRAL SHARES |
| VANGUARD FEDERAL MONEY MARKET FUND |
| VANGUARD HIGH-YIELD CORPORATE FUND ADMIRAL SHARES |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| |
|:---|
| VANGUARD MID-CAP GROWTH INDEX FUND |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES |
| VANGUARD SELECTED VALUE FUND INVESTOR SHARES |
| VANGUARD SMALL-CAP INDEX FUND ADMIRAL SHARES |
| VANGUARD TARGET RETIREMENT 2020 FUND |
| VANGUARD TARGET RETIREMENT 2025 FUND |
| VANGUARD TARGET RETIREMENT 2030 FUND |
| VANGUARD TARGET RETIREMENT 2035 FUND |
| VANGUARD TARGET RETIREMENT 2040 FUND |
| VANGUARD TARGET RETIREMENT 2045 FUND |
| VANGUARD TARGET RETIREMENT 2050 FUND |
| VANGUARD TARGET RETIREMENT 2055 FUND |
| VANGUARD TARGET RETIREMENT 2060 FUND |
| VANGUARD TARGET RETIREMENT INCOME FUND |
| VANGUARD TOTAL BOND MARKET INDEX FUND |
| VANGUARD VIF EQUITY INDEX PORTFOLIO |
| VANGUARD VIF GLOBAL BOND INDEX |
| VANGUARD VIF INTERNATIONAL PORTFOLIO |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO |
| VANGUARD VIF REIT INDEX PORTFOLIO |
| VANGUARD VIF SHORT TERM INVESTMENT GRADE BOND |
| VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO |
| VANGUARD VIF TOTAL BOND MARKET INDEX PORTFOLIO |
| WILSHIRE VIT GLOBAL ALLOCATION FUND |

---

The funds listed above are collectively referred to as the "Funds".

Effective May 1, 2025, three funds were added to the Separate Account: Janus Henderson Global Technology and Innovation Class 1, Janus Henderson Global Technology and Innovation Class S, and Neuberger Genesis Fund Advisor Class. Davis Value Portfolio was renamed to Davis Equity Portfolio. DFA VA U.S. Targeted Value Portfolio was renamed to Dimensional VA U.S. Targeted Value Portfolio. Neuberger Berman Genesis Fund Advisor Class was renamed to Neuberger Genesis Fund Advisor Class.

During 2024 no new funds were added to the separate account. In 2024, Calvert VP S&P Mid-Cap 400 Index Portfolio was renamed to Calvert S&P Mid-Cap 400 Index Portfolio.

The contract owners' equity is affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses (see note 3). The accompanying financial statements include only contract owners' purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of HMLIC.

A purchase payment could be presented as a negative equity transaction in the Statement of Changes in Net Assets if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period.

A contract owner may choose from among a number of different underlying mutual fund options. HMLIC allocates purchase payments to sub-accounts and/or the fixed account as instructed by the contract owner. Shares of the sub-accounts are purchased at Net Asset Value (NAV), then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from HMLIC's other assets and liabilities. The portion of the Separate Accounts assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business HMLIC may conduct.

**Segment Reporting**

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity's chief operating decision maker (the "CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Executive Vice President of Life and Retirement is the Account's CODM and has determined that each subaccount has operated as a single segment since inception. The CODM monitors the operating results of each subaccount and each subaccount's long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by each subaccount's portfolio management team. The financial information, in the form of the subaccounts' holdings, total returns, expense ratios, and changes in contract owners' equity (i.e., changes in contract owners' equity resulting from operations, contract purchase payments, withdrawals, surrenders, and transfers) are used by the CODM to assess each subaccount's performance by comparing the underlying mutual funds' performance to their respective benchmark and to make resource allocation decisions for each subaccount's single segment, which is consistent with that presented within the subaccounts' financial statements. Segment assets are reflected on the subaccounts' Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statements of Operations."

**2. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.

**Investments**

Security transactions are recorded on a trade date basis. The carrying amounts of the assets approximate fair value and were measured based on the reported net asset values of the Funds, which in turn value their investment securities at fair value. Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains (losses) from security transactions are determined for financial reporting purposes on the first-in-first-out basis.

The Separate Account measures the fair value of its investments on a recurring basis. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement guidance establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities including valuations for securities listed on a national or foreign exchange or investments in mutual funds and securities lending collateral, which is valued as a practical expedient at its daily reported NAV.

Level 2 Unadjusted observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for the assets or liabilities.

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

At the end of each reporting period, an evaluation is made regarding whether or not any event has occurred or circumstances have changed that would cause an instrument to be transferred between levels.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

The Separate Account measures the fair value of all its investments using level 1 inputs. For the year ended December 31, 2025, there were no transfers out of Level 1 securities.

**Income Taxes**

The operations of the Separate Account are taxed as part of the operations of HMLIC, which is taxed as a "life insurance company" under the provisions of the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the Separate Account. Therefore, no federal income tax provision is required.

**Calculation of Annuity Reserves.**

At each financial reporting date, the separate account financial statement includes an aggregate amount of net assets allocated to future contract benefits for the contracts in the payout (annuitization) period. The payout (annuitization) period begins when amounts accumulated under the contract (the contract value) are applied according to payment method selected by the contract owner.

Annuity reserves are computed for contracts in the variable payout stage according to industry standard mortality tables. The assumed investment return varies from 2% to 4% depending on the original contract. The mortality risk is fully borne by HMLIC and may result in additional amounts being transferred into the Separate Account by HMLIC to cover greater longevity of annuitants than expected. Conversely, if reserves exceed amounts required, transfers may be made to HMLIC.

**Subsequent Events**

Management evaluated subsequent events for the Separate Account through the date the financial statements were issued, and has concluded that there are no events that require financial statement disclosure or adjustments to the financial statements.

**3. EXPENSES AND RELATED PARTY TRANSACTIONS**

Certain specified amounts, as described in the annuity contracts, are paid to HMLIC to cover death benefits, surrender charges, and maintenance charges.

For assuming mortality and expense risk, HMLIC applies an asset charge to the Separate Accounts as a direct reduction to unit value ranging from 0% to 1.25% of the daily net assets of the Separate Account depending on the product and options selected. The fee for mortality and expense risk may not exceed the annual rate of 1.25% of the net assets (0.45% for mortality risk, and 0.80% expense risk; these may vary from time to time). However, HMLIC reserves the right to change the fee (subject to the 1.25% ceiling) in the future. Optional guaranteed minimum death benefit riders can be elected at time of issue at an additional annual charge not to exceed .40% of net assets. The fees are computed on a daily basis.

An annual contract maintenance charge of $25 is deducted from each contract unless the contract value equals or exceeds $10,000 to reimburse HMLIC for expenses incurred in administering the contract. When taken, the contract maintenance charge is assessed on the contract anniversary date through a reduction of units. This charge may be reduced or eliminated on certain individual contracts and on some group plans. The annual maintenance charge is paid through a redemption of units and is deducted from the sub-account(s) containing the greatest dollar amount or from the fixed portion of the contract when none of the variable subsaccounts have any value. Charges for the annual maintenance charge cease on the maturity date. No annual maintenance charge is taken, in whole or in part, in the event of a complete surrender unless the surrender occurs on the contract anniversary date. If multiple deferred annuity contracts or certificates are held, the values of all such contracts/certificates will be combined to determine whether the $10,000 value has been met. If multiple contracts are issued to accommodate multiple sources of funds, only one maintenance charge will be deducted.

In the event of a contract being surrendered or withdrawn from the sub-account, surrender charges are assessed by HMLIC and withheld from the proceeds of the withdrawals on the basis of the amount surrendered or withdrawn from the sub-account(s).

HMLIC contributed $12 in the form of bonus credits to the contract owner accounts for the year ended December 31, 2025. HMLIC did not contribute any bonus credits in 2024. These amounts are included in gross stipulated payments received on annuity contracts and are credited at the time the related purchase payment from the contract owner is received.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

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

**4. PURCHASE AND SALES OF SEPARATE ACCOUNT FUND SHARES**

During the year ended December 31, 2025 purchases and proceeds from sales of fund shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | &nbsp;&nbsp; $912 | &nbsp;&nbsp; $14993 |
| ALLSPRING VT DISCOVERY SMID CAP GROWTH FUND | &nbsp;&nbsp; 1215871 | &nbsp;&nbsp; 5757358 |
| AMERICAN FUNDS IS GOVERNMENT SECURITIES CLASS 1 | &nbsp;&nbsp; 1945526 | &nbsp;&nbsp; 887913 |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | &nbsp;&nbsp; 9583512 | &nbsp;&nbsp; 7507788 |
| AMERICAN FUNDS IS INTERNATIONAL GROWTH & INCOME FUND CLASS 1 | &nbsp;&nbsp; 4026163 | &nbsp;&nbsp; 1089522 |
| AMERICAN FUNDS IS MANAGED RISK ALLOCATION FUND CLASS P2 | &nbsp;&nbsp; 1865359 | &nbsp;&nbsp; 1490669 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | &nbsp;&nbsp; 184113 | &nbsp;&nbsp; 160484 |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | &nbsp;&nbsp; 1960183 | &nbsp;&nbsp; 1879775 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTOR FUND CLASS 1 | &nbsp;&nbsp; 1442460 | &nbsp;&nbsp; 805184 |
| AMERICAN FUNDS IS WASHINGTON MUTUAL INVESTORS FUND CLASS 4 | &nbsp;&nbsp; 5650722 | &nbsp;&nbsp; 4922150 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | &nbsp;&nbsp; 897979 | &nbsp;&nbsp; 446594 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | &nbsp;&nbsp; 550743 | &nbsp;&nbsp; 417510 |
| BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO SERVICE SHARES | &nbsp;&nbsp; 21767438 | &nbsp;&nbsp; 17714438 |
| CALVERT S&P MIDCAP 400 INDEX PORTFOLIO CLASS F | &nbsp;&nbsp; 31147349 | &nbsp;&nbsp; 28315520 |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | &nbsp;&nbsp; 5473407 | &nbsp;&nbsp; 2223831 |
| CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO CLASS I | &nbsp;&nbsp; 288862 | &nbsp;&nbsp; 548076 |
| DIMENSIONAL VA U.S. TARGETED VALUE PORTFOLIO | &nbsp;&nbsp; 353405 | &nbsp;&nbsp; 118569 |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | &nbsp;&nbsp; 317712 | &nbsp;&nbsp; 264136 |
| FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 92933 | &nbsp;&nbsp; 279722 |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 143857 | &nbsp;&nbsp; 200718 |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | &nbsp;&nbsp; 1871099 | &nbsp;&nbsp; 2313968 |
| FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 1019957 | &nbsp;&nbsp; 855100 |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 143952 | &nbsp;&nbsp; 337012 |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | &nbsp;&nbsp; 5871324 | &nbsp;&nbsp; 3524651 |
| FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 94060 | &nbsp;&nbsp; 41584 |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 211224 | &nbsp;&nbsp; 37841 |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | &nbsp;&nbsp; 4641627 | &nbsp;&nbsp; 1959617 |
| FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 23018 | &nbsp;&nbsp; 46452 |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 16776 | &nbsp;&nbsp; 2771 |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | &nbsp;&nbsp; 337021 | &nbsp;&nbsp; 42721 |
| FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 2938 | &nbsp;&nbsp; 340 |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | &nbsp;&nbsp; 139836 | &nbsp;&nbsp; 27663 |
| FIDELITY VIP FREEDOM INCOME PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 88873 | &nbsp;&nbsp; 572725 |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 | &nbsp;&nbsp; 298574 | &nbsp;&nbsp; 673108 |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 | &nbsp;&nbsp; 776223 | &nbsp;&nbsp; 1667650 |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 | &nbsp;&nbsp; 3377325 | &nbsp;&nbsp; 7132733 |
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 | &nbsp;&nbsp; 3229651 | &nbsp;&nbsp; 6330402 |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 | &nbsp;&nbsp; 2561992 | &nbsp;&nbsp; 5597899 |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | &nbsp;&nbsp; 25752268 | &nbsp;&nbsp; 43683229 |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 2400127 | &nbsp;&nbsp; 441915 |
| FIDELITY VIP INVESTMENT GRADE BOND PORTFOLIO SC2 | &nbsp;&nbsp; 5075747 | &nbsp;&nbsp; 5842586 |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | &nbsp;&nbsp; 9679339 | &nbsp;&nbsp; 6148883 |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | &nbsp;&nbsp; 1448400 | &nbsp;&nbsp; 2761175 |
| GOLDMAN SACHS GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES | &nbsp;&nbsp; 7588114 | &nbsp;&nbsp; 6490122 |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL I\* | &nbsp;&nbsp; 2538066 | &nbsp;&nbsp; 40581 |
| JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION FUND CL S\* | &nbsp;&nbsp; 1549118 | &nbsp;&nbsp; 41915 |
| JANUS HENDERSON VIT ENTERPRISE PORTFOLIO INSTIUTIONAL SHARES | &nbsp;&nbsp; 1549900 | &nbsp;&nbsp; 181874 |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | &nbsp;&nbsp; 912918 | &nbsp;&nbsp; 730837 |
| LORD ABBETT SERIES FUND DEVELOPING GROWTH PORTFOLIO VC SHARES | &nbsp;&nbsp; 310151 | &nbsp;&nbsp; 1423572 |
| LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS 1 | &nbsp;&nbsp; 3273305 | &nbsp;&nbsp; 4688145 |
| MFS BLENDED RESEARCH SMALL CAP EQUITY PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 244265 | &nbsp;&nbsp; 182274 |
| MFS VIT II INTERNATIONAL GROWTH SC | &nbsp;&nbsp; 626028 | &nbsp;&nbsp; 478809 |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS | &nbsp;&nbsp; 130386 | &nbsp;&nbsp; 85036 |
| MFS VIT MID CAP VALUE PORTFOLIO SC | &nbsp;&nbsp; 906558 | &nbsp;&nbsp; 802864 |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | &nbsp;&nbsp; 1120826 | &nbsp;&nbsp; 605909 |
| NEUBERGER GENESIS FUND ADVISOR CLASS\* | &nbsp;&nbsp; 580415 | &nbsp;&nbsp; 65986 |
| PUTNAM VT SUSTAINABLE LEADERS FUND IA SHARES | &nbsp;&nbsp; 4925535 | &nbsp;&nbsp; 1196722 |
| T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO INVESTOR CLASS | &nbsp;&nbsp; 1718737 | &nbsp;&nbsp; 518620 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| T. ROWE PRICE EMERGING MARKETS STOCK FUND INVESTOR CLASS | &nbsp;&nbsp; 447330 | &nbsp;&nbsp; 598187 |
| T. ROWE PRICE EQUITY INCOME FUND INVESTOR CLASS | &nbsp;&nbsp; 11413045 | &nbsp;&nbsp; 3784738 |
| T. ROWE PRICE GLOBAL REAL ESTATE FUND INVESTOR CLASS | &nbsp;&nbsp; 413116 | &nbsp;&nbsp; 321871 |
| T. ROWE PRICE GROWTH STOCK FUND INVESTOR CLASS | &nbsp;&nbsp; 21294785 | &nbsp;&nbsp; 5531467 |
| T. ROWE PRICE INTERNATIONAL BOND FUND INVESTOR CLASS | &nbsp;&nbsp; 156913 | &nbsp;&nbsp; 245038 |
| T. ROWE PRICE NEW HORIZONS FUND INVESTOR CLASS | &nbsp;&nbsp; 3656012 | &nbsp;&nbsp; 2024157 |
| T. ROWE PRICE NEW INCOME FUND INVESTOR CLASS | &nbsp;&nbsp; 515882 | &nbsp;&nbsp; 921429 |
| T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR CLASS | &nbsp;&nbsp; 746163 | &nbsp;&nbsp; 653160 |
| T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR CLASS | &nbsp;&nbsp; 2053977 | &nbsp;&nbsp; 526142 |
| T. ROWE PRICE SPECTRUM INCOME FUND INVESTOR CLASS | &nbsp;&nbsp; 952789 | &nbsp;&nbsp; 661210 |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | &nbsp;&nbsp; 12569 | &nbsp;&nbsp; 23771 |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | &nbsp;&nbsp; 246490 | &nbsp;&nbsp; 694462 |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 70419316 | &nbsp;&nbsp; 26314066 |
| VANGUARD DEVELOPED MARKETS INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 5746373 | &nbsp;&nbsp; 3498663 |
| VANGUARD EMERGING MARKETS STOCK INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 2246580 | &nbsp;&nbsp; 1046179 |
| VANGUARD EXTENDED MARKET INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 10963078 | &nbsp;&nbsp; 3670968 |
| VANGUARD FEDERAL MONEY MARKET FUND | &nbsp;&nbsp; 10722114 | &nbsp;&nbsp; 6728298 |
| VANGUARD HIGH-YIELD CORPORATE FUND ADMIRAL SHARES | &nbsp;&nbsp; 6860401 | &nbsp;&nbsp; 1977650 |
| VANGUARD MID-CAP GROWTH INDEX FUND | &nbsp;&nbsp; 3437194 | &nbsp;&nbsp; 1935787 |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 2212375 | &nbsp;&nbsp; 1282637 |
| VANGUARD SELECTED VALUE FUND INVESTOR SHARES | &nbsp;&nbsp; 5760438 | &nbsp;&nbsp; 1735945 |
| VANGUARD SMALL-CAP INDEX FUND ADMIRAL SHARES | &nbsp;&nbsp; 12371165 | &nbsp;&nbsp; 3642418 |
| VANGUARD TARGET RETIREMENT 2020 FUND | &nbsp;&nbsp; 1575073 | &nbsp;&nbsp; 2157545 |
| VANGUARD TARGET RETIREMENT 2025 FUND | &nbsp;&nbsp; 5701029 | &nbsp;&nbsp; 5090414 |
| VANGUARD TARGET RETIREMENT 2030 FUND | &nbsp;&nbsp; 17246640 | &nbsp;&nbsp; 7927320 |
| VANGUARD TARGET RETIREMENT 2035 FUND | &nbsp;&nbsp; 14818900 | &nbsp;&nbsp; 5039525 |
| VANGUARD TARGET RETIREMENT 2040 FUND | &nbsp;&nbsp; 11889143 | &nbsp;&nbsp; 4081933 |
| VANGUARD TARGET RETIREMENT 2045 FUND | &nbsp;&nbsp; 9033398 | &nbsp;&nbsp; 3633239 |
| VANGUARD TARGET RETIREMENT 2050 FUND | &nbsp;&nbsp; 9277230 | &nbsp;&nbsp; 3331668 |
| VANGUARD TARGET RETIREMENT 2055 FUND | &nbsp;&nbsp; 3824815 | &nbsp;&nbsp; 804357 |
| VANGUARD TARGET RETIREMENT 2060 FUND | &nbsp;&nbsp; 4479091 | &nbsp;&nbsp; 824206 |
| VANGUARD TARGET RETIREMENT INCOME FUND | &nbsp;&nbsp; 2162392 | &nbsp;&nbsp; 2526823 |
| VANGUARD TOTAL BOND MARKET INDEX FUND | &nbsp;&nbsp; 6586465 | &nbsp;&nbsp; 3944287 |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | &nbsp;&nbsp; 4602852 | &nbsp;&nbsp; 1986752 |
| VANGUARD VIF GLOBAL BOND INDEX | &nbsp;&nbsp; 1351782 | &nbsp;&nbsp; 743931 |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | &nbsp;&nbsp; 318001 | &nbsp;&nbsp; 388372 |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | &nbsp;&nbsp; 1031672 | &nbsp;&nbsp; 706289 |
| VANGUARD VIF REIT INDEX PORTFOLIO | &nbsp;&nbsp; 436720 | &nbsp;&nbsp; 82663 |
| VANGUARD VIF SHORT TERM INVESTMENT GRADE BOND | &nbsp;&nbsp; 878182 | &nbsp;&nbsp; 509928 |
| VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO | &nbsp;&nbsp; 263280 | &nbsp;&nbsp; 44201 |
| VANGUARD VIF TOTAL BOND MARKET INDEX PORTFOLIO | &nbsp;&nbsp; 517423 | &nbsp;&nbsp; 725380 |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | &nbsp;&nbsp; 40987041 | &nbsp;&nbsp; 57502972 |

---

\*

Purchase and sales activity for these funds were for the period from May 1, 2025 (inception) through December 31, 2025.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

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

**5. CHANGE IN CONTRACT OWNERS' ACCOUNT UNITS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** <br> **outstanding** <br> **at** <br> **1/1/2024**<br>| **Consideration** <br> **Received** <br> **2024**<br>| **Net** <br> **Transfers** <br> **2024**<br>| **Payments**<br> **to Contract** <br> **Owners 2024**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2024**<br>| **Consideration** <br> **Received** <br> **2025**<br>| **Net** <br> **Transfers** <br> **2025**<br>| **Payments** <br> **to** <br> **Contract** <br> **Owners**<br> **2025**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp; ALGER MID CAP GROWTH PORTFOLIO CLASS <br> I-2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5019 |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP <br> GROWTH FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp; 618759 | &nbsp;&nbsp;&nbsp;&nbsp; 15530 | &nbsp;&nbsp;&nbsp; (39217) | &nbsp;&nbsp;&nbsp;&nbsp; (54024) | &nbsp;&nbsp;&nbsp;&nbsp; 541048 | &nbsp;&nbsp;&nbsp;&nbsp; 13818 | &nbsp;&nbsp;&nbsp;&nbsp; (19578) | &nbsp;&nbsp;&nbsp;&nbsp; (38645) | &nbsp;&nbsp;&nbsp;&nbsp; 496643 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT <br> SECURITIES CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315006 | &nbsp;&nbsp;&nbsp;&nbsp; 86474 | &nbsp;&nbsp;&nbsp;&nbsp; 42988 | &nbsp;&nbsp;&nbsp;&nbsp; (45653) | &nbsp;&nbsp;&nbsp;&nbsp; 398815 | &nbsp;&nbsp;&nbsp;&nbsp; 93798 | &nbsp;&nbsp;&nbsp;&nbsp; 40118 | &nbsp;&nbsp;&nbsp;&nbsp; (55461) | &nbsp;&nbsp;&nbsp;&nbsp; 477269 |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | &nbsp;&nbsp;&nbsp;&nbsp; 211566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; (22775) | &nbsp;&nbsp;&nbsp;&nbsp; 196545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5569) | &nbsp;&nbsp;&nbsp;&nbsp; (18438) | &nbsp;&nbsp;&nbsp;&nbsp; 178565 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL <br> GROWTH & INCOME FUND CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 168228 | &nbsp;&nbsp;&nbsp;&nbsp; 62009 | &nbsp;&nbsp;&nbsp;&nbsp; 29585 | &nbsp;&nbsp;&nbsp;&nbsp; (12646) | &nbsp;&nbsp;&nbsp;&nbsp; 247177 | &nbsp;&nbsp;&nbsp;&nbsp; 92386 | &nbsp;&nbsp;&nbsp;&nbsp; 61189 | &nbsp;&nbsp;&nbsp;&nbsp; (23634) | &nbsp;&nbsp;&nbsp;&nbsp; 377118 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK <br> ALLOCATION FUND CLASS P2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 589011 | &nbsp;&nbsp;&nbsp;&nbsp; 24321 | &nbsp;&nbsp;&nbsp;&nbsp; 15798 | &nbsp;&nbsp;&nbsp;&nbsp; (58251) | &nbsp;&nbsp;&nbsp;&nbsp; 570879 | &nbsp;&nbsp;&nbsp;&nbsp; 27196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6064 | &nbsp;&nbsp;&nbsp;&nbsp; (55426) | &nbsp;&nbsp;&nbsp;&nbsp; 548712 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS NEW WORLD FUND <br> CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28650 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS NEW WORLD FUND <br> CLASS 4<br>| &nbsp;&nbsp;&nbsp;&nbsp; 494739 | &nbsp;&nbsp;&nbsp;&nbsp; 23981 | &nbsp;&nbsp;&nbsp; (22803) | &nbsp;&nbsp;&nbsp;&nbsp; (44844) | &nbsp;&nbsp;&nbsp;&nbsp; 451073 | &nbsp;&nbsp;&nbsp;&nbsp; 21472 | &nbsp;&nbsp;&nbsp;&nbsp; (21786) | &nbsp;&nbsp;&nbsp;&nbsp; (30836) | &nbsp;&nbsp;&nbsp;&nbsp; 419923 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150671 | &nbsp;&nbsp;&nbsp;&nbsp; 23334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7456 | &nbsp;&nbsp;&nbsp;&nbsp; (13000) | &nbsp;&nbsp;&nbsp;&nbsp; 168460 | &nbsp;&nbsp;&nbsp;&nbsp; 26992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2408 | &nbsp;&nbsp;&nbsp;&nbsp; (21308) | &nbsp;&nbsp;&nbsp;&nbsp; 176553 |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| &nbsp;&nbsp; 1081435 | &nbsp;&nbsp;&nbsp;&nbsp; 41859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (841) | &nbsp;&nbsp; (119923) | &nbsp;&nbsp; 1002530 | &nbsp;&nbsp;&nbsp;&nbsp; 38813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3855) | &nbsp;&nbsp; (111546) | &nbsp;&nbsp;&nbsp;&nbsp; 925941 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | &nbsp;&nbsp;&nbsp;&nbsp; 201775 | &nbsp;&nbsp;&nbsp;&nbsp; 11240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; (21493) | &nbsp;&nbsp;&nbsp;&nbsp; 193077 | &nbsp;&nbsp;&nbsp;&nbsp; 38076 | &nbsp;&nbsp;&nbsp;&nbsp; 32057 | &nbsp;&nbsp;&nbsp;&nbsp; (34306) | &nbsp;&nbsp;&nbsp;&nbsp; 228903 |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | &nbsp;&nbsp;&nbsp;&nbsp; 203709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9444 | &nbsp;&nbsp;&nbsp;&nbsp; 24778 | &nbsp;&nbsp;&nbsp;&nbsp; (29874) | &nbsp;&nbsp;&nbsp;&nbsp; 208057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7579 | &nbsp;&nbsp;&nbsp;&nbsp; 27360 | &nbsp;&nbsp;&nbsp;&nbsp; (28734) | &nbsp;&nbsp;&nbsp;&nbsp; 214262 |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| &nbsp;&nbsp; 3242748 | &nbsp;&nbsp;&nbsp;&nbsp; 76644 | &nbsp;&nbsp;&nbsp; (79849) | &nbsp;&nbsp; (229425) | &nbsp;&nbsp; 3010117 | &nbsp;&nbsp;&nbsp;&nbsp; 71482 | &nbsp;&nbsp;&nbsp;&nbsp; (45711) | &nbsp;&nbsp; (235572) | &nbsp;&nbsp; 2800317 |
| &nbsp;&nbsp;&nbsp; CALVERT S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| &nbsp;&nbsp; 1383988 | &nbsp;&nbsp;&nbsp;&nbsp; 31245 | &nbsp;&nbsp;&nbsp; (42070) | &nbsp;&nbsp;&nbsp;&nbsp; (95300) | &nbsp;&nbsp; 1277863 | &nbsp;&nbsp;&nbsp;&nbsp; 29134 | &nbsp;&nbsp;&nbsp;&nbsp; (19987) | &nbsp;&nbsp;&nbsp;&nbsp; (94659) | &nbsp;&nbsp; 1192351 |
| &nbsp;&nbsp;&nbsp; CALVERT VP SRI BALANCED PORTFOLIO <br> CLASS I<br>| &nbsp;&nbsp; 3593579 | &nbsp;&nbsp; 761846 | &nbsp;&nbsp; 309989 | &nbsp;&nbsp; (332809) | &nbsp;&nbsp; 4332605 | &nbsp;&nbsp; 927979 | &nbsp;&nbsp;&nbsp;&nbsp; 103068 | &nbsp;&nbsp; (444576) | &nbsp;&nbsp; 4919076 |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP <br> GROWTH PORTFOLIO CLASS I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3207 | &nbsp;&nbsp;&nbsp;&nbsp; (7670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54393 |
| &nbsp;&nbsp;&nbsp; DIMENSIONAL VA U.S. TARGETED VALUE <br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28709 |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 119487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2405 | &nbsp;&nbsp;&nbsp; (23663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91136 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40451 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7971 | &nbsp;&nbsp;&nbsp; (17293) | &nbsp;&nbsp;&nbsp;&nbsp; (22687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51322 |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 726789 | &nbsp;&nbsp;&nbsp;&nbsp; 41432 | &nbsp;&nbsp;&nbsp; (14109) | &nbsp;&nbsp;&nbsp;&nbsp; (81297) | &nbsp;&nbsp;&nbsp;&nbsp; 672815 | &nbsp;&nbsp;&nbsp;&nbsp; 31682 | &nbsp;&nbsp;&nbsp;&nbsp; (25707) | &nbsp;&nbsp;&nbsp;&nbsp; (68468) | &nbsp;&nbsp;&nbsp;&nbsp; 610321 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89057 | &nbsp;&nbsp;&nbsp;&nbsp; 16519 | &nbsp;&nbsp;&nbsp;&nbsp; (4943) | &nbsp;&nbsp;&nbsp;&nbsp; (10077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90555 | &nbsp;&nbsp;&nbsp;&nbsp; 38158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5503) | &nbsp;&nbsp;&nbsp;&nbsp; (31076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92134 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39500 |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 909143 | &nbsp;&nbsp;&nbsp;&nbsp; 53817 | &nbsp;&nbsp;&nbsp; (12562) | &nbsp;&nbsp;&nbsp;&nbsp; (45737) | &nbsp;&nbsp;&nbsp;&nbsp; 904662 | &nbsp;&nbsp;&nbsp;&nbsp; 50955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6506 | &nbsp;&nbsp;&nbsp;&nbsp; (73671) | &nbsp;&nbsp;&nbsp;&nbsp; 888452 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19112 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32958 |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp; 683071 | &nbsp;&nbsp;&nbsp;&nbsp; 45706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4652 | &nbsp;&nbsp;&nbsp;&nbsp; (28945) | &nbsp;&nbsp;&nbsp;&nbsp; 704484 | &nbsp;&nbsp;&nbsp;&nbsp; 41197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp;&nbsp; (48668) | &nbsp;&nbsp;&nbsp;&nbsp; 701729 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6919 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9924 |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3293 | &nbsp;&nbsp;&nbsp;&nbsp; 10989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75230 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 27308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38223 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3211 | &nbsp;&nbsp;&nbsp; (18561) | &nbsp;&nbsp;&nbsp;&nbsp; (35476) | &nbsp;&nbsp;&nbsp;&nbsp; 113480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; (36397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80664 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** <br> **outstanding** <br> **at** <br> **1/1/2024**<br>| **Consideration** <br> **Received** <br> **2024**<br>| **Net** <br> **Transfers** <br> **2024**<br>| **Payments**<br> **to Contract** <br> **Owners 2024**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2024**<br>| **Consideration** <br> **Received** <br> **2025**<br>| **Net** <br> **Transfers** <br> **2025**<br>| **Payments** <br> **to** <br> **Contract** <br> **Owners**<br> **2025**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 298750 | &nbsp;&nbsp;&nbsp;&nbsp; 12013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9258 | &nbsp;&nbsp;&nbsp;&nbsp; (31859) | &nbsp;&nbsp;&nbsp;&nbsp; 288162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6558 | &nbsp;&nbsp;&nbsp;&nbsp; (16089) | &nbsp;&nbsp;&nbsp;&nbsp; (20867) | &nbsp;&nbsp;&nbsp;&nbsp; 257765 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 691177 | &nbsp;&nbsp;&nbsp;&nbsp; 25848 | &nbsp;&nbsp;&nbsp; (19036) | &nbsp;&nbsp;&nbsp;&nbsp; (68350) | &nbsp;&nbsp;&nbsp;&nbsp; 629638 | &nbsp;&nbsp;&nbsp;&nbsp; 18511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9711) | &nbsp;&nbsp;&nbsp;&nbsp; (65201) | &nbsp;&nbsp;&nbsp;&nbsp; 573237 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 2736436 | &nbsp;&nbsp; 139148 | &nbsp;&nbsp;&nbsp; (86482) | &nbsp;&nbsp; (213414) | &nbsp;&nbsp; 2575689 | &nbsp;&nbsp; 110296 | &nbsp;&nbsp; (120305) | &nbsp;&nbsp; (192736) | &nbsp;&nbsp; 2372944 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 2281007 | &nbsp;&nbsp; 108283 | &nbsp;&nbsp; (125157) | &nbsp;&nbsp; (203440) | &nbsp;&nbsp; 2060693 | &nbsp;&nbsp;&nbsp;&nbsp; 85170 | &nbsp;&nbsp; (148303) | &nbsp;&nbsp; (125289) | &nbsp;&nbsp; 1872271 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 1402041 | &nbsp;&nbsp;&nbsp;&nbsp; 74149 | &nbsp;&nbsp;&nbsp; (58061) | &nbsp;&nbsp;&nbsp;&nbsp; (90943) | &nbsp;&nbsp; 1327187 | &nbsp;&nbsp;&nbsp;&nbsp; 63200 | &nbsp;&nbsp; (137450) | &nbsp;&nbsp;&nbsp;&nbsp; (83585) | &nbsp;&nbsp; 1169352 |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | &nbsp;&nbsp; 1124003 | &nbsp;&nbsp;&nbsp;&nbsp; 23124 | &nbsp;&nbsp;&nbsp; (30397) | &nbsp;&nbsp;&nbsp;&nbsp; (88606) | &nbsp;&nbsp; 1028123 | &nbsp;&nbsp;&nbsp;&nbsp; 19346 | &nbsp;&nbsp;&nbsp;&nbsp; (33741) | &nbsp;&nbsp;&nbsp;&nbsp; (79204) | &nbsp;&nbsp;&nbsp;&nbsp; 934524 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226845 | &nbsp;&nbsp;&nbsp;&nbsp; 97330 | &nbsp;&nbsp;&nbsp;&nbsp; 49615 | &nbsp;&nbsp;&nbsp;&nbsp; (19878) | &nbsp;&nbsp;&nbsp;&nbsp; 353911 | &nbsp;&nbsp;&nbsp;&nbsp; 89543 | &nbsp;&nbsp;&nbsp;&nbsp; 77502 | &nbsp;&nbsp;&nbsp;&nbsp; (27160) | &nbsp;&nbsp;&nbsp;&nbsp; 493796 |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| &nbsp;&nbsp; 1588258 | &nbsp;&nbsp;&nbsp;&nbsp; 70160 | &nbsp;&nbsp;&nbsp;&nbsp; 37498 | &nbsp;&nbsp; (131591) | &nbsp;&nbsp; 1564325 | &nbsp;&nbsp;&nbsp;&nbsp; 56196 | &nbsp;&nbsp;&nbsp;&nbsp; 75192 | &nbsp;&nbsp; (171366) | &nbsp;&nbsp; 1524347 |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | &nbsp;&nbsp; 1718706 | &nbsp;&nbsp;&nbsp;&nbsp; 51844 | &nbsp;&nbsp;&nbsp; (49918) | &nbsp;&nbsp; (126183) | &nbsp;&nbsp; 1594449 | &nbsp;&nbsp;&nbsp;&nbsp; 45058 | &nbsp;&nbsp;&nbsp;&nbsp; (62934) | &nbsp;&nbsp; (116608) | &nbsp;&nbsp; 1459965 |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | &nbsp;&nbsp;&nbsp;&nbsp; 870463 | &nbsp;&nbsp;&nbsp;&nbsp; 38968 | &nbsp;&nbsp;&nbsp; (34159) | &nbsp;&nbsp;&nbsp;&nbsp; (78597) | &nbsp;&nbsp;&nbsp;&nbsp; 796675 | &nbsp;&nbsp;&nbsp;&nbsp; 32787 | &nbsp;&nbsp;&nbsp;&nbsp; (11955) | &nbsp;&nbsp;&nbsp;&nbsp; (64450) | &nbsp;&nbsp;&nbsp;&nbsp; 753058 |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY <br> MARKET FUND INSTITUTIONAL SHARES<br>| 21814436 | &nbsp;&nbsp; 4614485 | &nbsp;&nbsp; 6794919 | &nbsp;&nbsp; (2965894) | &nbsp;&nbsp; 30257946 | &nbsp;&nbsp; 2328398 | &nbsp;&nbsp; 1993975 | &nbsp;&nbsp; (4174065) | &nbsp;&nbsp; 30406254 |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY <br> AND INNOVATION FUND CL I\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp; 48854 | &nbsp;&nbsp;&nbsp;&nbsp; 50390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98358 |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY <br> AND INNOVATION FUND CL S\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp;&nbsp; 59881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59288 |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE <br> PORTFOLIO INSTIUTIONAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14004 |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | &nbsp;&nbsp;&nbsp;&nbsp; 103328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4968 | &nbsp;&nbsp;&nbsp;&nbsp; (1595) | &nbsp;&nbsp;&nbsp;&nbsp; (12749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92774 |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO VC SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6904 | &nbsp;&nbsp;&nbsp;&nbsp; (9978) | &nbsp;&nbsp;&nbsp;&nbsp; (14499) | &nbsp;&nbsp;&nbsp;&nbsp; 146857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9679) | &nbsp;&nbsp;&nbsp;&nbsp; (15191) | &nbsp;&nbsp;&nbsp;&nbsp; 127618 |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND <br> STANDARD CLASS 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 785551 | &nbsp;&nbsp;&nbsp;&nbsp; 13316 | &nbsp;&nbsp;&nbsp; (16949) | &nbsp;&nbsp;&nbsp;&nbsp; (58631) | &nbsp;&nbsp;&nbsp;&nbsp; 723287 | &nbsp;&nbsp;&nbsp;&nbsp; 13974 | &nbsp;&nbsp;&nbsp;&nbsp; (30228) | &nbsp;&nbsp;&nbsp;&nbsp; (56268) | &nbsp;&nbsp;&nbsp;&nbsp; 650765 |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP <br> EQUITY PORTFOLIO INITIAL CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 |
| MFS VIT II INTERNATIONAL GROWTH SC | &nbsp;&nbsp;&nbsp;&nbsp; 171396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7379 | &nbsp;&nbsp;&nbsp;&nbsp; (4468) | &nbsp;&nbsp;&nbsp;&nbsp; (14149) | &nbsp;&nbsp;&nbsp;&nbsp; 160158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4529 | &nbsp;&nbsp;&nbsp;&nbsp; (13411) | &nbsp;&nbsp;&nbsp;&nbsp; 157526 |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp;&nbsp;&nbsp; (3413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37062 |
| MFS VIT MID CAP VALUE PORTFOLIO SC | &nbsp;&nbsp;&nbsp;&nbsp; 352360 | &nbsp;&nbsp;&nbsp;&nbsp; 15431 | &nbsp;&nbsp;&nbsp; (20853) | &nbsp;&nbsp;&nbsp;&nbsp; (27278) | &nbsp;&nbsp;&nbsp;&nbsp; 319660 | &nbsp;&nbsp;&nbsp;&nbsp; 14960 | &nbsp;&nbsp;&nbsp;&nbsp; (24860) | &nbsp;&nbsp;&nbsp;&nbsp; (22715) | &nbsp;&nbsp;&nbsp;&nbsp; 287046 |
| &nbsp;&nbsp;&nbsp; MFS VIT NEW DISCOVERY SERIES INITIAL <br> CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112116 | &nbsp;&nbsp;&nbsp;&nbsp; 30847 | &nbsp;&nbsp;&nbsp;&nbsp; 19860 | &nbsp;&nbsp;&nbsp;&nbsp; (14056) | &nbsp;&nbsp;&nbsp;&nbsp; 148767 | &nbsp;&nbsp;&nbsp;&nbsp; 29367 | &nbsp;&nbsp;&nbsp;&nbsp; 13563 | &nbsp;&nbsp;&nbsp;&nbsp; (13110) | &nbsp;&nbsp;&nbsp;&nbsp; 178586 |
| NEUBERGER GENESIS FUND ADVISOR CLASS\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7527 |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110284 | &nbsp;&nbsp;&nbsp;&nbsp; 31344 | &nbsp;&nbsp;&nbsp;&nbsp; 15605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9825) | &nbsp;&nbsp;&nbsp;&nbsp; 147408 | &nbsp;&nbsp;&nbsp;&nbsp; 36448 | &nbsp;&nbsp;&nbsp;&nbsp; 11193 | &nbsp;&nbsp;&nbsp;&nbsp; (12401) | &nbsp;&nbsp;&nbsp;&nbsp; 182648 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH <br> PORTFOLIO INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5318 | &nbsp;&nbsp;&nbsp;&nbsp; (2005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62308 | &nbsp;&nbsp;&nbsp;&nbsp; 12277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71239 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK <br> FUND INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100579 | &nbsp;&nbsp;&nbsp;&nbsp; 11199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7419) | &nbsp;&nbsp;&nbsp;&nbsp; 107769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9513) | &nbsp;&nbsp;&nbsp;&nbsp; 106177 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 449714 | &nbsp;&nbsp; 101056 | &nbsp;&nbsp;&nbsp;&nbsp; 41045 | &nbsp;&nbsp;&nbsp;&nbsp; (54921) | &nbsp;&nbsp;&nbsp;&nbsp; 536893 | &nbsp;&nbsp; 113690 | &nbsp;&nbsp;&nbsp;&nbsp; 43629 | &nbsp;&nbsp;&nbsp;&nbsp; (49077) | &nbsp;&nbsp;&nbsp;&nbsp; 645135 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75381 | &nbsp;&nbsp;&nbsp;&nbsp; 15221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5882 | &nbsp;&nbsp;&nbsp;&nbsp; (10138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92936 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 323086 | &nbsp;&nbsp;&nbsp;&nbsp; 57284 | &nbsp;&nbsp;&nbsp;&nbsp; (2914) | &nbsp;&nbsp;&nbsp;&nbsp; (29700) | &nbsp;&nbsp;&nbsp;&nbsp; 347756 | &nbsp;&nbsp;&nbsp;&nbsp; 63214 | &nbsp;&nbsp;&nbsp;&nbsp; 10569 | &nbsp;&nbsp;&nbsp;&nbsp; (28887) | &nbsp;&nbsp;&nbsp;&nbsp; 392652 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6340 | &nbsp;&nbsp;&nbsp;&nbsp; (11556) | &nbsp;&nbsp;&nbsp;&nbsp; 167018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4344 | &nbsp;&nbsp;&nbsp;&nbsp; (20583) | &nbsp;&nbsp;&nbsp;&nbsp; 158491 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 132282 | &nbsp;&nbsp;&nbsp;&nbsp; 24343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp;&nbsp; (11253) | &nbsp;&nbsp;&nbsp;&nbsp; 149616 | &nbsp;&nbsp;&nbsp;&nbsp; 18207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1527) | &nbsp;&nbsp;&nbsp;&nbsp; (13227) | &nbsp;&nbsp;&nbsp;&nbsp; 153069 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 416949 | &nbsp;&nbsp;&nbsp;&nbsp; 22439 | &nbsp;&nbsp;&nbsp;&nbsp; 14760 | &nbsp;&nbsp;&nbsp;&nbsp; (41346) | &nbsp;&nbsp;&nbsp;&nbsp; 412803 | &nbsp;&nbsp;&nbsp;&nbsp; 20728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119 | &nbsp;&nbsp;&nbsp;&nbsp; (62708) | &nbsp;&nbsp;&nbsp;&nbsp; 373941 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276952 | &nbsp;&nbsp;&nbsp;&nbsp; 43489 | &nbsp;&nbsp;&nbsp;&nbsp; 23996 | &nbsp;&nbsp;&nbsp;&nbsp; (27970) | &nbsp;&nbsp;&nbsp;&nbsp; 316467 | &nbsp;&nbsp;&nbsp;&nbsp; 30258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4035) | &nbsp;&nbsp;&nbsp;&nbsp; (35889) | &nbsp;&nbsp;&nbsp;&nbsp; 306801 |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** <br> **outstanding** <br> **at** <br> **1/1/2024**<br>| **Consideration** <br> **Received** <br> **2024**<br>| **Net** <br> **Transfers** <br> **2024**<br>| **Payments**<br> **to Contract** <br> **Owners 2024**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2024**<br>| **Consideration** <br> **Received** <br> **2025**<br>| **Net** <br> **Transfers** <br> **2025**<br>| **Payments** <br> **to** <br> **Contract** <br> **Owners**<br> **2025**<br>| **Units** <br> **Outstanding** <br> **at** <br> **12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74737 | &nbsp;&nbsp;&nbsp;&nbsp; 12442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84878 |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 257125 | &nbsp;&nbsp;&nbsp;&nbsp; 43998 | &nbsp;&nbsp;&nbsp;&nbsp; 18004 | &nbsp;&nbsp;&nbsp;&nbsp; (31844) | &nbsp;&nbsp;&nbsp;&nbsp; 287283 | &nbsp;&nbsp;&nbsp;&nbsp; 33399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608 | &nbsp;&nbsp;&nbsp;&nbsp; (28871) | &nbsp;&nbsp;&nbsp;&nbsp; 298419 |
| &nbsp;&nbsp;&nbsp; TEMPLETON GLOBAL BOND VIP FUND CLASS <br> 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11527 |
| &nbsp;&nbsp;&nbsp; TEMPLETON GLOBAL BOND VIP FUND CLASS <br> 4<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207852 | &nbsp;&nbsp;&nbsp;&nbsp; 10988 | &nbsp;&nbsp;&nbsp;&nbsp; (6577) | &nbsp;&nbsp;&nbsp;&nbsp; (20973) | &nbsp;&nbsp;&nbsp;&nbsp; 191290 | &nbsp;&nbsp;&nbsp;&nbsp; 10827 | &nbsp;&nbsp;&nbsp;&nbsp; (10993) | &nbsp;&nbsp;&nbsp;&nbsp; (14804) | &nbsp;&nbsp;&nbsp;&nbsp; 176320 |
| &nbsp;&nbsp;&nbsp; VANGUARD 500 INDEX FUND ADMIRAL <br> SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 356263 | &nbsp;&nbsp;&nbsp;&nbsp; 66458 | &nbsp;&nbsp;&nbsp;&nbsp; 20141 | &nbsp;&nbsp;&nbsp;&nbsp; (32423) | &nbsp;&nbsp;&nbsp;&nbsp; 410440 | &nbsp;&nbsp;&nbsp;&nbsp; 80378 | &nbsp;&nbsp;&nbsp;&nbsp; 23915 | &nbsp;&nbsp;&nbsp;&nbsp; (34004) | &nbsp;&nbsp;&nbsp;&nbsp; 480729 |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX <br> FUND ADMIRAL SHARES<br>| &nbsp;&nbsp; 1170012 | &nbsp;&nbsp; 176699 | &nbsp;&nbsp; 116633 | &nbsp;&nbsp; (118581) | &nbsp;&nbsp; 1344763 | &nbsp;&nbsp; 159725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3108) | &nbsp;&nbsp; (106778) | &nbsp;&nbsp; 1394602 |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK <br> INDEX FUND ADMIRAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 166671 | &nbsp;&nbsp;&nbsp;&nbsp; 30975 | &nbsp;&nbsp;&nbsp;&nbsp; 18826 | &nbsp;&nbsp;&nbsp;&nbsp; (16735) | &nbsp;&nbsp;&nbsp;&nbsp; 199737 | &nbsp;&nbsp;&nbsp;&nbsp; 29623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5201 | &nbsp;&nbsp;&nbsp;&nbsp; (14847) | &nbsp;&nbsp;&nbsp;&nbsp; 219714 |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 239798 | &nbsp;&nbsp;&nbsp;&nbsp; 40414 | &nbsp;&nbsp;&nbsp;&nbsp; 12706 | &nbsp;&nbsp;&nbsp;&nbsp; (20013) | &nbsp;&nbsp;&nbsp;&nbsp; 272905 | &nbsp;&nbsp;&nbsp;&nbsp; 44819 | &nbsp;&nbsp;&nbsp;&nbsp; 20107 | &nbsp;&nbsp;&nbsp;&nbsp; (20154) | &nbsp;&nbsp;&nbsp;&nbsp; 317677 |
| VANGUARD FEDERAL MONEY MARKET FUND | &nbsp;&nbsp; 7102974 | &nbsp;&nbsp; 8759003 | &nbsp;&nbsp; 2837386 | &nbsp;&nbsp; (2701718) | &nbsp;&nbsp; 15997646 | &nbsp;&nbsp; 7919559 | &nbsp;&nbsp; (1271159) | &nbsp;&nbsp; (3483983) | &nbsp;&nbsp; 19162064 |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| &nbsp;&nbsp; 2070607 | &nbsp;&nbsp; 369326 | &nbsp;&nbsp; 261961 | &nbsp;&nbsp; (220790) | &nbsp;&nbsp; 2481104 | &nbsp;&nbsp; 420653 | &nbsp;&nbsp;&nbsp;&nbsp; 263855 | &nbsp;&nbsp; (183220) | &nbsp;&nbsp; 2982393 |
| VANGUARD MID-CAP GROWTH INDEX FUND | &nbsp;&nbsp;&nbsp;&nbsp; 350097 | &nbsp;&nbsp;&nbsp;&nbsp; 28455 | &nbsp;&nbsp;&nbsp; (17434) | &nbsp;&nbsp;&nbsp;&nbsp; (31875) | &nbsp;&nbsp;&nbsp;&nbsp; 329243 | &nbsp;&nbsp;&nbsp;&nbsp; 21126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8258) | &nbsp;&nbsp;&nbsp;&nbsp; (29757) | &nbsp;&nbsp;&nbsp;&nbsp; 312354 |
| &nbsp;&nbsp;&nbsp; VANGUARD REIT INDEX FUND ADMIRAL <br> SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74410 |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND <br> INVESTOR SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 230813 | &nbsp;&nbsp;&nbsp;&nbsp; 44058 | &nbsp;&nbsp;&nbsp;&nbsp; 20618 | &nbsp;&nbsp;&nbsp;&nbsp; (27399) | &nbsp;&nbsp;&nbsp;&nbsp; 268090 | &nbsp;&nbsp;&nbsp;&nbsp; 41888 | &nbsp;&nbsp;&nbsp;&nbsp; 16812 | &nbsp;&nbsp;&nbsp;&nbsp; (26430) | &nbsp;&nbsp;&nbsp;&nbsp; 300359 |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND <br> ADMIRAL SHARES<br>| &nbsp;&nbsp;&nbsp;&nbsp; 272388 | &nbsp;&nbsp;&nbsp;&nbsp; 51941 | &nbsp;&nbsp;&nbsp;&nbsp; 34625 | &nbsp;&nbsp;&nbsp;&nbsp; (21887) | &nbsp;&nbsp;&nbsp;&nbsp; 337067 | &nbsp;&nbsp;&nbsp;&nbsp; 60154 | &nbsp;&nbsp;&nbsp;&nbsp; 34811 | &nbsp;&nbsp;&nbsp;&nbsp; (23768) | &nbsp;&nbsp;&nbsp;&nbsp; 408264 |
| VANGUARD TARGET RETIREMENT 2020 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 220485 | &nbsp;&nbsp;&nbsp;&nbsp; 19258 | &nbsp;&nbsp;&nbsp;&nbsp; (5906) | &nbsp;&nbsp;&nbsp;&nbsp; (25840) | &nbsp;&nbsp;&nbsp;&nbsp; 207997 | &nbsp;&nbsp;&nbsp;&nbsp; 17106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1777) | &nbsp;&nbsp;&nbsp;&nbsp; (29617) | &nbsp;&nbsp;&nbsp;&nbsp; 193710 |
| VANGUARD TARGET RETIREMENT 2025 FUND | &nbsp;&nbsp; 1214542 | &nbsp;&nbsp; 137240 | &nbsp;&nbsp; (105803) | &nbsp;&nbsp; (130764) | &nbsp;&nbsp; 1115215 | &nbsp;&nbsp;&nbsp;&nbsp; 96518 | &nbsp;&nbsp;&nbsp;&nbsp; (17908) | &nbsp;&nbsp; (104623) | &nbsp;&nbsp; 1089202 |
| VANGUARD TARGET RETIREMENT 2030 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 984500 | &nbsp;&nbsp; 215915 | &nbsp;&nbsp;&nbsp; (14230) | &nbsp;&nbsp;&nbsp;&nbsp; (92383) | &nbsp;&nbsp; 1093802 | &nbsp;&nbsp; 259497 | &nbsp;&nbsp;&nbsp;&nbsp; (30508) | &nbsp;&nbsp; (100143) | &nbsp;&nbsp; 1222647 |
| VANGUARD TARGET RETIREMENT 2035 FUND | &nbsp;&nbsp; 1587480 | &nbsp;&nbsp; 291721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5560 | &nbsp;&nbsp; (109321) | &nbsp;&nbsp; 1775440 | &nbsp;&nbsp; 335084 | &nbsp;&nbsp;&nbsp;&nbsp; 12540 | &nbsp;&nbsp; (109510) | &nbsp;&nbsp; 2013553 |
| VANGUARD TARGET RETIREMENT 2040 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 818934 | &nbsp;&nbsp; 197684 | &nbsp;&nbsp;&nbsp;&nbsp; 14381 | &nbsp;&nbsp;&nbsp;&nbsp; (46035) | &nbsp;&nbsp;&nbsp;&nbsp; 984964 | &nbsp;&nbsp; 157641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6063) | &nbsp;&nbsp;&nbsp;&nbsp; (47820) | &nbsp;&nbsp; 1088722 |
| VANGUARD TARGET RETIREMENT 2045 FUND | &nbsp;&nbsp; 1025074 | &nbsp;&nbsp; 196547 | &nbsp;&nbsp;&nbsp; (14727) | &nbsp;&nbsp;&nbsp;&nbsp; (38652) | &nbsp;&nbsp; 1168242 | &nbsp;&nbsp; 184418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3663 | &nbsp;&nbsp;&nbsp;&nbsp; (87819) | &nbsp;&nbsp; 1268504 |
| VANGUARD TARGET RETIREMENT 2050 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 681352 | &nbsp;&nbsp; 142643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967 | &nbsp;&nbsp;&nbsp;&nbsp; (35617) | &nbsp;&nbsp;&nbsp;&nbsp; 789345 | &nbsp;&nbsp; 119528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4446) | &nbsp;&nbsp;&nbsp;&nbsp; (41059) | &nbsp;&nbsp;&nbsp;&nbsp; 863368 |
| VANGUARD TARGET RETIREMENT 2055 FUND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97700 | &nbsp;&nbsp;&nbsp;&nbsp; 44660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4168) | &nbsp;&nbsp;&nbsp;&nbsp; 140103 | &nbsp;&nbsp;&nbsp;&nbsp; 50663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9949) | &nbsp;&nbsp;&nbsp;&nbsp; 181732 |
| VANGUARD TARGET RETIREMENT 2060 FUND | &nbsp;&nbsp;&nbsp;&nbsp; 129506 | &nbsp;&nbsp;&nbsp;&nbsp; 59078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254 | &nbsp;&nbsp;&nbsp;&nbsp; (11550) | &nbsp;&nbsp;&nbsp;&nbsp; 180288 | &nbsp;&nbsp;&nbsp;&nbsp; 65537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp;&nbsp; (10080) | &nbsp;&nbsp;&nbsp;&nbsp; 237639 |
| &nbsp;&nbsp;&nbsp; VANGUARD TARGET RETIREMENT INCOME <br> FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp; 861413 | &nbsp;&nbsp;&nbsp;&nbsp; 91072 | &nbsp;&nbsp;&nbsp; (25196) | &nbsp;&nbsp;&nbsp;&nbsp; (97800) | &nbsp;&nbsp;&nbsp;&nbsp; 829489 | &nbsp;&nbsp;&nbsp;&nbsp; 61822 | &nbsp;&nbsp;&nbsp;&nbsp; (10202) | &nbsp;&nbsp;&nbsp;&nbsp; (91446) | &nbsp;&nbsp;&nbsp;&nbsp; 789663 |
| &nbsp;&nbsp;&nbsp; VANGUARD TOTAL BOND MARKET INDEX <br> FUND<br>| &nbsp;&nbsp; 2194425 | &nbsp;&nbsp; 328755 | &nbsp;&nbsp; 187257 | &nbsp;&nbsp; (294267) | &nbsp;&nbsp; 2416170 | &nbsp;&nbsp; 312819 | &nbsp;&nbsp;&nbsp;&nbsp; 138305 | &nbsp;&nbsp; (239871) | &nbsp;&nbsp; 2627423 |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp; 170160 | &nbsp;&nbsp;&nbsp;&nbsp; 14594 | &nbsp;&nbsp;&nbsp;&nbsp; (9583) | &nbsp;&nbsp;&nbsp;&nbsp; (13016) | &nbsp;&nbsp;&nbsp;&nbsp; 162155 | &nbsp;&nbsp;&nbsp;&nbsp; 38029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956 | &nbsp;&nbsp;&nbsp;&nbsp; (24090) | &nbsp;&nbsp;&nbsp;&nbsp; 178050 |
| VANGUARD VIF GLOBAL BOND INDEX | &nbsp;&nbsp;&nbsp;&nbsp; 215507 | &nbsp;&nbsp;&nbsp;&nbsp; 22599 | &nbsp;&nbsp;&nbsp;&nbsp; 32854 | &nbsp;&nbsp;&nbsp;&nbsp; (24379) | &nbsp;&nbsp;&nbsp;&nbsp; 246581 | &nbsp;&nbsp;&nbsp;&nbsp; 23228 | &nbsp;&nbsp;&nbsp;&nbsp; 30236 | &nbsp;&nbsp;&nbsp;&nbsp; (22983) | &nbsp;&nbsp;&nbsp;&nbsp; 277061 |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2254 | &nbsp;&nbsp;&nbsp;&nbsp; (1956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42871 |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp; 115537 | &nbsp;&nbsp;&nbsp;&nbsp; 10560 | &nbsp;&nbsp;&nbsp;&nbsp; (4238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7283) | &nbsp;&nbsp;&nbsp;&nbsp; 114575 | &nbsp;&nbsp;&nbsp;&nbsp; 16690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2714) | &nbsp;&nbsp;&nbsp;&nbsp; (13488) | &nbsp;&nbsp;&nbsp;&nbsp; 115063 |
| VANGUARD VIF REIT INDEX PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp;&nbsp;&nbsp; (4659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73576 | &nbsp;&nbsp;&nbsp;&nbsp; 22336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92143 |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT <br> GRADE BOND<br>| &nbsp;&nbsp;&nbsp;&nbsp; 188377 | &nbsp;&nbsp;&nbsp;&nbsp; 51864 | &nbsp;&nbsp;&nbsp;&nbsp; 25805 | &nbsp;&nbsp;&nbsp;&nbsp; (22106) | &nbsp;&nbsp;&nbsp;&nbsp; 243939 | &nbsp;&nbsp;&nbsp;&nbsp; 50764 | &nbsp;&nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; (38122) | &nbsp;&nbsp;&nbsp;&nbsp; 268709 |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1636 | &nbsp;&nbsp;&nbsp;&nbsp; (3089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30613 |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp; 285389 | &nbsp;&nbsp;&nbsp;&nbsp; 28655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5344 | &nbsp;&nbsp;&nbsp;&nbsp; (25354) | &nbsp;&nbsp;&nbsp;&nbsp; 294034 | &nbsp;&nbsp;&nbsp;&nbsp; 23584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4837 | &nbsp;&nbsp;&nbsp;&nbsp; (42971) | &nbsp;&nbsp;&nbsp;&nbsp; 279484 |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 11577132 | &nbsp;&nbsp; 275690 | &nbsp;&nbsp; (275889) | &nbsp;&nbsp; (890792) | &nbsp;&nbsp; 10686140 | &nbsp;&nbsp; 254844 | &nbsp;&nbsp; (261285) | &nbsp;&nbsp; (864014) | &nbsp;&nbsp; 9815685 |

---

\*

The units issued and units redeemed activity for these funds were for the period from May 1, 2025 (inception) through December 31, 2025.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

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

**6. FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 5019 | 52.85 | 265244 | 1.25% | -% | 15.34% |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP GROWTH <br> FUND<br>| 496643 | 25.29 to 76.04 | 35318902 | 0.95% to 1.65% | -% | 3.67% to 4.39% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 477269 | 12.67 | 6046234 | 1.25% | 4.85% | 6.64% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 178565 | 379.10 to 412.20 | 71256270 | 0.95% to 1.65% | 0.13% | 17.98% to 18.81% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH & <br> INCOME FUND CLASS 1<br>| 377118 | 26.42 | 9963029 | 1.25% | 3.13% | 34.17% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK ALLOCATION <br> FUND CLASS P2<br>| 548712 | 19.85 to 21.74 | 11573052 | 0.95% to 1.65% | 2.52% | 9.84% to 10.63% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 28650 | 41.71 | 1194934 | 1.25% | 1.39% | 27.01% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 419923 | 43.17 to 46.96 | 19089085 | 0.95% to 1.65% | 0.92% | 25.87% to 26.73% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 176553 | 33.58 | 5929441 | 1.25% | 1.68% | 16.05% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 925941 | 37.72 to 41.00 | 36807237 | 0.95% to 1.65% | 1.25% | 15.01% to 15.81% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 228903 | 10.41 | 2369728 | 1.25% | 6.44% | 7.88% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 214262 | 09.64 to 10.48 | 2184772 | 0.95% to 1.65% | 6.44% | 7.20% to 8.04% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 2800317 | 18.01 to 55.68 | 148384104 | 0.95% to 1.65% | 1.24% | 3.64% to 4.37% |
| &nbsp;&nbsp;&nbsp; CALVERT S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1192351 | 224.81 to 251.80 | 286082087 | 0.95% to 1.65% | 1.07% | 5.18% to 5.92% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 4919076 | 3.89 | 19118516 | 1.25% | 1.65% | 10.10% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 54393 | 38.84 to 40.46 | 2156011 | 0.95% to 1.65% | -% | 7.31% to 8.20% |
| &nbsp;&nbsp;&nbsp; DIMENSIONAL VA U.S. TARGETED VALUE <br> PORTFOLIO<br>| 28709 | 38.69 | 1110644 | 1.25% | 1.81% | 7.61% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 91136 | 18.98 to 20.80 | 1844537 | 0.95% to 1.65% | 2.77% | 9.26% to 10.61% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 40451 | 21.22 | 858563 | 1.25% | 2.57% | 11.95% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 51322 | 23.21 | 1191273 | 1.25% | 2.55% | 13.17% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 610321 | 23.01 to 24.82 | 14701602 | 0.95% to 1.65% | 2.30% | 12.25% to 13.16% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 92134 | 24.44 | 2251607 | 1.25% | 2.53% | 14.09% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 39500 | 41.27 | 1630189 | 1.25% | 2.03% | 15.25% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 888452 | 41.07 to 44.16 | 38068786 | 0.95% to 1.65% | 1.95% | 14.52% to 15.33% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 19112 | 42.47 | 811712 | 1.25% | 1.76% | 17.32% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 32958 | 42.91 | 1414122 | 1.25% | 1.51% | 18.36% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 701729 | 43.00 to 46.31 | 31497457 | 0.95% to 1.65% | 1.24% | 17.54% to 18.41% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 6919 | 38.84 | 268733 | 1.25% | 1.33% | 18.31% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 9924 | 18.45 to 19.71 | 189255 | 0.95% to 1.65% | 1.38% | 17.88% to 18.38% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 75230 | 18.17 to 19.32 | 1417264 | 0.95% to 1.65% | 1.24% | 17.50% to 18.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 814 | 19.18 | 15625 | 1.25% | 1.55% | 18.34% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 38223 | 18.11 to 19.36 | 718447 | 0.95% to 1.65% | 1.25% | 17.50% to 18.39% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 80664 | 14.48 | 1167608 | 1.25% | 2.97% | 8.26% |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 | 257765 | 14.31 to 15.01 | 3791686 | 0.95% to 1.65% | 3.40% | 7.51% to 7.98% |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 | 573237 | 20.13 to 21.51 | 11969525 | 0.95% to 1.65% | 2.47% | 12.20% to 12.96% |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 | 2372944 | 20.43 to 21.92 | 50460116 | 0.95% to 1.65% | 2.05% | 13.62% to 14.41% |
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 | 1872271 | 24.18 to 25.95 | 47165617 | 0.95% to 1.65% | 1.69% | 15.01% to 15.82% |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 | 1169352 | 27.20 to 29.02 | 32900685 | 0.95% to 1.65% | 1.23% | 17.31% to 18.14% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 934524 | 650.21 to 868.15 | 777554711 | 0.95% to 1.65% | 0.90% | 15.58% to 16.38% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 493796 | 13.14 | 6487123 | 1.25% | 3.92% | 5.86% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1524347 | 10.97 to 25.17 | 35779546 | 0.95% to 1.65% | 3.45% | 5.21% to 5.92% |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1459965 | 27.12 to 53.76 | 72808771 | 0.95% to 1.65% | 1.42% | 18.12% to 18.94% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 753058 | 24.05 to 25.84 | 18893998 | 0.95% to 1.65% | 1.89% | 1.21% to 1.92% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY MARKET <br> FUND INSTITUTIONAL SHARES<br>| 30406254 | 01.09 to 01.13 | 33301961 | 0.95% to 1.65% | 4.27% | 2.39% to 3.53% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY AND <br> INNOVATION FUND CL I<br>| 98358 | 26.21 | 2577836 | 1.25% | -% | 30.52%<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON GLOBAL TECHNOLOGY AND <br> INNOVATION FUND CL S<br>| 59288 | 26.07 to 26.28 | 1555048 | 0.95% to 1.65% | -% | 29.63% to 30.67%<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 14004 | 143.94 | 2015732 | 1.25% | 0.18% | 6.34% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 92774 | 46.40 to 49.93 | 4500918 | 0.95% to 1.65% | 0.82% | 10.11% to 10.89% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING GROWTH <br> PORTFOLIO VC SHARES<br>| 127618 | 56.67 to 61.94 | 7622521 | 0.95% to 1.65% | 0.18% | 12.72% to 13.52% |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND STANDARD <br> CLASS 1<br>| 650765 | 89.24 to 97.55 | 60530037 | 0.95% to 1.65% | 0.44% | 12.69% to 13.47% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 48639 | 23.48 | 1142102 | 1.25% | 0.95% | 4.45% |
| MFS VIT II INTERNATIONAL GROWTH SC | 157526 | 23.17 to 24.26 | 3748859 | 0.95% to 1.65% | 0.78% | 18.84% to 19.69% |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS | 37062 | 16.58 | 614419 | 1.25% | 0.99% | 4.66% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 287046 | 20.00 to 21.62 | 6025035 | 0.95% to 1.65% | 0.82% | 4.01% to 4.76% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 178586 | 27.21 | 4860041 | 1.25% | -% | 11.58% |
| NEUBERGER GENESIS FUND ADVISOR CLASS | 7527 | 59.82 | 450224 | 1.25% | -% | 4.99%<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 182648 | 78.57 | 14350494 | 1.25% | 0.77% | 9.63% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 71239 | 87.52 | 6234568 | 1.25% | -% | 17.28% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK FUND <br> INVESTOR CLASS<br>| 106177 | 46.16 | 4901215 | 1.25% | 0.64% | 30.84% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 645135 | 65.04 | 41957922 | 1.25% | 1.76% | 13.17% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 92936 | 23.47 | 2181078 | 1.25% | 2.45% | 4.31% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 392652 | 177.24 | 69593580 | 1.25% | -% | 14.23% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 158491 | 7.88 | 1248510 | 1.25% | 3.50% | 8.81% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 153069 | 103.80 | 15888651 | 1.25% | -% | 1.88% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 373941 | 9.62 | 3599130 | 1.25% | 4.43% | 5.77% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR <br> CLASS<br>| 306801 | 17.66 | 5418175 | 1.25% | 2.24% | 30.14% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR <br> CLASS<br>| 84878 | 79.27 | 6728677 | 1.25% | 0.86% | 6.88% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 298419 | 15.04 | 4487357 | 1.25% | 5.60% | 6.50% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 11527 | 14.84 | 171033 | 1.25% | -% | 14.66% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 176320 | 17.04 to 19.06 | 3219994 | 0.95% to 1.65% | -% | 13.66% to 14.45% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 480729 | 653.98 | 314385750 | 1.25% | 1.22% | 16.38% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1394602 | 23.64 | 32965521 | 1.25% | 3.64% | 33.55% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 219714 | 52.05 | 11435499 | 1.25% | 3.07% | 23.22% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 317677 | 159.31 | 50609233 | 1.25% | 1.21% | 10.04% |
| VANGUARD FEDERAL MONEY MARKET FUND | 19162064 | 1.10 | 21144552 | 1.25% | 4.24% | 3.14% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 2982393 | 8.01 | 23899502 | 1.25% | 6.15% | 8.16% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 312354 | 51.14 | 15973659 | 1.25% | 0.20% | 7.64% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 74410 | 158.48 | 11792432 | 1.25% | 3.89% | 1.92% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 300359 | 59.93 | 17999199 | 1.25% | 2.10% | 9.61% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 408264 | 126.01 | 51446020 | 1.25% | 1.41% | 7.48% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2020 FUND | 193710 | 46.12 | 8934116 | 1.25% | 3.13% | 10.76% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1089202 | 29.15 | 31748588 | 1.25% | 2.92% | 13.20% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 1222647 | 55.75 | 68167203 | 1.25% | 2.88% | 14.81% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 2013553 | 36.12 | 72734351 | 1.25% | 2.72% | 16.07% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 1088722 | 65.50 | 71306191 | 1.25% | 2.54% | 17.29% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 1268504 | 43.22 | 54827188 | 1.25% | 2.38% | 18.51% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 863368 | 71.35 | 61597016 | 1.25% | 2.32% | 19.93% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 181732 | 75.34 | 13691468 | 1.25% | 2.47% | 19.95% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 237639 | 66.54 | 15812077 | 1.25% | 2.46% | 19.93% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 789663 | 18.30 | 14450987 | 1.25% | 3.40% | 9.91% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2627423 | 11.25 | 29546137 | 1.25% | 3.89% | 5.80% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 178050 | 106.77 | 19011085 | 1.25% | 1.05% | 16.26% |
| VANGUARD VIF GLOBAL BOND INDEX | 277061 | 18.94 to 21.02 | 5704774 | 0.95% to 1.65% | 3.01% | 3.96% to 4.71% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 42871 | 45.77 | 1962323 | 1.25% | 0.84% | 18.49% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 115063 | 44.81 | 5156169 | 1.25% | 1.24% | 10.16% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 92143 | 17.06 | 1571988 | 1.25% | 2.45% | 1.85% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT GRADE <br> BOND<br>| 268709 | 11.58 | 3110565 | 1.25% | 3.97% | 5.52% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 30613 | 39.03 | 1194761 | 1.25% | 0.43% | 4.80% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 279484 | 12.12 | 3387892 | 1.25% | 3.63% | 5.59% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 9815685 | 20.61 to 67.80 | 484327638 | 0.95% to 1.65% | 3.16% | 15.56% to 16.37% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

This fund became available for investment by contract owners of the sub-accounts on May 1, 2025 and the return is for the period May 1, 2025 to December 31, 2025.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

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

**6. FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 5117 | 45.82 | 234477 | 1.25% | -% | 19.57% |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP GROWTH <br> FUND<br>| 541048 | 24.17 to 72.84 | 36958287 | 0.95% to 1.65% | -% | 16.22% to 17.03% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 398815 | 11.88 | 4736245 | 1.25% | 4.47% | (0.25)% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 196545 | 321.31 to 346.95 | 66213915 | 0.95% to 1.65% | 0.17% | 29.16% to 30.06% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH <br> & INCOME FUND CLASS 1<br>| 247177 | 19.69 | 4867291 | 1.25% | 3.11% | 2.34% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK <br> ALLOCATION FUND CLASS P2<br>| 570879 | 18.05 to 19.65 | 10921603 | 0.95% to 1.65% | 1.96% | 12.77% to 13.52% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 28557 | 32.84 | 937688 | 1.25% | 1.71% | 5.53% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 451073 | 34.30 to 37.06 | 16224926 | 0.95% to 1.65% | 1.18% | 4.57% to 5.31% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 168460 | 28.94 | 4874954 | 1.25% | 1.92% | 17.93% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1002530 | 32.80 to 35.40 | 34511565 | 0.95% to 1.65% | 1.45% | 16.89% to 17.73% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 193077 | 9.65 | 1853437 | 1.25% | 6.98% | 6.87% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 208057 | 08.98 to 09.70 | 1968744 | 0.95% to 1.65% | 6.73% | 6.11% to 6.83% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 3010117 | 19.39 to 53.35 | 153288008 | 0.95% to 1.65% | 1.13% | 6.20% to 6.94% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1277863 | 213.74 to 237.74 | 290314394 | 0.95% to 1.65% | 1.22% | 11.45% to 12.23% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 4332605 | 3.53 | 15294022 | 1.25% | 1.83% | 18.06% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 58875 | 36.11 to 37.39 | 2164370 | 0.95% to 1.65% | -% | 2.78% to 3.52% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 25966 | 35.95 | 933565 | 1.25% | 1.47% | 6.80% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 90337 | 17.36 to 18.80 | 1656211 | 0.95% to 1.65% | 2.78% | 3.83% to 5.20% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 50856 | 18.96 | 964369 | 1.25% | 2.92% | 6.34% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 56335 | 20.51 | 1155396 | 1.25% | 2.25% | 7.10% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 672815 | 20.47 to 21.93 | 14364087 | 0.95% to 1.65% | 2.30% | 6.50% to 7.24% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 90555 | 21.42 | 1939609 | 1.25% | 2.34% | 8.07% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 47063 | 35.81 | 1685207 | 1.25% | 1.94% | 9.64% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 904662 | 35.86 to 38.29 | 33733851 | 0.95% to 1.65% | 1.71% | 8.96% to 9.71% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 19317 | 36.20 | 699264 | 1.25% | 1.65% | 11.69% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 31192 | 36.25 | 1130779 | 1.25% | 1.42% | 12.44% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 704484 | 36.58 to 39.11 | 26782971 | 0.95% to 1.65% | 1.14% | 11.59% to 12.48% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 8549 | 32.83 | 280649 | 1.25% | 1.07% | 12.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 9789 | 15.65 to 16.66 | 157670 | 0.95% to 1.65% | 1.33% | 11.71% to 12.42% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 63499 | 15.46 to 16.31 | 1013060 | 0.95% to 1.65% | 1.12% | 11.54% to 12.48% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 721 | 16.21 | 11687 | 1.25% | 1.34% | 12.49% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 34280 | 15.41 to 16.35 | 545800 | 0.95% to 1.65% | 1.64% | 11.59% to 12.53% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 113480 | 13.37 | 1517076 | 1.25% | 3.27% | 3.16% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO <br> SC2<br>| 288162 | 13.30 to 13.90 | 3930773 | 0.95% to 1.65% | 3.49% | 3.91% to 4.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO <br> SC2<br>| 629638 | 17.94 to 19.04 | 11667915 | 0.95% to 1.65% | 2.25% | 6.60% to 7.33% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO <br> SC2<br>| 2575689 | 17.98 to 19.16 | 48001126 | 0.95% to 1.65% | 1.94% | 7.66% to 8.43% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO <br> SC2<br>| 2060693 | 21.02 to 22.41 | 44950535 | 0.95% to 1.65% | 1.59% | 8.86% to 9.64% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO <br> SC2<br>| 1327188 | 23.19 to 24.56 | 31697043 | 0.95% to 1.65% | 1.23% | 10.59% to 11.33% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1028123 | 561.23 to 745.94 | 737195315 | 0.95% to 1.65% | 1.07% | 22.56% to 23.42% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 353911 | 12.41 | 4390498 | 1.25% | 3.90% | 0.57% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1564325 | 10.62 to 23.76 | 34784331 | 0.95% to 1.65% | 3.35% | (0.19)% to 0.55% |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1594449 | 25.15 to 45.20 | 67071543 | 0.95% to 1.65% | 1.44% | 3.07% to 3.81% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 796675 | 23.76 to 25.35 | 19662120 | 0.95% to 1.65% | 3.85% | 4.53% to 5.27% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY <br> MARKET FUND INSTITUTIONAL SHARES<br>| 30257946 | 01.06 to 01.09 | 32203969 | 0.95% to 1.65% | 5.11% | 2.88% to 3.92% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 4576 | 135.36 | 619452 | 1.25% | 0.75% | 14.18% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 93952 | 42.14 to 45.03 | 4122886 | 0.95% to 1.65% | 0.80% | 6.95% to 7.70% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO VC SHARES<br>| 146856 | 50.27 to 54.56 | 7749817 | 0.95% to 1.65% | 0.16% | 20.21% to 21.03% |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND STANDARD <br> CLASS 1<br>| 723287 | 79.19 to 85.97 | 59460295 | 0.95% to 1.65% | 0.53% | 21.96% to 22.81% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 47353 | 22.48 | 1064528 | 1.25% | 1.00% | 3.64% |
| &nbsp;&nbsp;&nbsp; MFS VIT INTERNATIONAL GROWTH PORTFOLIO <br> SC<br>| 160158 | 19.50 to 20.27 | 3194499 | 0.95% to 1.65% | 0.83% | 6.97% to 7.70% |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| 37494 | 15.84 | 593850 | 1.25% | 1.28% | 12.34% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 319660 | 19.18 to 20.64 | 6429041 | 0.95% to 1.65% | 1.05% | 11.71% to 12.42% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 148767 | 24.39 | 3628741 | 1.25% | -% | 5.40% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 147408 | 71.67 | 10565007 | 1.25% | 0.34% | 21.80% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 62307 | 74.62 | 4649557 | 1.25% | -% | 33.82% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK <br> FUND INVESTOR CLASS<br>| 107769 | 35.28 | 3802269 | 1.25% | 0.35% | (2.94)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 536893 | 57.47 | 30854817 | 1.25% | 2.07% | 10.50% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 88859 | 22.50 | 1999036 | 1.25% | 2.38% | (0.09)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 347756 | 155.16 | 53958382 | 1.25% | -% | 27.99% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 167017 | 7.24 | 1209782 | 1.25% | 3.02% | (6.34)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 149616 | 101.89 | 15244026 | 1.25% | -% | 2.57% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 412802 | 9.10 | 3756918 | 1.25% | 4.40% | 0.00% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND <br> INVESTOR CLASS<br>| 316467 | 13.57 | 4293155 | 1.25% | 2.49% | 1.65% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND <br> INVESTOR CLASS<br>| 74736 | 74.17 | 5543150 | 1.25% | 0.93% | 9.57% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 287283 | 14.12 | 4056384 | 1.25% | 4.81% | 2.69% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 11812 | 12.94 | 152865 | 1.25% | -% | (12.27)% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 191290 | 14.99 to 16.65 | 3057128 | 0.95% to 1.65% | -% | (12.90)% to (12.23)% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 410441 | 561.92 | 230636507 | 1.25% | 1.37% | 23.42% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1344763 | 17.70 | 23807123 | 1.25% | 3.38% | 1.72% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 199737 | 42.24 | 8437275 | 1.25% | 3.41% | 9.60% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 272905 | 144.77 | 39508262 | 1.25% | 1.18% | 15.46% |
| VANGUARD FEDERAL MONEY MARKET FUND | 15997646 | 1.07 | 17150736 | 1.25% | 5.37% | 3.88% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 2481104 | 7.41 | 18392125 | 1.25% | 6.15% | 4.96% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 329243 | 47.51 | 15642964 | 1.25% | 1.85% | 16.36% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 70713 | 155.50 | 10995578 | 1.25% | 3.90% | 3.62% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 268090 | 54.67 | 14656070 | 1.25% | 1.89% | 5.87% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 337067 | 117.24 | 39516082 | 1.25% | 1.41% | 12.83% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2020 FUND | 207996 | 41.64 | 8660630 | 1.25% | 2.92% | 6.41% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1115215 | 25.75 | 28718340 | 1.25% | 2.74% | 8.06% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 1093801 | 48.56 | 53118797 | 1.25% | 2.90% | 9.30% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1775440 | 31.12 | 55243091 | 1.25% | 2.77% | 10.39% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 984964 | 55.84 | 54998671 | 1.25% | 2.72% | 11.48% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 1168242 | 36.47 | 42603480 | 1.25% | 2.53% | 12.49% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 789345 | 59.49 | 46961042 | 1.25% | 2.43% | 13.21% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 140103 | 62.81 | 8800472 | 1.25% | 2.62% | 13.21% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 180289 | 55.48 | 10002930 | 1.25% | 2.56% | 13.20% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 829489 | 16.65 | 13808398 | 1.25% | 3.20% | 5.38% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2416169 | 10.63 | 25674824 | 1.25% | 3.65% | -% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 162154 | 91.84 | 14892965 | 1.25% | 1.26% | 23.29% |
| VANGUARD VIF GLOBAL BOND INDEX | 246581 | 18.20 to 20.09 | 4864047 | 0.95% to 1.65% | 2.85% | 0.35% to 1.06% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 43566 | 38.63 | 1682889 | 1.25% | 1.22% | 7.66% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 114575 | 40.68 | 4660524 | 1.25% | 1.34% | 13.66% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 73575 | 16.75 | 1232592 | 1.25% | 3.07% | 3.40% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT <br> GRADE BOND<br>| 243939 | 10.97 | 2675851 | 1.25% | 3.31% | 3.59% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 26569 | 37.24 | 989460 | 1.25% | 0.52% | 10.01% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 294034 | 11.48 | 3374811 | 1.25% | 2.72% | -% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 10686140 | 18.68 to 57.72 | 454379267 | 0.95% to 1.65% | 1.86% | 9.18% to 9.93% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

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

**6. FINANCIAL HIGHLIGHTS**

**For the Year Ended December 31, 2023** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 5916 | 38.32 | 226737 | 1.25% | -% | 21.65% |
| &nbsp;&nbsp;&nbsp; ALLSPRING VT DISCOVERY SMID CAP GROWTH <br> FUND<br>| 618759 | 20.46 to 62.24 | 36267878 | 0.95%to1.65% | -% | 18.19% to 19.01% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 315006 | 11.91 | 3751340 | 1.25% | 4.43% | 1.97% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 211566 | 248.77 to 266.76 | 54983074 | 0.95% to 1.65% | 0.18% | 35.91% to 36.85% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH & <br> INCOME FUND CLASS 1<br>| 168228 | 19.24 | 3236457 | 1.25% | 2.99% | 14.66% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK ALLOCATION <br> FUND CLASS P2<br>| 589011 | 15.99 to 17.31 | 9951222 | 0.95% to 1.65% | 1.79% | 8.40% to 9.21% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 28011 | 31.12 | 871600 | 1.25% | 1.65% | 14.79% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 494739 | 32.80 to 35.19 | 16954630 | 0.95% to 1.65% | 1.22% | 13.81% to 14.59% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 150671 | 24.54 | 3697371 | 1.25% | 2.13% | 16.19% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1081435 | 28.06 to 30.07 | 31738833 | 0.95% to 1.65% | 1.66% | 15.09% to 15.88% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 201775 | 9.03 | 1812081 | 1.25% | 6.47% | 11.76% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 203709 | 08.46 to 09.08 | 1809527 | 0.95% to 1.65% | 6.27% | 10.95% to 11.82% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX PORTFOLIO <br> SERVICE SHARES<br>| 3242748 | 18.58 to 49.89 | 154881096 | 0.95% to 1.65% | 1.02% | 13.51% to 14.32% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1383988 | 191.78 to 211.83 | 281003501 | 0.95% to 1.65% | 1.21% | 14.01% to 14.80% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 3593579 | 2.99 | 10738356 | 1.25% | 1.70% | 15.44% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 72981 | 35.09 to 36.12 | 2598952 | 0.95% to 1.65% | -% | 6.63% to 7.40% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 23686 | 33.66 | 797314 | 1.25% | 1.53% | 18.56% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 119487 | 16.72 to 17.87 | 2092113 | 0.95% to 1.65% | 3.16% | 7.94% to 9.56% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 52254 | 17.83 | 931522 | 1.25% | 3.24% | 11.02% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 88344 | 19.15 | 1691496 | 1.25% | 2.91% | 12.25% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 726789 | 19.22 to 20.45 | 14514341 | 0.95% to 1.65% | 2.61% | 11.48% to 12.30% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 89057 | 19.82 | 1765433 | 1.25% | 2.62% | 13.26% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 48097 | 32.66 | 1570624 | 1.25% | 1.80% | 15.41% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 909143 | 32.91 to 34.90 | 30983733 | 0.95% to 1.65% | 1.76% | 14.63% to 15.45% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 15338 | 32.41 | 497092 | 1.25% | 1.62% | 17.47% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 28186 | 32.24 | 908853 | 1.25% | 1.62% | 17.97% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 683071 | 32.76 to 34.77 | 23159332 | 0.95% to 1.65% | 1.29% | 16.86% to 18.06% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 14737 | 29.20 | 430334 | 1.25% | 1.52% | 17.98% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 9514 | 14.01 to 14.84 | 136349 | 0.95% to 1.65% | 1.51% | 17.20% to 19.10% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 59978 | 13.86 to 14.50 | 852942 | 0.95% to 1.65% | 1.47% | 16.86% to 18.08% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 651 | 14.41 | 9383 | 1.25% | 1.50% | 17.92% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 7065 | 13.81 to 14.53 | 100258 | 0.95% to 1.65% | 1.20% | 16.82% to 18.03% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 164306 | 12.96 | 2129528 | 1.25% | 4.13% | 6.58% |
| FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO SC2 | 298750 | 12.80 to 13.31 | 3912260 | 0.95% to 1.65% | 3.49% | 6.40% to 6.99% |
| FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO SC2 | 691177 | 16.83 to 17.74 | 11962086 | 0.95% to 1.65% | 2.43% | 10.80% to 11.64% |
| FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO SC2 | 2736436 | 16.70 to 17.67 | 47182897 | 0.95% to 1.65% | 2.20% | 12.23% to 12.98% |
| FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO SC2 | 2281007 | 19.31 to 20.44 | 45523414 | 0.95% to 1.65% | 1.87% | 13.72% to 14.45% |
| FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO SC2 | 1402041 | 20.97 to 22.06 | 30174231 | 0.95% to 1.65% | 1.46% | 15.54% to 16.35% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1124003 | 455.28 to 604.41 | 655077432 | 0.95% to 1.65% | 1.25% | 23.84% to 24.70% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 226845 | 12.34 | 2799681 | 1.25% | 3.56% | 4.84% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1588258 | 10.82 to 23.63 | 35219299 | 0.95% to 1.65% | 2.46% | 4.24% to 4.98% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1718706 | 25.51 to 43.54 | 69906930 | 0.95% to 1.65% | 0.79% | 18.28% to 19.09% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 870463 | 22.73 to 24.08 | 20477518 | 0.95% to 1.65% | 2.25% | 9.07% to 9.80% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY MARKET <br> FUND INSTITUTIONAL SHARES<br>| 21814436 | 01.02 to 01.05 | 22338299 | 0.95% to 1.65% | 4.52% | 3.00% to 4.08% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 3370 | 118.55 | 399518 | 1.25% | 0.18% | 16.61% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 103328 | 39.40 to 41.81 | 4221482 | 0.95% to 1.65% | 1.48% | 10.95% to 11.70% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING GROWTH <br> PORTFOLIO VC SHARES<br>| 164429 | 41.82 to 45.08 | 7192097 | 0.95% to 1.65% | -% | 6.41% to 7.15% |
| &nbsp;&nbsp;&nbsp; LVIP JPMORGAN U.S. EQUITY FUND STANDARD <br> CLASS 1<br>| 785551 | 64.93 to 70.00 | 52759975 | 0.95% to 1.65% | 1.57% | 25.11% to 25.97% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 44568 | 21.69 | 966622 | 1.25% | 0.76% | 17.50% |
| MFS VIT INTERNATIONAL GROWTH PORTFOLIO SC | 171396 | 18.23 to 18.82 | 3181223 | 0.95% to 1.65% | 0.94% | 12.53% to 13.31% |
| MFS VIT MID CAP VALUE PORTFOLIO INITIAL CLASS | 40774 | 14.10 | 574851 | 1.25% | 1.76% | 11.37% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 352360 | 17.17 to 18.36 | 6324039 | 0.95% to 1.65% | 1.50% | 10.21% to 11.34% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 112116 | 23.14 | 2594578 | 1.25% | -% | 12.99% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 110284 | 58.84 | 6489094 | 1.25% | 0.63% | 24.87% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 64839 | 55.76 | 3615193 | 1.25% | -% | 47.47% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK FUND <br> INVESTOR CLASS<br>| 100579 | 36.35 | 3656558 | 1.25% | 1.10% | 0.78% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 449714 | 52.01 | 23388430 | 1.25% | 2.08% | 8.31% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 75381 | 22.52 | 1697729 | 1.25% | 2.54% | 10.18% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 323086 | 121.23 | 39167909 | 1.25% | -% | 43.50% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 164625 | 7.73 | 1272720 | 1.25% | -% | 5.75% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 132282 | 99.34 | 13140957 | 1.25% | 2.49% | 19.86% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 416949 | 9.10 | 3793375 | 1.25% | -% | 3.41% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR <br> CLASS<br>| 276952 | 13.35 | 3697228 | 1.25% | 3.88% | 14.89% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR <br> CLASS<br>| 64181 | 67.69 | 4344664 | 1.25% | 2.42% | 10.82% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 257125 | 13.75 | 3534489 | 1.25% | 0.66% | 6.59% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 13615 | 14.75 | 200786 | 1.25% | 4.27% | 1.94% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 207852 | 17.21 to 18.97 | 3806441 | 0.95% to 1.65% | -% | 1.18% to 1.83% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 356263 | 455.28 | 162200658 | 1.25% | -% | 24.69% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1170012 | 17.40 | 20354461 | 1.25% | 1.60% | 16.23% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 166671 | 38.54 | 6423691 | 1.25% | 3.32% | 7.83% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 239798 | 125.38 | 30065316 | 1.25% | 3.63% | 23.84% |
| VANGUARD FEDERAL MONEY MARKET FUND | 7102974 | 1.03 | 7327813 | 1.25% | 1.42% | 4.04% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 2070607 | 7.06 | 14609892 | 1.25% | 3.77% | 10.31% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 350097 | 40.83 | 14295810 | 1.25% | 5.73% | 22.61% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 68472 | 150.07 | 10275310 | 1.25% | 0.43% | 10.43% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 230813 | 51.64 | 11919862 | 1.25% | 4.13% | 23.78% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 272388 | 103.91 | 28303935 | 1.25% | 1.90% | 16.74% |
| VANGUARD TARGET RETIREMENT 2020 FUND | 220485 | 39.13 | 8628056 | 1.25% | 1.69% | 11.10% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1214542 | 23.83 | 28938786 | 1.25% | 2.52% | 13.15% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 984500 | 44.43 | 43746017 | 1.25% | 2.83% | 14.54% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1587480 | 28.19 | 44743271 | 1.25% | 2.82% | 15.72% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 818934 | 50.09 | 41018018 | 1.25% | 2.78% | 16.90% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 1025074 | 32.42 | 33229164 | 1.25% | 2.70% | 18.02% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 681352 | 52.55 | 35803692 | 1.25% | 2.57% | 18.70% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2055 FUND | 97700 | 55.48 | 5420238 | 1.25% | 2.54% | 18.67% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 129506 | 49.01 | 6346982 | 1.25% | 2.76% | 18.70% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 861413 | 15.80 | 13614360 | 1.25% | 2.78% | 9.27% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2194425 | 10.63 | 23325009 | 1.25% | 3.03% | 4.42% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 170160 | 74.49 | 12675114 | 1.25% | 3.06% | 24.57% |
| VANGUARD VIF GLOBAL BOND INDEX | 215507 | 18.11 to 19.98 | 4218955 | 0.95% to 1.55% | 1.43% | 4.79% to 5.72% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 47108 | 35.88 | 1690282 | 1.25% | 1.88% | 13.22% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 115537 | 35.79 | 4135093 | 1.25% | 1.57% | 14.42% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 81977 | 16.20 | 1327636 | 1.25% | 1.45% | 10.35% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT GRADE <br> BOND<br>| 188377 | 10.59 | 1994846 | 1.25% | 2.37% | 4.85% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 29362 | 33.85 | 994022 | 1.25% | 1.75% | 18.15% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 285389 | 11.48 | 3276317 | 1.25% | 0.40% | 4.27% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 11577132 | 17.14 to 41.80 | 448957246 | 0.29% to 1.65% | 2.79% | 14.53% to 15.34% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

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

**6. FINANCIAL HIGHLIGHTS**

**For the Year Ended December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO CLASS I-2 | 6823 | 31.50 | 214935 | 1.25% | -% | (36.87)% |
| ALLSPRING VT DISCOVERY FUND | 667897 | 17.03 to 52.30 | 32983458 | 0.95% to1.65% | -% | (38.88)% to (38.44)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 203671 | 11.68 | 2379610 | 1.25% | 4.23% | (11.92)% |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 221246 | 183.04 to 194.93 | 42145738 | 0.95% to 1.65% | 0.10% | (31.27)% to (30.79)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH <br> & INCOME FUND CLASS 1<br>| 121640 | 16.78 | 2041159 | 1.25% | 3.15% | (16.06)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK <br> ALLOCATION FUND CLASS P2<br>| 597410 | 14.73 to 15.85 | 9268676 | 0.95% to 1.65% | 2.13% | (15.36)% to (14.78)% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 30459 | 27.11 | 825658 | 1.25% | 1.52% | (22.83)% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 528352 | 28.82 to 30.71 | 15843827 | 0.95% to 1.65% | 1.03% | (23.55)% to (22.99)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1<br>| 150379 | 21.12 | 3175568 | 1.25% | 2.14% | (9.40)% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1131919 | 24.38 to 25.95 | 28750070 | 0.95% to 1.65% | 1.65% | (10.17)% to (9.55)% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 196076 | 8.08 | 1575103 | 1.25% | 5.23% | (11.40)% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 209383 | 7.62 to 8.12 | 1666833 | 0.95% to 1.65% | 5.19% | (12.21)% to (11.35)% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 3401765 | 17.26 to 43.64 | 142582580 | 0.95% to 1.65% | 0.88% | (18.01)% to (17.44)% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1452711 | 168.22 to 184.52 | 257679527 | 0.95% to 1.65% | 0.88% | (14.92)% to (14.33)% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 2846090 | 2.59 | 7371171 | 1.25% | 1.24% | (16.45)% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 77347 | 32.88 to 33.63 | 2571460 | 0.95% to 1.65% | -% | (30.02)% to (29.53)% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 24064 | 28.39 | 683247 | 1.25% | 1.39% | (5.40)% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 154827 | 15.49 to 16.31 | 2480488 | 0.95% to 1.65% | 1.85% | (16.69)% to (15.58)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 49384 | 16.06 | 793040 | 1.25% | 2.05% | (16.74)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 108795 | 17.06 | 1856316 | 1.25% | 1.94% | (17.46)% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 717203 | 17.24 to 18.21 | 12791540 | 0.95% to 1.65% | 1.73% | (18.02)% to (17.45)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 80929 | 17.5 | 1416180 | 1.25% | 2.03% | (17.92)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 60862 | 28.3 | 1722119 | 1.25% | 1.76% | (18.70)% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 878642 | 28.71 to 30.23 | 26018920 | 0.95% to 1.65% | 1.42% | (19.24)% to (18.67)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 14679 | 27.59 | 405004 | 1.25% | 1.54% | (19.28)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 31652 | 27.33 | 864970 | 1.25% | 1.85% | (19.26)% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 658034 | 27.94 to 29.45 | 18956773 | 0.95% to 1.65% | 1.34% | (20.09)% to (19.25)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 14490 | 24.75 | 358657 | 1.25% | 1.62% | (19.25)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 7701 | 11.95 to 12.46 | 93526 | 0.95% to 1.65% | 2.78% | (19.85)% to (18.56)% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 34563 | 11.86 to 12.28 | 417177 | 0.95% to 1.65% | 1.28% | (20.08)% to (19.21)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 568 | 12.22 | 6938 | 1.25% | 0.57% | (19.23)% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 7340 | 11.82 to 12.31 | 88508 | 0.95% to 1.65% | 1.53% | (20.08)% to (18.85)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 228449 | 12.16 | 2778132 | 1.25% | 2.26% | (13.14)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO <br> SC2<br>| 334852 | 12.02 to 12.44 | 4109521 | 0.95% to 1.65% | 2.07% | (11.03)% to (10.63)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO <br> SC2<br>| 713843 | 15.17 to 15.89 | 11102199 | 0.95% to 1.65% | 1.79% | (15.42)% to (14.89)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO <br> SC2<br>| 2809378 | 14.88 to 15.64 | 42990779 | 0.95% to 1.65% | 1.58% | (16.64)% to (16.05)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO <br> SC2<br>| 2373821 | 16.98 to 17.86 | 41505152 | 0.95% to 1.65% | 1.40% | (17.17)% to (16.58)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO <br> SC2<br>| 1430351 | 18.15 to 18.96 | 26540530 | 0.95% to 1.65% | 0.91% | (18.54)% to (17.96)% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1207284 | 369.70 to 484.69 | 565953341 | 0.95% to 1.65% | 1.14% | (19.76)% to (19.19)% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 83667 | 11.77 | 984489 | 1.25% | 3.13% | (14.02)% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1601980 | 10.47 to 22.51 | 33894200 | 0.95% to 1.65% | 2.02% | (14.60)% to (14.02)% |
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1851156 | 21.44 to 36.56 | 63431859 | 0.95% to 1.65% | 0.77% | (25.92)% to (25.40)% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 890319 | 20.84 to 21.93 | 19123052 | 0.95% to 1.65% | 1.06% | (28.87)% to (28.36)% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY <br> MARKET FUND INSTITUTIONAL SHARES<br>| 14690203 | 0.98 to 01.01 | 14484626 | 0.95% to 1.65% | 3.18% | 0.00% |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 3526 | 101.66 | 358453 | 1.25% | 0.19% | (16.99)% |
| &nbsp;&nbsp;&nbsp; JPMORGAN INSURANCE TRUST U.S. EQUITY <br> PORTFOLIO CLASS 1<br>| 830098 | 51.90 to 55.57 | 44401509 | 0.95% to 1.65% | 0.49% | (20.03)% to (19.46)% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 101675 | 35.51 to 37.43 | 3727894 | 0.95% to 1.65% | 0.88% | (15.09)% to (14.47)% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO VC SHARES<br>| 184722 | 39.30 to 42.07 | 7571009 | 0.95% to 1.65% | -% | (37.05)% to (36.59)% |
| &nbsp;&nbsp;&nbsp; MFS BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 43494 | 18.46 | 802894 | 1.25% | 0.77% | (19.39)% |
| &nbsp;&nbsp;&nbsp; MFS VIT INTERNATIONAL GROWTH PORTFOLIO <br> SC<br>| 155832 | 16.20 to 16.61 | 2558606 | 0.95% to 1.65% | 0.38% | (16.58)% to (15.98)% |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| 40645 | 12.66 | 514695 | 1.25% | 0.98% | (9.96)% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 353832 | 15.58 to 16.49 | 5720351 | 0.95% to 1.65% | 0.78% | (10.77)% to (9.84)% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 78855 | 20.48 | 1614889 | 1.25% | -% | (30.62)% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 77594 | 47.12 | 3656509 | 1.25% | 0.68% | (23.69)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 68959 | 37.81 | 2607296 | 1.25% | -% | (39.27)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK <br> FUND INVESTOR CLASS<br>| 95405 | 36.07 | 3441008 | 1.25% | 0.44% | (24.32)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 357442 | 48.02 | 17165975 | 1.25% | 2.01% | (4.49)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 71694 | 20.44 | 1465446 | 1.25% | 1.63% | (27.21)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GOVERNMENT MONEY <br> PORTFOLIO<br>| – | – | – | – | – | –<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 287784 | 84.48 | 24312344 | 1.25% | -% | (40.90)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 173230 | 7.31 | 1266222 | 1.25% | 1.68% | (21.31)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 114620 | 82.88 | 9500117 | 1.25% | -% | (37.80)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 419684 | 8.80 | 3691982 | 1.25% | 2.22% | (15.38)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND <br> INVESTOR CLASS<br>| 256172 | 11.62 | 2976974 | 1.25% | 2.12% | (16.46)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND <br> INVESTOR CLASS<br>| 59204 | 61.08 | 3616118 | 1.25% | 0.35% | (19.56)% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 225941 | 12.90 | 2914630 | 1.25% | 3.29% | (11.70)% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 15179 | 14.47 | 219645 | 1.25% | -% | (6.04)% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 217805 | 17.01 to 18.63 | 3925091 | 0.95% to 1.65% | -% | (6.69)% to (6.00)% |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 306365 | 365.14 | 111865639 | 1.25% | 1.53% | (19.17)% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 1072292 | 14.97 | 16050528 | 1.25% | 2.68% | (16.37)% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 143520 | 35.74 | 5129885 | 1.25% | 3.71% | (18.83)% |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 192195 | 101.24 | 19458301 | 1.25% | 1.03% | (27.39)% |
| VANGUARD FEDERAL MONEY MARKET FUND | 2343743 | 0.99 | 2329626 | 1.25% | 1.51% | 0.00% |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 1841581 | 6.40 | 11774494 | 1.25% | 4.96% | (9.99)% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 349061 | 33.30 | 11624461 | 1.25% | 0.23% | (31.00)% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 59346 | 135.90 | 8065233 | 1.25% | 3.25% | (27.12)% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 188440 | 41.72 | 7861163 | 1.25% | 1.53% | (8.59)% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 215427 | 89.01 | 19175270 | 1.25% | 1.42% | (18.64)% |
| VANGUARD TARGET RETIREMENT 2020 FUND | 293732 | 35.22 | 10343960 | 1.25% | 2.31% | (15.21)% |
| VANGUARD TARGET RETIREMENT 2025 FUND | 1193023 | 21.06 | 25126088 | 1.25% | 2.24% | (16.59)% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 894698 | 38.79 | 34701921 | 1.25% | 2.03% | (17.31)% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1360674 | 24.36 | 33147851 | 1.25% | 2.06% | (17.67)% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 690015 | 42.85 | 29570156 | 1.25% | 2.07% | (18.02)% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 885181 | 27.47 | 24314596 | 1.25% | 2.13% | (18.39)% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 568886 | 44.27 | 25187358 | 1.25% | 2.14% | (18.50)% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 64584 | 46.75 | 3019043 | 1.25% | 2.73% | (18.48)% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 77458 | 41.29 | 3198082 | 1.25% | 2.67% | (18.48)% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 943804 | 14.46 | 13649066 | 1.25% | 2.76% | (13.83)% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 1912180 | 10.18 | 19469654 | 1.25% | 2.37% | (14.24)% |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 167137 | 59.80 | 9994755 | 1.25% | 1.29% | (19.24)% |
| VANGUARD VIF GLOBAL BOND INDEX | 196120 | 17.13 to 19.03 | 3650804 | 0.95% to 1.65% | 2.65% | (14.20)% to (13.57)% |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 50637 | 31.69 | 1604529 | 1.25% | 1.19% | (30.99)% |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 121633 | 31.28 | 3805258 | 1.25% | 1.09% | (19.84)% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 78792 | 14.68 | 1156764 | 1.25% | 1.90% | (27.22)% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT <br> GRADE BOND<br>| 153731 | 10.10 | 1552735 | 1.25% | 1.52% | (6.91)% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 30102 | 28.65 | 862362 | 1.25% | 0.25% | (26.27)% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 318779 | 11.01 | 3509796 | 1.25% | 2.11% | (14.32)% |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 12253216 | 15.49 to 44.67 | 413210447 | 0.00% to 1.65% | 3.31% | (19.18)% to (17.83)% |

---

\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Government Money's shares were terminated on April 30, 2022.

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

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

**6. FINANCIAL HIGHLIGHTS**

**For the Year Ended December 31, 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| ALGER MID CAP GROWTH PORTFOLIO I-2 | 6675 | 49.90 | 333112 | 1.25% | -% | 2.91% |
| ALLSPRING VT DISCOVERY FUND | 665646 | 42.74 to 84.96 | 53803307 | 0.95% to 1.65% | -% | (6.60%) to (5.94%) |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS GOVERNMENT SECURITIES <br> CLASS 1<br>| 161498 | 13.26 | 2140663 | 1.25% | 2.09% | (1.63%) |
| AMERICAN FUNDS IS GROWTH FUND CLASS 4 | 228205 | 266.33 to 281.63 | 62980824 | 0.95% to 1.65% | 0.06% | 19.71% to 20.55% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS INTERNATIONAL GROWTH & <br> INCOME FUND CLASS 1<br>| 87356 | 19.99 | 1746404 | 1.25% | 3.31% | 4.33% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS MANAGED RISK ASSET <br> ALLOCATION FUND CLASS P2<br>| 598551 | 17.40 to 18.60 | 10929748 | 0.95% to 1.65% | 1.38% | 10.64% to 11.44% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 1 | 26686 | 35.13 | 937493 | 1.25% | 1.39% | 3.84% |
| AMERICAN FUNDS IS NEW WORLD FUND CLASS 4 | 506750 | 37.70 to 39.88 | 19792246 | 0.95% to 1.65% | 0.67% | 2.92% to 3.64% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTOR FUND CLASS 1S<br>| 136421 | 23.31 | 3180345 | 1.25% | 1.92% | 50.39% |
| &nbsp;&nbsp;&nbsp; AMERICAN FUNDS IS WASHINGTON MUTUAL <br> INVESTORS FUND CLASS 4<br>| 1172195 | 27.14 to 28.69 | 33011830 | 0.95% to 1.65% | 1.31% | 25.42% to 26.33% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS I | 191616 | 9.12 | 1740876 | 1.25% | 4.52% | 3.99% |
| BLACKROCK HIGH YIELD V.I. FUND CLASS III | 191128 | 8.68 to 9.16 | 1724015 | 0.95% to 1.65% | 4.41% | 3.31% to 4.21% |
| &nbsp;&nbsp;&nbsp; BNY MELLON SMALL CAP STOCK INDEX <br> PORTFOLIO SERVICE SHARES<br>| 3559383 | 23.55 to 52.86 | 181277963 | 0.95% to 1.65% | 0.71% | 24.08% to 24.94% |
| &nbsp;&nbsp;&nbsp; CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO <br> CLASS F<br>| 1529516 | 197.73 to 215.38 | 317620603 | 0.95% to 1.65% | 0.86% | 22.15% to 23.01% |
| CALVERT VP SRI BALANCED PORTFOLIO CLASS I | 2211249 | 3.10 | 6855899 | 1.25% | 1.48% | 13.55% |
| &nbsp;&nbsp;&nbsp; CLEARBRIDGE VARIABLE SMALL CAP GROWTH <br> PORTFOLIO CLASS I<br>| 76336 | 46.94 to 47.72 | 3611610 | 0.95% to 1.65% | -% | 10.78% to 11.55% |
| DFA VA U.S. TARGETED VALUE PORTFOLIO | 18599 | 30.01 | 558232 | 1.25% | 1.60% | 37.91% |
| FIDELITY VIP FREEDOM 2015 PORTFOLIO SC2 | 155991 | 18.57 to 19.35 | 2965435 | 0.95% to 1.65% | 1.01% | 5.09% to 6.39% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2020 PORTFOLIO INITIAL <br> CLASS<br>| 45328 | 19.29 | 874230 | 1.25% | 1.69% | 8.13% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2025 PORTFOLIO INITIAL <br> CLASS<br>| 115454 | 20.67 | 2386926 | 1.25% | 1.18% | 9.42% |
| FIDELITY VIP FREEDOM 2025 PORTFOLIO SC2 | 723106 | 21.03 to 22.06 | 15655912 | 0.95% to 1.65% | 0.89% | 8.74% to 9.53% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2030 PORTFOLIO INITIAL <br> CLASS<br>| 68208 | 21.32 | 1453941 | 1.25% | 1.46% | 10.98% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2035 PORTFOLIO INITIAL <br> CLASS<br>| 52360 | 34.81 | 1822776 | 1.25% | 1.07% | 14.02% |
| FIDELITY VIP FREEDOM 2035 PORTFOLIO SC2 | 851507 | 35.55 to 37.17 | 31102883 | 0.95% to 1.65% | 0.85% | 13.29% to 14.09% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2040 PORTFOLIO INITIAL <br> CLASS<br>| 14378 | 34.18 | 491414 | 1.25% | 1.06% | 16.38% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2045 PORTFOLIO INITIAL <br> CLASS<br>| 18475 | 33.85 | 625409 | 1.25% | 1.00% | 16.36% |
| FIDELITY VIP FREEDOM 2045 PORTFOLIO SC2 | 618733 | 34.83 to 36.47 | 22131065 | 0.95% to 1.65% | 0.73% | 15.38% to 16.44% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2050 PORTFOLIO INITIAL <br> CLASS<br>| 11903 | 30.65 | 364800 | 1.25% | 1.20% | 16.36% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2055 PORTFOLIO INITIAL <br> CLASS<br>| 63 | 14.91 to 15.30 | 945 | 0.95% to 1.65% | 1.25% | 15.67% to 17.24% |
| FIDELITY VIP FREEDOM 2055 PORTFOLIO SC2 | 24993 | 14.83 to 15.20 | 374252 | 0.95% to 1.65% | 1.86% | 15.41% to 16.92% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM 2060 PORTFOLIO INITIAL <br> CLASS<br>| 1853 | 15.13 | 28045 | 1.25% | 2.46% | 16.21% |
| FIDELITY VIP FREEDOM 2065 PORTFOLIO SC2 | 3288 | 14.79 to 15.17 | 49205 | 0.95% to 1.65% | 1.16% | 14.19% to 18.24% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FREEDOM INCOME PORTFOLIO <br> INITIAL CLASS<br>| 224354 | 14.00 | 3141121 | 1.25% | 1.70% | 2.04% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 20% PORTFOLIO <br> SC2<br>| 358877 | 13.51 to 13.92 | 4931090 | 0.95% to 1.65% | 0.89% | 1.73% to 2.58% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 50% PORTFOLIO <br> SC2<br>| 733642 | 17.91 to 18.67 | 13436247 | 0.95% to 1.65% | 0.97% | 8.06% to 8.86% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 60% PORTFOLIO <br> SC2<br>| 2937919 | 17.85 to 18.63 | 53729221 | 0.95% to 1.65% | 0.96% | 10.39% to 11.16% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 70% PORTFOLIO <br> SC2<br>| 2390164 | 20.50 to 21.41 | 50255974 | 0.95% to 1.65% | 0.91% | 12.58% to 13.40% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP FUNDSMANAGER 85% PORTFOLIO <br> SC2<br>| 1462255 | 22.28 to 23.11 | 33182860 | 0.95% to 1.65% | 0.85% | 15.74% to 16.54% |
| FIDELITY VIP INDEX 500 PORTFOLIO SC2 | 1266069 | 461.95 to 599.81 | 736651977 | 0.95% to 1.65% | 1.04% | 26.18% to 27.05% |

---

------

**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO INITIAL CLASS<br>| 35291 | 13.69 | 483086 | 1.25% | 2.85% | 0.51% |
| &nbsp;&nbsp;&nbsp; FIDELITY VIP INVESTMENT GRADE BOND <br> PORTFOLIO SC2<br>| 1688491 | 12.98 to 26.18 | 41684806 | 0.95% to 1.65% | 1.83% | (2.55%) to (1.84%)<sup>1</sup> <br>|
| FIDELITY VIP OVERSEAS PORTFOLIO SC2 | 1820259 | 28.94 to 49.01 | 83849783 | 0.95% to 1.65% | 0.33% | 17.46% to 18.27% |
| FIDELITY VIP REAL ESTATE PORTFOLIO SC 2 | 905940 | 29.30 to 30.61 | 27247492 | 0.95% to 1.65% | 0.96% | 36.41% to 37.33% |
| &nbsp;&nbsp;&nbsp; GOLDMAN SACHS GOVERNMENT MONEY MARKET <br> FUND INSTITUTIONAL SHARES<br>| 209086 | 0.98 | 204984 | 1.25% | 0.01% | (1.01%) |
| &nbsp;&nbsp;&nbsp; JANUS HENDERSON VIT ENTERPRISE PORTFOLIO <br> INSTIUTIONAL SHARES<br>| 3863 | 122.46 | 473051 | 1.25% | 0.29% | 15.39% |
| &nbsp;&nbsp;&nbsp; JPMORGAN INSURANCE TRUST U.S. EQUITY <br> PORTFOLIO CLASS 1<br>| 886508 | 64.90 to 69.00 | 59057447 | 0.95% to 1.65% | 0.73% | 27.23% to 28.13% |
| JPMORGAN SMALL CAP VALUE FUND CLASS A | 98042 | 41.82 to 43.76 | 4214834 | 0.95% to 1.65% | 0.34% | 30.16% to 31.06% |
| &nbsp;&nbsp;&nbsp; LORD ABBETT SERIES FUND DEVELOPING <br> GROWTH PORTFOLIO<br>| 183166 | 62.43 to 66.35 | 11873728 | 0.95% to 1.65% | -% | (4.34%) to (3.67%) |
| &nbsp;&nbsp;&nbsp; MFS VIT BLENDED RESEARCH SMALL CAP EQUITY <br> PORTFOLIO INITIAL CLASS<br>| 34957 | 22.90 | 800536 | 1.25% | 1.10% | 28.00% |
| MFS VIT INTERNATIONAL GROWTH PORTFOLIO SC | 123385 | 19.42 to 19.77 | 2417037 | 0.95% to 1.65% | 0.45% | 6.47% to 7.97% |
| &nbsp;&nbsp;&nbsp; MFS VIT MID CAP VALUE PORTFOLIO INITIAL <br> CLASS<br>| 37536 | 14.06 | 527659 | 1.25% | 1.03% | 29.35% |
| MFS VIT MID CAP VALUE PORTFOLIO SC | 337659 | 17.46 to 18.29 | 6074175 | 0.95% to 1.65% | 0.73% | 28.10% to 29.35% |
| MFS VIT NEW DISCOVERY SERIES INITIAL CLASS | 42618 | 29.52 | 1258265 | 1.25% | -% | 0.51% |
| &nbsp;&nbsp;&nbsp; PUTNAM VT SUSTAINABLE LEADERS FUND IA <br> SHARES<br>| 53144 | 61.75 | 3281428 | 1.25% | 0.29% | 22.33% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <br> INVESTOR CLASS<br>| 58663 | 62.26 | 3652646 | 1.25% | -% | 16.16% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EMERGING MARKETS STOCK FUND <br> INVESTOR CLASS<br>| 81959 | 47.66 | 3906173 | 1.25% | 0.70% | (11.59%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE EQUITY INCOME FUND INVESTOR <br> CLASS<br>| 316856 | 50.28 | 15930481 | 1.25% | 1.80% | 24.12% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GLOBAL REAL ESTATE FUND <br> INVESTOR CLASS<br>| 65020 | 28.08 | 1825937 | 1.25% | 1.82% | 27.23% |
| T. ROWE PRICE GOVERNMENT MONEY PORTFOLIO | 18796757 | 0.90 to 1.00 | 18042200 | 0.95% to 1.65% | 0.01% | (2.15%) to (0.99%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE GROWTH STOCK FUND INVESTOR <br> CLASS<br>| 230692 | 142.94 | 32975937 | 1.25% | -% | 18.54% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE INTERNATIONAL BOND FUND <br> INVESTOR CLASS<br>| 163868 | 9.29 | 1521916 | 1.25% | 1.28% | (8.29%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW HORIZONS FUND INVESTOR <br> CLASS<br>| 97293 | 133.25 | 12963991 | 1.25% | -% | 8.36% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE NEW INCOME FUND INVESTOR <br> CLASS<br>| 437688 | 10.40 | 4551633 | 1.25% | 1.59% | (1.79%) |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE OVERSEAS STOCK FUND INVESTOR <br> CLASS<br>| 241390 | 13.91 | 3358635 | 1.25% | 2.03% | 10.84% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SMALL-CAP VALUE FUND INVESTOR <br> CLASS<br>| 51280 | 75.93 | 3893970 | 1.25% | 0.39% | 23.99% |
| &nbsp;&nbsp;&nbsp; T. ROWE PRICE SPECTRUM INCOME FUND <br> INVESTOR CLASS<br>| 224913 | 14.61 | 3285961 | 1.25% | 2.57% | 1.32% |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 1 | 15327 | 15.40 | 236018 | 1.25% | -% | (5.81%) |
| TEMPLETON GLOBAL BOND VIP FUND CLASS 4 | 251037 | 18.23 to 19.82 | 4828536 | 0.95% to 1.65% | -% | (6.56%) to (5.93%) |
| VANGUARD 500 INDEX FUND ADMIRAL SHARES | 264660 | 451.73 | 119555945 | 1.25% | 1.40% | 27.08% |
| &nbsp;&nbsp;&nbsp; VANGUARD DEVELOPED MARKETS INDEX FUND <br> ADMIRAL SHARES<br>| 913110 | 17.90 | 16344101 | 1.25% | 3.27% | 10.02% |
| &nbsp;&nbsp;&nbsp; VANGUARD EMERGING MARKETS STOCK INDEX <br> FUND ADMIRAL SHARES<br>| 122132 | 44.03 | 5376960 | 1.25% | 2.64% | (0.38%) |
| &nbsp;&nbsp;&nbsp; VANGUARD EXTENDED MARKET INDEX FUND <br> ADMIRAL SHARES<br>| 156781 | 139.43 | 21859121 | 1.25% | 1.19% | 11.06% |
| VANGUARD FEDERAL MONEY MARKET FUND | 2122978 | 0.99 | 2103919 | 1.25% | 0.01% | (1.00%) |
| &nbsp;&nbsp;&nbsp; VANGUARD HIGH-YIELD CORPORATE FUND <br> ADMIRAL SHARES<br>| 1838352 | 7.11 | 13074771 | 1.25% | 4.25% | 2.45% |
| VANGUARD MID-CAP GROWTH INDEX FUND | 309052 | 48.26 | 14915978 | 1.25% | 0.01% | 8.40% |
| VANGUARD REIT INDEX FUND ADMIRAL SHARES | 55064 | 186.48 | 10268503 | 1.25% | 2.99% | 38.68% |
| &nbsp;&nbsp;&nbsp; VANGUARD SELECTED VALUE FUND INVESTOR <br> SHARES<br>| 176997 | 45.64 | 8078017 | 1.25% | 1.37% | 26.18% |
| &nbsp;&nbsp;&nbsp; VANGUARD SMALL-CAP INDEX FUND ADMIRAL <br> SHARES<br>| 182116 | 109.4 | 19923736 | 1.25% | 1.34% | 16.27% |
| VANGUARD TARGET RETIREMENT 2020 FUND | 281847 | 41.54 | 11707330 | 1.25% | 2.43% | 6.84% |

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**HORACE MANN LIFE INSURANCE COMPANY**

**SEPARATE ACCOUNT**

Notes to the Financial Statements (Continued)

**For the Years Ended December 31, 2025 and December 31, 2024**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Account Division** | **Units** | &nbsp;&nbsp; **Accumulated Unit Value**<br> **Lowest to**<br> **Highest**<br>| &nbsp;&nbsp; **Net** <br> **Assets**<br>| &nbsp;&nbsp; **Expense Ratio**<br> **Lowest to**<br> **Highest\***<br>| &nbsp;&nbsp; **Investment**<br> **Income**<br> **Ratio\*\***<br>| &nbsp;&nbsp; **Total Return**<br> **Lowest to** <br> **Highest\*\*\***<br>|
| VANGUARD TARGET RETIREMENT 2025 FUND | 910577 | 25.25 | 22995121 | 1.25% | 2.19% | 8.42% |
| VANGUARD TARGET RETIREMENT 2030 FUND | 719138 | 46.91 | 33731642 | 1.25% | 2.24% | 10.01% |
| VANGUARD TARGET RETIREMENT 2035 FUND | 1076013 | 29.59 | 31834821 | 1.25% | 2.32% | 11.58% |
| VANGUARD TARGET RETIREMENT 2040 FUND | 552700 | 52.27 | 28889485 | 1.25% | 2.50% | 13.14% |
| VANGUARD TARGET RETIREMENT 2045 FUND | 682817 | 33.66 | 22981145 | 1.25% | 2.32% | 14.72% |
| VANGUARD TARGET RETIREMENT 2050 FUND | 434793 | 54.32 | 23616909 | 1.25% | 2.38% | 14.99% |
| VANGUARD TARGET RETIREMENT 2055 FUND | 26422 | 57.35 | 1515223 | 1.25% | 3.26% | 15.02% |
| VANGUARD TARGET RETIREMENT 2060 FUND | 33215 | 50.65 | 1682396 | 1.25% | 3.02% | 15.01% |
| VANGUARD TARGET RETIREMENT INCOME FUND | 732980 | 16.78 | 12301279 | 1.25% | 2.72% | 3.90% |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 1747196 | 11.87 | 20744560 | 1.25% | 1.88% | (2.94%) |
| VANGUARD VIF EQUITY INDEX PORTFOLIO | 145648 | 74.05 | 10785809 | 1.25% | 1.10% | 26.95% |
| VANGUARD VIF GLOBAL BOND INDEX | 184020 | 19.82 to 22.09 | 3993929 | 0.95% to 1.65% | 1.65% | (3.08%) to (2.34%) |
| VANGUARD VIF INTERNATIONAL PORTFOLIO | 42317 | 45.92 | 1943342 | 1.25% | 0.26% | (2.77%) |
| VANGUARD VIF MID-CAP INDEX PORTFOLIO | 105356 | 39.02 | 4111431 | 1.25% | 1.00% | 22.82% |
| VANGUARD VIF REIT INDEX PORTFOLIO | 72205 | 20.17 | 1456453 | 1.25% | 2.00% | 38.53% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SHORT TERM INVESTMENT GRADE <br> PORTFOLIO<br>| 105223 | 10.85 | 1141459 | 1.25% | 1.26% | (1.63%) |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF SMALL COMPANY GROWTH <br> PORTFOLIO<br>| 31343 | 38.86 | 1218123 | 1.25% | 0.38% | 12.80% |
| &nbsp;&nbsp;&nbsp; VANGUARD VIF TOTAL BOND MARKET INDEX <br> PORTFOLIO<br>| 272235 | 12.85 | 3497244 | 1.25% | 1.87% | (2.95%) |
| WILSHIRE VIT GLOBAL ALLOCATION FUND | 12948115 | 23.04 to 44.52 | 538477637 | 0.29% to 1.65% | 1.16% | 10.02% to 10.77% |

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\*

These ratios represent the annualized contract expenses of the active contract owners of the sub-accounts in the separate account, consisting primarily of mortality and expense charges, for the period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-accounts invests.

\*\*\*

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

This fund became available for investment by contract owners of the sub-accounts on May 1, 2021 and the return is for the period May 1, 2021 to December 31, 2021.

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