# EDGAR Filing Document

**Accession Number:** 0000944959
**File Stem:** 0001193125-26-189554
**Filing Date:** 2026-4
**Character Count:** 134221
**Document Hash:** ef1437ec6e2110b80004ac03c0f14c4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-189554.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-189554

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANNUITY INVESTORS VARIABLE ACCOUNT A
- **CENTRAL INDEX KEY:** 0000944959

**ORGANIZATION NAME:**
- **EIN:** 311021738
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07299
- **FILM NUMBER:** 26911197

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ANNUITY INVESTORS LIFE INSURANCE CO
- **STREET 2:** PO BOX 5423
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45201-5423
- **BUSINESS PHONE:** 513-361-4813

**MAIL ADDRESS:**
- **STREET 1:** C/O ANNUITY INVESTORS LIFE INSURANCE CO
- **STREET 2:** PO BOX 5423
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45201-5423

## Series and Classes Contracts Data

### ANNUITY INVESTORS VARIABLE ACCOUNT A (Series ID: S000010735)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000029656 | The Commodore Nauticus |  |
| C000029657 | The Commodore Americus |  |

Annuity Investors Variable Account A

Financial Statements

*Year ended December 31, 2025* 

*with Report of Independent Registered Public Accounting Firm* 

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**FINANCIAL STATEMENTS** 

**Year Ended December 31, 2025** 

**Contents** 

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#afins128407_1) | 1 |
|  Audited Financial Statements |  |
|  [Statements of Assets and Liabilities – as of December 31, 2025](#afins128407_2) | 4 |
|  [Statements of Operations – For the Year Ended December 31, 2025](#afins128407_3) | 6 |
|  [Statements of Changes in Net Assets – For the Year Ended December 31, 2025](#afins128407_4) | 7 |
|  [Statements of Changes in Net Assets – For the Year Ended December 31, 2024](#afins128407_5) | 8 |
|  [Notes to Financial Statements](#afins128407_6) | 9 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g128407snap1.jpg) | <br> KPMG LLP<br> Suite 3400<br> 312 Walnut Street<br> Cincinnati, OH 45202 |

---

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Annuity Investors Life Insurance Company and Contract Owners of Annuity Investors Variable Account A:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise Annuity Investors Variable Account A (the Subaccounts), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements are the responsibility of the Subaccounts' management. Our responsibility is to express an opinion on these financial statements 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 Subaccounts 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 are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying mutual funds. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Subaccounts' auditor since 2021.

Columbus, Ohio

April 10, 2026

KPMG LLP, a Delaware limited liability partnership and a member firm of the

KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

------

**Appendix** 

Statement of assets and liabilities 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.

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco V.I. American Value Fund-Series I Shares

Invesco V.I. Core Equity Fund-Series I Shares

Invesco V.I. Discovery Mid Cap Fund-Series I Shares

Invesco V.I. Discovery Large Cap Fund-Series I Shares <sup>(1)</sup>

Invesco V.I. Government Securities Fund-Series I Shares

Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares

BlackRock Variable Series Funds, Inc.

BlackRock Basic Value V.I. Fund-Class I

BlackRock Global Allocation V.I. Fund-Class I

BlackRock Government Money Market V.I. Fund-Class I

BlackRock Variable Series Funds II, Inc.

BlackRock High Yield V.I. Fund-Class I

BNY Mellon Investment Portfolios

Technology Growth Portfolio-Initial Shares

BNY Mellon Stock Index Fund, Inc.-Initial Shares

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares

BNY Mellon Variable Investment Fund

Appreciation Portfolio-Initial Shares

Government Money Market Portfolio

Growth and Income Portfolio-Initial Shares

Small Cap Portfolio-Initial Shares <sup>(1)</sup>

Deutsche DWS Investments VIT Funds

DWS Small Cap Index VIP-Class A

------

Janus Aspen Series

Janus Henderson VIT Balanced Portfolio-Institutional Shares

Janus Henderson VIT Enterprise Portfolio-Institutional Shares

Janus Henderson VIT Forty Portfolio-Institutional Shares

Janus Henderson VIT Global Research Portfolio-Institutional Shares

Janus Henderson VIT Overseas Portfolio-Service Shares

Lincoln Variable Insurance Products Trust

LVIP American Century Capital Appreciation Fund-Standard Class II

LVIP American Century Large Company Value Fund- Standard Class II

LVIP American Century Mid Cap Value Fund- Standard Class II

LVIP American Century Ultra<sup>®</sup> Fund- Standard Class II

PIMCO Variable Insurance Trust

PIMCO High Yield Portfolio-Administrative Class

PIMCO Real Return Portfolio-Administrative Class

Statement of changes in net assets for the period from January 1, 2024 to December 4, 2024 (liquidation date).

Morgan Stanley Variable Insurance Fund, Inc.

U.S. Real Estate Portfolio-Class I

<sup>(1)</sup> See Note 1 to the financial statements for the former name of the subaccount.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**As of December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Cost | Fair<br>Value |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in portfolio shares, at fair value (Note 2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund - Series I Shares | 43522.952 | $635538 | $789942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund - Series I Shares | 5615.641 | 175054 | 202332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund - Series I Shares | 25781.963 | 1251841 | 1630709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund - Series I Shares | 34432.852 | 2465812 | 2589695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund - Series I Shares | 37861.154 | 410422 | 403221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup> - Series I Shares | 2187.926 | 38078 | 48463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund - Class I | 225727.366 | 2966425 | 3139868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund - Class I | 77501.587 | 1334629 | 1367128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund - Class I | 144654.983 | 144654 | 144655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds II, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund - Class I | 68786.728 | 486766 | 484259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Investment Portfolios: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio - Initial Shares | 131776.878 | 2275014 | 2929400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Stock Index Fund, Inc. - Initial Shares | 155908.860 | 9338462 | 13587457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares | 39863.221 | 1629434 | 2331998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Variable Investment Fund: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio - Initial Shares | 149182.264 | 5134908 | 5022967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 2768638.800 | 2768638 | 2768639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio - Initial Shares | 52593.049 | 1591235 | 2092151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio - Initial Shares | 45231.919 | 1988939 | 2171132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche DWS Investments VIT Funds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP - Class A | 101255.157 | 1307600 | 1520852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Aspen Series: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio - Institutional Shares | 176824.002 | 6417850 | 9877389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio - Institutional Shares | 77374.663 | 5823018 | 6466974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio - Institutional Shares | 107252.576 | 4741914 | 6372948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio - Institutional Shares | 83130.360 | 4394519 | 6622996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio - Service Shares | 43992.513 | 1332820 | 2332483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Variable Insurance Products Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund - Standard Class II | 47320.398 | 679644 | 717377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund - Standard Class II | 65413.970 | 1084733 | 1309130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund - Standard Class II | 66708.580 | 1319815 | 1290744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund - Standard Class II | 3952.132 | 98289 | 124476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio - Administrative Class | 41431.402 | 304556 | 307007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio - Administrative Class | 62842.687 | 786754 | 754741 |

---

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

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)** 

**As of December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| Net assets attributable to variable annuity contract holders (Note 2): | Units | Unit Value | Fair<br>Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund - Series I Shares - 1.25% series contract | 13475.671 | $58.596479 | $789627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund - Series I Shares - 0.95% series contract | 5.044 | 62.391085 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund - Series I Shares - 1.25% series contract | 4511.812 | 41.126985 | 185558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund - Series I Shares - 0.95% series contract | 384.220 | 43.658333 | 16774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund - Series I Shares - 1.25% series contract | 27335.509 | 59.655344 | 1630709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund - Series I Shares - 1.25% series contract | 156181.903 | 16.444011 | 2568257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund - Series I Shares - 0.95% series contract | 1281.435 | 16.729593 | 21438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund - Series I Shares - 1.25% series contract | 26285.504 | 15.247187 | 400780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund - Series I Shares - 0.95% series contract | 148.589 | 16.429335 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup> - Series I Shares - 1.25% series contract | 888.488 | 53.737623 | 47746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup> - Series I Shares - 0.95% series contract | 12.536 | 57.217299 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund - Class I - 1.25% series contract | 30067.641 | 101.980165 | 3066303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund - Class I - 0.95% series contract | 658.802 | 111.664205 | 73565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund - Class I - 1.25% series contract | 24128.831 | 56.419145 | 1361328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund - Class I - 0.95% series contract | 93.885 | 61.776993 | 5800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund - Class I - 1.25% series contract | 111284.022 | 1.299872 | 144655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds II, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund - Class I - 1.25% series contract | 10623.572 | 41.907874 | 445212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund - Class I - 0.95% series contract | 851.394 | 45.862761 | 39047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Investment Portfolios: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio - Initial Shares - 1.25% series contract | 28045.695 | 101.343704 | 2842255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio - Initial Shares - 0.95% series contract | 807.606 | 107.905708 | 87145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Stock Index Fund, Inc. - Initial Shares - 1.25% series contract | 103646.975 | 121.993667 | 12644274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Stock Index Fund, Inc. - Initial Shares - 0.95% series contract | 7060.919 | 133.577878 | 943183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares - 1.25% series contract | 23399.095 | 85.656385 | 2004281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares - 0.95% series contract | 3494.075 | 93.792106 | 327717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Variable Investment Fund: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio - Intial Shares - 1.25% series contract | 47180.076 | 102.198052 | 4821712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio - Intial Shares - 0.95% series contract | 1798.491 | 111.902108 | 201255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio - 1.25% series contract | 2582803.262 | 1.058722 | 2734471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio - 0.95% series contract | 30500.211 | 1.120260 | 34168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio - Intial Shares - 1.25% series contract | 26353.365 | 78.216713 | 2061273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio - Intial Shares - 0.95% series contract | 362.043 | 85.287757 | 30878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio - Intial Shares - 1.25% series contract | 49695.321 | 42.032804 | 2088834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio - Intial Shares - 0.95% series contract | 1795.592 | 45.833603 | 82298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche DWS Investments VIT Funds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP - Class A - 1.25% series contract | 28207.534 | 53.568175 | 1511026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP - Class A - 0.95% series contract | 169.229 | 58.065324 | 9826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Aspen Series: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio - Institutional Shares - 1.25% series contract | 73678.037 | 109.758442 | 8086787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio - Institutional Shares - 0.95% series contract | 14899.073 | 120.182115 | 1790602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio - Institutional Shares - 1.25% series contract | 52001.361 | 120.374461 | 6259635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio - Institutional Shares - 0.95% series contract | 1573.021 | 131.809155 | 207339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio - Institutional Shares - 1.25% series contract | 68930.446 | 90.699435 | 6251952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio - Institutional Shares - 0.95% series contract | 1230.715 | 98.313314 | 120996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio - Institutional Shares - 1.25% series contract | 68494.280 | 84.804023 | 5808591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio - Institutional Shares - 0.95% series contract | 8770.364 | 92.858769 | 814405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio - Service Shares - 1.25% series contract | 72742.899 | 32.064752 | 2332483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Variable Insurance Products Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund - Standard Class II - 1.25% series contract | 22737.980 | 28.400108 | 645761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund - Standard Class II - 0.95% series contract | 2433.792 | 29.425726 | 71616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund - Standard Class II - 1.25% series contract | 38161.333 | 34.161238 | 1303639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund - Standard Class II - 0.95% series contract | 150.971 | 36.373593 | 5491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund - Standard Class II - 1.25% series contract | 25267.908 | 49.936409 | 1261788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund - Standard Class II - 0.95% series contract | 544.586 | 53.170077 | 28956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund - Standard Class II - 1.25% series contract | 781.556 | 82.133217 | 64191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund - Standard Class II - 0.95% series contract | 689.353 | 87.450974 | 60285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio - Administrative Class - 1.25% series contract | 12334.077 | 24.890933 | 307007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio - Administrative Class - 1.25% series contract | 48346.284 | 15.611141 | 754741 |

---

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

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**STATEMENTS OF OPERATIONS** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Dividends from<br>Investments in<br>Portfolio Shares | Mortality and<br>Expense Risk<br>Fee (Note 3) | Net<br>Investment<br>Income (Loss) | Net Realized<br>Gain (Loss)<br>on Sale of<br>Investments in<br>Portfolio Shares | Realized<br>Gain<br>Distributions | Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>of Investments in<br>Portfolio Shares | Net Gain (Loss)<br>on Investments in<br>Portfolio Shares | Net Increase<br>(Decrease)<br>in Net Assets<br>from Operations |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | $3332 | $9864 | $(6532) | $5739 | $111194 | $18301 | $135234 | $128702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | 1245 | 2297 | (1052) | (202) | 14327 | 12617 | 26742 | 25690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund-Series I Shares | 0 | 20379 | (20379) | 34290 | 183815 | (14859) | 203246 | 182867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | 0 | 34637 | (34637) | 29244 | 224036 | (138652) | 114628 | 79991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 12255 | 6527 | 5728 | (17936) | 0 | 43952 | 26016 | 31744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | 250 | 898 | (648) | 6076 | 2858 | (1588) | 7346 | 6698 |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 61236 | 41327 | 19909 | (2208) | 370962 | 284911 | 653665 | 673574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 44760 | 17551 | 27209 | 47317 | 103525 | 58961 | 209803 | 237012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 5818 | 2713 | 3105 | 0 | 0 | 0 | 0 | 3105 |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 43002 | 7888 | 35114 | (19827) | 1044 | 29361 | 10578 | 45692 |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | 0 | 41994 | (41994) | (834966) | 1950116 | (387950) | 727200 | 685206 |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | 143160 | 179335 | (36175) | 2108394 | 907904 | (954201) | 2062097 | 2025922 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | 8073 | 32122 | (24049) | 420259 | 257944 | (331009) | 347194 | 323145 |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | 19371 | 67124 | (47753) | (198971) | 855809 | (185438) | 471400 | 423647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 112675 | 39722 | 72953 | 0 | 0 | 0 | 0 | 72953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | 9029 | 25023 | (15994) | 42601 | 163495 | 94669 | 300765 | 284771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio-Initial Shares | 15112 | 26901 | (11789) | (75755) | 0 | 274101 | 198346 | 186557 |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 23569 | 19304 | 4265 | (90769) | 100652 | 131428 | 141311 | 145576 |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 199033 | 125255 | 73778 | 1250554 | 332214 | (347932) | 1234836 | 1308614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | 13598 | 91104 | (77506) | 717269 | 518189 | (756646) | 478812 | 401306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | 4267 | 77266 | (72999) | 396599 | 704158 | (113605) | 987152 | 914153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | 38499 | 83899 | (45400) | 1089354 | 598389 | (429288) | 1258455 | 1213055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 29606 | 29333 | 273 | 332748 | 0 | 229763 | 562511 | 562784 |
|  Lincoln Variable Insurance Products Trust: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II | 0 | 10428 | (10428) | 64268 | 124751 | (127110) | 61909 | 51481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II | 18895 | 17002 | 1893 | 82869 | 86325 | 1473 | 170667 | 172560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II | 24121 | 17649 | 6472 | 27017 | 106458 | (40491) | 92984 | 99456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II | 0 | 2690 | (2690) | 28561 | 19368 | (23692) | 24237 | 21547 |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 20099 | 4032 | 16067 | (2811) | 0 | 10205 | 7394 | 23461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 27116 | 10262 | 16854 | (4756) | 0 | 40975 | 36219 | 53073 |

---

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

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Changes From Operations | Changes From Operations | Changes From Operations | Changes From Operations | Changes From Operations | Changes From Principal Transactions | Changes From Principal Transactions | Changes From Principal Transactions | Changes From Principal Transactions | | | |
|  | Net<br>Investment<br>Income (Loss) | Net Realized<br>Gain (Loss)<br>on Sale of<br>Investments in<br>Portfolio Shares | Realized<br>Gain<br>Distributions | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>of Investments in<br>Portfolio Shares | Net<br>Increase<br>(Decrease)<br>in Net<br>Assets from<br>Operations | Contract<br>Purchase<br>Payments | Contract<br>Redemptions | Net Transfers<br>To (From)<br>Subaccounts<br>and Fixed<br>Accounts | Net Increase<br>(Decrease) in<br>Net Assets<br>From Principal<br>Transactions |<br>Net<br>Increase<br>(Decrease)<br>in Net Assets |<br>Net Assets<br>Beginning<br>of Period |<br>Net Assets<br>End<br>of Period |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | $(6532) | $5739 | $111194 | $18301 | $128702 | $0 | $187622 | $(17159) | $(204781) | $(76079) | $866021 | $789942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | (1052) | (202) | 14327 | 12617 | 25690 | 0 | 6723 | 40876 | 34154 | 59844 | 142488 | 202332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund-Series I Shares | (20379) | 34290 | 183815 | (14859) | 182867 | 1715 | 215026 | (23463) | (236774) | (53907) | 1684616 | 1630709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | (34637) | 29244 | 224036 | (138652) | 79991 | 5415 | 537613 | 2829 | (529369) | (449378) | 3039073 | 2589695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 5728 | (17936) | 0 | 43952 | 31744 | 2560 | 223719 | 10897 | (210262) | (178518) | 581739 | 403221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | (648) | 6076 | 2858 | (1588) | 6698 | 0 | 68812 | (118) | (68929) | (62231) | 110694 | 48463 |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 19909 | (2208) | 370962 | 284911 | 673574 | 5127 | 950555 | (60080) | (1005508) | (331934) | 3471802 | 3139868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 27209 | 47317 | 103525 | 58961 | 237012 | 2380 | 298353 | (24414) | (320387) | (83375) | 1450503 | 1367128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 3105 | 0 | 0 | 0 | 3105 | 0 | 7323 | 9 | (7314) | (4209) | 148864 | 144655 |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 35114 | (19827) | 1044 | 29361 | 45692 | 199 | 394687 | 3205 | (391282) | (345590) | 829849 | 484259 |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | (41994) | (834966) | 1950116 | (387950) | 685206 | 10907 | 1877721 | (19760) | (1886574) | (1201368) | 4130768 | 2929400 |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | (36175) | 2108394 | 907904 | (954201) | 2025922 | 47418 | 4570183 | (100572) | (4623336) | (2597414) | 16184871 | 13587457 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | (24049) | 420259 | 257944 | (331009) | 323145 | 19868 | 1134562 | (360) | (1115054) | (791909) | 3123907 | 2331998 |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | (47753) | (198971) | 855809 | (185438) | 423647 | 35527 | 1392515 | 4505 | (1352483) | (928836) | 5951803 | 5022967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 72953 | 0 | 0 | 0 | 72953 | 4332 | 800302 | 214406 | (581565) | (508612) | 3277251 | 2768639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | (15994) | 42601 | 163495 | 94669 | 284771 | 5223 | 225858 | (1011) | (221646) | 63125 | 2029026 | 2092151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio-Initial Shares | (11789) | (75755) | 0 | 274101 | 186557 | 20372 | 324341 | (13915) | (317884) | (131327) | 2302459 | 2171132 |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 4265 | (90769) | 100652 | 131428 | 145576 | 5875 | 306441 | (7421) | (307987) | (162411) | 1683263 | 1520852 |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 73778 | 1250554 | 332214 | (347932) | 1308614 | 20911 | 2728828 | 43130 | (2664788) | (1356174) | 11233563 | 9877389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | (77506) | 717269 | 518189 | (756646) | 401306 | 32968 | 2333939 | 66767 | (2234203) | (1832897) | 8299871 | 6466974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | (72999) | 396599 | 704158 | (113605) | 914153 | 13133 | 940520 | (18285) | (945672) | (31519) | 6404467 | 6372948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | (45400) | 1089354 | 598389 | (429288) | 1213055 | 47278 | 1646351 | (3479) | (1602552) | (389497) | 7012493 | 6622996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 273 | 332748 | 0 | 229763 | 562784 | 15616 | 507787 | (129955) | (622126) | (59342) | 2391825 | 2332483 |
|  Lincoln Variable Insurance Products Trust: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II | (10428) | 64268 | 124751 | (127110) | 51481 | 12330 | 278055 | 183 | (265541) | (214060) | 931437 | 717377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II | 1893 | 82869 | 86325 | 1473 | 172560 | 18689 | 274684 | (16876) | (272871) | (100311) | 1409441 | 1309130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II | 6472 | 27017 | 106458 | (40491) | 99456 | 7019 | 422619 | 11997 | (403604) | (304148) | 1594892 | 1290744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II | (2690) | 28561 | 19368 | (23692) | 21547 | 834 | 186652 | 469 | (185348) | (163801) | 288277 | 124476 |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 16067 | (2811) | 0 | 10205 | 23461 | 1520 | 55185 | 5752 | (47914) | (24453) | 331460 | 307007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 16854 | (4756) | 0 | 40975 | 53073 | 2114 | 154668 | 12146 | (140408) | (87335) | 842076 | 754741 |

---

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

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Changes From Operations | Changes From Operations | Changes From Operations | Changes From Operations | Changes From Operations | Changes From Principal Transactions | Changes From Principal Transactions | Changes From Principal Transactions | Changes From Principal Transactions | | | |
|  | Net<br>Investment<br>Income (Loss) | Net Realized<br>Gain (Loss)<br>on Sale of<br>Investments in<br>Portfolio Shares | Realized<br>Gain<br>Distributions | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>of Investments in<br>Portfolio Shares | Net<br>Increase<br>(Decrease)<br>in Net<br>Assets from<br>Operations | Contract<br>Purchase<br>Payments | Contract<br>Redemptions | Net Transfers<br>To (From)<br>Subaccounts<br>and Fixed<br>Accounts | Net Increase<br>(Decrease) in<br>Net Assets<br>From Principal<br>Transactions |<br>Net<br>Increase<br>(Decrease)<br>in Net Assets |<br>Net Assets<br>Beginning<br>of Period |<br>Net Assets<br>End<br>of Period |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | $(2120) | $1591 | $18658 | $183490 | $201619 | $0 | $17905 | $(33831) | $(51736) | 149883 | $716138 | $866021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Capital Appreciation Fund-Series I Shares | (21221) | 32242 | 0 | 457675 | 468696 | 1136 | 162272 | (146285) | (307420) | 161276 | 1523340 | 1684616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | (720) | (660) | 11285 | 18792 | 28697 | 0 | 9311 | (199) | (9510) | 19187 | 123301 | 142488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | (37703) | 7326 | 0 | 631379 | 601002 | 19173 | 240697 | (42462) | (263986) | 337016 | 2702057 | 3039073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 7685 | (2516) | 0 | (2430) | 2739 | 4288 | 12858 | 21036 | 12466 | 15205 | 566534 | 581739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | (1645) | (34130) | 11672 | 50768 | 26665 | 0 | 36457 | (33727) | (70184) | (43519) | 154213 | 110694 |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 26674 | 15920 | 260169 | 8406 | 311169 | 21984 | 317568 | 9027 | (286557) | 24612 | 3447190 | 3471802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 950 | 3972 | 90634 | 15869 | 111425 | 2322 | 100924 | 29358 | (69243) | 42182 | 1408321 | 1450503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 5106 | 0 | 0 | 0 | 5106 | 626 | 51910 | 16 | (51268) | (46162) | 195026 | 148864 |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 47630 | 718 | 0 | 8508 | 56856 | 199 | 69169 | 16904 | (52066) | 4790 | 825059 | 829849 |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | (50534) | 110920 | 0 | 784228 | 844614 | 14742 | 222984 | (10705) | (218947) | 625667 | 3505101 | 4130768 |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | (16473) | 1353024 | 1025558 | 1021258 | 3383367 | 39408 | 2537566 | (19255) | (2517412) | 865955 | 15318916 | 16184871 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | (22116) | 164318 | 20504 | 497123 | 659829 | 10667 | 464422 | 451 | (453304) | 206525 | 2917382 | 3123907 |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | (50375) | (65674) | 444675 | 319930 | 648556 | 23580 | 643651 | (13954) | (634025) | 14531 | 5937272 | 5951803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 60509 | 0 | 0 | 0 | 60509 | 1040 | 158938 | 1762992 | 1605094 | 1665603 | 1611648 | 3277251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | (13990) | 23836 | 96833 | 259243 | 365922 | 4940 | 97051 | (11342) | (103453) | 262469 | 1766557 | 2029026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Small Cap Portfolio-Initial Shares | (13407) | (14161) | 0 | 111384 | 83816 | 36664 | 176608 | 6955 | (132988) | (49172) | 2351631 | 2302459 |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | (1643) | (36677) | 46295 | 154784 | 162759 | 7165 | 118349 | (16207) | (127391) | 35368 | 1647895 | 1683263 |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 93682 | 606509 | 0 | 774896 | 1475087 | 18928 | 1159986 | 35990 | (1105068) | 370019 | 10863544 | 11233563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | (42154) | 180272 | 323403 | 610461 | 1071982 | 24105 | 567533 | (31128) | (574556) | 497426 | 7802445 | 8299871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | (69672) | 173656 | 346229 | 949796 | 1400009 | 14882 | 272839 | 17185 | (240772) | 1159237 | 5245230 | 6404467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | (33010) | 421325 | 219020 | 729173 | 1336508 | 47002 | 550314 | (749) | (504060) | 832448 | 6180045 | 7012493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 875 | 120100 | 0 | (12087) | 108888 | 9985 | 227866 | 85643 | (132238) | (23350) | 2415175 | 2391825 |
|  Lincoln Variable Insurance Products Trust: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II | (11004) | 3504 | 54050 | 138783 | 185333 | 6230 | 60346 | (6155) | (60271) | 125062 | 806375 | 931437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II | 19110 | 51964 | 27143 | 33328 | 131545 | 5158 | 121547 | (54520) | (170910) | (39365) | 1448806 | 1409441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II | 21136 | (14301) | 79762 | 38192 | 124789 | 9029 | 211268 | (9921) | (212160) | (87371) | 1682263 | 1594892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II | (3668) | 6729 | 25878 | 43082 | 72021 | 814 | 65317 | (8287) | (72790) | (769) | 289046 | 288277 |
|  Morgan Stanley Variable Insurance Fund, Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Portfolio-Class I (\*) | 23714 | (115997) | 0 | 302838 | 210555 | 6061 | 119842 | (1607319) | (1721099) | (1510544) | 1510544 | 0 |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 14928 | (3070) | 0 | 5843 | 17701 | 1520 | 24542 | 17052 | (5970) | 11731 | 319729 | 331460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 11705 | (4390) | 0 | 1080 | 8395 | 2814 | 50506 | 34686 | (13007) | (4612) | 846688 | 842076 |

---

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

(\*) For the period January 1, 2024 through the liquidation date of December 4, 2024.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025** 

(1) **<u>ORGANIZATION</u>**

Annuity Investors Variable Account A (the "Account") is registered under the Investment Company Act of 1940, as amended, as a unit investment trust and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The Account was established on May 26, 1995 and commenced operations on December 7, 1995 as a segregated investment account for individual and group variable annuity contracts, which are registered under the Securities Act of 1933. The operations of the Account are included in the operations of Annuity Investors Life Insurance Company (the "Company") pursuant to the provisions of the Ohio Insurance Code. As of May 28, 2021, the Company is a direct wholly-owned subsidiary of MassMutual Ascend Life Insurance Company, which is a wholly-owned subsidiary of Glidepath Holdings, Inc., a financial services holding company wholly-owned by Massachusetts Mutual Life Insurance Company ("MassMutual"). Prior to that date, the Company was a direct wholly-owned subsidiary of Great American Financial Resources, Inc., a financial services holding company wholly-owned by American Financial Group, Inc. The Company is licensed in 48 states and the District of Columbia.

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

At December 31, 2025 and for the two year period then ended, the following investment options or funds, each representing a sub-account of the Account, were available (unless otherwise noted):

**AIM Variable Insurance Funds (Invesco Variable Insurance Funds):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco V.I. American Value Fund-Series I Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco V.I. Core Equity Fund-Series I Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco V.I. Discovery Large Cap Fund-Series I Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco V.I. Government Securities Fund-Series I Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares

**BlackRock Variable Series Funds, Inc.:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Basic Value V.I. Fund-Class I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Global Allocation V.I. Fund-Class I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Government Money Market V.I. Fund-Class I

**BlackRock Variable Series Funds II, Inc.:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock High Yield V.I. Fund-Class I

**BNY Mellon Investment Portfolios:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology Growth Portfolio-Initial Shares

**BNY Mellon Stock Index Fund, Inc. – Initial Shares** 

**BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Initial Shares** 

**BNY Mellon Variable Investment Fund:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appreciation Portfolio-Initial Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government Money Market Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Growth and Income Portfolio-Initial Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small Cap Portfolio-Initial Shares

**Deutsche DWS Investments VIT Funds:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Small Cap Index VIP-Class A

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(1) **<u>ORGANIZATION - Continued</u>**

**Janus Aspen Series:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Janus Henderson VIT Balanced Portfolio-Institutional Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Janus Henderson VIT Enterprise Portfolio-Institutional Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Janus Henderson VIT Forty Portfolio-Institutional Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Janus Henderson VIT Global Research Portfolio-Institutional Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Janus Henderson VIT Overseas Portfolio-Service Shares

**Lincoln Variable Insurance Products Trust:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LVIP American Century Capital Appreciation Fund-Standard Class II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LVIP American Century Large Company Value Fund-Standard Class II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LVIP American Century Mid Cap Value Fund-Standard Class II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LVIP American Century Ultra<sup>®</sup> Fund-Standard
Class II

**PIMCO Variable Insurance Trust:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO High Yield Portfolio-Administrative Class

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Real Return Portfolio-Administrative Class

**BNY Mellon Variable Investment Fund:** Effective on December 31, 2025, the Opportunistic Small Cap Portfolio was renamed Small Cap Portfolio.

**AIM Variable Insurance Funds (Invesco Variable Insurance Funds):** Effective on April 30, 2025, Invesco V.I. Capital Appreciation Fund was renamed Invesco V.I. Discovery Large Cap Fund.

**Morgan Stanley Variable Insurance Fund, Inc.:** The Morgan Stanley U.S. Real Estate Portfolio was liquidated on December 4, 2024. If variable annuity contract owners had money allocated to the Morgan Stanley U.S. Real Estate Portfolio-Class I Sub-Account on December 6, 2024, the money was transferred to the subaccount for the BNY Mellon Variable Investment Fund, Government Money Market Portfolio.

**American Century Variable Portfolios:** Effective on or about April 26, 2024, each fund of American Century Variable Portfolios, Inc., was reorganized into a substantially similar series and class of Lincoln Variable Insurance Products Trust as listed below. Class I shares reorganized into Standard Class II shares and Class II shares reorganized into Service Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century VP Capital Appreciation Fund reorganized into LVIP American Century Capital Appreciation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century VP Large Company Value Fund reorganized into LVIP American Century Large Company Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century VP Mid Cap Value Fund reorganized into LVIP American Century Mid Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century VP Ultra<sup>®</sup> Fund reorganized into LVIP
American Century Ultra<sup>®</sup> Fund

(2) **<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>**

**<u>Basis of Presentation</u>**

The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.

**<u>Fair Value Measurements</u>**

Accounting standards for measuring fair value are based on inputs used in estimating fair value. The three levels of the hierarchy are as follows:

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(2) **<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued</u>**

**<u>Fair Value Measurements-Continued</u>**

Level 1 – Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis).

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar assets or liabilities in inactive markets (markets in which there are few transactions, the prices are not current, price quotations vary substantially over time or among market makers, or in which little information is released publicly); and valuations based on other significant inputs that are observable in active markets.

Level 3 – Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable. The unobservable inputs may include management's own assumptions about the assumptions market participants would use based on the best information available in the circumstances.

The investments of the Sub-Accounts are measured at fair value. All the investments are categorized as Level 1 as of December 31, 2025.

**<u>Investments</u>**

Investments are stated at fair value as determined by the closing net asset values of the respective portfolios. Net asset value is quoted by the fund company and is derived using the fair value of the underlying investments. Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Income from dividends is recorded on the ex-dividend date. The cost of investments sold is determined on a first-in, first-out basis. The Sub-Accounts do not hold any investments that are restricted as to resale.

Net investment income (loss), net realized gains (losses) and unrealized appreciation (depreciation) on investments are allocated to the contracts on each valuation date based on each contract's pro rata share of the assets of the Account as of the beginning of the valuation date.

**<u>Federal Income Taxes</u>**

No provision for federal income taxes has been made in the accompanying financial statements as the operations of the Account are included in the total operations of the Company, which is treated as a life insurance company for federal income tax purposes under Subchapter L of the Internal Revenue Code. Net investment income (loss) and realized gains (losses) will be retained in the Account and will not be taxable until received by the contract owner or beneficiary in the form of annuity payments or other distributions.

**<u>Net Assets Attributable to Variable Annuity Contract Holders</u>**

The variable annuity contract reserves at the insurance company are comprised of net contract purchase payments less redemptions and benefits. These reserves are adjusted daily for the net investment income (loss), net realized gain (loss) and unrealized appreciation (depreciation) on investments.

**<u>Single Reportable Segment</u>**

The Separate Account derives revenues from variable annuity products. The Company has identified the President as the chief operating decision maker for overseeing the products and the performance of the underlying funds to evaluate the results of the business and make operational decisions. The Separate Account's products constitute as a single operating segment and therefore, a single reportable segment. Separate Accounts are structured with a limited purpose by design and their sole purpose, which records and reports the invested funds and activities and performance chosen by contract/policy holders. Investment performance of funds may vary based on the underlying fund's investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(3) **<u>DEDUCTIONS AND EXPENSES</u>**

Although periodic annuitization payments to contract owners vary according to the investment performance of the sub-accounts, such payments are not affected by mortality or expense experience because the Company assumes the mortality and expense risks under the contracts.

The mortality risk assumed by the Company results from the life annuity payment option in the contracts, in which the Company agrees to make annuity payments regardless of how long a particular annuitant or other payee lives. The annuity payments are determined in accordance with annuity purchase rate provisions established at the time the contracts are issued. Based on the actuarial determination of expected mortality, the Company is required to fund any deficiency in the annuity payment reserves from its general account assets.

The expense risk assumed by the Company is the risk that the deductions for sales and administrative expenses may prove insufficient to cover the actual sales and administrative expenses.

Under each contract, the Company deducts a fee from the Account each day for assuming the mortality and expense risks. These fees are equal on an annual basis to a percentage of the daily value of the total investments of the Account. In connection with certain contracts in which the Company incurs reduced sales and servicing expenses, such as contracts offered to active employees of the Company or any of its subsidiaries and/or affiliates, the Company may offer enhanced contracts.

The following schedule lists aggregate mortality and expense risk fees deducted by contract type for the year ended December 31, 2025:

---

| | |
|:---|:---|
|  1.25% Series Contracts | $996887 |
|  0.95% Series Contracts | 47641 |
|  | $1044528 |

---

The Company may deduct a percentage of purchase payments surrendered to cover sales expenses. The percentage ranges from 0% to a maximum of 7.0% based upon the product and number of years the purchase payment has been held.

In addition, the Company may deduct units from contracts annually and upon full surrender to cover an administrative fee of $25 per contract. These fees totaled $9,727 for the year ended December 31, 2025.

(4) **<u>OTHER</u>**

**<u>Other Transactions with Affiliates</u>**

MM Ascend Life Investors Services, LLC ("MMALIS"), an affiliate of the Company, is the principal underwriter and performs all variable annuity sales functions on behalf of the Company. All commissions and amounts paid to MMALIS for acting as underwriter are paid by the Company.

Pursuant to an administrative services agreement between MassMutual, the Company, and affiliates of the Company, MassMutual provides administrative and support services to the Company and the Account.

**<u>Subsequent Events</u>**

Management has evaluated the impact of subsequent events on the Account through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(5)  **<u>PURCHASES AND SALES OF INVESTMENT IN PORTFOLIO SHARES</u>** 

The aggregate cost of purchases and proceeds from sales of investments in all portfolio shares for the year or period ended December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
|  | Cost of<br>Purchases | Proceeds<br>from Sales |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | $121554 | $221673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | 56443 | 9014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund-Series I Shares | 282313 | 355651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | 262530 | 602500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 31286 | 235820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | 3204 | 69923 |
|  BlackRock Variable Series Funds, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 446758 | 1061395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 149897 | 339550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 5818 | 10027 |
|  BlackRock Variable Series Funds II, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 51090 | 406214 |
|  BNY Mellon Investment Portfolios: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | 1951780 | 1930232 |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | 1079216 | 4830823 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | 280373 | 1161532 |
|  BNY Mellon Variable Investment Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | 926498 | 1470925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 338052 | 846664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | 174306 | 248451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio-Initial Shares | 31500 | 361173 |
|  Deutsche DWS Investments VIT Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 169697 | 372767 |
|  Janus Aspen Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 579275 | 2838071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | 645031 | 2438551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | 709400 | 1023913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | 660728 | 1710291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 30785 | 652638 |
|  Lincoln Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II | 134172 | 285390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II | 144507 | 329160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II | 165643 | 456317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II | 21530 | 190200 |
|  PIMCO Variable Insurance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 30935 | 62782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 55346 | 178900 |

---

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(6)  **<u>CHANGES IN UNITS OUTSTANDING</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Units<br>Outstanding<br>1/1/2025 | Units<br>Purchased | Units<br>Redeemed | Units<br>Outstanding<br>12/31/2025 |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares-1.25% series contract | 17654.763 | 154.274 | 4333.366 | 13475.671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares-0.95% series contract | 5.044 | 0.000 | 0.000 | 5.044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares-1.25% series contract | 3509.474 | 1125.087 | 122.749 | 4511.812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares-0.95% series contract | 439.351 | 0.000 | 55.131 | 384.220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund-Series I Shares-1.25% series contract | 31454.676 | 2020.044 | 6139.211 | 27335.509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares-1.25% series contract | 189921.485 | 2979.637 | 36719.219 | 156181.903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares-0.95% series contract | 1304.109 | 0.000 | 22.674 | 1281.435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares-1.25% series contract | 40294.276 | 1294.643 | 15303.415 | 26285.504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares-0.95% series contract | 148.589 | 0.000 | 0.000 | 148.589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares-1.25% series contract | 2344.874 | 2.251 | 1458.637 | 888.488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares-0.95% series contract | 12.536 | 0.000 | 0.000 | 12.536 |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I-1.25% series contract | 41078.128 | 195.561 | 11206.048 | 30067.641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I-0.95% series contract | 676.190 | 0.000 | 17.388 | 658.802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I-1.25% series contract | 30205.622 | 71.477 | 6148.268 | 24128.831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I-0.95% series contract | 191.062 | 0.000 | 97.177 | 93.885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I-1.25% series contract | 116966.648 | 0.000 | 5682.626 | 111284.022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I-0.95% series contract | 18.552 | 0.000 | 18.552 | 0.000 |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I-1.25% series contract | 20397.248 | 177.156 | 9950.832 | 10623.572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I-0.95% series contract | 879.414 | 0.000 | 28.020 | 851.394 |
|  BNY Mellon Investment Portfolios: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares-1.25% series contract | 50651.462 | 103.951 | 22709.718 | 28045.695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares-0.95% series contract | 880.832 | 0.000 | 73.226 | 807.606 |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares-1.25% series contract | 145250.698 | 444.138 | 42047.861 | 103646.975 |
|  BNY Mellon Stock Index Fund, Inc. - Initial Shares-0.95% series contract | 7997.398 | 0.000 | 936.479 | 7060.919 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares-1.25% series contract | 37460.917 | 233.366 | 14295.188 | 23399.095 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares-0.95% series contract | 3944.045 | 0.000 | 449.970 | 3494.075 |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Intial Shares-1.25% series contract | 60878.643 | 641.255 | 14339.822 | 47180.076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Intial Shares-0.95% series contract | 2220.726 | 0.000 | 422.235 | 1798.491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio-1.25% series contract | 3126539.107 | 218995.262 | 762731.107 | 2582803.262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio-0.95% series contract | 44749.016 | 0.109 | 14248.914 | 30500.211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Intial Shares-1.25% series contract | 29438.491 | 83.505 | 3168.631 | 26353.365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Intial Shares-0.95% series contract | 451.331 | 0.000 | 89.288 | 362.043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio-Intial Shares-1.25% series contract | 57720.339 | 642.244 | 8667.262 | 49695.321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio-Intial Shares-0.95% series contract | 2129.694 | 0.000 | 334.102 | 1795.592 |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A-1.25% series contract | 34768.601 | 1144.098 | 7705.165 | 28207.534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A-0.95% series contract | 169.229 | 0.000 | 0.000 | 169.229 |
|  Janus Aspen Series: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares-1.25% series contract | 96949.338 | 638.060 | 23909.361 | 73678.037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares-0.95% series contract | 17759.255 | 0.000 | 2860.182 | 14899.073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares-1.25% series contract | 71348.074 | 1088.212 | 20434.925 | 52001.361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares-0.95% series contract | 1799.253 | 0.000 | 226.232 | 1573.021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares-1.25% series contract | 80866.071 | 133.623 | 12069.248 | 68930.446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares-0.95% series contract | 1401.884 | 0.000 | 171.169 | 1230.715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares-1.25% series contract | 87499.590 | 492.950 | 19498.260 | 68494.280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares-0.95% series contract | 10295.699 | 0.000 | 1525.335 | 8770.364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares-1.25% series contract | 94713.658 | 249.565 | 22220.324 | 72742.899 |
|  Lincoln Variable Insurance Products Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II-1.25% series contract | 32048.849 | 433.569 | 9744.438 | 22737.980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II-0.95% series contract | 2433.792 | 0.000 | 0.000 | 2433.792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II-1.25% series contract | 46849.800 | 1358.585 | 10047.052 | 38161.333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II-0.95% series contract | 158.468 | 0.000 | 7.497 | 150.971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II-1.25% series contract | 33798.129 | 844.257 | 9374.478 | 25267.908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II-0.95% series contract | 544.586 | 0.000 | 0.000 | 544.586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II-1.25% series contract | 3179.368 | 34.568 | 2432.380 | 781.556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II-0.95% series contract | 689.353 | 0.000 | 0.000 | 689.353 |
|  PIMCO Variable Insurance Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class-1.25% series contract | 14331.863 | 491.727 | 2489.513 | 12334.077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class-1.25% series contract | 57458.940 | 1900.569 | 11013.225 | 48346.284 |

---

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(6) <u>**CHANGES IN UNITS OUTSTANDING**</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Units<br>Outstanding<br>1/1/2024 | Units Purchased | Units<br>Redeemed | Units<br>Outstanding<br>12/31/2024 |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares - 1.25% series contract | 18799.723 | 165.015 | 1309.975 | 17654.763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares - 0.95% series contract | 5.044 | 0.000 | 0.000 | 5.044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Capital Appreciation Fund-Series I Shares - 1.25% series contract | 37679.655 | 813.185 | 7038.164 | 31454.676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares - 1.25% series contract | 3754.930 | 36.358 | 281.814 | 3509.474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares - 0.95% series contract | 483.967 | 0.000 | 44.616 | 439.351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares - 1.25% series contract | 207227.766 | 2024.027 | 19330.308 | 189921.485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares - 0.95% series contract | 1335.983 | 0.000 | 31.874 | 1304.109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares - 1.25% series contract | 39409.706 | 1886.759 | 1002.189 | 40294.276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares - 0.95% series contract | 148.589 | 0.000 | 0.000 | 148.589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares - 1.25% series contract | 3997.653 | 2.910 | 1655.689 | 2344.874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares - 0.95% series contract | 12.536 | 0.000 | 0.000 | 12.536 |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I - 1.25% series contract | 44513.839 | 559.758 | 3995.469 | 41078.128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I - 0.95% series contract | 676.190 | 0.000 | 0.000 | 676.190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I - 1.25% series contract | 31571.538 | 936.961 | 2302.877 | 30205.622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I - 0.95% series contract | 255.932 | 0.000 | 64.870 | 191.062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I - 1.25% series contract | 155348.069 | 505.066 | 38886.487 | 116966.648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I - 0.95% series contract | 2279.887 | 0.000 | 2261.335 | 18.552 |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I - 1.25% series contract | 21655.103 | 589.732 | 1847.587 | 20397.248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I - 0.95% series contract | 964.377 | 0.000 | 84.963 | 879.414 |
|  BNY Mellon Investment Portfolios: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares - 1.25% series contract | 52761.482 | 363.453 | 2473.473 | 50651.462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares - 0.95% series contract | 1498.173 | 0.000 | 617.341 | 880.832 |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares - 1.25% series contract | 170481.878 | 308.344 | 25539.524 | 145250.698 |
|  BNY Mellon Stock Index Fund, Inc. - Initial Shares - 0.95% series contract | 8191.325 | 1189.535 | 1383.462 | 7997.398 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares - 1.25% series contract | 42577.936 | 849.894 | 5966.913 | 37460.917 |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares - 0.95% series contract | 5073.522 | 0.000 | 1129.477 | 3944.045 |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Intial Shares - 1.25% series contract | 65888.238 | 283.871 | 5293.466 | 60878.643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Intial Shares - 0.95% series contract | 4088.354 | 0.000 | 1867.628 | 2220.726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio - 1.25% series contract | 1588468.383 | 1708864.812 | 170794.088 | 3126539.107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio - 0.95% series contract | 24187.552 | 38966.746 | 18405.282 | 44749.016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Intial Shares - 1.25% series contract | 31050.073 | 72.778 | 1684.360 | 29438.491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Intial Shares - 0.95% series contract | 485.960 | 0.000 | 34.629 | 451.331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Small Cap Portfolio-Intial Shares - 1.25% series contract | 59962.725 | 1397.113 | 3639.499 | 57720.339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Small Cap Portfolio-Intial Shares - 0.95% series contract | 3116.804 | 0.000 | 987.110 | 2129.694 |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A - 1.25% series contract | 37371.281 | 1016.432 | 3619.112 | 34768.601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A - 0.95% series contract | 169.229 | 0.000 | 0.000 | 169.229 |
|  Janus Aspen Series: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares - 1.25% series contract | 105569.341 | 1430.062 | 10050.065 | 96949.338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares - 0.95% series contract | 20816.223 | 0.000 | 3056.968 | 17759.255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares - 1.25% series contract | 76602.914 | 391.022 | 5645.862 | 71348.074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares - 0.95% series contract | 1900.189 | 0.000 | 100.936 | 1799.253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares - 1.25% series contract | 83897.091 | 1391.870 | 4422.890 | 80866.071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares - 0.95% series contract | 1567.038 | 0.000 | 165.154 | 1401.884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares - 1.25% series contract | 92945.915 | 923.908 | 6370.233 | 87499.590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares - 0.95% series contract | 12163.477 | 0.000 | 1867.778 | 10295.699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares - 1.25% series contract | 99653.845 | 5355.918 | 10296.105 | 94713.658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares - 0.95% series contract | 42.988 | 0.000 | 42.988 | 0.000 |
|  Lincoln Variable Insurance Products Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II - 1.25% series contract | 34329.156 | 240.532 | 2520.839 | 32048.849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II - 0.95% series contract | 2521.254 | 0.000 | 87.462 | 2433.792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II - 1.25% series contract | 52671.688 | 1237.132 | 7059.020 | 46849.800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II - 0.95% series contract | 158.468 | 0.000 | 0.000 | 158.468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II - 1.25% series contract | 38338.680 | 1224.328 | 5764.879 | 33798.129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II - 0.95% series contract | 556.289 | 0.000 | 11.703 | 544.586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II - 1.25% series contract | 4257.661 | 38.324 | 1116.617 | 3179.368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II - 0.95% series contract | 689.353 | 0.000 | 0.000 | 689.353 |
|  Morgan Stanley Variable Insurance Fund, Inc. - Class I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley VIF U.S. Real Estate Portfolio-Class I - 1.25% series contract | 26465.590 | 901.580 | 27367.170 | 0.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley VIF U.S. Real Estate Portfolio-Class I - 0.95% series contract | 619.904 | 0.000 | 619.904 | 0.000 |
|  PIMCO Variable Insurance Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class - 1.25% series contract | 14592.842 | 1004.145 | 1265.124 | 14331.863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class - 1.25% series contract | 58263.408 | 2874.252 | 3678.720 | 57458.940 |

---

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(7)  **<u>UNIT VALUES AND FINANCIAL HIGHLIGHTS</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, 2025 | At December 31, 2025 | At December 31, 2025 | At December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| Subaccount | Units<br>(000s) | Unit Value<br>Range | Unit Value<br>Range | Net Assets<br>(000s) | Investment<br>Income Ratio (1) | Expenses Ratio<br>Range (2) | Expenses Ratio<br>Range (2) | Total Return<br>Range (3) | Total Return<br>Range (3) |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | 13 | $58.596479 | $62.391085 | $790 | 0.40% | 0.95% | 1.25% | 19.49% | 19.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | 5 | 41.126985 | 43.658333 | 202 | 0.72% | 0.95% | 1.25% | 14.72% | 15.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Large Cap Fund-Series I Shares | 27 | 59.655344 | 59.655344 | 1631 | 0.00% | 1.25% | 1.25% | 11.39% | 11.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | 157 | 16.444011 | 16.729593 | 2590 | 0.00% | 0.95% | 1.25% | 3.48% | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 26 | 15.247187 | 16.429335 | 403 | 2.49% | 0.95% | 1.25% | 6.03% | 6.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | 1 | 53.737623 | 57.217299 | 48 | 0.31% | 0.95% | 1.25% | 14.48% | 14.83% |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 31 | 101.980165 | 111.664205 | 3140 | 1.85% | 0.95% | 1.25% | 22.83% | 23.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 24 | 56.419145 | 61.776993 | 1367 | 3.18% | 0.95% | 1.25% | 18.30% | 18.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 111 | 1.299872 | 1.299872 | 145 | 3.96% | 1.25% | 1.25% | 2.15% | 2.15% |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 11 | 41.907874 | 45.862761 | 484 | 6.54% | 0.95% | 1.25% | 7.85% | 8.18% |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | 29 | 101.343704 | 107.905708 | 2929 | 0.00% | 0.95% | 1.25% | 26.56% | 26.95% |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | 111 | 121.993667 | 133.577878 | 13587 | 0.96% | 0.95% | 1.25% | 16.06% | 16.42% |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | 27 | 85.656385 | 93.792106 | 2332 | 0.30% | 0.95% | 1.25% | 14.52% | 14.87% |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | 49 | 102.198052 | 111.902108 | 5023 | 0.35% | 0.95% | 1.25% | 8.70% | 9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 2613 | 1.058722 | 1.120260 | 2769 | 3.73% | 0.95% | 1.25% | 2.53% | 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | 27 | 78.216713 | 85.287757 | 2092 | 0.44% | 0.95% | 1.25% | 15.37% | 15.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Portfolio-Initial Shares | 51 | 42.032804 | 45.833603 | 2171 | 0.68% | 0.95% | 1.25% | 9.60% | 9.93% |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 28 | 53.568175 | 58.065324 | 1521 | 1.47% | 0.95% | 1.25% | 11.23% | 11.57% |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 89 | 109.758442 | 120.182115 | 9877 | 1.89% | 0.95% | 1.25% | 13.67% | 14.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | 54 | 120.374461 | 131.809155 | 6467 | 0.18% | 0.95% | 1.25% | 6.33% | 6.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | 70 | 90.699435 | 98.313314 | 6373 | 0.07% | 0.95% | 1.25% | 16.67% | 17.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | 77 | 84.804023 | 92.858769 | 6623 | 0.56% | 0.95% | 1.25% | 19.41% | 19.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 73 | 32.064752 | 32.064752 | 2332 | 1.25% | 1.25% | 1.25% | 26.97% | 26.97% |
|  Lincoln Variable Insurance Products Trust: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II | 25 | 28.400108 | 29.425726 | 717 | 0.00% | 0.95% | 1.25% | 5.38% | 5.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II | 38 | 34.161238 | 36.373593 | 1309 | 1.39% | 0.95% | 1.25% | 13.96% | 14.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II | 26 | 49.936409 | 53.170077 | 1291 | 1.67% | 0.95% | 1.25% | 7.63% | 7.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II | 1 | 82.133217 | 87.450974 | 124 | 0.00% | 0.95% | 1.25% | 11.43% | 11.77% |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 12 | 24.890933 | 24.890933 | 307 | 6.30% | 1.25% | 1.25% | 7.62% | 7.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 48 | 15.611141 | 15.611141 | 755 | 3.40% | 1.25% | 1.25% | 6.52% | 6.52% |

---

(1) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount
from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. For subaccounts that commenced during the period
indicated, average net assets have been calculated from the date operations commenced through the end of the reporting period. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the
underlying fund in which the subaccounts invest.

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

(3) These amounts represent the total return for the periods 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 each 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.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(7)  **<u>UNIT VALUES AND FINANCIAL HIGHLIGHTS</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 |
| Subaccount | Units<br>(000s) | Unit Value Range | Unit Value Range | Net Assets<br>(000s) | Investment<br>Income Ratio (1) | Expenses Ratio<br>Range (2) | Expenses Ratio<br>Range (2) | Total Return<br>Range (3) | Total Return<br>Range (3) |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | 18 | $49.038258 | $52.055918 | $866 | 1.02% | 0.95% | 1.25% | 28.77% | 29.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Capital Appreciation Fund-Series I Shares | 31 | 53.556922 | 53.556922 | 1685 | 0.00% | 1.25% | 1.25% | 32.47% | 32.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | 4 | 35.850875 | 37.942332 | 142 | 0.71% | 0.95% | 1.25% | 24.03% | 24.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | 191 | 15.891058 | 16.118116 | 3039 | 0.00% | 0.95% | 1.25% | 22.67% | 23.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 40 | 14.380285 | 15.448302 | 582 | 2.62% | 0.95% | 1.25% | 0.44% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | 2 | 46.940618 | 49.828942 | 111 | 0.00% | 0.95% | 1.25% | 22.09% | 22.46% |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 42 | 83.025114 | 90.634104 | 3472 | 2.09% | 0.95% | 1.25% | 8.98% | 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 30 | 47.691631 | 52.062654 | 1451 | 1.35% | 0.95% | 1.25% | 7.86% | 8.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 117 | 1.272491 | 1.360037 | 149 | 5.00% | 0.95% | 1.25% | 2.95% | 2.99% |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 21 | 38.856535 | 42.394723 | 830 | 7.03% | 0.95% | 1.25% | 6.93% | 7.25% |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | 52 | 80.074608 | 85.001603 | 4131 | 0.00% | 0.95% | 1.25% | 24.16% | 24.54% |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | 153 | 105.109527 | 114.742204 | 16185 | 1.19% | 0.95% | 1.25% | 23.09% | 23.47% |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | 41 | 74.794558 | 81.650747 | 3124 | 0.57% | 0.95% | 1.25% | 23.32% | 23.69% |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | 63 | 94.021046 | 102.637083 | 5952 | 0.43% | 0.95% | 1.25% | 11.38% | 11.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 3171 | 1.032587 | 1.091148 | 3277 | 3.46% | 0.95% | 1.25% | 3.41% | 3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | 30 | 67.794330 | 73.699447 | 2029 | 0.55% | 0.95% | 1.25% | 21.18% | 21.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Small Cap Portfolio-Initial Shares | 60 | 38.351569 | 41.692889 | 2302 | 0.70% | 0.95% | 1.25% | 3.30% | 3.62% |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 35 | 48.159996 | 52.045113 | 1683 | 1.19% | 0.95% | 1.25% | 9.75% | 10.09% |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 115 | 96.561095 | 105.411424 | 11234 | 2.09% | 0.95% | 1.25% | 13.97% | 14.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | 73 | 113.212566 | 123.591659 | 8300 | 0.75% | 0.95% | 1.25% | 14.15% | 14.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | 82 | 77.742007 | 84.013163 | 6404 | 0.11% | 0.95% | 1.25% | 26.85% | 27.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | 98 | 71.020451 | 77.530719 | 7012 | 0.78% | 0.95% | 1.25% | 22.03% | 22.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 95 | 25.253226 | 25.253226 | 2392 | 1.39% | 1.25% | 1.25% | 4.25% | 4.25% |
|  Lincoln Variable Insurance Products Trust: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund-Standard Class II | 34 | 26.949040 | 27.837723 | 931 | 0.00% | 0.95% | 1.25% | 23.41% | 23.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Large Company Value Fund-Standard Class II | 47 | 29.976606 | 31.821328 | 1409 | 2.64% | 0.95% | 1.25% | 9.33% | 9.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Mid Cap Value Fund-Standard Class II | 34 | 46.395219 | 49.249992 | 1595 | 2.60% | 0.95% | 1.25% | 7.36% | 7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Ultra<sup>®</sup> Fund-Standard Class II | 4 | 73.706720 | 78.241400 | 288 | 0.00% | 0.95% | 1.25% | 27.17% | 27.56% |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 14 | 23.127483 | 23.127483 | 331 | 5.86% | 1.25% | 1.25% | 5.56% | 5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 57 | 14.655270 | 14.655270 | 842 | 2.68% | 1.25% | 1.25% | 0.85% | 0.85% |

---

(1) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount
from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. For subaccounts that commenced during the period
indicated, average net assets have been calculated from the date operations commenced through the end of the reporting period. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the
underlying fund in which the subaccounts invest.

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

(3) These amounts represent the total return for the periods 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 each 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.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(7) **<u>UNIT VALUES AND FINANCIAL HIGHLIGHTS</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, 2023 | At December 31, 2023 | At December 31, 2023 | At December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 |
| Subaccount | Units<br>(000s) | Unit Value<br>Range | Unit Value<br>Range | Net Assets<br>(000s) | Investment<br>Income Ratio (1) | Expenses Ratio<br>Range (2) | Expenses Ratio<br>Range (2) | Total Return<br>Range (3) | Total Return<br>Range (3) |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | 19 | $38.082189 | $40.302281 | $716 | 0.61% | 0.95% | 1.25% | 14.16% | 14.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Capital Appreciation Fund-Series I Shares | 38 | 40.428724 | 40.428724 | 1523 | 0.00% | 1.25% | 1.25% | 33.69% | 33.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | 4 | 28.906039 | 30.498994 | 123 | 0.74% | 0.95% | 1.25% | 21.83% | 22.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | 209 | 12.954616 | 13.099593 | 2702 | 0.00% | 0.95% | 1.25% | 11.74% | 12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 40 | 14.317695 | 15.334082 | 567 | 1.88% | 0.95% | 1.25% | 3.32% | 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | 4 | 38.448288 | 40.689501 | 154 | 0.85% | 0.95% | 1.25% | 21.68% | 22.05% |
|  American Century Variable Portfolios, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Capital Appreciation Fund-Class I | 37 | 21.837827 | 22.489093 | 806 | 0.00% | 0.95% | 1.25% | 19.19% | 19.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Large Company Value Fund-Class I | 53 | 27.419048 | 29.017531 | 1449 | 2.53% | 0.95% | 1.25% | 2.59% | 2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Mid Cap Value Fund-Class I | 39 | 43.215395 | 45.734457 | 1682 | 2.22% | 0.95% | 1.25% | 4.81% | 5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Ultra<sup>®</sup> Fund-Class I | 5 | 57.957590 | 61.335573 | 289 | 0.00% | 0.95% | 1.25% | 41.72% | 42.15% |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 45 | 76.181427 | 82.909333 | 3447 | 1.78% | 0.95% | 1.25% | 15.16% | 15.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 32 | 44.217204 | 48.122426 | 1408 | 2.19% | 0.95% | 1.25% | 11.42% | 11.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 158 | 1.236033 | 1.320578 | 195 | 4.65% | 0.95% | 1.25% | 2.92% | 2.96% |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 23 | 36.339667 | 39.527628 | 825 | 6.40% | 0.95% | 1.25% | 11.82% | 12.16% |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | 54 | 64.494866 | 68.254234 | 3505 | 0.00% | 0.95% | 1.25% | 57.44% | 57.91% |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | 179 | 85.391338 | 92.932462 | 15319 | 1.42% | 0.95% | 1.25% | 24.36% | 24.74% |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | 48 | 60.652895 | 66.010672 | 2917 | 0.74% | 0.95% | 1.25% | 22.28% | 22.65% |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | 70 | 84.411051 | 91.865106 | 5937 | 0.72% | 0.95% | 1.25% | 19.46% | 19.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 1613 | 0.998540 | 1.054107 | 1612 | 4.15% | 0.95% | 1.25% | 3.37% | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | 32 | 55.944877 | 60.632232 | 1767 | 0.65% | 0.95% | 1.25% | 25.11% | 25.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Small Cap Portfolio-Initial Shares | 63 | 37.126690 | 40.238036 | 2352 | 0.34% | 0.95% | 1.25% | 7.92% | 8.25% |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 38 | 43.881146 | 47.276298 | 1648 | 1.08% | 0.95% | 1.25% | 15.30% | 15.65% |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 126 | 84.723103 | 92.206064 | 10864 | 2.09% | 0.95% | 1.25% | 13.98% | 14.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | 79 | 99.178190 | 107.940132 | 7802 | 0.16% | 0.95% | 1.25% | 16.60% | 16.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | 85 | 61.286528 | 66.028154 | 5245 | 0.20% | 0.95% | 1.25% | 38.22% | 38.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | 105 | 58.201364 | 63.342608 | 6180 | 0.93% | 0.95% | 1.25% | 25.20% | 25.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 100 | 24.224456 | 25.944797 | 2415 | 1.41% | 0.95% | 1.25% | 9.21% | 9.54% |
|  Morgan Stanley Variable Insurance Fund, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Portfolio-Class I | 27 | 55.662728 | 60.327085 | 1511 | 2.19% | 0.95% | 1.25% | 13.09% | 13.43% |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 15 | 21.909996 | 21.909996 | 320 | 5.51% | 1.25% | 1.25% | 10.85% | 10.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 58 | 14.532071 | 14.532071 | 847 | 2.93% | 1.25% | 1.25% | 2.38% | 2.38% |

---

(1) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount
from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. For subaccounts that commenced during the period
indicated, average net assets have been calculated from the date operations commenced through the end of the reporting period. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the
underlying fund in which the subaccounts invest.

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

(3) These amounts represent the total return for the periods 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 each 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.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(7)  **<u>UNIT VALUES AND FINANCIAL HIGHLIGHTS</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, 2022 | At December 31, 2022 | At December 31, 2022 | At December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 |
| Subaccount | Units<br>(000s) | Unit Value Range | Unit Value Range | Net Assets<br>(000s) | Investment<br>Income Ratio (1) | Expenses Ratio<br>Range (2) | Expenses Ratio<br>Range (2) | Total Return<br>Range (3) | Total Return<br>Range (3) |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | 20 | $33.358982 | $35.197138 | $663 | 0.68% | 0.95% | 1.25% | -3.83% | -3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Capital Appreciation Fund-Series I Shares | 40 | 30.240457 | 30.240457 | 1201 | 0.00% | 1.25% | 1.25% | -31.65% | -31.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | 4 | 23.727166 | 24.959187 | 104 | 0.79% | 0.95% | 1.25% | -21.54% | -21.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | 239 | 11.593393 | 11.687760 | 2776 | 0.00% | 0.95% | 1.25% | -31.84% | -31.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 33 | 13.858094 | 14.797021 | 454 | 1.90% | 0.95% | 1.25% | -11.41% | -11.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | 4 | 31.597548 | 33.338517 | 131 | 1.41% | 0.95% | 1.25% | -21.13% | -20.89% |
|  American Century Variable Portfolios, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Capital Appreciation Fund-Class I | 40 | 18.322532 | 18.812024 | 743 | 0.00% | 0.95% | 1.25% | -29.01% | -28.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Large Company Value Fund-Class I | 54 | 26.727108 | 28.199821 | 1439 | 2.06% | 0.95% | 1.25% | -1.50% | -1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Mid Cap Value Fund-Class I | 41 | 41.231717 | 43.503376 | 1700 | 2.12% | 0.95% | 1.25% | -2.42% | -2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Ultra<sup>®</sup> Fund-Class I | 5 | 40.895149 | 43.148163 | 215 | 0.00% | 0.95% | 1.25% | -33.22% | -33.02% |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 48 | 66.154931 | 71.780018 | 3157 | 1.40% | 0.95% | 1.25% | -6.11% | -5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 33 | 39.684423 | 43.058906 | 1328 | 0.00% | 0.95% | 1.25% | -16.91% | -16.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 168 | 1.200983 | 1.282562 | 202 | 1.40% | 0.95% | 1.25% | 0.13% | 0.35% |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 24 | 32.497196 | 35.241338 | 793 | 4.62% | 0.95% | 1.25% | -11.47% | -11.20% |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | 61 | 40.965871 | 43.223065 | 2522 | 0.00% | 0.95% | 1.25% | -47.06% | -46.90% |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | 206 | 68.664753 | 74.503242 | 14183 | 1.24% | 0.95% | 1.25% | -19.34% | -19.09% |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | 52 | 49.602446 | 53.821162 | 2611 | 0.49% | 0.95% | 1.25% | -23.83% | -23.60% |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | 80 | 70.659430 | 76.667028 | 5651 | 0.60% | 0.95% | 1.25% | -19.09% | -18.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 93 | 0.965966 | 1.018560 | 91 | 1.17% | 0.95% | 1.25% | 0.01% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | 35 | 44.717562 | 48.318011 | 1547 | 0.65% | 0.95% | 1.25% | -15.88% | -15.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Small Cap Portfolio-Initial Shares | 71 | 34.402048 | 37.172465 | 2443 | 0.00% | 0.95% | 1.25% | -17.66% | -17.41% |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 39 | 38.057468 | 40.878226 | 1488 | 0.88% | 0.95% | 1.25% | -21.63% | -21.39% |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 141 | 74.334325 | 80.655507 | 10596 | 1.15% | 0.95% | 1.25% | -17.45% | -17.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | 83 | 85.058486 | 92.293583 | 7091 | 0.19% | 0.95% | 1.25% | -16.99% | -16.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | 90 | 44.340148 | 47.626588 | 3986 | 0.16% | 0.95% | 1.25% | -34.38% | -34.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | 124 | 46.487421 | 50.441232 | 5804 | 0.96% | 0.95% | 1.25% | -20.42% | -20.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 108 | 22.182237 | 22.182237 | 2401 | 1.52% | 1.25% | 1.25% | -9.97% | -9.97% |
|  Morgan Stanley Variable Insurance Fund, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Plus Fixed Income Portfolio-Class I | 78 | 20.134222 | 21.755174 | 1573 | 3.72% | 0.95% | 1.25% | -15.40% | -15.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Portfolio-Class I | 28 | 49.220195 | 53.183669 | 1376 | 1.19% | 0.95% | 1.25% | -27.97% | -27.75% |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 14 | 19.765416 | 19.765416 | 282 | 4.91% | 1.25% | 1.25% | -11.42% | -11.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 55 | 14.194405 | 14.194405 | 774 | 6.44% | 1.25% | 1.25% | -13.01% | -13.01% |

---

(1) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount
from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. For subaccounts that commenced during the period
indicated, average net assets have been calculated from the date operations commenced through the end of the reporting period. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the
underlying fund in which the subaccounts invest.

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

(3) These amounts represent the total return for the periods 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 each 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.

------

**ANNUITY INVESTORS VARIABLE ACCOUNT A** 

**NOTES TO FINANCIAL STATEMENTS - CONTINUED** 

(7)  **<u>UNIT VALUES AND FINANCIAL HIGHLIGHTS</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, 2021 | At December 31, 2021 | At December 31, 2021 | At December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 |
| Subaccount | Units<br>(000s) | Unit Value Range | Unit Value Range | Net Assets<br>(000s) | Investment<br>Income Ratio (1) | Expenses Ratio<br>Range (2) | Expenses Ratio<br>Range (2) | Total Return<br>Range (3) | Total Return<br>Range (3) |
|  AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. American Value Fund-Series I Shares | 23 | $34.686683 | $36.487331 | $801 | 0.44% | 0.95% | 1.25% | 26.35% | 26.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Capital Appreciation Fund-Series I Shares | 46 | 44.241895 | 46.538363 | 2017 | 0.00% | 0.95% | 1.25% | 21.04% | 21.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund-Series I Shares | 5 | 30.240338 | 31.714325 | 159 | 0.62% | 0.95% | 1.25% | 26.14% | 26.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund-Series I Shares | 259 | 17.010210 | 17.096742 | 4405 | 0.00% | 0.95% | 1.25% | 17.61% | 17.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Government Securities Fund-Series I Shares | 35 | 15.643324 | 16.652715 | 552 | 2.41% | 0.95% | 1.25% | -3.49% | -3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund<sup>®</sup>-Series I Shares | 4 | 40.062700 | 42.142220 | 168 | 0.75% | 0.95% | 1.25% | 25.98% | 26.36% |
|  American Century Variable Portfolios, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Capital Appreciation Fund-Class I | 47 | 25.809474 | 26.418750 | 1220 | 0.00% | 0.95% | 1.25% | 9.77% | 10.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Large Company Value Fund-Class I | 62 | 27.135331 | 28.544018 | 1684 | 1.42% | 0.95% | 1.25% | 20.19% | 20.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Mid Cap Value Fund-Class I | 50 | 42.256425 | 44.449803 | 2128 | 1.13% | 0.95% | 1.25% | 21.66% | 22.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Ultra<sup>®</sup> Fund-Class I | 9 | 61.238119 | 64.416294 | 584 | 0.00% | 0.95% | 1.25% | 21.62% | 21.99% |
|  BlackRock Variable Series Funds, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Basic Value V.I. Fund-Class I | 53 | 70.457558 | 76.217387 | 3707 | 1.28% | 0.95% | 1.25% | 20.16% | 20.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Global Allocation V.I. Fund-Class I | 38 | 47.760229 | 51.664695 | 1818 | 0.92% | 0.95% | 1.25% | 5.34% | 5.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Government Money Market V.I. Fund-Class I | 162 | 1.199442 | 1.278056 | 195 | 0.00% | 0.95% | 1.25% | -1.02% | -0.73% |
|  BlackRock Variable Series Funds II, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock High Yield V.I. Fund-Class I | 29 | 36.707719 | 39.687065 | 1072 | 4.43% | 0.95% | 1.25% | 4.02% | 4.33% |
|  BNY Mellon Investment Portfolios: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Growth Portfolio-Initial Shares | 71 | 77.377990 | 81.393992 | 5504 | 0.00% | 0.95% | 1.25% | 11.52% | 11.86% |
|  BNY Mellon Stock Index Fund, Inc.-Initial Shares | 224 | 85.125696 | 92.084496 | 19127 | 1.13% | 0.95% | 1.25% | 26.81% | 27.19% |
|  BNY Mellon Sustainable U.S. Equity Portfolio, Inc.-Initial Shares | 56 | 65.124952 | 70.450091 | 3700 | 0.81% | 0.95% | 1.25% | 25.41% | 25.79% |
|  BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation Portfolio-Initial Shares | 90 | 87.328248 | 94.466495 | 7894 | 0.44% | 0.95% | 1.25% | 25.54% | 25.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Market Portfolio | 102 | 0.965848 | 1.015477 | 99 | 0.01% | 0.95% | 1.25% | -1.27% | -0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Income Portfolio-Initial Shares | 49 | 53.159552 | 57.265983 | 2631 | 0.48% | 0.95% | 1.25% | 24.06% | 24.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Small Cap Portfolio-Initial Shares | 81 | 41.780604 | 45.008678 | 3380 | 0.12% | 0.95% | 1.25% | 15.01% | 15.36% |
|  Deutsche DWS Investments VIT Funds: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Small Cap Index VIP-Class A | 42 | 48.559444 | 52.000745 | 2031 | 0.89% | 0.95% | 1.25% | 13.07% | 13.42% |
|  Janus Aspen Series: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Balanced Portfolio-Institutional Shares | 154 | 90.042548 | 97.404054 | 14083 | 0.87% | 0.95% | 1.25% | 15.73% | 16.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Portfolio-Institutional Shares | 88 | 102.467445 | 110.847041 | 9058 | 0.32% | 0.95% | 1.25% | 15.37% | 15.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Portfolio-Institutional Shares | 101 | 67.573527 | 72.362244 | 6810 | 0.00% | 0.95% | 1.25% | 21.36% | 21.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Global Research Portfolio-Institutional Shares | 133 | 58.413952 | 63.190354 | 7837 | 0.52% | 0.95% | 1.25% | 16.61% | 16.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Overseas Portfolio-Service Shares | 119 | 24.639821 | 26.230339 | 2944 | 1.01% | 0.95% | 1.25% | 11.87% | 12.21% |
|  Morgan Stanley Variable Insurance Fund, Inc.: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Plus Fixed Income Portfolio-Class I | 89 | 23.799286 | 25.637540 | 2127 | 3.74% | 0.95% | 1.25% | -1.57% | -1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Portfolio-Class I | 29 | 68.328305 | 73.606884 | 1985 | 2.04% | 0.95% | 1.25% | 38.06% | 38.47% |
|  PIMCO Variable Insurance Trust: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Portfolio-Administrative Class | 16 | 22.312993 | 23.471126 | 346 | 4.15% | 0.95% | 1.25% | 2.34% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio-Administrative Class | 69 | 16.317173 | 16.317173 | 1123 | 4.78% | 1.25% | 1.25% | 4.29% | 4.29% |

---

(1) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount
from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. For subaccounts that commenced during the period
indicated, average net assets have been calculated from the date operations commenced through the end of the reporting period. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the
underlying fund in which the subaccounts invest.

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

(3) These amounts represent the total return for the periods 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 each 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.