# EDGAR Filing Document

**Accession Number:** 0000856943
**File Stem:** 0001193125-26-161330
**Filing Date:** 2026-4
**Character Count:** 187556
**Document Hash:** bd9f89c044bd151b83af1802d1b9c47f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-161330.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-161330

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUARDIAN SEPARATE ACCOUNT D
- **CENTRAL INDEX KEY:** 0000856943

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05880
- **FILM NUMBER:** 26871227

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

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

## Series and Classes Contracts Data

### GUARDIAN SEPARATE ACCOUNT D (Series ID: S000008784)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000023900 | Guardian Investor Individual |  |
| C000023901 | Guardian Investor Group      |  |

**FINANCIAL STATEMENTS OF** 

**THE GUARDIAN SEPARATE ACCOUNT D** 

The Guardian Separate Account D

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Victory RS<br>Large Cap<br>Alpha<br>VIP Series** | **Victory 500<br>Index VIP<br>Series** |
|  | **(1)** | **(3)** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 39.76 | 15.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $— | $— |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $— | $— |
|  **Net Assets: Regular Contract** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $— | $— |
|  **Net Assets: 7 Year Enhanced Death Benefit Rider (EDBR)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $— |  |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in Payout (annuitization) period | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $— | $— |
|  **Cost of Shares in Underlying Fund** | $— | $— |

---

(1) Portfolio liquidated as of April 25, 2025

(2) Portfolio liquidated as of June 27, 2025

(3) Portfolio liquidated as of August 29, 2025

**STATEMENTS OF OPERATIONS** 

---

| | | |
|:---|:---|:---|
|  | **Victory RS<br>Large Cap<br>Alpha<br>VIP Series** | **Victory 500<br>Index VIP<br>Series** |
|  | **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>8/29/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $2823424 | $112767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges | 700152 | 74592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | 2123272 | 38175 |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (18086507) | (782606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 30205353 | 1903238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 12118846 | 1120632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (19646434) | (241356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | (7527588) | 879276 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $(5404316) | $917451 |

---

*See notes to financial statements.* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Victory<br>High<br>Yield<br>VIP Series** | **Victory RS<br>Small Cap<br>Growth<br>Equity<br>VIP Series** | **Victory RS<br>International<br>VIP Series** | **Victory<br>Sophus<br>Emerging<br>Markets<br>VIP Series** | **Gabelli<br>Capital<br>Asset Fund** | **Invesco V.I.<br>American<br>Franchise Fund<br>Series I** | **Invesco V.I.<br>Equity &<br>Income Fund<br>Series I** |
| **(3)** | **(3)** | **(3)** | **(2)** | **(1)** | **12/31/2025** | **12/31/2025** |
|  |  |  |  |  | 9066 | 42024 |
| 5.79 | 10.22 | 19.47 | 12.08 | 5.26 | 81.00 | 18.27 |
|  |  |  |  |  | 542 | 144 |
| $— | $— | $— | $5 | $— | $734882 | $767928 |
|  |  |  |  |  | 542 | 145 |
| $— | $— | $— | $5 | $— | $734340 | $767783 |
| $— | $— | $— | $5 | $— | $682469 | $729432 |
| $— | $— | $— | $5 | $— | $682469 | $729432 |
|  |  |  |  |  | 17316 | 27730 |
| $— | $— | $— | $— | $— | $39.41 | $25.48 |
| $— | $— | $— | $— | $— | $— | $— |
| $— | $— | $— | $— | $— | $— | $— |
| $— | $— | $— | $— | $— | $— | $— |
| $— | $— | $— | $5 | $— | $682469 | $729432 |
| $— | $— | $— | $— | $— | $51871 | $38351 |
| $— | $— | $— | $5 | $— | $734340 | $767783 |
| $— | $— | $— | $5 | $— | $655563 | $739551 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Victory<br>High<br>Yield<br>VIP Series** | **Victory RS<br>Small Cap<br>Growth<br>Equity<br>VIP Series** | **Victory RS<br>International<br>VIP Series** | **Victory<br>Sophus<br>Emerging<br>Markets<br>VIP Series** | **Gabelli<br>Capital<br>Asset Fund** | **Invesco V.I.<br>American<br>Franchise Fund<br>Series I** | **Invesco V.I.<br>Equity &<br>Income Fund<br>Series I** |
| **1/1/2025 to<br>8/29/2025** | **1/1/2025 to<br>8/29/2025** | **1/1/2025 to<br>8/29/2025** | **1/1/2025 to<br>6/27/2025** | **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $115672 | $35268 | $575981 | $89353 | $16629 | $— | $15271 |
| 9630 | 54565 | 196172 | 35972 | 63291 | 7797 | 8467 |
| 106042 | (19297) | 379809 | 53381 | (46662) | (7797) | 6804 |
| (202059) | (1790713) | 4245783 | (1180458) | (13127573) | 241659 | (18963) |
|  |  | 1407443 |  | 9878462 | 63461 | 38793 |
| (202059) | (1790713) | 5653226 | (1180458) | (3249111) | 305120 | 19830 |
| 164749 | 1415121 | (1815640) | 1917367 | 2667791 | (190752) | 52094 |
| (37310) | (375592) | 3837586 | 736909 | (581320) | 114368 | 71924 |
| $68732 | $(394889) | $4217395 | $790290 | $(627982) | $106571 | $78728 |

---

**B-3**

------

The Guardian Separate Account D

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **<br>AB Sustainable<br>Global<br>Thematic<br>Portfolio<br>Class B** | **Davis<br>Financial<br>Portfolio** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 89118 | 240418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 30.26 | 17.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 1038 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $2697734 | $4270276 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. | 1038 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $2696696 | $4269817 |
|  **Net Assets: Regular Contract** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $1968212 | $4244463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1968212 | $4244463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 66690 | 74968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $28.55 | $56.62 |
|  **Net Assets: 7 Year Enhanced Death Benefit Rider (EDBR)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $— | $— |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $1968212 | $4244463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in Payout (annuitization) period | 728484 | 25354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $2696696 | $4269817 |
|  **Cost of Shares in Underlying Fund** | $2864760 | $4062851 |

---

(1) Portfolio liquidated as of April 25, 2025

(2) Portfolio liquidated as of June 27, 2025

(3) Portfolio liquidated as of August 29, 2025

**STATEMENTS OF OPERATIONS** 

---

| | | |
|:---|:---|:---|
|  | **<br>AB Sustainable<br>Global<br>Thematic<br>Portfolio<br>Class B** | **Davis<br>Financial<br>Portfolio** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $— | $62770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges | 17062 | 27816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | (17062) | 34954 |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (33661) | 29062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 136030 | 367965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 102369 | 397027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (94214) | 164821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 8155 | 561848 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $(8907) | $596802 |

---

*See notes to financial statements.* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Davis<br>Real Estate<br>Portfolio** | **Fidelity VIP<br>Equity-Income<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Growth<br>Opportunities<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Mid Cap<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Government<br>Money Market<br>Portfolio<br>Service Class 2** | **Templeton<br>Growth<br>VIP Fund<br>Class 2** | **Janus<br>Henderson<br>Enterprise<br>Portfolio<br>Institutional<br>Shares** |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 131783 | 130907 | 108103 | 319566 | 47409501 | 58115 | 29147 |
| 12.66 | 29.16 | 99.10 | 36.79 | 1.00 | 14.15 | 83.58 |
| 582 | 1329 | 10362 | 2450 | 87741 | 65 | 1270 |
|  |  |  |  | 15 |  | 1 |
| $1668958 | $3818582 | $10723337 | $11759300 | $47497257 | $822389 | $2437410 |
| 582 | 1329 | 10361 | 2450 | 89011 | 65 | 1270 |
| $1668376 | $3817253 | $10712976 | $11756850 | $47408246 | $822324 | $2436140 |
| $1572612 | $3516137 | $10497280 | $11330443 | $44630699 | $715883 | $2255472 |
| $1572612 | $3516137 | $10497280 | $11330443 | $44630699 | $715883 | $2255472 |
| 34820 | 73098 | 115427 | 119813 | 4219320 | 26408 | 52530 |
| $43.58 | $46.37 | $87.77 | $91.28 | $10.50 | $26.32 | $41.41 |
| $— | $— | $— | $— | $— | $— | $— |
| $— | $— | $— | $— | $— | $— | $— |
| $— | $— | $— | $— | $— | $— | $— |
| $1572612 | $3516137 | $10497280 | $11330443 | $44630699 | $715883 | $2255472 |
| 95764 | 301116 | 215696 | 426407 | $2777547 | 106441 | 180668 |
| $1668376 | $3817253 | $10712976 | $11756850 | $47408246 | $822324 | $2436140 |
| $2041364 | $3428870 | $8042558 | $11820302 | $47409501 | $680580 | $2283077 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Davis<br>Real Estate<br>Portfolio** | **Fidelity VIP<br>Equity-Income<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Growth<br>Opportunities<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Mid Cap<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Government<br>Money Market<br>Portfolio<br>Service Class 2** | **Templeton<br>Growth<br>VIP Fund<br>Class 2** | **Janus<br>Henderson<br>Enterprise<br>Portfolio<br>Institutional<br>Shares** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $48174 | $62064 | $— | $41114 | $874352 | $6704 | $4883 |
| 22538 | 42098 | 108372 | 130109 | 276953 | 9210 | 28341 |
| 25636 | 19966 | (108372) | (88995) | 597399 | (2506) | (23458) |
| (80488) | 90124 | 1525014 | (32157) | (1) | 70769 | 25424 |
| 68743 | 203924 | 129932 | 1352978 |  | 57553 | 183755 |
| (11745) | 294048 | 1654946 | 1320821 | (1) | 128322 | 209179 |
| (142294) | 276942 | (75600) | (226826) | 1 | 37980 | (37789) |
| (154039) | 570990 | 1579346 | 1093995 |  | 166302 | 171390 |
| $(128403) | $590956 | $1470974 | $1005000 | $597399 | $163796 | $147932 |

---

**B-5**

------

The Guardian Separate Account D

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Janus<br>Henderson<br>Forty<br>Portfolio<br>Institutional**<br>**Shares** | **Janus<br>Henderson<br>Research<br>Portfolio<br>Institutional**<br>**Shares** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 102855 | 19463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 59.42 | 64.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 568 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $6112193 | $1264157 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. | 567 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $6111626 | $1263169 |
|  **Net Assets: Regular Contract** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $5910836 | $1143906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5910836 | $1143906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 73758 | 22890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $80.14 | $48.69 |
|  **Net Assets: 7 Year Enhanced Death Benefit Rider (EDBR)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $— | $— |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $5910836 | $1143906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in Payout (annuitization) period | 200790 | 119263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $6111626 | $1263169 |
|  **Cost of Shares in Underlying Fund** | $5028479 | $1112913 |

---

(1) Portfolio liquidated as of April 25, 2025

(2) Portfolio liquidated as of June 27, 2025

(3) Portfolio liquidated as of August 29, 2025

**STATEMENTS OF OPERATIONS** 

---

| | | |
|:---|:---|:---|
|  | **Janus<br>Henderson<br>Forty<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Research<br>Portfolio<br>Institutional<br>Shares** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $3824 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges | 63621 | 12543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | (59797) | (12543) |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 232937 | 282497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 631045 | 66133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 863982 | 348630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 54178 | (184872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 918160 | 163758 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $858363 | $151215 |

---

*See notes to financial statements.* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Janus<br>Henderson<br>Global Research<br>Portfolio<br>Institutional<br>Shares** | **MFS<sup>®</sup><br>Growth<br>Series<br>Initial Class** | **MFS<sup>®</sup> New<br>Discovery<br>Series Initial<br>Class** | **MFS<sup>®</sup> Total<br>Return Series<br>Initial Class** | **Guardian<br>Integrated<br>Research<br>VIP Fund** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund** | **Guardian<br>U.S.<br>Government<br>Securities<br>VIP Fund** |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 21423 | 37827 | 181991 | 173183 | 45856 | 84255 | 43207 |
| 79.67 | 67.85 | 15.60 | 23.33 | 30.92 | 42.01 | 10.64 |
| 878 | 454 | 105 | 1325 | 648 | 6774 | 82 |
| $1707667 | $2566985 | $2839168 | $4041686 | $1418521 | $3546326 | $459801 |
| 878 | 456 | 105 | 1324 | 649 | 6774 | 81 |
| $1706789 | $2566529 | $2839063 | $4040362 | $1417872 | $3539552 | $459720 |
| $1611947 | $2509884 | $2765653 | $3567804 | $1209131 | $3491938 | $448965 |
| $1611947 | $2509884 | $2765653 | $3567804 | $1209131 | $3491938 | $448965 |
| 55056 | 49180 | 58954 | 93778 | 78516 | 242375 | 45761 |
| $28.22 | $49.17 | $45.24 | $36.72 | $15.40 | $14.32 | $9.81 |
| $— | $— | $— | $— | $— | $— | $— |
| $— | $— | $— | $— | $— | $— | $— |
| $— | $— | $— | $— | $— | $— | $— |
| $1611947 | $2509884 | $2765653 | $3567804 | $1209131 | $3491938 | $448965 |
| 94842 | 56645 | 73410 | 472558 | 208741 | 47614 | 10755 |
| $1706789 | $2566529 | $2839063 | $4040362 | $1417872 | $3539552 | $459720 |
| $1508681 | $2484583 | $2548371 | $4096436 | $879429 | $2625976 | $437576 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Janus<br>Henderson<br>Global Research<br>Portfolio<br>Institutional<br>Shares** | **MFS<sup>®</sup><br>Growth<br>Series<br>Initial Class** | **MFS<sup>®</sup> New<br>Discovery<br>Series Initial<br>Class** | **MFS<sup>®</sup> Total<br>Return Series<br>Initial Class** | **Guardian<br>Integrated<br>Research<br>VIP Fund** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund** | **Guardian<br>U.S.<br>Government<br>Securities<br>VIP Fund** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $6705 | $— | $— | $108003 | $— | $— | $— |
| 12855 | 29183 | 21225 | 45763 | 15919 | 34893 | 4159 |
| (6150) | (29183) | (21225) | 62240 | (15919) | (34893) | (4159) |
| 75889 | (82727) | 67768 | (6036) | 94085 | 239987 | 671 |
| 84337 | 452727 |  | 287992 |  |  |  |
| 160226 | 370000 | 67768 | 281956 | 94085 | 239987 | 671 |
| 31525 | (107620) | 145685 | 27742 | 89641 | 239437 | 22089 |
| 191751 | 262380 | 213453 | 309698 | 183726 | 479424 | 22760 |
| $185601 | $233197 | $192228 | $371938 | $167807 | $444531 | $18601 |

---

**B-7**

------

The Guardian Separate Account D

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>All Cap<br>Core<br>VIP Fund** | **Guardian<br>Strategic<br>Large Cap<br>Core<br>VIP Fund** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 3677687 | 185534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 14.02 | 14.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 233087 | 7034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $51794253 | $2775201 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. | 234504 | 7034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $51559749 | $2768167 |
|  **Net Assets: Regular Contract** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $48345006 | $2665745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $48345006 | $2665745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding | 3322847 | 187621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $14.52 | $14.12 |
|  **Net Assets: 7 Year Enhanced Death Benefit Rider (EDBR)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (accumulation) | $— | $— |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $48345006 | $2665745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in Payout (annuitization) period | $3214743 | 102422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $51559749 | $2768167 |
|  **Cost of Shares in Underlying Fund** | $36621022 | $2491743 |

---

(1) Portfolio liquidated as of April 25, 2025

(2) Portfolio liquidated as of June 27, 2025

(3) Portfolio liquidated as of August 29, 2025

**STATEMENTS OF OPERATIONS** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>All Cap<br>Core<br>VIP Fund** | **Guardian<br>Strategic<br>Large Cap<br>Core<br>VIP Fund** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges | 602816 | 19147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | (602816) | (19147) |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 4960020 | 179607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 4960020 | 179607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 2661266 | (50986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 7621286 | 128621 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $7018470 | $109474 |

---

*See notes to financial statements.* 

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **<br>Guardian<br>Core Fixed<br>Income<br>VIP Fund** | **Guardian<br>Short Duration<br>Bond<br>VIP Fund** | **Guardian<br>Balanced<br>Allocation<br>VIP Fund** | **Guardian<br>Equity<br>Income<br>VIP Fund** |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 1169340 | 155605 | 7303834 | 13523050 |
| 10.97 | 11.22 | 14.33 | 13.92 |
| 10452 | 338 | 133055 | 277209 |
|  |  | 3 | 1 |
| $12838115 | $1746228 | $104796998 | $188518069 |
| 11165 | 337 | 134623 | 278749 |
| $12826950 | $1745891 | $104662375 | $188239320 |
| $12065631 | $1672273 | $96393109 | $174691238 |
| $12065631 | $1672273 | $96393109 | $174691238 |
| 1148204 | 155638 | 7021948 | 13100091 |
| $10.48 | $10.69 | $13.69 | $13.30 |
| $— | $— | $— | $— |
| $— | $— | $— | $— |
| $— | $— | $— | $— |
| $12065631 | $1672273 | $96393109 | $174691238 |
| $761319 | 73618 | $8269266 | $13548082 |
| $12826950 | $1745891 | $104662375 | $188239320 |
| $11927335 | $1679767 | $73272167 | $164505145 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Guardian<br>Core Fixed<br>Income<br>VIP Fund** | **Guardian<br>Short Duration<br>Bond<br>VIP Fund** | **Guardian<br>Balanced<br>Allocation<br>VIP Fund** | **Guardian<br>Equity<br>Income<br>VIP Fund** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $— | $— | $— | $— |
| 148816 | 15624 | 1240984 | 1608453 |
| (148816) | (15624) | (1240984) | (1608453) |
| 254768 | 53926 | 5025188 | 5307080 |
| 254768 | 53926 | 5025188 | 5307080 |
| 537487 | 11872 | 7800910 | 21095205 |
| 792255 | 65798 | 12826098 | 26402285 |
| $643439 | $50174 | $11585114 | $24793832 |

---

**B-9**

------

The Guardian Separate Account D

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **<br>Victory RS<br>Large Cap<br>Alpha<br>VIP Series** | **Victory 500<br>Index VIP<br>Series** |
|  | **1/1/2024 to<br>4/25/2025** | **1/1/2024 to<br>8/29/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $273802 | $12853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (302385) | (64911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 7023614 | 823867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 28430165 | 1312497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 35425196 | 2084306 |
|  **2024 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 239453 | 27676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (2421410) | 528358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (23453000) | (1997001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death | (1973491) | (18847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 140099 | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | (27468349) | (1460077) |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | 7956848 | 624229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 185235577 | 9289640 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $193192425 | $9913869 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $2123272 | $38175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (18086507) | (782606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 30205353 | 1903238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | (19646434) | (241356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | (5404316) | 917451 |
|  **2025 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 92595 | 41107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (168558228) | (10219014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (18691845) | (638023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death | (632830) | (15759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 2199 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | (187788109) | (10831320) |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | (193192425) | (9913869) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 193192425 | 9913869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $— | $— |

---

**See notes to financial statements** 

*See notes to financial statements.* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Victory<br>High<br>Yield<br>VIP Series** | **Victory RS<br>Small Cap<br>Growth<br>Equity<br>VIP Series** | **Victory RS<br>International<br>VIP Series** | **Victory<br>Sophus<br>Emerging<br>Markets<br>VIP Series** | **<br>Gabelli<br>Capital<br>Asset Fund** | **Invesco V.I.<br>American<br>Franchise Fund<br>Series I** | **Invesco V.I.<br>Equity &<br>Income Fund<br>Series I** |
| **1/1/2024 to<br>8/29/2025** | **1/1/2024 to<br>8/29/2025** | **1/1/2024 to<br>8/29/2025** | **1/1/2024 to<br>6/27/2025** | **1/1/2024 to<br>4/25/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $100636 | $(103094) | $405976 | $100526 | $(92151) | $(13757) | $3304 |
| (49349) | (2646843) | 413888 | (267202) | (1098434) | 57356 | (21832) |
|  |  |  |  | 1774579 |  | 26518 |
| 31301 | 3597659 | 374780 | 435752 | 1065386 | 229807 | 65782 |
| 82588 | 847722 | 1194644 | 269076 | 1649380 | 273406 | 73772 |
| 400 | 900 | 98580 | 6335 | 37194 | 680 |  |
| 50511 | (557736) | (421890) | (114798) | (181163) | 529625 | 28448 |
| (108605) | (1848829) | (3383888) | (553698) | (2777562) | (27781) | (52003) |
| (9498) | (55219) | (630438) | (90952) | (39897) | (4356) | (4518) |
| (4) | 5807 | (29339) | (353) | (1730) | 30 | 713 |
| (67196) | (2455077) | (4366975) | (753466) | (2963158) | 498198 | (27360) |
| 15392 | (1607355) | (3172331) | (484390) | (1313778) | 771604 | 46412 |
| 1263810 | 9647684 | 26270303 | 6573529 | 18380732 | 472773 | 726724 |
| $1279202 | $8040329 | $23097972 | $6089139 | $17066954 | $1244377 | $773136 |
| $106042 | $(19297) | $379809 | $53381 | $(46662) | $(7797) | $6804 |
| (202059) | (1790713) | 4245783 | (1180458) | (13127573) | 241659 | (18963) |
|  |  | 1407443 |  | 9878462 | 63461 | 38793 |
| 164749 | 1415121 | (1815640) | 1917367 | 2667791 | (190752) | 52094 |
| 68732 | (394889) | 4217395 | 790290 | (627982) | 106571 | 78728 |
| 268 |  | 30011 | 2570 |  | 912 | 792 |
| (971068) | (6915476) | (22861934) | (5985302) | (15196550) | (577665) | 26169 |
| (359952) | (695525) | (4388702) | (855563) | (1224071) | (26333) | (109649) |
| (17182) | (34778) | (96215) | (41218) | (18598) | (13512) | (1479) |
|  | 339 | 1473 | 89 | 247 | (10) | 86 |
| (1347934) | (7645440) | (27315367) | (6879424) | (16438972) | (616608) | (84081) |
| (1279202) | (8040329) | (23097972) | (6089134) | (17066954) | (510037) | (5353) |
| 1279202 | 8040329 | 23097972 | 6089139 | 17066954 | 1244377 | 773136 |
| $— | $— | $— | $5 | $— | $734340 | $767783 |

---

**B-11**

------

The Guardian Separate Account D

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **<br>AB Sustainable<br>Global<br>Thematic<br>Portfolio<br>Class B** | **Davis<br>Financial<br>Portfolio** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $(12927) | $19414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (10395) | (2839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 3164 | 154058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 69724 | 89162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 49566 | 259795 |
|  **2024 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 480 | 15549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net |  | 777749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (80444) | (80548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death |  | (25044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (1266) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | (81230) | 687654 |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | (31664) | 947449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 1067283 | 990532 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $1035619 | $1937981 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $(17062) | $34954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (33661) | 29062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 136030 | 367965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | (94214) | 164821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | (8907) | 596802 |
|  **2025 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 1765690 | 2003225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (96068) | (268339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | 1669984 | 1735034 |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | 1661077 | 2331836 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 1035619 | 1937981 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $2696696 | $4269817 |

---

*See notes to financial statements.* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Davis<br>Real Estate<br>Portfolio** | **Fidelity VIP<br>Equity-Income<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Growth<br>Opportunities<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Mid Cap<br>Portfolio<br>Service Class** | **Fidelity VIP<br>Government<br>Money Market<br>Portfolio<br>Service Class 2** | **Templeton<br>Growth<br>VIP Fund<br>Class 2** | **Janus<br>Henderson<br>Enterprise<br>Portfolio<br>Institutional<br>Shares** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $17888 | $16075 | $(101524) | $(85648) | $270527 | $(2338) | $(12789) |
| (27019) | 5079 | (295591) | 420021 |  | 27566 | 25291 |
| 46899 | 204165 |  | 1485897 |  | 2490 | 105882 |
| 30717 | 238701 | 2980561 | (96119) |  | 6003 | 247149 |
| 68485 | 464020 | 2583446 | 1724151 | 270527 | 33721 | 365533 |
| 3950 | 2640 | 1050 | 2720 | 17699 | 210 | 1260 |
| (532472) | 107573 | (73930) | 97419 | 1334941 | (195) | (8622) |
| (249007) | (827297) | (1204584) | (1458875) | (1144561) | (98471) | (204255) |
| (8809) | (4949) |  | (119772) | (96748) | (11329) | (64936) |
| 889 | (269) | (1039) | (1650) | 83148 | (740) | 273 |
| (785449) | (722302) | (1278503) | (1480158) | 194479 | (110525) | (276280) |
| (716964) | (258282) | 1304943 | 243993 | 465006 | (76804) | 89253 |
| 2819032 | 3746155 | 7577562 | 11258430 | 6749071 | 813655 | 2661190 |
| $2102068 | $3487873 | $8882505 | $11502423 | $7214077 | $736851 | $2750443 |
| $25636 | $19966 | $(108372) | $(88995) | $597399 | $(2506) | $(23458) |
| (80488) | 90124 | 1525014 | (32157) | (1) | 70769 | 25424 |
| 68743 | 203924 | 129932 | 1352978 |  | 57553 | 183755 |
| (142294) | 276942 | (75600) | (226826) | 1 | 37980 | (37789) |
| (128403) | 590956 | 1470974 | 1005000 | 597399 | 163796 | 147932 |
| 2910 | 3385 | 95498 | 4301 | 146992 | 210 | 73112 |
| (4350) | 311047 | 1706695 | 1224780 | 42683081 | 6669 | (262545) |
| (299755) | (572492) | (1419603) | (1822177) | (3045383) | (85202) | (184581) |
| (4097) | (3511) | (23077) | (157734) | (189552) |  | (88383) |
| 3 | (5) | (16) | 257 | 1632 |  | 162 |
| (305289) | (261576) | 359497 | (750573) | 39596770 | (78323) | (462235) |
| (433692) | 329380 | 1830471 | 254427 | 40194169 | 85473 | (314303) |
| 2102068 | 3487873 | 8882505 | 11502423 | 7214077 | 736851 | 2750443 |
| $1668376 | $3817253 | $10712976 | $11756850 | $47408246 | $822324 | $2436140 |

---

**B-13**

------

The Guardian Separate Account D

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Janus<br>Henderson<br>Forty<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Research<br>Portfolio<br>Institutional<br>Shares** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $(50443) | $(26186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 6319 | 515185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 259703 | 69700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 874668 | 66061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 1090247 | 624760 |
|  **2024 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 28759 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (486638) | (274287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (259411) | (402282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death | (69271) | (59058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 1480 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | (785081) | (735057) |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | 305166 | (110297) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 4463354 | 1981419 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $4768520 | $1871122 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $(59797) | $(12543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 232937 | 282497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 631045 | 66133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 54178 | (184872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 858363 | 151215 |
|  **2025 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 88881 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 701377 | (557279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (306326) | (93929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death |  | (108747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 811 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | 484743 | (759168) |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | 1343106 | (607953) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 4768520 | 1871122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $6111626 | $1263169 |

---

*See notes to financial statements.* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Janus<br>Henderson<br>Global Research<br>Portfolio<br>Institutional<br>Shares** | **MFS<sup>®</sup><br>Growth Series<br>Initial Class** | **MFS<sup>®</sup> New<br>Discovery<br>Series Initial<br>Class** | **MFS<sup>®</sup> Total<br>Return Series<br>Initial Class** | **Guardian<br>Integrated<br>Research<br>VIP Fund** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund** | **Guardian<br>U.S.<br>Government<br>Securities<br>VIP Fund** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $(4822) | $(35022) | $(20724) | $51381 | $(17559) | $(31800) | $(1681) |
| 122782 | 37854 | (491091) | (3285) | 56507 | 131485 | 8111 |
| 27925 | 186171 |  | 192825 |  |  |  |
| 35557 | 543458 | 600287 | 21796 | 270455 | 534125 | (5977) |
| 181442 | 732461 | 88472 | 262717 | 309403 | 633810 | 453 |
| 14249 | 7250 | 450 |  |  | 7610 | 5976 |
| (13171) | (64259) | (150263) | (36233) | (3) | 61715 | 107858 |
| (72418) | (95561) | (372877) | (466278) | (57413) | (252220) | (162902) |
| (32272) | (85686) | (29132) | (356873) | (55391) |  |  |
| (423) | (265) | 629 | 2645 | (790) | (360) | (16) |
| (104035) | (238521) | (551193) | (856739) | (113597) | (183255) | (49084) |
| 77407 | 493940 | (462721) | (594022) | 195806 | 450555 | (48631) |
| 840761 | 2132530 | 1936485 | 4500437 | 1308462 | 2218128 | 179078 |
| $918168 | $2626470 | $1473764 | $3906415 | $1504268 | $2668683 | $130447 |
| $(6150) | $(29183) | $(21225) | $62240 | $(15919) | $(34893) | $(4159) |
| 75889 | (82727) | 67768 | (6036) | 94085 | 239987 | 671 |
| 84337 | 452727 |  | 287992 |  |  |  |
| 31525 | (107620) | 145685 | 27742 | 89641 | 239437 | 22089 |
| 185601 | 233197 | 192228 | 371938 | 167807 | 444531 | 18601 |
| 443 | 1282 | 302 | 6000 |  | 123564 | 523 |
| 754138 | (73471) | 1301911 | 130544 | (118949) | 707547 | 319630 |
| (151210) | (174027) | (122272) | (347111) | (135382) | (399003) | (8032) |
| (347) | (46916) | (6872) | (27423) |  | (5772) | (1449) |
| (4) | (6) | 2 | (1) | 128 | 2 |  |
| 603020 | (293138) | 1173071 | (237991) | (254203) | 426338 | 310672 |
| 788621 | (59941) | 1365299 | 133947 | (86396) | 870869 | 329273 |
| 918168 | 2626470 | 1473764 | 3906415 | 1504268 | 2668683 | 130447 |
| $1706789 | $2566529 | $2839063 | $4040362 | $1417872 | $3539552 | $459720 |

---

**B-15**

------

The Guardian Separate Account D

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **<br>Guardian<br>All Cap<br>Core<br>VIP Fund** | **Guardian<br>Strategic<br>Large Cap<br>Core<br>VIP Fund** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $(514228) | $(16293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 1963814 | 62931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 6065704 | 180983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 7515290 | 227621 |
|  **2024 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 105626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (241476) | (5465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (6674620) | (302613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death | (432704) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 1113 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | (7242061) | (307946) |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | 273229 | (80325) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 42805250 | 1378224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $43078479 | $1297899 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $(602816) | $(19147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 4960020 | 179607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 2661266 | (50986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 7018470 | 109474 |
|  **2025 Contract Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract purchase payments | 96409 | 87865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 11762020 | 1748129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Annuity transactions, benefits and fees | (10012463) | (469291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death | (384902) | (5915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 1736 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from contract transactions | 1462800 | 1360794 |
|  **Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period** |  |  |
|  **Total Increase/(Decrease) in Net Assets** | 8481270 | 1470268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 43078479 | 1297899 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $51559749 | $2768167 |

---

*See notes to financial statements.* 

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **<br>Guardian<br>Core Fixed<br>Income<br>VIP Fund** | **Guardian<br>Short Duration<br>Bond<br>VIP Fund** | **Guardian<br>Balanced<br>Allocation<br>VIP Fund** | **Guardian<br>Equity<br>Income<br>VIP Fund** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $(158565) | $(11973) | $(1340358) | $(199456) |
| 48718 | 11320 | 2786264 | 721886 |
| 154997 | 34526 | 11971757 | 934137 |
| 45150 | 33873 | 13417663 | 1456567 |
| 46076 |  | 185697 | 34429 |
| 609846 | 495546 | (1089223) | (708716) |
| (1896261) | (291444) | (11350440) | (3488420) |
| (80074) |  | (1178731) | (225880) |
| (408) | (22) | 19012 | (3237) |
| (1320821) | 204080 | (13413685) | (4391824) |
| (1275671) | 237953 | 3978 | (2935257) |
| 14442756 | 1163136 | 112113933 | 18446286 |
| $13167085 | $1401089 | $112117911 | $15511029 |
| $(148816) | $(15624) | $(1240984) | $(1608453) |
| 254768 | 53926 | 5025188 | 5307080 |
| 537487 | 11872 | 7800910 | 21095205 |
| 643439 | 50174 | 11585114 | 24793832 |
| 4638 |  | 279514 | 371763 |
| 1073887 | 696167 | (2311060) | 164269501 |
| (1549686) | (397780) | (15979156) | (15816751) |
| (512783) | (3760) | (1036407) | (890412) |
| 370 | 1 | 6459 | 358 |
| (983574) | 294628 | (19040650) | 147934459 |
| (340135) | 344802 | (7455536) | 172728291 |
| 13167085 | 1401089 | 112117911 | 15511029 |
| $12826950 | $1745891 | $104662375 | $188239320 |

---

**B-17**

------

**THE GUARDIAN SEPARATE ACCOUNT D** 

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

**NOTE 1 — ORGANIZATION** 

The Guardian Separate Account D (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was organized by The Guardian Insurance & Annuity Company, Inc. (GIAC) on August 23, 1989, and commenced operations on January 16, 1990. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian). GIAC issues the individual and group deferred variable annuity contracts offered through the Account. GIAC provides for accumulations and benefits under the contracts by crediting the net premium purchase payments to one or more investment divisions established within the Account, or to the Fixed Rate Option (FRO), as selected by the contract owner. Amounts allocated to the FRO are maintained by GIAC in its general account. The contract owner may transfer his or her contract value among the twenty-six investment options within the Account, or the FRO. However, a contract owner may only invest in up to twenty investment options, including the FRO, at any time. Contract owners who qualify may also purchase either a seven year or Contract Anniversary Enhanced Death Benefit Rider, which may provide greater benefits than the proceeds payable under the basic contract. Prior period amounts have been re-classified to conform to current period presentation.

The twenty-six investment options of the Account correspond to the following underlying mutual funds and classes of shares in which the investment option invests (collectively, the Funds and individually, a Fund):

---

| | |
|:---|:---|
|  Invesco V.I. American Franchise Fund Series I<br> Invesco V.I. Equity & Income Fund Series I<br> AB Sustainable Global Thematic Portfolio Class B<br> Davis Financial Portfolio<br> Davis Real Estate Portfolio<br> Fidelity VIP Equity-Income Portfolio Service Class<br> Fidelity VIP Growth Opportunities Portfolio Service Class<br> Fidelity VIP Mid Cap Portfolio Service Class<br> Fidelity VIP Government Money Market Portfolio Service Class 2<br> Templeton Growth VIP Fund Class 2<br> Janus Henderson Enterprise Portfolio Institutional Shares<br> Janus Henderson Forty Portfolio Institutional Shares<br> Janus Henderson Research Portfolio Institutional Shares | Janus Henderson Global Research Portfolio Institutional Shares<br> MFS<sup>®</sup> Growth Series Initial Class<br> MFS<sup>®</sup> New Discovery Series Initial Class<br> MFS<sup>®</sup> Total Return Series Initial Class<br> Guardian Integrated Research VIP Fund<br> Guardian Large Cap Disciplined Growth VIP Fund<br> Guardian U.S. Government Securities VIP Fund<br> Guardian All Cap Core VIP Fund<br> Guardian Strategic Large Cap Core VIP Fund<br> Guardian Core Fixed Income VIP Fund<br> Guardian Short Duration Bond VIP Fund<br> Guardian Balanced Allocation VIP Fund<br> Guardian Equity Income VIP Fund |

---

The below funds were part of a fund substitution and are no longer available as an investment option under this contract in 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Existing Fund** | **Replacement Fund** | **Date** |
| &nbsp;&nbsp;&nbsp; Victory RS Large Cap Alpha VIP Series | Guardian Equity Income VIP Fund | April 25, 2025 |
| &nbsp;&nbsp;&nbsp; Gabelli Capital Asset Fund | Guardian All Cap Core VIP Fund | April 25, 2025 |

---

The below funds were liquidated and no longer available as an investment option under this contract in 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Existing Fund** | **Replacement Fund** | **Date** |
| &nbsp;&nbsp;&nbsp; Victory Sophus Emerging Markets VIP Series | Fidelity VIP Government Money Market Portfolio Service Class 2 | June 27, 2025 |
| &nbsp;&nbsp;&nbsp; Victory RS International VIP Series | Fidelity VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |
| &nbsp;&nbsp;&nbsp; Victory RS Small Cap Growth Equity VIP Series | Fidelity VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |
| &nbsp;&nbsp;&nbsp; Victory 500 Index VIP Series | Fidelity VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |
| &nbsp;&nbsp;&nbsp; Victory High Yield VIP Series | Fidelity VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

A tax-qualified and a non-tax-qualified investment division has been established within each investment option available in the Account.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of GIAC. The assets of the Account will not be charged with any liabilities arising out of any other business conducted by GIAC, but the obligations of the Account, including the promise to make annuity payments, are obligations of GIAC.

The changes in net assets maintained in the Account provide the basis for the periodic determination of benefits under the policies. The net assets are sufficient to fund the amount required under the state insurance law to provide for death benefits (without regard to the policy's minimum death benefit guarantee) and other policy benefits. Assets and related liabilities are held in GIAC's general account to cover the contingency that a policy's guaranteed benefit might exceed the benefit that would have been payable in the absence of such guarantee.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES** 

The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The following is a summary of significant accounting policies of the Account.

**Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Net proceeds of payments made by contract owners to the Account are invested by the Account's investment divisions in shares of the corresponding Funds at net asset value. All distributions made by the Fund are
reinvested in shares of the same Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The market value of the investments in the Funds is based on the net asset value of the respective Funds as of their close of business on the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment transactions are accounted for on the trade date and income is recorded on the ex-dividend date. Realized gains and losses are determined based on the cost of
securities sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The cost of investments sold is determined on a first in, first out (FIFO) basis.

The guidance pertaining to the disclosure of fair value measurements requires (1) the separate disclosure of significant transfers in and out of Level 1 and Level 2 fair value measurements, (2) additional breakout of the information presented in reconciliation of Level 3 fair value measurements, and (3) increased disclosure about inputs and valuation techniques used to measure fair value. For the year ended December 31, 2025, there were no transfers into or out of Level 1 and Level 2, and there were no Level 3 fair value measurement items requiring reconciliation.

The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management's view of market assumptions based on internally developed data in the absence of observable market information. The guidance requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs when determining the fair value of an asset or liability. The statement classifies all assets and liabilities carried or disclosed at fair value in one of the following three categories:

Level 1 — inputs are unadjusted quoted market prices available in active markets for identical assets on the reporting date. Assets in this category generally include actively traded registered mutual funds.

Level 2 — inputs are quoted prices for similar instruments in active markets, or quoted prices for identical or similar instruments in markets that are not active.

Level 3 — inputs are unobservable where there is little, or no market activity and assumptions are based on internally derived information. Assets in this category generally include all other types of investments that do not meet the criteria of Level 1 or 2. As of December 31, 2025, none of the Account investments are considered Level 3.

**B-19**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

The Account invests in various registered mutual funds managed by unaffiliated third parties. The fair value of the registered mutual funds is based upon the reported net asset values ("NAVs") as provided by the fund manager. The Fair Value Hierarchy level of the Account net assets is based on observable market inputs of the registered mutual funds as published on recognized market exchanges. GIAC's management reviews each mutual fund's liquidity in order to determine the level at which those investments should be reported. Generally, actively traded registered mutual funds are considered Level 1.

As of December 31, 2025, all investments of the Account were in actively traded registered mutual funds and were considered Level 1 with a total fair value of $473,623,422.

The guidance indicates that entities should determine whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. The guidance also indicates that entities should consider and evaluate the impact of decreased market activity and whether transactions are orderly in arriving at a fair value for its assets and liabilities, including evaluating whether values provided by pricing services are based on current information that reflects orderly transactions. As of December 31, 2025, none of the Account's registered mutual funds investments' level of trading activities is considered to have significantly decreased.

There were no financial instrument liabilities held by the Account as of December 31, 2025, or during the twelve months then ended.

**Subsequent Events** 

The Account considers events occurring after the balance sheet date but prior to the issuance of the financial statements to be subsequent events requiring disclosure. There were no subsequent events requiring recognition or disclosure in the financial statements.

**Individual Mortality Table Used and the Assumed Investment Return** 

Net assets allocated to payout contracts involving life contingencies are computed according to the 1983, 2000 and 2012 Individual Annuity Mortality Tables and the assumed investment return is between 1.0% - 6.0%, as applicable based on the annuitization date. The mortality risk on life contingent contracts is minimal and is borne by Talcott Resolution Life as they reinsure nearly all of GIAC's payout annuities with variable payments as part of a 100% coinsurance / modified coinsurance agreement executed with GIAC in November 2022. Variance in mortality experience may result in transfer to or from the general account of GIAC for retained contracts. Such amounts are reflected in the "Actuarial Increase/(Decrease) in Reserves for Contracts in Payout Period" in the Statements of Changes in Net Assets.

**Federal Income Taxes** 

The operations of the Account are included in the federal income tax return of Guardian, which is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, Guardian does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. Based on this, there is no charge to the Account for federal income taxes. Guardian will review, as needed, the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Under the provisions of Section 817(h) of the IRC, a variable annuity contract will not be treated as an annuity contract for federal tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The IRC provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Internal Revenue Service has issued regulations under section 817(h) of IRC. Guardian believes that the Account satisfies the current requirements of the regulations, and it intends that the Account will continue to meet such requirements.

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**Use of Estimates** 

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

**Segmented Reporting** 

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

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

**NOTE 3 — PURCHASES AND SALES OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Victory RS Large Cap Alpha VIP Series | $33715151 | $189177623 |
|  Victory 500 Index VIP Series | 2363303 | 11253210 |
|  Victory High Yield VIP Series | 168493 | 1410384 |
|  Victory RS Small Cap Growth Equity VIP Series | 141760 | 7809324 |
|  Victory RS International VIP Series | 9309388 | 34842927 |
|  Victory Sophus Emerging Markets VIP Series | 660695 | 7486849 |
|  Gabelli Capital Asset Fund | 9898072 | 16506432 |
|  Invesco V.I. American Franchise Fund Series I | 748755 | 1309699 |
|  Invesco V.I. Equity & Income Fund Series I | 149970 | 188452 |
|  AB Sustainable Global Thematic Portfolio Class B | 1932071 | 143119 |
|  Davis Financial Portfolio | 3667302 | 1529349 |
|  Davis Real Estate Portfolio | 180761 | 391671 |
|  Fidelity VIP Equity-Income Portfolio Service Class | 767619 | 805303 |
|  Fidelity VIP Growth Opportunities Portfolio Service Class | 5795986 | 5414930 |
|  Fidelity VIP Mid Cap Portfolio Service Class | 6802141 | 6288729 |
|  Fidelity VIP Government Money Market Portfolio Service Class 2 | 54796837 | 14601960 |
|  Templeton Growth VIP Fund Class 2 | 307353 | 330629 |
|  Janus Henderson Enterprise Portfolio Institutional Shares | 206757 | 508696 |
|  Janus Henderson Forty Portfolio Institutional Shares | 2532158 | 1476167 |
|  Janus Henderson Research Portfolio Institutional Shares | 454796 | 1160373 |
|  Janus Henderson Global Research Portfolio Institutional Shares | 922549 | 241342 |
|  MFS<sup>®</sup> Growth Series Initial Class | 720249 | 589842 |
|  MFS<sup>®</sup> New Discovery Series Initial Class | 1572288 | 420442 |
|  MFS<sup>®</sup> Total Return Series Initial Class | 550336 | 438097 |
|  Guardian Integrated Research VIP Fund | 24224 | 294345 |
|  Guardian Large Cap Disciplined Growth VIP Fund | 1005016 | 613571 |

---

**B-21**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Guardian U.S. Government Securities VIP Fund | $330305 | $23793 |
|  Guardian All Cap Core VIP Fund | 15869745 | 15014687 |
|  Guardian Strategic Large Cap Core VIP Fund | 1946272 | 604625 |
|  Guardian Core Fixed Income VIP Fund | 3771414 | 4904396 |
|  Guardian Short Duration Bond VIP Fund | 1167474 | 888472 |
|  Guardian Balanced Allocation VIP Fund | 297351 | 20585910 |
|  Guardian Equity Income VIP Fund | 180082112 | 33760635 |
|  **Total** | $342858703 | $381015982 |

---

**NOTE 4 — EXPENSES AND RELATED PARTY TRANSACTIONS** 

GIAC deducts certain charges from the contract. Contractual charges paid to GIAC include:

**Contract Charges** 

A fixed annual contract fee of $35 is deducted on each contract anniversary date before annuitization and upon surrender prior to annuitization to cover GIAC's administrative expenses. These charges are assessed through a redemption of units. For the years ended December 31, 2025 and 2024, contract fees amounted to $184,797 and $1,547,582, respectively and are reflected in "Net Annuity transactions, benefits and fees" in the Statements of Changes in Net Assets.

**Expense Charges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A charge for mortality and expense risk, through a reduction of the unit value, is computed daily and is equal to an annual rate of 1.15% of the average daily net assets applicable to the Account. There are additional
charges applicable to each rider option, through a reduction of the unit value, calculated as a percentage of average daily net asset value of the applicable contracts as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) 7 Year Enhanced Death Benefit Rider (EDBR), with an annual rate of .30%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Contract Anniversary Enhanced Death Benefit Rider (CAEDB), with an annual rate of .25%. There were no contracts outstanding with this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A charge for premium taxes deducted from either the contract payment or upon annuitization, as determined in accordance with applicable state law.

Currently, GIAC makes no charge against the Account for GIAC's federal income taxes. However, GIAC reserves the right to charge taxes attributable to the Account in the future.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Integrated Research VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Large Cap Disciplined Growth VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian U.S Government Securities VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian All Cap Core VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Strategic Large Cap Core VIP Fund<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Core Fixed Income VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Short Duration Bond VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Balanced Allocation VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Equity Income VIP Fund<br>|

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

GIAC has administrative service fee agreements with Victory Capital Management Inc, Gabelli Capital Asset Fund, Invesco Advisers, Inc., AllianceBernstein, L.P., Davis Selected Advisers, LP, Fidelity Management & Research Company, Templeton Global Advisors Limited, Janus Henderson Group PLC, and Massachusetts Financial Services Company, which compensate GIAC for administrative services provided. These fees range from .05% to .50% of the average daily net assets. These fees are borne and paid to GIAC by investment advisers, and therefore, are not recorded in the financial statements of the Fund.

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

**Sales Charges** 

Contingent deferred sales charges are assessed on certain partial or total surrenders. These charges are assessed through a redemption in units and paid to GIAC during the first seven contract years for a Single Purchase Payment Contract.

---

| | |
|:---|:---|
| **Numbers of Contract<br>Years Completed<br>from Date of the<br>Premium Payment** | **Contingent Deferred<br>Sales Charge Percentage** |
| 0 | 6% |
| 1 | 6% |
| 2 | 5% |
| 3 | 4% |
| 4 | 3% |
| 5 | 2% |
| 6 | 1% |
| 7+ | 0% |

---

For a Flexible Premium Payment Contract, the contingent deferred sales charges are the lesser of 6% of the total payments made during the 84 months immediately preceding the date of withdrawal, or 6% of the total amount being withdrawn.

For the years ended December 31, 2025 and 2024, contingent deferred sales charges were 339,370 and $115,945, respectively.

**NOTE 5 — CHANGES IN UNITS OUTSTANDING** 

The changes in units outstanding for the years ended December 31, 2025 and 2024, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase /<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase /<br>(Decrease)** |
|  Victory RS Large Cap Alpha VIP Series | 83427 | 1261278 | (1177851) | 3858 | 193842 | (189984) |
|  Victory 500 Index VIP Series | 10575 | 212779 | (202204) | 15793 | 49105 | (33312) |
|  Victory High Yield VIP Series | 11560 | 44888 | (33328) | 1775 | 6094 | (4319) |
|  Victory RS Small Cap Growth Equity VIP Series | 8207 | 126466 | (118259) | 5522 | 45475 | (39953) |
|  Victory RS International VIP Series | 137688 | 535687 | (397999) | 12738 | 75848 | (63110) |
|  Victory Sophus Emerging Markets VIP Series | 20125 | 149375 | (129250) | 515 | 17128 | (16613) |
|  Gabelli Capital Asset Fund | 7195 | 176858 | (169663) | 1922 | 35602 | (33680) |
|  Invesco V.I. American Franchise Fund Series I | 20328 | 36519 | (16191) | 18352 | 2482 | 15870 |
|  Invesco V.I. Equity & Income Fund Series I | 5059 | 7350 | (2291) | 3072 | 5623 | (2551) |

---

**B-23**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase /<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase /<br>(Decrease)** |
|  AB Sustainable Global Thematic Portfolio Class B | 61289 | 4370 | 56919 | 117 | 1412 | (1295) |
|  Davis Financial Portfolio | 63474 | 31615 | 31859 | 18001 | 2946 | 15055 |
|  Davis Real Estate Portfolio | 1930 | 8000 | (6070) | 81 | 17024 | (16943) |
|  Fidelity VIP Equity-Income Portfolio Service Class | 15312 | 17488 | (2176) | 3414 | 27978 | (24564) |
|  Fidelity VIP Growth Opportunities Portfolio Service Class | 69798 | 69609 | 189 | 4419 | 23581 | (19162) |
|  Fidelity VIP Mid Cap Portfolio Service Class | 62706 | 72061 | (9355) | 3050 | 20588 | (17538) |
|  Fidelity VIP Government Money Market Portfolio Service Class 2 | 4946712 | 1394723 | 3551989 | 59388 | 142303 | (82915) |
|  Templeton Growth VIP Fund Class 2 | 10992 | 13504 | (2512) | 98 | 4240 | (4142) |
|  Janus Henderson Enterprise Portfolio Institutional Shares | 4258 | 15188 | (10930) | 1848 | 11125 | (9277) |
|  Janus Henderson Forty Portfolio Institutional Shares | 28011 | 20973 | 7038 | 522 | 13666 | (13144) |
|  Janus Henderson Research Portfolio Institutional Shares | 8045 | 28062 | (20017) | 1598 | 19616 | (18018) |
|  Janus Henderson Global Research Portfolio Institutional Shares | 30075 | 8281 | 21794 | 8639 | 15973 | (7334) |
|  MFS<sup>®</sup> Growth Series Initial Class | 5360 | 12153 | (6793) | 15897 | 19907 | (4010) |
|  MFS<sup>®</sup> New Discovery Series Initial Class | 34641 | 9391 | 25250 | 8 | 13255 | (13247) |
|  MFS<sup>®</sup> Total Return Series Initial Class | 6121 | 11856 | (5735) |  | 22947 | (22947) |
|  Guardian Integrated Research VIP Fund | 3488 | 20406 | (16918) |  | 11883 | (11883) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 87359 | 55695 | 31664 | 12866 | 25406 | (12540) |
|  Guardian U.S. Government Securities VIP Fund | 35075 | 2091 | 32984 | 16013 | 20954 | (4941) |
|  Guardian All Cap Core VIP Fund | 1256712 | 1049732 | 206980 | 68844 | 653203 | (584359) |
|  Guardian Strategic Large Cap Core VIP Fund | 150823 | 55325 | 95498 |  | 20948 | (20948) |
|  Guardian Core Fixed Income VIP Fund | 369273 | 460688 | (91415) | 71762 | 209436 | (137674) |
|  Guardian Short Duration Bond VIP Fund | 110686 | 83455 | 27231 | 49610 | 32009 | 17601 |
|  Guardian Balanced Allocation VIP Fund | 120372 | 1540865 | (1420493) | 136094 | 1272901 | (1136807) |
|  Guardian Equity Income VIP Fund | 14468466 | 2624371 | 11844095 | 66526 | 445698 | (379172) |

---

**NOTE 6 — FINANCIAL HIGHLIGHTS** 

The following represent amounts for the years ended December 31, excluding the effect of the expenses of the underlying fund portfolios and charges made directly to contractholders' accounts through redemption of units. The net assets disclosed in the table below represent only net assets in accumulation.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**REGULAR CONTRACT** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Victory RS Large Cap Alpha VIP Series<sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1177851 | 133.57 | 180521830 | 1.15% | 1.26% | -1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1249504 | 136.17 | 170140567 | 1.15% | 1.28% | 12.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1397961 | 121.16 | 169383353 | 1.15% | 1.37% | -5.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1517010 | 128.13 | 194370691 | 1.15% | 1.16% | 22.07% |
|  Victory 500 Index VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 202204 | 46.60 | 9763722 | 1.15% | 1.30% | 19.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 234924 | 39.12 | 9191263 | 1.15% | 1.35% | 25.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 272160 | 31.18 | 8485782 | 1.15% | 1.25% | -20.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 276589 | 39.11 | 10818141 | 1.15% | 1.35% | 25.97% |

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**REGULAR CONTRACT** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Victory High Yield VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 33328 | 28.62 | 988878 | 1.15% | 9.16% | 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 37521 | 27.69 | 1038993 | 1.15% | 7.70% | 10.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45433 | 25.14 | 1142347 | 1.15% | 6.63% | -14.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 53697 | 29.42 | 1579970 | 1.15% | 7.09% | 4.64% |
|  Victory INCORE Low Duration Bond VIP Series<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 128411 | 12.89 | 1655848 | 1.15% | 5.29% | -0.16% |
|  Victory RS Small Cap Growth Equity VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 118259 | 62.26 | 7652709 | 1.15% | 0.00% | 5.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 153948 | 58.88 | 9064720 | 1.15% | 0.00% | 19.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 159044 | 49.47 | 7868306 | 1.15% | 0.00% | -37.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 187295 | 78.64 | 14729533 | 1.15% | 0.00% | -11.46% |
|  Victory RS International VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 397999 | 49.75 | 21896543 | 1.15% | 2.83% | -7.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 441882 | 53.76 | 23756544 | 1.15% | 2.74% | 18.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 488856 | 45.31 | 22152437 | 1.15% | 2.71% | -16.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 523861 | 54.45 | 28525666 | 1.15% | 2.26% | 13.05% |
|  Victory Sophus Emerging Markets VIP Series<sup>(11)(13)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $5 | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 129250 | 43.72 | 5732861 | 1.15% | 2.79% | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 142211 | 42.70 | 6072170 | 1.15% | 3.17% | 9.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 158060 | 38.90 | 6149000 | 1.15% | 0.80% | -23.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 167247 | 50.76 | 8489191 | 1.15% | 1.14% | -5.52% |
|  Victory INCORE Investment Quality Bond VIP Series<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 452556 | 40.41 | 18286265 | 1.15% | 7.19% | -1.37% |
|  Gabelli Capital Asset Fund<sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 169663 | 90.04 | 16390662 | 1.15% | 0.66% | -1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 187649 | 91.19 | 17112499 | 1.15% | 0.48% | 10.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 207133 | 82.48 | 17083772 | 1.15% | 0.42% | -13.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 236901 | 95.82 | 22699904 | 1.15% | 0.56% | 19.10% |
|  Value Line Centurion Fund<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 352985 | 128.08 | 45210852 | 1.15% | 0.06% | 18.29% |

---

**B-25**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**REGULAR CONTRACT** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Value Line Strategic Asset Management Trust<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 829607 | 157.38 | 130563175 | 1.15% | 1.05% | 14.53% |
|  Invesco V.I. American Franchise Fund Series I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17316 | $39.41 | $682469 | 1.15% | 0.00% | 10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 33507 | 35.71 | 1196387 | 1.15% | 0.00% | 33.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17637 | 26.78 | 472311 | 1.15% | 0.00% | 39.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16593 | 19.22 | 318964 | 1.15% | 0.00% | -31.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21218 | 28.23 | 599000 | 1.15% | 0.00% | 10.64% |
|  Invesco V.I. Equity & Income Fund Series I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27730 | $25.48 | $729432 | 1.15% | 1.71% | 11.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30021 | 22.89 | 708471 | 1.15% | 1.71% | 6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29718 | 21.41 | 636371 | 1.15% | 1.98% | 9.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33618 | 19.59 | 658721 | 1.15% | 1.66% | -8.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 38065 | 21.43 | 815828 | 1.15% | 4.37% | 12.67% |
|  Invesco V.I. Core Equity Fund Series I<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5988 | 24.08 | 144179 | 1.15% | 2.82% | 26.27% |
|  Invesco V.I. Government Securities Fund Series II<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |
|  Invesco V.I. Growth and Income Fund Series II<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62063 | 36.17 | 2244924 | 1.15% | 1.41% | 26.71% |
|  AB VPS Relative Value Portfolio Class B<sup>(4)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |
|  AB VPS Large Cap Growth Portfolio Class B<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**REGULAR CONTRACT** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  AB Sustainable Global Thematic Portfolio Class B |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 66690 | $28.55 | $1968212 | 1.15% | 0.00% | 4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9771 | 27.28 | 273610 | 1.15% | 0.00% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9977 | 26.93 | 268706 | 1.15% | 0.03% | 14.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11085 | 23.55 | 261044 | 1.15% | 0.00% | -28.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18290 | 32.71 | 598230 | 1.15% | 0.00% | 21.16% |
|  AB VPS Value Portfolio Class B<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |
|  Davis Financial Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 74968 | $56.62 | $4244463 | 1.15% | 1.80% | 27.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 43109 | 44.36 | 1912159 | 1.15% | 1.80% | 28.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28049 | 34.65 | 971982 | 1.15% | 1.89% | 13.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 40360 | 30.41 | 1227179 | 1.15% | 1.13% | -9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104049 | 33.63 | 3498921 | 1.15% | 2.24% | 29.04% |
|  Davis Real Estate Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34820 | $43.58 | $1572612 | 1.15% | 0.99% | -6.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 40890 | 46.83 | 1981521 | 1.15% | 0.99% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 56700 | 46.82 | 2654690 | 1.15% | 2.74% | 9.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 51382 | 42.80 | 2199359 | 1.15% | 1.60% | -27.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 69620 | 59.16 | 4118652 | 1.15% | 1.34% | 40.35% |
|  Davis Value Portfolio<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 147818 | 32.88 | 4859606 | 1.15% | 2.01% | 16.50% |
|  Fidelity VIP Contrafund Portfolio Service Class<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 275791 | 58.05 | 16009487 | 1.15% | 0.15% | 26.24% |
|  Fidelity VIP Equity-Income Portfolio Service Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 73098 | $46.37 | $3516137 | 1.15% | 1.63% | 17.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 75274 | 39.50 | 3080130 | 1.15% | 1.63% | 9.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 98259 | 35.96 | 3533372 | 1.15% | 1.71% | 9.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 120704 | 32.91 | 3972528 | 1.15% | 1.79% | -6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 112917 | 35.08 | 3961012 | 1.15% | 1.65% | 23.39% |
|  Fidelity VIP Growth Opportunities Portfolio Service Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 115427 | $87.77 | $10497280 | 1.15% | 0.00% | 20.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 115238 | 72.99 | 8705905 | 1.15% | 0.00% | 32.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 131314 | 55.18 | 7246454 | 1.15% | 0.00% | 43.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122133 | 38.37 | 4685697 | 1.15% | 0.00% | -38.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 142494 | 62.82 | 8950933 | 1.15% | 0.00% | 10.54% |

---

**B-27**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**REGULAR CONTRACT** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Fidelity VIP Mid Cap Portfolio Service Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 119813 | $91.28 | $11330443 | 1.15% | 0.45% | 10.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 129168 | 82.82 | 11067934 | 1.15% | 0.45% | 11.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 142045 | 74.03 | 10516073 | 1.15% | 0.50% | 13.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 162257 | 65.12 | 10566803 | 1.15% | 0.42% | -15.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 163860 | 77.38 | 12678771 | 1.15% | 0.58% | 24.06% |
|  Fidelity VIP Government Money Market Portfolio Service Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4219320 | $10.50 | $44630699 | 1.15% | 1.47% | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 667331 | 10.23 | 6878101 | 1.15% | 1.47% | 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 747996 | 9.95 | 7440146 | 1.15% | 4.51% | 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1050151 | 9.62 | 10099593 | 1.15% | 1.27% | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 962614 | 9.61 | 9249681 | 1.15% | 0.01% | -1.15% |
|  Templeton Growth VIP Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26408 | $26.32 | $715883 | 1.15% | 0.00% | 22.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 28920 | 21.53 | 640360 | 1.15% | 0.00% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 30655 | 21.37 | 655061 | 1.15% | 3.27% | 19.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 34410 | 17.86 | 614724 | 1.15% | 0.15% | -12.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 42858 | 20.42 | 875224 | 1.15% | 1.35% | 3.67% |
|  Janus Henderson Enterprise Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 52530 | $41.41 | $2255472 | 1.15% | 0.13% | 6.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 63460 | 38.96 | 2560153 | 1.15% | 0.13% | 10.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 71389 | 35.36 | 2524128 | 1.15% | 0.16% | 16.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 79203 | 30.29 | 2399365 | 1.15% | 0.34% | -16.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 106065 | 36.46 | 3866921 | 1.15% | 0.46% | 15.49% |
|  Janus Henderson Forty Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 73758 | $80.14 | $5910836 | 1.15% | 0.00% | 21.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 66720 | 66.18 | 4576912 | 1.15% | 0.00% | 22.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 79230 | 54.04 | 4281429 | 1.15% | 0.18% | 38.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 89386 | 39.06 | 3491219 | 1.15% | 0.18% | -34.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 114126 | 59.46 | 6786452 | 1.15% | 0.67% | 21.48% |
|  Janus Henderson Research Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22890 | $48.69 | $1143906 | 1.15% | 0.00% | 16.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 42907 | 41.66 | 1842402 | 1.15% | 0.00% | 28.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 57257 | 32.30 | 1849400 | 1.15% | 0.19% | 41.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 22373 | 22.82 | 510605 | 1.15% | 0.70% | -30.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 22673 | 32.93 | 746672 | 1.15% | 0.12% | 18.95% |
|  Janus Henderson Global Research Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 55056 | $28.22 | $1611947 | 1.15% | 0.28% | 19.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 33262 | 23.64 | 814315 | 1.15% | 0.28% | 17.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 39914 | 20.07 | 801078 | 1.15% | 0.93% | 25.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44657 | 16.01 | 715176 | 1.15% | 1.59% | -20.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51172 | 20.10 | 1028742 | 1.15% | 0.69% | 16.73% |

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**REGULAR CONTRACT** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  MFS<sup>®</sup> Growth Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 49180 | $49.17 | $2509884 | 1.15% | 0.00% | 10.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 55973 | 44.40 | 2574548 | 1.15% | 0.00% | 25.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 59237 | 35.43 | 2098697 | 1.15% | 0.00% | 34.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 75857 | 26.38 | 2001104 | 1.15% | 0.00% | -32.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 99262 | 39.04 | 3874845 | 1.15% | 0.00% | 22.11% |
|  MFS<sup>®</sup> Investors Trust Series Initial Class<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 78889 | 48.19 | 3801899 | 1.15% | 1.99% | 25.36% |
|  MFS<sup>®</sup> New Discovery Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 58954 | $45.24 | $2765653 | 1.15% | 0.00% | 11.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 33704 | 40.58 | 1415680 | 1.15% | 0.00% | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 46135 | 39.88 | 1840056 | 1.15% | 0.00% | 13.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 59397 | 35.27 | 2094688 | 1.15% | 0.00% | -30.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 63719 | 50.79 | 3236308 | 1.15% | 0.00% | 0.63% |
|  MFS<sup>®</sup> Research Series Initial Class<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11477 | 36.19 | 415368 | 1.15% | 1.98% | 23.37% |
|  MFS<sup>®</sup> Total Return Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 93778 | $36.72 | $3567804 | 1.15% | 0.00% | 9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 99513 | 33.46 | 3450466 | 1.15% | 0.00% | 2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 119855 | 32.58 | 3904865 | 1.15% | 2.03% | 9.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 144110 | 29.84 | 4300575 | 1.15% | 1.67% | -10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 168895 | 33.39 | 5639250 | 1.15% | 2.29% | 12.80% |
|  Guardian Integrated Research VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 78516 | $15.40 | $1209131 | 1.15% | 0.00% | 13.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95434 | 13.53 | 1296726 | 1.15% | 0.00% | 23.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 105151 | 10.92 | 1148595 | 1.15% | 0.00% | 22.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 153475 | 8.89 | 1364350 | 1.15% | 0.00% | -11.10% |
|  Guardian Large Cap Disciplined Growth VIP Fund<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 242375 | $14.32 | $3491938 | 1.15% | 0.00% | 15.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 210711 | 12.40 | 2624599 | 1.15% | 0.00% | 26.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 214940 | 9.79 | 2103624 | 1.15% | 0.00% | 40.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 270534 | 6.98 | 1887825 | 1.15% | 0.00% | -32.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 338494 | 10.31 | 3488896 | 1.15% | 0.00% | 3.07% |
|  Guardian U.S. Government Securities VIP Fund<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 45761 | $9.81 | $448965 | 1.15% | 0.00% | 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12777 | 9.30 | 118830 | 1.15% | 0.00% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17594 | 9.25 | 162715 | 1.15% | 0.00% | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 20710 | 8.99 | 186248 | 1.15% | 0.00% | -9.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 23241 | 9.92 | 230520 | 1.15% | 0.00% | -0.81% |

---

**B-29**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**REGULAR CONTRACT** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Guardian All Cap Core VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3322847 | $14.52 | $48345006 | 1.15% | 0.00% | 10.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3115867 | 13.09 | 40863684 | 1.15% | 0.00% | 18.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3593640 | 11.05 | 39710299 | 1.15% | 0.00% | 21.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3990781 | 9.09 | 36289782 | 1.15% | 0.00% | -9.07% |
|  Guardian Strategic Large Cap Core VIP Fund<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 187621 | $14.12 | $2665745 | 1.15% | 0.00% | 10.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 92123 | 12.80 | 1184761 | 1.15% | 0.00% | 17.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 110436 | 10.87 | 1200391 | 1.15% | 0.00% | 18.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122304 | 9.15 | 1119297 | 1.15% | 0.00% | -11.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 139394 | 10.30 | 1435174 | 1.15% | 0.00% | 2.96% |
|  Guardian Core Fixed Income VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1148204 | $10.48 | $12065631 | 1.15% | 0.00% | 5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1239619 | 9.95 | 12362343 | 1.15% | 0.00% | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1336328 | 9.94 | 13288826 | 1.15% | 0.00% | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1515280 | 9.53 | 14446911 | 1.15% | 0.00% | -4.66% |
|  Guardian Short Duration Bond VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 155638 | $10.69 | $1672273 | 1.15% | 0.00% | 3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 128407 | 10.28 | 1325013 | 1.15% | 0.00% | 3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 102718 | 9.97 | 1024484 | 1.15% | 0.00% | 2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 133047 | 9.69 | 1289615 | 1.15% | 0.00% | -3.07% |
|  Guardian Balanced Allocation VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7021948 | $13.69 | $96393109 | 1.15% | 0.00% | 11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8442441 | 12.28 | 103831702 | 1.15% | 0.00% | 12.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9271828 | 10.93 | 101385902 | 1.15% | 0.00% | 16.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10581852 | 9.39 | 99314222 | 1.15% | 0.00% | -6.15% |
|  Guardian Equity Income VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13100091 | $13.30 | $174691238 | 1.15% | 0.00% | 13.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1255996 | 11.74 | 14764669 | 1.15% | 0.00% | 8.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1578322 | 10.81 | 17057441 | 1.15% | 0.00% | 6.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1759872 | 10.18 | 17913796 | 1.15% | 0.00% | 1.79% |

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**NOTE 6 — FINANCIAL HIGHLIGHTS** 

The following represent amounts for the years ended December 31, excluding the effect of the expenses of the underlying fund portfolios and charges made directly to contractholders' accounts through redemption of units. The net assets disclosed in the table below represent only net assets in accumulation.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**7 YEAR ENHANCED DEATH BENEFIT RIDER** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Victory RS Large Cap Alpha VIP Series<sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 118331 | 36.33 | 4299121 | 1.45% | 1.28% | 12.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 150266 | 32.43 | 4872482 | 1.45% | 1.37% | -5.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 163107 | 34.39 | 5609646 | 1.45% | 1.16% | 21.70% |
|  Victory 500 Index VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 592 | 36.45 | 21569 | 1.45% | 1.35% | 25.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 874 | 29.13 | 25471 | 1.45% | 1.25% | -20.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 927 | 36.65 | 33985 | 1.45% | 1.35% | 25.59% |
|  Victory High Yield VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 126 | 25.79 | 3249 | 1.45% | 7.70% | 9.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 174 | 23.49 | 4084 | 1.45% | 6.63% | -14.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1671 | 27.57 | 46073 | 1.45% | 7.09% | 4.32% |
|  Victory INCORE Low Duration Bond VIP Series<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6978 | 12.23 | 85321 | 1.45% | 5.29% | -0.46% |
|  Victory RS Small Cap Growth Equity VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4264 | 48.82 | 208176 | 1.45% | 0.00% | 18.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4470 | 41.14 | 183895 | 1.45% | 0.00% | -37.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5678 | 65.59 | 372429 | 1.45% | 0.00% | -11.73% |
|  Victory RS International VIP Series<sup>(12)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 19227 | 29.62 | 569588 | 1.45% | 2.74% | 18.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 23490 | 25.04 | 588298 | 1.45% | 2.71% | -17.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 26675 | 30.19 | 805188 | 1.45% | 2.26% | 12.71% |
|  Victory Sophus Emerging Markets VIP Series<sup>(11)(13)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3652 | 40.16 | 146658 | 1.45% | 3.17% | 9.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4005 | 36.70 | 146977 | 1.45% | 0.80% | -23.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5803 | 48.03 | 278691 | 1.45% | 1.14% | -5.80% |

---

**B-31**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**7 YEAR ENHANCED DEATH BENEFIT RIDER** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Victory INCORE Investment Quality Bond VIP Series<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 26826 | 22.10 | 592970 | 1.45% | 7.19% | -1.66% |
|  Gabelli Capital Asset Fund<sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 15694 | 53.96 | 846822 | 1.45% | 0.48% | 10.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16428 | 48.95 | 804101 | 1.45% | 0.42% | -14.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18189 | 57.04 | 1037422 | 1.45% | 0.56% | 18.74% |
|  Value Line Centurion Fund<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 34863 | 36.08 | 1258007 | 1.45% | 0.06% | 17.94% |
|  Value Line Strategic Asset Management Trust<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 90596 | 52.86 | 4789288 | 1.45% | 1.05% | 14.19% |
|  Invesco V.I. American Franchise Fund Series I<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |
|  Invesco V.I. Equity & Income Fund Series I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2854 | 19.95 | 56924 | 1.45% | 1.98% | 8.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2915 | 18.31 | 53358 | 1.45% | 1.66% | -8.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3572 | 20.08 | 71740 | 1.45% | 4.37% | 12.34% |
|  Invesco V.I. Core Equity Fund Series I<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7 | 22.56 | 159 | 1.45% | 2.82% | 25.89% |
|  Invesco V.I. Government Securities Fund Series II<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**7 YEAR ENHANCED DEATH BENEFIT RIDER** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole<br>$** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Invesco V.I. Growth and Income Fund Series II<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1058 | 34.09 | 36074 | 1.45% | 1.41% | 26.33% |
|  AB VPS Relative Value Portfolio Class B<sup>(4)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |
|  AB VPS Large Cap Growth Portfolio Class B<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |
|  AB Sustainable Global Thematic Portfolio Class B |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1089 | 25.23 | 27490 | 1.45% | 0.03% | 14.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1090 | 22.13 | 24111 | 1.45% | 0.00% | -28.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2680 | 30.83 | 82627 | 1.45% | 0.00% | 20.80% |
|  AB VPS Value Portfolio Class B<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |  |  |
|  Davis Financial Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5 | 32.28 | 169 | 1.45% | 1.89% | 13.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5 | 28.41 | 149 | 1.45% | 1.13% | -9.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5 | 31.51 | 165 | 1.45% | 2.24% | 28.65% |
|  Davis Real Estate Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1133 | 43.61 | 49433 | 1.45% | 2.74% | 9.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1134 | 39.99 | 45347 | 1.45% | 1.60% | -27.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3052 | 55.44 | 169217 | 1.45% | 1.34% | 39.93% |
|  Davis Value Portfolio<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10961 | 30.81 | 337681 | 1.45% | 2.01% | 16.15% |

---

**B-33**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**7 YEAR ENHANCED DEATH BENEFIT RIDER** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole<br>$** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Fidelity VIP Contrafund Portfolio Service Class<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14595 | 54.40 | 793963 | 1.45% | 0.15% | 25.86% |
|  Fidelity VIP Equity-Income Portfolio Service Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1579 | 33.50 | 52903 | 1.45% | 1.71% | 8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2494 | 30.75 | 76681 | 1.45% | 1.79% | -6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2251 | 32.87 | 73992 | 1.45% | 1.65% | 23.02% |
|  Fidelity VIP Growth Opportunities Portfolio Service Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3086 | 51.40 | 158656 | 1.45% | 0.00% | 43.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3887 | 35.85 | 139345 | 1.45% | 0.00% | -39.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3906 | 58.87 | 229915 | 1.45% | 0.00% | 10.21% |
|  Fidelity VIP Mid Cap Portfolio Service Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4661 | 68.96 | 321470 | 1.45% | 0.50% | 13.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4786 | 60.85 | 291203 | 1.45% | 0.42% | -16.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8199 | 72.51 | 594485 | 1.45% | 0.58% | 23.69% |
|  Fidelity VIP Government Money Market Portfolio Service Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2250 | 9.69 | 21805 | 1.45% | 4.51% | 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5470 | 9.40 | 51400 | 1.45% | 1.27% | -0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10285 | 9.42 | 96857 | 1.45% | 0.01% | -1.45% |
|  Templeton Growth VIP Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2407 | 20.02 | 48190 | 1.45% | 3.27% | 19.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2433 | 16.79 | 40841 | 1.45% | 0.15% | -12.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2313 | 19.25 | 44529 | 1.45% | 1.35% | 3.35% |
|  Janus Henderson Enterprise Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1348 | 32.94 | 44401 | 1.45% | 0.16% | 16.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1349 | 28.30 | 38174 | 1.45% | 0.34% | -17.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1349 | 34.17 | 46100 | 1.45% | 0.46% | 15.14% |

---

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

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**7 YEAR ENHANCED DEATH BENEFIT RIDER** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole<br>$** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Janus Henderson Forty Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 634 | 50.34 | 31897 | 1.45% | 0.18% | 37.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1195 | 36.49 | 43601 | 1.45% | 0.18% | -34.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1510 | 55.73 | 84153 | 1.45% | 0.67% | 21.12% |
|  Janus Henderson Research Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3668 | 30.09 | 110375 | 1.45% | 0.19% | 41.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3771 | 21.32 | 80410 | 1.45% | 0.70% | -30.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4214 | 30.86 | 130043 | 1.45% | 0.12% | 18.59% |
|  Janus Henderson Global Research Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 682 | 18.70 | 12749 | 1.45% | 0.93% | 24.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 693 | 14.96 | 10375 | 1.45% | 1.59% | -20.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 774 | 18.84 | 14591 | 1.45% | 0.69% | 16.38% |
|  MFS<sup>®</sup> Growth Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 746 | 33.00 | 24626 | 1.45% | 0.00% | 33.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 747 | 24.65 | 18420 | 1.45% | 0.00% | -32.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 842 | 36.58 | 30786 | 1.45% | 0.00% | 21.75% |
|  MFS<sup>®</sup> Investors Trust Series Initial Class<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 432 | 45.96 | 19852 | 1.45% | 1.99% | 24.98% |
|  MFS<sup>®</sup> New Discovery Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 816 | 37.15 | 30318 | 1.45% | 0.00% | 12.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 830 | 32.95 | 27341 | 1.45% | 0.00% | -30.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 970 | 47.60 | 46188 | 1.45% | 0.00% | 0.33% |
|  MFS<sup>®</sup> Research Series Initial Class<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 967 | 33.92 | 32787 | 1.45% | 1.98% | 23.00% |
|  MFS<sup>®</sup> Total Return Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2605 | 30.35 | 79071 | 1.45% | 2.03% | 8.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3169 | 27.88 | 88362 | 1.45% | 1.67% | -10.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3330 | 31.29 | 104208 | 1.45% | 2.29% | 12.47% |

---

**B-35**

------

The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
| <br>**7 YEAR ENHANCED DEATH BENEFIT RIDER** | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio<sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio<sup>(2)</sup>** | **Total**<br> **Return<sup>(3)</sup>** |
|  Guardian Integrated Research VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2166 | 10.87 | 23540 | 1.45% | 0.00% | 22.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2318 | 8.87 | 20563 | 1.45% | 0.00% | -11.29% |
|  Guardian Large Cap Disciplined Growth VIP Fund<sup>(5)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8311 | 9.72 | 80805 | 1.45% | 0.00% | 39.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4263 | 6.95 | 29640 | 1.45% | 0.00% | -32.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4266 | 10.30 | 43941 | 1.45% | 0.00% | 3.01% |
|  Guardian U.S. Government Securities VIP Fund<sup>(5)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 124 | 9.19 | 1137 | 1.45% | 0.00% | 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 124 | 8.96 | 1109 | 1.45% | 0.00% | -9.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 124 | 9.91 | 1228 | 1.45% | 0.00% | -0.87% |
|  Guardian All Cap Core VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 106586 | 10.99 | 1171850 | 1.45% | 0.00% | 21.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 111984 | 9.07 | 1016222 | 1.45% | 0.00% | -9.25% |
|  Guardian Strategic Large Cap Core VIP Fund<sup>(5)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2635 | 10.80 | 28451 | 1.45% | 0.00% | 18.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2635 | 9.12 | 24030 | 1.45% | 0.00% | -11.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7741 | 10.29 | 79652 | 1.45% | 0.00% | 2.90% |
|  Guardian Core Fixed Income VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 40965 | 9.89 | 405312 | 1.45% | 0.00% | 3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 52198 | 9.51 | 496637 | 1.45% | 0.00% | -4.85% |
|  Guardian Short Duration Bond VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8088 | 9.92 | 80259 | 1.45% | 0.00% | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8171 | 9.67 | 79033 | 1.45% | 0.00% | -3.27% |
|  Guardian Balanced Allocation VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 307420 | 10.88 | 3344615 | 1.45% | 0.00% | 16.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 386795 | 9.37 | 3622732 | 1.45% | 0.00% | -6.34% |
|  Guardian Equity Income VIP Fund<sup>(8)(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 56846 | 10.75 | 611256 | 1.45% | 0.00% | 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 69647 | 10.16 | 707482 | 1.45% | 0.00% | 1.58% |

---

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

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The Guardian Separate Account D

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

(1) These amounts represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. These 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 have been excluded.

(2) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the year to
date daily average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of
investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests. The investment income ratio is annualized in the initial year in which units of a product were
purchased.

(3) Total returns are not annualized for periods less than a year. These amounts represent the total return for the periods indicated, including charges 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. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total returns are
calculated for each period indicated or from the effective date through the end of the reporting period.

(4) As of April 26, 2019, the AB VPS Value Portfolio Class B was merged and no longer available as an investment allocation option under this contract. After the merger, any accumulation value remaining in the AB
VPS Value Portfolio Class B was transferred to the AB VPS Growth and Income Portfolio Class B.

(5) Portfolio commenced operations October 22, 2021.

(6) As of October 22, 2021, certain funds were liquidated as a result of fund substitution and no longer available as an investment allocation option under this contract. After the liquidation, date any accumulation
value remaining in the liquidated funds were transferred to each respective Guardian Fund.

(7) No contracts investing in this investment option as of December 31, 2022.

(8) Portfolio commenced operations April 29, 2022.

(9) As of April 29, 2022, certain funds were liquidated as a result of fund substitution and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation
value remaining in the liquidated funds were transferred to each respective Guardian VIP Fund. The expense ratio, investment income ratio, investment income ratio and total returns were not applicable as of December 31, 2022 as a result of
liquidation.

(10) As of April 25, 2025, certain funds were liquidated as a result of fund substitution and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation
value remaining in the liquidated funds were transferred to each respective Guardian VIP Fund. The expense ratio, investment income ratio and total returns were not applicable as of December 31, 2025 as a result of liquidation.

(11) As of June 27, 2025, the Victory Sophus Emerging Markets VIP Series Fund was liquidated and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation
value remaining in the Victory Sophus Emerging Markets VIP Series Fund was transferred to the Fidelity VIP Government Money Market Portfolio Service Class 2.

(12) As of August 29, 2025, certain funds were liquidated and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation value remaining in the liquidated
funds were transferred to the Fidelity VIP Government Money Market Portfolio Service Class 2.

(13) As part of the liquidation of the Fund, which was completed effective June 27, 2025, a residual balance of $5 related to remaining mortality and expense remained in the Fund following the liquidation date. This
residual amount was immaterial and was removed from the Fund during the first quarter of 2026 in order to fully complete the liquidation process.

**B-37**

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of The Guardian Insurance & Annuity Company, Inc. and the Contract Owners of The Guardian Separate Account D

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the investment options of The Guardian Separate Account D indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below , including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the investment options of The Guardian Separate Account D as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fidelity VIP Government Money Market Portfolio Service Class 2<sup>(1)</sup>

Templeton Growth VIP Fund Class 2<sup>(1)</sup>

Janus Henderson Enterprise Portfolio Institutional Shares<sup>(1)</sup>

Janus Henderson Forty Portfolio Institutional Shares<sup>(1)</sup>

Janus Henderson Research Portfolio Institutional Shares<sup>(1)</sup>

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

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

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

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

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

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

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

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

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

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

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

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

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

1. Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025, and 2024

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

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

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

***Basis for Opinions***

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

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

------

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

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

/s/ PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

We have served as the auditor of one or more of the investment options of The Guardian Separate Account D since 1992.

**B-39**