# EDGAR Filing Document

**Accession Number:** 0001016274
**File Stem:** 0001016274-26-000018
**Filing Date:** 2026-4
**Character Count:** 530629
**Document Hash:** 3fdd2f50f726c4a7edd144e673330d8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001016274-26-000018.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001016274-26-000018

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT LLVA
- **CENTRAL INDEX KEY:** 0001016274

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07661
- **FILM NUMBER:** 26888023

**BUSINESS ADDRESS:**
- **STREET 1:** AMERITAS LIFE INSURANCE CORP.
- **STREET 2:** 5900 O STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
- **BUSINESS PHONE:** 4024671112

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

## Series and Classes Contracts Data

### AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT LLVA (Series ID: S000011629)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000031965 | NLVA (4080)                 |  |
| C000031966 | NLVA (6150)                 |  |
| C000031967 | Advisor Select              |  |
| C000117517 | No-Load VA 6150             |  |
| C000159769 | Ameritas Advisor No-Load VA |  |

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

![](image_001.gif)

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

and the Board of Directors of Ameritas Life Insurance Corp.

Lincoln, Nebraska

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

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

**Basis for Opinion**

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

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

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

 

*/s/ Deloitte & Touche LLP*

Omaha, Nebraska

March 19, 2026

We have served as the Account's auditor since 1997.

This page left intentionally blank.

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVA** | **SEPARATE ACCOUNT LLVA** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Calvert Variable Series, Inc. (Calvert):</u> |  |
| Calvert VP SRI Balanced Portfolio, Class I (Balanced) - |  |
| 414,593.109 shares at $2.85 per share (cost $945,129) | $1181590 |
| Calvert VP SRI Mid Cap Portfolio (Mid Cap) - |  |
| 13,075.827 shares at $26.47 per share (cost $368,009) | 346117 |
| <u>Deutsche DWS Investments VIT Funds (Scudder):</u> |  |
| DWS Small Cap Index VIP Portfolio, Class A (Small Cap) - |  |
| 10,319.972 shares at $15.02 per share (cost $163,676) | 155006 |
| <u>Deutsche DWS Variable Series II (Scudder):</u> |  |
| DWS Small Mid Cap Value VIP Portfolio, Class A (Small Mid Value) - |  |
| 67,355.392 shares at $14.09 per share (cost $878,696) | 949037 |
| DWS International Opportunities VIP Portfolio, Class A (Thematic) - |  |
| 36,570.884 shares at $19.22 per share (cost $565,056) | 702892 |
| <u>Deutsche DWS Variable Series I (Scudder):</u> |  |
| DWS Capital Growth VIP Portfolio, Class A (Growth) - |  |
| 13,627.246 shares at $42.96 per share (cost $474,100) | 585426 |
| <u>Fidelity(R) Variable Insurance Products (Fidelity):</u> |  |
| Fidelity(R) VIP Overseas Portfolio, Initial Class (Overseas IC) - |  |
| 110,129.057 shares at $27.52 per share (cost $2,618,682) | 3030752 |
| Fidelity(R) VIP Investment Grade Bond Portfolio, Initial Class (Inv. Grade Bond IC) - |  |
| 2,010,882.568 shares at $11.36 per share (cost $25,003,757) | 22843626 |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Initial Class (Equity Income IC) - |  |
| 131,158.290 shares at $29.43 per share (cost $3,173,611) | 3859988 |
| Fidelity(R) VIP Growth Portfolio, Initial Class (Growth IC) - |  |
| 71,405.254 shares at $97.72 per share (cost $6,399,145) | 6977721 |
| Fidelity(R) VIP High Income Portfolio, Initial Class (High Income IC) - |  |
| 402,385.827 shares at $4.88 per share (cost $1,993,791) | 1963643 |
| Fidelity(R) VIP High Income Portfolio, Service Class (High Income SC) - |  |
| 24,373.003 shares at $4.84 per share (cost $121,573) | 117965 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Initial Class (Contrafund IC) - |  |
| 486,601.444 shares at $59.89 per share (cost $20,999,933) | 29142560 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class (Contrafund SC) - |  |
| 16,614.107 shares at $59.33 per share (cost $741,426) | 985715 |
| Fidelity(R) VIP Mid Cap Portfolio, Initial Class (Mid Cap IC) - |  |
| 246,547.668 shares at $37.51 per share (cost $8,810,690) | 9248003 |
| Fidelity(R) VIP Mid Cap Portfolio, Service Class (Mid Cap SC) - |  |
| 6,635.946 shares at $36.79 per share (cost $227,308) | 244136 |
| Fidelity(R) VIP Strategic Income Portfolio, Initial Class (Strategic) - |  |
| 1,120,675.776 shares at $11.23 per share (cost $12,634,928) | 12585189 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVA** | **SEPARATE ACCOUNT LLVA** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Fidelity(R) Variable Insurance Products (Fidelity), continued:</u> |  |
| Fidelity(R) VIP Government Money Market Portfolio, Initial Class (Money Market) - |  |
| 28,827,520.080 shares at $1.00 per share (cost $28,827,520) | $28827520 |
| <u>AIM Variable Insurance Funds (AIM):</u> |  |
| Invesco V.I. Diversified Dividend Fund Portfolio, Series I (Dividend) - |  |
| 3,542.064 shares at $27.22 per share (cost $88,171) | 96415 |
| Invesco V.I. Health Care Fund Portfolio, Series I (Health) - |  |
| 725.576 shares at $29.89 per share (cost $19,980) | 21687 |
| Invesco V.I. Technology Fund Portfolio, Series I (Technology) - |  |
| 62.734 shares at $25.69 per share (cost $1,136) | 1612 |
| Invesco V.I. EQV International Equity Fund Portfolio, Series I (Intl. Growth) - |  |
| 21,943.000 shares at $36.11 per share (cost $771,182) | 792362 |
| Invesco V.I. American Franchise Fund Portfolio, Series I (Franchise) - |  |
| 1,691.544 shares at $81.00 per share (cost $102,844) | 137015 |
| <u>Janus Aspen Series (Janus):</u> |  |
| Janus Henderson Research Portfolio, Institutional Shares (Growth) - |  |
| 1,667.700 shares at $64.90 per share (cost $52,313) | 108234 |
| <u>Neuberger Berman Advisers Management Trust (Neuberger Berman):</u> |  |
| Neuberger Berman AMT Mid Cap Growth Portfolio, Class I (Mid-Cap) - |  |
| 7,232.972 shares at $28.99 per share (cost $193,042) | 209684 |
| Neuberger Berman AMT Short Duration Bond Portfolio, Class I (Bond) - |  |
| 0.000 shares at $9.67 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Neuberger Berman AMT Quality Equity Portfolio, Class I (Equity) - |  |
| 13,523.734 shares at $42.76 per share (cost $412,485) | 578275 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I (Regency) - |  |
| 27,479.706 shares at $16.41 per share (cost $475,041) | 450942 |
| <u>Rydex Variable Trust (Rydex):</u> |  |
| Rydex Nova Fund Portfolio (Nova) - |  |
| 4,051.891 shares at $257.32 per share (cost $869,624) | 1042633 |
| Rydex NASDAQ-100(R) Fund Portfolio (NASDAQ) - |  |
| 37,240.339 shares at $96.73 per share (cost $2,237,297) | 3602258 |
| Rydex Precious Metals Fund Portfolio (Precious Metals) - |  |
| 53,408.394 shares at $97.07 per share (cost $2,908,339) | 5184353 |
| Rydex Inverse S&P 500(R) Strategy Fund Portfolio (Inv. S&P 500) - |  |
| 602.257 shares at $91.61 per share (cost $68,004) | 55173 |
| Rydex Government Long Bond 1.2x Strategy Fund Portfolio (Gov. Long Bond) - |  |
| 1,155.583 shares at $178.71 per share (cost $285,900) | 206514 |
| Rydex Inverse NASDAQ-100(R) Strategy Fund Portfolio (Inverse NASDAQ) - |  |
| 488.511 shares at $104.10 per share (cost $53,839) | 50854 |

---

.

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVA** | **SEPARATE ACCOUNT LLVA** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Rydex Variable Trust (Rydex), continued:</u> |  |
| Rydex Inverse Government Long Bond Strategy Fund Portfolio (Inv. Long Bond) - |  |
| 1,024.311 shares at $109.31 per share (cost $104,006) | $111967 |
| Rydex Russell 2000(R) 1.5x Strategy Fund Portfolio (Russell) - |  |
| 6,849.348 shares at $84.58 per share (cost $507,130) | 579318 |
| <u>Third Avenue Variable Series Trust (Third Avenue):</u> |  |
| Third Avenue Value Portfolio (Value) - |  |
| 132,138.862 shares at $25.04 per share (cost $2,612,584) | 3308757 |
| <u>Vanguard(R) Variable Insurance Fund (Vanguard):</u> |  |
| Vanguard(R) Equity Index Portfolio (Equity Index) - |  |
| 1,125,474.777 shares at $81.96 per share (cost $63,442,149) | 92243913 |
| Vanguard(R) Total Bond Market Index Portfolio (Total Bond) - |  |
| 7,914,199.328 shares at $10.80 per share (cost $90,146,710) | 85473353 |
| Vanguard(R) Real Estate Index Portfolio (REIT Index) - |  |
| 1,634,381.677 shares at $11.57 per share (cost $19,912,715) | 18909796 |
| Vanguard(R) Mid-Cap Index Portfolio (Mid-Cap) - |  |
| 1,163,349.284 shares at $27.96 per share (cost $25,602,775) | 32527246 |
| Vanguard(R) Total Stock Market Index Portfolio (Stock Market Index) - |  |
| 954,879.386 shares at $60.93 per share (cost $40,140,104) | 58180801 |
| Vanguard(R) Conservative Allocation Portfolio (Conservative) - |  |
| 325,065.299 shares at $26.46 per share (cost $8,182,528) | 8601228 |
| Vanguard(R) Moderate Allocation Portfolio (Moderate) - |  |
| 212,615.199 shares at $33.28 per share (cost $6,046,381) | 7075834 |
| Vanguard(R) Short-Term Investment-Grade Portfolio (Short-Term) - |  |
| 2,285,461.847 shares at $10.67 per share (cost $24,060,820) | 24385878 |
| Vanguard(R) Total International Stock Market Index Portfolio (International Stock) - |  |
| 476,563.343 shares at $26.86 per share (cost $10,423,217) | 12800491 |
| Vanguard(R) Global Bond Index Portfolio (Global Bond) - |  |
| 95,726.455 shares at $18.83 per share (cost $1,941,578) | 1802529 |
| Vanguard(R) Equity Income Portfolio (Equity Income) - |  |
| 850,623.215 shares at $26.22 per share (cost $19,318,926) | 22303341 |
| Vanguard(R) High Yield Bond Portfolio (High Yield Bond) - |  |
| 1,820,274.541 shares at $7.55 per share (cost $13,329,020) | 13743073 |
| Vanguard(R) Growth Portfolio (Growth) - |  |
| 767,400.052 shares at $36.68 per share (cost $19,987,174) | 28148234 |
| Vanguard(R) Balanced Portfolio (Balanced) - |  |
| 1,041,274.789 shares at $25.41 per share (cost $23,746,061) | 26458792 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVA** | **SEPARATE ACCOUNT LLVA** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Vanguard(R) Variable Insurance Fund (Vanguard), continued:</u> |  |
| Vanguard(R) International Portfolio (International) - |  |
| 1,242,031.507 shares at $28.59 per share (cost $32,776,048) | $35509681 |
| Vanguard(R) Diversified Value Portfolio (Diversified) - |  |
| 1,009,864.634 shares at $17.47 per share (cost $14,223,891) | 17642335 |
| Vanguard(R) Small Company Growth Portfolio (Small Company Growth) - |  |
| 704,212.226 shares at $19.07 per share (cost $13,482,171) | 13429327 |
| <u>Allspring Funds - Variable Trust (Allspring):</u> |  |
| Allspring VT Discovery SMID Cap Growth Fund Portfolio, Class 2 (Discovery) - |  |
| 17,713.274 shares at $25.29 per share (cost $454,270) | 447969 |
| Allspring VT Opportunity Fund Portfolio, Class 2 (Opportunity) - |  |
| 8,447.921 shares at $25.70 per share (cost $211,511) | 217112 |
| <u>ProFunds VP (ProFunds):</u> |  |
| ProFund VP Bull Portfolio (Bull) - |  |
| 24,461.644 shares at $64.04 per share (cost $1,235,175) | 1566524 |
| ProFund VP Europe 30 Portfolio (Europe) - |  |
| 2,765.932 shares at $31.33 per share (cost $63,360) | 86657 |
| ProFund VP Mid-Cap Value Portfolio (Mid-Cap) - |  |
| 0.000 shares at $42.64 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| ProFund VP Nasdaq-100 Portfolio (NASDAQ-100) - |  |
| 122.03 shares at $69.51 per share (cost $6,657) | 8482 |
| ProFund VP Small-Cap Portfolio (Small-Cap) - |  |
| 135.771 shares at $40.62 per share (cost $4,372) | 5515 |
| ProFund VP Small-Cap Value Portfolio (Small-Cap Value) - |  |
| 0.000 shares at $44.87 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| ProFund VP Dow 30 Portfolio (Classic Dow) - |  |
| 0.000 shares at $22.57 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Inverse ProFunds VP (ProFunds):</u> |  |
| ProFund VP Bear Portfolio (Bear) - |  |
| 358.397 shares at $9.12 per share (cost $4,211) | 3269 |
| ProFund VP Short Nasdaq-100 Portfolio (Short NASDAQ) - |  |
| 371.574 shares at $7.54 per share (cost $3,604) | 2802 |
| ProFund VP Short Small-Cap Portfolio (Short Small-Cap) - |  |
| 0.000 shares at $16.97 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| ProFund VP Short Dow 30 Portfolio (Short Dow) - |  |
| 112.616 shares at $17.23 per share (cost $4,204) | 1940 |
| <u>Ultra ProFunds VP (ProFunds):</u> |  |
| ProFund VP UltraMid-Cap Portfolio (UltraMid) - |  |
| 537.441 shares at $41.58 per share (cost $21,286) | 22347 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVA** | **SEPARATE ACCOUNT LLVA** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Ultra ProFunds VP (ProFunds), continued:</u> |  |
| ProFund VP UltraNasdaq-100 Portfolio (UltraOTC) - |  |
| 55,830.379 shares at $50.99 per share (cost $1,920,119) | $2846791 |
| ProFund VP UltraSmall-Cap Portfolio (UltraSmall) - |  |
| 1,404.552 shares at $16.94 per share (cost $23,109) | 23793 |
| ProFund VP UltraBull Portfolio (UltraBull) - |  |
| 5,016.376 shares at $45.50 per share (cost $169,807) | 228245 |
| <u>Non-Equity ProFunds VP (ProFunds):</u> |  |
| ProFund VP U.S. Government Plus Portfolio (U.S. Gov. Plus) - |  |
| 1,096.827 shares at $10.53 per share (cost $14,920) | 11550 |
| ProFund VP Rising Rates Opportunity Portfolio (Opportunity) - |  |
| 0.000 shares at $26.22 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Sector ProFunds VP (ProFunds):</u> |  |
| ProFund VP Energy Portfolio (Oil & Gas) - |  |
| 2,014.529 shares at $36.75 per share (cost $79,420) | 74034 |
| ProFund VP Precious Metals Portfolio (Precious Metals) - |  |
| 1,871.042 shares at $64.19 per share (cost $58,898) | 120102 |
| ProFund VP Real Estate Portfolio (Real Estate) - |  |
| 1,849.040 shares at $46.38 per share (cost $95,124) | 85758 |
| <u>ProFund Access VP High Yield (ProFunds):</u> |  |
| ProFund Access VP High Yield Portfolio (High Yield) - |  |
| 0.000 shares at $25.85 per share (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>ProFund VP Government Money Market (ProFunds):</u> |  |
| ProFund VP Government Money Market Portfolio (Money Market) - |  |
| 24,456.430 shares at $1.00 per share (cost $24,456) | 24456 |
| <u>PIMCO Variable Insurance Trust (Pimco):</u> |  |
| PIMCO CommodityRealReturn(R) Strategy Portfolio, Administrative Class (Commodity) - | PIMCO CommodityRealReturn(R) Strategy Portfolio, Administrative Class (Commodity) - |
| 447,967.947 shares at $6.29 per share (cost $3,290,851) | 2817718 |
| PIMCO Total Return Portfolio, Administrative Class (Total Return) - |  |
| 1,126,631.458 shares at $9.45 per share (cost $11,392,109) | 10646667 |
| PIMCO Low Duration Portfolio, Administrative Class (Low Duration) - |  |
| 1,012.607 shares at $9.78 per share (cost $10,291) | 9903 |
| <u>Lincoln Variable Insurance Products Trust (Lincoln):</u> |  |
| LVIP American Century Mid Cap Value Fund Portfolio, Standard Class II |  |
| (Mid Cap Value II) - |  |
| 119,162.848 shares at $19.35 per share (cost $2,293,672) | 2305682 |
| LVIP American Century International Fund Portfolio, Standard Class II (International II) - | LVIP American Century International Fund Portfolio, Standard Class II (International II) - |
| 16,677.318 shares at $12.25 per share (cost $180,764) | 204214 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVA** | **SEPARATE ACCOUNT LLVA** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Lincoln Variable Insurance Products Trust (Lincoln), continued:</u> |  |
| LVIP American Century Inflation Protection Fund Portfolio, Standard Class II |  |
| (Inflation II) - |  |
| 172,138.482 shares at $9.03 per share (cost $1,593,382) | $1553894 |
| <u>American Funds Insurance Series(R) (American Funds):</u> |  |
| American Funds(R) IS Growth-Income Fund Portfolio, Class 1 (IS Growth-Inc) - |  |
| 21,299.941 shares at $67.73 per share (cost $1,278,460) | 1442645 |
| American Funds(R) IS Growth Fund Portfolio, Class 1 (IS Growth) - |  |
| 21,094.994 shares at $141.06 per share (cost $2,531,673) | 2975660 |
| American Funds(R) IS Washington Mutual Investors Fund Portfolio, Class 1 (Blue Chip) - | American Funds(R) IS Washington Mutual Investors Fund Portfolio, Class 1 (Blue Chip) - |
| 86,611.327 shares at $18.18 per share (cost $1,416,179) | 1574594 |
| American Funds(R) IS International Fund Portfolio, Class 1 (IS International) - |  |
| 22,841.212 shares at $22.33 per share (cost $447,056) | 510044 |
| American Funds(R) IS New World Fund Portfolio, Class 1 (IS New World) - |  |
| 42,429.542 shares at $32.47 per share (cost $1,213,387) | 1377687 |
| <u>Franklin Templeton Variable Insurance Products Trust (Franklin Templeton):</u> |  |
| Templeton Global Bond VIP Fund Portfolio, Class 2 (Global Inc.) - |  |
| 247,434.625 shares at $13.17 per share (cost $3,830,460) | 3258714 |
| <u>MFS(R) Variable Insurance Trust (MFS):</u> |  |
| MFS(R) Utilities Series Portfolio, Initial Class (Utilities IC) - |  |
| 45,151.806 shares at $37.73 per share (cost $1,523,349) | 1703578 |
| MFS(R) Mid Cap Growth Series Portfolio, Initial Class (Mid Cap) - |  |
| 136,185.829 shares at $7.98 per share (cost $1,278,160) | 1086763 |
| <u>MFS(R) Variable Insurance Trust II (MFS):</u> |  |
| MFS(R) Research International Portfolio, Initial Class (Research) - |  |
| 143,459.026 shares at $20.61 per share (cost $2,319,105) | 2956691 |
| <u>Calvert Variable Trust, Inc. (Summit):</u> |  |
| CVT S&P 500 Index Portfolio (S&P 500) - |  |
| 27,668.550 shares at $213.87 per share (cost $4,741,643) | 5917473 |
| CVT EAFE International Index Portfolio, Class I (EAFE Intl.) - |  |
| 15,503.379 shares at $122.51 per share (cost $1,547,857) | 1899319 |
| CVT S&P MidCap 400 Index Portfolio, Class I (S&P MidCap) - |  |
| 4,211.765 shares at $127.43 per share (cost $453,827) | 536705 |
| CVT Volatility Managed Growth Portfolio, Class F (Growth) - |  |
| 312,519.878 shares at $19.49 per share (cost $5,642,131) | 6091012 |
| CVT Volatility Managed Moderate Growth Portfolio, Class F (Mod. Growth) - |  |
| 274,019.846 shares at $19.46 per share (cost $4,669,952) | 5332426 |
| CVT Volatility Managed Moderate Portfolio, Class F (Moderate) - |  |
| 478,848.106 shares at $17.22 per share (cost $7,943,735) | 8245764 |
| CVT Russell 2000 Small Cap Index Portfolio, Class I (Russell Small Cap) - |  |
| 67,373.218 shares at $90.62 per share (cost $5,620,677) | 6105361 |

---

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

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **SEPARATE ACCOUNT LLVA** | **SEPARATE ACCOUNT LLVA** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>T. Rowe Price Equity Series, Inc. (T. Rowe):</u> |  |
| T. Rowe Price Blue Chip Growth Portfolio (Blue Chip) - |  |
| 283,682.992 shares at $65.33 per share (cost $12,119,868) | $18533010 |
| <u>Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley):</u> |  |
| Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I (Emerging Markets) - |  |
| 631,366.719 shares at $17.57 per share (cost $9,284,748) | 11093113 |
| <u>DFA Investment Dimensions Group Inc. (DFA):</u> |  |
| VA Global Bond Portfolio (Bond) - |  |
| 1,632,907.548 shares at $9.75 per share (cost $16,665,870) | 15920849 |
| VA International Small Portfolio (Small) - |  |
| 977,989.188 shares at $14.78 per share (cost $12,074,525) | 14454680 |
| VA International Value Portfolio (Value) - |  |
| 1,534,900.538 shares at $18.53 per share (cost $19,459,532) | 28441707 |
| VA Short-Term Fixed Portfolio (Fixed) - |  |
| 1,544,008.164 shares at $10.07 per share (cost $15,756,013) | 15548162 |
| VA U.S. Large Value Portfolio (Large) - |  |
| 756,123.229 shares at $34.91 per share (cost $21,683,148) | 26396262 |
| VA U.S. Targeted Value Portfolio (Targeted) - |  |
| 1,031,403.324 shares at $22.28 per share (cost $21,307,927) | 22979666 |
| VA Global Moderate Allocation Portfolio (Global) - |  |
| 882,909.795 shares at $18.12 per share (cost $12,926,409) | 15998325 |
| VA Equity Allocation Portfolio (Equity) - |  |
| 249,544.425 shares at $18.44 per share (cost $3,752,908) | 4601599 |
| **NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS** | $887818024 |

---

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

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Calvert** | **Calvert** |
|  | **Balanced** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $18337 |  |
| Mortality and expense risk charge | (6148) |  |
| **Net investment income(loss)** | 12189 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 60148 |  |
| Net realized gain(loss) on sale of fund shares | 10366 |  |
| **Net realized gain(loss)** | 70514 |  |
| **Change in unrealized appreciation/depreciation** | 34328 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $117031 |  |
|  | **Balanced** | **Balanced** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $12189 | $13120 |
| Net realized gain(loss) | 70514 | 37180 |
| Net change in unrealized appreciation/depreciation | 34328 | 136089 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 117031 | 186389 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 1200 | 1200 |
| Subaccounts transfers (including fixed account), net | (32034) | 18807 |
| Transfers for policyowner benefits and terminations | (14789) | (92102) |
| Policyowner maintenance charges | (131) | (183) |
| **Net increase(decrease) from policyowner transactions** | (45754) | (72278) |
| **Total increase(decrease) in net assets** | 71277 | 114111 |
| **Net assets at beginning of period** | 1110313 | 996202 |
| **Net assets at end of period** | $1181590 | $1110313 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Calvert** | **Calvert** | **Scudder** | **Scudder** | **Scudder** | **Scudder** |
|  |  |  |  | **Small** |  |
| **Mid Cap** |  | **Small Cap** |  | **Mid Value** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1279 |  | $1924 |  | $9507 |  |
| (2099) |  | (852) |  | (4698) |  |
| (820) |  | 1072 |  | 4809 |  |
| 20430 |  | 8218 |  | 107391 |  |
| (219) |  | (641) |  | (4185) |  |
| 20211 |  | 7577 |  | 103206 |  |
| (16188) |  | 8052 |  | 41376 |  |
| $3203 |  | $16701 |  | $149391 |  |
| **Mid Cap** | **Mid Cap** | **Small Cap** | **Small Cap** | **Small Mid Value** | **Small Mid Value** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(820) | $(1759) | $1072 | $896 | $4809 | $9484 |
| 20211 | 481 | 7577 | 1159 | 103206 | 107793 |
| (16188) | 33640 | 8052 | 12776 | 41376 | (32250) |
| 3203 | 32362 | 16701 | 14831 | 149391 | 85027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 8878 | 22382 |
| (27) | (28155) | (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (136727) | (608082) |
| (19002) | (6503) | (4028) | (18987) | (67764) | (177265) |
| (48) | (52) | (27) | (28) | (55) | (64) |
| (19077) | (34710) | (4078) | (19015) | (195668) | (763029) |
| (15874) | (2348) | 12623 | (4184) | (46277) | (678002) |
| 361991 | 364339 | 142383 | 146567 | 995314 | 1673316 |
| $346117 | $361991 | $155006 | $142383 | $949037 | $995314 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Scudder** | **Scudder** |
|  | **Thematic** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $6653 |  |
| Mortality and expense risk charge | (3442) |  |
| **Net investment income(loss)** | 3211 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 14419 |  |
| **Net realized gain(loss)** | 14419 |  |
| **Change in unrealized appreciation/depreciation** | 99595 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $117225 |  |
|  | **Thematic** | **Thematic** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $3211 | $5451 |
| Net realized gain(loss) | 14419 | 7395 |
| Net change in unrealized appreciation/depreciation | 99595 | 51730 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 117225 | 64576 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 125 | 136 |
| Subaccounts transfers (including fixed account), net | (9820) | (32155) |
| Transfers for policyowner benefits and terminations | (86370) | (63403) |
| Policyowner maintenance charges | (14) | (22) |
| **Net increase(decrease) from policyowner transactions** | (96079) | (95444) |
| **Total increase(decrease) in net assets** | 21146 | (30868) |
| **Net assets at beginning of period** | 681746 | 712614 |
| **Net assets at end of period** | $702892 | $681746 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scudder** | **Scudder** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  |  |  |  | **Inv. Grade** |  |
| **Growth** |  | **Overseas IC** |  | **Bond IC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $272 |  | $50635 |  | $802909 |  |
| (2765) |  | (17031) |  | (124664) |  |
| (2493) |  | 33604 |  | 678245 |  |
| 63496 |  | 281198 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 10038 |  | 143992 |  | (313011) |  |
| 73534 |  | 425190 |  | (313011) |  |
| (10017) |  | 78659 |  | 1076277 |  |
| $61024 |  | $537453 |  | $1441511 |  |
| **Growth** | **Growth** | **Overseas IC** | **Overseas IC** | **Inv. Grade Bond IC** | **Inv. Grade Bond IC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(2493) | $(1781) | $33604 | $31953 | $678245 | $652430 |
| 73534 | 101154 | 425190 | 425378 | (313011) | (325002) |
| (10017) | 54536 | 78659 | (274954) | 1076277 | (91697) |
| 61024 | 153909 | 537453 | 182377 | 1441511 | 235731 |
| 625 | 1456 | 9136 | 2040 | 597832 | 435573 |
| (19035) | (268459) | (58191) | (718071) | 548325 | 2014302 |
| (26786) | (28164) | (206881) | (133729) | (2133112) | (2044367) |
| (62) | (73) | (342) | (352) | (79235) | (84056) |
| (45258) | (295240) | (256278) | (850112) | (1066190) | 321452 |
| 15766 | (141331) | 281175 | (667735) | 375321 | 557183 |
| 569660 | 710991 | 2749577 | 3417312 | 22468305 | 21911122 |
| $585426 | $569660 | $3030752 | $2749577 | $22843626 | $22468305 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Equity Income** |  |
|  | **IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $65822 |  |
| Mortality and expense risk charge | (20458) |  |
| **Net investment income(loss)** | 45364 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 202529 |  |
| Net realized gain(loss) on sale of fund shares | 45085 |  |
| **Net realized gain(loss)** | 247614 |  |
| **Change in unrealized appreciation/depreciation** | 316272 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $609250 |  |
|  | **Equity Income IC** | **Equity Income IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $45364 | $40355 |
| Net realized gain(loss) | 247614 | 264777 |
| Net change in unrealized appreciation/depreciation | 316272 | 142618 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 609250 | 447750 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 6054 | 13360 |
| Subaccounts transfers (including fixed account), net | (17886) | 189852 |
| Transfers for policyowner benefits and terminations | (156996) | (381217) |
| Policyowner maintenance charges | (284) | (337) |
| **Net increase(decrease) from policyowner transactions** | (169112) | (178342) |
| **Total increase(decrease) in net assets** | 440138 | 269408 |
| **Net assets at beginning of period** | 3419850 | 3150442 |
| **Net assets at end of period** | $3859988 | $3419850 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Growth** |  | **High Income** |  | **High Income** |  |
| **IC** |  | **IC** |  | **SC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $19225 |  | $126691 |  | $7199 |  |
| (37599) |  | (9460) |  | (485) |  |
| (18374) |  | 117231 |  | 6714 |  |
| 853535 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 75056 |  | (21167) |  | (537) |  |
| 928591 |  | (21167) |  | (537) |  |
| (25252) |  | 84227 |  | 642 |  |
| $884965 |  | $180291 |  | $6819 |  |
| **Growth IC** | **Growth IC** | **High Income IC** | **High Income IC** | **High Income SC** | **High Income SC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(18374) | $(36137) | $117231 | $95115 | $6714 | $1433 |
| 928591 | 1650886 | (21167) | (25392) | (537) | (233) |
| (25252) | (70669) | 84227 | 89991 | 642 | 959 |
| 884965 | 1544080 | 180291 | 159714 | 6819 | 2159 |
| 4585 | 70239 | 8390 | 28512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (164328) | 368367 | 272871 | (320849) | 112262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (260494) | (499489) | (279385) | (69922) | (29413) | (1414) |
| (656) | (715) | (95) | (104) | (18) | (3) |
| (420893) | (61598) | 1781 | (362363) | 82831 | (1417) |
| 464072 | 1482482 | 182072 | (202649) | 89650 | 742 |
| 6513649 | 5031167 | 1781571 | 1984220 | 28315 | 27573 |
| $6977721 | $6513649 | $1963643 | $1781571 | $117965 | $28315 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Contrafund** |  |
|  | **IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $38385 |  |
| Mortality and expense risk charge | (155747) |  |
| **Net investment income(loss)** | (117362) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 4399407 |  |
| Net realized gain(loss) on sale of fund shares | 1406514 |  |
| **Net realized gain(loss)** | 5805921 |  |
| **Change in unrealized appreciation/depreciation** | (443909) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $5244650 |  |
|  | **Contrafund IC** | **Contrafund IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(117362) | $(96154) |
| Net realized gain(loss) | 5805921 | 4056026 |
| Net change in unrealized appreciation/depreciation | (443909) | 2981013 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 5244650 | 6940885 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 275234 | 107777 |
| Subaccounts transfers (including fixed account), net | (496687) | 433505 |
| Transfers for policyowner benefits and terminations | (2783274) | (1749028) |
| Policyowner maintenance charges | (1217) | (1259) |
| **Net increase(decrease) from policyowner transactions** | (3005944) | (1209005) |
| **Total increase(decrease) in net assets** | 2238706 | 5731880 |
| **Net assets at beginning of period** | 26903854 | 21171974 |
| **Net assets at end of period** | $29142560 | $26903854 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Contrafund** |  | **Mid Cap** |  | **Mid Cap** |  |
| **SC** |  | **IC** |  | **SC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $469 |  | $38004 |  | $845 |  |
| (5401) |  | (50598) |  | (1352) |  |
| (4932) |  | (12594) |  | (507) |  |
| 148388 |  | 1005093 |  | 26082 |  |
| 11635 |  | (26490) |  | 243 |  |
| 160023 |  | 978603 |  | 26325 |  |
| 16878 |  | (76172) |  | (1607) |  |
| $171969 |  | $889837 |  | $24211 |  |
| **Contrafund SC** | **Contrafund SC** | **Mid Cap IC** | **Mid Cap IC** | **Mid Cap SC** | **Mid Cap SC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(4932) | $(3475) | $(12594) | $(1929) | $(507) | $(281) |
| 160023 | 110098 | 978603 | 1346818 | 26325 | 29682 |
| 16878 | 67286 | (76172) | 1174 | (1607) | 3375 |
| 171969 | 173909 | 889837 | 1346063 | 24211 | 32776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 152661 | 41311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (2510) | 197271 | (374113) | 827171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 26 |
| (33016) | (34741) | (749529) | (676154) | (5091) | (7827) |
| (175) | (165) | (505) | (621) | (37) | (38) |
| (35701) | 162365 | (971486) | 191707 | (5128) | (7839) |
| 136268 | 336274 | (81649) | 1537770 | 19083 | 24937 |
| 849447 | 513173 | 9329652 | 7791882 | 225053 | 200116 |
| $985715 | $849447 | $9248003 | $9329652 | $244136 | $225053 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Strategic** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $471961 |  |
| Mortality and expense risk charge | (65796) |  |
| **Net investment income(loss)** | 406165 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (30104) |  |
| **Net realized gain(loss)** | (30104) |  |
| **Change in unrealized appreciation/depreciation** | 590925 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $966986 |  |
|  | **Strategic** | **Strategic** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $406165 | $374821 |
| Net realized gain(loss) | (30104) | (69246) |
| Net change in unrealized appreciation/depreciation | 590925 | 298920 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 966986 | 604495 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 198573 | 300649 |
| Subaccounts transfers (including fixed account), net | 413420 | 1308546 |
| Transfers for policyowner benefits and terminations | (991290) | (1062756) |
| Policyowner maintenance charges | (35275) | (37788) |
| **Net increase(decrease) from policyowner transactions** | (414572) | 508651 |
| **Total increase(decrease) in net assets** | 552414 | 1113146 |
| **Net assets at beginning of period** | 12032775 | 10919629 |
| **Net assets at end of period** | $12585189 | $12032775 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **AIM** | **AIM** | **AIM** | **AIM** |
| **Money Market** |  | **Dividend** |  | **Health** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1332416 |  | $1487 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (179048) |  | (582) |  | (219) |  |
| 1153368 |  | 905 |  | (219) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 7110 |  | 834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 1370 |  | (287) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 8480 |  | 547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 3746 |  | 2567 |  |
| $1153368 |  | $13131 |  | $2895 |  |
| **Money Market** | **Money Market** | **Dividend** | **Dividend** | **Health** | **Health** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1153368 | $1300981 | $905 | $1284 | $(219) | $(323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 8480 | 4273 | 547 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 3746 | 6227 | 2567 | 1154 |
| 1153368 | 1300981 | 13131 | 11784 | 2895 | 898 |
| 1225028 | 3291335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 16254784 | 14117719 | (698) | 51 | (10795) | 12250 |
| (17454109) | (24046575) | (18367) | (10794) | (22466) | (1239) |
| (1687) | (1820) | (12) | (16) | (21) | (17) |
| 24016 | (6639341) | (19077) | (10759) | (33282) | 10994 |
| 1177384 | (5338360) | (5946) | 1025 | (30387) | 11892 |
| 27650136 | 32988496 | 102361 | 101336 | 52074 | 40182 |
| $28827520 | $27650136 | $96415 | $102361 | $21687 | $52074 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **AIM** | **AIM** |
|  | **Technology** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (150) |  |
| **Net investment income(loss)** | (150) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 169 |  |
| Net realized gain(loss) on sale of fund shares | 13351 |  |
| **Net realized gain(loss)** | 13520 |  |
| **Change in unrealized appreciation/depreciation** | (9921) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $3449 |  |
|  | **Technology** | **Technology** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(150) | $(719) |
| Net realized gain(loss) | 13520 | 48730 |
| Net change in unrealized appreciation/depreciation | (9921) | (8990) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 3449 | 39021 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | (38817) | (146195) |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (26) | (60) |
| **Net increase(decrease) from policyowner transactions** | (38843) | (146255) |
| **Total increase(decrease) in net assets** | (35394) | (107234) |
| **Net assets at beginning of period** | 37006 | 144240 |
| **Net assets at end of period** | $1612 | $37006 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AIM** | **AIM** | **AIM** | **AIM** | **Janus** | **Janus** |
| **Intl. Growth** |  | **Franchise** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $9302 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (3625) |  | (732) |  | (592) |  |
| 5677 |  | (732) |  | (592) |  |
| 41288 |  | 13315 |  | 7494 |  |
| 1390 |  | 15543 |  | 845 |  |
| 42678 |  | 28858 |  | 8339 |  |
| 48255 |  | (22716) |  | 8669 |  |
| $96610 |  | $5410 |  | $16416 |  |
| **Intl. Growth** | **Intl. Growth** | **Franchise** | **Franchise** | **Growth** | **Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $5677 | $9629 | $(732) | $(741) | $(592) | $(477) |
| 42678 | 3911 | 28858 | 2437 | 8339 | 2605 |
| 48255 | (8285) | (22716) | 38833 | 8669 | 21700 |
| 96610 | 5255 | 5410 | 40529 | 16416 | 23828 |
| 19288 | 21025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 125633 | (142050) | (25572) | 3178 | (35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (39177) | (62033) | (2137) | (2456) | (994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (158) | (165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (36) | (35) |
| 105586 | (183223) | (27709) | 722 | (1065) | (35) |
| 202196 | (177968) | (22299) | 41251 | 15351 | 23793 |
| 590166 | 768134 | 159314 | 118063 | 92883 | 69090 |
| $792362 | $590166 | $137015 | $159314 | $108234 | $92883 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Neuberger Berman** | **Neuberger Berman** |
|  | **Mid-Cap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (1261) |  |
| **Net investment income(loss)** | (1261) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 27404 |  |
| Net realized gain(loss) on sale of fund shares | 271 |  |
| **Net realized gain(loss)** | 27675 |  |
| **Change in unrealized appreciation/depreciation** | (16758) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $9656 |  |
|  | **Mid-Cap** | **Mid-Cap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(1261) | $(1119) |
| Net realized gain(loss) | 27675 | 10585 |
| Net change in unrealized appreciation/depreciation | (16758) | 28373 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 9656 | 37839 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | (141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (157) | (154) |
| **Net increase(decrease) from policyowner transactions** | (304) | (154) |
| **Total increase(decrease) in net assets** | 9352 | 37685 |
| **Net assets at beginning of period** | 200332 | 162647 |
| **Net assets at end of period** | $209684 | $200332 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** |
| **Bond** |  | **Equity** |  | **Regency** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $2 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $2019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (2945) |  | (2089) |  |
| 2 |  | (2945) |  | (70) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 33137 |  | 47376 |  |
| (2) |  | 26353 |  | (2934) |  |
| (2) |  | 59490 |  | 44442 |  |
| 2 |  | 15536 |  | 2556 |  |
| $2 |  | $72081 |  | $46928 |  |
| **Bond** | **Bond** | **Equity** | **Equity** | **Regency** | **Regency** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $2 | $2 | $(2945) | $(3162) | $(70) | $1034 |
| (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 59490 | 247528 | 44442 | 10683 |
| 2 | 1 | 15536 | (20063) | 2556 | 24567 |
| 2 | 3 | 72081 | 224303 | 46928 | 36284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 37496 | 40910 | 240 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (68214) | (497862) | (2232) | (6000) |
| (41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (18971) | (212055) | (30804) | (43576) |
| (4) | (4) | (199) | (212) | (70) | (89) |
| (45) | (4) | (49888) | (669219) | (32866) | (49425) |
| (43) | (1) | 22193 | (444916) | 14062 | (13141) |
| 43 | 44 | 556082 | 1000998 | 436880 | 450021 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $43 | $578275 | $556082 | $450942 | $436880 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Rydex** | **Rydex** |
|  | **Nova** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (7461) |  |
| **Net investment income(loss)** | (7461) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 564402 |  |
| **Net realized gain(loss)** | 564402 |  |
| **Change in unrealized appreciation/depreciation** | (193146) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $363795 |  |
|  | **Nova** | **Nova** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(7461) | $(7778) |
| Net realized gain(loss) | 564402 | 143690 |
| Net change in unrealized appreciation/depreciation | (193146) | 233197 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 363795 | 369109 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 3960 | 3960 |
| Subaccounts transfers (including fixed account), net | (774177) | (100451) |
| Transfers for policyowner benefits and terminations | (4116) | (33975) |
| Policyowner maintenance charges | (333) | (388) |
| **Net increase(decrease) from policyowner transactions** | (774666) | (130854) |
| **Total increase(decrease) in net assets** | (410871) | 238255 |
| **Net assets at beginning of period** | 1453504 | 1215249 |
| **Net assets at end of period** | $1042633 | $1453504 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rydex** | **Rydex** | **Rydex** | **Rydex** | **Rydex** | **Rydex** |
|  |  | **Precious** |  | **Inv.** |  |
| **NASDAQ** |  | **Metals** |  | **S&P 500** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1022 |  | $79542 |  | $5409 |  |
| (17478) |  | (19293) |  | (324) |  |
| (16456) |  | 60249 |  | 5085 |  |
| 185897 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 139524 |  | 800329 |  | (4798) |  |
| 325421 |  | 800329 |  | (4798) |  |
| 250930 |  | 2295192 |  | (11952) |  |
| $559895 |  | $3155770 |  | $(11665) |  |
| **NASDAQ** | **NASDAQ** | **Precious Metals** | **Precious Metals** | **Inv. S&P 500** | **Inv. S&P 500** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(16456) | $(11549) | $60249 | $19167 | $5085 | $3669 |
| 325421 | 438406 | 800329 | 361402 | (4798) | (24484) |
| 250930 | 305473 | 2295192 | (121169) | (11952) | 12870 |
| 559895 | 732330 | 3155770 | 259400 | (11665) | (7945) |
| 40180 | 153794 | 2728 | 8507 | 83 | 78 |
| (245844) | (399125) | 406483 | (68323) | 52210 | (146) |
| (117594) | (489581) | (279066) | (359566) | (12387) | (71177) |
| (484) | (560) | (484) | (662) | (111) | (165) |
| (323742) | (735472) | 129661 | (420044) | 39795 | (71410) |
| 236153 | (3142) | 3285431 | (160644) | 28130 | (79355) |
| 3366105 | 3369247 | 1898922 | 2059566 | 27043 | 106398 |
| $3602258 | $3366105 | $5184353 | $1898922 | $55173 | $27043 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Rydex** | **Rydex** |
|  | **Gov. Long** |  |
|  | **Bond** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $7423 |  |
| Mortality and expense risk charge | (1252) |  |
| **Net investment income(loss)** | 6171 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (48656) |  |
| **Net realized gain(loss)** | (48656) |  |
| **Change in unrealized appreciation/depreciation** | 50779 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $8294 |  |
|  | **Gov. Long Bond** | **Gov. Long Bond** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $6171 | $10469 |
| Net realized gain(loss) | (48656) | (315696) |
| Net change in unrealized appreciation/depreciation | 50779 | 243077 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 8294 | (62150) |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 420 | 14996 |
| Subaccounts transfers (including fixed account), net | (97651) | (387168) |
| Transfers for policyowner benefits and terminations | (2867) | (4126) |
| Policyowner maintenance charges | (57) | (45) |
| **Net increase(decrease) from policyowner transactions** | (100155) | (376343) |
| **Total increase(decrease) in net assets** | (91861) | (438493) |
| **Net assets at beginning of period** | 298375 | 736868 |
| **Net assets at end of period** | $206514 | $298375 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rydex** | **Rydex** | **Rydex** | **Rydex** | **Rydex** | **Rydex** |
| **Inverse** |  | **Inv. Long** |  |  |  |
| **NASDAQ** |  | **Bond** |  | **Russell** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $5183 |  | $7880 |  | $9440 |  |
| (554) |  | (627) |  | (3106) |  |
| 4629 |  | 7253 |  | 6334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (26738) |  | 1538 |  | (3996) |  |
| (26738) |  | 1538 |  | (3996) |  |
| (2385) |  | (7342) |  | 51538 |  |
| $(24494) |  | $1449 |  | $53876 |  |
| **Inverse NASDAQ** | **Inverse NASDAQ** | **Inv. Long Bond** | **Inv. Long Bond** | **Russell** | **Russell** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $4629 | $8120 | $7253 | $7641 | $6334 | $2246 |
| (26738) | (33093) | 1538 | 13879 | (3996) | (4640) |
| (2385) | 8251 | (7342) | 3139 | 51538 | 32008 |
| (24494) | (16722) | 1449 | 24659 | 53876 | 29614 |
| 25587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 22528 | 24230 |
| 30939 | (68564) | 1014 | (11512) | (130370) | 198224 |
| (3945) | (32998) | (326) | (114450) | (32039) | (65245) |
| (121) | (160) | (3) | (15) | (114) | (142) |
| 52460 | (101722) | 685 | (125977) | (139995) | 157067 |
| 27966 | (118444) | 2134 | (101318) | (86119) | 186681 |
| 22888 | 141332 | 109833 | 211151 | 665437 | 478756 |
| $50854 | $22888 | $111967 | $109833 | $579318 | $665437 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Third Avenue** | **Third Avenue** |
|  | **Value** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $63234 |  |
| Mortality and expense risk charge | (16273) |  |
| **Net investment income(loss)** | 46961 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 205275 |  |
| Net realized gain(loss) on sale of fund shares | 42316 |  |
| **Net realized gain(loss)** | 247591 |  |
| **Change in unrealized appreciation/depreciation** | 524139 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $818691 |  |
|  | **Value** | **Value** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $46961 | $50899 |
| Net realized gain(loss) | 247591 | 255572 |
| Net change in unrealized appreciation/depreciation | 524139 | (382568) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 818691 | (76097) |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 11640 | 17685 |
| Subaccounts transfers (including fixed account), net | 269259 | 36946 |
| Transfers for policyowner benefits and terminations | (64038) | (61331) |
| Policyowner maintenance charges | (294) | (317) |
| **Net increase(decrease) from policyowner transactions** | 216567 | (7017) |
| **Total increase(decrease) in net assets** | 1035258 | (83114) |
| **Net assets at beginning of period** | 2273499 | 2356613 |
| **Net assets at end of period** | $3308757 | $2273499 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
| **Equity Index** |  | **Total Bond** |  | **REIT Index** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1033804 |  | $2929937 |  | $527374 |  |
| (452336) |  | (411990) |  | (104586) |  |
| 581468 |  | 2517947 |  | 422788 |  |
| 1991956 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 337680 |  |
| 5555289 |  | (798077) |  | (84931) |  |
| 7547245 |  | (798077) |  | 252749 |  |
| 3051631 |  | 3578438 |  | (177531) |  |
| $11180344 |  | $5298308 |  | $498006 |  |
| **Equity Index** | **Equity Index** | **Total Bond** | **Total Bond** | **REIT Index** | **REIT Index** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $581468 | $697665 | $2517947 | $1912386 | $422788 | $557483 |
| 7547245 | 5976052 | (798077) | (939703) | 252749 | 426670 |
| 3051631 | 12226205 | 3578438 | (350324) | (177531) | (48403) |
| 11180344 | 18899922 | 5298308 | 622359 | 498006 | 935750 |
| 772425 | 2273475 | 882230 | 4345481 | 72426 | 128681 |
| (6236141) | (5094364) | 2477665 | 9675434 | 172968 | (1913671) |
| (6233166) | (4958388) | (8104886) | (8910788) | (1453575) | (1590006) |
| (98781) | (106527) | (84546) | (89670) | (38247) | (41443) |
| (11795663) | (7885804) | (4829537) | 5020457 | (1246428) | (3416439) |
| (615319) | 11014118 | 468771 | 5642816 | (748422) | (2480689) |
| 92859232 | 81845114 | 85004582 | 79361766 | 19658218 | 22138907 |
| $92243913 | $92859232 | $85473353 | $85004582 | $18909796 | $19658218 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **Mid-Cap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $430008 |  |
| Mortality and expense risk charge | (181724) |  |
| **Net investment income(loss)** | 248284 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1713100 |  |
| Net realized gain(loss) on sale of fund shares | 1101805 |  |
| **Net realized gain(loss)** | 2814905 |  |
| **Change in unrealized appreciation/depreciation** | 489128 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $3552317 |  |
|  | **Mid-Cap** | **Mid-Cap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $248284 | $299640 |
| Net realized gain(loss) | 2814905 | 1154100 |
| Net change in unrealized appreciation/depreciation | 489128 | 3125228 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 3552317 | 4578968 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 440122 | 724875 |
| Subaccounts transfers (including fixed account), net | (1088319) | (2376938) |
| Transfers for policyowner benefits and terminations | (4377078) | (2095565) |
| Policyowner maintenance charges | (26868) | (29200) |
| **Net increase(decrease) from policyowner transactions** | (5052143) | (3776828) |
| **Total increase(decrease) in net assets** | (1499826) | 802140 |
| **Net assets at beginning of period** | 34027072 | 33224932 |
| **Net assets at end of period** | $32527246 | $34027072 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
| **Stock Market** |  |  |  |  |  |
| **Index** |  | **Conservative** |  | **Moderate** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $664491 |  | $194075 |  | $160804 |  |
| (292821) |  | (37105) |  | (30646) |  |
| 371670 |  | 156970 |  | 130158 |  |
| 3102000 |  | 227345 |  | 270137 |  |
| 2123700 |  | 12563 |  | 64976 |  |
| 5225700 |  | 239908 |  | 335113 |  |
| 3041897 |  | 465056 |  | 504527 |  |
| $8639267 |  | $861934 |  | $969798 |  |
| **Stock Market Index** | **Stock Market Index** | **Conservative** | **Conservative** | **Moderate** | **Moderate** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $371670 | $392959 | $156970 | $168640 | $130158 | $132471 |
| 5225700 | 5739389 | 239908 | 135240 | 335113 | 219280 |
| 3041897 | 4994629 | 465056 | 197204 | 504527 | 317437 |
| 8639267 | 11126977 | 861934 | 501084 | 969798 | 669188 |
| 1100849 | 2105185 | 1069033 | 25480 | 113913 | 117302 |
| (1143280) | (5263166) | 45849 | (262696) | (28015) | (181183) |
| (5863237) | (1637115) | (491213) | (542042) | (634195) | (761546) |
| (1065) | (1176) | (245) | (342) | (244) | (281) |
| (5906733) | (4796272) | 623424 | (779600) | (548541) | (825708) |
| 2732534 | 6330705 | 1485358 | (278516) | 421257 | (156520) |
| 55448267 | 49117562 | 7115870 | 7394386 | 6654577 | 6811097 |
| $58180801 | $55448267 | $8601228 | $7115870 | $7075834 | $6654577 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **Short-Term** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1053531 |  |
| Mortality and expense risk charge | (120554) |  |
| **Net investment income(loss)** | 932977 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (26616) |  |
| **Net realized gain(loss)** | (26616) |  |
| **Change in unrealized appreciation/depreciation** | 652497 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1558858 |  |
|  | **Short-Term** | **Short-Term** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $932977 | $747590 |
| Net realized gain(loss) | (26616) | (102542) |
| Net change in unrealized appreciation/depreciation | 652497 | 401535 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1558858 | 1046583 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 559345 | 2475841 |
| Subaccounts transfers (including fixed account), net | (563000) | 1022971 |
| Transfers for policyowner benefits and terminations | (3276632) | (1781429) |
| Policyowner maintenance charges | (454) | (540) |
| **Net increase(decrease) from policyowner transactions** | (3280741) | 1716843 |
| **Total increase(decrease) in net assets** | (1721883) | 2763426 |
| **Net assets at beginning of period** | 26107761 | 23344335 |
| **Net assets at end of period** | $24385878 | $26107761 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
| **International** |  | **Global** |  | **Equity** |  |
| **Stock** |  | **Bond** |  | **Income** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $306980 |  | $54351 |  | $523905 |  |
| (51775) |  | (8685) |  | (110849) |  |
| 255205 |  | 45666 |  | 413056 |  |
| 187138 |  | 3313 |  | 1592557 |  |
| 115709 |  | (61639) |  | 222032 |  |
| 302847 |  | (58326) |  | 1814589 |  |
| 2486051 |  | 104285 |  | 926792 |  |
| $3044103 |  | $91625 |  | $3154437 |  |
| **International Stock** | **International Stock** | **Global Bond** | **Global Bond** | **Equity Income** | **Equity Income** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $255205 | $228838 | $45666 | $48655 | $413056 | $532240 |
| 302847 | 65696 | (58326) | (33890) | 1814589 | 1832089 |
| 2486051 | 75870 | 104285 | 16332 | 926792 | 502461 |
| 3044103 | 370404 | 91625 | 31097 | 3154437 | 2866790 |
| 751223 | 925595 | 6669 | 71675 | 544485 | 639422 |
| (300656) | 536763 | 90579 | 55259 | (34123) | (3377495) |
| (460271) | (630710) | (427838) | (208730) | (2049776) | (1694637) |
| (271) | (265) | (40) | (37) | (882) | (990) |
| (9975) | 831383 | (330630) | (81833) | (1540296) | (4433700) |
| 3034128 | 1201787 | (239005) | (50736) | 1614141 | (1566910) |
| 9766363 | 8564576 | 2041534 | 2092270 | 20689200 | 22256110 |
| $12800491 | $9766363 | $1802529 | $2041534 | $22303341 | $20689200 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **High Yield** |  |
|  | **Bond** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $805277 |  |
| Mortality and expense risk charge | (68579) |  |
| **Net investment income(loss)** | 736698 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (132756) |  |
| **Net realized gain(loss)** | (132756) |  |
| **Change in unrealized appreciation/depreciation** | 474134 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1078076 |  |
|  | **High Yield Bond** | **High Yield Bond** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $736698 | $650220 |
| Net realized gain(loss) | (132756) | (49119) |
| Net change in unrealized appreciation/depreciation | 474134 | 123750 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1078076 | 724851 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 124911 | 177832 |
| Subaccounts transfers (including fixed account), net | 878100 | 598423 |
| Transfers for policyowner benefits and terminations | (1077995) | (1084095) |
| Policyowner maintenance charges | (23599) | (25476) |
| **Net increase(decrease) from policyowner transactions** | (98583) | (333316) |
| **Total increase(decrease) in net assets** | 979493 | 391535 |
| **Net assets at beginning of period** | 12763580 | 12372045 |
| **Net assets at end of period** | $13743073 | $12763580 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
| **Growth** |  | **Balanced** |  | **International** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $55977 |  | $546689 |  | $295142 |  |
| (145523) |  | (139189) |  | (180701) |  |
| (89546) |  | 407500 |  | 114441 |  |
| 1514967 |  | 2341629 |  | 1989191 |  |
| 931459 |  | 236524 |  | (445507) |  |
| 2446426 |  | 2578153 |  | 1543684 |  |
| 1687372 |  | 847679 |  | 3837991 |  |
| $4044252 |  | $3833332 |  | $5496116 |  |
| **Growth** | **Growth** | **Balanced** | **Balanced** | **International** | **International** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(89546) | $(72103) | $407500 | $407905 | $114441 | $242395 |
| 2446426 | 1050315 | 2578153 | 1400180 | 1543684 | 997421 |
| 1687372 | 6231588 | 847679 | 1382794 | 3837991 | 1667853 |
| 4044252 | 7209800 | 3833332 | 3190879 | 5496116 | 2907669 |
| 114812 | 862379 | 62865 | 1815285 | 417106 | 1182703 |
| (1251378) | (1189914) | (1872039) | (1329655) | (577338) | (2571110) |
| (1749507) | (2069804) | (1275654) | (1646413) | (3090568) | (2183820) |
| (1008) | (1082) | (724) | (781) | (1268) | (1432) |
| (2887081) | (2398421) | (3085552) | (1161564) | (3252068) | (3573659) |
| 1157171 | 4811379 | 747780 | 2029315 | 2244048 | (665990) |
| 26991063 | 22179684 | 25711012 | 23681697 | 33265633 | 33931623 |
| $28148234 | $26991063 | $26458792 | $25711012 | $35509681 | $33265633 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Vanguard** | **Vanguard** |
|  | **Diversified** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $260444 |  |
| Mortality and expense risk charge | (95721) |  |
| **Net investment income(loss)** | 164723 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1361870 |  |
| Net realized gain(loss) on sale of fund shares | 290540 |  |
| **Net realized gain(loss)** | 1652410 |  |
| **Change in unrealized appreciation/depreciation** | 761386 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $2578519 |  |
|  | **Diversified** | **Diversified** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $164723 | $175047 |
| Net realized gain(loss) | 1652410 | 1460213 |
| Net change in unrealized appreciation/depreciation | 761386 | 687572 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 2578519 | 2322832 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 223150 | 878767 |
| Subaccounts transfers (including fixed account), net | (674661) | (479084) |
| Transfers for policyowner benefits and terminations | (1309155) | (2264248) |
| Policyowner maintenance charges | (30011) | (32415) |
| **Net increase(decrease) from policyowner transactions** | (1790677) | (1896980) |
| **Total increase(decrease) in net assets** | 787842 | 425852 |
| **Net assets at beginning of period** | 16854493 | 16428641 |
| **Net assets at end of period** | $17642335 | $16854493 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vanguard** | **Vanguard** | **Allspring** | **Allspring** | **Allspring** | **Allspring** |
| **Small Company** |  |  |  |  |  |
| **Growth** |  | **Discovery** |  | **Opportunity** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $64431 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $108 |  |
| (77308) |  | (2668) |  | (1232) |  |
| (12877) |  | (2668) |  | (1124) |  |
| 915952 |  | 3111 |  | 21658 |  |
| (75740) |  | (2150) |  | 34 |  |
| 840212 |  | 961 |  | 21692 |  |
| (101303) |  | 22137 |  | (8133) |  |
| $726032 |  | $20430 |  | $12435 |  |
| **Small Company Growth** | **Small Company Growth** | **Discovery** | **Discovery** | **Opportunity** | **Opportunity** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(12877) | $(5698) | $(2668) | $(2856) | $(1124) | $(1077) |
| 840212 | (81111) | 961 | (9093) | 21692 | 19529 |
| (101303) | 1638991 | 22137 | 85687 | (8133) | 7258 |
| 726032 | 1552182 | 20430 | 73738 | 12435 | 25710 |
| 58079 | 14503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (673518) | (1495723) | (35717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (859422) | (1073555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (59966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (12290) | (13504) | (54) | (95) | (88) | (89) |
| (1487151) | (2568279) | (35771) | (60061) | (88) | (89) |
| (761119) | (1016097) | (15341) | 13677 | 12347 | 25621 |
| 14190446 | 15206543 | 463310 | 449633 | 204765 | 179144 |
| $13429327 | $14190446 | $447969 | $463310 | $217112 | $204765 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **ProFunds** | **ProFunds** |
|  | **Bull** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $5644 |  |
| Mortality and expense risk charge | (12852) |  |
| **Net investment income(loss)** | (7208) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 72134 |  |
| Net realized gain(loss) on sale of fund shares | 2147 |  |
| **Net realized gain(loss)** | 74281 |  |
| **Change in unrealized appreciation/depreciation** | 131679 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $198752 |  |
|  | **Bull** | **Bull** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(7208) | $(2279) |
| Net realized gain(loss) | 74281 | 62821 |
| Net change in unrealized appreciation/depreciation | 131679 | 180490 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 198752 | 241032 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Total increase(decrease) in net assets** | 198752 | 241032 |
| **Net assets at beginning of period** | 1367772 | 1126740 |
| **Net assets at end of period** | $1566524 | $1367772 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** |
| **Europe** |  | **Mid-Cap** |  | **NASDAQ-100** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1837 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $30 |  |
| (690) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (69) |  |
| 1147 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (39) |  |
| 2583 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 531 |  |
| 143 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 12 |  |
| 2726 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 543 |  |
| 15312 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 762 |  |
| $19185 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $1266 |  |
| **Europe** | **Europe** | **Mid-Cap** | **Mid-Cap** | **NASDAQ-100** | **NASDAQ-100** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1147 | $660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(3) | $(39) | $(34) |
| 2726 | 2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (170) | 543 | 1119 |
| 15312 | (811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 762 | 75 |
| 19185 | 2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (173) | 1266 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (5520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (5520) |
| 19185 | 2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1266 | (4360) |
| 67472 | 65248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 7216 | 11576 |
| $86657 | $67472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8482 | $7216 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **ProFunds** | **ProFunds** |
|  | **Small-Cap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $52 |  |
| Mortality and expense risk charge | (45) |  |
| **Net investment income(loss)** | 7 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 7 |  |
| **Net realized gain(loss)** | 7 |  |
| **Change in unrealized appreciation/depreciation** | 484 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $498 |  |
|  | **Small-Cap** | **Small-Cap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $7 | $21 |
| Net realized gain(loss) | 7 | 4 |
| Net change in unrealized appreciation/depreciation | 484 | 368 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 498 | 393 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Total increase(decrease) in net assets** | 498 | 393 |
| **Net assets at beginning of period** | 5017 | 4624 |
| **Net assets at end of period** | $5515 | $5017 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** |
| **Small-Cap** |  |  |  |  |  |
| **Value** |  | **Classic Dow** |  | **Bear** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (1) |  | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (1) |  | 79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (30) |  | (631) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (30) |  | (631) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 19 |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $(31) |  | $(533) |  |
| **Small-Cap Value** | **Small-Cap Value** | **Classic Dow** | **Classic Dow** | **Bear** | **Bear** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(4) | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $79 | $230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (248) | (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (631) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 19 | (790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (252) | (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (533) | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 252 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 752 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 252 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 728 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 195 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 3074 | 1081 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3269 | $3074 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **ProFunds** | **ProFunds** |
|  | **Short** |  |
|  | **NASDAQ** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $183 |  |
| Mortality and expense risk charge | (27) |  |
| **Net investment income(loss)** | 156 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (1246) |  |
| **Net realized gain(loss)** | (1246) |  |
| **Change in unrealized appreciation/depreciation** | 685 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $(405) |  |
|  | **Short NASDAQ** | **Short NASDAQ** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $156 | $429 |
| Net realized gain(loss) | (1246) | (7) |
| Net change in unrealized appreciation/depreciation | 685 | (1487) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | (405) | (1065) |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | (3123) | 7395 |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | (3123) | 7395 |
| **Total increase(decrease) in net assets** | (3528) | 6330 |
| **Net assets at beginning of period** | 6330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $2802 | $6330 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** |
| **Short Small-** |  |  |  |  |  |
| **Cap** |  | **Short Dow** |  | **UltraMid** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $53 |  | $239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (15) |  | (191) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 38 |  | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (20) |  | 573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (20) |  | 573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (271) |  | (468) |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $(253) |  | $153 |  |
| **Short Small-Cap** | **Short Small-Cap** | **Short Dow** | **Short Dow** | **UltraMid** | **UltraMid** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $38 | $18 | $48 | $(78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (20) | (19) | 573 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (271) | (59) | (468) | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (253) | (60) | 153 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 345 | 3359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 345 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1222 | (60) | 498 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 718 | 778 | 21849 | 18841 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1940 | $718 | $22347 | $21849 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **ProFunds** | **ProFunds** |
|  | **UltraOTC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $5608 |  |
| Mortality and expense risk charge | (21503) |  |
| **Net investment income(loss)** | (15895) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 246324 |  |
| Net realized gain(loss) on sale of fund shares | 10889 |  |
| **Net realized gain(loss)** | 257213 |  |
| **Change in unrealized appreciation/depreciation** | 384425 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $625743 |  |
|  | **UltraOTC** | **UltraOTC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(15895) | $(11698) |
| Net realized gain(loss) | 257213 | 11261 |
| Net change in unrealized appreciation/depreciation | 384425 | 639399 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 625743 | 638962 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | 11133 | (14992) |
| Transfers for policyowner benefits and terminations | (3256) | (4557) |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | 7877 | (19549) |
| **Total increase(decrease) in net assets** | 633620 | 619413 |
| **Net assets at beginning of period** | 2213171 | 1593758 |
| **Net assets at end of period** | $2846791 | $2213171 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** |
|  |  |  |  | **U.S. Gov.** |  |
| **UltraSmall** |  | **UltraBull** |  | **Plus** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $161 |  | $1607 |  | $346 |  |
| (149) |  | (1901) |  | (104) |  |
| 12 |  | (294) |  | 242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 29041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (296) |  | 8430 |  | (33) |  |
| (296) |  | 37471 |  | (33) |  |
| 2316 |  | 8884 |  | (176) |  |
| $2032 |  | $46061 |  | $33 |  |
| **UltraSmall** | **UltraSmall** | **UltraBull** | **UltraBull** | **U.S. Gov. Plus** | **U.S. Gov. Plus** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $12 | $(55) | $(294) | $(468) | $242 | $309 |
| (296) | (11904) | 37471 | 6295 | (33) | (213) |
| 2316 | 9226 | 8884 | 46838 | (176) | (1977) |
| 2032 | (2733) | 46061 | 52665 | 33 | (1881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (5419) | 15809 | (10150) | 3398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (128) | (7244) | (786) | (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (5419) | 15681 | (17394) | 2612 | (26) | (1509) |
| (3387) | 12948 | 28667 | 55277 | 7 | (3390) |
| 27180 | 14232 | 199578 | 144301 | 11543 | 14933 |
| $23793 | $27180 | $228245 | $199578 | $11550 | $11543 |

---

 **AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **ProFunds** | **ProFunds** |
|  | **Opportunity** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net investment income(loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net realized gain(loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Change in unrealized appreciation/depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
|  | **Opportunity** | **Opportunity** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(3) |
| Net realized gain(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 440 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 437 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (437) |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (437) |
| **Total increase(decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** | **ProFunds** |
|  |  | **Precious** |  |  |  |
| **Oil & Gas** |  | **Metals** |  | **Real Estate** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1603 |  | $1597 |  | $1389 |  |
| (646) |  | (725) |  | (800) |  |
| 957 |  | 872 |  | 589 |  |
| 8947 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (12) |  | 8409 |  | (1144) |  |
| 8935 |  | 8409 |  | (1144) |  |
| (6424) |  | 63976 |  | 245 |  |
| $3468 |  | $73257 |  | $(310) |  |
| **Oil & Gas** | **Oil & Gas** | **Precious Metals** | **Precious Metals** | **Real Estate** | **Real Estate** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $957 | $875 | $872 | $1147 | $589 | $409 |
| 8935 | 6354 | 8409 | 919 | (1144) | (15520) |
| (6424) | (5125) | 63976 | (645) | 245 | 17277 |
| 3468 | 2104 | 73257 | 1421 | (310) | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (9046) | (4836) | 6102 | 2081 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1020) | (330) | (2000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (9046) | (5856) | 5772 | 81 | 24 |
| 3468 | (6942) | 67401 | 7193 | (229) | 2190 |
| 70566 | 77508 | 52701 | 45508 | 85987 | 83797 |
| $74034 | $70566 | $120102 | $52701 | $85758 | $85987 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **ProFunds** | **ProFunds** |
|  | **High Yield** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $13 |  |
| Mortality and expense risk charge | (2) |  |
| **Net investment income(loss)** | 11 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (23) |  |
| **Net realized gain(loss)** | (23) |  |
| **Change in unrealized appreciation/depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $(12) |  |
|  | **High Yield** | **High Yield** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net realized gain(loss) | (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Total increase(decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ProFunds** | **ProFunds** | **Pimco** | **Pimco** | **Pimco** | **Pimco** |
| **Money Market** |  | **Commodity** |  | **Total Return** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $512 |  | $78324 |  | $449529 |  |
| (144) |  | (15024) |  | (54018) |  |
| 368 |  | 63300 |  | 395511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (81870) |  | (269795) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (81870) |  | (269795) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 463252 |  | 754468 |  |
| $368 |  | $444682 |  | $880184 |  |
| **Money Market** | **Money Market** | **Commodity** | **Commodity** | **Total Return** | **Total Return** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $368 | $1275 | $63300 | $43550 | $395511 | $399206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (81870) | (357790) | (269795) | (244296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 463252 | 426201 | 754468 | 76086 |
| 368 | 1275 | 444682 | 111961 | 880184 | 230996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 20000 | 7420 | 41050 | 135077 | 170936 |
| 7603 | (7981) | 87956 | 90694 | (304856) | 392874 |
| (10267) | (149196) | (220682) | (440848) | (1466720) | (556624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (77) | (90) | (302) | (294) |
| (2664) | (137177) | (125383) | (309194) | (1636801) | 6892 |
| (2296) | (135902) | 319299 | (197233) | (756617) | 237888 |
| 26752 | 162654 | 2498419 | 2695652 | 11403284 | 11165396 |
| $24456 | $26752 | $2817718 | $2498419 | $10646667 | $11403284 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Pimco** | **Pimco** |
|  | **Low Duration** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $381 |  |
| Mortality and expense risk charge | (58) |  |
| **Net investment income(loss)** | 323 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (3) |  |
| **Net realized gain(loss)** | (3) |  |
| **Change in unrealized appreciation/depreciation** | 142 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $462 |  |
|  | **Low Duration** | **Low Duration** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $323 | $330 |
| Net realized gain(loss) | (3) | (120) |
| Net change in unrealized appreciation/depreciation | 142 | 144 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 462 | 354 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1610) |
| Policyowner maintenance charges | (1) | (1) |
| **Net increase(decrease) from policyowner transactions** | (1) | (1611) |
| **Total increase(decrease) in net assets** | 461 | (1257) |
| **Net assets at beginning of period** | 9442 | 10699 |
| **Net assets at end of period** | $9903 | $9442 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** |
| **Mid Cap Value II** |  | **International II** |  | **Inflation II** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $44116 |  | $2406 |  | $129145 |  |
| (11449) |  | (1176) |  | (7858) |  |
| 32667 |  | 1230 |  | 121287 |  |
| 182171 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 3308 |  | 1184 |  | 3344 |  |
| 185479 |  | 1184 |  | 3344 |  |
| (40113) |  | 24407 |  | (29763) |  |
| $178033 |  | $26821 |  | $94868 |  |
| **Mid Cap Value II** | **Mid Cap Value II** | **International II** | **International II** | **Inflation II** | **Inflation II** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $32667 | $35851 | $1230 | $361 | $121287 | $49693 |
| 185479 | 61800 | 1184 | 2592 | 3344 | 3232 |
| (40113) | 52125 | 24407 | (958) | (29763) | (9724) |
| 178033 | 149776 | 26821 | 1995 | 94868 | 43201 |
| 6088 | 3213 | 2110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 52103 | 10595 |
| 117312 | 2050571 | 12404 | 202073 | 6498 | 1620655 |
| (99425) | (99561) | (11415) | (29734) | (228747) | (45224) |
| (177) | (148) | (19) | (21) | (25) | (30) |
| 23798 | 1954075 | 3080 | 172318 | (170171) | 1585996 |
| 201831 | 2103851 | 29901 | 174313 | (75303) | 1629197 |
| 2103851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 174313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1629197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $2305682 | $2103851 | $204214 | $174313 | $1553894 | $1629197 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **American Funds** | **American Funds** |
|  | **IS Growth-Inc** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $15782 |  |
| Mortality and expense risk charge | (6257) |  |
| **Net investment income(loss)** | 9525 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 230092 |  |
| Net realized gain(loss) on sale of fund shares | 56762 |  |
| **Net realized gain(loss)** | 286854 |  |
| **Change in unrealized appreciation/depreciation** | (40451) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $255928 |  |
|  | **IS Growth-Inc** | **IS Growth-Inc** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $9525 | $9584 |
| Net realized gain(loss) | 286854 | 61686 |
| Net change in unrealized appreciation/depreciation | (40451) | 136162 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 255928 | 207432 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 583 | 480 |
| Subaccounts transfers (including fixed account), net | 64022 | 233063 |
| Transfers for policyowner benefits and terminations | (30555) | (78771) |
| Policyowner maintenance charges | (128) | (168) |
| **Net increase(decrease) from policyowner transactions** | 33922 | 154604 |
| **Total increase(decrease) in net assets** | 289850 | 362036 |
| **Net assets at beginning of period** | 1152795 | 790759 |
| **Net assets at end of period** | $1442645 | $1152795 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
| **IS Growth** |  | **Blue Chip** |  | **IS International** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $6910 |  | $24714 |  | $7224 |  |
| (15108) |  | (8398) |  | (2035) |  |
| (8198) |  | 16316 |  | 5189 |  |
| 224582 |  | 104202 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 178345 |  | 108639 |  | (215) |  |
| 402927 |  | 212841 |  | (215) |  |
| 171410 |  | 62687 |  | 94933 |  |
| $566139 |  | $291844 |  | $99907 |  |
| **IS Growth** | **IS Growth** | **Blue Chip** | **Blue Chip** | **IS International** | **IS International** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(8198) | $4024 | $16316 | $33503 | $5189 | $4558 |
| 402927 | 193232 | 212841 | 24439 | (215) | (305) |
| 171410 | 230224 | 62687 | 73835 | 94933 | (8562) |
| 566139 | 427480 | 291844 | 131777 | 99907 | (4309) |
| 81146 | 1351 | 47201 | 47056 | 7000 | 6632 |
| (486340) | 549672 | (1239660) | 1860522 | 26114 | 251640 |
| (64844) | (117263) | (87206) | (103851) | (48338) | (4041) |
| (154) | (100) | (125) | (115) | (3) | (18) |
| (470192) | 433660 | (1279790) | 1803612 | (15227) | 254213 |
| 95947 | 861140 | (987946) | 1935389 | 84680 | 249904 |
| 2879713 | 2018573 | 2562540 | 627151 | 425364 | 175460 |
| $2975660 | $2879713 | $1574594 | $2562540 | $510044 | $425364 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **American Funds** | **American Funds** |
|  | **IS New World** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $17116 |  |
| Mortality and expense risk charge | (5725) |  |
| **Net investment income(loss)** | 11391 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 50299 |  |
| Net realized gain(loss) on sale of fund shares | 2711 |  |
| **Net realized gain(loss)** | 53010 |  |
| **Change in unrealized appreciation/depreciation** | 241964 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $306365 |  |
|  | **IS New World** | **IS New World** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $11391 | $12601 |
| Net realized gain(loss) | 53010 | (16253) |
| Net change in unrealized appreciation/depreciation | 241964 | 73973 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 306365 | 70321 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 119734 | 3 |
| Subaccounts transfers (including fixed account), net | (37732) | (84886) |
| Transfers for policyowner benefits and terminations | (61364) | (46792) |
| Policyowner maintenance charges | (38) | (48) |
| **Net increase(decrease) from policyowner transactions** | 20600 | (131723) |
| **Total increase(decrease) in net assets** | 326965 | (61402) |
| **Net assets at beginning of period** | 1050722 | 1112124 |
| **Net assets at end of period** | $1377687 | $1050722 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Franklin Templeton** | **Franklin Templeton** | **MFS** | **MFS** | **MFS** | **MFS** |
| **Global Inc.** |  | **Utilities IC** |  | **Mid Cap** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $50043 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (19334) |  | (9908) |  | (6096) |  |
| (19334) |  | 40135 |  | (6096) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 22886 |  | 187172 |  |
| (147182) |  | 24805 |  | (9767) |  |
| (147182) |  | 47691 |  | 177405 |  |
| 637632 |  | 145382 |  | (119614) |  |
| $471116 |  | $233208 |  | $51695 |  |
| **Global Inc.** | **Global Inc.** | **Utilities IC** | **Utilities IC** | **Mid Cap** | **Mid Cap** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(19334) | $(22390) | $40135 | $28443 | $(6096) | $(6553) |
| (147182) | (421337) | 47691 | 30424 | 177405 | 36424 |
| 637632 | (40410) | 145382 | 102866 | (119614) | 68792 |
| 471116 | (484137) | 233208 | 161733 | 51695 | 98663 |
| 11240 | 28772 | 6049 | 7348 | 10808 | 9872 |
| 159639 | (305322) | (152083) | (182121) | (360319) | 494094 |
| (518758) | (622642) | (121262) | (224705) | (34605) | (28100) |
| (9975) | (10333) | (150) | (155) | (24) | (20) |
| (357854) | (909525) | (267446) | (399633) | (384140) | 475846 |
| 113262 | (1393662) | (34238) | (237900) | (332445) | 574509 |
| 3145452 | 4539114 | 1737816 | 1975716 | 1419208 | 844699 |
| $3258714 | $3145452 | $1703578 | $1737816 | $1086763 | $1419208 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Research** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $40724 |  |
| Mortality and expense risk charge | (16508) |  |
| **Net investment income(loss)** | 24216 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 84095 |  |
| **Net realized gain(loss)** | 84095 |  |
| **Change in unrealized appreciation/depreciation** | 455394 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $563705 |  |
|  | **Research** | **Research** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $24216 | $32628 |
| Net realized gain(loss) | 84095 | 73120 |
| Net change in unrealized appreciation/depreciation | 455394 | (16625) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 563705 | 89123 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 330 | 6303 |
| Subaccounts transfers (including fixed account), net | (183744) | (218702) |
| Transfers for policyowner benefits and terminations | (234464) | (415900) |
| Policyowner maintenance charges | (19616) | (21020) |
| **Net increase(decrease) from policyowner transactions** | (437494) | (649319) |
| **Total increase(decrease) in net assets** | 126211 | (560196) |
| **Net assets at beginning of period** | 2830480 | 3390676 |
| **Net assets at end of period** | $2956691 | $2830480 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Summit** | **Summit** | **Summit** | **Summit** |
|  |  | **EAFE** |  | **S&P** |  |
| **S&P 500** |  | **Intl.** |  | **MidCap** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $61510 |  | $33620 |  | $5664 |  |
| (26543) |  | (6009) |  | (3056) |  |
| 34967 |  | 27611 |  | 2608 |  |
| 515566 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 34099 |  |
| 73688 |  | 14365 |  | 1219 |  |
| 589254 |  | 14365 |  | 35318 |  |
| 249654 |  | 277398 |  | (5326) |  |
| $873875 |  | $319374 |  | $32600 |  |
| **S&P 500** | **S&P 500** | **EAFE Intl.** | **EAFE Intl.** | **S&P MidCap** | **S&P MidCap** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $34967 | $34245 | $27611 | $22046 | $2608 | $3040 |
| 589254 | 692650 | 14365 | 24552 | 35318 | 22776 |
| 249654 | 332610 | 277398 | (15266) | (5326) | 32173 |
| 873875 | 1059505 | 319374 | 31332 | 32600 | 57989 |
| 171715 | 237435 | 379867 | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 53817 | (918363) | 283650 | (133595) | (2857) | 5084 |
| (238659) | (350387) | (15825) | (61490) | (3230) | (2953) |
| (248) | (231) | (67) | (72) | (58) | (62) |
| (13375) | (1031546) | 647625 | (93157) | (6145) | 2069 |
| 860500 | 27959 | 966999 | (61825) | 26455 | 60058 |
| 5056973 | 5029014 | 932320 | 994145 | 510250 | 450192 |
| $5917473 | $5056973 | $1899319 | $932320 | $536705 | $510250 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **Growth** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $102725 |  |
| Mortality and expense risk charge | (35391) |  |
| **Net investment income(loss)** | 67334 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 739314 |  |
| Net realized gain(loss) on sale of fund shares | 115342 |  |
| **Net realized gain(loss)** | 854656 |  |
| **Change in unrealized appreciation/depreciation** | (492633) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $429357 |  |
|  | **Growth** | **Growth** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $67334 | $79472 |
| Net realized gain(loss) | 854656 | 598153 |
| Net change in unrealized appreciation/depreciation | (492633) | 16259 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 429357 | 693884 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 35000 | 30000 |
| Subaccounts transfers (including fixed account), net | (144930) | (76213) |
| Transfers for policyowner benefits and terminations | (579148) | (311763) |
| Policyowner maintenance charges | (74147) | (78371) |
| **Net increase(decrease) from policyowner transactions** | (763225) | (436347) |
| **Total increase(decrease) in net assets** | (333868) | 257537 |
| **Net assets at beginning of period** | 6424880 | 6167343 |
| **Net assets at end of period** | $6091012 | $6424880 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Summit** | **Summit** | **Summit** | **Summit** |
| **Mod.** |  |  |  | **Russell** |  |
| **Growth** |  | **Moderate** |  | **Small Cap** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $102959 |  | $204604 |  | $91350 |  |
| (30149) |  | (48412) |  | (27988) |  |
| 72810 |  | 156192 |  | 63362 |  |
| 402749 |  | 525540 |  | 297206 |  |
| 71070 |  | 52635 |  | 30461 |  |
| 473819 |  | 578175 |  | 327667 |  |
| (162635) |  | (214787) |  | 303559 |  |
| $383994 |  | $519580 |  | $694588 |  |
| **Mod. Growth** | **Mod. Growth** | **Moderate** | **Moderate** | **Russell Small Cap** | **Russell Small Cap** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $72810 | $68282 | $156192 | $138696 | $63362 | $32498 |
| 473819 | 307757 | 578175 | 625238 | 327667 | 143506 |
| (162635) | 90457 | (214787) | (165525) | 303559 | 289274 |
| 383994 | 466496 | 519580 | 598409 | 694588 | 465278 |
| 420 | 462 | 60 | 61946 | 102090 | 499879 |
| 171452 | 6957 | 138240 | 65283 | 100944 | (644594) |
| (308436) | (275462) | (728055) | (1136658) | (422798) | (391923) |
| (75207) | (73960) | (89463) | (93422) | (237) | (237) |
| (211771) | (342003) | (679218) | (1102851) | (220001) | (536875) |
| 172223 | 124493 | (159638) | (504442) | 474587 | (71597) |
| 5160203 | 5035710 | 8405402 | 8909844 | 5630774 | 5702371 |
| $5332426 | $5160203 | $8245764 | $8405402 | $6105361 | $5630774 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **T. Rowe** | **T. Rowe** |
|  | **Blue Chip** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (85246) |  |
| **Net investment income(loss)** | (85246) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1547103 |  |
| Net realized gain(loss) on sale of fund shares | 855047 |  |
| **Net realized gain(loss)** | 2402150 |  |
| **Change in unrealized appreciation/depreciation** | 1039177 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $3356081 |  |
|  | **Blue Chip** | **Blue Chip** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(85246) | $(71783) |
| Net realized gain(loss) | 2402150 | 1521772 |
| Net change in unrealized appreciation/depreciation | 1039177 | 2438365 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 3356081 | 3888354 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 254080 | 133082 |
| Subaccounts transfers (including fixed account), net | 2379222 | (1059533) |
| Transfers for policyowner benefits and terminations | (1117034) | (971412) |
| Policyowner maintenance charges | (20569) | (22465) |
| **Net increase(decrease) from policyowner transactions** | 1495699 | (1920328) |
| **Total increase(decrease) in net assets** | 4851780 | 1968026 |
| **Net assets at beginning of period** | 13681230 | 11713204 |
| **Net assets at end of period** | $18533010 | $13681230 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morgan Stanley** | **Morgan Stanley** | **DFA** | **DFA** | **DFA** | **DFA** |
| **Emerging** |  |  |  |  |  |
| **Markets** |  | **Bond** |  | **Small** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $41645 |  | $650941 |  | $442103 |  |
| (55483) |  | (77254) |  | (62702) |  |
| (13838) |  | 573687 |  | 379401 |  |
| 345840 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 534902 |  |
| 72525 |  | (228054) |  | 281424 |  |
| 418365 |  | (228054) |  | 816326 |  |
| 2502300 |  | 288202 |  | 2946322 |  |
| $2906827 |  | $633835 |  | $4142049 |  |
| **Emerging Markets** | **Emerging Markets** | **Bond** | **Bond** | **Small** | **Small** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(13838) | $82564 | $573687 | $847339 | $379401 | $359566 |
| 418365 | (84099) | (228054) | (88401) | 816326 | 356347 |
| 2502300 | 725050 | 288202 | 166061 | 2946322 | (317412) |
| 2906827 | 723515 | 633835 | 924999 | 4142049 | 398501 |
| 75620 | 231599 | 232383 | 448854 | 149801 | 327410 |
| (699921) | (464512) | (3395161) | 303865 | (955151) | (208335) |
| (1005494) | (671280) | (1054336) | (1676350) | (1028631) | (633946) |
| (12011) | (12844) | (207) | (277) | (134) | (128) |
| (1641806) | (917037) | (4217321) | (923908) | (1834115) | (514999) |
| 1265021 | (193522) | (3583486) | 1091 | 2307934 | (116498) |
| 9828092 | 10021614 | 19504335 | 19503244 | 12146746 | 12263244 |
| $11093113 | $9828092 | $15920849 | $19504335 | $14454680 | $12146746 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **DFA** | **DFA** |
|  | **Value** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1119631 |  |
| Mortality and expense risk charge | (131053) |  |
| **Net investment income(loss)** | 988578 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 815003 |  |
| Net realized gain(loss) on sale of fund shares | 1392296 |  |
| **Net realized gain(loss)** | 2207299 |  |
| **Change in unrealized appreciation/depreciation** | 6497201 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $9693078 |  |
|  | **Value** | **Value** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $988578 | $808593 |
| Net realized gain(loss) | 2207299 | 1126316 |
| Net change in unrealized appreciation/depreciation | 6497201 | (531359) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 9693078 | 1403550 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 307967 | 1015339 |
| Subaccounts transfers (including fixed account), net | (2298395) | 244733 |
| Transfers for policyowner benefits and terminations | (2595356) | (2614608) |
| Policyowner maintenance charges | (42926) | (44968) |
| **Net increase(decrease) from policyowner transactions** | (4628710) | (1399504) |
| **Total increase(decrease) in net assets** | 5064368 | 4046 |
| **Net assets at beginning of period** | 23377339 | 23373293 |
| **Net assets at end of period** | $28441707 | $23377339 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DFA** | **DFA** | **DFA** | **DFA** | **DFA** | **DFA** |
| **Fixed** |  | **Large** |  | **Targeted** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $652578 |  | $481946 |  | $400348 |  |
| (74556) |  | (123384) |  | (103478) |  |
| 578022 |  | 358562 |  | 296870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 1505335 |  | 1811234 |  |
| 4204 |  | 750917 |  | 192280 |  |
| 4204 |  | 2256252 |  | 2003514 |  |
| (4735) |  | 1087786 |  | (529851) |  |
| $577491 |  | $3702600 |  | $1770533 |  |
| **Fixed** | **Fixed** | **Large** | **Large** | **Targeted** | **Targeted** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $578022 | $668973 | $358562 | $405698 | $296870 | $207953 |
| 4204 | 21677 | 2256252 | 3429230 | 2003514 | 1820284 |
| (4735) | 27691 | 1087786 | (755099) | (529851) | (414292) |
| 577491 | 718341 | 3702600 | 3079829 | 1770533 | 1613945 |
| 689382 | 1293239 | 373215 | 870808 | 383591 | 195471 |
| 957571 | (641351) | (644787) | (752594) | (251569) | 660274 |
| (1951987) | (1120645) | (3246594) | (1550691) | (1498858) | (581092) |
| (13114) | (13691) | (356) | (414) | (223) | (221) |
| (318148) | (482448) | (3518522) | (1432891) | (1367059) | 274432 |
| 259343 | 235893 | 184078 | 1646938 | 403474 | 1888377 |
| 15288819 | 15052926 | 26212184 | 24565246 | 22576192 | 20687815 |
| $15548162 | $15288819 | $26396262 | $26212184 | $22979666 | $22576192 |

---

**AMERITAS LIFE INSURANCE CORP.**

**SEPARATE ACCOUNT LLVA**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **DFA** | **DFA** |
|  | **Global** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $390888 |  |
| Mortality and expense risk charge | (65507) |  |
| **Net investment income(loss)** | 325381 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 145935 |  |
| Net realized gain(loss) on sale of fund shares | 215237 |  |
| **Net realized gain(loss)** | 361172 |  |
| **Change in unrealized appreciation/depreciation** | 1184398 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1870951 |  |
|  | **Global** | **Global** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $325381 | $275176 |
| Net realized gain(loss) | 361172 | 500100 |
| Net change in unrealized appreciation/depreciation | 1184398 | 581732 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1870951 | 1357008 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 563875 |
| Subaccounts transfers (including fixed account), net | 1835963 | (121787) |
| Transfers for policyowner benefits and terminations | (377897) | (1374855) |
| Policyowner maintenance charges | (261) | (311) |
| **Net increase(decrease) from policyowner transactions** | 1457805 | (933078) |
| **Total increase(decrease) in net assets** | 3328756 | 423930 |
| **Net assets at beginning of period** | 12669569 | 12245639 |
| **Net assets at end of period** | $15998325 | $12669569 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | |
|:---|:---|
| **DFA** | **DFA** |
| **Equity** |  |
| **2025** |  |
| $87689 |  |
| (21029) |  |
| 66660 |  |
| 53315 |  |
| 246964 |  |
| 300279 |  |
| 399166 |  |
| $766105 |  |
| **Equity** | **Equity** |
| **2025** | **2024** |
| $66660 | $64523 |
| 300279 | 149315 |
| 399166 | 275172 |
| 766105 | 489010 |
| 790808 | 729904 |
| 87223 | (123273) |
| (1546362) | (563170) |
| (140) | (114) |
| (668471) | 43347 |
| 97634 | 532357 |
| 4503965 | 3971608 |
| $4601599 | $4503965 |

---

**AMERITAS LIFE INSURANCE CORP.**<br> **SEPARATE ACCOUNT LLVA**<br> **NOTES TO FINANCIAL STATEMENTS**<br> **FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024**<br>

**1. ORGANIZATION**

Ameritas Life Insurance Corp. Separate Account LLVA (the "Account") began operations during 1997. It operates as a separate investment account within Ameritas Life Insurance Corp. (the "Company"), a Nebraska domiciled company. The statements of operations and changes in net assets, financial highlights, and the related notes for each of the subaccounts listed below, are presented for the periods noted in the financial statements and notes, except for those subaccounts with commencement dates occurring during the period as referenced below. For those subaccounts with commencement dates during the respective period, the financial statements and the notes are presented from the commencement date forward. The assets of the Account are held by the Company and are segregated from all of the Company's other assets and are used only to support the variable annuity products issued by the Company.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Calvert Research and Management** | **Calvert Research and Management** | **Calvert Research and Management** | **Fidelity Management & Research** | **Fidelity Management & Research** | **Fidelity Management & Research** |
| **(Advisor)** | **(Advisor)** | **(Advisor)** | **Company LLC, continued** | **Company LLC, continued** | **Company LLC, continued** |
|  | *Calvert (Fund Series short cite)* | *Calvert (Fund Series short cite)* |  | *Fidelity* | *Fidelity* |
|  |  | \*Balanced (Subaccount short cite) |  |  | \*Mid Cap IC |
|  |  | \*Mid Cap |  |  | \*Mid Cap SC |
|  |  |  |  |  | \*Strategic |
| **DWS Investment Management Americas, Inc.** | **DWS Investment Management Americas, Inc.** | **DWS Investment Management Americas, Inc.** |  |  | \*Money Market |
|  | *Scudder* | *Scudder* |  |  |  |
|  |  | \*Small Cap | **Invesco Advisers, Inc.** | **Invesco Advisers, Inc.** | **Invesco Advisers, Inc.** |
|  |  | \*Small Mid Value |  | *AIM* | *AIM* |
|  |  | \*Thematic *(formerly DWS International* |  |  | \*Dividend |
|  |  | *Growth VIP Portfolio, Class A* |  |  | \*Health |
|  |  | \*Growth |  |  | \*Technology |
|  |  |  |  |  | \*Intl. Growth |
| **Fidelity Management & Research** | **Fidelity Management & Research** | **Fidelity Management & Research** |  |  | \*Franchise |
| **Company LLC** | **Company LLC** | **Company LLC** |  |  |  |
|  | *Fidelity* | *Fidelity* | **Janus Henderson Investors US LLC** | **Janus Henderson Investors US LLC** | **Janus Henderson Investors US LLC** |
|  |  | \*Overseas IC |  | *Janus* | *Janus* |
|  |  | \*Inv. Grade Bond IC |  |  | \*Growth |
|  |  | \*Equity Income IC |  |  |  |
|  |  | \*Growth IC | **Neuberger Berman Investment Advisers LLC** | **Neuberger Berman Investment Advisers LLC** | **Neuberger Berman Investment Advisers LLC** |
|  |  | \*High Income IC |  | *Neuberger Berman* | *Neuberger Berman* |
|  |  | \*High Income SC |  |  | \*Mid-Cap |
|  |  | \*Contrafund IC |  |  | \*Bond |
|  |  | \*Contrafund SC |  |  | \*Equity *(formerly Neuberger Berman AMT* |
|  |  |  |  |  | *Sustainable Equity Portfolio, Class I)* |
|  |  |  |  |  | \*Regency |

---

**1. ORGANIZATION, continued**

---

| | |
|:---|:---|
| **Guggenheim Investments** | **Schroder Investment Management North** |
| *Rydex* | **America Inc. and Baillie Gifford** |
| \*Nova | **Overseas Ltd.** |
| \*NASDAQ | *Vanguard* |
| \*Precious Metals | \*International |
| \*Inv. S&P 500 |  |
| \*Gov. Long Bond | **Hotchkis and Wiley Capital Management, LLC,** |
| \*Inverse NASDAQ | **Aristotle Capital Management, LLC and Harris** |
| \*Inv. Long Bond | **Associates L.P. (formerly Hotchkis and Wiley Capital** |
| \*Russell | **Management, LLC and Lazard Asset Management** |
|  | **LLC)** |
| **Third Avenue Management LLC** | *Vanguard* |
| *Third Avenue* | \*Diversified |
| \*Value |  |
|  | **The Vanguard Group, Inc. and** |
| **The Vanguard Group, Inc.** | **ArrowMark Partners** |
| *Vanguard* | *Vanguard* |
| \*Equity Index | \*Small Company Growth |
| \*Total Bond |  |
| \*REIT Index | **Allspring Funds Management, LLC** |
| \*Mid-Cap | *Allspring* |
| \*Stock Market Index | \*Discovery |
| \*Conservative | \*Opportunity |
| \*Moderate |  |
| \*Short-Term | **ProFund Advisors LLC** |
| \*International Stock | *ProFunds* |
| \*Global Bond | \*Bull |
|  | \*Europe |
| **Wellington Management Company, LLP** | \*Mid-Cap |
| **and The Vanguard Group, Inc.** | \*NASDAQ-100 |
| *Vanguard* | \*Small-Cap |
| \*Equity Income | \*Small-Cap Value |
| \*High Yield Bond | \*Classic Dow |
|  | \*Bear |
| **Wellington Management Company, LLP** | \*Short NASDAQ |
| *Vanguard* | \*Short Small-Cap |
| \*Growth | \*Short Dow |
| \*Balanced | \*UltraMid |
|  | \*UltraOTC |
|  | \*UltraSmall |
|  | \*UltraBull |
|  | \*U.S. Gov. Plus |

---

**1. ORGANIZATION, continued**

---

| | |
|:---|:---|
| **ProFund Advisors LLC, continued** | **Massachusetts Financial Services** |
| *ProFunds, continued* | **Company** |
| \*Opportunity | *MFS* |
| \*Oil & Gas | \*Utilities IC |
| \*Precious Metals | \*Mid Cap |
| \*Real Estate | \*Research |
| \*High Yield |  |
| (Commenced April 23, 2021) | **Calvert Research and Management** |
| \*Money Market | (See Note 3) |
|  | *Summit* |
| **Pacific Investment Management** | \*S&P 500 |
| **Company LLC** | \*EAFE Intl. |
| *Pimco* | \*S&P MidCap |
| \*Commodity | \*Growth |
| \*Total Return | \*Mod. Growth |
| \*Low Duration | \*Moderate |
|  | \*Russell Small Cap |
| **Lincoln Financial Investments Corporation** |  |
| *Lincoln* | **T. Rowe Price Associates, Inc.** |
| \*Mid Cap Value II | *T. Rowe* |
| \*International II | \*Blue Chip |
| \*Inflation II |  |
|  | **Morgan Stanley Investment** |
| **Capital Research and Management** | **Management Inc.** |
| **Company (SM)** | *Morgan Stanley* |
| *American Funds* | \*Emerging Markets |
| \*IS Growth-Inc |  |
| \*IS Growth | **Dimensional Fund Advisors LP** |
| \*Blue Chip | *DFA* |
| \*IS International | \*Bond |
| \*IS New World | \*Small |
|  | \*Value |
| **Franklin Advisers, Inc.** | \*Fixed |
| *Franklin Templeton* | \*Large |
| \*Global Inc. | \*Targeted |
|  | \*Global |
|  | \*Equity |

---

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

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

**BASIS OF ACCOUNTING**

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

**USE OF ESTIMATES**

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

**INVESTMENTS**

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

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

**FAIR VALUE MEASUREMENTS**

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

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

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

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

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

**FEDERAL AND STATE INCOME TAXES**

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

**3. SEGMENT INFORMATION**

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

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

**4. RELATED PARTIES**

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

---

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

---

**5. PURCHASES AND SALES OF INVESTMENTS**

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

December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Calvert:** |  |  |
| Balanced | $79212 | $52629 |
| Mid Cap | 21702 | 21170 |
| **Scudder:** |  |  |
| Small Cap | 10140 | 4928 |
| Small Mid Value | 140540 | 224007 |
| Thematic | 15955 | 108824 |
| Growth | 74413 | 58667 |
| **Fidelity:** |  |  |
| Overseas IC | 844904 | 786381 |
| Inv. Grade Bond IC | 2496355 | 2884299 |
| Equity Income IC | 376735 | 297954 |
| Growth IC | 1102243 | 687976 |
| High Income IC | 638171 | 519158 |
| High Income SC | 119452 | 29907 |
| Contrafund IC | 5538423 | 4262323 |
| Contrafund SC | 147348 | 39593 |
| Mid Cap IC | 1522612 | 1501600 |
| Mid Cap SC | 26490 | 6043 |
| Strategic | 1288628 | 1297035 |
| Money Market | 52845030 | 51667646 |
| **AIM:** |  |  |
| Dividend | 8595 | 19657 |
| Health | 1717 | 34385 |
| Technology | 168 | 38992 |
| Intl. Growth | 217897 | 65347 |
| Franchise | 62049 | 77175 |
| **Janus:** |  |  |
| Growth | 7492 | 1655 |
| **Neuberger Berman:** |  |  |
| Mid-Cap | 27400 | 1561 |
| Bond | 2 | 45 |
| Equity | 70232 | 89928 |
| Regency | 56738 | 42297 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Rydex:** |  |  |
| Nova | $1867948 | $2650075 |
| NASDAQ | 273622 | 427922 |
| Precious Metals | 3708039 | 3518128 |
| Inv. S&P 500 | 121749 | 76869 |
| Gov. Long Bond | 44890 | 138874 |
| Inverse NASDAQ | 463549 | 406459 |
| Inv. Long Bond | 23240 | 15303 |
| Russell | 57214 | 190876 |
| **Third Avenue:** |  |  |
| Value | 736630 | 267826 |
| **Vanguard:** |  |  |
| Equity Index | 20584515 | 29806754 |
| Total Bond | 7571220 | 9882810 |
| REIT Index | 1329798 | 1815759 |
| Mid-Cap | 2658335 | 5749094 |
| Stock Market Index | 5602882 | 8035946 |
| Conservative | 1713517 | 705778 |
| Moderate | 641575 | 789822 |
| Short-Term | 2551714 | 4899478 |
| International Stock | 1849021 | 1416653 |
| Global Bond | 265052 | 546701 |
| Equity Income | 3381766 | 2916450 |
| High Yield Bond | 4246814 | 3608699 |
| Growth | 2682569 | 4144229 |
| Balanced | 3837460 | 4173884 |
| International | 6304885 | 7453321 |
| Diversified | 1918618 | 2182701 |
| Small Company Growth | 1155069 | 1739146 |
| **Allspring:** |  |  |
| Discovery | 3104 | 38432 |
| Opportunity | 21761 | 1317 |
| **ProFunds:** |  |  |
| Bull | 77742 | 12815 |
| Europe | 4418 | 688 |
| Mid-Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| NASDAQ-100 | 561 | 68 |
| Small-Cap | 52 | 45 |
| Small-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Classic Dow | 10035 | 10005 |
| Bear | 3055 | 2249 |
| Short NASDAQ | 3624 | 6592 |
| Short Small-Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **ProFunds, continued:** |  |  |
| Short Dow | $1527 | $14 |
| UltraMid | 9527 | 9134 |
| UltraOTC | 279350 | 41044 |
| UltraSmall | 9365 | 14772 |
| UltraBull | 47708 | 36355 |
| U.S. Gov. Plus | 338 | 123 |
| Opportunity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Oil & Gas | 10548 | 644 |
| Precious Metals | 26627 | 31611 |
| Real Estate | 13442 | 12772 |
| High Yield | 1362 | 1339 |
| Money Market | 46341 | 48636 |
| **Pimco:** |  |  |
| Commodity | 286940 | 349023 |
| Total Return | 1477963 | 2719253 |
| Low Duration | 377 | 54 |
| **Lincoln:** |  |  |
| Mid Cap Value II | 369730 | 131094 |
| International II | 16817 | 12507 |
| Inflation II | 292922 | 341806 |
| **American Funds:** |  |  |
| IS Growth-Inc | 658077 | 384537 |
| IS Growth | 1294647 | 1548455 |
| Blue Chip | 220210 | 1379482 |
| IS International | 87825 | 97862 |
| IS New World | 251165 | 168874 |
| **Franklin Templeton:** |  |  |
| Global Inc. | 271344 | 648531 |
| **MFS:** |  |  |
| Utilities IC | 126509 | 330934 |
| Mid Cap | 249973 | 453036 |
| Research | 130241 | 543519 |
| **Summit:** |  |  |
| S&P 500 | 934889 | 397731 |
| EAFE Intl. | 749385 | 74149 |
| S&P MidCap | 39753 | 9192 |
| Growth | 868472 | 825048 |
| Mod. Growth | 707323 | 443535 |
| Moderate | 990310 | 987797 |
| Russell Small Cap | 757910 | 617343 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **T. Rowe:** |  |  |
| Blue Chip | $5162656 | $2205099 |
| **Morgan Stanley:** |  |  |
| Emerging Markets | 521347 | 1831152 |
| **DFA:** |  |  |
| Bond | 2181920 | 5825555 |
| Small | 1533066 | 2452878 |
| Value | 2536531 | 5361660 |
| Fixed | 2743064 | 2483190 |
| Large | 2685816 | 4340440 |
| Targeted | 3385062 | 2644017 |
| Global | 3301261 | 1372141 |
| Equity | 1309950 | 1858447 |

---

**6. FINANCIAL HIGHLIGHTS**

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

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

Expense Ratio – The Expense Ratio represents the annualized contract expenses of the subccounts for the period indicated and includes only those expenses that are charged through a reduction of the unit value. Included in this category are mortality and expense charges. During the year ended December 31, 2025, these fees range between .45 percent and .90 percent (annualized) of net assets, depending on the product selected. Expenses of the underlying fund portfolios and charges made directly to policyowner accounts through the redemption of units are excluded. For this separate account, charges made through the redemption of units ranged up to $40 per policy annually, depending on the product selected.

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

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Calvert:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 4.90 | 6.96 | 193882 | 1181590 | 1.62 | 0.45 | 0.60 | 10.81 | 10.98 |
| 2024 | 4.41 | 6.28 | 201154 | 1110313 | 1.76 | 0.45 | 0.60 | 18.89 | 19.07 |
| 2023 | 3.71 | 5.29 | 214109 | 996202 | 1.60 | 0.45 | 0.60 | 16.12 | 16.30 |
| 2022 | 3.19 | 4.55 | 239356 | 943474 | 1.31 | 0.45 | 0.60 | (15.92) | (15.79) |
| 2021 | 3.79 | 5.41 | 195162 | 952862 | 1.08 | 0.45 | 0.60 | 14.43 | 14.60 |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 95.51 | 95.51 | 3624 | 346117 | 0.36 | 0.60 | 0.60 | 0.85 | 0.85 |
| 2024 | 94.70 | 94.70 | 3822 | 361991 | 0.12 | 0.60 | 0.60 | 9.56 | 9.56 |
| 2023 | 86.44 | 86.44 | 4215 | 364339 | 0.19 | 0.60 | 0.60 | 10.98 | 10.98 |
| 2022 | 77.89 | 77.89 | 4562 | 355290 |  | 0.60 | 0.60 | (19.97) | (19.97) |
| 2021 | 37.47 | 97.32 | 9429 | 917590 | 0.20 | 0.60 | 0.60 | 2.47 | 14.34 |
| **Scudder:** |  |  |  |  |  |  |  |  |  |
| <u>Small Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 64.20 | 64.20 | 2414 | 155006 | 1.35 | 0.60 | 0.60 | 11.96 | 11.96 |
| 2024 | 57.34 | 57.34 | 2483 | 142383 | 1.22 | 0.60 | 0.60 | 10.48 | 10.48 |
| 2023 | 51.90 | 51.90 | 2824 | 146567 | 1.45 | 0.60 | 0.60 | 16.06 | 16.06 |
| 2022 | 44.71 | 44.71 | 5039 | 225323 | 0.92 | 0.60 | 0.60 | (21.11) | (21.11) |
| 2021 | 56.68 | 56.68 | 5220 | 295881 | 0.92 | 0.60 | 0.60 | 13.82 | 13.82 |
| <u>Small Mid Value</u> | <u>Small Mid Value</u> |  |  |  |  |  |  |  |  |
| 2025 | 31.63 | 35.36 | 28708 | 949037 | 1.03 | 0.45 | 0.60 | 17.51 | 17.69 |
| 2024 | 26.88 | 30.09 | 35415 | 995314 | 1.22 | 0.45 | 0.60 | 5.57 | 5.73 |
| 2023 | 25.42 | 28.50 | 61712 | 1673316 | 1.14 | 0.45 | 0.60 | 14.26 | 14.44 |
| 2022 | 22.21 | 24.94 | 69985 | 1663967 | 0.86 | 0.45 | 0.60 | (16.30) | (16.18) |
| 2021 | 26.50 | 29.80 | 67428 | 1924411 | 1.29 | 0.45 | 0.60 | 29.72 | 29.92 |
| <u>Thematic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 21.02 | 21.45 | 33297 | 702892 | 0.93 | 0.45 | 0.60 | 18.21 | 18.39 |
| 2024 | 17.75 | 18.15 | 38191 | 681746 | 1.23 | 0.45 | 0.60 | 8.71 | 8.87 |
| 2023 | 16.31 | 16.69 | 43423 | 712614 | 0.75 | 0.45 | 0.60 | 15.35 | 15.52 |
| 2022 | 14.11 | 14.47 | 46366 | 659108 | 1.04 | 0.45 | 0.60 | (28.94) | (28.83) |
| 2021 | 19.83 | 20.37 | 56698 | 1133779 | 0.36 | 0.45 | 0.60 | 7.47 | 7.63 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 111.78 | 135.34 | 4953 | 585426 | 0.05 | 0.45 | 0.60 | 11.86 | 12.02 |
| 2024 | 99.78 | 120.99 | 5388 | 569660 | 0.23 | 0.45 | 0.60 | 25.86 | 26.05 |
| 2023 | 79.16 | 96.14 | 8254 | 710991 | 0.07 | 0.45 | 0.60 | 37.75 | 37.96 |
| 2022 | 57.38 | 69.79 | 7173 | 450114 | 0.09 | 0.45 | 0.60 | (31.15) | (31.05) |
| 2021 | 83.22 | 101.36 | 8272 | 776255 | 0.20 | 0.45 | 0.60 | 22.05 | 22.23 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity:** |  |  |  |  |  |  |  |  |  |
| <u>Overseas IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 39.68 | 54.39 | 63601 | 3030752 | 1.62 | 0.45 | 0.60 | 19.67 | 19.85 |
| 2024 | 33.11 | 45.45 | 68213 | 2749577 | 1.56 | 0.45 | 0.60 | 4.42 | 4.58 |
| 2023 | 31.66 | 43.52 | 86298 | 3417312 | 1.10 | 0.45 | 0.60 | 19.79 | 19.97 |
| 2022 | 26.39 | 36.33 | 87962 | 2885351 | 1.08 | 0.45 | 0.60 | (24.93) | (24.82) |
| 2021 | 35.10 | 48.40 | 97248 | 4304910 | 0.52 | 0.45 | 0.60 | 18.99 | 19.16 |
| <u>Inv. Grade Bond IC</u> | <u>Inv. Grade Bond IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 15.83 | 22.82 | 1133671 | 22843626 | 3.57 | 0.45 | 0.60 | 6.58 | 6.74 |
| 2024 | 14.83 | 21.41 | 1179018 | 22468305 | 3.56 | 0.45 | 0.60 | 1.18 | 1.33 |
| 2023 | 14.64 | 21.16 | 1141990 | 21911122 | 2.59 | 0.45 | 0.60 | 5.57 | 5.73 |
| 2022 | 13.85 | 20.04 | 1242581 | 22477309 | 2.22 | 0.45 | 0.60 | (13.48) | (13.35) |
| 2021 | 15.98 | 23.17 | 1343099 | 28296481 | 2.03 | 0.45 | 0.60 | (1.20) | (1.05) |
| <u>Equity Income IC</u> | <u>Equity Income IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 60.96 | 112.74 | 39950 | 3859988 | 1.83 | 0.45 | 0.60 | 18.31 | 18.49 |
| 2024 | 51.45 | 95.29 | 41225 | 3419850 | 1.78 | 0.45 | 0.60 | 14.65 | 14.83 |
| 2023 | 44.81 | 83.11 | 41768 | 3150442 | 1.87 | 0.45 | 0.60 | 9.99 | 10.15 |
| 2022 | 40.68 | 75.56 | 45601 | 3098193 | 1.96 | 0.45 | 0.60 | (5.52) | (5.38) |
| 2021 | 42.99 | 79.98 | 42834 | 3138310 | 1.94 | 0.45 | 0.60 | 24.15 | 24.33 |
| <u>Growth IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 314.56 | 318.95 | 21930 | 6977721 | 0.29 | 0.45 | 0.60 | 14.21 | 14.38 |
| 2024 | 275.00 | 279.26 | 23390 | 6513649 |  | 0.45 | 0.60 | 29.61 | 29.80 |
| 2023 | 211.86 | 215.47 | 23410 | 5031167 | 0.14 | 0.45 | 0.60 | 35.43 | 35.63 |
| 2022 | 156.21 | 159.10 | 24734 | 3924007 | 0.59 | 0.45 | 0.60 | (24.91) | (24.79) |
| 2021 | 207.71 | 211.87 | 27869 | 5891580 |  | 0.45 | 0.60 | 22.48 | 22.66 |
| <u>High Income IC</u> | <u>High Income IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 8.73 | 17.55 | 188680 | 1963643 | 6.68 | 0.45 | 0.60 | 9.70 | 9.87 |
| 2024 | 7.95 | 15.99 | 176139 | 1781571 | 5.40 | 0.45 | 0.60 | 8.32 | 8.48 |
| 2023 | 7.33 | 14.77 | 219610 | 1984220 | 5.98 | 0.45 | 0.60 | 9.82 | 9.98 |
| 2022 | 6.66 | 13.45 | 190668 | 1753844 | 5.06 | 0.45 | 0.60 | (11.90) | (11.77) |
| 2021 | 7.55 | 15.26 | 222928 | 2309608 | 5.32 | 0.45 | 0.60 | 3.79 | 3.94 |
| <u>High Income SC</u> | <u>High Income SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 21.47 | 21.47 | 5495 | 117965 | 8.78 | 0.60 | 0.60 | 9.66 | 9.66 |
| 2024 | 19.57 | 19.57 | 1447 | 28315 | 5.76 | 0.60 | 0.60 | 8.07 | 8.07 |
| 2023 | 18.11 | 18.11 | 1522 | 27573 | 5.30 | 0.60 | 0.60 | 9.85 | 9.85 |
| 2022 | 16.49 | 16.49 | 1730 | 28522 | 4.99 | 0.60 | 0.60 | (12.08) | (12.08) |
| 2021 | 18.76 | 18.76 | 1817 | 34079 | 5.21 | 0.60 | 0.60 | 3.87 | 3.87 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Contrafund IC</u> | <u>Contrafund IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 142.75 | 240.17 | 138756 | 29142560 | 0.14 | 0.45 | 0.60 | 20.76 | 20.94 |
| 2024 | 118.04 | 198.89 | 155279 | 26903854 | 0.19 | 0.45 | 0.60 | 32.99 | 33.19 |
| 2023 | 88.63 | 149.56 | 163298 | 21171974 | 0.49 | 0.45 | 0.60 | 32.66 | 32.86 |
| 2022 | 66.71 | 112.74 | 173093 | 17063778 | 0.51 | 0.45 | 0.60 | (26.75) | (26.64) |
| 2021 | 90.94 | 153.91 | 175645 | 24406141 | 0.06 | 0.45 | 0.60 | 27.07 | 27.26 |
| <u>Contrafund SC</u> | <u>Contrafund SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 239.19 | 239.19 | 4121 | 985715 | 0.05 | 0.60 | 0.60 | 20.65 | 20.65 |
| 2024 | 198.25 | 198.25 | 4285 | 849447 | 0.10 | 0.60 | 0.60 | 32.83 | 32.83 |
| 2023 | 149.25 | 149.25 | 3438 | 513173 | 0.31 | 0.60 | 0.60 | 32.55 | 32.55 |
| 2022 | 112.60 | 112.60 | 7298 | 821803 | 0.36 | 0.60 | 0.60 | (26.82) | (26.82) |
| 2021 | 153.87 | 153.87 | 8702 | 1338963 | 0.05 | 0.60 | 0.60 | 26.95 | 26.95 |
| <u>Mid Cap IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 85.83 | 177.76 | 61283 | 9248003 | 0.43 | 0.45 | 0.60 | 11.09 | 11.25 |
| 2024 | 77.15 | 160.02 | 69731 | 9329652 | 0.56 | 0.45 | 0.60 | 16.79 | 16.96 |
| 2023 | 65.96 | 137.02 | 63331 | 7791882 | 0.61 | 0.45 | 0.60 | 14.39 | 14.56 |
| 2022 | 57.58 | 119.78 | 63065 | 6925712 | 0.54 | 0.45 | 0.60 | (15.25) | (15.12) |
| 2021 | 67.84 | 141.33 | 68079 | 8779276 | 0.62 | 0.45 | 0.60 | 24.85 | 25.04 |
| <u>Mid Cap SC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 174.05 | 174.05 | 1403 | 244136 | 0.37 | 0.60 | 0.60 | 11.00 | 11.00 |
| 2024 | 156.81 | 156.81 | 1435 | 225053 | 0.47 | 0.60 | 0.60 | 16.65 | 16.65 |
| 2023 | 134.43 | 134.43 | 1489 | 200116 | 0.45 | 0.60 | 0.60 | 14.32 | 14.32 |
| 2022 | 117.59 | 117.59 | 2770 | 325679 | 0.41 | 0.60 | 0.60 | (15.36) | (15.36) |
| 2021 | 138.93 | 138.93 | 3213 | 446328 | 0.49 | 0.60 | 0.60 | 24.76 | 24.76 |
| <u>Strategic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 16.47 | 22.72 | 639676 | 12585189 | 3.86 | 0.45 | 0.60 | 8.20 | 8.36 |
| 2024 | 15.20 | 21.00 | 656262 | 12032775 | 3.84 | 0.45 | 0.60 | 5.44 | 5.60 |
| 2023 | 14.39 | 19.92 | 621335 | 10919629 | 4.29 | 0.45 | 0.60 | 8.76 | 8.92 |
| 2022 | 13.21 | 18.31 | 684816 | 11135586 | 3.63 | 0.45 | 0.60 | (11.79) | (11.65) |
| 2021 | 14.96 | 20.76 | 732162 | 13566892 | 2.72 | 0.45 | 0.60 | 3.12 | 3.28 |
| <u>Money Market</u> | <u>Money Market</u> |  |  |  |  |  |  |  |  |
| 2025 | 1.15 | 1.17 | 24895003 | 28827520 | 4.07 | 0.45 | 0.60 | 3.51 | 3.67 |
| 2024 | 1.11 | 1.13 | 24732767 | 27650136 | 4.99 | 0.45 | 0.60 | 4.47 | 4.63 |
| 2023 | 1.07 | 1.08 | 30771775 | 32988496 | 4.79 | 0.45 | 0.60 | 4.27 | 4.43 |
| 2022 | 1.02 | 1.03 | 76015192 | 78347918 | 1.71 | 0.45 | 0.60 | 0.83 | 0.99 |
| 2021 | 1.01 | 1.02 | 19834478 | 20173426 | 0.01 | 0.45 | 0.60 | (0.59) | (0.43) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **AIM:** |  |  |  |  |  |  |  |  |  |
| <u>Dividend</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 55.54 | 55.54 | 1736 | 96415 | 1.53 | 0.60 | 0.60 | 15.05 | 15.05 |
| 2024 | 48.28 | 48.28 | 2120 | 102361 | 1.87 | 0.60 | 0.60 | 12.54 | 12.54 |
| 2023 | 42.90 | 42.90 | 2362 | 101336 | 2.02 | 0.60 | 0.60 | 8.40 | 8.40 |
| 2022 | 39.57 | 39.57 | 2659 | 105212 | 1.96 | 0.60 | 0.60 | (2.26) | (2.26) |
| 2021 | 40.49 | 40.49 | 2542 | 102934 | 2.17 | 0.60 | 0.60 | 18.18 | 18.18 |
| <u>Health</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 82.78 | 82.78 | 262 | 21687 |  | 0.60 | 0.60 | 14.64 | 14.64 |
| 2024 | 72.21 | 72.21 | 721 | 52074 |  | 0.60 | 0.60 | 3.54 | 3.54 |
| 2023 | 69.74 | 69.74 | 576 | 40182 |  | 0.60 | 0.60 | 2.41 | 2.41 |
| 2022 | 68.10 | 68.10 | 856 | 58270 |  | 0.60 | 0.60 | (13.83) | (13.83) |
| 2021 | 79.03 | 79.03 | 2429 | 191979 | 0.21 | 0.60 | 0.60 | 11.63 | 11.63 |
| <u>Technology</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 29.40 | 29.40 | 55 | 1612 |  | 0.60 | 0.60 | 19.74 | 19.74 |
| 2024 | 24.55 | 24.55 | 1507 | 37006 |  | 0.60 | 0.60 | 33.46 | 33.46 |
| 2023 | 18.40 | 18.40 | 7840 | 144240 |  | 0.60 | 0.60 | 36.18 | 36.18 |
| 2022 | 12.59 | 12.59 |  |  |  | 0.60 | 0.60 | (39.39) | (39.39) |
| 2021 | 67.55 | 67.55 | 2057 | 138970 |  | 0.60 | 0.60 | 13.73 | 13.73 |
| <u>Intl. Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 58.46 | 63.31 | 12833 | 792362 | 1.40 | 0.45 | 0.60 | 15.80 | 15.98 |
| 2024 | 50.41 | 54.67 | 11098 | 590166 | 1.88 | 0.45 | 0.60 | 0.01 | 0.16 |
| 2023 | 50.33 | 54.66 | 14571 | 768134 | 0.20 | 0.45 | 0.60 | 17.44 | 17.62 |
| 2022 | 42.79 | 46.55 | 15298 | 687139 | 1.57 | 0.45 | 0.60 | (18.79) | (18.67) |
| 2021 | 52.61 | 57.32 | 24154 | 1355375 | 1.27 | 0.45 | 0.60 | 5.26 | 5.41 |
| <u>Franchise</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 213.35 | 218.82 | 635 | 137015 |  | 0.45 | 0.60 | 11.00 | 11.16 |
| 2024 | 192.21 | 196.84 | 818 | 159314 |  | 0.45 | 0.60 | 34.08 | 34.28 |
| 2023 | 143.36 | 146.59 | 814 | 118063 |  | 0.45 | 0.60 | 40.09 | 40.30 |
| 2022 | 102.33 | 104.49 | 687 | 70893 |  | 0.45 | 0.60 | (31.52) | (31.42) |
| 2021 | 149.44 | 152.36 | 3058 | 464715 |  | 0.45 | 0.60 | 11.26 | 11.43 |
| **Janus:** |  |  |  |  |  |  |  |  |  |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 168.55 | 168.55 | 642 | 108234 |  | 0.60 | 0.60 | 17.68 | 17.68 |
| 2024 | 143.23 | 143.23 | 648 | 92883 | 0.03 | 0.60 | 0.60 | 34.50 | 34.50 |
| 2023 | 106.49 | 106.49 | 649 | 69090 | 0.15 | 0.60 | 0.60 | 42.32 | 42.32 |
| 2022 | 74.82 | 74.82 | 677 | 50660 | 0.71 | 0.60 | 0.60 | (30.31) | (30.31) |
| 2021 | 107.36 | 107.36 | 706 | 75833 | 0.10 | 0.60 | 0.60 | 19.62 | 19.62 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Neuberger Berman:** | **Neuberger Berman:** |  |  |  |  |  |  |  |  |
| <u>Mid-Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 60.54 | 60.54 | 3464 | 209684 |  | 0.60 | 0.60 | 4.82 | 4.82 |
| 2024 | 57.75 | 57.75 | 3469 | 200332 |  | 0.60 | 0.60 | 23.27 | 23.27 |
| 2023 | 46.85 | 46.85 | 3472 | 162647 |  | 0.60 | 0.60 | 17.44 | 17.44 |
| 2022 | 39.89 | 39.89 | 3486 | 139060 |  | 0.60 | 0.60 | (29.16) | (29.16) |
| 2021 | 56.31 | 56.31 | 6699 | 377240 |  | 0.60 | 0.60 | 12.32 | 12.32 |
| <u>Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 9.67 | 9.67 |  |  | 4.55 | 0.60 | 0.60 | 5.48 | 5.48 |
| 2024 | 24.68 | 24.68 | 2 | 43 | 4.80 | 0.60 | 0.60 | 6.09 | 6.09 |
| 2023 | 23.26 | 23.26 | 2 | 44 | 5.04 | 0.60 | 0.60 | 5.39 | 5.39 |
| 2022 | 22.07 | 22.07 | 859 | 18953 | 3.63 | 0.60 | 0.60 | (5.75) | (5.75) |
| 2021 | 23.42 | 23.42 | 1278 | 29938 | 2.49 | 0.60 | 0.60 | 0.14 | 0.14 |
| <u>Equity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 60.05 | 60.64 | 9594 | 578275 |  | 0.45 | 0.60 | 13.06 | 13.23 |
| 2024 | 53.11 | 53.55 | 10444 | 556082 | 0.22 | 0.45 | 0.60 | 25.09 | 25.28 |
| 2023 | 42.46 | 42.75 | 23508 | 1000998 | 0.31 | 0.45 | 0.60 | 26.14 | 26.33 |
| 2022 | 33.66 | 33.84 | 28356 | 955991 | 0.44 | 0.45 | 0.60 | (18.94) | (18.82) |
| 2021 | 41.52 | 41.68 | 30022 | 1248152 | 0.39 | 0.45 | 0.60 | 22.74 | 22.92 |
| <u>Regency</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 33.00 | 47.78 | 13286 | 450942 | 0.47 | 0.45 | 0.60 | 10.89 | 11.06 |
| 2024 | 29.71 | 43.08 | 14195 | 436880 | 0.72 | 0.45 | 0.60 | 8.16 | 8.33 |
| 2023 | 27.43 | 39.83 | 15742 | 450021 | 1.02 | 0.45 | 0.60 | 10.34 | 10.51 |
| 2022 | 24.82 | 36.10 | 18489 | 501066 | 0.58 | 0.45 | 0.60 | (10.29) | (10.16) |
| 2021 | 27.63 | 40.24 | 16680 | 588880 | 0.70 | 0.45 | 0.60 | 32.01 | 32.20 |
| **Rydex:** |  |  |  |  |  |  |  |  |  |
| <u>Nova</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 73.76 | 756.45 | 10499 | 1042633 |  | 0.45 | 0.60 | 20.14 | 20.32 |
| 2024 | 61.40 | 628.68 | 17498 | 1453504 |  | 0.45 | 0.60 | 31.96 | 32.16 |
| 2023 | 46.53 | 475.71 | 16536 | 1215249 |  | 0.45 | 0.60 | 34.28 | 34.47 |
| 2022 | 34.65 | 353.77 | 10075 | 486927 | 0.35 | 0.45 | 0.60 | (30.68) | (30.58) |
| 2021 | 49.99 | 509.58 | 18976 | 1291880 | 0.37 | 0.45 | 0.60 | 41.34 | 41.55 |
| <u>NASDAQ</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 165.01 | 173.83 | 21158 | 3602258 | 0.03 | 0.45 | 0.60 | 18.33 | 18.51 |
| 2024 | 139.24 | 146.91 | 23367 | 3366105 | 0.21 | 0.45 | 0.60 | 23.16 | 23.35 |
| 2023 | 112.89 | 119.28 | 28740 | 3369247 |  | 0.45 | 0.60 | 52.31 | 52.54 |
| 2022 | 74.01 | 78.32 | 25141 | 1936559 |  | 0.45 | 0.60 | (34.53) | (34.44) |
| 2021 | 112.88 | 119.63 | 27004 | 3180251 |  | 0.45 | 0.60 | 24.79 | 24.98 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Rydex, continued:** | **Rydex, continued:** |  |  |  |  |  |  |  |  |
| <u>Precious Metals</u> | <u>Precious Metals</u> |  |  |  |  |  |  |  |  |
| 2025 | 25.82 | 116.11 | 154966 | 5184353 | 2.25 | 0.45 | 0.60 | 145.90 | 146.27 |
| 2024 | 10.50 | 47.15 | 129234 | 1898922 | 1.33 | 0.45 | 0.60 | 7.47 | 7.63 |
| 2023 | 9.77 | 43.81 | 160881 | 2059566 | 0.40 | 0.45 | 0.60 | 3.21 | 3.36 |
| 2022 | 9.47 | 42.38 | 319404 | 3532346 | 0.52 | 0.45 | 0.60 | (11.61) | (11.48) |
| 2021 | 10.71 | 47.88 | 289051 | 3579577 | 3.67 | 0.45 | 0.60 | (9.73) | (9.60) |
| <u>Inv. S&P 500</u> | <u>Inv. S&P 500</u> |  |  |  |  |  |  |  |  |
| 2025 | 0.41 | 3.82 | 98351 | 55173 | 9.19 | 0.45 | 0.60 | (12.29) | (12.16) |
| 2024 | 0.46 | 4.35 | 42807 | 27043 | 7.36 | 0.45 | 0.60 | (13.63) | (13.50) |
| 2023 | 0.54 | 5.03 | 140781 | 106398 | 1.38 | 0.45 | 0.60 | (15.46) | (15.33) |
| 2022 | 0.64 | 5.94 | 173880 | 174753 |  | 0.45 | 0.60 | 15.90 | 16.07 |
| 2021 | 0.55 | 5.12 | 213942 | 141215 |  | 0.45 | 0.60 | (27.55) | (24.89) |
| <u>Gov. Long Bond</u> | <u>Gov. Long Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 13.82 | 20.22 | 13331 | 206514 | 3.28 | 0.45 | 0.60 | 1.07 | 1.21 |
| 2024 | 13.68 | 19.98 | 17891 | 298375 | 3.26 | 0.45 | 0.60 | (12.98) | (12.84) |
| 2023 | 15.72 | 22.92 | 46031 | 736868 | 2.92 | 0.45 | 0.60 | (1.62) | 3.17 |
| 2022 | 15.98 | 23.26 | 45187 | 729997 | 1.47 | 0.45 | 0.60 | (41.18) | (25.87) |
| 2021 | 27.16 | 39.49 | 64493 | 1775940 | 0.37 | 0.45 | 0.60 | (8.04) | (2.30) |
| <u>Inverse NASDAQ</u> | <u>Inverse NASDAQ</u> |  |  |  |  |  |  |  |  |
| 2025 | 0.62 | 2.97 | 44396 | 50854 | 4.96 | 0.45 | 0.60 | (16.68) | (16.55) |
| 2024 | 0.74 | 3.56 | 20224 | 22888 | 10.54 | 0.45 | 0.60 | (16.30) | (16.17) |
| 2023 | 0.88 | 4.25 | 133058 | 141332 | 0.27 | 0.45 | 0.60 | (32.26) | (32.16) |
| 2022 | 1.30 | 6.26 | 79665 | 187683 |  | 0.45 | 0.60 | 34.03 | 34.23 |
| 2021 | 0.97 | 4.66 | 28802 | 37887 |  | 0.45 | 0.60 | (25.90) | (25.79) |
| <u>Inv. Long Bond</u> | <u>Inv. Long Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 8.91 | 39.24 | 11238 | 111967 | 7.25 | 0.45 | 0.60 | 1.24 | 1.39 |
| 2024 | 8.80 | 38.70 | 11152 | 109833 | 4.87 | 0.45 | 0.60 | 16.20 | 16.38 |
| 2023 | 7.57 | 33.25 | 14888 | 211151 |  | 0.45 | 0.60 | 3.61 | 3.77 |
| 2022 | 7.31 | 32.05 | 22512 | 353726 |  | 0.45 | 0.60 | 45.34 | 45.55 |
| 2021 | 5.03 | 22.02 | 8211 | 118829 |  | 0.45 | 0.60 | (4.24) | 0.37 |
| <u>Russell</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 113.51 | 121.95 | 4791 | 579318 | 1.76 | 0.45 | 0.60 | 11.80 | 11.97 |
| 2024 | 101.38 | 109.08 | 6222 | 665437 | 1.00 | 0.45 | 0.60 | 10.29 | 10.45 |
| 2023 | 91.78 | 98.90 | 4857 | 478756 |  | 0.45 | 0.60 | 19.07 | 19.25 |
| 2022 | 76.97 | 83.07 | 6517 | 539925 |  | 0.45 | 0.60 | (33.85) | (33.75) |
| 2021 | 116.19 | 125.58 | 7058 | 882002 | 0.06 | 0.45 | 0.60 | 18.29 | 18.47 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Third Avenue:** | **Third Avenue:** |  |  |  |  |  |  |  |  |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 35.41 | 73.81 | 47052 | 3308757 | 2.29 | 0.45 | 0.60 | 34.04 | 34.24 |
| 2024 | 26.37 | 55.06 | 43375 | 2273499 | 2.59 | 0.45 | 0.60 | (2.86) | (2.71) |
| 2023 | 27.11 | 56.68 | 44139 | 2356613 | 2.33 | 0.45 | 0.60 | 20.09 | 20.27 |
| 2022 | 22.54 | 47.20 | 48388 | 2114274 | 1.44 | 0.45 | 0.60 | 15.42 | 15.59 |
| 2021 | 19.50 | 40.90 | 47263 | 1852146 | 0.71 | 0.45 | 0.60 | 21.34 | 21.52 |
| **Vanguard:** |  |  |  |  |  |  |  |  |  |
| <u>Equity Index</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 124.69 | 194.52 | 621572 | 92243913 | 1.17 | 0.45 | 0.60 | 17.00 | 17.17 |
| 2024 | 106.42 | 166.26 | 739856 | 92859232 | 1.31 | 0.45 | 0.60 | 24.09 | 24.28 |
| 2023 | 85.63 | 133.98 | 804604 | 81845114 | 1.50 | 0.45 | 0.60 | 25.36 | 25.55 |
| 2022 | 68.20 | 106.87 | 562135 | 50257711 | 1.24 | 0.45 | 0.60 | (18.72) | (18.59) |
| 2021 | 83.78 | 131.48 | 940077 | 94271192 | 1.25 | 0.45 | 0.60 | 27.78 | 27.97 |
| <u>Total Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 13.59 | 18.48 | 5896188 | 85473353 | 3.44 | 0.45 | 0.60 | 6.30 | 6.46 |
| 2024 | 12.77 | 17.38 | 6235260 | 85004582 | 2.79 | 0.45 | 0.60 | 0.63 | 0.79 |
| 2023 | 12.67 | 17.27 | 5825178 | 79361766 | 2.45 | 0.45 | 0.60 | 4.95 | 5.11 |
| 2022 | 12.05 | 16.46 | 5149173 | 68113564 | 2.34 | 0.45 | 0.60 | (13.73) | (13.60) |
| 2021 | 13.95 | 19.08 | 6568672 | 99521736 | 1.97 | 0.45 | 0.60 | (2.30) | (2.16) |
| <u>REIT Index</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 21.59 | 59.81 | 536595 | 18909796 | 2.72 | 0.45 | 0.60 | 2.49 | 2.65 |
| 2024 | 21.03 | 58.36 | 569400 | 19658218 | 3.21 | 0.45 | 0.60 | 4.11 | 4.27 |
| 2023 | 20.17 | 56.05 | 645645 | 22138907 | 2.50 | 0.45 | 0.60 | 11.03 | 11.20 |
| 2022 | 18.14 | 50.48 | 671425 | 21279837 | 1.94 | 0.45 | 0.60 | (26.74) | (26.63) |
| 2021 | 24.72 | 68.90 | 686866 | 30555654 | 2.02 | 0.45 | 0.60 | 39.37 | 39.58 |
| <u>Mid-Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 55.16 | 95.95 | 444392 | 32527246 | 1.27 | 0.45 | 0.60 | 10.88 | 11.04 |
| 2024 | 49.68 | 86.54 | 509558 | 34027072 | 1.42 | 0.45 | 0.60 | 14.38 | 14.56 |
| 2023 | 43.36 | 75.66 | 565039 | 33224932 | 1.45 | 0.45 | 0.60 | 15.14 | 15.31 |
| 2022 | 37.61 | 65.71 | 637190 | 32325311 | 1.16 | 0.45 | 0.60 | (19.30) | (19.18) |
| 2021 | 46.53 | 81.43 | 695347 | 43769713 | 1.07 | 0.45 | 0.60 | 23.61 | 23.80 |
| <u>Stock Market Index</u> | <u>Stock Market Index</u> |  |  |  |  |  |  |  |  |
| 2025 | 114.49 | 197.64 | 408330 | 58180801 | 1.18 | 0.45 | 0.60 | 16.24 | 16.41 |
| 2024 | 98.35 | 170.03 | 450271 | 55448267 | 1.25 | 0.45 | 0.60 | 22.97 | 23.16 |
| 2023 | 79.86 | 138.27 | 483698 | 49117562 | 1.14 | 0.45 | 0.60 | 25.20 | 25.39 |
| 2022 | 63.69 | 110.44 | 503327 | 40903658 | 1.33 | 0.45 | 0.60 | (20.07) | (19.95) |
| 2021 | 79.56 | 138.17 | 520428 | 52985956 | 1.15 | 0.45 | 0.60 | 24.89 | 25.08 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Vanguard, continued:** | **Vanguard, continued:** |  |  |  |  |  |  |  |  |
| <u>Conservative</u> | <u>Conservative</u> |  |  |  |  |  |  |  |  |
| 2025 | 39.14 | 39.71 | 217379 | 8601228 | 2.55 | 0.45 | 0.60 | 12.06 | 12.23 |
| 2024 | 34.93 | 35.38 | 201836 | 7115870 | 2.80 | 0.45 | 0.60 | 6.84 | 7.01 |
| 2023 | 32.69 | 33.06 | 224365 | 7394386 | 1.89 | 0.45 | 0.60 | 11.84 | 12.01 |
| 2022 | 29.23 | 29.52 | 217515 | 6407778 | 2.38 | 0.45 | 0.60 | (15.40) | (15.28) |
| 2021 | 34.56 | 34.84 | 213302 | 7422325 | 1.59 | 0.45 | 0.60 | 5.36 | 5.51 |
| <u>Moderate</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 51.33 | 51.95 | 136323 | 7075834 | 2.40 | 0.45 | 0.60 | 15.49 | 15.67 |
| 2024 | 44.45 | 44.91 | 148251 | 6654577 | 2.34 | 0.45 | 0.60 | 9.66 | 9.83 |
| 2023 | 40.53 | 40.89 | 166630 | 6811097 | 1.81 | 0.45 | 0.60 | 14.86 | 15.03 |
| 2022 | 35.29 | 35.55 | 99335 | 3529120 | 2.41 | 0.45 | 0.60 | (16.43) | (16.30) |
| 2021 | 42.22 | 42.47 | 90602 | 3832645 | 1.26 | 0.45 | 0.60 | 9.42 | 9.58 |
| <u>Short-Term</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.89 | 13.07 | 1870510 | 24385878 | 4.17 | 0.45 | 0.60 | 6.22 | 6.38 |
| 2024 | 12.13 | 12.29 | 2130197 | 26107761 | 3.56 | 0.45 | 0.60 | 4.26 | 4.42 |
| 2023 | 11.64 | 11.77 | 1988128 | 23344335 | 2.11 | 0.45 | 0.60 | 5.53 | 5.68 |
| 2022 | 11.03 | 11.14 | 2175845 | 24176045 | 1.64 | 0.45 | 0.60 | (6.28) | (6.14) |
| 2021 | 11.77 | 11.87 | 2409536 | 28533095 | 2.12 | 0.45 | 0.60 | (1.05) | (0.90) |
| <u>International Stock</u> | <u>International Stock</u> |  |  |  |  |  |  |  |  |
| 2025 | 33.46 | 33.70 | 380059 | 12800491 | 2.73 | 0.45 | 0.60 | 31.26 | 31.45 |
| 2024 | 25.49 | 25.64 | 381106 | 9766363 | 2.96 | 0.45 | 0.60 | 4.42 | 4.58 |
| 2023 | 24.41 | 24.51 | 349477 | 8564576 | 2.85 | 0.45 | 0.60 | 14.86 | 15.03 |
| 2022 | 21.25 | 21.31 | 367801 | 7836993 | 3.28 | 0.45 | 0.60 | (16.51) | (16.39) |
| 2021 | 25.46 | 25.49 | 349524 | 8908188 | 1.71 | 0.45 | 0.60 | 7.88 | 8.04 |
| <u>Global Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 21.53 | 21.71 | 83172 | 1802529 | 3.02 | 0.45 | 0.60 | 5.06 | 5.22 |
| 2024 | 20.49 | 20.63 | 99126 | 2041534 | 2.88 | 0.45 | 0.60 | 1.42 | 1.57 |
| 2023 | 20.21 | 20.31 | 103152 | 2092270 | 1.95 | 0.45 | 0.60 | 5.88 | 6.04 |
| 2022 | 19.08 | 19.16 | 108935 | 2084407 | 2.98 | 0.45 | 0.60 | (13.65) | (13.52) |
| 2021 | 22.10 | 22.15 | 120859 | 2674635 | 1.43 | 0.45 | 0.60 | (2.43) | (2.28) |
| <u>Equity Income</u> | <u>Equity Income</u> |  |  |  |  |  |  |  |  |
| 2025 | 60.28 | 104.63 | 285020 | 22303341 | 2.49 | 0.45 | 0.60 | 16.10 | 16.27 |
| 2024 | 51.84 | 90.12 | 308373 | 20689200 | 3.01 | 0.45 | 0.60 | 14.43 | 14.60 |
| 2023 | 45.23 | 78.76 | 368409 | 22256110 | 2.63 | 0.45 | 0.60 | 7.46 | 7.62 |
| 2022 | 42.03 | 73.29 | 385388 | 22359207 | 2.47 | 0.45 | 0.60 | (1.25) | (1.11) |
| 2021 | 42.50 | 74.22 | 384794 | 23013348 | 1.90 | 0.45 | 0.60 | 24.58 | 24.77 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Vanguard, continued:** | **Vanguard, continued:** |  |  |  |  |  |  |  |  |
| <u>High Yield Bond</u> | <u>High Yield Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 12.52 | 23.14 | 843406 | 13743073 | 6.18 | 0.45 | 0.60 | 8.53 | 8.69 |
| 2024 | 11.52 | 21.32 | 825788 | 12763580 | 5.68 | 0.45 | 0.60 | 5.81 | 5.97 |
| 2023 | 10.87 | 20.15 | 847758 | 12372045 | 5.89 | 0.45 | 0.60 | 11.00 | 11.17 |
| 2022 | 9.78 | 18.16 | 715544 | 10309385 | 5.07 | 0.45 | 0.60 | (9.90) | (9.77) |
| 2021 | 10.84 | 20.15 | 1024954 | 15248284 | 4.16 | 0.45 | 0.60 | 3.06 | 3.21 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 91.76 | 100.80 | 288265 | 28148234 | 0.21 | 0.45 | 0.60 | 16.19 | 16.36 |
| 2024 | 78.86 | 86.75 | 322233 | 26991063 | 0.27 | 0.45 | 0.60 | 32.34 | 32.53 |
| 2023 | 59.50 | 65.56 | 350732 | 22179684 | 0.24 | 0.45 | 0.60 | 39.30 | 39.51 |
| 2022 | 42.65 | 47.06 | 378337 | 17159987 |  | 0.45 | 0.60 | (33.76) | (33.66) |
| 2021 | 64.29 | 71.05 | 420277 | 28682518 | 0.03 | 0.45 | 0.60 | 17.16 | 17.33 |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 55.42 | 88.93 | 369259 | 26458792 | 2.12 | 0.45 | 0.60 | 15.77 | 15.94 |
| 2024 | 47.80 | 76.81 | 409155 | 25711012 | 2.23 | 0.45 | 0.60 | 14.11 | 14.28 |
| 2023 | 41.82 | 67.31 | 419578 | 23681697 | 2.05 | 0.45 | 0.60 | 13.65 | 13.82 |
| 2022 | 36.75 | 59.23 | 455062 | 22773079 | 1.94 | 0.45 | 0.60 | (14.81) | (14.69) |
| 2021 | 43.07 | 69.53 | 482192 | 28381544 | 1.72 | 0.45 | 0.60 | 18.31 | 18.48 |
| <u>International</u> | <u>International</u> |  |  |  |  |  |  |  |  |
| 2025 | 51.23 | 67.44 | 608727 | 35509681 | 0.85 | 0.45 | 0.60 | 19.25 | 19.43 |
| 2024 | 42.90 | 56.56 | 682720 | 33265633 | 1.22 | 0.45 | 0.60 | 8.36 | 8.52 |
| 2023 | 39.53 | 52.19 | 748178 | 33931623 | 1.58 | 0.45 | 0.60 | 13.97 | 14.14 |
| 2022 | 34.63 | 45.80 | 702766 | 28756863 | 1.31 | 0.45 | 0.60 | (30.54) | (30.43) |
| 2021 | 49.78 | 65.93 | 849896 | 49179570 | 0.27 | 0.45 | 0.60 | (2.13) | (1.98) |
| <u>Diversified</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 48.03 | 71.10 | 267620 | 17642335 | 1.55 | 0.45 | 0.60 | 16.13 | 16.30 |
| 2024 | 41.30 | 61.23 | 300195 | 16854493 | 1.57 | 0.45 | 0.60 | 14.20 | 14.37 |
| 2023 | 36.11 | 53.62 | 330612 | 16428641 | 1.42 | 0.45 | 0.60 | 19.41 | 19.59 |
| 2022 | 30.20 | 44.90 | 365234 | 15303267 | 1.15 | 0.45 | 0.60 | (12.02) | (11.88) |
| 2021 | 34.27 | 51.03 | 398630 | 19143332 | 1.07 | 0.45 | 0.60 | 29.69 | 29.88 |
| <u>Small Company Growth</u> | <u>Small Company Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 49.71 | 94.79 | 153250 | 13429327 | 0.49 | 0.45 | 0.60 | 5.48 | 5.63 |
| 2024 | 47.06 | 89.87 | 172344 | 14190446 | 0.55 | 0.45 | 0.60 | 10.71 | 10.88 |
| 2023 | 42.44 | 81.18 | 204210 | 15206543 | 0.41 | 0.45 | 0.60 | 18.93 | 19.11 |
| 2022 | 35.63 | 68.25 | 222155 | 13863420 | 0.27 | 0.45 | 0.60 | (25.80) | (25.69) |
| 2021 | 47.95 | 91.98 | 241603 | 20391329 | 0.37 | 0.45 | 0.60 | 13.54 | 13.71 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  | **Net** | **Inv.** |  |  | |
|  | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** |
|  | **Min** |  |  |  | **Min** | **Max** | **Max** |
| **Allspring:** |  |  |  |  |  |  |  |
| <u>Discovery</u> |  |  |  |  |  |  |  |
| 2025 | 81.69 | 5484 | 447969 |  | 0.60 | 0.60 | 4.76 |
| 2024 | 77.98 | 5942 | 463310 |  | 0.60 | 0.60 | 17.42 |
| 2023 | 66.41 | 6771 | 449633 |  | 0.60 | 0.60 | 19.43 |
| 2022 | 55.60 | 8981 | 499396 |  | 0.60 | 0.60 | (38.22) |
| 2021 | 90.00 | 10517 | 946510 |  | 0.60 | 0.60 | (5.61) |
| <u>Opportunity</u> |  |  |  |  |  |  |  |
| 2025 | 249.88 | 869 | 217112 | 0.05 | 0.60 | 0.60 | 6.08 |
| 2024 | 235.57 | 869 | 204765 | 0.05 | 0.60 | 0.60 | 14.36 |
| 2023 | 205.99 | 870 | 179144 |  | 0.60 | 0.60 | 25.75 |
| 2022 | 163.82 | 884 | 144812 |  | 0.60 | 0.60 | (21.28) |
| 2021 | 208.10 | 1281 | 266522 | 0.04 | 0.60 | 0.60 | 24.03 |
| **ProFunds:** |  |  |  |  |  |  |  |
| <u>Bull</u> |  |  |  |  |  |  |  |
| 2025 | 129.50 | 12097 | 1566524 | 0.39 | 0.90 | 0.90 | 14.53 |
| 2024 | 113.07 | 12097 | 1367772 | 0.72 | 0.90 | 0.90 | 21.39 |
| 2023 | 93.15 | 12097 | 1126740 |  | 0.90 | 0.90 | 22.64 |
| 2022 | 75.95 | 15837 | 1202874 |  | 0.90 | 0.90 | (20.45) |
| 2021 | 95.48 | 15889 | 1517112 |  | 0.90 | 0.90 | 25.21 |
| <u>Europe</u> |  |  |  |  |  |  |  |
| 2025 | 54.26 | 1597 | 86657 | 2.38 | 0.90 | 0.90 | 28.43 |
| 2024 | 42.25 | 1597 | 67472 | 1.87 | 0.90 | 0.90 | 3.41 |
| 2023 | 40.86 | 1597 | 65248 | 2.13 | 0.90 | 0.90 | 16.42 |
| 2022 | 35.09 | 1748 | 61356 | 1.35 | 0.90 | 0.90 | (8.59) |
| 2021 | 38.39 | 2299 | 88268 | 0.90 | 0.90 | 0.90 | 23.42 |
| <u>Mid-Cap</u> |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |
| 2024 | 44.02 |  |  |  | 0.90 | 0.90 | (1.18) |
| 2023 | 42.07 |  |  | 0.42 | 0.90 | 0.90 | 3.02 |
| 2022 | 90.21 | 124 | 11167 | 0.18 | 0.90 | 0.90 | (9.27) |
| 2021 | 99.42 | 335 | 33267 | 0.26 | 0.90 | 0.90 | 27.38 |
| <u>NASDAQ-100</u> | <u>NASDAQ-100</u> |  |  |  |  |  |  |
| 2025 | 82.96 | 102 | 8482 | 0.39 | 0.90 | 0.90 | 17.54 |
| 2024 | 70.58 | 102 | 7216 | 0.41 | 0.90 | 0.90 | 22.30 |
| 2023 | 57.71 | 201 | 11576 |  | 0.90 | 0.90 | 44.43 |
| 2022 | 38.05 | 170 | 6460 |  | 0.90 | 0.90 | (18.74) |
| 2021 | 73.84 | 284 | 20986 |  | 0.90 | 0.90 | 1.57 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  | **Net** | **Inv.** |  |  | |
|  | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** |
|  | **Min** |  |  |  | **Min** | **Max** | **Max** |
| **ProFunds, continued:** | **ProFunds, continued:** |  |  |  |  |  |  |
| <u>Small-Cap</u> |  |  |  |  |  |  |  |
| 2025 | 46.93 | 118 | 5515 | 1.03 | 0.90 | 0.90 | 9.92 |
| 2024 | 42.69 | 118 | 5017 | 1.33 | 0.90 | 0.90 | 8.52 |
| 2023 | 39.34 | 118 | 4624 |  | 0.90 | 0.90 | 13.89 |
| 2022 | 34.54 | 208 | 7176 |  | 0.90 | 0.90 | (22.54) |
| 2021 | 44.59 | 129 | 5737 |  | 0.90 | 0.90 | 5.07 |
| <u>Small-Cap Value</u> | <u>Small-Cap Value</u> |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |
| 2024 | 45.01 |  |  |  | 0.90 | 0.90 | (4.10) |
| 2023 | 42.96 |  |  | 0.03 | 0.90 | 0.90 | 1.44 |
| 2022 | 78.60 | 114 | 8985 |  | 0.90 | 0.90 | (13.20) |
| 2021 | 90.55 | 151 | 13716 | 0.09 | 0.90 | 0.90 | 27.42 |
| <u>Classic Dow</u> |  |  |  |  |  |  |  |
| 2025 | 22.57 |  |  |  | 0.90 | 0.90 | (0.31) |
| 2024 |  |  |  |  |  |  |  |
| 2023 | 20.60 |  |  | 0.06 | 0.90 | 0.90 | 2.91 |
| 2022 | 64.00 | 174 | 11112 |  | 0.90 | 0.90 | (9.66) |
| 2021 | 70.85 | 76 | 5401 |  | 0.90 | 0.90 | 16.45 |
| <u>Bear</u> |  |  |  |  |  |  |  |
| 2025 | 10.34 | 316 | 3269 | 3.56 | 0.90 | 0.90 | (15.23) |
| 2024 | 12.20 | 252 | 3074 | 8.45 | 0.90 | 0.90 | (14.49) |
| 2023 | 14.27 | 76 | 1081 | 0.31 | 0.90 | 0.90 | (16.04) |
| 2022 | 16.99 | 1283 | 21793 |  | 0.90 | 0.90 | 16.07 |
| 2021 | 14.64 | 219 | 3209 |  | 0.90 | 0.90 | (25.30) |
| <u>Short NASDAQ</u> | <u>Short NASDAQ</u> |  |  |  |  |  |  |
| 2025 | 7.99 | 351 | 2802 | 5.08 | 0.90 | 0.90 | (14.89) |
| 2024 | 10.21 | 620 | 6330 | 7.11 | 0.90 | 0.90 | (14.88) |
| 2023 | 12.29 |  |  |  | 0.90 | 0.90 | (26.23) |
| 2022 | 0.95 | 24186 | 22933 |  | 0.90 | 0.90 | 33.86 |
| 2021 | 0.71 | 2945 | 2086 |  | 0.90 | 0.90 | (25.81) |
| <u>Short Small-Cap</u> | <u>Short Small-Cap</u> |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |
| 2023 | 22.09 |  |  |  | 0.90 | 0.90 | (4.66) |
| 2022 | 26.32 | 285 | 7506 |  | 0.90 | 0.90 | 29.65 |
| 2021 | 22.33 | 228 | 5101 |  | 0.90 | 0.90 | (24.02) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  | **Net** | **Inv.** |  |  | |
|  | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** |
|  | **Min** |  |  |  | **Min** | **Max** | **Max** |
| **ProFunds, continued:** | **ProFunds, continued:** |  |  |  |  |  |  |
| <u>Short Dow</u> |  |  |  |  |  |  |  |
| 2025 | 4.31 | 450 | 1940 | 3.29 | 0.90 | 0.90 | (10.11) |
| 2024 | 4.80 | 150 | 718 | 3.35 | 0.90 | 0.90 | (7.68) |
| 2023 | 5.19 | 150 | 778 |  | 0.90 | 0.90 | (8.91) |
| 2022 | 5.70 | 150 | 854 |  | 0.90 | 0.90 | 4.78 |
| 2021 | 5.44 | 150 | 815 |  | 0.90 | 0.90 | (20.51) |
| <u>UltraMid</u> |  |  |  |  |  |  |  |
| 2025 | 70.92 | 315 | 22347 | 1.12 | 0.90 | 0.90 | 2.28 |
| 2024 | 69.34 | 315 | 21849 | 0.57 | 0.90 | 0.90 | 15.97 |
| 2023 | 59.79 | 315 | 18841 |  | 0.90 | 0.90 | 21.12 |
| 2022 | 49.36 | 698 | 34453 |  | 0.90 | 0.90 | (32.77) |
| 2021 | 73.43 | 315 | 23138 |  | 0.90 | 0.90 | 35.64 |
| <u>UltraOTC</u> |  |  |  |  |  |  |  |
| 2025 | 894.33 | 3183 | 2846791 | 0.23 | 0.90 | 0.90 | 28.10 |
| 2024 | 698.16 | 3170 | 2213171 | 0.30 | 0.90 | 0.90 | 40.14 |
| 2023 | 498.19 | 3199 | 1593758 |  | 0.90 | 0.90 | 113.55 |
| 2022 | 233.29 | 3146 | 734024 |  | 0.90 | 0.90 | (61.28) |
| 2021 | 602.51 | 3144 | 1894176 |  | 0.90 | 0.90 | 51.15 |
| <u>UltraSmall</u> |  |  |  |  |  |  |  |
| 2025 | 23.65 | 1006 | 23793 | 0.98 | 0.90 | 0.90 | 11.92 |
| 2024 | 21.13 | 1287 | 27180 | 0.60 | 0.90 | 0.90 | 9.70 |
| 2023 | 19.26 | 739 | 14232 |  | 0.90 | 0.90 | 21.34 |
| 2022 | 15.87 | 739 | 11730 |  | 0.90 | 0.90 | (44.19) |
| 2021 | 28.44 | 739 | 21017 |  | 0.90 | 0.90 | 2.09 |
| <u>UltraBull</u> |  |  |  |  |  |  |  |
| 2025 | 203.60 | 1121 | 228245 | 0.76 | 0.90 | 0.90 | 23.27 |
| 2024 | 165.16 | 1208 | 199578 | 0.61 | 0.90 | 0.90 | 40.74 |
| 2023 | 117.35 | 1230 | 144301 |  | 0.90 | 0.90 | 43.94 |
| 2022 | 81.53 | 1001 | 81614 |  | 0.90 | 0.90 | (39.66) |
| 2021 | 135.12 | 1063 | 143601 |  | 0.90 | 0.90 | 56.73 |
| <u>U.S. Gov. Plus</u> | <u>U.S. Gov. Plus</u> |  |  |  |  |  |  |
| 2025 | 33.91 | 341 | 11550 | 2.97 | 0.90 | 0.90 | 0.27 |
| 2024 | 33.82 | 341 | 11543 | 3.36 | 0.90 | 0.90 | (13.61) |
| 2023 | 39.15 | 381 | 14933 | 6.74 | 0.90 | 0.90 | (0.85) |
| 2022 | 39.49 | 171 | 6753 |  | 0.90 | 0.90 | (42.23) |
| 2021 | 68.35 | 25 | 1741 |  | 0.90 | 0.90 | (7.92) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  | **Net** | **Inv.** |  |  | |
|  | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** |
|  | **Min** |  |  |  | **Min** | **Max** | **Max** |
| **ProFunds, continued:** | **ProFunds, continued:** |  |  |  |  |  |  |
| <u>Opportunity</u> |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |
| 2024 | 28.97 |  |  |  | 0.90 | 0.90 | 2.01 |
| 2023 | 44.70 |  |  | 0.01 | 0.90 | 0.90 | 19.73 |
| 2022 | 4.24 | 14103 | 59868 |  | 0.90 | 0.90 | 57.06 |
| 2021 | 2.70 | 16561 | 44759 |  | 0.90 | 0.90 | (0.97) |
| <u>Oil & Gas</u> |  |  |  |  |  |  |  |
| 2025 | 86.53 | 856 | 74034 | 2.23 | 0.90 | 0.90 | 4.92 |
| 2024 | 82.48 | 856 | 70566 | 2.09 | 0.90 | 0.90 | 2.84 |
| 2023 | 80.20 | 966 | 77508 | 2.33 | 0.90 | 0.90 | (3.36) |
| 2022 | 82.99 | 1274 | 105723 | 1.10 | 0.90 | 0.90 | 58.01 |
| 2021 | 52.52 | 1654 | 86889 | 1.49 | 0.90 | 0.90 | 50.57 |
| <u>Precious Metals</u> | <u>Precious Metals</u> |  |  |  |  |  |  |
| 2025 | 69.50 | 1728 | 120102 | 1.96 | 0.90 | 0.90 | 148.09 |
| 2024 | 28.02 | 1881 | 52701 | 3.06 | 0.90 | 0.90 | 5.62 |
| 2023 | 26.53 | 1716 | 45508 |  | 0.90 | 0.90 | 0.57 |
| 2022 | 26.37 | 3456 | 91138 |  | 0.90 | 0.90 | (11.82) |
| 2021 | 29.91 | 3358 | 100435 |  | 0.90 | 0.90 | (9.75) |
| <u>Real Estate</u> |  |  |  |  |  |  |  |
| 2025 | 100.98 | 849 | 85758 | 1.56 | 0.90 | 0.90 | (0.27) |
| 2024 | 101.25 | 849 | 85987 | 1.38 | 0.90 | 0.90 | 2.61 |
| 2023 | 98.67 | 849 | 83797 | 1.14 | 0.90 | 0.90 | 8.75 |
| 2022 | 90.73 | 1005 | 91178 | 0.76 | 0.90 | 0.90 | (27.21) |
| 2021 | 124.65 | 969 | 120804 | 0.02 | 0.90 | 0.90 | 35.85 |
| <u>High Yield</u> |  |  |  |  |  |  |  |
| 2025 | 25.85 |  |  | 1.05 | 0.90 | 0.90 | (0.86) |
| 2024 |  |  |  |  |  |  |  |
| 2023 | 24.75 |  |  |  | 0.90 | 0.90 | 3.15 |
| 2022 | 24.63 | 732.00 | 18039.00 | 3.87 | 0.90 | 0.90 | (8.79) |
| 2021 | 27.00 | 541.00 | 14603.00 | 2.54 | 0.90 | 0.90 | (0.32) |
| <u>Money Market</u> | <u>Money Market</u> |  |  |  |  |  |  |
| 2025 | 1.05 | 23283 | 24456 | 3.23 | 0.90 | 0.90 | 2.35 |
| 2024 | 1.03 | 26067 | 26752 | 4.33 | 0.90 | 0.90 | 3.36 |
| 2023 | 0.99 | 163819 | 162654 | 4.24 | 0.90 | 0.90 | 3.22 |
| 2022 | 0.96 | 37056 | 35645 | 0.79 | 0.90 | 0.90 | 0.14 |
| 2021 | 0.96 | 363221 | 348913 | 0.01 | 0.90 | 0.90 | (0.88) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Pimco:** |  |  |  |  |  |  |  |  |  |
| <u>Commodity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.35 | 12.43 | 227781 | 2817718 | 2.89 | 0.45 | 0.60 | 18.09 | 18.26 |
| 2024 | 10.46 | 10.51 | 238656 | 2498419 | 2.21 | 0.45 | 0.60 | 3.53 | 3.69 |
| 2023 | 10.10 | 10.14 | 266623 | 2695652 | 16.34 | 0.45 | 0.60 | (8.40) | (8.27) |
| 2022 | 11.03 | 11.05 | 286762 | 3160892 | 20.90 | 0.45 | 0.60 | 7.97 | 8.13 |
| 2021 | 10.21 | 10.22 | 271685 | 2774064 | 4.25 | 0.45 | 0.60 | 32.55 | 32.74 |
| <u>Total Return</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 13.29 | 16.59 | 756486 | 10646667 | 4.11 | 0.45 | 0.60 | 8.24 | 8.40 |
| 2024 | 12.26 | 15.33 | 871583 | 11403284 | 4.05 | 0.45 | 0.60 | 1.92 | 2.07 |
| 2023 | 12.01 | 15.04 | 861307 | 11165396 | 3.57 | 0.45 | 0.60 | 5.30 | 5.46 |
| 2022 | 11.39 | 14.28 | 891294 | 11074144 | 2.61 | 0.45 | 0.60 | (14.81) | (14.68) |
| 2021 | 13.35 | 16.77 | 967973 | 14073768 | 1.83 | 0.45 | 0.60 | (1.85) | (1.71) |
| <u>Low Duration</u> | <u>Low Duration</u> |  |  |  |  |  |  |  |  |
| 2025 | 11.89 | 11.89 | 833 | 9903 | 3.94 | 0.60 | 0.60 | 4.90 | 4.90 |
| 2024 | 11.34 | 11.34 | 833 | 9442 | 3.98 | 0.60 | 0.60 | 3.87 | 3.87 |
| 2023 | 10.92 | 10.92 | 980 | 10699 | 3.60 | 0.60 | 0.60 | 4.35 | 4.35 |
| 2022 | 10.46 | 10.46 | 1051 | 10998 | 1.69 | 0.60 | 0.60 | (6.30) | (6.30) |
| 2021 | 11.17 | 11.17 | 1054 | 11765 | 0.48 | 0.60 | 0.60 | (1.51) | (1.51) |
| **Lincoln:** |  |  |  |  |  |  |  |  |  |
| <u>Mid Cap Value II</u> | <u>Mid Cap Value II</u> |  |  |  |  |  |  |  |  |
| 2025 | 22.04 | 22.10 | 104495 | 2305682 | 2.03 | 0.45 | 0.60 | 8.34 | 8.51 |
| 2024 | 20.34 | 20.36 | 103369 | 2103851 | 1.90 | 0.45 | 0.60 | 6.40 | 6.50 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>International II</u> | <u>International II</u> |  |  |  |  |  |  |  |  |
| 2025 | 12.35 | 12.38 | 16538 | 204214 | 1.22 | 0.45 | 0.60 | 0.14 | 15.29 |
| 2024 | 10.71 | 10.72 | 16275 | 174313 | 0.58 | 0.45 | 0.60 | (0.18) | (0.08) |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Inflation II</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 10.04 | 10.06 | 154479 | 1553894 | 7.89 | 0.45 | 0.60 | 5.97 | 6.13 |
| 2024 | 9.47 | 9.48 | 171834 | 1629197 | 3.61 | 0.45 | 0.60 | 2.98 | 3.08 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **American Funds:** | **American Funds:** |  |  |  |  |  |  |  |  |
| <u>IS Growth-Inc</u> | <u>IS Growth-Inc</u> |  |  |  |  |  |  |  |  |
| 2025 | 108.52 | 123.11 | 11957 | 1442645 | 1.19 | 0.45 | 0.60 | 17.66 | 17.84 |
| 2024 | 92.23 | 104.47 | 11377 | 1152795 | 1.44 | 0.45 | 0.60 | 23.79 | 23.98 |
| 2023 | 74.50 | 84.27 | 9742 | 790759 | 1.64 | 0.45 | 0.60 | 25.72 | 25.90 |
| 2022 | 59.26 | 66.93 | 7466 | 494075 | 1.57 | 0.45 | 0.60 | (16.79) | (16.66) |
| 2021 | 71.22 | 80.31 | 6951 | 551584 | 1.50 | 0.45 | 0.60 | 23.76 | 23.86 |
| <u>IS Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 227.21 | 257.40 | 12152 | 2975660 | 0.24 | 0.45 | 0.60 | 19.81 | 19.99 |
| 2024 | 189.64 | 214.52 | 14528 | 2879713 | 0.76 | 0.45 | 0.60 | 31.17 | 31.37 |
| 2023 | 144.58 | 163.30 | 13384 | 2018573 | 0.83 | 0.45 | 0.60 | 37.99 | 38.19 |
| 2022 | 104.78 | 118.17 | 7154 | 804772 | 0.60 | 0.45 | 0.60 | (30.18) | (30.07) |
| 2021 | 150.06 | 168.98 | 7159 | 1147447 | 0.51 | 0.45 | 0.60 | 21.57 | 21.75 |
| <u>Blue Chip</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 28.08 | 30.92 | 52310 | 1574594 | 1.49 | 0.45 | 0.60 | 16.80 | 16.97 |
| 2024 | 24.04 | 26.43 | 102728 | 2562540 | 3.57 | 0.45 | 0.60 | 18.68 | 18.86 |
| 2023 | 20.26 | 22.24 | 28612 | 627151 | 1.91 | 0.45 | 0.60 | 16.96 | 17.13 |
| 2022 | 17.32 | 18.98 | 36473 | 678147 | 2.13 | 0.45 | 0.60 | (8.83) | (8.69) |
| 2021 | 19.00 | 20.79 | 28828 | 586366 | 1.71 | 0.45 | 0.60 | 27.35 | 27.54 |
| <u>IS International</u> | <u>IS International</u> |  |  |  |  |  |  |  |  |
| 2025 | 22.62 | 28.88 | 18220 | 510044 | 1.62 | 0.45 | 0.60 | 22.13 | 26.47 |
| 2024 | 22.09 | 22.83 | 18652 | 425364 | 1.75 | 0.45 | 0.60 | 2.77 | 2.93 |
| 2023 | 21.49 | 22.18 | 7936 | 175460 | 1.61 | 0.45 | 0.60 | 15.43 | 15.60 |
| 2022 | 18.62 | 19.19 | 7338 | 140369 | 1.86 | 0.45 | 0.60 | (21.04) | (20.93) |
| 2021 | 23.58 | 24.27 | 9921 | 240247 | 2.62 | 0.45 | 0.60 | (1.82) | (1.68) |
| <u>IS New World</u> | <u>IS New World</u> |  |  |  |  |  |  |  |  |
| 2025 | 40.18 | 40.96 | 33693 | 1377687 | 1.38 | 0.45 | 0.60 | 27.84 | 28.03 |
| 2024 | 31.43 | 31.99 | 32891 | 1050722 | 1.60 | 0.45 | 0.60 | 6.21 | 6.37 |
| 2023 | 29.59 | 30.07 | 37064 | 1112124 | 1.69 | 0.45 | 0.60 | 15.53 | 15.70 |
| 2022 | 25.62 | 25.99 | 43832 | 1137319 | 1.69 | 0.45 | 0.60 | (22.33) | (22.21) |
| 2021 | 32.98 | 33.41 | 30028.00 | 1002473.00 | 1.29 | 0.45 | 0.60 | 4.54 | 4.69 |
| **Franklin Templeton:** | **Franklin Templeton:** |  |  |  |  |  |  |  |  |
| <u>Global Inc.</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 14.86 | 24.16 | 147921 | 3258714 |  | 0.45 | 0.60 | 15.04 | 15.21 |
| 2024 | 12.90 | 21.00 | 163215 | 3145452 |  | 0.45 | 0.60 | (11.90) | (11.77) |
| 2023 | 14.62 | 23.84 | 206830 | 4539114 |  | 0.45 | 0.60 | 2.27 | 2.43 |
| 2022 | 14.27 | 23.31 | 229316 | 4940150 |  | 0.45 | 0.60 | (5.52) | (5.38) |
| 2021 | 15.08 | 24.67 | 237829 | 5445563 |  | 0.45 | 0.60 | (5.56) | (5.42) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **MFS:** |  |  |  |  |  |  |  |  |  |
| <u>Utilities IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 60.44 | 86.76 | 21122 | 1703578 | 2.90 | 0.45 | 0.60 | 14.32 | 14.49 |
| 2024 | 52.79 | 75.89 | 24408 | 1737816 | 2.19 | 0.45 | 0.60 | 10.99 | 11.16 |
| 2023 | 47.49 | 68.38 | 30959 | 1975716 | 3.52 | 0.45 | 0.60 | (2.69) | (2.55) |
| 2022 | 48.73 | 70.27 | 34994 | 2242697 | 2.55 | 0.45 | 0.60 | 0.16 | 0.31 |
| 2021 | 48.58 | 70.16 | 34638 | 2234792 | 1.75 | 0.45 | 0.60 | 13.41 | 13.58 |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.57 | 17.74 | 61496 | 1086763 |  | 0.45 | 0.60 | 3.05 | 3.20 |
| 2024 | 17.05 | 17.19 | 82880 | 1419208 |  | 0.45 | 0.60 | 14.03 | 14.20 |
| 2023 | 14.95 | 15.06 | 56223 | 844699 |  | 0.45 | 0.60 | 20.60 | 20.78 |
| 2022 | 12.40 | 12.47 | 51328 | 638660 |  | 0.45 | 0.60 | (29.12) | (29.02) |
| 2021 | 17.49 | 17.56 | 47242 | 828417 |  | 0.45 | 0.60 | 13.43 | 13.60 |
| <u>Research</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 27.36 | 27.69 | 107023 | 2956691 | 1.41 | 0.45 | 0.60 | 21.32 | 21.51 |
| 2024 | 22.52 | 22.82 | 124342 | 2830480 | 1.61 | 0.45 | 0.60 | 2.47 | 2.63 |
| 2023 | 21.94 | 22.27 | 152802 | 3390676 | 1.06 | 0.45 | 0.60 | 12.34 | 12.51 |
| 2022 | 19.50 | 19.82 | 169057 | 3341169 | 1.88 | 0.45 | 0.60 | (18.07) | (17.95) |
| 2021 | 23.77 | 24.20 | 168555 | 4067740 | 0.82 | 0.45 | 0.60 | 10.90 | 11.07 |
| **Summit:** |  |  |  |  |  |  |  |  |  |
| <u>S&P 500</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 421.66 | 468.11 | 13510 | 5917473 | 1.14 | 0.45 | 0.60 | 16.80 | 16.98 |
| 2024 | 360.46 | 400.76 | 13472 | 5056973 | 1.20 | 0.45 | 0.60 | 23.88 | 24.07 |
| 2023 | 290.53 | 323.50 | 16704 | 5029014 | 1.23 | 0.45 | 0.60 | 25.17 | 25.36 |
| 2022 | 231.76 | 258.44 | 19781 | 4717943 | 1.33 | 0.45 | 0.60 | (18.83) | (18.71) |
| 2021 | 285.08 | 318.38 | 17703 | 5362000 | 1.36 | 0.45 | 0.60 | 27.65 | 27.84 |
| <u>EAFE Intl.</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 156.89 | 167.12 | 12091 | 1899319 | 2.68 | 0.45 | 0.60 | 30.12 | 30.32 |
| 2024 | 120.39 | 128.43 | 7658 | 932320 | 2.67 | 0.45 | 0.60 | 2.52 | 2.68 |
| 2023 | 117.25 | 125.27 | 8325 | 994145 | 2.97 | 0.45 | 0.60 | 17.07 | 17.25 |
| 2022 | 100.01 | 107.00 | 8775 | 893284 | 3.58 | 0.45 | 0.60 | (15.09) | (14.96) |
| 2021 | 117.60 | 126.02 | 8944 | 1072528 | 1.70 | 0.45 | 0.60 | 10.21 | 10.38 |
| <u>S&P MidCap</u> | <u>S&P MidCap</u> |  |  |  |  |  |  |  |  |
| 2025 | 272.47 | 272.47 | 1970 | 536705 | 1.11 | 0.60 | 0.60 | 6.50 | 6.50 |
| 2024 | 255.85 | 255.85 | 1994 | 510250 | 1.23 | 0.60 | 0.60 | 12.84 | 12.84 |
| 2023 | 226.75 | 226.75 | 1985 | 450192 | 1.14 | 0.60 | 0.60 | 15.43 | 15.43 |
| 2022 | 196.44 | 196.44 | 2997 | 588678 | 0.94 | 0.60 | 0.60 | (13.85) | (13.85) |
| 2021 | 228.02 | 228.02 | 3267 | 744847 | 0.90 | 0.60 | 0.60 | 23.67 | 23.67 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Summit, continued:** | **Summit, continued:** |  |  |  |  |  |  |  |  |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 29.03 | 29.39 | 209658 | 6091012 | 1.71 | 0.45 | 0.60 | 7.42 | 7.58 |
| 2024 | 27.02 | 27.32 | 237573 | 6424880 | 1.83 | 0.45 | 0.60 | 11.49 | 11.66 |
| 2023 | 24.24 | 24.46 | 254290 | 6167343 | 1.31 | 0.45 | 0.60 | 14.97 | 15.14 |
| 2022 | 21.08 | 21.25 | 268718 | 5668051 | 0.96 | 0.45 | 0.60 | (15.44) | (15.32) |
| 2021 | 24.93 | 25.09 | 299949 | 7482443 | 0.98 | 0.45 | 0.60 | 15.18 | 15.35 |
| <u>Mod. Growth</u> | <u>Mod. Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 28.02 | 28.02 | 190324 | 5332426 | 2.03 | 0.45 | 0.60 | 7.86 | 8.02 |
| 2024 | 25.94 | 25.98 | 198666 | 5160203 | 1.92 | 0.45 | 0.60 | 9.51 | 9.67 |
| 2023 | 23.65 | 23.72 | 212318 | 5035710 | 1.35 | 0.45 | 0.60 | 13.11 | 13.28 |
| 2022 | 20.88 | 20.97 | 224780 | 4713041 | 0.97 | 0.45 | 0.60 | (15.12) | (14.99) |
| 2021 | 24.56 | 24.70 | 256950 | 6346373 | 1.00 | 0.45 | 0.60 | 12.97 | 13.13 |
| <u>Moderate</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 25.45 | 25.57 | 323825 | 8245764 | 2.47 | 0.45 | 0.60 | 6.34 | 6.50 |
| 2024 | 23.93 | 24.01 | 351082 | 8405402 | 2.18 | 0.45 | 0.60 | 7.05 | 7.22 |
| 2023 | 22.36 | 22.39 | 398465 | 8909844 | 1.42 | 0.45 | 0.60 | 11.26 | 11.42 |
| 2022 | 20.09 | 20.10 | 446055 | 8963628 | 1.06 | 0.45 | 0.60 | (14.69) | (14.56) |
| 2021 | 23.52 | 23.55 | 517918 | 12198020 | 1.04 | 0.45 | 0.60 | 9.41 | 9.57 |
| <u>Russell Small Cap</u> | <u>Russell Small Cap</u> |  |  |  |  |  |  |  |  |
| 2025 | 160.87 | 163.12 | 37498 | 6105361 | 1.60 | 0.45 | 0.60 | 11.78 | 11.95 |
| 2024 | 143.91 | 145.71 | 38711 | 5630774 | 1.10 | 0.45 | 0.60 | 10.56 | 10.73 |
| 2023 | 130.16 | 131.59 | 43377 | 5702371 | 0.88 | 0.45 | 0.60 | 15.91 | 16.08 |
| 2022 | 112.30 | 113.36 | 45549 | 5161971 | 0.81 | 0.45 | 0.60 | (20.99) | (20.87) |
| 2021 | 142.13 | 143.26 | 47626 | 6829468 | 0.75 | 0.45 | 0.60 | 13.84 | 14.01 |
| **T. Rowe:** |  |  |  |  |  |  |  |  |  |
| <u>Blue Chip</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 88.09 | 93.14 | 204122 | 18533010 |  | 0.45 | 0.60 | 18.03 | 18.20 |
| 2024 | 74.64 | 78.79 | 179148 | 13681230 |  | 0.45 | 0.60 | 34.70 | 34.90 |
| 2023 | 55.41 | 58.41 | 207252 | 11713204 |  | 0.45 | 0.60 | 48.40 | 48.62 |
| 2022 | 37.34 | 39.30 | 238633 | 9072353 |  | 0.45 | 0.60 | (38.87) | (38.78) |
| 2021 | 61.08 | 64.19 | 272068 | 16954947 |  | 0.45 | 0.60 | 16.92 | 17.09 |
| **Morgan Stanley:** | **Morgan Stanley:** |  |  |  |  |  |  |  |  |
| <u>Emerging Markets</u> | <u>Emerging Markets</u> |  |  |  |  |  |  |  |  |
| 2025 | 23.86 | 32.00 | 392755 | 11093113 | 0.40 | 0.45 | 0.60 | 32.17 | 32.37 |
| 2024 | 18.03 | 24.21 | 462830 | 9828092 | 1.35 | 0.45 | 0.60 | 7.17 | 7.33 |
| 2023 | 16.80 | 22.59 | 505011 | 10021614 | 1.62 | 0.45 | 0.60 | 11.31 | 11.47 |
| 2022 | 15.07 | 20.30 | 525990 | 9458657 | 0.44 | 0.45 | 0.60 | (25.53) | (25.42) |
| 2021 | 20.20 | 27.26 | 537834 | 12958010 | 0.83 | 0.45 | 0.60 | 2.37 | 2.53 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **DFA:** |  |  |  |  |  |  |  |  |  |
| <u>Bond</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.43 | 13.40 | 1271967 | 15920849 | 3.91 | 0.45 | 0.60 | 3.73 | 3.88 |
| 2024 | 11.96 | 12.92 | 1621188 | 19504335 | 4.84 | 0.45 | 0.60 | 4.75 | 4.91 |
| 2023 | 11.40 | 12.33 | 1698961 | 19503244 | 3.74 | 0.45 | 0.60 | 4.43 | 4.58 |
| 2022 | 10.90 | 11.81 | 1493470 | 16447731 | 1.41 | 0.45 | 0.60 | (6.89) | (6.75) |
| 2021 | 11.69 | 12.68 | 2177063 | 25717492 | 0.77 | 0.45 | 0.60 | (1.63) | (1.48) |
| <u>Small</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 25.69 | 30.55 | 550806 | 14454680 | 3.28 | 0.45 | 0.60 | 36.17 | 36.37 |
| 2024 | 18.84 | 22.43 | 633049 | 12146746 | 3.39 | 0.45 | 0.60 | 3.19 | 3.35 |
| 2023 | 18.23 | 21.74 | 660250 | 12263244 | 3.27 | 0.45 | 0.60 | 13.43 | 13.60 |
| 2022 | 16.05 | 19.16 | 683459 | 11263156 | 2.63 | 0.45 | 0.60 | (18.13) | (18.01) |
| 2021 | 19.57 | 23.41 | 657439 | 13231616 | 2.73 | 0.45 | 0.60 | 13.88 | 14.05 |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 28.17 | 31.01 | 977576 | 28441707 | 4.27 | 0.45 | 0.60 | 44.77 | 44.99 |
| 2024 | 19.43 | 21.42 | 1163867 | 23377339 | 3.91 | 0.45 | 0.60 | 5.98 | 6.14 |
| 2023 | 18.31 | 20.21 | 1231414 | 23373293 | 4.55 | 0.45 | 0.60 | 17.16 | 17.33 |
| 2022 | 15.60 | 17.25 | 1364249 | 22086807 | 3.91 | 0.45 | 0.60 | (4.03) | (3.89) |
| 2021 | 16.23 | 17.97 | 1472304 | 24880989 | 4.06 | 0.45 | 0.60 | 17.41 | 17.59 |
| <u>Fixed</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 11.56 | 11.86 | 1319355 | 15548162 | 4.24 | 0.45 | 0.60 | 3.71 | 3.87 |
| 2024 | 11.15 | 11.41 | 1347177 | 15288819 | 5.01 | 0.45 | 0.60 | 4.85 | 5.01 |
| 2023 | 10.64 | 10.87 | 1393981 | 15052926 | 3.69 | 0.45 | 0.60 | 4.36 | 4.51 |
| 2022 | 10.19 | 10.40 | 1509028 | 15594991 | 1.29 | 0.45 | 0.60 | (1.74) | (1.60) |
| 2021 | 10.37 | 10.57 | 1495768 | 15720054 | 0.01 | 0.45 | 0.60 | (0.79) | (0.64) |
| <u>Large</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 57.56 | 65.52 | 450350 | 26396262 | 1.84 | 0.45 | 0.60 | 15.14 | 15.31 |
| 2024 | 49.92 | 56.91 | 515783 | 26212184 | 2.04 | 0.45 | 0.60 | 12.70 | 12.87 |
| 2023 | 44.23 | 50.49 | 544363 | 24565246 | 2.24 | 0.45 | 0.60 | 10.26 | 10.43 |
| 2022 | 40.05 | 45.80 | 552109 | 22698898 | 2.21 | 0.45 | 0.60 | (5.44) | (5.30) |
| 2021 | 42.29 | 48.43 | 581076 | 25265655 | 1.81 | 0.45 | 0.60 | 26.28 | 26.47 |
| <u>Targeted</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 46.89 | 49.30 | 486757 | 22979666 | 1.82 | 0.45 | 0.60 | 8.30 | 8.46 |
| 2024 | 43.23 | 45.53 | 518379 | 22576192 | 1.44 | 0.45 | 0.60 | 7.49 | 7.65 |
| 2023 | 40.16 | 42.36 | 511707 | 20687815 | 1.60 | 0.45 | 0.60 | 19.32 | 19.50 |
| 2022 | 33.61 | 35.50 | 472981 | 16025375 | 1.30 | 0.45 | 0.60 | (4.78) | (4.64) |
| 2021 | 35.24 | 37.28 | 526485 | 18700315 | 1.50 | 0.45 | 0.60 | 38.85 | 39.06 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Net** | **Inv.** |  |  | | |
|  | **Unit** | **Unit** |  | **Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **DFA, continued:** | **DFA, continued:** |  |  |  |  |  |  |  |  |
| <u>Global</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 23.26 | 23.56 | 680458 | 15998325 | 2.76 | 0.45 | 0.60 | 14.00 | 14.17 |
| 2024 | 20.41 | 20.64 | 613852 | 12669569 | 2.66 | 0.45 | 0.60 | 11.32 | 11.48 |
| 2023 | 18.33 | 18.51 | 661494 | 12245639 | 2.67 | 0.45 | 0.60 | 14.04 | 14.21 |
| 2022 | 16.08 | 16.21 | 701363 | 11368705 | 1.40 | 0.45 | 0.60 | (11.49) | (11.36) |
| 2021 | 18.16 | 18.29 | 750980 | 13732292 | 1.47 | 0.45 | 0.60 | 13.52 | 13.69 |
| <u>Equity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 23.05 | 23.26 | 197904 | 4601599 | 1.91 | 0.45 | 0.60 | 19.23 | 19.41 |
| 2024 | 19.33 | 19.48 | 231278 | 4503965 | 2.11 | 0.45 | 0.60 | 14.41 | 14.58 |
| 2023 | 16.90 | 17.00 | 233783 | 3971608 | 3.07 | 0.45 | 0.60 | 19.43 | 19.61 |
| 2022 | 14.15 | 14.21 | 151422 | 2149931 | 1.79 | 0.45 | 0.60 | (14.20) | (14.07) |
| 2021 | 16.49 | 16.54 | 153705 | 2540306 | 2.52 | 0.45 | 0.60 | 23.63 | 23.82 |

---

 **7. CHANGES IN UNITS OUTSTANDING**

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Calvert:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 1552 | 15997 |
| Units redeemed | (8824) | (28952) |
| Net increase(decrease) | (7272) | (12955) |
| <u>Mid Cap</u> |  |  |
| Units issued | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (199) | (393) |
| Net increase(decrease) | (198) | (393) |
| **Scudder:** |  |  |
| <u>Small Cap</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (69) | (341) |
| Net increase(decrease) | (69) | (341) |
| <u>Small Mid Value</u> |  |  |
| Units issued | 26111 | 37093 |
| Units redeemed | (32818) | (63390) |
| Net increase(decrease) | (6707) | (26297) |
| <u>Thematic</u> |  |  |
| Units issued | 36788 | 50848 |
| Units redeemed | (41682) | (56080) |
| Net increase(decrease) | (4894) | (5232) |
| <u>Growth</u> |  |  |
| Units issued | 401 | 312 |
| Units redeemed | (836) | (3178) |
| Net increase(decrease) | (435) | (2866) |
| **Fidelity:** |  |  |
| <u>Overseas IC</u> |  |  |
| Units issued | 38560 | 40063 |
| Units redeemed | (43172) | (58148) |
| Net increase(decrease) | (4612) | (18085) |
| <u>Inv. Grade Bond IC</u> |  |  |
| Units issued | 2229372 | 2409788 |
| Units redeemed | (2274719) | (2372760) |
| Net increase(decrease) | (45347) | 37028 |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>Equity Income IC</u> |  |  |
| Units issued | 11691 | 10805 |
| Units redeemed | (12966) | (11348) |
| Net increase(decrease) | (1275) | (543) |
| <u>Growth IC</u> |  |  |
| Units issued | 9133 | 11640 |
| Units redeemed | (10593) | (11660) |
| Net increase(decrease) | (1460) | (20) |
| <u>High Income IC</u> |  |  |
| Units issued | 158659 | 124757 |
| Units redeemed | (146118) | (168228) |
| Net increase(decrease) | 12541 | (43471) |
| <u>High Income SC</u> |  |  |
| Units issued | 5496 | 1 |
| Units redeemed | (1448) | (76) |
| Net increase(decrease) | 4048 | (75) |
| <u>Contrafund IC</u> |  |  |
| Units issued | 39777 | 40780 |
| Units redeemed | (56300) | (48799) |
| Net increase(decrease) | (16523) | (8019) |
| <u>Contrafund SC</u> |  |  |
| Units issued | 745 | 1225 |
| Units redeemed | (909) | (378) |
| Net increase(decrease) | (164) | 847 |
| <u>Mid Cap IC</u> |  |  |
| Units issued | 16284 | 31037 |
| Units redeemed | (24732) | (24637) |
| Net increase(decrease) | (8448) | 6400 |
| <u>Mid Cap SC</u> |  |  |
| Units issued | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (33) | (54) |
| Net increase(decrease) | (32) | (54) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>Strategic</u> |  |  |
| Units issued | 1036205 | 1278741 |
| Units redeemed | (1052791) | (1243814) |
| Net increase(decrease) | (16586) | 34927 |
| <u>Money Market</u> |  |  |
| Units issued | 80369238 | 49159392 |
| Units redeemed | (80207002) | (55198400) |
| Net increase(decrease) | 162236 | (6039008) |
| **AIM:** |  |  |
| <u>Dividend</u> |  |  |
| Units issued | 103 | 204 |
| Units redeemed | (487) | (446) |
| Net increase(decrease) | (384) | (242) |
| <u>Health</u> |  |  |
| Units issued | 12 | 161 |
| Units redeemed | (471) | (16) |
| Net increase(decrease) | (459) | 145 |
| <u>Technology</u> |  |  |
| Units issued | 55 | 1620 |
| Units redeemed | (1507) | (7953) |
| Net increase(decrease) | (1452) | (6333) |
| <u>Intl. Growth</u> |  |  |
| Units issued | 18952 | 18370 |
| Units redeemed | (17217) | (21843) |
| Net increase(decrease) | 1735 | (3473) |
| <u>Franchise</u> |  |  |
| Units issued | 248 | 54 |
| Units redeemed | (431) | (50) |
| Net increase(decrease) | (183) | 4 |
| **Janus:** |  |  |
| <u>Growth</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (6) | (1) |
| Net increase(decrease) | (6) | (1) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Neuberger Berman:** |  |  |
| <u>Mid-Cap</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (5) | (3) |
| Net increase(decrease) | (5) | (3) |
| <u>Bond</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Equity</u> |  |  |
| Units issued | 716 | 4733 |
| Units redeemed | (1566) | (17797) |
| Net increase(decrease) | (850) | (13064) |
| <u>Regency</u> |  |  |
| Units issued | 13195 | 15523 |
| Units redeemed | (14104) | (17070) |
| Net increase(decrease) | (909) | (1547) |
| **Rydex:** |  |  |
| <u>Nova</u> |  |  |
| Units issued | 23835 | 9788 |
| Units redeemed | (30834) | (8826) |
| Net increase(decrease) | (6999) | 962 |
| <u>NASDAQ</u> |  |  |
| Units issued | 2035 | 15515 |
| Units redeemed | (4244) | (20888) |
| Net increase(decrease) | (2209) | (5373) |
| <u>Precious Metals</u> |  |  |
| Units issued | 279957 | 516743 |
| Units redeemed | (254225) | (548390) |
| Net increase(decrease) | 25732 | (31647) |
| <u>Inv. S&P 500</u> |  |  |
| Units issued | 224013 | 290280 |
| Units redeemed | (168469) | (388254) |
| Net increase(decrease) | 55544 | (97974) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Rydex, continued:** |  |  |
| <u>Gov. Long Bond</u> |  |  |
| Units issued | 6349 | 11801 |
| Units redeemed | (10909) | (39941) |
| Net increase(decrease) | (4560) | (28140) |
| <u>Inverse NASDAQ</u> |  |  |
| Units issued | 550818 | 257264 |
| Units redeemed | (526646) | (370098) |
| Net increase(decrease) | 24172 | (112834) |
| <u>Inv. Long Bond</u> |  |  |
| Units issued | 2023 | 6090 |
| Units redeemed | (1937) | (9826) |
| Net increase(decrease) | 86 | (3736) |
| <u>Russell</u> |  |  |
| Units issued | 674 | 3193 |
| Units redeemed | (2105) | (1828) |
| Net increase(decrease) | (1431) | 1365 |
| **Third Avenue:** |  |  |
| <u>Value</u> |  |  |
| Units issued | 13961 | 7954 |
| Units redeemed | (10284) | (8718) |
| Net increase(decrease) | 3677 | (764) |
| **Vanguard:** |  |  |
| <u>Equity Index</u> |  |  |
| Units issued | 1627375 | 1568843 |
| Units redeemed | (1745659) | (1633591) |
| Net increase(decrease) | (118284) | (64748) |
| <u>Total Bond</u> |  |  |
| Units issued | 13142823 | 11414872 |
| Units redeemed | (13481895) | (11004790) |
| Net increase(decrease) | (339072) | 410082 |
| <u>REIT Index</u> |  |  |
| Units issued | 712202 | 784674 |
| Units redeemed | (745007) | (860919) |
| Net increase(decrease) | (32805) | (76245) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Vanguard, continued:** |  |  |
| <u>Mid-Cap</u> |  |  |
| Units acquired | 419775 | 515085 |
| Units disposed | (484941) | (570566) |
| Net increase(decrease) | (65166) | (55481) |
| <u>Stock Market Index</u> |  |  |
| Units acquired | 216247 | 252188 |
| Units disposed | (258188) | (285615) |
| Net increase(decrease) | (41941) | (33427) |
| <u>Conservative</u> |  |  |
| Units acquired | 72765 | 43939 |
| Units disposed | (57222) | (66468) |
| Net increase(decrease) | 15543 | (22529) |
| <u>Moderate</u> |  |  |
| Units acquired | 27498 | 29532 |
| Units disposed | (39426) | (47911) |
| Net increase(decrease) | (11928) | (18379) |
| <u>Short-Term</u> |  |  |
| Units acquired | 2010686 | 2524190 |
| Units disposed | (2270373) | (2382121) |
| Net increase(decrease) | (259687) | 142069 |
| <u>International Stock</u> |  |  |
| Units acquired | 348889 | 425454 |
| Units disposed | (349936) | (393825) |
| Net increase(decrease) | (1047) | 31629 |
| <u>Global Bond</u> |  |  |
| Units acquired | 52193 | 64666 |
| Units disposed | (68147) | (68692) |
| Net increase(decrease) | (15954) | (4026) |
| <u>Equity Income</u> |  |  |
| Units acquired | 114345 | 145795 |
| Units disposed | (137698) | (205831) |
| Net increase(decrease) | (23353) | (60036) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Vanguard, continued:** |  |  |
| <u>High Yield Bond</u> |  |  |
| Units acquired | 1806692 | 1551513 |
| Units disposed | (1789074) | (1573483) |
| Net increase(decrease) | 17618 | (21970) |
| <u>Growth</u> |  |  |
| Units acquired | 134288 | 205882 |
| Units disposed | (168256) | (234381) |
| Net increase(decrease) | (33968) | (28499) |
| <u>Balanced</u> |  |  |
| Units acquired | 225025 | 274996 |
| Units disposed | (264921) | (285419) |
| Net increase(decrease) | (39896) | (10423) |
| <u>International</u> |  |  |
| Units acquired | 924310 | 925090 |
| Units disposed | (998303) | (990548) |
| Net increase(decrease) | (73993) | (65458) |
| <u>Diversified</u> |  |  |
| Units acquired | 283966 | 377557 |
| Units disposed | (316541) | (407974) |
| Net increase(decrease) | (32575) | (30417) |
| <u>Small Company Growth</u> |  |  |
| Units acquired | 82653 | 92937 |
| Units disposed | (101747) | (124803) |
| Net increase(decrease) | (19094) | (31866) |
| **Allspring:** |  |  |
| <u>Discovery</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | (458) | (829) |
| Net increase(decrease) | (458) | (829) |
| <u>Opportunity</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (1) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **ProFunds:** |  |  |
| <u>Bull</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Europe</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Mid-Cap</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 353 |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (353) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>NASDAQ-100</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (99) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (99) |
| <u>Small-Cap</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Small-Cap Value</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 360 |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (360) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Classic Dow</u> |  |  |
| Units acquired | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | (425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Bear</u> |  |  |
| Units acquired | 243 | 176 |
| Units disposed | (179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 64 | 176 |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **ProFunds, continued:** |  |  |
| <u>Short NASDAQ</u> |  |  |
| Units acquired | 351 | 620 |
| Units disposed | (620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | (269) | 620 |
| <u>Short Small-Cap</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Short Dow</u> |  |  |
| Units acquired | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>UltraMid</u> |  |  |
| Units acquired | 124 | 604 |
| Units disposed | (124) | (604) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>UltraOTC</u> |  |  |
| Units acquired | 40 | 189 |
| Units disposed | (27) | (218) |
| Net increase(decrease) | 13 | (29) |
| <u>UltraSmall</u> |  |  |
| Units acquired | 386 | 2769 |
| Units disposed | (667) | (2221) |
| Net increase(decrease) | (281) | 548 |
| <u>UltraBull</u> |  |  |
| Units acquired | 101 | 394 |
| Units disposed | (188) | (416) |
| Net increase(decrease) | (87) | (22) |
| <u>U.S. Gov. Plus</u> |  |  |
| Units acquired | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | (1) | (40) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (40) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **ProFunds, continued:** |  |  |
| <u>Opportunity</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 620 |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (620) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Oil & Gas</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 159 |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (269) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (110) |
| <u>Precious Metals</u> |  |  |
| Units acquired | 591 | 663 |
| Units disposed | (744) | (498) |
| Net increase(decrease) | (153) | 165 |
| <u>Real Estate</u> |  |  |
| Units acquired | 117 | 823 |
| Units disposed | (117) | (823) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>High Yield</u> |  |  |
| Units acquired | 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| <u>Money Market</u> |  |  |
| Units acquired | 44321 | 289022 |
| Units disposed | (47105) | (426774) |
| Net increase(decrease) | (2784) | (137752) |
| **Pimco:** |  |  |
| <u>Commodity</u> |  |  |
| Units acquired | 168669 | 203807 |
| Units disposed | (179544) | (231774) |
| Net increase(decrease) | (10875) | (27967) |
| <u>Total Return</u> |  |  |
| Units acquired | 1322475 | 1387796 |
| Units disposed | (1437572) | (1377520) |
| Net increase(decrease) | (115097) | 10276 |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Pimco, continued:** |  |  |
| <u>Low Duration</u> |  |  |
| Units acquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units disposed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (147) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (147) |
| **Lincoln:** |  |  |
| <u>Mid Cap Value II</u> |  |  |
| Units acquired | 47445 | 156872 |
| Units disposed | (46319) | (53503) |
| Net increase(decrease) | 1126 | 103369 |
| <u>International II</u> |  |  |
| Units acquired | 5090 | 27172 |
| Units disposed | (4827) | (10897) |
| Net increase(decrease) | 263 | 16275 |
| <u>Inflation II</u> |  |  |
| Units acquired | 88632 | 247406 |
| Units disposed | (105987) | (75572) |
| Net increase(decrease) | (17355) | 171834 |
| **American Funds:** |  |  |
| <u>IS Growth-Inc</u> |  |  |
| Units acquired | 12182 | 6087 |
| Units disposed | (11602) | (4452) |
| Net increase(decrease) | 580 | 1635 |
| <u>IS Growth</u> |  |  |
| Units acquired | 12606 | 14009 |
| Units disposed | (14982) | (12865) |
| Net increase(decrease) | (2376) | 1144 |
| <u>Blue Chip</u> |  |  |
| Units acquired | 57520 | 121124 |
| Units disposed | (107938) | (47008) |
| Net increase(decrease) | (50418) | 74116 |
| <u>IS International</u> |  |  |
| Units acquired | 24175 | 23933 |
| Units disposed | (24607) | (13217) |
| Net increase(decrease) | (432) | 10716 |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **American Funds, continued:** |  |  |
| <u>IS New World</u> |  |  |
| Units acquired | 44143 | 42145 |
| Units disposed | (43341) | (46318) |
| Net increase(decrease) | 802 | (4173) |
| **Franklin Templeton:** |  |  |
| <u>Global Inc.</u> |  |  |
| Units acquired | 303912 | 277574 |
| Units disposed | (319206) | (321189) |
| Net increase(decrease) | (15294) | (43615) |
| **MFS:** |  |  |
| <u>Utilities IC</u> |  |  |
| Units acquired | 12150 | 12907 |
| Units disposed | (15436) | (19458) |
| Net increase(decrease) | (3286) | (6551) |
| <u>Mid Cap</u> |  |  |
| Units acquired | 31775 | 110059 |
| Units disposed | (53159) | (83402) |
| Net increase(decrease) | (21384) | 26657 |
| <u>Research</u> |  |  |
| Units acquired | 348775 | 416303 |
| Units disposed | (366094) | (444763) |
| Net increase(decrease) | (17319) | (28460) |
| **Summit:** |  |  |
| <u>S&P 500</u> |  |  |
| Units acquired | 2429 | 8092 |
| Units disposed | (2391) | (11324) |
| Net increase(decrease) | 38 | (3232) |
| <u>EAFE Intl.</u> |  |  |
| Units acquired | 5325 | 1214 |
| Units disposed | (892) | (1881) |
| Net increase(decrease) | 4433 | (667) |
| <u>S&P MidCap</u> |  |  |
| Units acquired | 8 | 20 |
| Units disposed | (32) | (11) |
| Net increase(decrease) | (24) | 9 |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Summit, continued:** |  |  |
| <u>Growth</u> |  |  |
| Units acquired | 89692 | 96725 |
| Units disposed | (117607) | (113442) |
| Net increase(decrease) | (27915) | (16717) |
| <u>Mod. Growth</u> |  |  |
| Units acquired | 41883 | 39381 |
| Units disposed | (50225) | (53033) |
| Net increase(decrease) | (8342) | (13652) |
| <u>Moderate</u> |  |  |
| Units acquired | 1048879 | 1176324 |
| Units disposed | (1076136) | (1223707) |
| Net increase(decrease) | (27257) | (47383) |
| <u>Russell Small Cap</u> |  |  |
| Units acquired | 42331 | 47654 |
| Units disposed | (43544) | (52320) |
| Net increase(decrease) | (1213) | (4666) |
| **T. Rowe:** |  |  |
| <u>Blue Chip</u> |  |  |
| Units acquired | 200198 | 190666 |
| Units disposed | (175224) | (218770) |
| Net increase(decrease) | 24974 | (28104) |
| **Morgan Stanley:** |  |  |
| <u>Emerging Markets</u> |  |  |
| Units acquired | 579627 | 697503 |
| Units disposed | (649702) | (739684) |
| Net increase(decrease) | (70075) | (42181) |
| **DFA:** |  |  |
| <u>Bond</u> |  |  |
| Units acquired | 2633170 | 3394007 |
| Units disposed | (2982391) | (3471780) |
| Net increase(decrease) | (349221) | (77773) |
| <u>Small</u> |  |  |
| Units acquired | 647640 | 794492 |
| Units disposed | (729883) | (821693) |
| Net increase(decrease) | (82243) | (27201) |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **DFA, continued:** |  |  |
| <u>Value</u> |  |  |
| Units acquired | 1475533 | 1849170 |
| Units disposed | (1661824) | (1916717) |
| Net increase(decrease) | (186291) | (67547) |
| <u>Fixed</u> |  |  |
| Units acquired | 2146667 | 1801782 |
| Units disposed | (2174489) | (1848586) |
| Net increase(decrease) | (27822) | (46804) |
| <u>Large</u> |  |  |
| Units acquired | 676976 | 794458 |
| Units disposed | (742409) | (823038) |
| Net increase(decrease) | (65433) | (28580) |
| <u>Targeted</u> |  |  |
| Units acquired | 618930 | 762884 |
| Units disposed | (650552) | (756212) |
| Net increase(decrease) | (31622) | 6672 |
| <u>Global</u> |  |  |
| Units acquired | 430811 | 386728 |
| Units disposed | (364205) | (434370) |
| Net increase(decrease) | 66606 | (47642) |
| <u>Equity</u> |  |  |
| Units acquired | 426046 | 347039 |
| Units disposed | (459420) | (349544) |
| Net increase(decrease) | (33374) | (2505) |

---

**AMERITAS LIFE INSURANCE CORP.**

**________________**

**STATUTORY BASIS FINANCIAL STATEMENTS AS OF** 

**DECEMBER 31, 2025 AND 2024 AND FOR EACH OF THE**

**THREE YEARS ENDED DECEMBER 31, 2025**

**SUPPLEMENTAL SCHEDULES AS OF AND FOR THE**

**YEAR ENDED DECEMBER 31, 2025**

**AND INDEPENDENT AUDITOR'S REPORT**

 **INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors

Ameritas Life Insurance Corp.

Lincoln, Nebraska

**Opinions**

We have audited the statutory basis financial statements of Ameritas Life Insurance Corp. (the "Company"), which comprise the balance sheets - statutory basis as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus - statutory basis and statements of cash flows - statutory basis for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements - statutory basis (collectively referred to as the "statutory basis financial statements").

 

***Unmodified Opinion on Statutory Basis of Accounting***

In our opinion, the accompanying statutory basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska described in Note 1 to the statutory basis financial statements.

***Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

**Basis for Opinion**

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

***Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

As described in Note 1 to the statutory basis financial statements, the statutory basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Insurance Department of the State of Nebraska. The effects on the statutory basis financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Responsibilities of Management for the Statutory Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory basis financial statements are issued.

**Auditor's Responsibilities for the Audit of the Statutory Basis Financial Statements**

Our objectives are to obtain reasonable assurance about whether the statutory basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory basis financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the statutory basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

March 30, 2026

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---

| | | |
|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** |
| **(in thousands, except shares)** | **(in thousands, except shares)** | **(in thousands, except shares)** |
|  | **December 31** | **December 31** |
| **ADMITTED ASSETS** | **2025** | **2024** |
| Bonds | $12904203 | $12109742 |
| Preferred stocks |  | 2828 |
| Common stocks | 478370 | 483188 |
| Mortgage loans | 2436818 | 2300251 |
| Real estate: |  |  |
| &nbsp;&nbsp;Properties occupied by the company | 32225 | 38470 |
| &nbsp;&nbsp;Properties held for the production of income | 26423 | 4732 |
| Cash, cash equivalents, and short-term investments | 341551 | 201163 |
| Contract loans | 967549 | 851561 |
| Other investments | 1600111 | 1495017 |
| &nbsp;&nbsp;**Total Cash and Invested Assets** | 18787250 | 17486952 |
| Investment income due and accrued | 150555 | 145519 |
| Deferred and uncollected premiums | 110048 | 109647 |
| Federal income tax recoverable |  | 3032 |
| Net deferred income tax asset | 117529 | 125426 |
| Funds held under coinsurance - affiliate | 33327 | 33945 |
| Other admitted assets | 152542 | 138472 |
| Separate account assets | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Admitted Assets** | $30638605 | $28799284 |
| **LIABILITIES, CAPITAL AND SURPLUS** |  |  |
| Reserves for life, accident and health policies | $14373108 | $13684723 |
| Deposit-type funds | 1409540 | 1192888 |
| Reserves for unpaid claims | 153178 | 153824 |
| Dividends payable to policyholders | 31150 | 28994 |
| Interest maintenance reserve | 40430 | 48625 |
| Accrued commissions, expenses and insurance taxes | 155500 | 152753 |
| Federal income taxes payable | 30202 |  |
| Asset valuation reserve | 325047 | 354449 |
| Other liabilities | 664851 | 545291 |
| Separate account liabilities | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Liabilities** | 28470360 | 26917838 |
| Common stock, par value $0.10 per share; 25,000,000 shares authorized, |  |  |
| &nbsp;&nbsp; issued and outstanding | 2500 | 2500 |
| Additional paid in capital | 496449 | 431449 |
| Surplus notes | 49993 | 49984 |
| Unassigned surplus | 1619303 | 1397513 |
| &nbsp;&nbsp;**Total Capital and Surplus** | 2168245 | 1881446 |
| &nbsp;&nbsp;**Total Liabilities, Capital and Surplus** | $30638605 | $28799284 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **Premiums and Other Revenue** |  |  |  |
| &nbsp;&nbsp;Premiums, net | $3951843 | $4210410 | $3779855 |
| &nbsp;&nbsp;Net investment income | 893742 | 806210 | 622185 |
| &nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 41158 | 34784 | 33566 |
| &nbsp;&nbsp;Modco reinsurance adjustment – affiliate | 2474 | 9968 | 11843 |
| &nbsp;&nbsp;Income from fees associated with separate accounts | 68559 | 69115 | 63552 |
| &nbsp;&nbsp;Miscellaneous income | 52936 | 55982 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Premiums and Other Revenue** | 5010712 | 5186469 | 4573674 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Benefits to policyholders | 4038904 | 4038081 | 3358782 |
| &nbsp;&nbsp;Change in reserves for life, accident and health policies | 682854 | 1135517 | 636666 |
| &nbsp;&nbsp;Commissions | 343882 | 372384 | 318711 |
| &nbsp;&nbsp;General insurance expenses | 588755 | 587818 | 589251 |
| &nbsp;&nbsp;Taxes, licenses and fees | 58206 | 67561 | 59330 |
| &nbsp;&nbsp;Net transfers from separate accounts | (911109) | (951350) | (487201) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 4801492 | 5250011 | 4475539 |
| **Gain (Loss) from Operations before Dividends, Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 209220 | (63542) | 98135 |
| &nbsp;&nbsp;Dividends to policyholders | 29550 | 30907 | 25630 |
| **Gain (Loss) from Operations before Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 179670 | (94449) | 72505 |
| &nbsp;&nbsp;Federal income tax expense (benefit) | 16986 | (16252) | 31114 |
| **Gain (Loss) from Operations before Net Realized Capital Gains** | 162684 | (78197) | 41391 |
| &nbsp;&nbsp;Net realized capital gains, net of taxes | 41778 | 44770 | 32387 |
| **Net Income (Loss)** | 204462 | (33427) | 73778 |
| **Surplus notes** |  |  |  |
| &nbsp;&nbsp;Surplus notes amortization | 9 | 9 | 9 |
| **Additional paid in capital** |  |  |  |
| &nbsp;&nbsp;Capital contribution from parent | 65000 |  |  |
| **Unassigned surplus** |  |  |  |
| &nbsp;&nbsp;Change in unrealized gains, net of tax | 23635 | 23633 | 50539 |
| &nbsp;&nbsp;Change in net deferred income taxes | 5918 | 29059 | 65216 |
| &nbsp;&nbsp;Change in nonadmitted assets | (36073) | (41149) | (50383) |
| &nbsp;&nbsp;Change in asset valuation reserve | 29402 | (17539) | (72433) |
| &nbsp;&nbsp;Change in unrecognized actuarial losses on pension, net of tax | (607) | (37) | (250) |
| &nbsp;&nbsp;Amortization of reinsurance gain, net of tax (Note 13) | (4947) | (4266) | (3954) |
| &nbsp;&nbsp;Dissolution of subsidiary (Note 2) |  |  | (95745) |
| &nbsp;&nbsp;Cumulative effect of change in accounting principle (Note 1) |  |  | 58822 |
| **Net Change in Capital and Surplus** | 286799 | (43717) | 25599 |
| Capital and Surplus at the Beginning of the Year | 1881446 | 1925163 | 1899564 |
| &nbsp;&nbsp;**Capital and Surplus at the End of Year** | $2168245 | $1881446 | $1925163 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| Premium collected net of reinsurance | $3945890 | $4236530 | $3783194 |
| Net investment income received | 901250 | 801523 | 620675 |
| Miscellaneous income | 163016 | 160112 | 160206 |
| Benefits paid to policyholders | (4029025) | (4010542) | (3377550) |
| Net transfers from separate accounts | 907358 | 959589 | 490322 |
| Commissions, expenses and taxes paid | (995884) | (1021655) | (945340) |
| Dividends paid to policyholders | (27393) | (27516) | (23832) |
| Federal income taxes received (paid) | 5213 | (27086) | (17142) |
| &nbsp;&nbsp;**Net Cash from Operating Activities** | 870425 | 1070955 | 690533 |
| **INVESTING ACTIVITIES** |  |  |  |
| Proceeds from investments sold, matured or repaid | 2376607 | 1665850 | 1300512 |
| Cost of investments acquired | (3327033) | (2609281) | (1605951) |
| Net change in contract loans | (115721) | (119637) | (118593) |
| &nbsp;&nbsp;**Net Cash from Investing Activities** | (1066147) | (1063068) | (424032) |
| **FINANCING AND MISCELLANEOUS ACTIVITIES** |  |  |  |
| Change in deposit-type funds | 216654 | 22451 | (417) |
| Proceeds from capital contributions | 65000 |  |  |
| Proceeds from borrowings |  | 107 | 167500 |
| Redemptions of borrowings | (2959) |  | (262500) |
| Other miscellaneous, net | 57415 | 13837 | (56338) |
| &nbsp;&nbsp;**Net Cash from Financing and Miscellaneous Activities** | 336110 | 36395 | (151755) |
| **Net Change in Cash, Cash Equivalents and Short-Term Investments** | 140388 | 44282 | 114746 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– Beginning of Year** | 201163 | 156881 | 42135 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– End of Year** | $341551 | $201163 | $156881 |
| **Non-cash transactions from operating, investing and financing activities:** |  |  |  |
| Exchanges of bonds and stocks | $183673 | $41833 | $16375 |
| Real estate acquired through mortgage loan foreclosure | 14055 |  |  |
| Transfer of bonds to other invested assets | 2633 |  |  |
| Acquisition of stock from alternative partnerships | 195 |  |  |
| Bonds converted to stocks |  | 5161 |  |
| Recognized commitments for low income housing investments (Note 3) |  | 2932 | 18069 |
| Net assets (liabilities) acquired from dissolution of subsidiary (Note 2) |  |  | (3296) |
| Disposal of investment from dissolution of subsidiary (Note 2) |  |  | (92609) |

---

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

 **AMERITAS LIFE INSURANCE CORP.**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025, 2024 and 2023**

**(in thousands)**

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES**

**Nature of Operations**

Ameritas Life Insurance Corp. (the Company or Ameritas Life), a stock life insurance company domiciled in the state of Nebraska, is a wholly-owned subsidiary of Ameritas Holding Company (AHC), which is a wholly-owned subsidiary of Ameritas Mutual Holding Company (AMHC). AMHC is a mutual insurance holding company. Owners of designated policies issued by the Company have membership interest in AMHC, while contractual rights remain with the Company. AHC also wholly owns Ameritas Investment Partners, Inc. (AIP), an advisor providing investment management services to the Company.

The Company wholly-owns Ameritas Life Insurance Corp. of New York (Ameritas-NY), a New York domiciled life insurance subsidiary, Ameritas Investment Company, LLC (AIC), a broker dealer, Variable Contract Agency LLC (VCA), an insurance agency, and Ameritas Advisory Services LLC (AAS), a registered investment advisor.

The Company has established three Closed Blocks of policies: (a) the first on October 1, 1998, (b) the second on July 1, 2005, and (c) the third on July 1, 2007, (collectively, the Closed Blocks). The Company formed these closed blocks of policies, under the arrangements approved by the Insurance Departments of the State of Nebraska, Ohio or the District of Columbia, as appropriate, to provide for dividends on policies that were in force on each respective effective date and which were within the classes of individual policies for which the Company had a dividend scale in effect at those dates. The Closed Blocks were designed to give reasonable assurance to owners of affected policies that the assets will be available to support such policies including maintaining dividend scales in effect at the effective dates, if the experience underlying such scales continues. The assets, including revenue thereon, will accrue solely to the benefit of the owners of policies included in the block until the block is no longer in effect.

The Company's insurance operations consist of life and health insurance, annuity, group pension and retirement contracts. The Company operates in 49 states and the District of Columbia.

**Basis of Presentation** 

The accompanying financial statements of the Company have been prepared in accordance with accounting practices prescribed or permitted by the Nebraska Department of Insurance (the Department). Accounting practices and procedures of the National Association of Insurance Commissioners (NAIC) as prescribed or permitted by the Department comprise a comprehensive basis of accounting (NAIC SAP) other than accounting principles generally accepted in the United States of America (GAAP). The Company follows NAIC SAP and has not been granted any Nebraska prescribed or permitted practices.

<br> The preparation of financial statements in accordance with statutory accounting practices requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Material estimates susceptible to significant change include reserves, income taxes, investment values, and other-than-temporary impairments (OTTI).

Current NAIC SAP practices vary from GAAP. The more significant variances between NAIC SAP and GAAP are as follows:

 

Under NAIC SAP, investments in bonds and redeemable preferred stock are generally reported at amortized cost, with certain NAIC designated securities reported at the lower of amortized cost or fair value and adjustments to fair value reported directly in surplus. Under GAAP, bonds are carried either at amortized cost or fair value based on their classifications. Under GAAP, bonds designated as held-to-maturity based on the Company's intent and ability to hold to maturity would be carried at amortized cost. Bonds designated as available-for-sale would be carried at fair value with net unrealized holding gains and losses reported in other comprehensive income. Bonds designated as trading would be carried at fair value with net unrealized holding gains and losses reported in income.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, the cost basis of an impaired issuer credit obligations or asset-backed security is written down to fair value when a decline in value is considered other-than-temporary. The full impairment loss is recognized in income. Under U.S. GAAP, credit-related impairment to a debt security is recorded through an allowance in income, with the remaining unrealized loss, if applicable, recognized in other comprehensive income.

<br> Under NAIC SAP, investments in unaffiliated common stocks are stated at fair value with changes in fair value recognized in unrealized gains (losses) on investments, a component of surplus. Under GAAP, common stocks are carried at fair value with changes in unrealized gains and losses recognized in income.

Subsidiaries are included as common stocks carried under the equity method, with the equity in net income (loss) of subsidiaries credited directly to the Company's unassigned surplus for NAIC SAP. Dividends received from subsidiaries are recorded in net investment income. GAAP requires either consolidation or the equity interest in net income of subsidiaries to be credited to the income statement.<br>Under NAIC SAP, a mortgage loan is impaired when it it is probable the Company will be unable to collect all amounts contractually due. Impairments are evaluated on an individual basis. Under GAAP, a mortgage loan is stated at amortized cost less an allowance based on expected lifetime credit loss. Collectibility is measured on a collective basis for assets with similar risk characteristics.

Under NAIC SAP, real estate owned and occupied by the Company is included in invested assets, and net investment income and operating expenses includes self-charged rent for the Company's occupancy of this property. Under GAAP, this property would be classified as an operating asset, and there would be no self-charged rent or expenses.

Under NAIC SAP, limited partnerships are stated at the underlying audited GAAP equity value with the change in valuation reflected in unrealized gains (losses), net of tax in unassigned surplus. Income distributions from the limited partnerships are reported as net investment income when declared, to the extent that they are not in excess of the undistributed accumulated earnings, in the statement of operations and changes in capital and surplus on a NAIC SAP basis. Under GAAP, the change in valuation as well as the income distributions are reflected in either net investment income or as a realized capital gain or loss depending on the underlying investments.

The asset valuation reserve (AVR) and interest maintenance reserve (IMR) are established only on the statutory financial statements.

Under NAIC SAP, derivative instruments that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability and embedded derivatives are not accounted for separately from the host contract. Also, the change in fair value of open derivative instruments that do not meet the criteria of an effective hedge is recorded as an unrealized gain or loss in surplus. Under GAAP, all derivatives are reported on the balance sheets at fair value. Changes in fair value of derivatives, to the extent they are effective at offsetting hedged risk are recorded through either income or equity, depending on the nature of the hedge. An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and reported at fair value.<br>

Acquisition costs, such as commissions and other costs directly related to acquiring new business, are charged to operations as incurred under NAIC SAP. Under GAAP, costs related to successful acquisitions are capitalized and charged to operations on a constant level basis over the expected term of the related insurance contracts.

Under NAIC SAP, identifiable intangible assets are not recorded.

 ****

Under NAIC SAP, amounts that represent revenue for services to be provided in future periods are reported as revenue when received. Under GAAP, amounts would be reported as a liability and amortized into revenue using the same assumptions used to amortize deferred policy acquisition costs.

 

<br> Certain assets designated as nonadmitted are excluded from the accompanying Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Under GAAP, these assets would be included in the balance sheets, net of any valuation allowance.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, Universal Life and Annuity revenues consist of the entire premium received and benefits represent the death benefits paid and the change in policy reserves. Under GAAP, revenues are comprised of contract charges and fees which are recognized when assessed against the policyholder account balance.

Policy reserves for Life, Accident and Health policies are based on methods prescribed by the NAIC. For policies subject to formulaic reserving method, a prescribed limited range of assumptions, such as mortality, morbidity and interest assumptions and economic market information are used. For policies subject to Principle Based Reserving method, a wider range of the Company's own assumptions are considered, subject to prescribed rule based regulatory requirements. Under GAAP, policy reserves are based on relevant actual cash flows and the Company's own assumptions such as morbidity, mortality, and lapse; as well as market-observable discount rates and other economic information.

Under NAIC SAP, policyholder dividends are recognized when declared. Under GAAP, policyholder dividends would be for dividends that have accrued as of the financial statement date based on the best available estimate of the amount of dividends to be paid.

 ****

Under NAIC SAP, reinsurance agreements must transfer risk from the ceding company to the reinsurer in order to receive the reinsurance accounting treatment. If the terms of the agreement violate the risk transfer criteria, the agreement shall be accounted for as deposit accounting. Under NAIC SAP, reserves and unpaid claim liabilities ceded to reinsurers have been reported as reductions to the related reserves. Under GAAP, to qualify for risk transfer and be accounted for as reinsurance an evaluation must be made to determine whether the contract indemnifies against insurance risk. If risk transfer requirements are not met, the reinsurance agreement is considered a financing arrangement and deposit accounting is required.

Under NAIC SAP, a liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers unauthorized by license to assume such business. Changes to those amounts are credited or charged directly to unassigned surplus. Under GAAP, no such amounts are recorded.

Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves, while under GAAP, they are reported as an asset.

<br> Under NAIC SAP, the difference between the employee benefit plan's assets and the employee benefit obligation is reflected as an asset or liability, with an offset to unassigned surplus and any asset balances nonadmitted. Prior service costs are recorded as a component of unassigned surplus, net of tax. Under GAAP, the difference between the plan's assets and the benefit obligation is reflected as an asset or liability, with an offset to other comprehensive income. Prior service costs are recorded as a component of other comprehensive income, net of tax.

 

NAIC SAP requires an amount be recorded for deferred taxes as a component of surplus, however, there are limitations as to the amount of deferred tax assets that may be reported as admitted assets that are not applicable under GAAP. Under NAIC SAP, both the valuation allowance determination and admission calculation are made based on a separate company basis.

Under SAP, surplus notes are reported as surplus and interest cannot be accrued until written approval has been received from the Department. Under GAAP, surplus notes are included in liabilities including interest.

 ****

Under NAIC SAP, the amount of goodwill recorded as an admitted asset is subject to limitation and is amortized into earnings over a period not to exceed 10 years. Goodwill under GAAP is not amortized into earnings and is annually analyzed for impairment which would be reported as a recognized loss into earnings.<br>

Under NAIC SAP, the Statements of Cash Flow – Statutory Basis reflects changes in cash, cash equivalents, and short-term investments with remaining maturities when purchased of one year or less. Under GAAP, the statement of cash flows reflects changes in cash and investments with original maturities when purchased of three months or less.

Comprehensive income and its components are not presented under NAIC SAP.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Significant statutory accounting practices are as follows:

**Investments**

Investments are stated at amounts prescribed by the NAIC which are as follows: issuer credit obligations and asset-backed securities with NAIC ratings 1-5 are stated at amortized cost. Issuer credit obligations and asset-backed securities with a NAIC rating of 6 are stated at the lower of amortized cost or fair value. Significant changes in estimated cash flows from the original purchase assumptions are reviewed monthly. Prepayment assumptions for asset-backed securities are obtained from broker dealer survey values or internal estimates based on characteristics of similar products, consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all asset-backed securities of high credit quality. The prospective method is used to value investments with significant changes in cash flow or of lower credit quality.

Common stocks are reported at fair value. Investments in stocks of insurance subsidiaries are carried at audited statutory equity and non-insurance subsidiaries and affiliates in which the Company has an interest of 10% or more are carried equal to the Company's proportionate share of the audited GAAP-basis equity after the date of acquisition. The change in the carrying value is recorded as a change in unrealized gains (losses) on investments, a component of unassigned surplus. The value of affiliated subsidiaries was $114,509 and $102,398 at December 31, 2025 and 2024, respectively.

Mortgage loans are stated at the unpaid principal balance adjusted for unamortized discounts or premiums. The Company records a reserve for losses on mortgage loans as part of the AVR and mortgage loans are recorded at the lower of unamortized cost and the fair value of the collateral, less estimated selling cost, if deemed other than temporarily impaired.

Real estate occupied by the Company and held for the production of income is reported at depreciated cost. Depreciation expense is determined by the straight-line method. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company's occupancy of its owned properties. Fair value for impaired commercial real estate is determined by valuations based on external appraisals. Real estate impairment losses due to decreases in property value are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with maturity of three months or less at the date acquired. Money market mutual funds are stated at amortized cost which approximates fair value. Short-term investments presented in the Balance Sheets – Statutory Basis consist of all investments that have a maturity date of one year or less at the date acquired and are stated at amortized cost, which approximates fair value.

Contract loans are stated at the aggregate unpaid principal balance. The excess of the unpaid balance of the loan over the cash surrender value is considered a nonadmitted asset.

A carrying amount of limited partnerships, limited liability companies, and joint ventures reflects the underlying audited GAAP equity of these investments. Income from these investments is recognized when declared, to the extent that they are not in excess of the undistributed accumulated earnings. Unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus. These investments are recorded in other investments in the Balance Sheets – Statutory Basis. The recorded carrying value of affiliated limited liability companies are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| AIC | $18043 | $14266 |
| VCA <sup>1</sup> | 535 | 524 |
| AAS <sup>1</sup> | 1744 | 402 |
| Total | $20322 | $15192 |

---

<sup>1</sup> VCA and AAS did not have GAAP audits performed, so the Company nonadmits these assets.

Other investments also include collateral loans, surplus debentures, residual tranches, and low-income housing tax credits carried under the proportional amortized cost method. Other-than-temporary impairments on other investments of $8,161, $1,000, and $3,256 were recorded as realized losses during 2025, 2024, and 2023, respectively. The Company has no investments in joint ventures, partnerships, or limited liability companies that exceeds 10% of its admitted assets.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The Company purchases and sells futures contracts to hedge against principal losses on variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Futures contracts are a standardized contractual agreement to buy or sell a particular financial instrument at a predetermined price in the future. The gains and losses of futures contracts are derived from the daily movement of the underlying market. These gains and losses are settled in cash through a daily variation margin. The Company sells futures contracts on certain equity indices with expiration dates of less than 6 months as well as buys and sells futures contracts on certain Treasury notes and bonds, ranging in maturities between 1 and 30 years, with expiration dates of less than 6 months. The Company does not receive cash on the initial purchase or sale of the futures contracts, but will receive or pay cash daily based on the movement of the underlying index or Treasury notes. At December 31, 2025, and 2024, respectively, the notional amount of the equity and treasury futures contracts bought by the Company was $123,000, and $144,100, and the notional amount of the equity and treasury futures contracts sold was $118,915, and $144,100.<br>

The Company is required to post collateral to the brokering bank for futures. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The bank acts as an intermediary to the futures transactions and takes initial margins from both parties to limit the counterparty risk. The collateral (treasury bills) is recorded in bonds on the Balance Sheets – Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2025 and 2024 was $16,974 and $22,780, respectively.

Since futures contracts are not considered an effective hedge, the total variation margin on open contracts is reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The total variation margin on closed futures contracts is reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

<br> The Company purchases and sells call options (Over the Counter "OTC" index call options) to hedge variable annuity, fixed index annuity, and index universal life insurance contracts whose credited interest is linked to returns on multiple equity indices based on a formula which applies participation rates and/or cap rates to the returns in the indices. Call options are contracts, which give the option purchaser the right, but not the obligation, to buy securities at a specified price during a specified period. The OTC index call options expire monthly until December 23, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased OTC index call options give the Company the right to receive cash at settlement if the closing Index value is above the strike price, while the written OTC index call options require the Company to pay cash at settlement if the closing Index value is above the strike price. The Company sells OTC index call options to effectively offset the proceeds the Company would receive on its purchased OTC index call options that represent a return above the amount that would be credited to insurance contracts electing a capped return in the Index. These proceeds do not result in income to the Company because the hedged insurance contracts would be credited interest for an equivalent amount.

The Company purchases and sells exchange traded index call options (exchange traded index call options) based on multiple equity indices to hedge fixed index annuity contracts and index universal life contracts. The Company has purchased and written exchange traded index call options that expire through June 17, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased exchange traded index call options give the Company the right to receive cash at settlement if the closing index value is above the strike price, while the written exchange traded index call options require the Company to pay cash at settlement if the closing index value is above the strike price.

The Company purchases and sells exchange traded put options (equity put options) based on multiple equity indices to hedge variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Put options are contracts, which give the option purchaser the right, but not the obligation, to sell securities at a specified price during a specified period. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased equity put options give the Company the right to receive cash at settlement if the closing index value is below the strike price, while the written equity put options require the Company to pay cash at settlement if the closing index value is below the strike price. If the closing index value is above the strike price, the equity put options expire without value.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The Company uses OTC foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with holding foreign currency denominated investments. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, cash flows in one currency for cash flows in another currency. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. When the currency swaps meet specific criteria, they may be designated as accounting hedges and accounted for as foreign currency fair value hedges. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and qualitatively assessed, at least quarterly, throughout the life of the designated hedging relationship.

The Company is exposed to credit-related losses in the event of nonperformance by counter-parties on its OTC derivative positions. The Company manages its exposure to credit risk by utilizing highly rated counterparties and uses master netting agreements (MNAs) which permit either party to net payments due to exposure. Collateral is either pledged or received when certain predetermined exposure limits are exceeded. The Company had collateral pledged from counterparties of $30,000, and $10,000 which is included in other liabilities on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. The Company had $1,991 and $4,981 of collateral pledged to counterparties included in bonds on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. There are no losses on derivative financial instruments due to counterparty nonperformance.

The options (OTC index call options, exchange traded index call options, and equity put options) are carried at their fair value with changes recorded through unrealized capital gains (losses). Options with a positive fair value or carrying value are reported as other investments in the Balance Sheets – Statutory Basis. Options with a negative fair value or carrying value are reported as other liabilities in the Balance Sheets – Statutory Basis.

<br> Cash flows related to the gains and losses from options, opening and closing marks for futures, and interest payments from currency swaps are reflected in net investment income received in the Statement of Cash Flows - Statutory Basis. Cash flows related to long options' open, closed, and the mark-to-market transactions, futures mark-to-market, and currency swap open and close transactions are reflected in proceeds from investments sold, matured or repaid and cost of investments acquired in the Statement of Cash Flows - Statutory Basis. Cash flows related to short options' open, closed and the mark-to-market transactions are reflected in other miscellaneous, net in the Statement of Cash Flows - Statutory Basis.<br>

The foreign currency swaps used in effective hedges are carried in a manner consistent with the hedged asset or liability. Foreign currency swaps hedging bonds are carried at amortized cost and reflected in other investments and other liabilities in the Balance Sheets - Statutory Basis. Changes in the carrying value of open foreign currency swaps as a result of exchange rate changes are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Interest income received from open foreign currency swaps is reflected in net investment income. Changes in the carrying value of closed foreign currency swaps is reflected in net investment income.

Foreign currency swaps not used in an effective hedge are carried at fair value and reflected in other investments when fair value is positive and other liabilities when fair value is negative in the Balance Sheets - Statutory Basis. Changes in the fair value of open foreign currency swaps are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Changes in the fair value of closed foreign currency swaps and interest income associated with the currency swaps are reflected in net investment income.<br>

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The credit exposure is limited to the fair value of the options and foreign currency swaps included in other investments in the Balance Sheets - Statutory Basis as follows:<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts owned - gross asset | $4226896 | $3712055 | $332848 | $202246 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts written - gross liability | 1950496 | 1411000 | (152404) | (86294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts owned | 2094868 | 2079595 | 322150 | 273603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability |  | 22321 |  | (664) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 24058 | 178474 | 1724 | 11461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 10882 | 39728 | (864) | (1920) |

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The fair value of the related derivative liabilities included in other liabilities in the Balance Sheets - Statutory Basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts written | $1991038 | $2001383 | $176900 | $145709 |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 59710 |  | (2757) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 191683 |  | 14825 |  |

---

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The amounts recognized in net investment income and change in unrealized gains (losses) in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for options, futures and foreign currency swaps are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Amount Recognized* | *Amount Recognized* | *Amount Recognized* |
|  | *2025* | *2024* | *2023* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - closed | $15765 | $32236 | $(15207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - closed | 62163 | 32276 | 6913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity put option contracts - closed | (190) | (80) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - closed | (7146) | (19020) | (36224) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - closed |  |  | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | 4111 | 2655 |  |
| Total recognized in net investment income | $74703 | $48067 | $(43362) |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - open | $38292 | $(15988) | $37212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - open | 12855 | 19200 | 30723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - open | 47 | (8508) | 8028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open |  | (664) |  |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | (19270) | 10379 | 2832 |
| Total recognized in change in unrealized gains (losses) | $31924 | $4419 | $78795 |

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Investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on asset-backed securities is determined on the effective yield method based on estimated principal repayments. Accrual of income is suspended for bonds and mortgage loans that are in default or when the receipt of interest payments is in doubt. Realized capital gains and losses are determined on a specific identification basis and recorded in operations.

Accrued interest more than 180 days past due deemed collectible on mortgage loans in default is nonadmitted. All other investment income due and accrued, excluding contract loans, with amounts over 90 days past due is nonadmitted. Interest income due and accrued for contract loans in excess of the cash surrender value is nonadmitted.

<br> If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. For issuer credit obligations, if the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. For asset-backed securities, if the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. All write downs are recorded as a realized loss. For unaffiliated common stocks and other investments carried at fair value, unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus.

**Nonadmitted Assets**

In accordance with NAIC SAP, certain assets, designated as nonadmitted assets, are excluded from the Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Nonadmitted assets consist primarily of a portion of deferred income tax assets, contract loans, prepaid expenses, advances to agents, unearned annualized commissions, furniture and equipment, application software, other investment income that is over 90 days past due, unaudited non-insurance subsidiaries and other assets not specifically identified as an admitted asset within NAIC SAP. Total nonadmitted assets were $308,755 and $272,682 at December 31, 2025 and 2024, respectively.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

****

<br> **Furniture and Equipment** 

Electronic data processing (EDP) equipment and operating software are carried at cost of $11,409 and $14,523 less accumulated depreciation of $10,128 and $12,202 at December 31, 2025 and 2024, respectively. EDP equipment and operating software are depreciated using the straight line method over the lesser of the estimated useful life of the related asset or three years.

An impairment of an asset is recorded as a charge to operations if both of the following conditions are met: information available prior to issuance of the statutory basis financial statements indicates that it is probable that an asset has been impaired at the date of the statutory basis financial statements and the amount of loss can be reasonably estimated.

Leasehold improvements are carried at cost less accumulated amortization. The Company calculated amortization of leasehold improvements using the straight-line method over the lesser of the useful life of the asset or the remaining original lease term, excluding options or renewal periods. Leasehold improvements are generally amortized over three to twenty years. Non-operating software is depreciated over the lesser of its estimated useful life or five years. Other furniture and equipment are depreciated using the straight line method over the estimated useful lives of the assets. Furniture and fixtures are generally depreciated over three to ten years. Depreciation expense on depreciable assets of $11,379, $8,285, and $8,098, was recorded in general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis for the years ended December 31, 2025, 2024, and 2023 respectively.

**Reserves for Life, Accident and Health Policies, and Deposit-type Funds**<br> Life policy reserves are established to provide amounts adequate to discharge estimated future policy obligations in excess of estimated future premiums on policies in force. Reserves for traditional, flexible premium and variable life insurance are determined using the Commissioners' Reserve Valuation Method or Net Level Premium Method, or, where applicable, under the principle-based reserve requirements of VM-20, using prescribed interest and mortality assumptions and other assumptions consistent with regulatory guidance.

Reserves for fixed annuities are calculated using the Commissioners' Annuity Reserve Valuation Method with applicable statutory interest and mortality assumptions. Reserves for variable annuities are determined in accordance with VM-21, based on a conditional tail expectation 70 stochastic reserve and any additional standard projection amount required, using a prescribed set of economic scenarios and assumptions as defined by VM-21.

Tabular interest, less actual reserves released and tabular cost for all life contracts are determined based upon statutory regulations. Other policy reserves are established and maintained on the basis of published mortality and morbidity tables using assumed interest rates and valuation methods as prescribed by the Department.

Reserves for deposit-type funds are equal to deposits received and interest credited to the benefit of policyholders, less withdrawals that represent a return to the policyholder. For the determination of tabular interest to deposit-type funds, the valuation interest rate, which varies by issue year, is multiplied by the average funds in force during the year subject to such valuation interest rate.

**<br> Reserve for Unpaid Claims**<br> The reserves for unpaid group and individual dental and vision claims are estimated using historical claim lags, with adjustments based on the current level of pending/unprocessed claims, and relative to the historical levels during the time period used to generate claim lag factors. The reserves for unpaid claims for group and individual dental and vision insurance includes claims in course of settlement and incurred but not reported claims. Claim adjustment expenses corresponding to the unpaid claims are accounted for by adding an additional load to the reserve for unpaid claims. To the extent the ultimate liability differs from the amounts recorded, such differences are reflected in operations when additional information becomes known.

Reserves for unpaid individual accident and health disability contracts claims, the present value of amounts not yet due on claim reserves is a first principles-type calculation based on a seriatim listing of open disability claims. All termination rate and interest discounting assumptions adhere to minimum NAIC Standards. An additional liability is recorded for claim adjustment expenses corresponding to the unpaid claims.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> Reserves for unpaid life claims include claims reported and unpaid and claims not yet reported, which is estimated based upon historical experience. As such amounts are necessarily estimates, the ultimate liability will differ from the amount recorded and will be reflected in operations when additional information becomes known.

Reserves for unpaid group accident and health long-term disability contracts are a tabular calculation based on a seriatim listing of open disability claims. Issued and incurred claims are generated based on the 2012 Group Long-term Disability Table (GLTD). A modification is made for claims in the first two years from disablement.

**Dividends to Policyholders**

Dividends are provided based on dividend formulas approved by the Board of Directors of the Company in accordance with actuarially determined dividend scales. Dividends to policyholders are reflected in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis at amounts estimated to be paid or credited to policyholders during the subsequent year on the policy anniversary dates. Dividends to policyholders also include reinsurance assumed business. A portion of the Company's business has been issued on a participating basis. The amount of insurance in force on direct individual life participating policies was $22,362,038, or 19.0%, and $22,397,605, or 17.8%, of the individual life policies in force as of December 31, 2025 and 2024, respectively.

**Asset Valuation and Interest Maintenance Reserves**

The AVR is a required appropriation of unassigned surplus to provide for possible losses that may occur on certain investments of the Company. The reserve is computed based on holdings of all investments and realized and unrealized gains and losses, other than those resulting from interest rate changes. Changes in the reserve are charged or credited to unassigned surplus.

The IMR is calculated based on the prescribed methods developed by the NAIC. Realized gains and losses, net of tax, resulting from interest rate changes on fixed income investments are deferred and credited to this reserve. These gains and losses are then amortized into investment income over what would have been the remaining years to maturity of the underlying investment. Amortization included in net investment income was $7,932, $7,780, and $9,711 for 2025, 2024, and 2023, respectively.

**Recognition of Premium Revenues and Related Costs**

Life premiums are recognized as revenue when premiums are due. Annuity considerations are recognized as income when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Consideration received on deposit-type funds, which do not contain life contingencies, is recorded directly to the related liability.

Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.<br>**Reinsurance**<br> Reinsurance premiums and claims are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, reserves for life, accident and health policies, and reserves for unpaid claims are reported net of reinsured amounts. In a modified coinsurance arrangement, the ceding company retains the assets with respect to the policies reinsured and also retains and records the associated reserves. The assuming company does not reflect the assets or reserves in its balance sheet.

<br> **<br> Leases**<br> The Company leases and subleases office space under operating lease agreements that expire at various dates through 2030. Certain rental commitments have renewal options extending through the year 2030. Some of these leases include escalation clauses, which vary with levels of operating expense. The impact of these leases, including future minimum lease payments under noncancellable operating leases, were not material for 2025, 2024, and 2023.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

**<br> Income Taxes**

The Company files a life/non-life consolidated tax return with AMHC and AMHC eligible affiliates. The Company's income tax allocation is based upon a written agreement which uses a modified separate return method. The modified separate return method adjusts the separate return method so that the net operating losses (or other current or deferred tax attributes) are characterized as realized by the Company when those attributes are realized (or realizable) by the consolidated group.

The Company is subject to tax-related audits in the normal course of operations. The Company records a contingency reserve for tax-related matters when it is more likely than not that a liability has been incurred and the amount of the loss can be reasonably estimated. The tax contingency reserves are evaluated based upon the facts and circumstances that exist at each reporting measurement. Adjustments may result from new information, resolution of an issue with the taxing authorities or changes in laws or regulations. There was no reserve for tax related contingencies at December 31, 2025 and 2024.

The Company is subject to taxation in the United States and various states. The Company is not subject to examinations by tax authorities for years before 2022.

**Separate Accounts**

Separate account assets and liabilities reported in the accompanying financial statements represent funds that are separately administered, principally for variable annuity, variable life and group annuity contracts and for which the contract holders, rather than the Company, bear the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company. Investment income and gains and losses from these accounts accrue directly to contract holders and are not included in the accompanying financial statements. Net asset values and changes in net asset values of separate account assets generally accrue directly to the contract holders and are not included in the Company's revenues and expenses or surplus.

**Vulnerability due to Certain Concentrations**

The Company operates in a business environment which is subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, interest rate risk, market risk, credit risk and legal and regulatory changes, including policies and related impacts from pandemics or other public health issues. Furthermore, the market for deferred annuities and interest-sensitive life insurance is enhanced by the tax incentives available under current law. Any legislative changes that lessen these incentives are likely to negatively impact the demand for these products. The demand for life insurance products that are used to address a customer's estate planning needs may be impacted to the extent any legislative changes occur to the current estate tax laws.

**Accounting Pronouncements**

The NAIC issued revisions to Statement of Statutory Accounting Principles (SSAP) No. 26 – Bonds, and SSAP No. 43R – Asset-Backed Securities, SSAP No. 2R – Cash, Cash Equivalents, Drafts, and Short-Term Investments, SSAP No. 21R – Other Admitted Assets, as part of the Principles-Based Bond Project. The amended guidance, effective January 1, 2025, provides criteria for distinguishing bonds from other types of investments, further restricts the investments that are permitted for cash equivalent or short-term reporting and provides guidance for debt securities that do not qualify as bonds under the principles-based bond definition. The adoption of this guidance was not material to the Company's statutory financial statements.

**Accounting Changes**

During 2023, the Company changed its method of accounting for distributions received from joint ventures, partnerships, and limited liability companies to include fair value adjustments in addition to accumulated earnings in order to better align with the U.S. GAAP equity of the investee. The change resulted in a decrease in net unrealized capital gains (losses), less capital gains tax of $58,822 as of December 31, 2023.

**NOTE 2 - BUSINESS COMBINATIONS AND GOODWILL**

**Statutory Merger**

Effective October 1, 2023, Select Benefits Group, LLC (Dental Select), a third-party administrator (TPA) for dental and vision plans, was merged into the Company with the Company assuming net liabilities of $3,296. In the Summary of Operations and Changes in Capital and Surplus - Statutory Basis, the Company recorded a charge of $92,822 for the write-off of embedded goodwill and reversed unrealized losses of $28,074, net of taxes, for a net charge to surplus of $64,748.

**NOTE 3 - INVESTMENTS**

**Bonds**

The cost or amortized cost and estimated fair value of bonds by type are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Issuer Credit Obligations:* |  |  |  |  |
| &nbsp;&nbsp;U.S. Government Obligations | $11663 | $53 | $(56) | $11660 |
| &nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities | 62333 | 1652 | (379) | 63606 |
| &nbsp;&nbsp;Municipal Bonds – Special Revenues | 88568 | 778 | (2989) | 86357 |
| &nbsp;&nbsp;Corporate Bonds (Unaffiliated) | 8301299 | 105950 | (725923) | 7681326 |
| &nbsp;&nbsp;Single Entity Backed Obligations (Unaffiliated) | 18425 |  | (1008) | 17417 |
| &nbsp;&nbsp;SVO-Identified Bond Exchange Traded Funds – Systematic Value | 537 | 22 |  | 559 |
| &nbsp;&nbsp;Bonds Issued by Funds Representing Operating Entities (Unaffiliated) | 589983 | 6947 | (43550) | 553380 |
| &nbsp;&nbsp;Other Issuer Credit Obligations (Unaffiliated) | 15600 | 25 | (240) | 15385 |
| Total Issuer Credit Obligations | 9088408 | 115427 | (774145) | 8429690 |

---

**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Asset-Backed Securities:* |  |  |  |  |
| &nbsp;&nbsp;Financial Asset-Backed – Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Guaranteed | 178621 | 2174 | (7745) | 173050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Guaranteed | 248747 | 223 | (5749) | 243221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed | 83560 | 100 | (7490) | 76170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Not/Partially Guaranteed | 33828 | 1421 | (198) | 35051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) | 390430 | 3501 | (21761) | 372170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) | 218565 | 532 | (125) | 218972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency – CLOs/CBOs/CDOs (Unaffiliated) | 1443370 | 3856 | (7363) | 1439863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Self-Liquidating (Unaffiliated) | 284356 | 1605 | (8085) | 277876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset-Backed - Self-Liquidating | 2881477 | 13412 | (58516) | 2836373 |
| &nbsp;&nbsp;Financial Asset-Backed – Not Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Backed Securities (Unaffiliated) | 80909 | 1521 | (283) | 82147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Not Self-Liquidating (Unaffiliated) | 378372 |  | (133) | 378239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset Backed - Not Self-Liquidating | 459281 | 1521 | (416) | 460386 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Practical Expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Practical Expedient (Unaffiliated) | 142314 | 754 | (12157) | 130911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Practical Expedient (Unaffiliated) | 753 |  |  | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Practical Expedient | 143067 | 754 | (12157) | 131664 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Full Analysis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Full Analysis (Unaffiliated) | 175496 | 1030 | (6240) | 170286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Full Analysis (Unaffiliated) | 146452 | 1518 | (3727) | 144243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Full Analysis | 321948 | 2548 | (9967) | 314529 |
| Total Asset-Backed Securities | 3805773 | 18235 | (81056) | 3742952 |
| Total Bonds | $12894181 | $133662 | $(855201) | $12172642 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| U.S. Government | $81536 | $3 | $(11187) | $70352 |
| All other governments | 51830 | 323 | (1673) | 50480 |
| Special revenue and special assessment obligations and |  |  |  |  |
| &nbsp;&nbsp;all non-guaranteed obligations of agencies and authorities |  |  |  |  |
| &nbsp;&nbsp;of governments and their political subdivisions | 200140 | 20 | (17704) | 182456 |
| Hybrid securities | 5137 | 2 | (298) | 4841 |
| Industrial and miscellaneous | 11779827 | 62758 | (1057702) | 10784883 |
| Total bonds | $12118470 | $63106 | $(1088564) | $11093012 |

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**NOTE 3 - INVESTMENTS, (continued)**

<br> The amortized cost of bonds was increased by $10,022 and reduced by $8,728 at December 31, 2025 and December 31, 2024, respectively, as a result of cumulative fair value adjustments to derive the carrying amounts of bonds in the Balance Sheets - Statutory Basis of $12,904,203 and $12,109,742, respectively.

The cost or amortized cost and estimated fair value of bonds at December 31, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | *Cost or Amortized Cost* | *Fair Value* |
| Due in one year or less | $304866 | $303302 |
| Due after one year through five years | 1509437 | 1485205 |
| Due after five years through ten years | 2611142 | 2564487 |
| Due after ten years | 8468736 | 7819648 |
| Total bonds | $12894181 | $12172642 |

---

Proceeds from the sales of bonds were $733,936, $388,956, and $308,442 for the years ended December 31, 2025, 2024, and 2023, respectively.

Realized capital gains (losses) are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Bonds: |  |  |  |
| &nbsp;&nbsp;Gross realized capital gains on sales | $10730 | $12380 | $7070 |
| &nbsp;&nbsp;Gross realized capital losses on sales | (16042) | (10149) | (9335) |
| Net realized capital gains (losses) on sales | (5312) | 2231 | (2265) |
| Other, including impairments and net gain on dispositions other than sales | (817) | (2880) | (5148) |
| Total bonds | (6129) | (649) | (7413) |
| Preferred stocks | 539 | 272 | (618) |
| Common stocks | 49783 | 47308 | 33983 |
| Mortgage loans | (902) | (296) | (2040) |
| Real estate | (6202) | 379 | 2285 |
| Other investments | 15463 | 10371 | 12092 |
| Realized capital gains before federal income taxes and transfer to IMR | 52552 | 57385 | 38289 |
| Realized capital gains (losses) transferred to IMR | (332) | 714 | (2708) |
| Federal income tax expense | 11106 | 11901 | 8610 |
| Net realized capital gains | $41778 | $44770 | $32387 |

---

The Company sold common stock with a fair market value of $50,200 and a book adjusted carrying value of $32,412 to AHC on December 23, 2024 for cash consideration of $50,200. The sale resulted in a realized gain of $17,788.

**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

The Company has entered into an agreement with the FHLB of Topeka to enhance investment yields through investment spread strategies and to provide for liquidity needs, if a future need for immediate liquidity arises. The agreement provides for advances (lines of credit, inclusive of the existing funding agreements) up to $1,175,594 to the Company in return for the purchase of asset-based membership stock equal to 0.1% of assets, with a $500 maximum, plus an additional activity-based stock purchase equal to 4.0% of the advances less the amount of the asset-based membership stock held. As of December 31, 2025 and 2024, the Company did not have any FHLB membership stock eligible for redemption. Excluding the funding agreements, the Company had no outstanding balance related to the line of credit as of December 31, 2025 and 2024, respectively.

The amount of FHLB capital stock held, in aggregate, and classified as of December 31 is as follows:

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| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Membership stock - class A | $408 | $397 |
| Membership stock - class B | 33288 | 21928 |
| Excess stock | 721 | 645 |
| Aggregate total | $34417 | $22970 |
| Actual borrowing capacity as determined by the insurer | $1175594 | $852634 |

---

The related reserves of $903,171 and $702,681 are reported in deposit-type funds on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024, respectively.

The values of the collateral pledged to the FHLB and the total aggregate borrowing by the Company as of December 31 is as follows:

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| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1166792 |
| Carrying value | 1652068 | 1290524 |
| Aggregate total borrowing - funding agreements | 900000 | 700000 |

---

The maximum amount of collateral pledged to the FHLB during the years ended December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1386123 |
| Carrying value | 1652068 | 1436940 |
| Amount borrowed at time of maximum collateral - funding agreements | 900000 | 700000 |
| Amount borrowed at time of maximum collateral - lines of credit | 61455 |  |

---

There are prepayment penalties on the Company's funding agreements.

**NOTE 3 - INVESTMENTS, (continued)**

**<br> Restricted Assets**

A detailed summary of restricted assets (including pledged assets) primarily bonds, common stock, mortgage loans and cash at cost or amortized cost is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  |  | *Percentage* | *Percentage* |  | *Percentage* | *Percentage* |
| *Restricted Asset Category* | *Total Admitted Gross Assets Current Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* | *Total Admitted Gross Assets Prior Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* |
| FHLB capital stock | $34417 | 0.1% | 0.1% | $22970 | 0.1% | 0.1% |
| Bonds on deposit with states | 121097 | 0.4% | 0.4% | 144792 | 0.5% | 0.5% |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 1652068 | 5.3% | 5.4% | 1290524 | 4.4% | 4.5% |
| Pledged as collateral not captured in other categories: |  |  |  |  |  |  |
| Derivatives | 18965 | 0.1% | 0.1% | 27761 | 0.1% | 0.1% |
| Other restricted assets: |  |  |  |  |  |  |
| Policy loans reinsurance assumed | 102600 | 0.3% | 0.3% | 107429 | 0.4% | 0.4% |
| Bonds and short-term investments reinsurance assumed \* | 873122 | 2.8% | 2.8% | 886156 | 3.0% | 3.1% |
| Collateral assets received and on balance sheet\*\* | 30000 | 0.1% | 0.1% | 10000 | 0.0% | 0.0% |
| Separate account assets held under modco reinsurance agreements | 103278 | 0.3% | 0.3% | 100804 | 0.3% | 0.4% |
| Total restricted assets | $2935547 | 9.4% | 9.5% | $2590436 | 8.8% | 9.1% |

---

\* Includes investment income due and accrued<br> \*\* Reported in cash, cash equivalents and short-term investments on the Statutory Balance Sheet.<br>The Company had $103,278 and $100,804 of separate account assets and recognized obligations under modco reinsurance agreements in Schedule D, Part 2, Section 2 of it separate accounts statutory financials as of December 31, 2025 and 2024, respectively. These assets represented 0.9% of both total separate account assets and total admitted separate account assets and liabilities for both years. The underlying invested assets are not related or affiliated with the reinsurer.

<br> An aging of unrealized losses on the Company's investments in bonds and unaffiliated stocks were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Issuer Credit Obligations | $2332150 | $(82317) | $5415054 | $(691828) | 7747204 | (774145) |
| Asset-Backed Securities | 1632317 | (14884) | 1006949 | (66172) | 2639266 | (81056) |
| Common stocks | 110577 | (1434) | 25067 | (1371) | 135644 | (2805) |
| Total | $4075044 | $(98635) | $6447070 | $(759371) | $10522114 | $(858006) |

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**NOTE 3 - INVESTMENTS, (continued)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Bonds: |  |  |  |  |  |  |
| U.S. Governments | $3568 | $(345) | $66750 | $(10842) | $70318 | $(11187) |
| All other governments | 35757 | (1067) | 9550 | (606) | 45307 | (1673) |
| Special revenue and special assessment |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations and all non-guaranteed |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations of agencies and authorities |  |  |  |  |  |  |
| &nbsp;&nbsp;of governments and their political |  |  |  |  |  |  |
| &nbsp;&nbsp;subdivisions | 58261 | (2452) | 122344 | (15252) | 180605 | (17704) |
| Hybrid securities | 1056 | (67) | 3785 | (231) | 4841 | (298) |
| Industrial and miscellaneous | 3403375 | (198644) | 6084379 | (859058) | 9487754 | (1057702) |
| Total bonds | 3502017 | (202575) | 6286808 | (885989) | 9788825 | (1088564) |
| Preferred stocks | 609 |  | 2175 | (130) | 2784 | (130) |
| Common stocks | 144533 | (1842) | 27841 | (1658) | 172374 | (3500) |
| Total | $3647159 | $(204417) | $6316824 | $(887777) | $9963983 | $(1092194) |

---

The Company considers various factors when considering if a decline is other-than-temporary, including the size of the unrealized loss, deterioration in ratings, industry conditions or factors related to a geographic area that are negatively affecting a security, violation of loan covenants, overall financial condition of the issuer and the Company's intention and ability to sell or hold the security for a period of time sufficient to allow for a recovery in value. The Company has determined that such declines are temporary in nature.

<br> The Company considers various factors when considering if a decline in the fair value of a common stock security is other-than-temporary, including but not limited to the magnitude of the unrealized loss; the volatility of the investment; analyst recommendations, price targets and NAIC ratings; opinions of the Company's investment managers; market liquidity; and the Company's intentions to sell or ability to hold the investments until recovery. During 2025, 2024, and 2023, based on an evaluation of these factors, the realized losses for other-than-temporary impairments recognized by the Company on unaffiliated common stocks were not material.

<br> The Company's bond and short-term investment portfolios are predominantly comprised of investment grade securities. At December 31, 2025 and 2024, bonds at book/adjusted carrying value totaling $279,259 and $436,189, respectively, (2.2% and 3.5%, respectively, of the total bond and short-term portfolios) are considered below investment grade. Securities are classified as below investment grade by utilizing rating criteria established by the NAIC. During 2025, 2024, and 2023, the realized losses for other-than-temporary impairments recognized by the Company on bonds were not material. The Company did not recognize any other-than-temporary impairments on asset-backed and structured security investments in 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> A summary of asset-backed security and structured security investments included with unrealized losses for which an other-than-temporary impairment has not been recognized is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Asset-backed securities | $605985 | $596083 | $(9902) | $933591 | $862414 | $(71177) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Structured Securities | $193033 | $187385 | $(5648) | $1305594 | $1203661 | $(101933) |

---

**<br> Mortgage Loans**

For the commercial mortgage loans held by the Company, debt service coverage ratio (DSCR) is considered a key credit quality indicator for loans that are income dependent while loan to value and borrower financial strength are considered key credit quality indicators for borrower-occupied loans. Debt service coverage ratios compare a property's net operating income to the borrower's principal and interest payments. Loan to value and debt service coverage ratios are updated annually or as warranted by economic conditions or impairment considerations.

Debt service coverage ratios for income dependent mortgage loans are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| DSCR distribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 1 | $79426 | $72947 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.0 - 1.2 | 107308 | 147689 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 - 1.5 | 358278 | 398826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater than 1.5 | 1882371 | 1669985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2427383 | $2289447 |

---

<br> Mortgage loans with a DSCR below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable future, the decrease in cash flows is considered temporary, or there are other risk mitigating factors.

Loan to value for borrower-occupied commercial real estate mortgage loans is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Loan to value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 60% | $9435 | $8786 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-75% |  | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $9435 | $10804 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aging analysis of the commercial loans held by the Company is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Recorded investment (all) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $2435704 | $2292386 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due |  | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;90-179 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;180+ days past due | 1114 | 5396 |
| Accruing Interest 180+ Days Past Due |  |  |
| &nbsp;&nbsp;Recorded investment | 1114 | 5396 |
| &nbsp;&nbsp;Interest accrued | 56 | 124 |
| Participant or co-lender in a mortgage loan agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recorded investment | 211 | 312 |

---

At December 31, 2025, the average size of an individual commercial mortgage loan was $2,826. For commercial mortgage loans, the Company's policy is to obtain a first mortgage lien and to require a loan to value ratio of 75% or less at acquisition. The Company's policy for commercial loans is to recognize due and accrued interest income on impaired loans if deemed collectible. As of December 31, 2025, the maximum and minimum rates of interest in the Company's mortgage loan portfolio were 8.85% and 2.85% for commercial mortgage loans.<br>**** <br> In 2025 and 2024, the Company had 118 and 91, respectively, commercial loans acquired or with additions to existing loans at the maximum and minimum rates of interest of 8.68% and 8.68%, respectively, and 4.60% and 4.55%, respectively, totaling $458,898 and $335,896, respectively.<br>

Commercial mortgage loans are evaluated individually for impairment. The Company's impairments for commercial loans and interest income on impaired commercial mortgage loans was not material for December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, no impaired commercial mortgage loans were on nonaccrual status under SSAP No 34, paragraph 6.

In 2025, the Company had $36,954 aggregate amount of mortgage loans derecognized as a result of foreclosure, $14,055 real estate collateral recognized, and $22,732 other collateral recognized. In 2024, the Company had no mortgage loans derecognized as a result of foreclosure.

**Investments in Tax Credit Structures**

During 2025 and 2024, the Company recognized $10,406 and $11,214, respectively, of low income housing tax credits (LIHTC) and other tax benefits. The Company's investment in LIHTC recognized in the Balance Sheets - Statutory Basis in other investments was $56,308 and $70,877 and in other liabilities was $14,144 and $23,498 for the years ended December 31, 2025 and 2024, respectively. No property is currently subject to any regulatory review. The Company had no investment in LIHTC that exceeded 10% of its admitted assets. The Company recognized no impairment losses related to LIHTC at December 31, 2025 and 2024. The Company recognized no write-down or reclassification resulting from the forfeiture or ineligibility of tax credits at December 31, 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aggregate schedule of non-transferrable tax credits expected to be generated by the Company each year for the subsequent five years and thereafter, as of December 31, 2025, is presented below:

---

| | |
|:---|:---|
| *Year* | *Non-Transferable* |
| 2026 | $11410 |
| 2027 | 898 |
| 2028 | 117 |
| 2029 | 314 |
| 2030 | 147 |
| Thereafter | 1258 |
| Total | $14144 |

---

The Company has no transferrable tax credits as of December 31, 2025.

<br> **<br> Offsetting and Netting of Assets and Liabilities**<br> Call options and foreign currency swaps that are included in other investments and other liabilities on the Balance Sheets - Statutory Basis and qualified for offsetting and netting are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* |
| *Assets:* |  |  |  |  |  |  |
| Derivatives - call options | $332848 | $152405 | $180443 | $202246 | $86294 | $115952 |
| Derivatives - foreign currency swaps | 4482 | 3621 | 861 | 11461 | 2584 | 8877 |
| *Liabilities:* |  |  |  |  |  |  |
| Derivatives - call options | $152405 | $152405 | $— | $86294 | $86294 | $— |
| Derivatives - foreign currency swaps | 15689 | 3621 | 12068 | 2584 | 2584 |  |

---

**NOTE 3 - INVESTMENTS, (continued)**

**Net Investment Income**<br> Major categories of net investment income by class of investment are summarized below.

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Income: |  |  |  |
| Bonds | $590016 | $556609 | $499408 |
| Preferred stocks | 66 | 166 | 490 |
| Common stocks | 11262 | 9885 | 8382 |
| Mortgage loans | 121493 | 104896 | 98441 |
| Real estate<sup>1</sup> | 12062 | 11175 | 14261 |
| Contract loans | 44237 | 39226 | 33583 |
| Short-term investments | 8109 | 6936 | 3385 |
| Derivatives | 74703 | 48067 | (43362) |
| Other investments | 81541 | 77269 | 50021 |
| Amortization of interest maintenance reserve | 7932 | 7780 | 9711 |
| Gross investment income | 951421 | 862009 | 674320 |
| Total investment expenses | 57679 | 55799 | 52135 |
| Net investment income | $893742 | $806210 | $622185 |

---

<sup>1</sup>Includes amounts for the occupancy of company-owned property of $5,647, $5,647, and $8,302 in 2025, 2024, and 2023, respectively.

** 

**Fair Value Measurements**

** 

Included in various investment related lines in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

**** 

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Fair Value Measurements as defined under NAIC SAP. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset's classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:<br>

Level 1 – Values are unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

 

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

**** 

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset at the reporting date.

**NOTE 3 - INVESTMENTS, (continued)**

<br> Net asset value (NAV) – Separate account assets are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.<br>The following tables provide information about the Company's financial assets and liabilities measured and reported at fair value or NAV:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Asset-Backed Securities | $— | $3415 | $— | $— | $3415 |
| Total bonds |  | 3415 |  |  | 3415 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | $329444 | $— | $— | $— | $329444 |
| Total common stocks | 329444 |  |  |  | 329444 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 322150 |  |  |  | 322150 |
| Over the counter index call options |  | 180444 |  |  | 180444 |
| Foreign currency swaps |  | 860 |  |  | 860 |
| Total other investments | 322150 | 181304 |  |  | 503454 |
| Separate account assets |  |  |  | 11287354 | 11287354 |
| Total assets at fair value/net asset value | $651594 | $184719 | $— | $11287354 | $12123667 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $176900 | $— | $— | $— | $176900 |
| Foreign currency swaps |  | 12068 |  |  | 12068 |
| Total liabilities at fair value | $176900 | $12068 | $— | $— | $188968 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Asset-Backed Securities | $— | $673 | $— | $— | $673 |
| Total bonds |  | 673 |  |  | 673 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | 357820 |  |  |  | 357820 |
| Total common stocks | 357820 |  |  |  | 357820 |
| Other investments | 14052 |  |  |  | 14052 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 273603 |  |  |  | 273603 |
| Over the counter index call options |  | 115952 |  |  | 115952 |
| Foreign currency swaps |  | 8877 |  |  | 8877 |
| Total other investments | 287655 | 124829 |  |  | 412484 |
| Separate account assets |  |  |  | 10756291 | 10756291 |
| Total assets at fair value/net asset value | $645475 | $125502 | $— | $10756291 | $11527268 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $145709 | $— | $— | $— | $145709 |
| Total liabilities at fair value | $145709 | $— | $— | $— | $145709 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The valuation techniques used to measure the fair values by type of investment in the above table are as follows:

**Level 1 – Financial Assets and Liabilities**

These assets and liabilities include actively-traded exchange-listed common stocks, mutual funds, exchange traded call and put options and exchange traded call and put options (written). Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Derivative asset and liability valuations are based on quoted prices in active markets for identical securities. Exchange traded call options and equity put options and written exchange traded call options and written equity put options are classified as Level 1.

**Level 2 – Financial Assets and Liabilities**

The Company's Level 2 assets includes bonds, OTC index call options and foreign currency swaps. Prices are based on other observable inputs, including quoted prices for similar assets/liabilities. The Company used broker quotes which are corroborated to the market for the monthly valuation of the index call options and foreign currency swaps. For the index call options, the broker quotes use the S&P Dividend Yield and Implied Volatility inputs in the Black Scholes Model that is tailored to the remaining term of each call option. For the foreign currency swaps, the broker quotes use models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. In addition, the Company corroborates the broker quotes to Bloomberg and to actual trades.

**Level 3 - Financial Assets and Liabilities**

There were no financial assets measured at fair value in Level 3 at December 31, 2025 and December 31, 2024.

**<br> NAV - Financial Assets and Liabilities**

Separate account assets represent NAVs as a practical expedient received from fund managers who stand ready to transact at the quoted values. The funds in the separate account assets are considered open-end mutual funds, meaning that the fund is ready to redeem its shares at any time and offers its shares for sale to the public, either through retail outlets or through institutional investors continuously. For institutional funds, NAVs are received daily from fund managers, and the managers stand ready to transact at these quoted amounts. The Company, on behalf of the contract holders, transacts in these funds on a daily basis as part of the separate account trading activity. There are no unfunded commitments in the separate account assets.

<br> There were no material transfers of financial instruments carried at fair value into or out of Level 3 during the years ended December 31, 2025 and 2024.

The Company had no financial instruments that were not practicable to calculate fair value. The Company had no investments measured using NAV instead of fair value in which the investment may be sold below NAV or significant restrictions in the liquidation of the investment held at NAV.

**NOTE 3 - INVESTMENTS, (continued)**

<br> The tables below reflect the fair values or NAV and book/adjusted carrying values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method. The fair values are also categorized into the three-level fair value hierarchy as described previously.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $8429689 | $9099637 | $— | $6377988 | $2051701 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 3742953 | 3804566 |  | 3000533 | 742420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Bonds | 12172642 | 12904203 |  | 9378521 | 2794121 |  |
| &nbsp;&nbsp;Common stocks | 363861 | 363861 | 329444 | 34417 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2363644 | 2436818 |  |  | 2363644 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| &nbsp;&nbsp;investments | 341551 | 341551 | 341551 |  |  |  |
| &nbsp;&nbsp;Contract loans | 916656 | 967549 |  |  | 916656 |  |
| &nbsp;&nbsp;Other investments | 623379 | 630044 | 322150 | 236266 | 64963 |  |
| &nbsp;&nbsp;Investment income due and accrued | 150555 | 150555 | 150555 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 11287354 |  |  |  | 11287354 |
| Total financial assets | $16932288 | $29081935 | $1143700 | $9649204 | $6139384 | $11287354 |
| &nbsp;&nbsp;Deposit-type funds | $1408143 | $1409540 | $— | $— | $1408143 | $— |
| &nbsp;&nbsp;Derivative liabilities | 188967 | 188967 | 176899 | 12068 |  |  |
| Total financial liabilities | $1597110 | $1598507 | $176899 | $12068 | $1408143 | $— |

---

**<br>** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds | $11093012 | $12109742 | $— | $7447078 | $3645934 | $— |
| &nbsp;&nbsp;Preferred stocks | 2784 | 2828 |  | 2784 |  |  |
| &nbsp;&nbsp;Common stocks | 380790 | 380790 | 357820 | 22970 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2134258 | 2300251 |  |  | 2134258 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| investments | 201163 | 201163 | 201163 |  |  |  |
| &nbsp;&nbsp;Contract loans | 796924 | 851561 |  |  | 796924 |  |
| &nbsp;&nbsp;Other investments | 557790 | 566065 | 297012 | 181226 | 79552 |  |
| &nbsp;&nbsp;Investment income due and accrued | 145519 | 145519 | 145519 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 10756291 |  |  |  | 10756291 |
| Total financial assets | $15312240 | $27314210 | $1001514 | $7654058 | $6656668 | $10756291 |
| *Liabilities:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposit-type funds | $1190833 | $1192888 | $— | $— | $1190833 | $— |
| &nbsp;&nbsp;Borrowings | 3011 | 2959 |  |  | 3011 |  |
| &nbsp;&nbsp;Derivative liabilities | 145709 | 145709 | 145709 |  |  |  |
| Total financial liabilities | $1339553 | $1341556 | $145709 | $— | $1193844 | $— |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The following methods and assumptions were used by the Company in estimating its fair value disclosures for each class of financial instruments for which it is practicable to estimate a value:

*Bonds:* For issuer credit obligations not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. The fair values of asset-backed securities are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Issuer credit obligations, asset-backed securities priced based on observable market information are assigned to Level 2. Issuer credit obligations and asset-backed securities priced based on uncorroborated broker quotes, unobservable market inputs, partnership valuations or internal valuations are assigned to Level 3.

*Preferred Stocks:* For preferred stocks not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield credit quality, and maturity of the investments. Preferred stocks priced based on observable market information are assigned to Level 2.

*Common stocks:* For publicly traded securities and mutual funds, fair value is obtained from independent pricing services or fund managers and are assigned to Level 1 as the fair values are based on quoted prices in active markets for identical securities. For stock in FHLB, fair value is presumed to be par, which is the value at which the FHLB will repurchase the stock, and is assigned to Level 2. Stocks in affiliates carried on the equity method are not included as part of the fair value disclosure.

*Mortgage loans:* The fair value of commercial mortgage loans is primarily determined by estimating expected future cash flows and discounting the cash flows using current interest rates for similar mortgage loans with similar credit risk.

*Cash, cash equivalents and short-term investments, and investment income due and accrued:* The carrying amounts approximate fair values.**<br>** 

<br> *Other investments and derivative liabilities*: Fair values are estimated using values obtained from independent pricing services where available, or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Other investments priced based on observable market information for similar assets are assigned to Level 2. Other investments priced based on uncorroborated broker quotes, unobservable market inputs or internal valuations are assigned to Level 3. Other investments carried on the equity method are not included as part of the fair value disclosure. Exchange traded call and put options and exchange traded call and put options (written) are classified as Level 1 since the valuations are based on quoted prices in active markets for identical securities. Foreign currency swaps are classified as Level 2 as the *v*aluation is based on models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment.

*Contract loans:* The fair values for contract loans are estimated using discounted cash flow analysis at interest rates currently offered for similar loans. Contract loans with similar characteristics are aggregated for purposes of the calculations.

*Deposit-type funds*: Deposit-type funds are valued using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

*Borrowings:* The fair value of borrowed money is estimated using discounted cash flow calculations based on current interest rates consistent with the maturity of the obligation.**<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

*Separate account assets*: Separate account assets represent NAV as a practical expedient received from fund managers who stand ready to transact at the quoted values.

**NOTE 4 - INCOME TAXES**

The application of NAIC SAP requires a company to evaluate the recoverability of gross deferred tax assets and to establish a valuation allowance if necessary to reduce the gross deferred tax asset to an amount which is more likely than not to be realized (adjusted gross deferred tax asset). Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company considers many factors including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversals; (4) taxable capital gains in prior carry back years as well as projected taxable earnings exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and (7) tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Based on an evaluation of the above factors, management believes it more likely than not that the adjusted gross deferred tax assets will be realized.

The components of the net deferred tax asset/(liability) as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $353272 | $2448 | $355720 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 353272 | 2448 | 355720 |
| Deferred tax assets nonadmitted | 116710 |  | 116710 |
| Subtotal net admitted deferred tax assets | 236562 | 2448 | 239010 |
| Deferred tax liabilities | 39616 | 81865 | 121481 |
| Net admitted deferred tax assets/(liability) | $196946 | $(79417) | $117529 |

---

<br> The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2025 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $307415 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $119033 | $2448 | $121481 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $236562 | $2448 | $239010 |

---

The components of the net deferred tax asset/(liability) as of December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $348557 | $2748 | $351305 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 348557 | 2748 | 351305 |
| Deferred tax assets nonadmitted | 105799 |  | 105799 |
| Subtotal net admitted deferred tax assets | 242758 | 2748 | 245506 |
| Deferred tax liabilities | 34378 | 85702 | 120080 |
| Net admitted deferred tax assets/(net deferred tax liability) | $208380 | $(82954) | $125426 |

---

**NOTE 4 - INCOME TAXES, (continued)**

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2024 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $263055 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $117332 | $2748 | $120080 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $242758 | $2748 | $245506 |

---

The changes in the components of the net deferred tax asset/(liability) from December 31, 2024 to December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $4715 | $(300) | $4415 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 4715 | (300) | 4415 |
| Deferred tax assets nonadmitted | 10911 |  | 10911 |
| Subtotal net admitted deferred tax assets | (6196) | (300) | (6496) |
| Deferred tax liabilities | 5238 | (3837) | 1401 |
| Net admitted deferred tax assets/(net deferred tax liability) | $(11434) | $3537 | $(7897) |

---

**<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | (7897) |  | (7897) |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | (7897) |  | (7897) |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | 44360 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | 1701 | (300) | 1401 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $(6196) | $(300) | $(6496) |

---

The Company does not carry any deferred tax liabilities on unrealized capital gains related to investments in affiliates.

The Company used the following amounts in determining the DTA admissibility:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Ratio percentage used to determine recovery period and |  |  |
| &nbsp;&nbsp;threshold limitation above | 972% | 841% |
| Amount of adjusted capital and surplus used to determine |  |  |
| &nbsp;&nbsp;recovery period and threshold limitation above | $2049435 | $1753699 |

---

There were no tax planning strategies utilized as of December 31, 2025 or 2024.

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for incurred federal income taxes on earnings are:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years ended December 31* | *Years ended December 31* | *Years ended December 31* |
|  | *2025* | *2024* | *2023* |
| Federal | $16986 | $(16252) | $31114 |
| Federal income tax on net capital gains | 11036 | 12051 | 8041 |
| Federal income tax incurred/(recovered) | $28022 | $(4201) | $39155 |

---

<br> The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| *Deferred tax assets:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discounting of unpaid losses | $178 | $157 | $165 | $21 | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium reserve | 534 | 523 | 505 | 11 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 138269 | 134578 | 111591 | 3691 | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 8676 | 8166 | 7877 | 510 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 103832 | 94942 | 88273 | 8890 | 6669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends accrual | 1410 | 2145 | 1632 | (735) | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | (693) | 9891 | 11241 | (10584) | (1350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits accrual | 26798 | 25898 | 25789 | 900 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 40329 | 35046 | 29906 | 5283 | 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry-forward | 190 | 208 | 225 | (18) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible Amortization | 22739 | 25522 | 28309 | (2783) | (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax assets) | 11010 | 11481 | 10103 | (471) | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 353272 | 348557 | 315616 | 4715 | 32941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted deferred tax assets | 116710 | 105799 | 89124 | 10911 | 16675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary deferred tax assets | $236562 | $242758 | $226492 | $(6196) | $16266 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $203 | $435 | $1272 | $(232) | $(837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2245 | 2313 | 2793 | (68) | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted capital deferred tax assets | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted deferred tax assets | $239010 | $245506 | $230557 | $(6496) | $14949 |

---

**<br>** 

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Deferred tax liabilities:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $6384 | $4790 | $3171 | $1594 | $1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 8123 | 818 | 2042 | 7305 | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 14621 | 15297 | 17372 | (676) | (2075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 437 | 3509 | 6588 | (3072) | (3079) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned commissions | 9907 | 9820 | 9251 | 87 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax liabilities) | 144 | 144 | 143 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 39616 | 34378 | 38567 | 5238 | (4189) |

---

**NOTE 4 - INCOME TAXES, (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $80590 | $84427 | $74312 | $(3837) | $10115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | 1275 | 1275 | 1276 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $81865 | $85702 | $75588 | $(3837) | $10114 |
| Deferred tax liabilities | $121481 | $120080 | $114155 | $1401 | $5925 |
| Net deferred tax assets | $117529 | $125426 | $116402 | $(7897) | $9024 |

---

The change in the net admitted deferred tax assets was $(7,897), $9,024 and $19,640 for the years ended December 31, 2025, 2024, and 2023, respectively. The change in nonadmitted deferred tax assets of $10,911, $16,675, and $7,304 was included in change in nonadmitted assets in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2025, 2024, and 2023, respectively.

The change in net deferred income taxes as of December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *Change* |
| Total gross deferred tax assets | $355720 | $351305 | $4415 |
| Total deferred tax liabilities | 121481 | 120080 | 1401 |
| Net deferred tax asset | $234239 | $231225 | 3014 |
| Tax effect of change in unrealized gains and pension liability |  |  | 2904 |
| Change in net deferred income tax |  |  | $5918 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2024* | *2023* | *Change* |
| Total gross deferred tax assets | $351305 | $319681 | $31624 |
| Total deferred tax liabilities | 120080 | 114155 | 5925 |
| Net deferred tax asset | $231225 | $205526 | 25699 |
| Tax effect of change in unrealized gains and pension liability |  |  | 3360 |
| Change in net deferred income tax |  |  | $29059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2023* | *2022* | *Change* |
| Total gross deferred tax assets | $319681 | $273463 | $46218 |
| Total deferred tax liabilities | 114155 | 94881 | 19274 |
| Net deferred tax asset | $205526 | $178582 | 26944 |
| Tax effect of change in unrealized gains and pension liability |  |  | 35349 |
| Adjustment to prior year deferred income tax |  |  | 2923 |
| Change in net deferred income tax |  |  | $65216 |

---

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference as of December 31, 2025, 2024, and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Net gain (loss) from operations before income taxes | $179670 | $(94449) | $72505 |
| Net realized capital gains before income taxes | 52552 | 57385 | 38289 |
| Deferred reinsurance loss, net | (4947) | (4266) | (3954) |
| Total pre-tax statutory income (loss) | 227275 | (41330) | 106840 |
| Change in nonadmitted assets | (25161) | (24475) | (43079) |
| IMR amortization | (7932) | (7780) | (9711) |
| Tax-exempt income | (24174) | (25301) | (22687) |
| Adjustment to prior year deferreds | (270) | (1217) | 3083 |
| Dissolution of subsidiary |  |  | (92822) |
| Non-deductible expense | 4085 | 4251 | 4884 |
| Other | 1344 | (1117) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 175167 | (96969) | (53900) |
| Statutory tax rate | 0.21 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 36785 | (20364) | (11319) |
| Adjustment to prior year deferred income tax |  |  | (2923) |
| Tax credits | (14681) | (12896) | (11819) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |
| Federal and foreign income tax incurred/(recovered) | $28022 | $(4201) | $39155 |
| Change in deferred income tax | (5918) | (29059) | (65216) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |

---

The Company has no foreign tax credit carryovers to subsequent years.

At December 31, 2025, the Company has tax carryovers to subsequent years as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year of Origination |  | Amount | Year of Expiration |
| 2016 | Net Operating Loss | $907 | 2036 |

---

The amount of federal income tax which is available for recoupment in the event of future capital losses is $11,983, $9,928, and $14,604, for the tax years 2025, 2024, and 2023, respectively. There were no deposits admitted under IRC Section 6033.

The Company joins in a consolidated federal income tax return filed by AMHC with AHC, AIP and Ameritas-NY.

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

The Inflation Reduction Act was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT) which is effective for tax years beginning after 2022. The Company is a nonapplicable reporting entity that does not reasonably expect to be an applicable corporation subject to CAMT as a member of a tax-controlled group of corporations in 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. Connected to OBBBA, the Company is immediately expensing domestic research and development costs in 2025 that have been previously capitalized. The other provisions of OBBBA are not material to the Company.

**NOTE 5 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES**

The Company loaned $3,000 to Ameritas Advisory Services, LLC on December 5, 2023 under a promissory note due on or before December 1, 2024. The promissory note was repaid in full on June 28, 2024.

The Company loaned $2,000 to Ameritas Investment Company, LLC on April 3, 2023 under a promissory note due on or before April 1, 2024. The promissory note was repaid in full on March 21, 2024.

AAS and AIC each established a $10,000 unsecured line of credit with the Company expiring March 31, 2026. There were no balances outstanding at any time during 2025.

The Company received capital contributions in the amount of $40,000 and $25,000 from AHC on June 23, 2025 and December 3, 2025, respectively.

Ameritas-NY and AHC each established a $50,000 unsecured line of credit with the Company. There were no balances outstanding at any time during 2025, 2024, and 2023. The unsecured lines of credit with Ameritas-NY and AHC provide for automatic annual renewal on May 1, and January 1, respectively, unless terminated by either party.

The Company established a $50,000 unsecured line of credit with AHC under an agreement that provides for automatic renewal on January 1 unless terminated by either either party. There were no balances outstanding at any time during 2025 or 2024.

The Company's variable life and annuity products are distributed through AIC. Policies placed by this affiliate generated commission and general insurance expense of $21,085, $20,984, and $21,305, for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company had amounts due to and from various affiliates at December 31, 2025 and 2024 which were recorded in other admitted assets and other liabilities in the Balance Sheets-Statutory Basis. The balances are settled monthly on a net basis. Additionally, the Company provides, as well as receives, technical, financial, legal and marketing support, and investment advisory services from certain affiliates under administrative service and cost-sharing agreement which were recorded in general insurance expenses in the Summary of Operations-Statutory Basis. Both the individual and combined amounts recorded under these agreements were not material for the years ended December 31, 2025, 2024, and 2023.

**NOTE 6 - EMPLOYEE BENEFITS**

The Company has deferred compensation plans covering the Board of Directors, certain management employees and agents. The Company's method of accounting for these plans is the accrual method and the assets for some of these deferred compensation plans are held in a Rabbi Trust.

The Company has unfunded, non-qualified pension plans (the NQ Plans) where the Company makes payments under certain voluntary arrangements for retirement benefits, which are not provided for under the AHC sponsored defined benefit pension plan. The measurement date for the Company's NQ Plans was December 31. A summary of the obligations and assumptions are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Benefit obligation at beginning of year | $29240 | $31776 | $34365 |
| Interest cost | 1511 | 1560 | 1763 |
| Actuarial loss | (996) | (372) | (84) |
| Benefits paid | (3649) | (3724) | (4268) |
| Benefit obligation at end of year | $26106 | $29240 | $31776 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Reporting entity contribution | 3649 | 3724 | 4268 |
| Benefits paid | (3649) | (3724) | (4268) |
| Fair value of plan assets at end of year | $— | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Components: |  |  |  |
| Accrued benefit costs | $27563 | $31465 | $34049 |
| Liability (asset) for pension benefits | (1457) | (2225) | (2273) |
| Assets and liabilities recognized: |  |  |  |
| Liabilities recognized | 26106 | 29240 | 31776 |
| Unrecognized liabilities (assets) | (1457) | (2225) | (2273) |

---

The components of net periodic benefit cost are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Interest cost | 1511 | 1560 | 1763 |
| Amount of recognized gains | (1764) | (420) | (399) |
| Total net periodic benefit cost | $(253) | $1140 | $1364 |

---

Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Items not yet recognized as a component of net periodic cost - prior year | $(2225) | $(2273) | $(2588) |
| Net loss arising during the period | (996) | (372) | (84) |
| Net gain recognized | 1764 | 420 | 399 |
| Items not yet recognized as a component of net |  |  |  |
| periodic cost - current year | $(1457) | $(2225) | $(2273) |

---

<br> The weighted-average discount rate assumptions at December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Net periodic benefit cost | 5.28% | 5.43% | 3.08% |
| Projected benefit obligation | 5.44% | 5.28% | 5.43% |

---

Future expected pension benefit payments are as follows:

---

| | |
|:---|:---|
| *Year* | *Amount* |
| 2026 | $3472 |
| 2027 | 3347 |
| 2028 | 3221 |
| 2029 | 3097 |
| 2030 | 2972 |
| 2031-2035 | 11886 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

The accumulated pension benefit obligation for the NQ plans is as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Accumulated benefit obligation | $26106 | $29239 |
| Projected benefit obligation (PBO) | $26106 | $29239 |
| Funded status (PBO - Plan assets) | $26106 | $29239 |
| Unrecognized items: |  |  |
| Unrecognized gains, net of tax | $(1151) | $(1758) |
| Total unrecognized items, net of tax | $(1151) | $(1758) |

---

The Company participates in the Ameritas Pension Plan (the Plan), of which AHC is the plan sponsor. Plan assets are held in separate accounts of the Company. The Company participates in a postretirement benefit plan sponsored by AHC. The expenses recognized by the Company for the Plan and the postretirement benefit plan were not material for 2025, 2024, or 2023.

The Company's employees and agents participate in defined contribution plans sponsored by AHC that cover substantially all full-time employees and agents. In addition, certain of the Company's employees participate in an unfunded, non-qualified defined contribution plan sponsored by AHC. Company matching contributions under the defined contribution plans range from 0.5% to 3.0% of the participant's compensation. In addition, for eligible employees, the Company makes a contribution of 6.0% of the participant's compensation for those employees hired prior to January 1, 2006 and 5.0% of the participant's compensation for those hired after January 1, 2006. Contributions by the Company to the employee and agents defined contribution plans were $18,857, $19,027, and $18,281 in 2025, 2024, and 2023, respectively.

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS**

The Company is subject to regulation by the Department, which restricts the advancement of funds to parent and affiliated companies as well as the amount of dividends that may be paid without prior approval. Dividend payments to the stockholder by the Company, when aggregated with all other dividends in the preceding 12 months, cannot exceed the greater of 10% of surplus as of the preceding year-end or the statutory net gain from operations for the previous calendar year, without prior approval from the Department. Based on this limitation, the Company would be able to pay $216,574 in dividends in 2026, without prior approval. The Company did not pay ordinary dividends to AHC, its parent, in 2025, 2024, or 2023.

Unassigned surplus represents the undistributed and unappropriated amount of surplus at the statement date. The cumulative effect related to the portion of unassigned surplus represented or reduced by each of the following items as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Unrealized capital gains, net of taxes | $134593 | $110958 | $87325 |
| Nonadmitted asset values | (308755) | (272682) | (231533) |
| Asset valuation reserve | (325047) | (354449) | (336910) |

---

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS, (continued)**

On November 1, 1996, the Company issued $50,000 of 8.20% Surplus Notes (Notes). The Notes mature on November 1, 2026 and may not be redeemed prior to maturity. The Notes are unsecured and subordinated to all present and future policy claims, prior claims and senior indebtedness. These Notes were underwritten by Merrill Lynch & Co. with the trustee as Bank of New York. Subject to prior written approval of the Department, these Notes will pay interest semi-annually on May 1 and November 1. In accordance with Department regulations, interest cannot be accrued or paid until written approval has been received. Interest of $4,100 was paid in 2025, 2024, and 2023 and included as reduction to net investment income on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The carrying amount of the Notes was $49,993 and $49,984 at December 31, 2025 and 2024, respectively. There is no unapproved interest and principal. The life-to-date interest expense recognized on the Notes as of December 31, 2025 is $118,866. There has been no principal paid during the life of the Notes as of December 31, 2025. The interest offset percentage is 100%. The Notes holder, the asset issuer and the liquidity source are not related parties. The Notes are not contractually linked and the Notes payments are not subject to administrative offsetting provisions. Cash received upon issuance was not used to purchase an asset directly from the holder of the surplus note.

**NOTE 8 - COMMITMENTS AND CONTINGENCIES**

At December 31, 2025, the Company had outstanding agreements to fund mortgages totaling $126,459. In addition at December 31, 2025, the Company has committed to invest $362,332 in equity-type limited partnerships and $168,672 in bonds in subsequent years. These transactions are in the normal course of operations and are not reflected in the accompanying statutory basis financial statements. The Company's exposure to credit loss is represented by the contractual notional amount of these instruments. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet instruments.

**Guaranty Funds Assessments** 

As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in life and health guaranty funds. Member companies are subject to assessments each year based on life, health or annuity premiums collected in the state. In some states these assessments may be applied against premium taxes. For 2025, 2024, and 2023, the charge to operations related to these assessments was not material. The estimated liability for future guaranty fund assessments of $3,001 and $4,989 at December 31, 2025 and 2024, respectively, was based on data provided by the National Organization of Life & Health Guaranty Associations and is included in other liabilities in the Balance Sheets - Statutory Basis. At December 31, 2025 and 2024, the Company had a related receivable of $2,701 and $4,332, respectively, for amounts recoverable against premium taxes which is included in other admitted assets in the Balance Sheets - Statutory Basis. The periods over which the guaranty funds assessments are expected to be paid are unknown at this time. Premium tax offsets are realized over the period allowed by each state once the guaranty fund assessment has been paid.

<br> Reconciliation of assets recognized from paid and accrued premium tax offsets and policy surcharges which are included in other admitted assets on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of prior year end | $8842 | $4844 |
| &nbsp;&nbsp;Decreases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium tax offset applied | (1138) | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge off of estimated premium tax offset | (1630) |  |
|  | (2768) | (397) |
| &nbsp;&nbsp;Increases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated premium tax offset |  | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assessments paid | 428 | 3577 |
|  | 428 | 4395 |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of current year end | $6502 | $8842 |

---

**NOTE 8 - COMMITMENTS AND CONTINGENCIES, (continued)**

<br> The Company recognizes liabilities, contingencies and assessments for long-term care insolvencies related guaranty funds liabilities and assets related to the Penn Treaty/ANIC insolvency. As of December 31, 2025, the undiscounted and discounted guaranty fund assessments were $6,877 and $2,598, and the related undiscounted and discounted assets were $5,244 and $2,032. As of December 31, 2024, the undiscounted and discounted guaranty fund assessments were $6,961 and $2,682, and the related undiscounted and discounted assets were $5,076 and $2,033.<br>

**Litigation and Regulatory Examination**

From time to time, the Company is subject to litigation and regulatory examination in the normal course of business. Management does not believe that the Company is party to any such pending litigation or examination which would have a material adverse effect on its financial condition or results of its operations. There were no claims (per claim or claimant) where amounts paid to settle were related to extra contractual obligations or bad faith claims resulting from lawsuits during 2025 and 2024.

**Uncollectibility of Assets**

The Company had admitted assets of $16,431 and $14,406 at December 31, 2025 and 2024, respectively, in accounts receivable for uninsured plans included in other admitted assets on the Balance Sheets – Statutory Basis. The Company routinely assesses the collectibility of these receivables. Based upon Company experience, less than 1% of the balance may become uncollectible and the potential loss is not material to the Company's financial condition.

**NOTE 9 – GAIN OR LOSS TO THE REPORTING ENTITY FROM UNINSURED ACCIDENT AND HEALTH PLANS** 

**ASC Plans** 

The gain (loss) from operations from administrative services contract (ASC) uninsured plans which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis is as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Gross reimbursement for medical cost incurred | $249726 | $227572 | $212227 |
| Other income or expenses (including interest paid to or received from plans) | 25358 | 23732 | 24431 |
| Gross expenses incurred (claims and administrative) | 275084 | 251304 | 236658 |
| Net gain (loss) from operations | $1827 | $1249 | $(106) |

---

**NOTE 10 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS**

The Company has a third-party administrator, for which direct premiums written exceed 5% of total capital and surplus. The third party administers ordinary life and individual annuity business and does not have an exclusive contract. The third party has been granted the authority for policy administration, claims payment, claims adjustment, reinsurance ceding, binding authority and premium collection. The total amount of direct premiums administered was $203,739, $552,348, and $342,707 for the years ended December 31, 2025, 2024, and 2023, respectively. Another third-party administrator, which administered group accident and health business, does not have an exclusive contract, and has been granted the authority for binding authority and premium collection. Direct premiums administered were $126,718, $119,830, and $115,530 for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had various other third party administrators and managing general agents during these periods, however their direct premiums written did not exceed 5% of total capital and surplus. The total amount of direct premiums administered by third-party administrators was $492,298, $830,868, and $613,333 for the years ended December 31, 2025, 2024, and 2023, respectively.

**NOTE 11 - OTHER ITEMS**

**Securities on Deposit** 

Included in the Company's deposits with government agencies are bonds with a book/adjusted carrying value of $111,292 and $127,093 and cash of $1,899 and $9,919 at December 31, 2025 and 2024, respectively, in a Regulation 109 deposit account with the State of New York as a result of its delicensure in the state as of September 30, 2013.

**NOTE 12 - SUBSEQUENT EVENTS** 

The Company has evaluated events subsequent to December 31, 2025 and through March 30, 2026, the date the financial statements were available to be issued.

**NOTE 13 - REINSURANCE**

In the ordinary course of business, the Company assumes and cedes reinsurance with other insurers and reinsurers. These arrangements provide greater diversification of business and limit the maximum net loss potential on large or hazardous risks. These reinsured risks are treated in the financial statements as risks for which the Company is not liable. Accordingly, policy liabilities and accruals, including incurred but not reported claims, are reported in the financial statements net of reinsurance assumed and ceded. A contingent liability exists with respect to the amount of such reinsurance in the event that the reinsuring companies are unable to meet their obligations. Reinsurance of risk does not discharge the primary liability of the Company, the Company remains contingently liable with respect to any reinsurance ceded, and this contingency would become an actual liability in the event that the assuming company becomes unable to meet its obligation under the reinsurance treaty.

The Company recaptured previously ceded business related to a reinsurer under an order of rehabilitation, due to a liquidation order effective September 30, 2023. The impacts from the liquidation order resulted in the recording of a $5,054 and $5,302 recoverable at December 31, 2025 and 2024, respectively, as an estimate of settlement from the reinsurer's estate. This recoverable consists of paid claims and waived and unearned premiums.

On December 31, 2025, the Company amended certain reinsurance agreements under which all previously ceded business was recaptured in exchange for a one-time recapture payment of $9,091. As a result of the recapture payment, $6,543 of ceded commission and $2,548 of ceded renewal premium was recorded in Commissions and expense allowances on reinsurance ceded and Premium income, respectively, in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

The Company conducts reinsurance business with Ameritas-NY and other non-affiliated companies. No policies issued by the Company have been reinsured with a foreign company.

<br> The reinsurance premiums, net are included in the premium income, net in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Reinsurance premium transactions with affiliated and non-affiliated companies are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Assumed | $101473 | $96572 | $108381 |
| Ceded | (317665) | (296232) | (286288) |
| &nbsp;&nbsp;Reinsurance premiums, net | $(216192) | $(199660) | $(177907) |

---

The Company did not have any affiliated transactions through reinsurance operations for premium income, commission expense allowances, benefits to policyholders and reserves for life, accident and health policies that were more than half of 1% of the Company's admitted assets for the years ended December 31, 2025, 2024, and 2023.

<br> Effective October 1, 2019, the Company entered into a combination coinsurance/quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with a third party. This agreement covers policies sold through June 30, 2024. Amortization of $4,947 and $4,266, which is based on the growth of the funds withheld liability, was recorded in change in surplus as a result of reinsurance, net of taxes, in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at December 31, 2025 and 2024, respectively. Effective December 1, 2024 the Company entered into a quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with an additional third party. This agreement included policies sold on or after July 1, 2024.

**NOTE 13 - REINSURANCE, (continued)**

<br> The Company entered into two coinsurance agreements of participating life blocks with a third party (Coinsurance Treaties) effective on December 1, 2015. As of December 31, 2025 and 2024, invested assets of $883,591 and $896,696, respectively, were held in trust to support the obligations reinsured under the Coinsurance Treaties. The amounts held in trust are to be used solely to fund obligations incurred under the Coinsurance Treaties and represent 2.9% and 3.1% of the Company's admitted assets at December 31, 2025 and 2024, respectively.

No reinsurance contracts with risk-limiting features were identified for disclosure in any year.

**NOTE 14 - CHANGES IN UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES**

The change in the liability for unpaid accident and health claims and claim adjustment expenses, which is reported in reserves for unpaid claims and reserves for life, accident and health policies in the Balance Sheets – Statutory Basis, is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Total reserve for unpaid claims at January 1 | $387210 | $373034 | $356953 |
| Less reinsurance assumed | (14918) | (16234) | (16244) |
| Plus reinsurance ceded | 216426 | 202128 | 192807 |
| Direct balance | 588718 | 558928 | 533516 |
| Incurred related to: |  |  |  |
| &nbsp;&nbsp;Current year | 973098 | 920602 | 831876 |
| &nbsp;&nbsp;Prior year | (21568) | (3346) | (4967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 951530 | 917256 | 826909 |
| Paid related to: |  |  |  |
| &nbsp;&nbsp;Current year | 804431 | 782116 | 699500 |
| &nbsp;&nbsp;Prior year | 106995 | 105350 | 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total paid | 911426 | 887466 | 801497 |
| Direct balance | 628822 | 588718 | 558928 |
| Plus reinsurance assumed | 14806 | 14918 | 16234 |
| Less reinsurance ceded | (229424) | (216426) | (202128) |
| Total reserve for unpaid claims at December 31 | $414204 | $387210 | $373034 |

---

As a result of favorable settlement of prior years' estimated claims, the provision for claims and claim adjustment expenses decreased by $21,568, $3,346, and $4,967 for the years ended December 31, 2025, 2024, and 2023, respectively. During 2025, incurred claims were negative for prior year primarily due to favorable claim runout for both group dental and disability products. During 2024 and 2023, incurred claims were negative for prior year primarily due to favorable claim runout for group dental products partially offset by unfavorable claim runout for disability products. There were no significant changes in methodologies and assumptions used in calculating the liability for unpaid losses and loss adjustment expenses for the year ended December 31, 2025.

<br> The Company paid and incurred assumed and ceded reinsurance claims as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Paid assumed reinsurance claims | $79391 | $79533 | $80811 |
| Incurred assumed reinsurance claims | $79279 | $78217 | $80801 |
| Paid ceded reinsurance claims | $34533 | $33118 | $31346 |
| Incurred ceded reinsurance claims | $47531 | $47416 | $40667 |

---

Anticipated salvage and subrogation are not included in the Company's determination of the liability for unpaid claims/losses.

**NOTE 15 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES**

The Company waives deduction of deferred fractional premiums due upon death of the insured and returns any portion of the final premium beyond the date of death on traditional business. Surrender values are not provided in excess of legally computed direct reserves.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Reserves for substandard policies are included in the reserves for life, accident and health policies as reflected on the Balance Sheets – Statutory Basis. The corresponding reserves held on such policies are calculated using the same interest rate as standard policies, but employ mortality rates which are multiples of standard mortality.

<br> As of December 31, 2025 and 2024, respectively, the Company had $1,195,979 and $1,397,738 of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Department. Reserves to cover the above insurance totaled $22,920 and $23,629 at December 31, 2025 and 2024, respectively.

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of annuity reserves and deposit-type funds at December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3341312 |  | 3341312 | 39.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2193442 | 2193442 | 26.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3341312 | 2193442 | 5534754 | 65.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1940442 |  | 1940442 | 23.0% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 955516 |  | 955516 | 11.4% |
| &nbsp;&nbsp;Total gross | 6237270 | 2193442 | 8430712 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 647942 |  | 647942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5589328 | $2193442 | $7782770 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $475872 | $— | $475872 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $1051627 | $— | $1051627 | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 7406276 | 7406276 | 86.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 1051627 | 7406276 | 8457903 | 98.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 90536 |  | 90536 | 1.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 26873 |  | 26873 | 0.2% |
| &nbsp;&nbsp;Total gross | 1169036 | 7406276 | 8575312 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 8914 |  | 8914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1160122 | $7406276 | $8566398 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $280175 | $— | $280175 | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 379872 | 379872 | 21.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 280175 | 379872 | 660047 | 36.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 402050 |  | 402050 | 22.5% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 727645 |  | 727645 | 40.6% |
| &nbsp;&nbsp;Total gross | 1409870 | 379872 | 1789742 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 330 |  | 330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1409540 | $379872 | $1789412 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $8158990 | $9979590 | $18138580 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

**<br>** 

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3192063 |  | 3192063 | 39.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2207123 | 2207123 | 27.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3192063 | 2207123 | 5399186 | 66.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1877039 |  | 1877039 | 22.9% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 910189 |  | 910189 | 11.1% |
| &nbsp;&nbsp;Total gross | 5979291 | 2207123 | 8186414 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 651627 |  | 651627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5327664 | $2207123 | $7534787 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $327756 | $— | $327756 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $889681 | $— | $889681 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 6963887 | 6963887 | 87.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 889681 | 6963887 | 7853568 | 98.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 101597 |  | 101597 | 1.3% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 29604 |  | 29604 | 0.4% |
| &nbsp;&nbsp;Total gross | 1020882 | 6963887 | 7984769 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 9761 |  | 9761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1011121 | $6963887 | $7975008 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $262230 | $— | $262230 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 384837 | 384837 | 24.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 262230 | 384837 | 647067 | 41.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 207286 |  | 207286 | 13.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 723769 |  | 723769 | 45.9% |
| &nbsp;&nbsp;Total gross | 1193285 | 384837 | 1578122 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 397 |  | 397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1192888 | $384837 | $1577725 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $7531673 | $9555847 | $17087520 |  |

---

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile annuity reserves and deposit-type funds to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Annuities Section, Total (net) | $6726378 | $6316848 |
| &nbsp;&nbsp;Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) | 23072 | 21937 |
| &nbsp;&nbsp;Exhibit 7, Deposit-Type Contracts, Line 14, Column 1 | 1409540 | 1192888 |
| &nbsp;&nbsp;Subtotal | 8158990 | 7531673 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0299999, Column 2 | 9599718 | 9171010 |
| &nbsp;&nbsp;Exhibit 4, Line 9, Column 1 | 379872 | 384837 |
| &nbsp;&nbsp;Subtotal | 9979590 | 9555847 |
| Total | $18138580 | $17087520 |

---

**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of life insurance account value, cash value and reserves as of December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $956382 | $907899 | $966310 | $— | $— | $— |
| Universal life with secondary guarantees | 740644 | 617760 | 1305496 |  |  |  |
| Indexed universal life | 12169 | 11437 | 12219 |  |  |  |
| Indexed universal life with secondary guarantees | 1731188 | 1337261 | 1573945 |  |  |  |
| Other permanent cash value life insurance |  | 1770849 | 3002306 |  |  |  |
| Variable universal life | 140280 | 1352935 | 151486 | 1302916 |  | 1299133 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 492688 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 351 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 20163 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22030 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 85545 | XXX | XXX |  |
| Total gross | 3580663 | 5998141 | 7632539 | 1302916 |  | 1299133 |
| Reinsurance ceded |  |  | 557870 |  |  |  |
| Total life reserves | $3580663 | $5998141 | $7074669 | $1302916 | $— | $1299133 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $996993 | $946535 | $1006328 | $— | $— | $— |
| Universal life with secondary guarantees | 743684 | 614536 | 1286146 |  |  |  |
| Indexed universal life | 13832 | 12471 | 13959 |  |  |  |
| Indexed universal life with secondary guarantees | 1500201 | 1150310 | 1424274 |  |  |  |
| Other permanent cash value life insurance |  | 1733973 | 2910875 |  |  |  |
| Variable universal life | 135447 | 1244884 | 146615 | 1193954 |  | 1189416 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 500944 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 344 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 22278 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22232 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 76958 | XXX | XXX |  |
| Total gross | 3390157 | 5702709 | 7410953 | 1193954 |  | 1189416 |
| Reinsurance ceded |  |  | 576609 |  |  |  |
| Total life reserves | $3390157 | $5702709 | $6834344 | $1193954 | $— | $1189416 |

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**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS, (continued)**

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile life reserves to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

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| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Life Insurance Section, Total (net) | $6965126 | $6733319 |
| &nbsp;&nbsp;Exhibit 5, Accidental Death Benefits Section, Total (net) | 331 | 322 |
| &nbsp;&nbsp;Exhibit 5, Disability - Active Lives Section, Total (net) | 9206 | 9761 |
| &nbsp;&nbsp;Exhibit 5, Disability - Disabled Lives Section, Total (net) | 15371 | 15086 |
| &nbsp;&nbsp;Exhibit 5, Miscellaneous Reserves Section, Total (net) | 84635 | 75856 |
| &nbsp;&nbsp;Subtotal | 7074669 | 6834344 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0199999, Column 2 | 1299133 | 1189416 |
| &nbsp;&nbsp;Subtotal | 1299133 | 1189416 |
| Total | $8373802 | $8023760 |

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**NOTE 18 - PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED**

Deferred and uncollected life insurance premiums and annuity considerations as of December 31 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2024* | *2024* |
| *Type* | *Gross* | *Net of Loading* | *Gross* | *Net of Loading* |
| Ordinary new business | $5657 | $(857) | $5047 | $(462) |
| Ordinary renewal | $47448 | $50409 | $45995 | $52586 |
| Total | $53105 | $49552 | $51042 | $52124 |

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**NOTE 19 - SEPARATE ACCOUNTS**

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2025, the Company reported assets and liabilities from variable universal life, variable annuities, funding agreements and group annuities product lines in a separate account. In accordance with the products/transactions recorded within the separate account, assets are considered legally separated or legally insulated from the general account. As of December 31, 2025 and 2024, the Company's Separate Accounts included legally insulated assets of $11,287,354 and $10,756,291, respectively. The assets of the separate account are carried at NAV.

Separate accounts held by the Company offer no investment experience guarantees and relate to individual variable life and annuity policies, group annuity contracts and group funding agreements of a nonguaranteed return nature, as approved by the state of domicile pursuant to the Company's certificate of authority. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative.

Variable life and annuities provide an incidental death benefit of the greater of account value or premium paid. The Company offers a policy with a step up minimum guaranteed death benefit option and a guaranteed lifetime withdrawal benefit. The minimum guaranteed death benefit reserve and the guaranteed lifetime withdrawal benefit reserve is held in reserves for life, accident and health policies line of the Balance Sheets – Statutory Basis.

The Company does not engage in securities lending transactions within the separate account.

**NOTE 19 - SEPARATE ACCOUNTS, (continued)**

<br> Information regarding the nonguaranteed separate accounts of the Company is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| For the year ended December 31: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, considerations or deposits | $870039 | $912398 | $992717 |
| At December 31: |  |  |  |
| Reserves by valuation basis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $11278756 | $10745264 |  |
| Reserves subject to discretionary withdrawal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | $11278756 | $10745264 |  |
| Total included in Separate account liabilities in the |  |  |  |
| &nbsp;&nbsp;Balance Sheets – Statutory Basis | $11278756 | $10745264 |  |

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Following is a reconciliation of net transfers to (from) separate accounts at December 31:

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| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Transfers as reported in the Statements of Income and |  |  |  |
| &nbsp;&nbsp;Changes in Surplus of the Separate Accounts Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers to the separate accounts | $840697 | $879909 | $957081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from the separate accounts | (1751806) | (1831259) | (1444282) |
| Net transfers from the separate accounts in the Summary of Operations and |  |  |  |
| &nbsp;&nbsp;Changes in Capital and Surplus – Statutory Basis of the Company | $(911109) | $(951350) | $(487201) |

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