# EDGAR Filing Document

**Accession Number:** 0000899732
**File Stem:** 0001193125-26-186685
**Filing Date:** 2026-4
**Character Count:** 159568
**Document Hash:** c10f831a79adef7a0c9cb129a3a24002
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-186685.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-186685

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN NATIONAL VARIABLE ANNUITY SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000899732

**ORGANIZATION NAME:**
- **EIN:** 740484030
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07600
- **FILM NUMBER:** 26907059

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MOODY PLAZA
- **STREET 2:** CORPORATE COMPLIANCE 14TH FL
- **CITY:** GALVESTON
- **STATE:** TX
- **ZIP:** 77550
- **BUSINESS PHONE:** 409-766-6845

**MAIL ADDRESS:**
- **STREET 1:** ONE MOODY PLAZA
- **STREET 2:** CORPORATE COMPLIANCE 14TH FL
- **CITY:** GALVESTON
- **STATE:** TX
- **ZIP:** 77550

## Series and Classes Contracts Data

### AMERICAN NATIONAL VARIABLE ANNUITY SEPARATE ACCOUNT (Series ID: S000009807)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000027096 | WealthQuest III Variable Annuity                   |  |
| C000027097 | WealthQuest III Group Unallocated Variable Annuity |  |
| C000027098 | WealthQuest Variable Annuity II                    |  |
| C000027099 | Investrac Gold Variable Annuity                    |  |

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL VARIABLE ANNUITY SEPARATE ACCOUNT** 

**FINANCIAL STATEMENTS** 

**December 31, 2025** 

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

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

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  Financial Statements: |  |
|  [Report of Independent Registered Public Accounting Firm](#fin127316_1) | 3 |
|  [Statement of Net Assets & Statement of Operations](#fin127316_2) | 5 |
|  [Statement of Changes in Net Assets](#fin127316_3) | 16 |
|  [Statement of Changes in Net Assets - Prior Year](#fin127316_4) | 27 |
|  [Notes to the Financial Statements:](#fin127316_5) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 1 - Organization](#fin127316_6) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 2 - Summary of Significant Accounting Policies](#fin127316_7) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 3 - Share Purchases and Sales](#fin127316_8) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 4 - Policy Charges and Deductions](#fin127316_9) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 5 - Financial Highlights](#fin127316_10) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 6 - Unit Changes](#fin127316_11) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 7 - Subsequent Events](#fin127316_12) | 51 |

---

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

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

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g127316dsp03.jpg) | 9311 San Pedro Avenue, Suite 1400<br>San Antonio, Texas 78216<br>210-737-1042<br>|

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

American National Insurance Company and

Contract Owners of American National Variable Annuity Separate Account

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets for each of the subaccounts of American National Variable Annuity Separate Account (the Account) listed in Appendix A, as of December 31, 2025, the related statements of operations, statements of changes in net assets and financial highlights for each of the periods presented in Appendix A, and the related notes (collectively, the financial statements). In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts comprising the Account as of December 31, 2025, and the results of their operations, the changes in their net assets and financial highlights for each of the periods presented in Appendix A, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights of each subaccount for the years ended December 31, 2023 and prior were audited by other auditors whose report, dated April 23, 2024, expressed an unqualified opinion on those financial highlights.

***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 Account's 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its 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 Account's 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 procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ WEAVER & TIDWELL LLP

San Antonio, Texas

April 24, 2026

We have served as the auditor of American National Variable Annuity Separate Account since 2024.

Weaver and Tidwell, L.L.P.

**CPAs AND ADVISORS \| WEAVER.COM** 

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subaccount** | **Statement of Net Assets as**<br>**of** | **Statement of Operations for the**<br>**Year Ended** | **Statement of Changes in Net**<br>**Assets for each of the Two Years**<br>**in the Period Ended** | **Financial Highlights for each of**<br>**the Two Years in the Period**<br>**Ended** |
|  Alger Balanced Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Capital Appreciation Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Growth & Income Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Large Cap Growth Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Mid Cap Growth Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Small Cap Growth Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Fund for U.S. Government Securities II | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes High Income Bond Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Kaufmann Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Managed Volatility Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Quality Bond Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Asset Manager 70% Portfolio - Initial Class \* | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Asset Manager 50% Portfolio - Initial Class\*\* | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Asset Manager 50% Portfolio - Service Class 2\*\*\* | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Balanced Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Contrafund Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Contrafund Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Equity-Income Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Equity-Income Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Government Money Market Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Government Money Market Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth and Income - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth and Income - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth Opportunities Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP High Income - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Index 500 Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Index 500 Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Investment Grade Bond Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Mid Cap Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Mid Cap Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Overseas Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Value Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Value Strategies - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Discovery Mid Cap Growth Fund | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Diversified Dividend Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Equity and Income Fund | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Health Care Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Global Real Estate Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Small Cap Equity Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Technology Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Lazard Retirement Emerging Markets Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Lazard Retirement Small-Mid Cap Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Core Equity Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Growth Series - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Investors Trust Series - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Research Series - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price Equity Income Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price International Stock Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price Limited-Term Bond Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price Mid-Cap Growth Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  VanEck VIP Emerging Markets Fund - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  VanEck VIP Global Resources Fund - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |

---

\* Formerly named Fidelity VIP Asset Manager Growth Portfolio - Initial Class - changed on April 30, 2025

\*\* Formerly named Fidelity VIP Asset Manager Portfolio - Initial Class - changed on April 30, 2025

\*\*\* Formerly named Fidelity VIP Asset Manager Portfolio - Service Class 2 - changed on April 30, 2025

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced Portfolio**<br>**- Class I-2** | $nan<br>**Alger Capital**<br>**Appreciation Portfolio -**<br>**Class I-2** | $nan<br>**Alger Growth & Income**<br>**Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth**<br>**Portfolio - Class I-2** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $724 | $1610 | $670 | $1336 | $475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**724** | $**1610** | $**670** | $**1336** | $**475** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $724 | $1610 | $670 | $1336 | $475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**724** | $**1610** | $**670** | $**1336** | $**475** |
|  **Units Outstanding** | 199384 | 170905 | 140123 | 250766 | 96178 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 32075 | 12496 | 19071 | 12949 | 19932 |
|  Cost of investment | $555 | $1176 | $450 | $939 | $488 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $2.38 | $4.56 | $2.91 | $2.93 | $2.75 |
|  Highest | $4.10 | $10.73 | $5.51 | $6.81 | $5.52 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced Portfolio**<br>**- Class I-2** | $nan<br>**Alger Capital**<br>**Appreciation Portfolio -**<br>**Class I-2** | $nan<br>**Alger Growth & Income**<br>**Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth**<br>**Portfolio - Class I-2** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $19 | $— | $9 | $— | $— |
|  Mortality and expense charge | (5) | (9) | (5) | (13) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**14** | $**(9)** | $**4** | $**(13)** | $**(3)** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $74 | $300 | $81 | $182 | $1 |
|  Change in unrealized gains/(losses) | 6 | 103 | 25 | 138 | 72 |
|  Net realized and change in unrealized gains/(losses) on investments | 80 | 403 | 106 | 320 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**94** | $**394** | $**110** | $**307** | $**70** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund**<br>**for U.S. Government**<br>**Securities II** | $nan<br>**Federated Hermes High**<br>**Income Bond Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Kaufmann Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Managed Volatility Fund**<br>**II - Primary Shares** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $528 | $434 | $1117 | $314 | $274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**528** | $**434** | $**1117** | $**314** | $**274** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $528 | $434 | $1117 | $314 | $274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**528** | $**434** | $**1117** | $**314** | $**274** |
|  **Units Outstanding** | 158301 | 284091 | 315476 | 57235 | 101865 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 28323 | 46642 | 193169 | 16119 | 26321 |
|  Cost of investment | $614 | $471 | $1131 | $295 | $242 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $1.86 | $1.10 | $2.70 | $3.46 | $1.93 |
|  Highest | $3.66 | $1.68 | $3.89 | $6.19 | $2.99 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund**<br>**for U.S. Government**<br>**Securities II** | $nan<br>**Federated Hermes High**<br>**Income Bond Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Kaufmann Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Managed Volatility Fund**<br>**II - Primary Shares** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $— | $14 | $64 | $— | $2 |
|  Mortality and expense charge | (3) | (2) | (8) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(3)** | $**12** | $**56** | $**(2)** | $**—** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $(9) | $(4) | $(14) | $29 | $6 |
|  Change in unrealized gains/(losses) | 41 | 16 | 37 | 5 | 12 |
|  Net realized and change in unrealized gains/(losses) on investments | 32 | 12 | 23 | 34 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**29** | $**24** | $**79** | $**32** | $**18** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes**<br>**Quality Bond Fund II -**<br>**Primary Shares** | $nan<br>**Fidelity VIP Asset**<br>**Manager 70% Portfolio -**<br>**Initial Class** | $nan<br>**Fidelity VIP Asset**<br>**Manager 50% Portfolio -**<br>**Initial Class** | $nan<br>**Fidelity VIP Asset**<br>**Manager 50% Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Balanced**<br>**Portfolio - Initial Class** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $91 | $208 | $141 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**91** | $**208** | $**141** | $**—** | $**—** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $91 | $208 | $141 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**91** | $**208** | $**141** | $**—** | $**—** |
|  **Units Outstanding** | 54717 | 49142 | 38080 | 30 |  |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 8636 | 8042 | 8013 | 6 |  |
|  Cost of investment | $93 | $161 | $122 | $— | $— |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $1.45 | $2.86 | $2.81 | $2.00 | $3.44 |
|  Highest | $1.98 | $5.29 | $5.01 | $3.22 | $4.39 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes**<br>**Quality Bond Fund II -**<br>**Primary Shares** | $nan<br>**Fidelity VIP Asset**<br>**Manager 70% Portfolio -**<br>**Initial Class** | $nan<br>**Fidelity VIP Asset**<br>**Manager 50% Portfolio -**<br>**Initial Class** | $nan<br>**Fidelity VIP Asset**<br>**Manager 50% Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Balanced**<br>**Portfolio - Initial Class** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $3 | $4 | $3 | $— | $— |
|  Mortality and expense charge | (1) | (4) | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**2** | $**—** | $**1** | $**—** | $**—** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $(1) | $77 | $10 | $— | $4 |
|  Change in unrealized gains/(losses) | 4 | (40) | 7 |  | (5) |
|  Net realized and change in unrealized gains/(losses) on investments | 3 | 37 | 17 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**5** | $**37** | $**18** | $**—** | $**(1)** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio - Initial**<br>**Class** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Initial Class** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $2827 | $4165 | $418 | $335 | $433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**2827** | $**4165** | $**418** | $**335** | $**433** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $2827 | $4165 | $418 | $335 | $433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**2827** | $**4165** | $**418** | $**335** | $**433** |
|  **Units Outstanding** | 197454 | 492767 | 42577 | 75113 | 307156 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 47199 | 73242 | 14204 | 11892 | 433310 |
|  Cost of investment | $2149 | $3194 | $355 | $298 | $433 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $8.45 | $5.20 | $7.70 | $2.99 | $1.37 |
|  Highest | $20.60 | $9.85 | $9.90 | $4.91 | $1.41 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio - Initial**<br>**Class** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Initial Class** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $4 | $— | $7 | $5 | $18 |
|  Mortality and expense charge | (38) | (36) | (6) | (3) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(34)** | $**(36)** | $**1** | $**2** | $**12** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $805 | $731 | $58 | $40 | $— |
|  Change in unrealized gains/(losses) | (251) | 10 | 17 | 12 |  |
|  Net realized and change in unrealized gains/(losses) on investments | 554 | 741 | 75 | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**520** | $**705** | $**76** | $**54** | $**12** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Service Class 2** | $nan<br>**Fidelity VIP Growth -**<br>**Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Service Class 2** | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Initial Class** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $2906 | $1260 | $146 | $469 | $991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**2906** | $**1260** | $**146** | $**469** | $**991** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $2906 | $1260 | $146 | $469 | $991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**2906** | $**1260** | $**146** | $**469** | $**991** |
|  **Units Outstanding** | 2649485 | 66600 | 29155 | 77047 | 97351 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 2906056 | 12897 | 4378 | 14675 | 9942 |
|  Cost of investment | $2908 | $1150 | $92 | $377 | $473 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $0.92 | $13.49 | $3.70 | $3.93 | $4.90 |
|  Highest | $1.14 | $19.67 | $5.06 | $6.88 | $10.54 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Service Class 2** | $nan<br>**Fidelity VIP Growth -**<br>**Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Service Class 2** | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Initial Class** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $88 | $3 | $2 | $6 | $— |
|  Mortality and expense charge | (14) | (17) | (2) | (4) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**74** | $**(14)** | $**—** | $**2** | $**(12)** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $— | $240 | $14 | $69 | $117 |
|  Change in unrealized gains/(losses) |  | (73) | 10 | 9 | 70 |
|  Net realized and change in unrealized gains/(losses) on investments |  | 167 | 24 | 78 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**74** | $**153** | $**24** | $**80** | $**175** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP High**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Initial Class** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $1255 | $14 | $2947 | $2905 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1255** | $**14** | $**2947** | $**2905** | $**6** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $1255 | $14 | $2947 | $2905 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**1255** | $**14** | $**2947** | $**2905** | $**6** |
|  **Units Outstanding** | 154094 | 4308 | 267906 | 516878 | 1991 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 13019 | 2884 | 4465 | 4468 | 486 |
|  Cost of investment | $707 | $13 | $1425 | $1656 | $6 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $4.83 | $2.93 | $5.77 | $3.46 | $2.59 |
|  Highest | $10.09 | $3.27 | $16.73 | $6.36 | $2.80 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP High**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Initial Class** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $— | $1 | $33 | $26 | $— |
|  Mortality and expense charge | (13) | (1) | (42) | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(13)** | $**—** | $**(9)** | $**3** | $**—** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $113 | $(3) | $757 | $429 | $— |
|  Change in unrealized gains/(losses) | 123 | 7 | (284) | 56 |  |
|  Net realized and change in unrealized gains/(losses) on investments | 236 | 4 | 473 | 485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**223** | $**4** | $**464** | $**488** | $**—** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Overseas**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value**<br>**Portfolio - Service Class**<br>**2** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $1066 | $433 | $2311 | $101 | $157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1066** | $**433** | $**2311** | $**101** | $**157** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $1066 | $433 | $2311 | $101 | $157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**1066** | $**433** | $**2311** | $**101** | $**157** |
|  **Units Outstanding** | 594514 | 37590 | 279866 | 24673 | 34256 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 97166 | 11536 | 65719 | 3655 | 8391 |
|  Cost of investment | $1223 | $426 | $2255 | $99 | $140 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $1.32 | $8.44 | $5.20 | $3.28 | $3.11 |
|  Highest | $1.82 | $11.86 | $9.64 | $4.15 | $5.25 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Overseas**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value**<br>**Portfolio - Service Class**<br>**2** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $36 | $2 | $5 | $2 | $2 |
|  Mortality and expense charge | (4) | (6) | (19) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**32** | $**(4)** | $**(14)** | $**1** | $**1** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $(2) | $84 | $266 | $9 | $17 |
|  Change in unrealized gains/(losses) | 34 | (41) | (31) | 6 | (3) |
|  Net realized and change in unrealized gains/(losses) on investments | 32 | 43 | 235 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**64** | $**39** | $**221** | $**16** | $**15** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Value**<br>**Strategies - Service Class**<br>**2** | $nan<br>**Invesco V.I. Discovery**<br>**Mid Cap Growth Fund -**<br>**Series I** | $nan<br>**Invesco V.I. Diversified**<br>**Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and**<br>**Income Fund - Series I** | $nan<br>**Invesco V.I. Global Real**<br>**Estate Fund - Series I** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $363 | $5 | $139 | $171 | $298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**363** | $**5** | $**139** | $**171** | $**298** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $363 | $5 | $139 | $171 | $298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**363** | $**5** | $**139** | $**171** | $**298** |
|  **Units Outstanding** | 73569 | 134 | 1456 | 58062 | 79469 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 22431 | 61 | 5120 | 9346 | 21012 |
|  Cost of investment | $317 | $4 | $133 | $170 | $311 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $3.21 | $24.97 | $65.05 | $2.01 | $2.84 |
|  Highest | $5.63 | $39.47 | $98.29 | $3.26 | $4.50 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Value**<br>**Strategies - Service Class**<br>**2** | $nan<br>**Invesco V.I. Discovery**<br>**Mid Cap Growth Fund -**<br>**Series I** | $nan<br>**Invesco V.I. Diversified**<br>**Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and**<br>**Income Fund - Series I** | $nan<br>**Invesco V.I. Global Real**<br>**Estate Fund - Series I** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $3 | $— | $2 | $3 | $6 |
|  Mortality and expense charge | (3) |  | (1) | (1) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**—** | $**—** | $**1** | $**2** | $**3** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $16 | $— | $13 | $6 | $(6) |
|  Change in unrealized gains/(losses) | 5 |  | 4 | 9 | 23 |
|  Net realized and change in unrealized gains/(losses) on investments | 21 |  | 17 | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**21** | $**—** | $**18** | $**17** | $**20** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Health Care**<br>**Fund - Series I** | $nan<br>**Invesco V.I. Small Cap**<br>**Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology**<br>**Fund - Series I** | $nan<br>**Lazard Retirement**<br>**Emerging Markets**<br>**Portfolio** | $nan<br>**Lazard Retirement**<br>**Small-Mid Cap Portfolio** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $167 | $51 | $212 | $91 | $186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**167** | $**51** | $**212** | $**91** | $**186** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $167 | $51 | $212 | $91 | $186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**167** | $**51** | $**212** | $**91** | $**186** |
|  **Units Outstanding** | 35076 | 12518 | 54772 | 15878 | 34747 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 5585 | 2537 | 8239 | 3051 | 14394 |
|  Cost of investment | $157 | $46 | $163 | $62 | $250 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $3.07 | $2.50 | $2.16 | $3.91 | $4.09 |
|  Highest | $5.11 | $4.50 | $4.85 | $5.74 | $5.66 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Health Care**<br>**Fund - Series I** | $nan<br>**Invesco V.I. Small Cap**<br>**Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology**<br>**Fund - Series I** | $nan<br>**Lazard Retirement**<br>**Emerging Markets**<br>**Portfolio** | $nan<br>**Lazard Retirement**<br>**Small-Mid Cap Portfolio** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $— | $— | $— | $3 | $— |
|  Mortality and expense charge | (1) |  | (2) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(1)** | $**—** | $**(2)** | $**2** | $**(2)** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $7 | $3 | $49 | $5 | $37 |
|  Change in unrealized gains/(losses) | 15 | 1 | (10) | 24 | (33) |
|  Net realized and change in unrealized gains/(losses) on investments | 22 | 4 | 39 | 29 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**21** | $**4** | $**37** | $**31** | $**2** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Core Equity**<br>**Portfolio - Initial Class** | $nan<br>**MFS Growth Series -**<br>**Initial Class** | $nan<br>**MFS Investors Trust**<br>**Series - Initial Class** | $nan<br>**MFS Research Series -**<br>**Initial Class** | $nan<br>**T. Rowe Price Equity**<br>**Income Portfolio** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $335 | $1630 | $218 | $141 | $1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**335** | $**1630** | $**218** | $**141** | $**1468** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $335 | $1630 | $218 | $141 | $1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**335** | $**1630** | $**218** | $**141** | $**1468** |
|  **Units Outstanding** | 4453 | 263732 | 42231 | 25979 | 284261 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 10536 | 24026 | 8323 | 4620 | 50790 |
|  Cost of investment | $272 | $1415 | $245 | $134 | $1394 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $55.04 | $3.09 | $3.36 | $2.97 | $3.60 |
|  Highest | $83.02 | $10.30 | $5.78 | $5.80 | $5.95 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Core Equity**<br>**Portfolio - Initial Class** | $nan<br>**MFS Growth Series -**<br>**Initial Class** | $nan<br>**MFS Investors Trust**<br>**Series - Initial Class** | $nan<br>**MFS Research Series -**<br>**Initial Class** | $nan<br>**T. Rowe Price Equity**<br>**Income Portfolio** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $2 | $— | $3 | $1 | $24 |
|  Mortality and expense charge | (4) | (17) | (2) | (1) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(2)** | $**(17)** | $**1** | $**—** | $**10** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $42 | $331 | $96 | $33 | $162 |
|  Change in unrealized gains/(losses) | (4) | (150) | (72) | (18) | 7 |
|  Net realized and change in unrealized gains/(losses) on investments | 38 | 181 | 24 | 15 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**36** | $**164** | $**25** | $**15** | $**179** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**T. Rowe Price**<br>**International Stock**<br>**Portfolio** | $nan<br>**T. Rowe Price Limited-**<br>**Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap**<br>**Growth Portfolio** | $nan<br>**VanEck VIP Emerging**<br>**Markets Fund - Initial**<br>**Class** | $nan<br>**VanEck VIP Global**<br>**Resources Fund - Initial**<br>**Class** |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at fair value | $1034 | $476 | $926 | $150 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1034** | $**476** | $**926** | $**150** | $**31** |
|  **NET ASSETS** |  |  |  |  |  |
|  Accumulation units | $1034 | $476 | $926 | $150 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**1034** | $**476** | $**926** | $**150** | $**31** |
|  **Units outstanding** | 457797 | 273354 | 89039 | 37315 | 8454 |
|  **FUND SHARE INFORMATION** |  |  |  |  |  |
|  Number of shares | 65036 | 100315 | 35341 | 12661 | 929 |
|  Cost of investment | $982 | $481 | $1025 | $145 | $21 |
|  **UNIT VALUE** |  |  |  |  |  |
|  Lowest | $1.40 | $1.35 | $5.33 | $2.86 | $2.53 |
|  Highest | $2.74 | $1.87 | $11.50 | $4.11 | $3.74 |

---

**American National Variable Annuity Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**T. Rowe Price**<br>**International Stock**<br>**Portfolio** | $nan<br>**T. Rowe Price Limited-**<br>**Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap**<br>**Growth Portfolio** | $nan<br>**VanEck VIP Emerging**<br>**Markets Fund - Initial**<br>**Class** | $nan<br>**VanEck VIP Global**<br>**Resources Fund - Initial**<br>**Class** |
|  **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
|  Dividends | $19 | $19 | $— | $1 | $1 |
|  Mortality and expense charge | (8) | (3) | (12) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**11** | $**16** | $**(12)** | $**(1)** | $**1** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
|  Net realized gains/(losses) | $114 | $(1) | $126 | $(2) | $2 |
|  Change in unrealized gains/(losses) | 43 | 6 | (94) | 42 | 7 |
|  Net realized and change in unrealized gains/(losses) on investments | 157 | 5 | 32 | 40 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**168** | $**21** | $**20** | $**39** | $**10** |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced Portfolio**<br>**- Class I-2** | $nan<br>**Alger Capital**<br>**Appreciation Portfolio -**<br>**Class I-2** | $nan<br>**Alger Growth & Income**<br>**Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth**<br>**Portfolio - Class I-2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $14 | $(9) | $4 | $(13) | $(3) |
|  Net realized gains/(losses) | 74 | 300 | 81 | 182 | 1 |
|  Change in net unrealized appreciation (depreciation) on investments | 6 | 103 | 25 | 138 | 72 |
|  **Increase/(decrease) in net assets from operations** | $94 | $394 | $110 | $307 | $70 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $34 | $43 | $16 | $32 | $21 |
|  Policy terminations/withdrawals and charges | (11) | (142) | (7) | (67) | (61) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $23 | $(99) | $9 | $(35) | $(40) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $117 | $295 | $119 | $272 | $30 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 607 | 1315 | 551 | 1064 | 445 |
|  **NET ASSETS AT END OF PERIOD** | $724 | $1610 | $670 | $1336 | $475 |

---

*See accompanying notes to the financial statements.* 

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

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------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund**<br>**for U.S. Government**<br>**Securities II** | $nan<br>**Federated Hermes High**<br>**Income Bond Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Kaufmann Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Managed Volatility Fund**<br>**II - Primary Shares** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(3) | $12 | $56 | $(2) | $— |
|  Net realized gains/(losses) | (9) | (4) | (14) | 29 | 6 |
|  Change in net unrealized appreciation (depreciation) on investments | 41 | 16 | 37 | 5 | 12 |
|  **Increase/(decrease) in net assets from operations** | $29 | $24 | $79 | $32 | $18 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $31 | $70 | $64 | $18 | $15 |
|  Policy terminations/withdrawals and charges | (27) | (17) | (96) | (20) | (19) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $4 | $53 | $(32) | $(2) | $(4) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $33 | $77 | $47 | $30 | $14 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 495 | 357 | 1070 | 284 | 260 |
|  **NET ASSETS AT END OF PERIOD** | $528 | $434 | $1117 | $314 | $274 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes**<br>**Quality Bond Fund II -**<br>**Primary Shares** | $nan<br>**Fidelity VIP Asset**<br>**Manager 70% Portfolio -**<br>**Initial Class** | $nan<br>**Fidelity VIP Asset**<br>**Manager 50% Portfolio -**<br>**Initial Class** | $nan<br>**Fidelity VIP Balanced**<br>**Portfolio - Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |
|  Net investment income/(loss) | $2 | $— | $1 | $— |
|  Net realized gains/(losses) | (1) | 77 | 10 | 4 |
|  Change in net unrealized appreciation (depreciation) on investments | 4 | (40) | 7 | (5) |
|  **Increase/(decrease) in net assets from operations** | $5 | $37 | $18 | $(1) |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |
|  Payments received from contract owners | $10 | $— | $— | $— |
|  Policy terminations/withdrawals and charges | (23) | (218) | (15) | (18) |
|  Contract maintenance fees |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(13) | $(218) | $(15) | $(18) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(8) | $(181) | $3 | $(19) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 99 | 389 | 138 | 19 |
|  **NET ASSETS AT END OF PERIOD** | $91 | $208 | $141 | $— |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio - Initial**<br>**Class** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(34) | $(36) | $1 | $2 | $12 |
|  Net realized gains/(losses) | 805 | 731 | 58 | 40 |  |
|  Change in net unrealized appreciation (depreciation) on investments | (251) | 10 | 17 | 12 |  |
|  **Increase/(decrease) in net assets from operations** | $520 | $705 | $76 | $54 | $12 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $5 | $51 | $1 | $31 | $2 |
|  Policy terminations/withdrawals and charges | (735) | (132) | (136) | (63) | (88) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(730) | $(81) | $(135) | $(32) | $(86) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(210) | $624 | $(59) | $22 | $(74) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 3037 | 3541 | 477 | 313 | 507 |
|  **NET ASSETS AT END OF PERIOD** | $2827 | $4165 | $418 | $335 | $433 |

---

*See accompanying notes to the financial statements.* 

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

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------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Service Class 2** | $nan<br>**Fidelity VIP Growth -**<br>**Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Service Class 2** | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $74 | $(14) | $— | $2 | $(12) |
|  Net realized gains/(losses) |  | 240 | 14 | 69 | 117 |
|  Change in net unrealized appreciation (depreciation) on investments |  | (73) | 10 | 9 | 70 |
|  **Increase/(decrease) in net assets from operations** | $74 | $153 | $24 | $80 | $175 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $807 | $2 | $— | $49 | $2 |
|  Policy terminations/withdrawals and charges | (289) | (215) |  | (61) | (144) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $518 | $(213) | $— | $(12) | $(142) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $592 | $(60) | $24 | $68 | $33 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 2314 | 1320 | 122 | 401 | 958 |
|  **NET ASSETS AT END OF PERIOD** | $2906 | $1260 | $146 | $469 | $991 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP High**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(13) | $— | $(9) | $3 | $— |
|  Net realized gains/(losses) | 113 | (3) | 757 | 429 |  |
|  Change in net unrealized appreciation (depreciation) on investments | 123 | 7 | (284) | 56 |  |
|  **Increase/(decrease) in net assets from operations** | $223 | $4 | $464 | $488 | $— |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $61 | $1 | $44 | $174 | $— |
|  Policy terminations/withdrawals and charges | (133) | (49) | (954) | (744) | 1 |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(72) | $(48) | $(910) | $(570) | $1 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $151 | $(44) | $(446) | $(82) | $1 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 1104 | 58 | 3393 | 2987 | 5 |
|  **NET ASSETS AT END OF PERIOD** | $1255 | $14 | $2947 | $2905 | $6 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Overseas**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value**<br>**Portfolio - Service Class**<br>**2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $32 | $(4) | $(14) | $1 | $1 |
|  Net realized gains/(losses) | (2) | 84 | 266 | 9 | 17 |
|  Change in net unrealized appreciation (depreciation) on investments | 34 | (41) | (31) | 6 | (3) |
|  **Increase/(decrease) in net assets from operations** | $64 | $39 | $221 | $16 | $15 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $70 | $3 | $87 | $1 | $5 |
|  Policy terminations/withdrawals and charges | (7) | (347) | (185) | 1 | (19) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $63 | $(344) | $(98) | $2 | $(14) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $127 | $(305) | $123 | $18 | $1 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 939 | 738 | 2188 | 83 | 156 |
|  **NET ASSETS AT END OF PERIOD** | $1066 | $433 | $2311 | $101 | $157 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Value**<br>**Strategies - Service Class**<br>**2** | $nan<br>**Invesco V.I. Discovery**<br>**Mid Cap Growth Fund -**<br>**Series I** | $nan<br>**Invesco V.I. Diversified**<br>**Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and**<br>**Income Fund - Series I** | $nan<br>**Invesco V.I. Global Real**<br>**Estate Fund - Series I** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $— | $— | $1 | $2 | $3 |
|  Net realized gains/(losses) | 16 |  | 13 | 6 | (6) |
|  Change in net unrealized appreciation (depreciation) on investments | 5 |  | 4 | 9 | 23 |
|  **Increase/(decrease) in net assets from operations** | $21 | $— | $18 | $17 | $20 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $17 | $— | $11 | $11 | $22 |
|  Policy terminations/withdrawals and charges | (30) | 1 | (27) | (14) | (33) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(13) | $1 | $(16) | $(3) | $(11) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $8 | $1 | $2 | $14 | $9 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 355 | 4 | 137 | 157 | 289 |
|  **NET ASSETS AT END OF PERIOD** | $363 | $5 | $139 | $171 | $298 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Health Care**<br>**Fund - Series I** | $nan<br>**Invesco V.I. Small Cap**<br>**Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology**<br>**Fund - Series I** | $nan<br>**Lazard Retirement**<br>**Emerging Markets**<br>**Portfolio** | $nan<br>**Lazard Retirement**<br>**Small-Mid Cap Portfolio** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(1) | $— | $(2) | $2 | $(2) |
|  Net realized gains/(losses) | 7 | 3 | 49 | 5 | 37 |
|  Change in net unrealized appreciation (depreciation) on investments | 15 | 1 | (10) | 24 | (33) |
|  **Increase/(decrease) in net assets from operations** | $21 | $4 | $37 | $31 | $2 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $15 | $5 | $2 | $— | $7 |
|  Policy terminations/withdrawals and charges | (3) | (5) | (58) | (20) | (28) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $12 | $— | $(56) | $(20) | $(21) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $33 | $4 | $(19) | $11 | $(19) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 134 | 47 | 231 | 80 | 205 |
|  **NET ASSETS AT END OF PERIOD** | $167 | $51 | $212 | $91 | $186 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Core Equity**<br>**Portfolio - Initial Class** | $nan<br>**MFS Growth Series -**<br>**Initial Class** | $nan<br>**MFS Investors Trust**<br>**Series - Initial Class** | $nan<br>**MFS Research Series -**<br>**Initial Class** | $nan<br>**T. Rowe Price Equity**<br>**Income Portfolio** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(2) | $(17) | $1 | $— | $10 |
|  Net realized gains/(losses) | 42 | 331 | 96 | 33 | 162 |
|  Change in net unrealized appreciation (depreciation) on investments | (4) | (150) | (72) | (18) | 7 |
|  **Increase/(decrease) in net assets from operations** | $36 | $164 | $25 | $15 | $179 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $8 | $49 | $8 | $1 | $47 |
|  Policy terminations/withdrawals and charges | (26) | (127) | (35) | (5) | (292) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(18) | $(78) | $(27) | $(4) | $(245) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $18 | $86 | $(2) | $11 | $(66) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 317 | 1544 | 220 | 130 | 1534 |
|  **NET ASSETS AT END OF PERIOD** | $335 | $1630 | $218 | $141 | $1468 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**T. Rowe Price**<br>**International Stock**<br>**Portfolio** | $nan<br>**T. Rowe Price Limited-**<br>**Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap**<br>**Growth Portfolio** | $nan<br>**VanEck VIP Emerging**<br>**Markets Fund - Initial**<br>**Class** | $nan<br>**VanEck VIP Global**<br>**Resources Fund - Initial**<br>**Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $11 | $16 | $(12) | $(1) | $1 |
|  Net realized gains/(losses) | 114 | (1) | 126 | (2) | 2 |
|  Change in net unrealized appreciation (depreciation) on investments | 43 | 6 | (94) | 42 | 7 |
|  **Increase/(decrease) in net assets from operations** | $168 | $21 | $20 | $39 | $10 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $48 | $55 | $21 | $— | $— |
|  Policy terminations/withdrawals and charges | (136) | (18) | (291) | (27) | (5) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(88) | $37 | $(270) | $(27) | $(5) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $80 | $58 | $(250) | $12 | $5 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 954 | 418 | 1176 | 138 | 26 |
|  **NET ASSETS AT END OF PERIOD** | $1034 | $476 | $926 | $150 | $31 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced Portfolio**<br>**- Class I-2** | $nan<br>**Alger Capital**<br>**Appreciation Portfolio -**<br>**Class I-2** | $nan<br>**Alger Growth & Income**<br>**Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth**<br>**Portfolio - Class I-2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(4) | $(8) | $(1) | $(11) | $(5) |
|  Net realized gains/(losses) | 6 | 45 | 16 | 16 | (72) |
|  Change in net unrealized appreciation (depreciation) on investments | 74 | 416 | 85 | 313 | 161 |
|  **Increase/(decrease) in net assets from operations** | $76 | $453 | $100 | $318 | $84 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $90 | $43 | $22 | $9 | $22 |
|  Policy terminations/withdrawals and charges | (15) | (213) | (33) | (41) | (255) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $75 | $(170) | $(11) | $(32) | $(233) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $151 | $283 | $89 | $286 | $(149) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 456 | 1032 | 462 | 778 | 594 |
|  **NET ASSETS AT END OF PERIOD** | $607 | $1315 | $551 | $1064 | $445 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth**<br>**Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund**<br>**for U.S. Government**<br>**Securities II** | $nan<br>**Federated Hermes High**<br>**Income Bond Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Kaufmann Fund II -**<br>**Primary Shares** | $nan<br>**Federated Hermes**<br>**Managed Volatility Fund**<br>**II - Primary Shares** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(1) | $9 | $47 | $— | $6 |
|  Net realized gains/(losses) | (65) | (5) | (13) | 14 | (18) |
|  Change in net unrealized appreciation (depreciation) on investments | 101 | (5) | 20 | 30 | 61 |
|  **Increase/(decrease) in net assets from operations** | $35 | $(1) | $54 | $44 | $49 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $125 | $66 | $135 | $19 | $18 |
|  Policy terminations/withdrawals and charges | (148) | (27) | (106) | (89) | (132) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(23) | $39 | $29 | $(70) | $(114) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $12 | $38 | $83 | $(26) | $(65) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 483 | 319 | 987 | 310 | 325 |
|  **NET ASSETS AT END OF PERIOD** | $495 | $357 | $1070 | $284 | $260 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes**<br>**Quality Bond Fund II -**<br>**Primary Shares** | $nan<br>**Fidelity VIP Asset**<br>**Manager Growth**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Asset**<br>**Manager Portfolio -**<br>**Initial Class** | $nan<br>**Fidelity VIP Asset**<br>**Manager Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Balanced**<br>**Portfolio - Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $2 | $2 | $1 | $— | $— |
|  Net realized gains/(losses) | (1) | 17 | 4 |  | 1 |
|  Change in net unrealized appreciation (depreciation) on investments | 2 | 14 | 4 |  | 2 |
|  **Increase/(decrease) in net assets from operations** | $3 | $33 | $9 | $— | $3 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $4 | $7 | $3 | $— | $— |
|  Policy terminations/withdrawals and charges | (5) | (19) | (24) |  | (2) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(1) | $(12) | $(21) | $— | $(2) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $2 | $21 | $(12) | $— | $1 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 97 | 368 | 150 |  | 18 |
|  **NET ASSETS AT END OF PERIOD** | $99 | $389 | $138 | $— | $19 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio - Initial**<br>**Class** | $nan<br>**Fidelity VIP Equity-**<br>**Income Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(33) | $(32) | $1 | $2 | $19 |
|  Net realized gains/(losses) | 463 | 655 | 33 | 20 |  |
|  Change in net unrealized appreciation (depreciation) on investments | 346 | 317 | 25 | 15 |  |
|  **Increase/(decrease) in net assets from operations** | $776 | $940 | $59 | $37 | $19 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $8 | $100 | $1 | $18 | $4 |
|  Policy terminations/withdrawals and charges | (261) | (562) | (24) | (10) | (41) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(253) | $(462) | $(23) | $8 | $(37) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $523 | $478 | $36 | $45 | $(18) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 2514 | 3063 | 441 | 268 | 525 |
|  **NET ASSETS AT END OF PERIOD** | $3037 | $3541 | $477 | $313 | $507 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Government**<br>**Money Market Portfolio**<br>**- Service Class 2** | $nan<br>**Fidelity VIP Growth -**<br>**Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Growth and**<br>**Income - Service Class 2** | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $95 | $(17) | $— | $1 | $(11) |
|  Net realized gains/(losses) |  | 310 | 9 | 69 | 23 |
|  Change in net unrealized appreciation (depreciation) on investments |  | 5 | 12 | 13 | 253 |
|  **Increase/(decrease) in net assets from operations** | $95 | $298 | $21 | $83 | $265 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $486 | $3 | $— | $35 | $— |
|  Policy terminations/withdrawals and charges | (607) | (54) |  | (124) | (29) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(121) | $(51) | $— | $(89) | $(29) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(26) | $247 | $21 | $(6) | $236 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 2340 | 1073 | 101 | 407 | 722 |
|  **NET ASSETS AT END OF PERIOD** | $2314 | $1320 | $122 | $401 | $958 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth**<br>**Opportunities Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP High**<br>**Income - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index 500**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(12) | $2 | $1 | $9 | $— |
|  Net realized gains/(losses) | 59 |  | 136 | 134 |  |
|  Change in net unrealized appreciation (depreciation) on investments | 267 | 2 | 464 | 416 |  |
|  **Increase/(decrease) in net assets from operations** | $314 | $4 | $601 | $559 | $— |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $22 | $2 | $282 | $320 | $— |
|  Policy terminations/withdrawals and charges | (93) | (1) | (148) | (215) |  |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(71) | $1 | $134 | $105 | $— |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $243 | $5 | $735 | $664 | $— |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 861 | 53 | 2658 | 2323 | 5 |
|  **NET ASSETS AT END OF PERIOD** | $1104 | $58 | $3393 | $2987 | $5 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Investment**<br>**Grade Bond Portfolio -**<br>**Service Class 2** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap**<br>**Portfolio - Service Class**<br>**2** | $nan<br>**Fidelity VIP Overseas**<br>**Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value**<br>**Portfolio - Service Class**<br>**2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $28 | $(6) | $(13) | $— | $— |
|  Net realized gains/(losses) | (25) | 94 | 326 | 11 | 36 |
|  Change in net unrealized appreciation (depreciation) on investments | 10 | 14 | 5 | (8) | (17) |
|  **Increase/(decrease) in net assets from operations** | $13 | $102 | $318 | $3 | $19 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $73 | $3 | $66 | $2 | $7 |
|  Policy terminations/withdrawals and charges | (134) | (11) | (202) | (29) | (73) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(61) | $(8) | $(136) | $(27) | $(66) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(48) | $94 | $182 | $(24) | $(47) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 987 | 644 | 2006 | 107 | 203 |
|  **NET ASSETS AT END OF PERIOD** | $939 | $738 | $2188 | $83 | $156 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Value**<br>**Strategies - Service Class**<br>**2** | $nan<br>**Invesco V.I. Discovery**<br>**Mid Cap Growth Fund\*** | $nan<br>**Invesco V.I. Diversified**<br>**Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and**<br>**Income Fund\*\*** | $nan<br>**Invesco V.I. Health Care**<br>**Fund - Series I** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $— | $— | $2 | $1 | $(1) |
|  Net realized gains/(losses) | 54 |  | 3 | 2 | 2 |
|  Change in net unrealized appreciation (depreciation) on investments | (26) | 1 | 4 | 18 | 2 |
|  **Increase/(decrease) in net assets from operations** | $28 | $1 | $9 | $21 | $3 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $22 | $— | $60 | $14 | $55 |
|  Policy terminations/withdrawals and charges | (22) | (1) | (11) | (65) | (21) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $— | $(1) | $49 | $(51) | $34 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $28 | $— | $58 | $(30) | $37 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 327 | 4 | 79 | 187 | 97 |
|  **NET ASSETS AT END OF PERIOD** | $355 | $4 | $137 | $157 | $134 |

---

\* Formerly named Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund.

\*\* This fund was opened on April 30, 2021.

*See accompanying notes to the financial statements.* 

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

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##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Global Real**<br>**Estate Fund - Series I** | $nan<br>**Invesco V.I. Small Cap**<br>**Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology**<br>**Fund - Series I** | $nan<br>**Lazard Retirement**<br>**Emerging Markets**<br>**Portfolio** | $nan<br>**Lazard Retirement**<br>**Small-Mid Cap Portfolio** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $3 | $(1) | $(2) | $2 | $(2) |
|  Net realized gains/(losses) | (3) | 6 | (8) | 1 | 11 |
|  Change in net unrealized appreciation (depreciation) on investments | (9) | 5 | 80 | 3 | 10 |
|  **Increase/(decrease) in net assets from operations** | $(9) | $10 | $70 | $6 | $19 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $82 | $6 | $9 | $— | $8 |
|  Policy terminations/withdrawals and charges | (14) | (58) | (61) | (9) | (5) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $68 | $(52) | $(52) | $(9) | $3 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $59 | $(42) | $18 | $(3) | $22 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 230 | 89 | 213 | 83 | 183 |
|  **NET ASSETS AT END OF PERIOD** | $289 | $47 | $231 | $80 | $205 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Core Equity**<br>**Portfolio - Initial Class** | $nan<br>**MFS Growth Series -**<br>**Initial Class** | $nan<br>**MFS Investors Trust**<br>**Series - Initial Class** | $nan<br>**MFS Research Series -**<br>**Initial Class** | $nan<br>**T. Rowe Price Equity**<br>**Income Portfolio** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(2) | $(16) | $(1) | $— | $12 |
|  Net realized gains/(losses) | 24 | 151 | 17 | 9 | 143 |
|  Change in net unrealized appreciation (depreciation) on investments | 31 | 229 | 18 | 12 | 7 |
|  **Increase/(decrease) in net assets from operations** | $53 | $364 | $34 | $21 | $162 |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $6 | $46 | $6 | $2 | $78 |
|  Policy terminations/withdrawals and charges | (28) | (71) | (5) | (12) | (247) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(22) | $(25) | $1 | $(10) | $(169) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $31 | $339 | $35 | $11 | $(7) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 286 | 1205 | 185 | 119 | 1541 |
|  **NET ASSETS AT END OF PERIOD** | $317 | $1544 | $220 | $130 | $1534 |

---

*See accompanying notes to the financial statements.* 

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

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

------

##### [**Table of Contents**](#toc)
**American National Variable Annuity Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**T. Rowe Price**<br>**International Stock**<br>**Portfolio** | $nan<br>**T. Rowe Price Limited-**<br>**Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap**<br>**Growth Portfolio** | $nan<br>**VanEck VIP Emerging**<br>**Markets Fund - Initial**<br>**Class** | $nan<br>**VanEck VIP Global**<br>**Resources Fund - Initial**<br>**Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $1 | $14 | $(16) | $— | $1 |
|  Net realized gains/(losses) | 28 | (3) | 126 | (1) |  |
|  Change in net unrealized appreciation (depreciation) on investments |  | 6 | (16) | 1 | (1) |
|  **Increase/(decrease) in net assets from operations** | $29 | $17 | $94 | $— | $— |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM CONTRACT TRANSACTIONS** |  |  |  |  |  |
|  Payments received from contract owners | $78 | $104 | $14 | $6 | $9 |
|  Policy terminations/withdrawals and charges | (113) | (110) | (93) | (7) | (1) |
|  Contract maintenance fees |  |  |  |  |  |
|  **Increase/(decrease) in net assets from contract transactions** | $(35) | $(6) | $(79) | $(1) | $8 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(6) | $11 | $15 | $(1) | $8 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 960 | 407 | 1161 | 139 | 18 |
|  **NET ASSETS AT END OF PERIOD** | $954 | $418 | $1176 | $138 | $26 |

---

*See accompanying notes to the financial statements.* 

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

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

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##### [**Table of Contents**](#toc)
**Note 1 - ORGANIZATION** 

American National Variable Annuity Separate Account ("the Separate Account") was established on July 30, 1991 under Texas law as a separate investment account of American National Insurance Company ("the Sponsor"). The Separate Account began operations on April 20, 1994. The Separate Account's assets are segregated from the Sponsor's general assets and are used only to support variable annuity products issued by the Sponsor. The Separate Account is registered with the SEC under the Investment Company Act of 1940, as amended, as a unit investment trust. Under the terms of registration, the Separate Account is authorized to issue an unlimited number of units.

The Separate Account cannot be charged with liabilities arising out of any other business of the Sponsor. The Separate Account's assets are segregated from the Sponsor's general assets and are used only to support the following variable annuity products issued by the Sponsor:

WealthQuest Variable Annuity II<br> Investrac Gold Variable Annuity<br> WealthQuest III Variable Annuity - No Rider<br> WealthQuest III Variable Annuity - 6 yr Ratchet<br> WealthQuest III Variable Annuity - 3% Rollup<br> WealthQuest III Variable Annuity - 5% Rollup<br> WealthQuest III Group Unallocated Variable Annuity<br>

These financial statements report the results of the subaccounts for the various variable annuity products. As of December 31, 2025, there are 54 active subaccounts within the Separate Account:

---

| | |
|:---|:---|
| Alger Balanced Portfolio - Class I-2 | Fidelity VIP Index 500 Portfolio - Service Class 2 |
| Alger Capital Appreciation Portfolio - Class I-2 | Fidelity VIP Investment Grade Bond Portfolio - Initial Class |
| Alger Growth & Income Portfolio - Class I-2 | Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 |
| Alger Large Cap Growth Portfolio - Class I-2 | Fidelity VIP Mid Cap Portfolio - Initial Class |
| Alger Mid Cap Growth Portfolio - Class I-2 | Fidelity VIP Mid Cap Portfolio - Service Class 2 |
| Alger Small Cap Growth Portfolio - Class I-2 | Fidelity VIP Overseas Portfolio - Initial Class |
| Federated Hermes Fund for U.S. Government Securities II | Fidelity VIP Value Portfolio - Service Class 2 |
| Federated Hermes High Income Bond Fund II - Primary Shares | Fidelity VIP Value Strategies - Service Class 2 |
| Federated Hermes Kaufmann Fund II - Primary Shares | Invesco V.I. Discovery Mid Cap Growth Fund - Series I |
| Federated Hermes Managed Volatility Fund II - Primary Shares | Invesco V.I. Diversified Dividend Fund - Series I |
| Federated Hermes Quality Bond Fund II - Primary Shares | Invesco V.I. Equity and Income Fund - Series I |
| Fidelity VIP Asset Manager 70% Portfolio - Initial Class | Invesco V.I. Global Real Estate Fund - Series I |
| Fidelity VIP Asset Manager 50% Portfolio - Initial Class | Invesco V.I. Health Care Fund - Series I |
| Fidelity VIP Asset Manager 50% Portfolio - Service Class 2 | Invesco V.I. Small Cap Equity Fund - Series I |
| Fidelity VIP Balanced Portfolio - Initial Class | Invesco V.I. Technology Fund - Series I |
| Fidelity VIP Contrafund Portfolio - Initial Class | Lazard Retirement Emerging Markets Portfolio |
| Fidelity VIP Contrafund Portfolio - Service Class 2 | Lazard Retirement Small-Mid Cap Portfolio |
| Fidelity VIP Equity-Income Portfolio - Initial Class | MFS Core Equity Portfolio - Initial Class |
| Fidelity VIP Equity-Income Portfolio - Service Class 2 | MFS Growth Series - Initial Class |
| Fidelity VIP Government Money Market Portfolio - Initial Class | MFS Investors Trust Series - Initial Class |
| Fidelity VIP Government Money Market Portfolio - Service Class 2 | MFS Research Series - Initial Class |
| Fidelity VIP Growth - Initial Class | T. Rowe Price Equity Income Portfolio |
| Fidelity VIP Growth and Income - Initial Class | T. Rowe Price International Stock Portfolio |
| Fidelity VIP Growth and Income - Service Class 2 | T. Rowe Price Limited-Term Bond Portfolio |
| Fidelity VIP Growth Opportunities Portfolio - Initial Class | T. Rowe Price Mid-Cap Growth Portfolio |
| Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | VanEck VIP Emerging Markets Fund - Initial Class |
| Fidelity VIP High Income - Initial Class | VanEck VIP Global Resources Fund - Initial Class |
| Fidelity VIP Index 500 Portfolio - Initial Class |  |

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Although not all subaccounts are offered in each product, each of the subaccounts is invested only in a corresponding portfolio of the following mutual fund companies: The Alger Portfolios, Federated Hermes Insurance Series, Fidelity Variable Insurance Products, Invesco Variable Insurance Funds, MFS Variable Insurance Trust, VanEck VIP Trust, T. Rowe Price Equity Series, Inc., T. Rowe Price International Series, Inc., T. Rowe Price Fixed Income Series, Inc. and Lazard Retirement Series.

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Effective April 30, 2021, the Invesco V.I. Managed Volatility Fund was merged into the Invesco V.I. Equity and Income Fund. Effective April 30, 2021, the Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund's name was changed to Invesco V.I. Discovery Mid Cap Growth Fund. Effective April 30, 2025, the Fidelity VIP Asset Manager Portfolio was renamed Fidelity VIP Asset Manager 50% Portfolio. Effective April 30, 2025, the Fidelity VIP Asset Manager Growth Portfolio was renamed Fidelity VIP Asset Manager 70% Portfolio.

Each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. Separate Accounts are structured with a limited purpose by design and their sole purpose, which records and reports the invested funds and activities and performance chosen by contract/policy holders. Investment performance of the subaccounts may vary based on the underlying fund's investment objectives specified in the fund prospectuses. The chief operating decision maker (CODM) oversees the performance of the underlying funds to evaluate the results of the business and make operational decisions. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein.

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##### [**Table of Contents**](#toc)
**Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation** 

The financial statements of the Separate Account have been prepared on an accrual basis in accordance with U.S. generally accepted accounting principles ("GAAP"). The Separate Account is an investment company and follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946.

**Estimates** 

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of the financial statements. Actual results in the future could differ from management's estimates.

**Investments -** Investments in shares of the separate investment portfolios are stated at fair value. The determination of fair value is based on a three-tier hierarchy as follows:

---

| | |
|:---|:---|
| Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. |
| Level 2 | Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. |
| Level 3 | Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National Group's own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |

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Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the basis of identified cost. The difference between cost and fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments. Capital gain distributions and dividends from mutual funds are recorded and reinvested upon receipt.

**Fair Value Measurements -** A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair values for the shares of the separate investment portfolios are determined through a quoted market price from each respective portfolio, which meets the level one hierarchy definition. The net asset value for each share is equal to the quoted market price.

**Federal Taxes -** The operations of the Separate Account form part of, and are taxed with, the operations of the Sponsor. Under the Internal Revenue Code, all ordinary income and capital gains allocated to the contract owners are not taxed to the Sponsor. As a result, the unit values of the subaccounts are not affected by federal income taxes on distributions received by the subaccounts. Accordingly, no provision for income taxes is required in the accompanying financial statements.

The Sponsor records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (i) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position; and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

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##### [**Table of Contents**](#toc)
**Note 3 - SHARE PURCHASES AND SALES** 

For the year ended December 31, 2025, the aggregate cost of purchases (including reinvestment of dividend distributions and transfers between mutual fund portfolios) and proceeds from sales of investments in the mutual portfolios were as follows (in thousands):

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| | | |
|:---|:---|:---|
| <br>**Sub-account** | $nan<br>**Purchases** | $nan<br>**Sales** |
| &nbsp;&nbsp; Alger Balanced Portfolio - Class I-2 | $34 | $11 |
| &nbsp;&nbsp; Alger Capital Appreciation Portfolio - Class I-2 | 43 | 142 |
| &nbsp;&nbsp; Alger Growth & Income Portfolio - Class I-2 | 16 | 7 |
| &nbsp;&nbsp; Alger Large Cap Growth Portfolio - Class I-2 | 32 | 67 |
| &nbsp;&nbsp; Alger Mid Cap Growth Portfolio - Class I-2 | 21 | 61 |
| &nbsp;&nbsp; Alger Small Cap Growth Portfolio - Class I-2 | 31 | 27 |
| &nbsp;&nbsp; Federated Hermes Fund for U.S. Government Securities II | 70 | 17 |
| &nbsp;&nbsp; Federated Hermes High Income Bond Fund II - Primary Shares | 64 | 96 |
| &nbsp;&nbsp; Federated Hermes Kaufmann Fund II - Primary Shares | 18 | 20 |
| &nbsp;&nbsp; Federated Hermes Managed Volatility Fund II - Primary Shares | 16 | 19 |
| &nbsp;&nbsp; Federated Hermes Quality Bond Fund II - Primary Shares | 10 | 23 |
| &nbsp;&nbsp; Fidelity VIP Asset Manager 70% Portfolio - Initial Class |  | 218 |
| &nbsp;&nbsp; Fidelity VIP Asset Manager 50% Portfolio - Initial Class |  | 15 |
| &nbsp;&nbsp; Fidelity VIP Asset Manager 50% Portfolio - Service Class 2 |  |  |
| &nbsp;&nbsp; Fidelity VIP Balanced Portfolio - Initial Class |  | 18 |
| &nbsp;&nbsp; Fidelity VIP Contrafund Portfolio - Initial Class | 5 | 735 |
| &nbsp;&nbsp; Fidelity VIP Contrafund Portfolio - Service Class 2 | 51 | 132 |
| &nbsp;&nbsp; Fidelity VIP Equity-Income Portfolio - Initial Class | 1 | 136 |
| &nbsp;&nbsp; Fidelity VIP Equity-Income Portfolio - Service Class 2 | 31 | 63 |
| &nbsp;&nbsp; Fidelity VIP Government Money Market Portfolio - Initial Class | 2 | 88 |
| &nbsp;&nbsp; Fidelity VIP Government Money Market Portfolio - Service Class 2 | 807 | 289 |
| &nbsp;&nbsp; Fidelity VIP Growth - Initial Class | 2 | 215 |
| &nbsp;&nbsp; Fidelity VIP Growth and Income - Initial Class |  |  |
| &nbsp;&nbsp; Fidelity VIP Growth and Income - Service Class 2 | 49 | 61 |
| &nbsp;&nbsp; Fidelity VIP Growth Opportunities Portfolio - Initial Class | 2 | 144 |
| &nbsp;&nbsp; Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | 61 | 133 |
| &nbsp;&nbsp; Fidelity VIP High Income - Initial Class | 1 | 49 |
| &nbsp;&nbsp; Fidelity VIP Index 500 Portfolio - Initial Class | 44 | 954 |
| &nbsp;&nbsp; Fidelity VIP Index 500 Portfolio - Service Class 2 | 174 | 744 |
| &nbsp;&nbsp; Fidelity VIP Investment Grade Bond Portfolio - Initial Class |  | (1) |
| &nbsp;&nbsp; Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 70 | 7 |
| &nbsp;&nbsp; Fidelity VIP Mid Cap Portfolio - Initial Class | 3 | 347 |
| &nbsp;&nbsp; Fidelity VIP Mid Cap Portfolio - Service Class 2 | 87 | 185 |
| &nbsp;&nbsp; Fidelity VIP Overseas Portfolio - Initial Class | 1 | (1) |
| &nbsp;&nbsp; Fidelity VIP Value Portfolio - Service Class 2 | 5 | 19 |
| &nbsp;&nbsp; Fidelity VIP Value Strategies - Service Class 2 | 17 | 30 |
| &nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund - Series I |  | (1) |
| &nbsp;&nbsp; Invesco V.I. Diversified Dividend Fund - Series I | 11 | 27 |
| &nbsp;&nbsp; Invesco V.I. Equity and Income Fund - Series I | 11 | 14 |
| &nbsp;&nbsp; Invesco V.I. Global Real Estate Fund - Series I | 22 | 33 |
| &nbsp;&nbsp; Invesco V.I. Health Care Fund - Series I | 15 | 3 |
| &nbsp;&nbsp; Invesco V.I. Small Cap Equity Fund - Series I | 5 | 5 |
| &nbsp;&nbsp; Invesco V.I. Technology Fund - Series I | 2 | 58 |
| &nbsp;&nbsp; Lazard Retirement Emerging Markets Portfolio |  | 20 |
| &nbsp;&nbsp; Lazard Retirement Small-Mid Cap Portfolio | 7 | 28 |
| &nbsp;&nbsp; MFS Core Equity Portfolio - Initial Class | 8 | 26 |
| &nbsp;&nbsp; MFS Growth Series - Initial Class | 49 | 127 |
| &nbsp;&nbsp; MFS Investors Trust Series - Initial Class | 8 | 35 |
| &nbsp;&nbsp; MFS Research Series - Initial Class | 1 | 5 |
| T. Rowe Price Equity Income Portfolio | 47 | 292 |
| T. Rowe Price International Stock Portfolio | 48 | 136 |
| T. Rowe Price Limited-Term Bond Portfolio | 55 | 18 |
| T. Rowe Price Mid-Cap Growth Portfolio | 21 | 291 |
| &nbsp;&nbsp; VanEck VIP Emerging Markets Fund - Initial Class |  | 27 |
| &nbsp;&nbsp; VanEck VIP Global Resources Fund - Initial Class |  | 5 |
| &nbsp;&nbsp; **Total** | $**2081** | $**6216** |

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**Note 4 - POLICY CHARGES AND DEDUCTIONS** 

The following policy charges are deducted by the Sponsor from the Separate Account, and are considered to be related party transactions.

**Mortality and Expense Risk Charges -** Mortality risk and expense risk charges are assessed daily against the Separate Account net assets. This fee was assessed during 2025 on policies in both the accumulation period and the annuity period, and varied by product as follows:

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| | |
|:---|:---|
|  WealthQuest Variable Annuity II | 1.15% |
|  Investrac Gold Variable Annuity | 1.25% |
|  Group Unallocated Variable Annuity | 0.35% |
|  WealthQuest III Variable Annuity | 1.10% (with No Riders, accumulation period) |
|  WealthQuest III Variable Annuity | 1.15% (with No Riders, annuity period) |
|  WealthQuest III Variable Annuity | 1.20% (with Minimum Guaranteed. Death Benefit Rider, 6 year Ratchet) |
|  WealthQuest III Variable Annuity | 1.30% (3% Guaranteed Death Benefit Rider) |
|  WealthQuest III Variable Annuity | 1.45% (5% Guaranteed Death Benefit Rider) |

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**Administrative Charges -** The Sponsor's administrative charges consist of an annual contract fee and a daily administrative asset fee. The annual contract fee ranges between $0 and $35 and is generally waived for those contract values greater than $50,000. At the time of full surrender, the annual contract fee will be deducted on a pro rata basis. The administrative asset fee ranges between 0.10% and 0.90% annually for all contracts. These charges are deducted through redemption of units of interest from applicable contract owners' accounts. The Group Unallocated Variable Annuity annual administration fees based on total contract value are as follows:

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| | |
|:---|:---|
| $0 - 500000 | 0.90% |
| $500001 - 1000000 | 0.70% |
| $1000001 - 3000000 | 0.50% |
| $3000001 - 5000000 | 0.25% |
|  $5,000,001 and above | —% |

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The administrative charges are imposed directly and charged directly to the contract owner accounts through the redemption of units.

**Surrender Charge -** On withdrawals of that portion of the accumulation value representing purchase payments, a surrender charge is imposed based upon the number of contract years from date of issue. The surrender charge ranges from a maximum of 7% to 0% depending upon the product and year of withdrawal. The surrender charge is imposed directly to the contract owner accounts through the redemption of units.

**Transfer Charge -** A range between $0 and $10 transfer charge is imposed after the first twelve transfers in any one policy year for transfers made among the subaccounts. The transfer charge is imposed directly to the contract owner accounts through the redemption of units.

**Premium Charge -** Premium taxes for certain jurisdictions are deducted from premiums paid based on state of residence. The Sponsor's current practice is to deduct any state imposed premium tax from purchase payments. If a state only imposes premium taxes upon annuitization, the Sponsor will deduct these taxes from the contract value upon annuitization. The premium charge is imposed directly to the contract owner accounts through the redemption of units.

**New Accounting Pronouncements Issued but Not Yet Effective** - All new accounting standards and updates of existing standards issued but not yet effective as of December 31, 2025 were considered and did not relate to accounting policies and procedures pertinent to the Separate Account at this time or were not expected to have a material impact to the financial statements.

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**Note 5 - FINANCIAL HIGHLIGHTS** 

The Sponsor sells a number of variable annuity products having unique combinations of features and fees that are charged against the policyholder's account balance (see Note 4). Differences in fee structures result in a variety of expense ratios and total returns. The unit value, the expense ratio and the total returns are presented for the product with the lowest and highest expense ratio:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Units<sup>4</sup>**<br> **(000s)** | **Unit Value**<br> **Lowest to Highest($)** | **Net Assets** <br>**(000s)($)** | **Investment<sup>1</sup>**<br> **Income Ratio** | **Expense Ratio<sup>2</sup>**<br> **Lowest to Highest** | **Total Return<sup>3</sup>**<br> **Lowest to Highest** |
|  **Alger Balanced Portfolio - Class I-2** | **Alger Balanced Portfolio - Class I-2** | **Alger Balanced Portfolio - Class I-2** | **Alger Balanced Portfolio - Class I-2** | **Alger Balanced Portfolio - Class I-2** | **Alger Balanced Portfolio - Class I-2** |  |  |
|  December 31, | 2025 | 199 | 3.04 to 4.04 | 724 | 2.91 | 1.20 to 1.55 | 14.29 to 14.84 |
|  December 31, | 2024 | 193 | 2.66 to 2.83 | 607 | 0.21 | 1.20 to 1.55 | 15.15 to 15.51 |
|  December 31, | 2023 | 170 | 2.31 to 2.45 | 456 | 1.86 | 1.20 to 1.55 | 15.50 to 16.11 |
|  December 31, | 2022 | 170 | 2.00 to 2.11 | 388 | 5.77 | 1.20 to 1.55 | (12.81) to (12.66) |
|  December 31, | 2021 | 196 | 2.29 to 2.42 | 503 | 3.69 | 1.20 to 1.55 | 16.24 to 16.91 |
|  **Alger Capital Appreciation Portfolio - Class I-2** | **Alger Capital Appreciation Portfolio - Class I-2** | **Alger Capital Appreciation Portfolio - Class I-2** | **Alger Capital Appreciation Portfolio - Class I-2** | **Alger Capital Appreciation Portfolio - Class I-2** | **Alger Capital Appreciation Portfolio - Class I-2** |  |  |
|  December 31, | 2025 | 171 | 7.69 to 10.21 | 1610 |  | 1.20 to 1.55 | 31.01 to 31.20 |
|  December 31, | 2024 | 185 | 5.87 to 6.25 | 1315 |  | 1.20 to 1.55 | 45.66 to 46.35 |
|  December 31, | 2023 | 218 | 4.03 to 4.27 | 1032 |  | 1.20 to 1.55 | 40.91 to 41.39 |
|  December 31, | 2022 | 234 | 2.86 to 3.02 | 776 | 7.12 | 1.20 to 1.55 | (37.47) to (37.42) |
|  December 31, | 2021 | 311 | 4.57 to 4.83 | 1659 | 21.32 | 1.20 to 1.55 | 17.18 to 17.52 |
|  **Alger Growth & Income Portfolio - Class I-2** | **Alger Growth & Income Portfolio - Class I-2** | **Alger Growth & Income Portfolio - Class I-2** | **Alger Growth & Income Portfolio - Class I-2** | **Alger Growth & Income Portfolio - Class I-2** | **Alger Growth & Income Portfolio - Class I-2** |  |  |
|  December 31, | 2025 | 140 | 4.46 to 5.41 | 670 | 1.57 | 1.20 to 1.25 | 19.57 to 20.49 |
|  December 31, | 2024 | 138 | 3.73 to 4.49 | 551 | 0.96 | 1.20 to 1.55 | 21.10 to 22.01 |
|  December 31, | 2023 | 141 | 2.83 to 3.08 | 462 | 4.55 | 1.20 to 1.55 | 21.98 to 22.22 |
|  December 31, | 2022 | 148 | 2.32 to 2.52 | 394 | 8.26 | 1.20 to 1.55 | (16.55) to (15.72) |
|  December 31, | 2021 | 169 | 2.78 to 2.99 | 531 | 8.75 | 1.20 to 1.55 | 29.30 to 29.44 |
|  **Alger Large Cap Growth Portfolio - Class I-2** | **Alger Large Cap Growth Portfolio - Class I-2** | **Alger Large Cap Growth Portfolio - Class I-2** | **Alger Large Cap Growth Portfolio - Class I-2** | **Alger Large Cap Growth Portfolio - Class I-2** | **Alger Large Cap Growth Portfolio - Class I-2** |  |  |
|  December 31, | 2025 | 251 | 5.12 to 6.37 | 1336 |  | 1.20 to 1.25 | 28.64 to 29.74 |
|  December 31, | 2024 | 257 | 3.98 to 4.91 | 1064 |  | 1.20 to 1.25 | 41.13 to 42.32 |
|  December 31, | 2023 | 266 | 2.82 to 3.45 | 778 |  | 1.20 to 1.25 | 31.16 to 32.18 |
|  December 31, | 2022 | 305 | 2.15 to 2.61 | 677 | 4.97 | 1.20 to 1.25 | (39.61) to (38.88) |
|  December 31, | 2021 | 308 | 3.56 to 4.27 | 1130 | 22.73 | 1.20 to 1.25 | 10.56 to 11.49 |
|  **Alger Mid Cap Growth Portfolio - Class I-2** | **Alger Mid Cap Growth Portfolio - Class I-2** | **Alger Mid Cap Growth Portfolio - Class I-2** | **Alger Mid Cap Growth Portfolio - Class I-2** | **Alger Mid Cap Growth Portfolio - Class I-2** | **Alger Mid Cap Growth Portfolio - Class I-2** |  |  |
|  December 31, | 2025 | 96 | 4.23 to 5.27 | 475 |  | 1.20 to 1.25 | 15.26 to 16.34 |
|  December 31, | 2024 | 106 | 3.67 to 4.53 | 445 |  | 1.20 to 1.55 | 19.37 to 20.80 |
|  December 31, | 2023 | 181 | 2.89 to 3.07 | 594 |  | 1.20 to 1.55 | 20.92 to 21.34 |
|  December 31, | 2022 | 243 | 2.39 to 2.53 | 642 | 3.05 | 1.20 to 1.55 | (36.94) to (36.75) |
|  December 31, | 2021 | 278 | 3.79 to 4.00 | 1160 | 33.02 | 1.20 to 1.55 | 2.43 to 2.83 |
|  **Alger Small Cap Growth Portfolio - Class I-2** | **Alger Small Cap Growth Portfolio - Class I-2** | **Alger Small Cap Growth Portfolio - Class I-2** | **Alger Small Cap Growth Portfolio - Class I-2** | **Alger Small Cap Growth Portfolio - Class I-2** | **Alger Small Cap Growth Portfolio - Class I-2** |  |  |
|  December 31, | 2025 | 158 | 2.83 to 3.52 | 528 |  | 1.20 to 1.25 | 4.43 to 5.39 |
|  December 31, | 2024 | 157 | 2.71 to 3.34 | 495 | 0.43 | 1.20 to 1.55 | 6.54 to 7.74 |
|  December 31, | 2023 | 175 | 2.39 to 2.54 | 483 |  | 1.20 to 1.55 | 14.90 to 14.93 |
|  December 31, | 2022 | 176 | 2.08 to 2.21 | 419 | 19.10 | 1.20 to 1.55 | (39.00) to (38.61) |
|  December 31, | 2021 | 172 | 3.41 to 3.60 | 672 | 30.28 | 1.20 to 1.55 | (7.59) to (7.46) |
|  **Federated Hermes Fund for U.S. Government Securities II** | **Federated Hermes Fund for U.S. Government Securities II** | **Federated Hermes Fund for U.S. Government Securities II** | **Federated Hermes Fund for U.S. Government Securities II** | **Federated Hermes Fund for U.S. Government Securities II** | **Federated Hermes Fund for U.S. Government Securities II** |  |  |
|  December 31, | 2025 | 284 | 1.26 to 1.67 | 434 | 3.59 | 1.20 to 1.25 | 5.70 to 5.88 |
|  December 31, | 2024 | 246 | 1.19 to 1.58 | 357 | 3.45 | 1.20 to 1.25 | (0.83) to 0.71 |
|  December 31, | 2023 | 220 | 1.18 to 1.59 | 319 | 2.48 | 1.20 to 1.25 | 2.58 to 3.51 |
|  December 31, | 2022 | 216 | 1.14 to 1.55 | 302 | 1.91 | 1.20 to 1.25 | (13.64) to (13.41) |
|  December 31, | 2021 | 210 | 1.32 to 1.79 | 338 | 2.63 | 1.20 to 1.25 | (3.65) to (3.24) |
|  **Federated Hermes High Income Bond Fund II - Primary Shares** | **Federated Hermes High Income Bond Fund II - Primary Shares** | **Federated Hermes High Income Bond Fund II - Primary Shares** | **Federated Hermes High Income Bond Fund II - Primary Shares** | **Federated Hermes High Income Bond Fund II - Primary Shares** | **Federated Hermes High Income Bond Fund II - Primary Shares** |  |  |
|  December 31, | 2025 | 315 | 3.12 to 3.89 | 1117 | 5.85 | 1.20 to 1.25 | 6.85 to 7.76 |
|  December 31, | 2024 | 327 | 2.92 to 3.61 | 1070 | 5.38 | 1.20 to 1.55 | 4.66 to 6.18 |
|  December 31, | 2023 | 323 | 2.63 to 2.79 | 987 | 5.99 | 1.20 to 1.55 | 10.97 to 11.60 |
|  December 31, | 2022 | 347 | 2.37 to 2.50 | 936 | 5.50 | 1.20 to 1.55 | (13.19) to (12.87) |
|  December 31, | 2021 | 358 | 2.72 to 2.88 | 1102 | 4.75 | 1.20 to 1.55 | 3.03 to 3.60 |

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##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Units<sup>4</sup>**<br> **(000s)** | **Unit Value**<br> **Lowest to Highest($)** | **Net Assets** <br>**(000s)($)** | **Investment<sup>1</sup>**<br> **Income Ratio** | **Expense Ratio<sup>2</sup>**<br> **Lowest to Highest** | **Total Return<sup>3</sup>**<br> **Lowest to Highest** |
|  **Federated Hermes Kaufmann Fund II - Primary Shares** | **Federated Hermes Kaufmann Fund II - Primary Shares** | **Federated Hermes Kaufmann Fund II - Primary Shares** | **Federated Hermes Kaufmann Fund II - Primary Shares** | **Federated Hermes Kaufmann Fund II - Primary Shares** | **Federated Hermes Kaufmann Fund II - Primary Shares** |  |  |
|  December 31, | 2025 | 57 | 4.98 to 5.93 | 314 |  | 1.20 to 1.25 | 10.18 to 11.05 |
|  December 31, | 2024 | 58 | 4.52 to 5.34 | 284 | 3.85 | 1.20 to 1.25 | 15.90 to 16.59 |
|  December 31, | 2023 | 74 | 3.90 to 4.58 | 310 |  | 1.20 to 1.25 | 13.70 to 14.79 |
|  December 31, | 2022 | 73 | 3.43 to 3.99 | 264 | 13.68 | 1.20 to 1.25 | (30.85) to (30.24) |
|  December 31, | 2021 | 91 | 4.96 to 5.72 | 489 | 6.42 | 1.20 to 1.25 | 1.22 to 2.14 |
|  **Federated Hermes Managed Volatility Fund II - Primary Shares** | **Federated Hermes Managed Volatility Fund II - Primary Shares** | **Federated Hermes Managed Volatility Fund II - Primary Shares** | **Federated Hermes Managed Volatility Fund II - Primary Shares** | **Federated Hermes Managed Volatility Fund II - Primary Shares** | **Federated Hermes Managed Volatility Fund II - Primary Shares** |  |  |
|  December 31, | 2025 | 102 | 2.39 to 2.97 | 274 | 0.75 | 1.20 to 1.25 | 5.75 to 6.45 |
|  December 31, | 2024 | 103 | 2.26 to 2.79 | 260 | 2.32 | 1.20 to 1.25 | 14.14 to 15.29 |
|  December 31, | 2023 | 145 | 1.98 to 2.42 | 325 | 1.85 | 1.20 to 1.25 | 7.03 to 8.52 |
|  December 31, | 2022 | 146 | 1.85 to 2.23 | 302 | 26.87 | 1.20 to 1.25 | (14.75) to (14.23) |
|  December 31, | 2021 | 171 | 2.17 to 2.60 | 415 | 1.60 | 1.20 to 1.25 | 17.30 to 18.18 |
|  **Federated Hermes Quality Bond Fund II - Primary Shares** | **Federated Hermes Quality Bond Fund II - Primary Shares** | **Federated Hermes Quality Bond Fund II - Primary Shares** | **Federated Hermes Quality Bond Fund II - Primary Shares** | **Federated Hermes Quality Bond Fund II - Primary Shares** | **Federated Hermes Quality Bond Fund II - Primary Shares** |  |  |
|  December 31, | 2025 | 55 | 1.54 to 1.62 | 91 | 3.26 | 1.20 to 1.55 | 5.19 to 5.48 |
|  December 31, | 2024 | 62 | 1.46 to 1.54 | 99 | 2.96 | 1.20 to 1.55 | 2.10 to 2.61 |
|  December 31, | 2023 | 63 | 1.43 to 1.50 | 97 | 2.60 | 1.20 to 1.55 | 4.38 to 4.90 |
|  December 31, | 2022 | 63 | 1.37 to 1.43 | 92 | 4.31 | 1.20 to 1.55 | (10.63) to (10.46) |
|  December 31, | 2021 | 91 | 1.53 to 1.60 | 151 | 3.84 | 1.20 to 1.55 | (3.16) to (2.44) |
|  **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 49 | 3.67 to 5.26 | 208 | 1.32 | 1.25 | 16.51 to 16.63 |
|  December 31, | 2024 | 111 | 3.15 to 4.51 | 389 | 2.99 | 1.25 | 9.20 to 9.76 |
|  December 31, | 2023 | 116 | 2.87 to 4.13 | 368 | 1.83 | 1.25 to 1.40 | 14.72 to 14.80 |
|  December 31, | 2022 | 118 | 2.50 to 3.60 | 330 | 8.41 | 1.25 to 1.40 | (18.03) to (18.00) |
|  December 31, | 2021 | 125 | 3.05 to 4.39 | 430 | 2.80 | 1.25 to 1.40 | 12.55 to 12.56 |
|  **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 38 | 3.41 to 4.99 | 141 | 2.39 | 1.25 | 13.29 to 13.41 |
|  December 31, | 2024 | 42 | 3.01 to 4.40 | 138 | 3.07 | 1.25 | 7.06 to 7.50 |
|  December 31, | 2023 | 49 | 2.80 to 4.11 | 150 | 3.44 | 1.25 to 1.40 | 11.38 to 11.55 |
|  December 31, | 2022 | 51 | 2.51 to 3.69 | 141 | 9.73 | 1.25 to 1.40 | (16.14) to (16.05) |
|  December 31, | 2021 | 63 | 2.99 to 4.40 | 210 | 1.43 | 1.25 to 1.40 | 8.33 to 8.37 |
|  **Fidelity VIP Asset Manager 50% Portfolio - Service Class 2** | **Fidelity VIP Asset Manager 50% Portfolio - Service Class 2** | **Fidelity VIP Asset Manager 50% Portfolio - Service Class 2** | **Fidelity VIP Asset Manager 50% Portfolio - Service Class 2** | **Fidelity VIP Asset Manager 50% Portfolio - Service Class 2** | **Fidelity VIP Asset Manager 50% Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 |  | 3.20 |  | 2.48 | 1.25 | 14.29 |
|  December 31, | 2024 |  | 2.80 |  | 3.02 | 1.25 | 7.69 |
|  December 31, | 2023 |  | 2.60 |  | 3.32 | 1.25 | 11.59 |
|  December 31, | 2022 |  | 2.33 |  | 8.71 | 1.25 | (15.27) |
|  December 31, | 2021 |  | 2.75 |  | 2.01 | 1.25 | 9.56 |
|  **Fidelity VIP Balanced Portfolio - Initial Class** | **Fidelity VIP Balanced Portfolio - Initial Class** | **Fidelity VIP Balanced Portfolio - Initial Class** | **Fidelity VIP Balanced Portfolio - Initial Class** | **Fidelity VIP Balanced Portfolio - Initial Class** | **Fidelity VIP Balanced Portfolio - Initial Class** |  |  |
|  December 31, | 2025 |  |  |  | 1.05 |  |  |
|  December 31, | 2024 | 5 | 3.84 | 19 | 4.92 | 1.25 | 14.29 |
|  December 31, | 2023 | 5 | 3.36 | 18 | 5.26 | 1.25 | 20.00 |
|  December 31, | 2022 | 5 | 2.80 | 15 | 7.21 | 1.25 | (19.08) |
|  December 31, | 2021 | 6 | 3.46 | 20 | 8.04 | 1.25 | 16.50 |
|  **Fidelity VIP Contrafund Portfolio - Initial Class** | **Fidelity VIP Contrafund Portfolio - Initial Class** | **Fidelity VIP Contrafund Portfolio - Initial Class** | **Fidelity VIP Contrafund Portfolio - Initial Class** | **Fidelity VIP Contrafund Portfolio - Initial Class** | **Fidelity VIP Contrafund Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 197 | 11.96 to 20.36 | 2827 | 0.13 | 1.25 | 19.76 to 19.96 |
|  December 31, | 2024 | 247 | 9.97 to 17.00 | 3037 | 12.17 | 1.25 | 31.99 to 32.05 |
|  December 31, | 2023 | 271 | 7.55 to 12.88 | 2514 | 4.01 | 1.25 to 1.40 | 31.56 to 31.99 |
|  December 31, | 2022 | 305 | 5.72 to 9.79 | 2126 | 5.20 | 1.25 to 1.40 | (27.32) |
|  December 31, | 2021 | 323 | 7.87 to 13.47 | 3151 | 11.93 | 1.25 to 1.40 | 26.01 to 26.32 |
|  **Fidelity VIP Contrafund Portfolio - Service Class 2** | **Fidelity VIP Contrafund Portfolio - Service Class 2** | **Fidelity VIP Contrafund Portfolio - Service Class 2** | **Fidelity VIP Contrafund Portfolio - Service Class 2** | **Fidelity VIP Contrafund Portfolio - Service Class 2** | **Fidelity VIP Contrafund Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 493 | 7.33 to 7.82 | 4165 |  | 1.20 to 1.55 | 19.38 to 19.57 |
|  December 31, | 2024 | 504 | 6.14 to 6.54 | 3541 | 12.03 | 1.20 to 1.55 | 31.20 to 31.85 |
|  December 31, | 2023 | 577 | 4.68 to 4.96 | 3063 | 3.92 | 1.20 to 1.55 | 31.09 to 31.22 |
|  December 31, | 2022 | 655 | 3.57 to 3.78 | 2628 | 5.15 | 1.20 to 1.55 | (27.59) to (27.31) |
|  December 31, | 2021 | 691 | 4.93 to 5.20 | 3822 | 12.54 | 1.20 to 1.55 | 25.45 to 25.60 |

---

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

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

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Units<sup>4</sup>**<br> **(000s)** | **Unit Value**<br> **Lowest to Highest($)** | **Net Assets** <br>**(000s)($)** | **Investment<sup>1</sup>**<br> **Income Ratio** | **Expense Ratio<sup>2</sup>**<br> **Lowest to Highest** | **Total Return<sup>3</sup>**<br> **Lowest to Highest** |
|  **Fidelity VIP Equity-Income Portfolio - Initial Class** | **Fidelity VIP Equity-Income Portfolio - Initial Class** | **Fidelity VIP Equity-Income Portfolio - Initial Class** | **Fidelity VIP Equity-Income Portfolio - Initial Class** | **Fidelity VIP Equity-Income Portfolio - Initial Class** | **Fidelity VIP Equity-Income Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 43 | 9.82 | 418 | 1.54 | 1.25 | 17.32 |
|  December 31, | 2024 | 57 | 8.37 | 477 | 7.54 | 1.25 | 13.72 |
|  December 31, | 2023 | 60 | 7.36 | 441 | 4.75 | 1.40 | 9.20 |
|  December 31, | 2022 | 70 | 6.74 | 469 | 5.13 | 1.40 | (6.26) |
|  December 31, | 2021 | 81 | 7.19 | 583 | 12.26 | 1.40 | 23.12 |
|  **Fidelity VIP Equity-Income Portfolio - Service Class 2** | **Fidelity VIP Equity-Income Portfolio - Service Class 2** | **Fidelity VIP Equity-Income Portfolio - Service Class 2** | **Fidelity VIP Equity-Income Portfolio - Service Class 2** | **Fidelity VIP Equity-Income Portfolio - Service Class 2** | **Fidelity VIP Equity-Income Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 75 | 3.79 to 4.08 | 335 | 1.58 | 1.20 to 1.55 | 16.62 to 17.24 |
|  December 31, | 2024 | 84 | 3.25 to 3.48 | 313 | 7.83 | 1.20 to 1.55 | 13.24 to 13.73 |
|  December 31, | 2023 | 83 | 2.87 to 3.06 | 268 | 4.97 | 1.20 to 1.55 | 8.71 to 9.29 |
|  December 31, | 2022 | 81 | 2.64 to 2.80 | 240 | 4.74 | 1.20 to 1.55 | (6.71) to (6.67) |
|  December 31, | 2021 | 166 | 2.83 to 2.95 | 508 | 12.92 | 1.20 to 1.55 | 23.04 to 23.43 |
|  **Fidelity VIP Government Money Market Portfolio - Initial Class** | **Fidelity VIP Government Money Market Portfolio - Initial Class** | **Fidelity VIP Government Money Market Portfolio - Initial Class** | **Fidelity VIP Government Money Market Portfolio - Initial Class** | **Fidelity VIP Government Money Market Portfolio - Initial Class** | **Fidelity VIP Government Money Market Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 307 | 1.41 | 433 | 4.07 | 1.25 | 2.92 |
|  December 31, | 2024 | 369 | 1.37 | 507 | 4.99 | 1.25 | 3.01 |
|  December 31, | 2023 | 396 | 1.33 | 525 | 4.78 | 1.40 | 3.91 |
|  December 31, | 2022 | 418 | 1.28 | 536 | 1.38 | 1.40 |  |
|  December 31, | 2021 | 466 | 1.28 | 597 | 0.01 | 1.40 | (1.54) |
|  **Fidelity VIP Government Money Market Portfolio - Service Class 2** | **Fidelity VIP Government Money Market Portfolio - Service Class 2** | **Fidelity VIP Government Money Market Portfolio - Service Class 2** | **Fidelity VIP Government Money Market Portfolio - Service Class 2** | **Fidelity VIP Government Money Market Portfolio - Service Class 2** | **Fidelity VIP Government Money Market Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 2649 | 0.94 to 0.98 | 2906 | 3.78 | 1.20 to 1.55 | 2.17 to 3.16 |
|  December 31, | 2024 | 2215 | 0.92 to 0.95 | 2314 | 4.73 | 1.20 to 1.55 | 3.26 to 3.37 |
|  December 31, | 2023 | 2365 | 0.89 to 0.92 | 2340 | 4.54 | 1.20 to 1.55 | 3.37 to 3.49 |
|  December 31, | 2022 | 2457 | 0.86 to 0.89 | 2315 | 1.25 | 1.20 to 1.55 | 0.00 to (1.15) |
|  December 31, | 2021 | 2741 | 0.87 to 0.89 | 2591 | 0.01 | 1.20 to 1.55 | (1.14) to (1.11) |
|  **Fidelity VIP Growth - Initial Class** | **Fidelity VIP Growth - Initial Class** | **Fidelity VIP Growth - Initial Class** | **Fidelity VIP Growth - Initial Class** | **Fidelity VIP Growth - Initial Class** | **Fidelity VIP Growth - Initial Class** |  |  |
|  December 31, | 2025 | 67 | 18.92 | 1260 | 0.28 | 1.25 | 13.29 |
|  December 31, | 2024 | 79 | 16.70 | 1320 | 22.41 | 1.25 | 28.56 |
|  December 31, | 2023 | 83 | 12.99 | 1073 | 4.79 | 1.40 | 34.33 |
|  December 31, | 2022 | 91 | 9.67 | 884 | 8.40 | 1.40 | (25.50) |
|  December 31, | 2021 | 103 | 12.98 | 1335 | 20.60 | 1.40 | 21.54 |
|  **Fidelity VIP Growth and Income - Initial Class** | **Fidelity VIP Growth and Income - Initial Class** | **Fidelity VIP Growth and Income - Initial Class** | **Fidelity VIP Growth and Income - Initial Class** | **Fidelity VIP Growth and Income - Initial Class** | **Fidelity VIP Growth and Income - Initial Class** |  |  |
|  December 31, | 2025 | 29 | 5.01 | 146 | 1.59 | 1.25 | 19.86 |
|  December 31, | 2024 | 29 | 4.18 | 122 | 8.23 | 1.25 | 20.46 |
|  December 31, | 2023 | 29 | 3.47 | 101 | 5.53 | 1.40 | 17.23 |
|  December 31, | 2022 | 29 | 2.96 | 86 | 3.10 | 1.40 | (6.33) |
|  December 31, | 2021 | 37 | 3.16 | 116 | 6.91 | 1.40 | 23.92 |
|  **Fidelity VIP Growth and Income - Service Class 2** | **Fidelity VIP Growth and Income - Service Class 2** | **Fidelity VIP Growth and Income - Service Class 2** | **Fidelity VIP Growth and Income - Service Class 2** | **Fidelity VIP Growth and Income - Service Class 2** | **Fidelity VIP Growth and Income - Service Class 2** |  |  |
|  December 31, | 2025 | 77 | 5.71 to 6.81 | 469 | 1.36 | 1.20 to 1.25 | 19.71 to 20.74 |
|  December 31, | 2024 | 79 | 4.77 to 5.64 | 401 | 7.40 | 1.20 to 1.25 | 20.45 to 21.55 |
|  December 31, | 2023 | 98 | 3.96 to 4.64 | 407 | 5.04 | 1.20 to 1.25 | 17.16 to 18.07 |
|  December 31, | 2022 | 120 | 3.38 to 3.93 | 421 | 3.55 | 1.20 to 1.25 | (6.37) to (5.53) |
|  December 31, | 2021 | 124 | 3.61 to 4.16 | 458 | 6.83 | 1.20 to 1.25 | 24.05 to 25.30 |
|  **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | **Fidelity VIP Growth Opportunities Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 97 | 10.18 | 991 |  | 1.25 | 20.47 |
|  December 31, | 2024 | 113 | 8.45 | 958 |  | 1.25 | 37.18 |
|  December 31, | 2023 | 117 | 6.16 | 722 |  | 1.25 | 43.93 |
|  December 31, | 2022 | 126 | 4.28 | 539 | 20.09 | 1.25 | (38.94) |
|  December 31, | 2021 | 132 | 7.01 | 926 | 9.18 | 1.25 | 10.39 |
|  **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 154 | 7.84 to 9.76 | 1255 |  | 1.20 to 1.25 | 20.06 to 21.24 |
|  December 31, | 2024 | 163 | 6.53 to 8.05 | 1104 |  | 1.20 to 1.25 | 36.81 to 38.08 |
|  December 31, | 2023 | 175 | 4.77 to 5.83 | 861 |  | 1.20 to 1.25 | 43.24 to 44.67 |
|  December 31, | 2022 | 203 | 3.33 to 4.03 | 709 | 20.07 | 1.20 to 1.25 | (39.12) to (38.47) |
|  December 31, | 2021 | 210 | 5.47 to 6.55 | 1214 | 9.09 | 1.20 to 1.25 | 10.28 to 11.21 |

---

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

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

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Units<sup>4</sup>**<br> **(000s)** | **Unit Value**<br> **Lowest to Highest($)** | **Net Assets** <br>**(000s)($)** | **Investment<sup>1</sup>**<br> **Income Ratio** | **Expense Ratio<sup>2</sup>**<br> **Lowest to Highest** | **Total Return<sup>3</sup>**<br> **Lowest to Highest** |
|  **Fidelity VIP High Income - Initial Class** | **Fidelity VIP High Income - Initial Class** | **Fidelity VIP High Income - Initial Class** | **Fidelity VIP High Income - Initial Class** | **Fidelity VIP High Income - Initial Class** | **Fidelity VIP High Income - Initial Class** |  |  |
|  December 31, | 2025 | 4 | 3.27 | 14 | 1.97 | 1.25 | 9 |
|  December 31, | 2024 | 157 | 3.00 | 58 | 6.19 | 1.25 | 7.53 |
|  December 31, | 2023 | 19 | 2.79 | 53 | 5.84 | 1.40 | (4.78) |
|  December 31, | 2022 | 19 | 2.56 | 48 | 5.18 | 1.40 | (12.63) |
|  December 31, | 2021 | 19 | 2.93 | 55 | 5.36 | 1.40 | 2.81 |
|  **Fidelity VIP Index 500 Portfolio - Initial Class** | **Fidelity VIP Index 500 Portfolio - Initial Class** | **Fidelity VIP Index 500 Portfolio - Initial Class** | **Fidelity VIP Index 500 Portfolio - Initial Class** | **Fidelity VIP Index 500 Portfolio - Initial Class** | **Fidelity VIP Index 500 Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 268 | 7.92 to 16.52 | 2947 | 1.06 | 1.25 | 16.09 to 16.30 |
|  December 31, | 2024 | 353 | 6.81 to 14.23 | 3393 | 1.43 | 1.25 | 23.20 to 23.37 |
|  December 31, | 2023 | 330 | 5.52 to 11.55 | 2658 | 2.43 | 1.25 to 1.40 | 24.46 to 24.60 |
|  December 31, | 2022 | 398 | 4.43 to 9.28 | 2611 | 2.22 | 1.25 to 1.40 | (19.37) to (19.16) |
|  December 31, | 2021 | 448 | 5.48 to 11.51 | 3583 | 1.95 | 1.25 to 1.40 | 26.76 to 26.85 |
|  **Fidelity VIP Index 500 Portfolio - Service Class 2** | **Fidelity VIP Index 500 Portfolio - Service Class 2** | **Fidelity VIP Index 500 Portfolio - Service Class 2** | **Fidelity VIP Index 500 Portfolio - Service Class 2** | **Fidelity VIP Index 500 Portfolio - Service Class 2** | **Fidelity VIP Index 500 Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 517 | 4.73 to 5.04 | 2905 | 0.84 | 1.20 to 1.55 | 15.65 to 15.86 |
|  December 31, | 2024 | 611 | 4.09 to 4.35 | 2987 | 1.16 | 1.20 to 1.55 | 22.82 to 23.20 |
|  December 31, | 2023 | 595 | 3.33 to 3.53 | 2323 | 2.21 | 1.20 to 1.55 | 23.79 to 24.30 |
|  December 31, | 2022 | 648 | 2.69 to 2.84 | 2015 | 2.00 | 1.20 to 1.55 | (19.70) to (19.55) |
|  December 31, | 2021 | 652 | 3.35 to 3.53 | 2499 | 1.77 | 1.20 to 1.55 | 26.42 to 26.52 |
|  **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 2 | 2.78 | 6 | 3.55 | 1.25 | 6.11 |
|  December 31, | 2024 | 2 | 2.62 | 5 | 3.47 | 1.25 |  |
|  December 31, | 2023 | 2 | 2.62 | 5 | 2.58 | 1.40 | 4.80 |
|  December 31, | 2022 | 2 | 2.50 | 5 | 7.66 | 1.40 | (14.09) |
|  December 31, | 2021 | 3 | 2.91 | 7 | 4.64 | 1.40 | (2.02) |
|  **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 595 | 1.49 to 1.81 | 1066 | 3.52 | 1.20 to 1.25 | 5.67 to 6.47 |
|  December 31, | 2024 | 558 | 1.41 to 1.70 | 939 | 3.24 | 1.20 to 1.25 | 0.00 to 1.19 |
|  December 31, | 2023 | 593 | 1.41 to 1.68 | 987 | 2.42 | 1.20 to 1.25 | 5.22 to 5.66 |
|  December 31, | 2022 | 643 | 1.34 to 1.59 | 996 | 7.50 | 1.20 to 1.25 | (14.65) to (13.59) |
|  December 31, | 2021 | 635 | 1.57 to 1.84 | 1138 | 4.61 | 1.20 to 1.25 | (1.88) to (1.08) |
|  **Fidelity VIP Mid Cap Portfolio - Initial Class** | **Fidelity VIP Mid Cap Portfolio - Initial Class** | **Fidelity VIP Mid Cap Portfolio - Initial Class** | **Fidelity VIP Mid Cap Portfolio - Initial Class** | **Fidelity VIP Mid Cap Portfolio - Initial Class** | **Fidelity VIP Mid Cap Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 38 | 11.51 | 433 | 0.39 | 1.25 | 10.14 |
|  December 31, | 2024 | 71 | 10.45 | 738 | 13.38 | 1.25 | 15.85 |
|  December 31, | 2023 | 71 | 9.02 | 644 | 3.39 | 1.40 | 13.46 |
|  December 31, | 2022 | 73 | 7.95 | 577 | 6.83 | 1.40 | (15.87) |
|  December 31, | 2021 | 79 | 9.45 | 749 | 16.69 | 1.40 | 23.85 |
|  **Fidelity VIP Mid Cap Portfolio - Service Class 2** | **Fidelity VIP Mid Cap Portfolio - Service Class 2** | **Fidelity VIP Mid Cap Portfolio - Service Class 2** | **Fidelity VIP Mid Cap Portfolio - Service Class 2** | **Fidelity VIP Mid Cap Portfolio - Service Class 2** | **Fidelity VIP Mid Cap Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 280 | 7.08 to 7.53 | 2311 | 0.25 | 1.20 to 1.55 | 9.77 to 10.09 |
|  December 31, | 2024 | 294 | 6.45 to 6.84 | 2188 | 13.68 | 1.20 to 1.55 | 15.38 to 15.54 |
|  December 31, | 2023 | 315 | 5.59 to 5.92 | 2006 | 3.18 | 1.20 to 1.55 | 13.16 to 13.41 |
|  December 31, | 2022 | 372 | 4.94 to 5.22 | 2064 | 7.08 | 1.20 to 1.55 | (16.27) to (16.08) |
|  December 31, | 2021 | 464 | 5.90 to 6.22 | 3066 | 16.76 | 1.20 to 1.55 | 23.43 to 23.66 |
|  **Fidelity VIP Overseas Portfolio - Initial Class** | **Fidelity VIP Overseas Portfolio - Initial Class** | **Fidelity VIP Overseas Portfolio - Initial Class** | **Fidelity VIP Overseas Portfolio - Initial Class** | **Fidelity VIP Overseas Portfolio - Initial Class** | **Fidelity VIP Overseas Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 25 | 4.08 | 101 | 1.63 | 1.25 | 18.95 |
|  December 31, | 2024 | 24 | 3.43 | 83 | 6.03 | 1.25 | 3.31 |
|  December 31, | 2023 | 32 | 3.32 | 107 | 1.20 | 1.40 | 19.00 |
|  December 31, | 2022 | 40 | 2.79 | 111 | 1.94 | 1.40 | (25.60) |
|  December 31, | 2021 | 43 | 3.75 | 163 | 7.47 | 1.40 | 18.30 |
|  **Fidelity VIP Value Portfolio - Service Class 2** | **Fidelity VIP Value Portfolio - Service Class 2** | **Fidelity VIP Value Portfolio - Service Class 2** | **Fidelity VIP Value Portfolio - Service Class 2** | **Fidelity VIP Value Portfolio - Service Class 2** | **Fidelity VIP Value Portfolio - Service Class 2** |  |  |
|  December 31, | 2025 | 34 | 4.33 to 5.16 | 157 | 1.23 | 1.20 to 1.25 | 9.62 to 10.49 |
|  December 31, | 2024 | 38 | 3.95 to 4.67 | 156 | 10.23 | 1.20 to 1.55 | 9.72 to 10.66 |
|  December 31, | 2023 | 55 | 3.37 to 3.60 | 203 | 2.33 | 1.20 to 1.55 | 17.42 to 18.03 |
|  December 31, | 2022 | 125 | 2.87 to 3.00 | 380 | 4.67 | 1.20 to 1.55 | (5.59) to (5.36) |
|  December 31, | 2021 | 152 | 3.04 to 3.17 | 492 | 12.36 | 1.20 to 1.55 | 27.73 to 27.82 |

---

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

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

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Units<sup>4</sup>**<br> **(000s)** | **Unit Value**<br> **Lowest to Highest($)** | **Net Assets** <br>**(000s)($)** | **Investment<sup>1</sup>**<br> **Income Ratio** | **Expense Ratio<sup>2</sup>**<br> **Lowest to Highest** | **Total Return<sup>3</sup>**<br> **Lowest to Highest** |
|  **Fidelity VIP Value Strategies - Service Class 2** | **Fidelity VIP Value Strategies - Service Class 2** | **Fidelity VIP Value Strategies - Service Class 2** | **Fidelity VIP Value Strategies - Service Class 2** | **Fidelity VIP Value Strategies - Service Class 2** | **Fidelity VIP Value Strategies - Service Class 2** |  |  |
|  December 31, | 2025 | 74 | 4.29 to 4.61 | 363 | 0.82 | 1.20 to 1.55 | 6.19 to 6.47 |
|  December 31, | 2024 | 77 | 4.04 to 4.33 | 355 | 14.99 | 1.20 to 1.55 | 7.45 to 7.71 |
|  December 31, | 2023 | 77 | 3.76 to 3.94 | 327 | 4.92 | 1.20 to 1.55 | 18.61 to 19.03 |
|  December 31, | 2022 | 75 | 3.17 to 3.31 | 267 | 5.47 | 1.20 to 1.55 | (8.65) to (8.56) |
|  December 31, | 2021 | 77 | 3.47 to 3.62 | 296 | 9.68 | 1.20 to 1.55 | 31.44 to 31.64 |
|  **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** |  |  |
|  December 31, | 2025 |  | 33.18 to 37.30 |  |  | 1.20 to 1.25 | 3.53 to 4.42 |
|  December 31, | 2024 |  | 32.05 to 35.72 | 4 |  | 1.20 to 1.25 | 22.75 to 23.77 |
|  December 31, | 2023 |  | 26.11 to 28.86 | 4 |  | 1.20 to 1.25 | 11.77 to 12.78 |
|  December 31, | 2022 | 1 | 23.36 to 25.59 | 12 | 5.02 | 1.20 to 1.25 | (31.80) to (31.23) |
|  December 31, | 2021 | 5 | 34.25 to 37.21 | 168 | 11.43 | 1.20 to 1.25 | 17.70 to 18.69 |
|  **Invesco V.I. Diversified Dividend Fund - Series I** | **Invesco V.I. Diversified Dividend Fund - Series I** | **Invesco V.I. Diversified Dividend Fund - Series I** | **Invesco V.I. Diversified Dividend Fund - Series I** | **Invesco V.I. Diversified Dividend Fund - Series I** | **Invesco V.I. Diversified Dividend Fund - Series I** |  |  |
|  December 31, | 2025 | 1 | 85.58 to 97.28 | 139 | 1.66 | 1.20 to 1.25 | 14.37 to 15.33 |
|  December 31, | 2024 | 2 | 74.83 to 84.35 | 137 | 5.43 | 1.20 to 1.25 | 11.85 to 12.83 |
|  December 31, | 2023 | 1 | 66.9 to 74.76 | 79 | 10.59 | 1.20 to 1.25 | 7.75 to 8.66 |
|  December 31, | 2022 | 1 | 62.09 to 68.80 | 78 | 13.92 | 1.20 to 1.25 | (2.85) to (2.02) |
|  December 31, | 2021 | 1 | 63.91 to 70.22 | 82 | 1.89 | 1.20 to 1.55 | 17.48 to 18.47 |
|  **Invesco V.I. Equity and Income Fund - Series I\*** | **Invesco V.I. Equity and Income Fund - Series I\*** | **Invesco V.I. Equity and Income Fund - Series I\*** | **Invesco V.I. Equity and Income Fund - Series I\*** | **Invesco V.I. Equity and Income Fund - Series I\*** | **Invesco V.I. Equity and Income Fund - Series I\*** |  |  |
|  December 31, | 2025 | 58 | 2.60 to 3.23 | 171 | 2.14 | 1.20 to 1.25 | 11.59 to 12.54 |
|  December 31, | 2024 | 61 | 2.33 to 2.87 | 157 | 4.71 | 1.20 to 1.55 | 10.43 to 11.67 |
|  December 31, | 2023 | 83 | 1.99 to 2.11 | 187 | 7.41 | 1.20 to 1.55 | 8.74 to 9.33 |
|  December 31, | 2022 | 83 | 1.83 to 1.93 | 170 | 14.25 | 1.20 to 1.55 | (8.96) |
|  December 31, | 2021 | 89 | 2.01 to 2.12 | 201 | 2.81 | 1.20 to 1.55 |  |
|  **Invesco V.I. Global Real Estate Fund - Series I** | **Invesco V.I. Global Real Estate Fund - Series I** | **Invesco V.I. Global Real Estate Fund - Series I** | **Invesco V.I. Global Real Estate Fund - Series I** | **Invesco V.I. Global Real Estate Fund - Series I** | **Invesco V.I. Global Real Estate Fund - Series I** |  |  |
|  December 31, | 2025 | 79 | 3.32 to 3.53 | 298 | 1.98 | 1.20 to 1.25 | 6.33 to 6.41 |
|  December 31, | 2024 | 83 | 3.12 to 3.32 | 289 | 2.50 | 1.20 to 1.55 | 2.92 to 3.41 |
|  December 31, | 2023 | 66 | 3.23 to 3.42 | 230 | 1.49 | 1.20 to 1.55 | 7.31 to 7.55 |
|  December 31, | 2022 | 69 | 3.01 to 3.18 | 223 | 2.17 | 1.20 to 1.55 | (26.04) to (25.87) |
|  December 31, | 2021 | 101 | 4.07 to 4.29 | 462 | 2.60 | 1.20 to 1.55 | 23.71 to 23.99 |
|  **Invesco V.I. Health Care Fund - Series I** | **Invesco V.I. Health Care Fund - Series I** | **Invesco V.I. Health Care Fund - Series I** | **Invesco V.I. Health Care Fund - Series I** | **Invesco V.I. Health Care Fund - Series I** | **Invesco V.I. Health Care Fund - Series I** |  |  |
|  December 31, | 2025 | 35 | 4.01 to 4.87 | 167 | 0.00 | 1.20 to 1.55 | 13.92 to 14.86 |
|  December 31, | 2024 | 32 | 3.52 to 4.24 | 134 |  | 1.20 to 1.55 | 2.92 to 3.92 |
|  December 31, | 2023 | 25 | 3.16 to 3.42 | 97 |  | 1.20 to 1.55 | 1.61 to 1.79 |
|  December 31, | 2022 | 26 | 3.11 to 3.36 | 95 | 10.69 | 1.20 to 1.55 | (14.79) to (14.29) |
|  December 31, | 2021 | 40 | 3.65 to 3.92 | 172 | 11.20 | 1.20 to 1.55 | 10.61 to 10.73 |
|  **Invesco V.I. Small Cap Equity Fund - Series I** | **Invesco V.I. Small Cap Equity Fund - Series I** | **Invesco V.I. Small Cap Equity Fund - Series I** | **Invesco V.I. Small Cap Equity Fund - Series I** | **Invesco V.I. Small Cap Equity Fund - Series I** | **Invesco V.I. Small Cap Equity Fund - Series I** |  |  |
|  December 31, | 2025 | 13 | 3.55 to 4.30 | 51 |  | 1.20 to 1.25 | 6.93 to 7.77 |
|  December 31, | 2024 | 13 | 3.32 to 3.99 | 47 | 3.35 | 1.20 to 1.25 | 16.49 to 17.70 |
|  December 31, | 2023 | 30 | 2.85 to 3.39 | 89 | 1.47 | 1.20 to 1.25 | 15.38 to 16.10 |
|  December 31, | 2022 | 54 | 2.47 to 2.92 | 136 | 15.92 | 1.20 to 1.25 | (21.59) to (20.87) |
|  December 31, | 2021 | 68 | 3.15 to 3.69 | 225 | 5.40 | 1.20 to 1.25 | 19.32 to 20.20 |
|  **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** | **Invesco V.I. Technology Fund - Series I** |  |  |
|  December 31, | 2025 | 55 | 3.74 to 4.53 | 212 |  | 1.20 to 1.25 | 19.11 to 19.84 |
|  December 31, | 2024 | 69 | 3.14 to 3.78 | 231 | 4.55 | 1.20 to 1.25 | 32.49 to 34.04 |
|  December 31, | 2023 | 84 | 2.37 to 2.82 | 213 |  | 1.20 to 1.25 | 45.40 to 46.11 |
|  December 31, | 2022 | 89 | 1.63 to 1.93 | 154 | 30.42 | 1.20 to 1.25 | (40.73) to (40.06) |
|  December 31, | 2021 | 135 | 2.75 to 3.22 | 400 | 9.54 | 1.20 to 1.25 | 13.17 to 13.78 |

---

\*This fund was opened on April 30, 2021.

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

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

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Units<sup>4</sup>**<br> **(000s)** | **Unit Value**<br> **Lowest to Highest($)** | **Net Assets** <br>**(000s)($)** | **Investment<sup>1</sup>**<br> **Income Ratio** | **Expense Ratio<sup>2</sup>**<br> **Lowest to Highest** | **Total Return<sup>3</sup>**<br> **Lowest to Highest** |
|  **Lazard Retirement Emerging Markets Portfolio** | **Lazard Retirement Emerging Markets Portfolio** | **Lazard Retirement Emerging Markets Portfolio** | **Lazard Retirement Emerging Markets Portfolio** | **Lazard Retirement Emerging Markets Portfolio** | **Lazard Retirement Emerging Markets Portfolio** |  |  |
|  December 31, | 2025 | 16 | 5.74 | 91 | 2.83 | 1.25 | 40.00 |
|  December 31, | 2024 | 19 | 4.10 | 80 | 3.41 | 1.25 | 5.94 |
|  December 31, | 2023 | 21 | 3.87 | 83 | 4.87 | 1.25 | 20.94 |
|  December 31, | 2022 | 23 | 3.20 | 74 | 3.17 | 1.25 | (16.23) |
|  December 31, | 2021 | 29 | 3.82 | 112 | 1.87 | 1.25 | 4.09 |
|  **Lazard Retirement Small-Mid Cap Portfolio** | **Lazard Retirement Small-Mid Cap Portfolio** | **Lazard Retirement Small-Mid Cap Portfolio** | **Lazard Retirement Small-Mid Cap Portfolio** | **Lazard Retirement Small-Mid Cap Portfolio** | **Lazard Retirement Small-Mid Cap Portfolio** |  |  |
|  December 31, | 2025 | 35 | 5.36 | 186 |  | 1.25 | 0.75 |
|  December 31, | 2024 | 39 | 5.32 | 205 | 3.66 | 1.25 | 9.92 |
|  December 31, | 2023 | 38 | 4.84 | 183 |  | 1.25 | 8.52 |
|  December 31, | 2022 | 37 | 4.46 | 164 | 26.27 | 1.25 | (16.48) |
|  December 31, | 2021 | 38 | 5.34 | 202 | 0.16 | 1.25 | 18.40 |
|  **MFS Core Equity Portfolio - Initial Class** | **MFS Core Equity Portfolio - Initial Class** | **MFS Core Equity Portfolio - Initial Class** | **MFS Core Equity Portfolio - Initial Class** | **MFS Core Equity Portfolio - Initial Class** | **MFS Core Equity Portfolio - Initial Class** |  |  |
|  December 31, | 2025 | 4 | 74.82 to 82.00 | 335 | 0.47 | 1.20 to 1.25 | 11.16 to 12.11 |
|  December 31, | 2024 | 5 | 67.31 to 73.14 | 317 | 4.99 | 1.20 to 1.25 | 18.68 to 19.69 |
|  December 31, | 2023 | 5 | 56.72 to 61.11 | 286 | 5.54 | 1.20 to 1.25 | 21.70 to 22.71 |
|  December 31, | 2022 | 6 | 46.61 to 49.80 | 265 | 11.46 | 1.20 to 1.25 | (18.25) to (17.56) |
|  December 31, | 2021 | 6 | 57.02 to 60.41 | 346 | 7.70 | 1.20 to 1.25 | 23.81 to 24.89 |
|  **MFS Growth Series - Initial Class** | **MFS Growth Series - Initial Class** | **MFS Growth Series - Initial Class** | **MFS Growth Series - Initial Class** | **MFS Growth Series - Initial Class** | **MFS Growth Series - Initial Class** |  |  |
|  December 31, | 2025 | 264 | 4.57 to 9.84 | 1630 |  | 1.20 to 1.25 | 10.81 to 10.92 |
|  December 31, | 2024 | 271 | 4.12 to 8.88 | 1544 | 7.74 | 1.20 to 1.25 | 29.97 to 30.87 |
|  December 31, | 2023 | 269 | 3.17 to 6.84 | 1205 | 7.92 | 1.20 to 1.25 | 34.12 to 34.32 |
|  December 31, | 2022 | 270 | 2.36 to 2.80 | 924 | 9.77 | 1.20 to 1.25 | (32.57) to (31.87) |
|  December 31, | 2021 | 341 | 3.50 to 7.55 | 1752 | 13.66 | 1.20 to 1.25 | 21.97 to 22.38 |
|  **MFS Investors Trust Series - Initial Class** | **MFS Investors Trust Series - Initial Class** | **MFS Investors Trust Series - Initial Class** | **MFS Investors Trust Series - Initial Class** | **MFS Investors Trust Series - Initial Class** | **MFS Investors Trust Series - Initial Class** |  |  |
|  December 31, | 2025 | 42 | 4.71 to 5.71 | 218 | 1.57 | 1.20 to 1.25 | 12.41 to 13.07 |
|  December 31, | 2024 | 48 | 4.19 to 5.05 | 220 | 7.80 | 1.20 to 1.25 | 18.03 to 19.10 |
|  December 31, | 2023 | 48 | 3.55 to 4.24 | 185 | 6.55 | 1.20 to 1.25 | 17.55 to 18.77 |
|  December 31, | 2022 | 55 | 3.02 to 3.57 | 179 | 12.47 | 1.20 to 1.25 | (17.49) to (16.78) |
|  December 31, | 2021 | 64 | 3.66 to 4.29 | 257 | 3.59 | 1.20 to 1.25 | 25.34 to 26.18 |
|  **MFS Research Series - Initial Class** | **MFS Research Series - Initial Class** | **MFS Research Series - Initial Class** | **MFS Research Series - Initial Class** | **MFS Research Series - Initial Class** | **MFS Research Series - Initial Class** |  |  |
|  December 31, | 2025 | 26 | 4.17 to 5.73 | 141 | 0.96 | 1.20 to 1.25 | 11.48 to 11.50 |
|  December 31, | 2024 | 27 | 3.74 to 5.14 | 130 | 6.52 | 1.20 to 1.25 | 17.24 to 17.35 |
|  December 31, | 2023 | 29 | 3.19 to 4.38 | 119 | 5.99 | 1.20 to 1.25 | 20.83 to 20.99 |
|  December 31, | 2022 | 29 | 2.64 to 3.62 | 98 | 11.79 | 1.20 to 1.25 | (18.28) to (18.27) |
|  December 31, | 2021 | 36 | 3.23 to 4.43 | 147 | 5.39 | 1.20 to 1.25 | 23.28 to 23.40 |
| **T. Rowe Price Equity Income Portfolio** | **T. Rowe Price Equity Income Portfolio** | **T. Rowe Price Equity Income Portfolio** | **T. Rowe Price Equity Income Portfolio** | **T. Rowe Price Equity Income Portfolio** | **T. Rowe Price Equity Income Portfolio** |  |  |
|  December 31, | 2025 | 284 | 4.45 to 4.74 | 1468 | 1.61 | 1.20 to 1.55 | 12.66 to 12.86 |
|  December 31, | 2024 | 334 | 3.95 to 4.20 | 1534 | 8.04 | 1.20 to 1.55 | 10.03 to 10.24 |
|  December 31, | 2023 | 372 | 3.59 to 3.81 | 1541 | 6.33 | 1.20 to 1.55 | 7.81 to 8.24 |
|  December 31, | 2022 | 408 | 3.33 to 3.52 | 1549 | 6.49 | 1.20 to 1.55 | (4.86) to (4.61) |
|  December 31, | 2021 | 488 | 3.50 to 3.69 | 1936 | 8.03 | 1.20 to 1.55 | 23.83 to 23.67 |
| **T. Rowe Price International Stock Portfolio** | **T. Rowe Price International Stock Portfolio** | **T. Rowe Price International Stock Portfolio** | **T. Rowe Price International Stock Portfolio** | **T. Rowe Price International Stock Portfolio** | **T. Rowe Price International Stock Portfolio** |  |  |
|  December 31, | 2025 | 458 | 1.87 to 2.68 | 1034 | 1.86 | 1.20 to 1.25 | 16.88 to 17.03 |
|  December 31, | 2024 | 503 | 1.60 to 2.29 | 954 | 3.27 | 1.20 to 1.55 | 1.86 to 2.60 |
|  December 31, | 2023 | 520 | 1.48 to 1.57 | 960 | 0.99 | 1.20 to 1.55 | 14.60 to 14.73 |
|  December 31, | 2022 | 584 | 1.29 to 1.37 | 917 | 3.01 | 1.20 to 1.55 | (17.31) to (16.46) |
|  December 31, | 2021 | 724 | 1.56 to 1.64 | 1342 | 6.87 | 1.20 to 1.55 |  |
| **T. Rowe Price Limited-Term Bond Portfolio** | **T. Rowe Price Limited-Term Bond Portfolio** | **T. Rowe Price Limited-Term Bond Portfolio** | **T. Rowe Price Limited-Term Bond Portfolio** | **T. Rowe Price Limited-Term Bond Portfolio** | **T. Rowe Price Limited-Term Bond Portfolio** |  |  |
|  December 31, | 2025 | 273 | 1.41 to 1.50 | 476 | 4.30 | 1.20 to 1.55 | 3.68 to 4.17 |
|  December 31, | 2024 | 254 | 1.36 to 1.44 | 418 | 4.21 | 1.20 to 1.55 | 3.60 to 3.82 |
|  December 31, | 2023 | 265 | 1.31 to 1.39 | 407 | 3.31 | 1.20 to 1.55 | 3.15 to 3.73 |
|  December 31, | 2022 | 286 | 1.27 to 1.34 | 416 | 2.10 | 1.20 to 1.55 | (6.29) to (5.93) |
|  December 31, | 2021 | 297 | 1.35 to 1.43 | 457 | 1.91 | 1.20 to 1.55 | (1.46) to (0.69) |

---

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

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

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Units<sup>4</sup>**<br> **(000s)** | **Unit Value**<br> **Lowest to Highest($)** | **Net Assets** <br>**(000s)($)** | **Investment<sup>1</sup>**<br> **Income Ratio** | **Expense Ratio<sup>2</sup>**<br> **Lowest to Highest** | **Total Return<sup>3</sup>**<br> **Lowest to Highest** |
| **T. Rowe Price Mid-Cap Growth Portfolio** | **T. Rowe Price Mid-Cap Growth Portfolio** | **T. Rowe Price Mid-Cap Growth Portfolio** | **T. Rowe Price Mid-Cap Growth Portfolio** | **T. Rowe Price Mid-Cap Growth Portfolio** | **T. Rowe Price Mid-Cap Growth Portfolio** |  |  |
|  December 31, | 2025 | 89 | 7.25 to 11.24 | 926 |  | 1.20 to 1.25 | 2.26 to 2.27 |
|  December 31, | 2024 | 121 | 7.09 to 10.99 | 1176 | 8.80 | 1.20 to 1.25 | 7.96 to 8.08 |
|  December 31, | 2023 | 130 | 6.41 to 10.18 | 1161 | 6.13 | 1.20 to 1.55 | 18.48 to 18.51 |
|  December 31, | 2022 | 157 | 5.41 to 8.59 | 1218 | 2.88 | 1.20 to 1.55 | (23.59) to (23.58) |
|  December 31, | 2021 | 165 | 7.08 to 11.24 | 1662 | 10.04 | 1.20 to 1.55 | 13.28 to 13.42 |
|  **VanEck VIP Emerging Markets Fund - Initial Class** | **VanEck VIP Emerging Markets Fund - Initial Class** | **VanEck VIP Emerging Markets Fund - Initial Class** | **VanEck VIP Emerging Markets Fund - Initial Class** | **VanEck VIP Emerging Markets Fund - Initial Class** | **VanEck VIP Emerging Markets Fund - Initial Class** |  |  |
|  December 31, | 2025 | 37 | 4.01 | 150 | 0.75 | 1.25 | 28.12 |
|  December 31, | 2024 | 44 | 3.13 | 138 | 1.69 | 1.25 |  |
|  December 31, | 2023 | 44 | 3.13 | 139 | 3.60 | 1.25 | 8.30 |
|  December 31, | 2022 | 44 | 2.89 | 127 | 19.17 | 1.25 | (25.32) |
|  December 31, | 2021 | 50 | 3.87 | 192 | 3.18 | 1.25 | (12.84) |
|  **VanEck VIP Global Resources Fund - Initial Class** | **VanEck VIP Global Resources Fund - Initial Class** | **VanEck VIP Global Resources Fund - Initial Class** | **VanEck VIP Global Resources Fund - Initial Class** | **VanEck VIP Global Resources Fund - Initial Class** | **VanEck VIP Global Resources Fund - Initial Class** |  |  |
|  December 31, | 2025 | 8 | 3.68 | 31 | 2.55 | 1.25 | 34.80 |
|  December 31, | 2024 | 9 | 2.73 | 26 | 2.58 | 1.25 | (4.21) |
|  December 31, | 2023 | 6 | 2.85 | 18 | 2.83 | 1.25 | (4.68) |
|  December 31, | 2022 | 8 | 2.99 | 25 | 1.57 | 1.25 | 7.17 |
|  December 31, | 2021 | 12 | 2.79 | 33 | 0.44 | 1.25 | 17.23 |

---

<sup>1</sup> These ratios represent the dividends, excluding distributions of realized gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. 

<sup>2</sup> These ratios represent the annualized policy expenses of the separate account, consisting primarily of mortality and expense charges. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract holder accounts through the redemption of units and expenses of the underlying fund are excluded. 

<sup>3</sup> These ratios represent the total return, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. 

<sup>4</sup> If zero units are listed, there is ownership of the fund. However, it is less than one full unit.

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

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

------

##### [**Table of Contents**](#toc)
**Note 6 - UNIT CHANGES** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2024** | **2024** | | **2025** | **2025** | |
| | | **Units** | **Units** | | **Units** | **Units** | |
| <br>**Fund** |<br>**January 1,**<br>**2024**<br>**Units**<br> **Outstanding** | **Purchased** | **Redeemed** |<br>**December 31,**<br>**2024**<br>**Units**<br> **Outstanding** | **Purchased** | **Redeemed** |<br>**December 31,**<br>**2025**<br>**Units**<br> **Outstanding** |
|  Alger Balanced Portfolio - Class I-2 | 170427 | 27351 | 4572 | 193206 | 9763 | 3585 | 199384 |
|  Alger Capital Appreciation Portfolio - Class I-2 | 217724 | 6713 | 39409 | 185028 | 5297 | 19420 | 170905 |
|  Alger Growth & Income Portfolio - Class I-2 | 141485 | 5579 | 8814 | 138250 | 3751 | 1878 | 140123 |
|  Alger Large Cap Growth Portfolio - Class I-2 | 266483 | 2315 | 11361 | 257437 | 7128 | 13799 | 250766 |
|  Alger Mid Cap Growth Portfolio - Class I-2 | 181293 | 5331 | 80177 | 106447 | 4478 | 14747 | 96178 |
|  Alger Small Cap Growth Portfolio - Class I-2 | 174647 | 40474 | 58493 | 156628 | 10309 | 8636 | 158301 |
|  Federated Hermes Fund for U.S. Government Securities II | 220244 | 46858 | 21132 | 245970 | 48425 | 10304 | 284091 |
|  Federated Hermes High Income Bond Fund II - Primary Shares | 323141 | 40518 | 36511 | 327148 | 17367 | 29039 | 315476 |
|  Federated Hermes Kaufmann Fund II - Primary Shares | 74742 | 4005 | 21070 | 57677 | 3394 | 3837 | 57235 |
|  Federated Hermes Managed Volatility Fund II - Primary Shares | 144702 | 6951 | 48310 | 103343 | 5948 | 7427 | 101865 |
|  Federated Hermes Quality Bond Fund II - Primary Shares | 63176 | 2467 | 3419 | 62224 | 5499 | 13006 | 54717 |
|  Fidelity VIP Asset Manager 70% Portfolio - Initial Class | 115579 | 2294 | 6384 | 111489 | 47 | 62394 | 49142 |
|  Fidelity VIP Asset Manager 50% Portfolio - Initial Class | 49166 | 1045 | 7714 | 42497 |  | 4417 | 38080 |
|  Fidelity VIP Asset Manager 50% Portfolio - Service Class 2 | 30 |  |  | 30 |  |  | 30 |
|  Fidelity VIP Balanced Portfolio - Initial Class | 5221 |  | 183 | 5038 |  | 5038 |  |
|  Fidelity VIP Contrafund Portfolio - Initial Class | 270975 | 559 | 24938 | 246596 | 274 | 49416 | 197454 |
|  Fidelity VIP Contrafund Portfolio - Service Class 2 | 577106 | 15721 | 89215 | 503612 | 6045 | 16890 | 492767 |
|  Fidelity VIP Equity-Income Portfolio - Initial Class | 59938 | 133 | 3012 | 57059 | 110 | 14592 | 42577 |
|  Fidelity VIP Equity-Income Portfolio - Service Class 2 | 82531 | 4779 | 3190 | 84120 | 7496 | 16503 | 75113 |
|  Fidelity VIP Government Money Market Portfolio - Initial Class | 396386 | 3336 | 30578 | 369144 | 1569 | 63557 | 307156 |
|  Fidelity VIP Government Money Market Portfolio - Service Class 2 | 2364482 | 470505 | 620453 | 2214534 | 718810 | 283859 | 2649485 |
|  Fidelity VIP Growth - Initial Class | 82613 | 192 | 3770 | 79035 | 107 | 12542 | 66600 |
|  Fidelity VIP Growth and Income - Initial Class | 29160 |  | 4 | 29156 |  | 1 | 29155 |
|  Fidelity VIP Growth and Income - Service Class 2 | 97774 | 7151 | 25452 | 79473 | 8714 | 11140 | 77047 |
|  Fidelity VIP Growth Opportunities Portfolio - Initial Class | 117199 | 48 | 3922 | 113325 | 255 | 16229 | 97351 |
|  Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | 174721 | 3251 | 14838 | 163134 | 8084 | 17124 | 154094 |
|  Fidelity VIP High Income - Initial Class | 18840 | 520 | 16 | 19344 | 366 | 15402 | 4308 |
|  Fidelity VIP Index 500 Portfolio - Initial Class | 330396 | 40221 | 17325 | 353292 | 5255 | 90641 | 267906 |
|  Fidelity VIP Index 500 Portfolio - Service Class 2 | 594549 | 64223 | 47572 | 611200 | 32782 | 127105 | 516878 |
|  Fidelity VIP Investment Grade Bond Portfolio - Initial Class | 2084 |  | 46 | 2038 |  | 46 | 1991 |
|  Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 592931 | 43781 | 78412 | 558300 | 40098 | 3883 | 594514 |
|  Fidelity VIP Mid Cap Portfolio - Initial Class | 71453 | 308 | 1107 | 70654 | 296 | 33360 | 37590 |
|  Fidelity VIP Mid Cap Portfolio - Service Class 2 | 315274 | 9143 | 30173 | 294244 | 10923 | 25301 | 279866 |
|  Fidelity VIP Overseas Portfolio - Initial Class | 32155 | 455 | 8315 | 24295 | 382 | 4 | 24673 |
|  Fidelity VIP Value Portfolio - Service Class 2 | 55124 | 1816 | 19296 | 37644 | 1176 | 4564 | 34256 |
|  Fidelity VIP Value Strategies - Service Class 2 | 77076 | 4809 | 4510 | 77375 | 3786 | 7592 | 73569 |
|  Invesco V.I. Discovery Mid Cap Growth Fund - Series I | 135 |  |  | 135 |  | 1 | 134 |
|  Invesco V.I. Diversified Dividend Fund - Series I | 1087 | 700 | 136 | 1651 | 124 | 319 | 1456 |
|  Invesco V.I. Equity and Income Fund - Series I | 83193 | 5534 | 28158 | 60569 | 3707 | 6214 | 58062 |
|  Invesco V.I. Global Real Estate Fund - Series I | 66391 | 20852 | 4243 | 83000 | 5728 | 9259 | 79469 |
|  Invesco V.I. Health Care Fund - Series I | 25258 | 12611 | 5470 | 32399 | 3386 | 710 | 35076 |
|  Invesco V.I. Small Cap Equity Fund - Series I | 29717 | 1697 | 18842 | 12572 | 1203 | 1258 | 12518 |
|  Invesco V.I. Technology Fund - Series I | 83837 | 2929 | 17543 | 69223 | 578 | 15028 | 54772 |
|  Lazard Retirement Emerging Markets Portfolio | 21440 | 75 | 2121 | 19394 |  | 3516 | 15878 |
|  Lazard Retirement Small-Mid Cap Portfolio | 37691 | 1701 | 854 | 38538 | 1496 | 5287 | 34747 |
|  MFS Core Equity Portfolio - Initial Class | 5024 | 89 | 428 | 4685 | 102 | 334 | 4453 |
|  MFS Growth Series - Initial Class | 269413 | 10744 | 9020 | 271137 | 9665 | 17070 | 263732 |
|  MFS Investors Trust Series - Initial Class | 48015 | 1247 | 1090 | 48172 | 1520 | 7461 | 42231 |
|  MFS Research Series - Initial Class | 28794 | 561 | 2704 | 26651 | 242 | 914 | 25979 |
| T. Rowe Price Equity Income Portfolio | 372363 | 18360 | 56459 | 334264 | 9351 | 59354 | 284261 |
| T. Rowe Price International Stock Portfolio | 520415 | 42896 | 60680 | 502631 | 22565 | 67399 | 457797 |
| T. Rowe Price Limited-Term Bond Portfolio | 265251 | 68144 | 79484 | 253911 | 30459 | 11016 | 273354 |
| T. Rowe Price Mid-Cap Growth Portfolio | 129554 | 1396 | 10425 | 120525 | 1925 | 33411 | 89039 |
|  VanEck VIP Emerging Markets Fund - Initial Class | 44319 | 1950 | 2238 | 44031 |  | 6716 | 37315 |
|  VanEck VIP Global Resources Fund - Initial Class | 6392 | 3122 | 131 | 9383 |  | 929 | 8454 |
|  **Total** | **10529116** | **1024030.463** | **1664015.713** | **9912857** | **1059985** | **1253474** | **9719374** |

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##### [**Table of Contents**](#toc)
**Note 7 - SUBSEQUENT EVENTS** 

The Separate Account evaluated subsequent events through the date the financial statements were issued. During this period, there were no significant subsequent events that required adjustment to or disclosure in the accompanying financial statements.

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