# EDGAR Filing Document

**Accession Number:** 0001175980
**File Stem:** 0001164098-26-000785
**Filing Date:** 2026-4
**Character Count:** 309647
**Document Hash:** dca62770eb9856c5663ce3367ff149d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001164098-26-000785.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001164098-26-000785

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MERRILL LYNCH LIFE VARIABLE ANNUITY SEPARATE ACCOUNT D
- **CENTRAL INDEX KEY:** 0001175980

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21127
- **FILM NUMBER:** 26895824

**BUSINESS ADDRESS:**
- **STREET 1:** 6400 C STREET SW
- **CITY:** CEDAR RAPIDS
- **STATE:** IA
- **ZIP:** 52499
- **BUSINESS PHONE:** 319-355-8366

**MAIL ADDRESS:**
- **STREET 1:** 6400 C STREET SW
- **CITY:** CEDAR RAPIDS
- **STATE:** IA
- **ZIP:** 52499

## Series and Classes Contracts Data

### MERRILL LYNCH LIFE VARIABLE ANNUITY SEPARATE ACCOUNT D (Series ID: S000010597)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000214632 | IRA Annuity                  |  |
| C000214633 | Investor Choice (IRA Series) |  |

**FINANCIAL STATEMENTS** 

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

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

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Financial Statements** 

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

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#tocAnchor0) | 3 |
| [Statements of Assets and Liabilities](#tocAnchor1) | 4 |
| [Statements of Operations and Changes in Net Assets](#tocAnchor3) | 7 |
| [Notes to Financial Statements](#tocAnchor2) | 31 |

---

![](ey_logo.gif)

#### Report of Independent Registered Public Accounting Firm
To the Board of Directors of Transamerica Life Insurance Company and

Contract Owners of Merrill Lynch Life Variable Annuity Separate Account D

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the table below that comprise Merrill Lynch Life Variable Annuity Separate Account D (the Separate Account), as of December 31, 2025, the related statements of operations and changes in net assets for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | |
|:---|:---|
|  **Subaccounts** | **Subaccounts** |
| &nbsp;&nbsp; AB Discovery Value Class A Shares (1) | &nbsp;&nbsp; Invesco Comstock Class A Shares (1) |
| &nbsp;&nbsp; AB International Value Class A Shares (1)  | &nbsp;&nbsp; Invesco Discovery Large Cap Class A Shares (1) |
| &nbsp;&nbsp; AB Large Cap Growth Class A Shares (1) | &nbsp;&nbsp; Invesco Discovery Mid Cap Growth Class A Shares (1) |
| &nbsp;&nbsp; AB Large Cap Value Class A Shares (1) | &nbsp;&nbsp; Invesco Equity and Income Class A Shares (1) |
| &nbsp;&nbsp; AB Relative Value Class A Shares (1) | &nbsp;&nbsp; Invesco Global Class A Shares (1) |
| &nbsp;&nbsp; American Funds - EUPAC Class F -1 Shares (1) | &nbsp;&nbsp; Invesco Main Street Class A Shares (1) |
| &nbsp;&nbsp; American Funds - Growth Fund of America® Class F -1 Shares (1) | &nbsp;&nbsp; Invesco Main Street Mid Cap Class A Shares (1) |
| &nbsp;&nbsp; American Funds - Income Fund of America® Class F -1 Shares (1) | &nbsp;&nbsp; Invesco Multi-Strategy Class A Shares (1) |
| &nbsp;&nbsp; American Funds - Investment Company of America® Class F -1 Shares (1) | &nbsp;&nbsp; Invesco Value Opportunities Class A Shares (1) |
| &nbsp;&nbsp; American Funds - The Bond Fund of America® Class A Shares (1) | &nbsp;&nbsp; Janus Henderson Enterprise Class A Shares (1) |
| &nbsp;&nbsp; American Funds - The Bond Fund of America® Class F -1 Shares (1) | &nbsp;&nbsp; Janus Henderson Forty Class A Shares (1) |
| &nbsp;&nbsp; American Funds - The Growth Fund of America® Class A Shares (1) | &nbsp;&nbsp; JPMorgan Small Cap Growth Class A Shares (1) |
| &nbsp;&nbsp; American Funds - The Income Fund of America® Class A Shares (1) | &nbsp;&nbsp; Lord Abbett Affiliated Class A Shares (1) |
| &nbsp;&nbsp; American Funds - The Investment Company of America® Class A Shares (1) | &nbsp;&nbsp; Lord Abbett Bond-Debenture Class A Shares (1) |
| &nbsp;&nbsp; AMG Renaissance Large Cap Growth Class N Shares (1) | &nbsp;&nbsp; Lord Abbett Mid Cap Stock Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Advantage Global Investor A Shares (1) | &nbsp;&nbsp; MFS® Growth Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Advantage International Investor A Shares (1) | &nbsp;&nbsp; MFS® Mid Cap Growth Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Advantage Large Cap Core Investor A Shares (1) | &nbsp;&nbsp; MFS® Research International Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Advantage Large Cap Value Investor A Shares (1) | &nbsp;&nbsp; Nomura Mid Cap Growth Class A Shares (2) |
| &nbsp;&nbsp; BlackRock Advantage SMID Investor A Shares (1) | &nbsp;&nbsp; PIMCO CommodityRealReturn Strategy Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Capital Appreciation Investor A Shares (1) | &nbsp;&nbsp; PIMCO Low Duration Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Global Allocation Investor A Shares (1) | &nbsp;&nbsp; PIMCO Real Return Class A Shares (1) |
| &nbsp;&nbsp; BlackRock High Yield Investor A Shares (1) | &nbsp;&nbsp; PIMCO Total Return Class A Shares (1) |
| &nbsp;&nbsp; BlackRock International Investor A Shares (1) | &nbsp;&nbsp; Putnam International Equity Class A Shares (1) |
| &nbsp;&nbsp; BlackRock iShares MSCI EAFE International Index Investor A Shares (1) | &nbsp;&nbsp; Putnam Large Cap Growth Class A Shares (1) |
| &nbsp;&nbsp; BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares (1) | &nbsp;&nbsp; Putnam Large Cap Value Class A Shares (1) |
| &nbsp;&nbsp; BlackRock iShares S&P 500 Index Investor A Shares (1) | &nbsp;&nbsp; TA Aegon Sustainable Equity Income Service Class (1) |
| &nbsp;&nbsp; BlackRock Large Cap Focus Growth Investor A Shares (1) | &nbsp;&nbsp; TA Asset Allocation - Conservative Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Large Cap Focus Value Investor A Shares (1) | &nbsp;&nbsp; TA Asset Allocation - Moderate Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Low Duration Bond Investor A Shares (1) | &nbsp;&nbsp; TA Asset Allocation - Moderate Growth Class A Shares (1) |
| &nbsp;&nbsp; BlackRock Total Return Investor A Shares (1) | &nbsp;&nbsp; TA BlackRock Government Money Market Initial Class (1) |
| &nbsp;&nbsp; BNY Mellon Appreciation Investor Shares (1) | &nbsp;&nbsp; TA Bond Class A Shares (1) |
| &nbsp;&nbsp; Cohen & Steers Real Estate Securities Class A Shares (1) | &nbsp;&nbsp; TA International Focus Initial Class (1) |
| &nbsp;&nbsp; Columbia Large Cap Growth Opportunity Class A Shares (1) | &nbsp;&nbsp; TA Multi-Managed Balanced Class A Shares (1) |
| &nbsp;&nbsp; Columbia Select Mid Cap Growth Class A Shares (1) | &nbsp;&nbsp; TA Small/Mid Cap Value Class A Shares (1) |
| &nbsp;&nbsp; Columbia Select Small Cap Value Class A Shares (1) | &nbsp;&nbsp; TA Sustainable Equity Income Class A Shares (1) |
| &nbsp;&nbsp; Davis New York Venture Class A Shares (1) | &nbsp;&nbsp; TA T. Rowe Price Small Cap Service Class (1) |
| &nbsp;&nbsp; Eaton Vance Floating-Rate Class A Shares (1) | &nbsp;&nbsp; TA TSW International Equity Service Class (1) |
| &nbsp;&nbsp; Eaton Vance Large-Cap Value Class A Shares (1) | &nbsp;&nbsp; TA TSW Mid Cap Value Opportunities Service Class (1) |
| &nbsp;&nbsp; Federated Hermes Kaufmann Class A Shares (1) | &nbsp;&nbsp; TA US Growth Class A Shares (1) |
| &nbsp;&nbsp; Federated Hermes Strategic Dividend Growth Class A Shares (1) | &nbsp;&nbsp; TA WMC US Growth Service Class (1) |
| &nbsp;&nbsp; Fidelity Advisor® Equity Growth Class A Shares (1) | &nbsp;&nbsp; Victory Pioneer Class A Shares (1) |
| &nbsp;&nbsp; Fidelity Advisor® Overseas Class A Shares (3)  | &nbsp;&nbsp; Victory Pioneer High Yield Class A Shares (1) |
| &nbsp;&nbsp; Fidelity Advisor® Stock Selector Mid Cap Class A Shares (1) | &nbsp;&nbsp; Victory Pioneer Select Mid Cap Growth Class A Shares (1) |
| &nbsp;&nbsp; Franklin Templeton Growth Class A Shares (1) | &nbsp;&nbsp; Virtus AllianzGI Dividend Value Class A Shares (1) |
| &nbsp;&nbsp; Invesco American Franchise Fund Class A Shares (1) | &nbsp;&nbsp; Virtus AllianzGI Small-Cap Value Class A Shares (1) |
| Invesco Charter Class A Shares (1) |  |
| &nbsp;&nbsp; (1) Statements of operations and changes in net assets for the years ended December 31, 2025 and 2024<br> (2) Statements of operations and changes in net assets for the period June 7, 2024 (commencement of operations) through December 31, 2025<br> (3) Statements of operations and changes in net assets for the period November 21, 2025 (date of liquidation and reinvestment) through December 31, 2025 | &nbsp;&nbsp; (1) Statements of operations and changes in net assets for the years ended December 31, 2025 and 2024<br> (2) Statements of operations and changes in net assets for the period June 7, 2024 (commencement of operations) through December 31, 2025<br> (3) Statements of operations and changes in net assets for the period November 21, 2025 (date of liquidation and reinvestment) through December 31, 2025 |

---

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of the Separate Account since 2024.

Chicago, IL

April 24, 2026

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Number of Shares** | **Cost** | **Assets at Market Value** | **Due (to)/from General Account** | **Net Assets** | **Units Outstanding** | **Range of Unit Values** | **Range of Unit Values** |
| AB Discovery Value Class A Shares | 82834.975 | $1694133 | $1664983 | $26 | $1665009 | 42327 | $37.268531 | $41.658681 |
| AB International Value Class A Shares | 63086.035 | 818861 | 1194850 | 4 | 1194854 | 115618 | 9.874592 | 10.906082 |
| AB Large Cap Growth Class A Shares | 22256.325 | 1632127 | 2168656 | (1) | 2168655 | 18837 | 115.126062 | 115.126062 |
| AB Large Cap Value Class A Shares | 27489.100 | 442647 | 496178 | 4 | 496182 | 17901 | 26.513666 | 29.636961 |
| AB Relative Value Class A Shares | 549286.035 | 3145987 | 3542895 | (5) | 3542890 | 59371 | 59.673397 | 59.673397 |
| American Funds - EUPAC Class F -1 Shares | 32396.251 | 1829119 | 1948958 |  | 1948958 | 57206 | 32.012407 | 35.784293 |
| American Funds - Growth Fund of America® Class F -1 Shares | 136237.586 | 8434424 | 10847237 | 18 | 10847255 | 145688 | 70.083791 | 78.340537 |
| American Funds - Income Fund of America® Class F -1 Shares | 95199.780 | 2193994 | 2476146 | (13) | 2476133 | 72716 | 31.869916 | 35.624714 |
| American Funds - Investment Company of America® Class F -1 Shares | 84053.031 | 3840035 | 5245750 | (177) | 5245573 | 89720 | 54.661626 | 61.101438 |
| American Funds - The Bond Fund of America® Class A Shares | 184355.873 | 2326381 | 2110875 | (55) | 2110820 | 128430 | 16.435506 | 16.435506 |
| American Funds - The Bond Fund of America® Class F -1 Shares | 109753.800 | 1344094 | 1256681 | (188) | 1256493 | 97319 | 12.251589 | 13.695132 |
| American Funds - The Growth Fund of America® Class A Shares | 470662.723 | 27400290 | 37869523 | (5) | 37869518 | 346459 | 109.304509 | 109.304509 |
| American Funds - The Income Fund of America® Class A Shares | 284775.028 | 6562695 | 7435476 | 6 | 7435482 | 150142 | 49.523157 | 49.523157 |
| American Funds - The Investment Company of America® Class A Shares | 324069.056 | 14497135 | 20306167 | 4 | 20306171 | 245886 | 82.583800 | 82.583800 |
| AMG Renaissance Large Cap Growth Class N Shares | 1589.666 | 23991 | 27104 |  | 27104 | 1029 | 25.895094 | 27.153040 |
| BlackRock Advantage Global Investor A Shares | 10220.268 | 241517 | 282795 | 38 | 282833 | 5677 | 47.231834 | 52.795063 |
| BlackRock Advantage International Investor A Shares | 63137.520 | 1152975 | 1428802 | 3 | 1428805 | 53624 | 25.822467 | 27.883730 |
| BlackRock Advantage Large Cap Core Investor A Shares | 213302.060 | 3930824 | 4812094 | 4 | 4812098 | 82684 | 54.948507 | 61.419611 |
| BlackRock Advantage Large Cap Value Investor A Shares | 87910.443 | 2518010 | 2759509 | 70 | 2759579 | 68462 | 38.164018 | 42.658942 |
| BlackRock Advantage SMID Investor A Shares | 133579.366 | 3440536 | 3863115 | (6) | 3863109 | 69412 | 36.224291 | 63.958259 |
| BlackRock Capital Appreciation Investor A Shares | 797320.787 | 24822859 | 27738790 | 10 | 27738800 | 369843 | 65.782099 | 88.746547 |
| BlackRock Global Allocation Investor A Shares | 2834224.113 | 54678382 | 57251327 | 9 | 57251336 | 1637857 | 29.220240 | 49.312768 |
| BlackRock High Yield Investor A Shares | 1501579.724 | 10920105 | 10841406 | (662) | 10840744 | 583379 | 17.933039 | 19.364426 |
| BlackRock International Investor A Shares | 66460.163 | 1188000 | 1435540 |  | 1435540 | 81599 | 17.042653 | 18.410323 |
| BlackRock iShares MSCI EAFE International Index Investor A Shares | 5862.167 | 83679 | 112554 | (1) | 112553 | 4399 | 24.380515 | 27.252668 |
| BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | 1391.956 | 27789 | 37193 | 1 | 37194 | 973 | 36.387983 | 40.674368 |
| BlackRock iShares S&P 500 Index Investor A Shares | 25255.771 | 11422801 | 20100058 | (135) | 20099923 | 456569 | 42.149688 | 45.150314 |
| BlackRock Large Cap Focus Growth Investor A Shares | 392641.920 | 2440136 | 2881992 | (79) | 2881913 | 128960 | 21.988324 | 22.786156 |
| BlackRock Large Cap Focus Value Investor A Shares | 953412.765 | 17472860 | 18734561 | (2) | 18734559 | 403743 | 38.786022 | 62.084524 |
| BlackRock Low Duration Bond Investor A Shares | 4351.536 | 41351 | 39991 | (6) | 39985 | 3732 | 10.354602 | 11.189637 |
| BlackRock Total Return Investor A Shares | 3761265.883 | 41534489 | 37725497 | (640) | 37724857 | 2643950 | 13.008215 | 15.440563 |
| BNY Mellon Appreciation Investor Shares | 165486.061 | 6464530 | 5868136 | 8 | 5868144 | 122240 | 45.444447 | 50.797368 |
| Cohen & Steers Real Estate Securities Class A Shares | 19644.294 | 299904 | 316077 | 11 | 316088 | 9315 | 32.312288 | 36.118732 |
| Columbia Large Cap Growth Opportunity Class A Shares | 253797.062 | 3874448 | 4654638 | 7 | 4654645 | 144957 | 31.418327 | 33.068058 |
| Columbia Select Mid Cap Growth Class A Shares | 17220.583 | 386120 | 407611 | (14) | 407597 | 11781 | 33.170821 | 35.893293 |
| Columbia Select Small Cap Value Class A Shares | 446022.760 | 7340419 | 7439660 | (1) | 7439659 | 121796 | 61.082970 | 61.082970 |
| Davis New York Venture Class A Shares | 573121.213 | 15582980 | 16574665 | 57 | 16574722 | 293196 | 44.001428 | 69.293544 |
| Eaton Vance Floating-Rate Class A Shares | 293293.089 | 2542231 | 2451930 | (408) | 2451522 | 147052 | 15.865115 | 17.734356 |
| Eaton Vance Large-Cap Value Class A Shares | 100232.254 | 2362170 | 2682215 | (23) | 2682192 | 98141 | 26.278835 | 29.022933 |

---

*See accompanying notes*

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Number of Shares** | **Cost** | **Assets at Market Value** | **Due (to)/from General Account** | **Net Assets** | **Units Outstanding** | **Range of Unit Values** | **Range of Unit Values** |
| Federated Hermes Kaufmann Class A Shares | 468907.767 | $2772469 | $2611816 | $74 | $2611890 | 55874 | $43.943706 | $49.120696 |
| Federated Hermes Strategic Dividend Growth Class A Shares | 54204.761 | 1172250 | 1086805 | (138) | 1086667 | 47401 | 22.228756 | 23.811558 |
| Fidelity Advisor® Equity Growth Class A Shares | 117025.937 | 1681209 | 2623722 | (21) | 2623701 | 24313 | 77.481274 | 109.110426 |
| Fidelity Advisor® Overseas Class A Shares | 6685.231 | 460568 | 481403 |  | 481403 | 46028 | 10.458915 | 10.458915 |
| Fidelity Advisor® Stock Selector Mid Cap Class A Shares | 15767.039 | 560406 | 671361 | (1) | 671360 | 10169 | 66.020454 | 66.020454 |
| Franklin Templeton Growth Class A Shares | 83845.839 | 1983995 | 2367806 | 1 | 2367807 | 79152 | 21.846908 | 34.813421 |
| Invesco American Franchise Fund Class A Shares | 22021.839 | 497688 | 630926 |  | 630926 | 14448 | 43.669460 | 43.669460 |
| Invesco Charter Class A Shares | 14597.190 | 256081 | 311650 | 1 | 311651 | 7577 | 41.130054 | 41.130054 |
| Invesco Comstock Class A Shares | 716196.083 | 18987654 | 22037353 | (20) | 22037333 | 424527 | 42.561060 | 73.209918 |
| Invesco Discovery Large Cap Class A Shares | 9179.255 | 589907 | 780053 | (25) | 780028 | 14194 | 51.515360 | 57.583119 |
| Invesco Discovery Mid Cap Growth Class A Shares | 39306.082 | 982032 | 1056941 | (4) | 1056937 | 60720 | 17.406725 | 17.406725 |
| Invesco Equity and Income Class A Shares | 129692.091 | 1343498 | 1425316 |  | 1425316 | 29915 | 47.645913 | 47.645913 |
| Invesco Global Class A Shares | 30662.485 | 2786158 | 2652305 | 9 | 2652314 | 36999 | 71.686413 | 71.686413 |
| Invesco Main Street Class A Shares | 31262.625 | 1632558 | 1955165 | 25 | 1955190 | 33481 | 48.845087 | 69.240389 |
| Invesco Main Street Mid Cap Class A Shares | 68959.555 | 1807167 | 1981898 | 6 | 1981904 | 46564 | 40.613479 | 45.397067 |
| Invesco Multi-Strategy Class A Shares | 15182.969 | 396651 | 374868 |  | 374868 | 22713 | 16.504355 | 16.504355 |
| Invesco Value Opportunities Class A Shares | 19156.347 | 329995 | 448450 | (7) | 448443 | 109282 | 3.981611 | 4.305945 |
| Janus Henderson Enterprise Class A Shares | 136533.175 | 18060275 | 18158912 | (26) | 18158886 | 264111 | 65.940976 | 71.978027 |
| Janus Henderson Forty Class A Shares | 79449.164 | 3931299 | 4425318 | 15 | 4425333 | 64300 | 65.719064 | 72.580708 |
| JPMorgan Small Cap Growth Class A Shares | 64432.590 | 1147524 | 1132725 | (3) | 1132722 | 30145 | 35.568288 | 39.283061 |
| Lord Abbett Affiliated Class A Shares | 64167.830 | 1046421 | 1285282 | 19 | 1285301 | 36277 | 33.274330 | 37.194151 |
| Lord Abbett Bond-Debenture Class A Shares | 1009326.956 | 7603540 | 7347900 | (516) | 7347384 | 284574 | 21.453891 | 30.990189 |
| Lord Abbett Mid Cap Stock Class A Shares | 240445.207 | 7064755 | 8117430 | 20 | 8117450 | 187811 | 31.013385 | 50.242856 |
| MFS® Growth Class A Shares | 54872.866 | 8619915 | 9583546 | (15) | 9583531 | 142421 | 67.289973 | 67.289973 |
| MFS® Mid Cap Growth Class A Shares | 313785.730 | 7140958 | 7926228 | 3 | 7926231 | 127124 | 62.350345 | 62.350345 |
| MFS® Research International Class A Shares | 169270.532 | 3173973 | 4402727 | (13) | 4402714 | 111304 | 39.555664 | 39.555664 |
| Nomura Mid Cap Growth Class A Shares | 57349.953 | 1505610 | 1309873 |  | 1309873 | 132935 | 9.769933 | 9.870175 |
| PIMCO CommodityRealReturn Strategy Class A Shares | 344731.594 | 4765673 | 4688350 | (15) | 4688335 | 528053 | 8.403201 | 9.393640 |
| PIMCO Low Duration Class A Shares | 2757041.420 | 26212553 | 25805908 | (297) | 25805611 | 2151832 | 11.435219 | 12.629304 |
| PIMCO Real Return Class A Shares | 1604722.561 | 17831189 | 16640973 | (632) | 16640341 | 1136916 | 13.877318 | 15.512552 |
| PIMCO Total Return Class A Shares | 5093261.546 | 48898764 | 45126297 | (400) | 45125897 | 2765766 | 14.867244 | 17.950869 |
| Putnam International Equity Class A Shares | 280529.475 | 6629782 | 8587007 | 88 | 8587095 | 230479 | 37.257555 | 37.257555 |
| Putnam Large Cap Growth Class A Shares | 25162.284 | 1265714 | 1890442 | (1) | 1890441 | 44504 | 42.478337 | 42.478337 |
| Putnam Large Cap Value Class A Shares | 23705.250 | 728569 | 930431 |  | 930431 | 36102 | 25.772513 | 25.772513 |
| TA Aegon Sustainable Equity Income Service Class | 94262.592 | 1678438 | 2141646 | (8) | 2141638 | 148138 | 13.864931 | 14.534726 |
| TA Asset Allocation - Conservative Class A Shares | 28960.937 | 297682 | 331313 | 1 | 331314 | 24365 | 13.164335 | 13.827481 |
| TA Asset Allocation - Moderate Class A Shares | 116297.783 | 1375520 | 1446744 | 1 | 1446745 | 94660 | 14.727188 | 15.468974 |
| TA Asset Allocation - Moderate Growth Class A Shares | 119094.918 | 1399199 | 1680429 | 4 | 1680433 | 96021 | 16.967694 | 17.822285 |
| TA BlackRock Government Money Market Initial Class | 15004458.800 | 15004459 | 15004459 | (283) | 15004176 | 1398016 | 10.436691 | 10.816644 |
| TA Bond Class A Shares | 95456.226 | 827893 | 777014 | (181) | 776833 | 544992 | 1.359669 | 1.481467 |
| TA International Focus Initial Class | 7164826.607 | 57468456 | 54739275 | (101) | 54739174 | 4385857 | 12.179143 | 12.767548 |
| TA Multi-Managed Balanced Class A Shares | 39283.991 | 1210829 | 1411474 | (2) | 1411472 | 72170 | 18.761912 | 19.706850 |
| TA Small/Mid Cap Value Class A Shares | 733952.075 | $18414289 | $18928624 | $1 | $18928625 | 558916 | $32.374035 | $35.576296 |

---

*See accompanying notes*

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Number of Shares** | **Cost** | **Assets at Market Value** | **Due (to)/from General Account** | **Net Assets** | **Units Outstanding** | **Range of Unit Values** | **Range of Unit Values** |
| TA Sustainable Equity Income Class A Shares | 3919052.051 | 28683332 | 34056562 | 6 | 34056568 | 1865775 | 17.578444 | 18.755323 |
| TA T. Rowe Price Small Cap Service Class | 334910.630 | 3301672 | 3211793 | (4) | 3211789 | 168474 | 18.629065 | 19.528948 |
| TA TSW International Equity Service Class | 131816.562 | 1714768 | 2319971 | (2) | 2319969 | 152054 | 14.987988 | 15.711986 |
| TA TSW Mid Cap Value Opportunities Service Class | 146039.045 | 1886987 | 1472074 | (4) | 1472070 | 89247 | 15.805147 | 16.568616 |
| TA US Growth Class A Shares | 636339.377 | 15453832 | 20318316 | (112) | 20318204 | 366197 | 53.547198 | 57.700314 |
| TA WMC US Growth Service Class | 8032.135 | 269153 | 311888 | (4) | 311884 | 9623 | 31.703164 | 33.234095 |
| Victory Pioneer Class A Shares | 20361.925 | 830689 | 895517 | 83 | 895600 | 14045 | 60.256116 | 67.353023 |
| Victory Pioneer High Yield Class A Shares | 207969.316 | 1814382 | 1842608 | (203) | 1842405 | 83218 | 21.096904 | 23.582247 |
| Victory Pioneer Select Mid Cap Growth Class A Shares | 4214.174 | 200144 | 204514 | 1 | 204515 | 3785 | 51.439091 | 56.126088 |
| Virtus AllianzGI Dividend Value Class A Shares | 219442.019 | 2280632 | 2183448 | (4) | 2183444 | 103964 | 20.128283 | 22.230411 |
| Virtus AllianzGI Small-Cap Value Class A Shares | 207005.301 | 2578942 | 2403332 | (8) | 2403324 | 56612 | 29.574421 | 49.428919 |

---

*See accompanying notes*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AB Discovery Value Class A Shares | AB International Value Class A Shares | AB Large Cap Growth Class A Shares | AB Large Cap Value Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$2032511** | **$1206081** | **$2089113** | **$495763** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 9416 | 103720 |  | 3563 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 31697 | 20355 | 28590 | 8093 |
| Net Investment Income (Loss) | (22281) | 83365 | (28590) | (4530) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 227080 |  | 160815 | 35983 |
| Realized Gain (Loss) on Investments | 119045 | 53846 | 207785 | 42360 |
| Net Realized Capital Gains (Losses) on Investments | 346125 | 53846 | 368600 | 78343 |
| Net Change in Unrealized Appreciation (Depreciation) | (179321) | (94701) | 119108 | (11249) |
| Net Gain (Loss) on Investment | 166804 | (40855) | 487708 | 67094 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 144523 | 42510 | 459118 | 62564 |
| Increase (Decrease) in Net Assets from Contract Transactions | (315571) | (118215) | (298539) | (204447) |
| Total Increase (Decrease) in Net Assets | (171048) | (75705) | 160579 | (141883) |
| **Net Assets as of December 31, 2024:** | **$1861463** | **$1130376** | **$2249692** | **$353880** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 9879 | 32247 |  | 5225 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 27687 | 19231 | 28591 | 7351 |
| Net Investment Income (Loss) | (17808) | 13016 | (28591) | (2126) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 84184 |  | 222222 | 39136 |
| Realized Gain (Loss) on Investments | (5652) | 84030 | 221028 | 10593 |
| Net Realized Capital Gains (Losses) on Investments | 78532 | 84030 | 443250 | 49729 |
| Net Change in Unrealized Appreciation (Depreciation) | (49848) | 288429 | (167346) | 16363 |
| Net Gain (Loss) on Investment | 28684 | 372459 | 275904 | 66092 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 10876 | 385475 | 247313 | 63966 |
| Increase (Decrease) in Net Assets from Contract Transactions | (207330) | (320997) | (328350) | 78336 |
| Total Increase (Decrease) in Net Assets | (196454) | 64478 | (81037) | 142302 |
| **Net Assets as of December 31, 2025:** | **$1665009** | **$1194854** | **$2168655** | **$496182** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AB Relative Value Class A Shares | American Funds - EUPAC Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$3996811** | **$2276818** | **$11529239** | **$2729505** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 36482 | 21778 | 40131 | 106272 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 52498 | 34505 | 196218 | 43076 |
| Net Investment Income (Loss) | (16016) | (12727) | (156087) | 63196 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 347404 | 102313 | 959074 | 58700 |
| Realized Gain (Loss) on Investments | 200010 | 51564 | 1224117 | 108672 |
| Net Realized Capital Gains (Losses) on Investments | 547414 | 153877 | 2183191 | 167372 |
| Net Change in Unrealized Appreciation (Depreciation) | (92826) | (68551) | 788753 | 2339 |
| Net Gain (Loss) on Investment | 454588 | 85326 | 2971944 | 169711 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 438572 | 72599 | 2815857 | 232907 |
| Increase (Decrease) in Net Assets from Contract Transactions | (661331) | (454519) | (2289256) | (302588) |
| Total Increase (Decrease) in Net Assets | (222759) | (381920) | 526601 | (69681) |
| **Net Assets as of December 31, 2024:** | **$3774052** | **$1894898** | **$12055840** | **$2659824** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 30080 | 53120 | 23737 | 94928 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 47529 | 29845 | 179545 | 41320 |
| Net Investment Income (Loss) | (17449) | 23275 | (155808) | 53608 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 175478 | 191873 | 1034056 | 145365 |
| Realized Gain (Loss) on Investments | 141324 | 52582 | 1055952 | 127041 |
| Net Realized Capital Gains (Losses) on Investments | 316802 | 244455 | 2090008 | 272406 |
| Net Change in Unrealized Appreciation (Depreciation) | 12958 | 171295 | (150394) | 56506 |
| Net Gain (Loss) on Investment | 329760 | 415750 | 1939614 | 328912 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 312311 | 439025 | 1783806 | 382520 |
| Increase (Decrease) in Net Assets from Contract Transactions | (543473) | (384965) | (2992391) | (566211) |
| Total Increase (Decrease) in Net Assets | (231162) | 54060 | (1208585) | (183691) |
| **Net Assets as of December 31, 2025:** | **$3542890** | **$1948958** | **$10847255** | **$2476133** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | American Funds - Investment Company of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Growth Fund of America® Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$5167415** | **$2861968** | **$1732492** | **$35702454** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 55045 | 113155 | 65543 | 145212 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 87550 | 35010 | 25896 | 490063 |
| Net Investment Income (Loss) | (32505) | 78145 | 39647 | (344851) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 405716 |  |  | 2989026 |
| Realized Gain (Loss) on Investments | 442419 | (28626) | (46356) | 3268408 |
| Net Realized Capital Gains (Losses) on Investments | 848135 | (28626) | (46356) | 6257434 |
| Net Change in Unrealized Appreciation (Depreciation) | 315507 | (52350) | 3176 | 2945396 |
| Net Gain (Loss) on Investment | 1163642 | (80976) | (43180) | 9202830 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1131137 | (2831) | (3533) | 8857979 |
| Increase (Decrease) in Net Assets from Contract Transactions | (1061997) | (407009) | (316499) | (6692894) |
| Total Increase (Decrease) in Net Assets | 69140 | (409840) | (320032) | 2165085 |
| **Net Assets as of December 31, 2024:** | **$5236555** | **$2452128** | **$1412460** | **$37867539** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 47815 | 94849 | 54368 | 102111 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 81866 | 29520 | 21679 | 486406 |
| Net Investment Income (Loss) | (34051) | 65329 | 32689 | (384295) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 468267 |  |  | 3558560 |
| Realized Gain (Loss) on Investments | 398774 | (32594) | (42619) | 3175487 |
| Net Realized Capital Gains (Losses) on Investments | 867041 | (32594) | (42619) | 6734047 |
| Net Change in Unrealized Appreciation (Depreciation) | 37248 | 95964 | 79551 | (32000) |
| Net Gain (Loss) on Investment | 904289 | 63370 | 36932 | 6702047 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 870238 | 128699 | 69621 | 6317752 |
| Increase (Decrease) in Net Assets from Contract Transactions | (861220) | (470007) | (225588) | (6315773) |
| Total Increase (Decrease) in Net Assets | 9018 | (341308) | (155967) | 1979 |
| **Net Assets as of December 31, 2025:** | **$5245573** | **$2110820** | **$1256493** | **$37869518** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | American Funds - The Income Fund of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | AMG Renaissance Large Cap Growth Class N Shares | BlackRock Advantage Global Investor A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$8428765** | **$19901852** | **$61857** | **$269573** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 320389 | 215549 |  | 3118 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 107158 | 264220 | 1064 | 4669 |
| Net Investment Income (Loss) | 213231 | (48671) | (1064) | (1551) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 169765 | 1524872 | 4510 | 33999 |
| Realized Gain (Loss) on Investments | 299452 | 1911383 | 10598 | 18012 |
| Net Realized Capital Gains (Losses) on Investments | 469217 | 3436255 | 15108 | 52011 |
| Net Change in Unrealized Appreciation (Depreciation) | 66896 | 867578 | (4085) | (4270) |
| Net Gain (Loss) on Investment | 536113 | 4303833 | 11023 | 47741 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 749344 | 4255162 | 9959 | 46190 |
| Increase (Decrease) in Net Assets from Contract Transactions | (1516094) | (4332326) | (33160) | (32963) |
| Total Increase (Decrease) in Net Assets | (766750) | (77164) | (23201) | 13227 |
| **Net Assets as of December 31, 2024:** | **$7662015** | **$19824688** | **$38656** | **$282800** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 279189 | 198008 |  | 3720 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 98266 | 262122 | 653 | 4741 |
| Net Investment Income (Loss) | 180923 | (64114) | (653) | (1021) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 419370 | 1809907 | 3591 | 21597 |
| Realized Gain (Loss) on Investments | 298173 | 1505859 | 3857 | 16820 |
| Net Realized Capital Gains (Losses) on Investments | 717543 | 3315766 | 7448 | 38417 |
| Net Change in Unrealized Appreciation (Depreciation) | 232280 | 254195 | (3465) | 20342 |
| Net Gain (Loss) on Investment | 949823 | 3569961 | 3983 | 58759 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1130746 | 3505847 | 3330 | 57738 |
| Increase (Decrease) in Net Assets from Contract Transactions | (1357279) | (3024364) | (14882) | (57705) |
| Total Increase (Decrease) in Net Assets | (226533) | 481483 | (11552) | 33 |
| **Net Assets as of December 31, 2025:** | **$7435482** | **$20306171** | **$27104** | **$282833** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage SMID Investor A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1472903** | **$4624401** | **$2885957** | **$4161504** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 36434 | 29564 | 37818 | 25853 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 25038 | 79469 | 49094 | 56503 |
| Net Investment Income (Loss) | 11396 | (49905) | (11276) | (30650) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 9713 | 647497 | 355033 | 26472 |
| Realized Gain (Loss) on Investments | 65335 | 299462 | 88252 | (116210) |
| Net Realized Capital Gains (Losses) on Investments | 75048 | 946959 | 443285 | (89738) |
| Net Change in Unrealized Appreciation (Depreciation) | (12707) | 130777 | (57318) | 517850 |
| Net Gain (Loss) on Investment | 62341 | 1077736 | 385967 | 428112 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 73737 | 1027831 | 374691 | 397462 |
| Increase (Decrease) in Net Assets from Contract Transactions | (226335) | (953948) | (467342) | (553118) |
| Total Increase (Decrease) in Net Assets | (152598) | 73883 | (92651) | (155656) |
| **Net Assets as of December 31, 2024:** | **$1320305** | **$4698284** | **$2793306** | **$4005848** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 36654 | 20701 | 30857 | 16201 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 23587 | 75452 | 45269 | 52899 |
| Net Investment Income (Loss) | 13067 | (54751) | (14412) | (36698) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 62287 | 404091 | 227325 | 188882 |
| Realized Gain (Loss) on Investments | 109226 | 242388 | 79943 | 42829 |
| Net Realized Capital Gains (Losses) on Investments | 171513 | 646479 | 307268 | 231711 |
| Net Change in Unrealized Appreciation (Depreciation) | 175499 | 190166 | 119659 | 157478 |
| Net Gain (Loss) on Investment | 347012 | 836645 | 426927 | 389189 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 360079 | 781894 | 412515 | 352491 |
| Increase (Decrease) in Net Assets from Contract Transactions | (251579) | (668080) | (446242) | (495230) |
| Total Increase (Decrease) in Net Assets | 108500 | 113814 | (33727) | (142739) |
| **Net Assets as of December 31, 2025:** | **$1428805** | **$4812098** | **$2759579** | **$3863109** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Investor A Shares | BlackRock Global Allocation Investor A Shares | BlackRock High Yield Investor A Shares | BlackRock International Investor A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$31719431** | **$63554778** | **$12700319** | **$1610288** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends |  | 654871 | 839022 | 10045 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 486308 | 964342 | 207783 | 25903 |
| Net Investment Income (Loss) | (486308) | (309471) | 631239 | (15858) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 3778036 | 3661174 | 47450 |  |
| Realized Gain (Loss) on Investments | 2072235 | 391392 | (231797) | 41683 |
| Net Realized Capital Gains (Losses) on Investments | 5850271 | 4052566 | (184347) | 41683 |
| Net Change in Unrealized Appreciation (Depreciation) | 2926150 | 740357 | 325453 | (45472) |
| Net Gain (Loss) on Investment | 8776421 | 4792923 | 141106 | (3789) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 8290113 | 4483452 | 772345 | (19647) |
| Increase (Decrease) in Net Assets from Contract Transactions | (10270236) | (9582015) | (1691318) | (126770) |
| Total Increase (Decrease) in Net Assets | (1980123) | (5098563) | (918973) | (146417) |
| **Net Assets as of December 31, 2024:** | **$29739308** | **$58456215** | **$11781346** | **$1463871** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends |  | 1411710 | 721751 | 23744 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 438880 | 885280 | 185277 | 24164 |
| Net Investment Income (Loss) | (438880) | 526430 | 536474 | (420) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 4932170 | 3693783 | 40743 |  |
| Realized Gain (Loss) on Investments | 1410881 | 694756 | (134475) | 59633 |
| Net Realized Capital Gains (Losses) on Investments | 6343051 | 4388539 | (93732) | 59633 |
| Net Change in Unrealized Appreciation (Depreciation) | (2591745) | 4379065 | 331318 | 123127 |
| Net Gain (Loss) on Investment | 3751306 | 8767604 | 237586 | 182760 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3312426 | 9294034 | 774060 | 182340 |
| Increase (Decrease) in Net Assets from Contract Transactions | (5312934) | (10498913) | (1714662) | (210671) |
| Total Increase (Decrease) in Net Assets | (2000508) | (1204879) | (940602) | (28331) |
| **Net Assets as of December 31, 2025:** | **$27738800** | **$57251336** | **$10840744** | **$1435540** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares S&P 500 Index Investor A Shares | BlackRock Large Cap Focus Growth Investor A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$104465** | **$35200** | **$22484689** | **$3098794** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 3097 | 588 | 229655 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 1804 | 594 | 349850 | 53679 |
| Net Investment Income (Loss) | 1293 | (6) | (120195) | (53679) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 1021 | 36888 | 146554 |
| Realized Gain (Loss) on Investments | 9028 | 805 | 4015821 | 307517 |
| Net Realized Capital Gains (Losses) on Investments | 9028 | 1826 | 4052709 | 454071 |
| Net Change in Unrealized Appreciation (Depreciation) | (6947) | 1416 | 725731 | 409208 |
| Net Gain (Loss) on Investment | 2081 | 3242 | 4778440 | 863279 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3374 | 3236 | 4658245 | 809600 |
| Increase (Decrease) in Net Assets from Contract Transactions | (7166) | (1825) | (5650834) | (607507) |
| Total Increase (Decrease) in Net Assets | (3792) | 1411 | (992589) | 202093 |
| **Net Assets as of December 31, 2024:** | **$100673** | **$36611** | **$21492100** | **$3300887** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 3804 | 372 | 186534 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 1812 | 580 | 320023 | 50305 |
| Net Investment Income (Loss) | 1992 | (208) | (133489) | (50305) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 678 | 121505 | 502652 |
| Realized Gain (Loss) on Investments | 7822 | 1600 | 3396368 | 387537 |
| Net Realized Capital Gains (Losses) on Investments | 7822 | 2278 | 3517873 | 890189 |
| Net Change in Unrealized Appreciation (Depreciation) | 18056 | 1575 | (285901) | (493444) |
| Net Gain (Loss) on Investment | 25878 | 3853 | 3231972 | 396745 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 27870 | 3645 | 3098483 | 346440 |
| Increase (Decrease) in Net Assets from Contract Transactions | (15990) | (3062) | (4490660) | (765414) |
| Total Increase (Decrease) in Net Assets | 11880 | 583 | (1392177) | (418974) |
| **Net Assets as of December 31, 2025:** | **$112553** | **$37194** | **$20099923** | **$2881913** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Large Cap Focus Value Investor A Shares | BlackRock Low Duration Bond Investor A Shares | BlackRock Total Return Investor A Shares | BNY Mellon Appreciation Investor Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$21225364** | **$57567** | **$44275620** | **$7062923** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 408776 | 2107 | 1898888 | 22679 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 315575 | 817 | 661318 | 112044 |
| Net Investment Income (Loss) | 93201 | 1290 | 1237570 | (89365) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 1218951 |  | 28267 | 974213 |
| Realized Gain (Loss) on Investments | 533924 | (1105) | (1217748) | 533064 |
| Net Realized Capital Gains (Losses) on Investments | 1752875 | (1105) | (1189481) | 1507277 |
| Net Change in Unrealized Appreciation (Depreciation) | (131649) | 1390 | (71192) | (714341) |
| Net Gain (Loss) on Investment | 1621226 | 285 | (1260673) | 792936 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1714427 | 1575 | (23103) | 703571 |
| Increase (Decrease) in Net Assets from Contract Transactions | (3716597) | (13387) | (3514638) | (1392309) |
| Total Increase (Decrease) in Net Assets | (2002170) | (11812) | (3537741) | (688738) |
| **Net Assets as of December 31, 2024:** | **$19223194** | **$45755** | **$40737879** | **$6374185** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 351921 | 1937 | 1735680 | 16229 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 288927 | 731 | 594048 | 98769 |
| Net Investment Income (Loss) | 62994 | 1206 | 1141632 | (82540) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 2360828 |  | 41078 | 1052546 |
| Realized Gain (Loss) on Investments | 478643 | (480) | (1560417) | 189538 |
| Net Realized Capital Gains (Losses) on Investments | 2839471 | (480) | (1519339) | 1242084 |
| Net Change in Unrealized Appreciation (Depreciation) | 1054151 | 1113 | 2742508 | (673222) |
| Net Gain (Loss) on Investment | 3893622 | 633 | 1223169 | 568862 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3956616 | 1839 | 2364801 | 486322 |
| Increase (Decrease) in Net Assets from Contract Transactions | (4445251) | (7609) | (5377823) | (992363) |
| Total Increase (Decrease) in Net Assets | (488635) | (5770) | (3013022) | (506041) |
| **Net Assets as of December 31, 2025:** | **$18734559** | **$39985** | **$37724857** | **$5868144** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cohen & Steers Real Estate Securities Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares | Columbia Select Mid Cap Growth Class A Shares | Columbia Select Small Cap Value Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$383868** | **$4737463** | **$466349** | **$8173585** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 10027 |  |  | 43124 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 6096 | 80738 | 7624 | 107096 |
| Net Investment Income (Loss) | 3931 | (80738) | (7624) | (63972) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 182216 | 57233 | 1342289 |
| Realized Gain (Loss) on Investments | 187 | (117748) | 4827 | 365850 |
| Net Realized Capital Gains (Losses) on Investments | 187 | 64468 | 62060 | 1708139 |
| Net Change in Unrealized Appreciation (Depreciation) | 12714 | 994816 | 34904 | (776682) |
| Net Gain (Loss) on Investment | 12901 | 1059284 | 96964 | 931457 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 16832 | 978546 | 89340 | 867485 |
| Increase (Decrease) in Net Assets from Contract Transactions | (41264) | (881992) | (127256) | (1173150) |
| Total Increase (Decrease) in Net Assets | (24432) | 96554 | (37916) | (305665) |
| **Net Assets as of December 31, 2024:** | **$359436** | **$4834017** | **$428433** | **$7867920** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 9791 |  |  | 61208 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 5514 | 78191 | 6805 | 98749 |
| Net Investment Income (Loss) | 4277 | (78191) | (6805) | (37541) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 2119 | 306218 | 51114 | 691592 |
| Realized Gain (Loss) on Investments | 8614 | (161620) | 3038 | 393328 |
| Net Realized Capital Gains (Losses) on Investments | 10733 | 144598 | 54152 | 1084920 |
| Net Change in Unrealized Appreciation (Depreciation) | (5395) | 564352 | 10649 | (690361) |
| Net Gain (Loss) on Investment | 5338 | 708950 | 64801 | 394559 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 9615 | 630759 | 57996 | 357018 |
| Increase (Decrease) in Net Assets from Contract Transactions | (52963) | (810131) | (78832) | (785279) |
| Total Increase (Decrease) in Net Assets | (43348) | (179372) | (20836) | (428261) |
| **Net Assets as of December 31, 2025:** | **$316088** | **$4654645** | **$407597** | **$7439659** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Davis New York Venture Class A Shares | Eaton Vance Floating-Rate Class A Shares | Eaton Vance Large-Cap Value Class A Shares | Federated Hermes Kaufmann Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$17553289** | **$2863813** | **$3068945** | **$3303203** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 286256 | 226006 | 30485 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 266193 | 47301 | 52344 | 52014 |
| Net Investment Income (Loss) | 20063 | 178705 | (21859) | (52014) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 3019352 |  | 87626 | 301760 |
| Realized Gain (Loss) on Investments | (182171) | (27243) | 251376 | 14067 |
| Net Realized Capital Gains (Losses) on Investments | 2837181 | (27243) | 339002 | 315827 |
| Net Change in Unrealized Appreciation (Depreciation) | (188944) | 17930 | (14373) | 176861 |
| Net Gain (Loss) on Investment | 2648237 | (9313) | 324629 | 492688 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2668300 | 169392 | 302770 | 440674 |
| Increase (Decrease) in Net Assets from Contract Transactions | (3137155) | (302394) | (514555) | (834113) |
| Total Increase (Decrease) in Net Assets | (468855) | (133002) | (211785) | (393439) |
| **Net Assets as of December 31, 2024:** | **$17084434** | **$2730811** | **$2857160** | **$2909764** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 186706 | 184770 | 24369 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 244149 | 42861 | 45397 | 44338 |
| Net Investment Income (Loss) | (57443) | 141909 | (21028) | (44338) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 1737692 |  | 134175 | 256810 |
| Realized Gain (Loss) on Investments | (247624) | (38491) | 158558 | (30731) |
| Net Realized Capital Gains (Losses) on Investments | 1490068 | (38491) | 292733 | 226079 |
| Net Change in Unrealized Appreciation (Depreciation) | 2309718 | (56383) | (13156) | 88929 |
| Net Gain (Loss) on Investment | 3799786 | (94874) | 279577 | 315008 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3742343 | 47035 | 258549 | 270670 |
| Increase (Decrease) in Net Assets from Contract Transactions | (4252055) | (326324) | (433517) | (568544) |
| Total Increase (Decrease) in Net Assets | (509712) | (279289) | (174968) | (297874) |
| **Net Assets as of December 31, 2025:** | **$16574722** | **$2451522** | **$2682192** | **$2611890** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federated Hermes Strategic Dividend Growth Class A Shares | Fidelity Advisor® Equity Growth Class A Shares | Fidelity Advisor® Overseas Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares |
|  | Subaccount | Subaccount | Subaccount<sup>(1)</sup> | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1010627** | **$2204482** | **$-** | **$685329** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 8624 |  |  | 2362 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 16562 | 31691 |  | 9183 |
| Net Investment Income (Loss) | (7938) | (31691) |  | (6821) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 111132 | 280330 |  | 18318 |
| Realized Gain (Loss) on Investments | 24490 | 152357 |  | 31483 |
| Net Realized Capital Gains (Losses) on Investments | 135622 | 432687 |  | 49801 |
| Net Change in Unrealized Appreciation (Depreciation) | (21734) | 183126 |  | 28765 |
| Net Gain (Loss) on Investment | 113888 | 615813 |  | 78566 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 105950 | 584122 |  | 71745 |
| Increase (Decrease) in Net Assets from Contract Transactions | (170836) | (313146) |  | (64262) |
| Total Increase (Decrease) in Net Assets | (64886) | 270976 |  | 7483 |
| **Net Assets as of December 31, 2024:** | **$945741** | **$2475458** | **$-** | **$692812** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 10523 |  | 421 | 4048 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 16322 | 32796 | 680 | 8888 |
| Net Investment Income (Loss) | (5799) | (32796) | (259) | (4840) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 209772 | 16183 | 87 | 49143 |
| Realized Gain (Loss) on Investments | 17032 | 84212 | 115 | 35991 |
| Net Realized Capital Gains (Losses) on Investments | 226804 | 100395 | 202 | 85134 |
| Net Change in Unrealized Appreciation (Depreciation) | (106437) | 236844 | 20835 | (22735) |
| Net Gain (Loss) on Investment | 120367 | 337239 | 21037 | 62399 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 114568 | 304443 | 20778 | 57559 |
| Increase (Decrease) in Net Assets from Contract Transactions | 26358 | (156200) | 460625 | (79011) |
| Total Increase (Decrease) in Net Assets | 140926 | 148243 | 481403 | (21452) |
| **Net Assets as of December 31, 2025:** | **$1086667** | **$2623701** | **$481403** | **$671360** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin Templeton Growth Class A Shares | Invesco American Franchise Fund Class A Shares | Invesco Charter Class A Shares | Invesco Comstock Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$2758842** | **$511889** | **$292246** | **$26149898** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 24401 |  | 1724 | 429269 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 38637 | 7558 | 4249 | 395630 |
| Net Investment Income (Loss) | (14236) | (7558) | (2525) | 33639 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 40954 | 21944 | 23508 | 1873163 |
| Realized Gain (Loss) on Investments | 158373 | 23582 | 3121 | 1745168 |
| Net Realized Capital Gains (Losses) on Investments | 199327 | 45526 | 26629 | 3618331 |
| Net Change in Unrealized Appreciation (Depreciation) | (67486) | 124993 | 43937 | (348479) |
| Net Gain (Loss) on Investment | 131841 | 170519 | 70566 | 3269852 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 117605 | 162961 | 68041 | 3303491 |
| Increase (Decrease) in Net Assets from Contract Transactions | (595506) | (88968) | (19190) | (5705451) |
| Total Increase (Decrease) in Net Assets | (477901) | 73993 | 48851 | (2401960) |
| **Net Assets as of December 31, 2024:** | **$2280941** | **$585882** | **$341097** | **$23747938** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 13913 |  | 695 | 371705 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 32521 | 7736 | 4240 | 350589 |
| Net Investment Income (Loss) | (18608) | (7736) | (3545) | 21116 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 289719 | 76136 | 20392 | 1519745 |
| Realized Gain (Loss) on Investments | 107212 | 16138 | 15374 | 2202521 |
| Net Realized Capital Gains (Losses) on Investments | 396931 | 92274 | 35766 | 3722266 |
| Net Change in Unrealized Appreciation (Depreciation) | 78082 | (24573) | 12125 | (454205) |
| Net Gain (Loss) on Investment | 475013 | 67701 | 47891 | 3268061 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 456405 | 59965 | 44346 | 3289177 |
| Increase (Decrease) in Net Assets from Contract Transactions | (369539) | (14921) | (73792) | (4999782) |
| Total Increase (Decrease) in Net Assets | 86866 | 45044 | (29446) | (1710605) |
| **Net Assets as of December 31, 2025:** | **$2367807** | **$630926** | **$311651** | **$22037333** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco Discovery Large Cap Class A Shares | Invesco Discovery Mid Cap Growth Class A Shares | Invesco Equity and Income Class A Shares | Invesco Global Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$851928** | **$1252004** | **$1866618** | **$2627939** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends |  |  | 32589 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 13708 | 17804 | 21862 | 35352 |
| Net Investment Income (Loss) | (13708) | (17804) | 10727 | (35352) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 23690 | 67461 | 96530 | 289460 |
| Realized Gain (Loss) on Investments | 50412 | 29774 | 11354 | 87754 |
| Net Realized Capital Gains (Losses) on Investments | 74102 | 97235 | 107884 | 377214 |
| Net Change in Unrealized Appreciation (Depreciation) | 173509 | 192929 | 45185 | 30486 |
| Net Gain (Loss) on Investment | 247611 | 290164 | 153069 | 407700 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 233903 | 272360 | 163796 | 372348 |
| Increase (Decrease) in Net Assets from Contract Transactions | (260852) | (122627) | (386289) | (318207) |
| Total Increase (Decrease) in Net Assets | (26949) | 149733 | (222493) | 54141 |
| **Net Assets as of December 31, 2024:** | **$824979** | **$1401737** | **$1644125** | **$2682080** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends |  |  | 28096 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 12122 | 16030 | 20607 | 34882 |
| Net Investment Income (Loss) | (12122) | (16030) | 7489 | (34882) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 76836 | 88097 | 69096 | 529275 |
| Realized Gain (Loss) on Investments | 41170 | 102985 | 6955 | 49165 |
| Net Realized Capital Gains (Losses) on Investments | 118006 | 191082 | 76051 | 578440 |
| Net Change in Unrealized Appreciation (Depreciation) | (25868) | (140283) | 86331 | (197377) |
| Net Gain (Loss) on Investment | 92138 | 50799 | 162382 | 381063 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 80016 | 34769 | 169871 | 346181 |
| Increase (Decrease) in Net Assets from Contract Transactions | (124967) | (379569) | (388680) | (375947) |
| Total Increase (Decrease) in Net Assets | (44951) | (344800) | (218809) | (29766) |
| **Net Assets as of December 31, 2025:** | **$780028** | **$1056937** | **$1425316** | **$2652314** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco Main Street Class A Shares | Invesco Main Street Mid Cap Class A Shares | Invesco Multi-Strategy Class A Shares | Invesco Value Opportunities Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1647210** | **$2181634** | **$380821** | **$376156** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 12964 | 5355 | 5073 | 1587 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 27011 | 37168 | 5082 | 6560 |
| Net Investment Income (Loss) | (14047) | (31813) | (9) | (4973) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 94717 | 175571 | 2887 | 27908 |
| Realized Gain (Loss) on Investments | 69111 | 141543 | (1523) | 27274 |
| Net Realized Capital Gains (Losses) on Investments | 163828 | 317114 | 1364 | 55182 |
| Net Change in Unrealized Appreciation (Depreciation) | 199761 | 29645 | 15125 | 44541 |
| Net Gain (Loss) on Investment | 363589 | 346759 | 16489 | 99723 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 349542 | 314946 | 16480 | 94750 |
| Increase (Decrease) in Net Assets from Contract Transactions | (140794) | (362186) | (7755) | (65437) |
| Total Increase (Decrease) in Net Assets | 208748 | (47240) | 8725 | 29313 |
| **Net Assets as of December 31, 2024:** | **$1855958** | **$2134394** | **$389546** | **$405469** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 6578 | 3610 |  | 863 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 28254 | 33965 | 4817 | 6883 |
| Net Investment Income (Loss) | (21676) | (30355) | (4817) | (6020) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 129898 | 160383 | 2713 | 41728 |
| Realized Gain (Loss) on Investments | 44820 | 124131 | (2160) | 22342 |
| Net Realized Capital Gains (Losses) on Investments | 174718 | 284514 | 553 | 64070 |
| Net Change in Unrealized Appreciation (Depreciation) | 111274 | (113565) | 582 | 11619 |
| Net Gain (Loss) on Investment | 285992 | 170949 | 1135 | 75689 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 264316 | 140594 | (3682) | 69669 |
| Increase (Decrease) in Net Assets from Contract Transactions | (165084) | (293084) | (10996) | (26695) |
| Total Increase (Decrease) in Net Assets | 99232 | (152490) | (14678) | 42974 |
| **Net Assets as of December 31, 2025:** | **$1955190** | **$1981904** | **$374868** | **$448443** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Janus Henderson Enterprise Class A Shares | Janus Henderson Forty Class A Shares | JPMorgan Small Cap Growth Class A Shares | Lord Abbett Affiliated Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$21840743** | **$4647156** | **$1307895** | **$1350694** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 165882 | 14984 | 7103 | 23177 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 355409 | 81018 | 20632 | 21545 |
| Net Investment Income (Loss) | (189527) | (66034) | (13529) | 1632 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 1190486 | 430908 |  | 57679 |
| Realized Gain (Loss) on Investments | 1153144 | 679102 | 6533 | 50121 |
| Net Realized Capital Gains (Losses) on Investments | 2343630 | 1110010 | 6533 | 107800 |
| Net Change in Unrealized Appreciation (Depreciation) | 548562 | 82327 | 140350 | 82113 |
| Net Gain (Loss) on Investment | 2892192 | 1192337 | 146883 | 189913 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2702665 | 1126303 | 133354 | 191545 |
| Increase (Decrease) in Net Assets from Contract Transactions | (4626689) | (1076131) | (231499) | (214580) |
| Total Increase (Decrease) in Net Assets | (1924024) | 50172 | (98145) | (23035) |
| **Net Assets as of December 31, 2024:** | **$19916719** | **$4697328** | **$1209750** | **$1327659** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 34483 |  |  | 14263 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 312564 | 74534 | 18412 | 20539 |
| Net Investment Income (Loss) | (278081) | (74534) | (18412) | (6276) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 1315716 | 496894 | 78928 | 78465 |
| Realized Gain (Loss) on Investments | 509059 | 421703 | (27410) | 75251 |
| Net Realized Capital Gains (Losses) on Investments | 1824775 | 918597 | 51518 | 153716 |
| Net Change in Unrealized Appreciation (Depreciation) | (522852) | (140874) | 26543 | 21062 |
| Net Gain (Loss) on Investment | 1301923 | 777723 | 78061 | 174778 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1023842 | 703189 | 59649 | 168502 |
| Increase (Decrease) in Net Assets from Contract Transactions | (2781675) | (975184) | (136677) | (210860) |
| Total Increase (Decrease) in Net Assets | (1757833) | (271995) | (77028) | (42358) |
| **Net Assets as of December 31, 2025:** | **$18158886** | **$4425333** | **$1132722** | **$1285301** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Lord Abbett Bond-Debenture Class A Shares | Lord Abbett Mid Cap Stock Class A Shares | MFS® Growth Class A Shares | MFS® Mid Cap Growth Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$8547443** | **$9405150** | **$10845931** | **$8679035** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 490929 | 51381 |  |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 126154 | 136755 | 146262 | 113990 |
| Net Investment Income (Loss) | 364775 | (85374) | (146262) | (113990) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 772752 | 1401246 | 624756 |
| Realized Gain (Loss) on Investments | (238752) | 524494 | 2049729 | 938537 |
| Net Realized Capital Gains (Losses) on Investments | (238752) | 1297246 | 3450975 | 1563293 |
| Net Change in Unrealized Appreciation (Depreciation) | 303710 | 14196 | (346823) | (369063) |
| Net Gain (Loss) on Investment | 64958 | 1311442 | 3104152 | 1194230 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 429733 | 1226068 | 2957890 | 1080240 |
| Increase (Decrease) in Net Assets from Contract Transactions | (1058500) | (1392151) | (3121869) | (1428878) |
| Total Increase (Decrease) in Net Assets | (628767) | (166083) | (163979) | (348638) |
| **Net Assets as of December 31, 2024:** | **$7918676** | **$9239067** | **$10681952** | **$8330397** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 457588 | 35928 |  |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 113623 | 117185 | 136516 | 105682 |
| Net Investment Income (Loss) | 343965 | (81257) | (136516) | (105682) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 528184 | 1432655 | 1100833 |
| Realized Gain (Loss) on Investments | (182948) | 465404 | 1727813 | 753020 |
| Net Realized Capital Gains (Losses) on Investments | (182948) | 993588 | 3160468 | 1853853 |
| Net Change in Unrealized Appreciation (Depreciation) | 335458 | (482779) | (1851568) | (1525792) |
| Net Gain (Loss) on Investment | 152510 | 510809 | 1308900 | 328061 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 496475 | 429552 | 1172384 | 222379 |
| Increase (Decrease) in Net Assets from Contract Transactions | (1067767) | (1551169) | (2270805) | (626545) |
| Total Increase (Decrease) in Net Assets | (571292) | (1121617) | (1098421) | (404166) |
| **Net Assets as of December 31, 2025:** | **$7347384** | **$8117450** | **$9583531** | **$7926231** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MFS® Research International Class A Shares | Nomura Mid Cap Growth Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO Low Duration Class A Shares |
|  | Subaccount | Subaccount<sup>(1)</sup> | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$5152248** | **$-** | **$5014119** | **$29139752** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 82366 |  | 149028 | 1148310 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 66226 | 12087 | 87641 | 488983 |
| Net Investment Income (Loss) | 16140 | (12087) | 61387 | 659327 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 109572 |  |  |
| Realized Gain (Loss) on Investments | 266284 | 1107 | (306944) | (350516) |
| Net Realized Capital Gains (Losses) on Investments | 266284 | 110679 | (306944) | (350516) |
| Net Change in Unrealized Appreciation (Depreciation) | (182218) | (95515) | 387265 | 510990 |
| Net Gain (Loss) on Investment | 84066 | 15164 | 80321 | 160474 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 100206 | 3077 | 141708 | 819801 |
| Increase (Decrease) in Net Assets from Contract Transactions | (474507) | 1518465 | (87206) | (1985355) |
| Total Increase (Decrease) in Net Assets | (374301) | 1521542 | 54502 | (1165554) |
| **Net Assets as of December 31, 2024:** | **$4777947** | **$1521542** | **$5068621** | **$27974198** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 76574 |  | 375423 | 1052942 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 62232 | 19373 | 80778 | 438274 |
| Net Investment Income (Loss) | 14342 | (19373) | 294645 | 614668 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 148631 | 131275 |  |  |
| Realized Gain (Loss) on Investments | 568781 | (13365) | (661472) | (322861) |
| Net Realized Capital Gains (Losses) on Investments | 717412 | 117910 | (661472) | (322861) |
| Net Change in Unrealized Appreciation (Depreciation) | 168814 | (100223) | 1169896 | 639126 |
| Net Gain (Loss) on Investment | 886226 | 17687 | 508424 | 316265 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 900568 | (1686) | 803069 | 930933 |
| Increase (Decrease) in Net Assets from Contract Transactions | (1275801) | (209983) | (1183355) | (3099520) |
| Total Increase (Decrease) in Net Assets | (375233) | (211669) | (380286) | (2168587) |
| **Net Assets as of December 31, 2025:** | **$4402714** | **$1309873** | **$4688335** | **$25805611** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO Real Return Class A Shares | PIMCO Total Return Class A Shares | Putnam International Equity Class A Shares | Putnam Large Cap Growth Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$19325213** | **$53516295** | **$9278635** | **$1825043** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 532567 | 2193304 | 90583 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 317652 | 803874 | 120481 | 25420 |
| Net Investment Income (Loss) | 214915 | 1389430 | (29898) | (25420) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  | 336684 | 78289 |
| Realized Gain (Loss) on Investments | (282065) | (1569839) | 211829 | 390302 |
| Net Realized Capital Gains (Losses) on Investments | (282065) | (1569839) | 548513 | 468591 |
| Net Change in Unrealized Appreciation (Depreciation) | 186400 | 600600 | (289200) | 77316 |
| Net Gain (Loss) on Investment | (95665) | (969239) | 259313 | 545907 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 119250 | 420191 | 229415 | 520487 |
| Increase (Decrease) in Net Assets from Contract Transactions | (1323150) | (4691999) | (702802) | (546900) |
| Total Increase (Decrease) in Net Assets | (1203900) | (4271808) | (473387) | (26413) |
| **Net Assets as of December 31, 2024:** | **$18121313** | **$49244487** | **$8805248** | **$1798630** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 608601 | 1974691 | 192527 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 284163 | 718922 | 116258 | 23255 |
| Net Investment Income (Loss) | 324438 | 1255769 | 76269 | (23255) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  |  | 654550 | 102496 |
| Realized Gain (Loss) on Investments | (324034) | (2015329) | 592188 | 105306 |
| Net Realized Capital Gains (Losses) on Investments | (324034) | (2015329) | 1246738 | 207802 |
| Net Change in Unrealized Appreciation (Depreciation) | 1031508 | 4081057 | 1396710 | 37741 |
| Net Gain (Loss) on Investment | 707474 | 2065728 | 2643448 | 245543 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1031912 | 3321497 | 2719717 | 222288 |
| Increase (Decrease) in Net Assets from Contract Transactions | (2512884) | (7440087) | (2937870) | (130477) |
| Total Increase (Decrease) in Net Assets | (1480972) | (4118590) | (218153) | 91811 |
| **Net Assets as of December 31, 2025:** | **$16640341** | **$45125897** | **$8587095** | **$1890441** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Putnam Large Cap Value Class A Shares | TA Aegon Sustainable Equity Income Service Class | TA Asset Allocation - Conservative Class A Shares | TA Asset Allocation - Moderate Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$825643** | **$2567186** | **$559916** | **$1316550** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 9856 | 43598 | 9499 | 26289 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 11623 | 32413 | 6279 | 19268 |
| Net Investment Income (Loss) | (1767) | 11185 | 3220 | 7021 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 47250 |  |  | 36890 |
| Realized Gain (Loss) on Investments | 33612 | (111643) | 3325 | 40538 |
| Net Realized Capital Gains (Losses) on Investments | 80862 | (111643) | 3325 | 77428 |
| Net Change in Unrealized Appreciation (Depreciation) | 62208 | 442449 | 14640 | 13776 |
| Net Gain (Loss) on Investment | 143070 | 330806 | 17965 | 91204 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 141303 | 341991 | 21185 | 98225 |
| Increase (Decrease) in Net Assets from Contract Transactions | (92600) | (552110) | (263629) | (83492) |
| Total Increase (Decrease) in Net Assets | 48703 | (210119) | (242444) | 14733 |
| **Net Assets as of December 31, 2024:** | **$874346** | **$2357067** | **$317472** | **$1331283** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 10525 | 32228 | 8401 | 31519 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 11709 | 29845 | 4847 | 20027 |
| Net Investment Income (Loss) | (1184) | 2383 | 3554 | 11492 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 38276 | 21755 | 2367 | 54483 |
| Realized Gain (Loss) on Investments | 37438 | 33185 | 2207 | 19550 |
| Net Realized Capital Gains (Losses) on Investments | 75714 | 54940 | 4574 | 74033 |
| Net Change in Unrealized Appreciation (Depreciation) | 79813 | 150745 | 23964 | 90813 |
| Net Gain (Loss) on Investment | 155527 | 205685 | 28538 | 164846 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 154343 | 208068 | 32092 | 176338 |
| Increase (Decrease) in Net Assets from Contract Transactions | (98258) | (423497) | (18250) | (60876) |
| Total Increase (Decrease) in Net Assets | 56085 | (215429) | 13842 | 115462 |
| **Net Assets as of December 31, 2025:** | **$930431** | **$2141638** | **$331314** | **$1446745** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA Asset Allocation - Moderate Growth Class A Shares | TA BlackRock Government Money Market Initial Class | TA Bond Class A Shares | TA International Focus Initial Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1731302** | **$5735835** | **$880191** | **$66480045** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 29537 | 278627 | 35814 | 1453938 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 25628 | 84387 | 14072 | 1028351 |
| Net Investment Income (Loss) | 3909 | 194240 | 21742 | 425587 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 66147 |  |  | 2002178 |
| Realized Gain (Loss) on Investments | (12710) |  | (20256) | 537470 |
| Net Realized Capital Gains (Losses) on Investments | 53437 |  | (20256) | 2539648 |
| Net Change in Unrealized Appreciation (Depreciation) | 128983 |  | 322 | (4247713) |
| Net Gain (Loss) on Investment | 182420 |  | (19934) | (1708065) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 186329 | 194240 | 1808 | (1282478) |
| Increase (Decrease) in Net Assets from Contract Transactions | (336399) | (525306) | (35883) | (5130149) |
| Total Increase (Decrease) in Net Assets | (150070) | (331066) | (34075) | (6412627) |
| **Net Assets as of December 31, 2024:** | **$1581232** | **$5404769** | **$846116** | **$60067418** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 25947 | 329834 | 33115 | 943021 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 24857 | 120423 | 12856 | 923666 |
| Net Investment Income (Loss) | 1090 | 209411 | 20259 | 19355 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 82668 |  |  | 5581916 |
| Realized Gain (Loss) on Investments | 17063 |  | (30917) | 1680609 |
| Net Realized Capital Gains (Losses) on Investments | 99731 |  | (30917) | 7262525 |
| Net Change in Unrealized Appreciation (Depreciation) | 144342 |  | 50334 | (4054549) |
| Net Gain (Loss) on Investment | 244073 |  | 19417 | 3207976 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 245163 | 209411 | 39676 | 3227331 |
| Increase (Decrease) in Net Assets from Contract Transactions | (145962) | 9389996 | (108959) | (8555575) |
| Total Increase (Decrease) in Net Assets | 99201 | 9599407 | (69283) | (5328244) |
| **Net Assets as of December 31, 2025:** | **$1680433** | **$15004176** | **$776833** | **$54739174** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA Multi-Managed Balanced Class A Shares | TA Small/Mid Cap Value Class A Shares | TA Sustainable Equity Income Class A Shares | TA T. Rowe Price Small Cap Service Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1497664** | **$23067157** | **$40961183** | **$3909435** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 24004 | 164142 | 517044 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 21253 | 369094 | 624656 | 60238 |
| Net Investment Income (Loss) | 2751 | (204952) | (107612) | (60238) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 85530 | 2201193 | 2508088 | 148721 |
| Realized Gain (Loss) on Investments | 25766 | 1144476 | (515511) | (429894) |
| Net Realized Capital Gains (Losses) on Investments | 111296 | 3345669 | 1992577 | (281173) |
| Net Change in Unrealized Appreciation (Depreciation) | 70536 | (1579739) | 3678379 | 749832 |
| Net Gain (Loss) on Investment | 181832 | 1765930 | 5670956 | 468659 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 184583 | 1560978 | 5563344 | 408421 |
| Increase (Decrease) in Net Assets from Contract Transactions | (228184) | (3704639) | (9563651) | (1009125) |
| Total Increase (Decrease) in Net Assets | (43601) | (2143661) | (4000307) | (600704) |
| **Net Assets as of December 31, 2024:** | **$1454063** | **$20923496** | **$36960876** | **$3308731** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 21651 | 196574 | 432597 |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 19340 | 326108 | 551524 | 51997 |
| Net Investment Income (Loss) | 2311 | (129534) | (118927) | (51997) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 62209 | 1656018 |  | 583931 |
| Realized Gain (Loss) on Investments | 33369 | 1546986 | 1129516 | (263062) |
| Net Realized Capital Gains (Losses) on Investments | 95578 | 3203004 | 1129516 | 320869 |
| Net Change in Unrealized Appreciation (Depreciation) | 55097 | (1618243) | 2087694 | (7613) |
| Net Gain (Loss) on Investment | 150675 | 1584761 | 3217210 | 313256 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 152986 | 1455227 | 3098283 | 261259 |
| Increase (Decrease) in Net Assets from Contract Transactions | (195577) | (3450098) | (6002591) | (358201) |
| Total Increase (Decrease) in Net Assets | (42591) | (1994871) | (2904308) | (96942) |
| **Net Assets as of December 31, 2025:** | **$1411472** | **$18928625** | **$34056568** | **$3211789** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TA TSW International Equity Service Class | TA TSW Mid Cap Value Opportunities Service Class | TA US Growth Class A Shares | TA WMC US Growth Service Class |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$2629061** | **$1720797** | **$24874322** | **$325216** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 67498 | 20833 |  |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 42832 | 22666 | 396367 | 5508 |
| Net Investment Income (Loss) | 24666 | (1833) | (396367) | (5508) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions |  | 279277 | 3392455 | 29291 |
| Realized Gain (Loss) on Investments | 47889 | (14765) | 2188842 | 26946 |
| Net Realized Capital Gains (Losses) on Investments | 47889 | 264512 | 5581297 | 56237 |
| Net Change in Unrealized Appreciation (Depreciation) | (25262) | (151899) | 569490 | 26257 |
| Net Gain (Loss) on Investment | 22627 | 112613 | 6150787 | 82494 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 47293 | 110780 | 5754420 | 76986 |
| Increase (Decrease) in Net Assets from Contract Transactions | (341988) | (110012) | (8561168) | (92915) |
| Total Increase (Decrease) in Net Assets | (294695) | 768 | (2806748) | (15929) |
| **Net Assets as of December 31, 2024:** | **$2334366** | **$1721565** | **$22067574** | **$309287** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 46278 | 16487 |  |  |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 39102 | 20963 | 352094 | 5061 |
| Net Investment Income (Loss) | 7176 | (4476) | (352094) | (5061) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 110145 | 426310 | 910019 | 51517 |
| Realized Gain (Loss) on Investments | 122428 | (143448) | 745133 | 29583 |
| Net Realized Capital Gains (Losses) on Investments | 232573 | 282862 | 1655152 | 81100 |
| Net Change in Unrealized Appreciation (Depreciation) | 359691 | (153605) | 2031849 | (31066) |
| Net Gain (Loss) on Investment | 592264 | 129257 | 3687001 | 50034 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 599440 | 124781 | 3334907 | 44973 |
| Increase (Decrease) in Net Assets from Contract Transactions | (613837) | (374276) | (5084277) | (42376) |
| Total Increase (Decrease) in Net Assets | (14397) | (249495) | (1749370) | 2597 |
| **Net Assets as of December 31, 2025:** | **$2319969** | **$1472070** | **$20318204** | **$311884** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Victory Pioneer Class A Shares | Victory Pioneer High Yield Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares | Virtus AllianzGI Dividend Value Class A Shares |
|  | Subaccount | Subaccount | Subaccount | Subaccount |
| **Net Assets as of December 31, 2023:** | **$1174534** | **$1906733** | **$212458** | **$2694623** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 5416 | 114309 |  | 34565 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 17397 | 33021 | 3509 | 43978 |
| Net Investment Income (Loss) | (11981) | 81288 | (3509) | (9413) |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 125898 |  | 24362 | 43590 |
| Realized Gain (Loss) on Investments | 172747 | (19265) | 876 | (19946) |
| Net Realized Capital Gains (Losses) on Investments | 298645 | (19265) | 25238 | 23644 |
| Net Change in Unrealized Appreciation (Depreciation) | (99489) | 63249 | 21531 | 78008 |
| Net Gain (Loss) on Investment | 199156 | 43984 | 46769 | 101652 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 187175 | 125272 | 43260 | 92239 |
| Increase (Decrease) in Net Assets from Contract Transactions | (321969) | (81945) | (44535) | (307344) |
| Total Increase (Decrease) in Net Assets | (134794) | 43327 | (1275) | (215105) |
| **Net Assets as of December 31, 2024:** | **$1039740** | **$1950060** | **$211183** | **$2479518** |
| Investment Income: |  |  |  |  |
| Reinvested Dividends | 1947 | 107279 |  | 48212 |
| Investment Expense: |  |  |  |  |
| Mortality and Expense Risk and Administrative Charges | 14285 | 31290 | 3220 | 38123 |
| Net Investment Income (Loss) | (12338) | 75989 | (3220) | 10089 |
| Increase (Decrease) in Net Assets from Operations: |  |  |  |  |
| Capital Gain Distributions | 81464 |  | 32673 | 202540 |
| Realized Gain (Loss) on Investments | 71791 | (21188) | 663 | (28183) |
| Net Realized Capital Gains (Losses) on Investments | 153255 | (21188) | 33336 | 174357 |
| Net Change in Unrealized Appreciation (Depreciation) | 10928 | 49943 | 1477 | (46903) |
| Net Gain (Loss) on Investment | 164183 | 28755 | 34813 | 127454 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 151845 | 104744 | 31593 | 137543 |
| Increase (Decrease) in Net Assets from Contract Transactions | (295985) | (212399) | (38261) | (433617) |
| Total Increase (Decrease) in Net Assets | (144140) | (107655) | (6668) | (296074) |
| **Net Assets as of December 31, 2025:** | **$895600** | **$1842405** | **$204515** | **$2183444** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

#### Transamerica Life Insurance Company

#### Merrill Lynch Life Variable Annuity Separate Account D

#### Statements of Operations and Changes in Net Assets

#### Years Ended December 31, 2025 and 2024

---

| | |
|:---|:---|
|  | Virtus AllianzGI Small-Cap Value Class A Shares |
|  | Subaccount |
| **Net Assets as of December 31, 2023:** | **$3120429** |
| Investment Income: |  |
| Reinvested Dividends | 35318 |
| Investment Expense: |  |
| Mortality and Expense Risk and Administrative Charges | 41497 |
| Net Investment Income (Loss) | (6179) |
| Increase (Decrease) in Net Assets from Operations: |  |
| Capital Gain Distributions | 87564 |
| Realized Gain (Loss) on Investments | (343250) |
| Net Realized Capital Gains (Losses) on Investments | (255686) |
| Net Change in Unrealized Appreciation (Depreciation) | 387294 |
| Net Gain (Loss) on Investment | 131608 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 125429 |
| Increase (Decrease) in Net Assets from Contract Transactions | (456814) |
| Total Increase (Decrease) in Net Assets | (331385) |
| **Net Assets as of December 31, 2024:** | **$2789044** |
| Investment Income: |  |
| Reinvested Dividends | 19577 |
| Investment Expense: |  |
| Mortality and Expense Risk and Administrative Charges | 35088 |
| Net Investment Income (Loss) | (15511) |
| Increase (Decrease) in Net Assets from Operations: |  |
| Capital Gain Distributions | 78870 |
| Realized Gain (Loss) on Investments | (82343) |
| Net Realized Capital Gains (Losses) on Investments | (3473) |
| Net Change in Unrealized Appreciation (Depreciation) | (2346) |
| Net Gain (Loss) on Investment | (5819) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (21330) |
| Increase (Decrease) in Net Assets from Contract Transactions | (364390) |
| Total Increase (Decrease) in Net Assets | (385720) |
| **Net Assets as of December 31, 2025:** | **$2403324** |

---

*See Accompanying Notes*

*(1)See Footnote 1*

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**1. Organization** 

**Organization** 

Merrill Lynch Life Variable Annuity Separate Account D (the Separate Account) is a segregated investment account of Transamerica Life Insurance Company (TLIC), an indirect wholly owned subsidiary of Aegon Ltd., a holding company organized under the laws of Bermuda.

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust pursuant to provisions of the Investment Company Act of 1940. TLIC and the Separate Account are regulated by the Securities and Exchange Commission. The assets and liabilities of the Separate Account are clearly identified and distinguished from TLIC's other assets and liabilities. The Separate Account consists of multiple investment subaccounts. Each subaccount invests exclusively in the corresponding portfolio of a Mutual Fund. Each Mutual Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended. Activity in these specified investment subaccounts is available to contract owners of Merrill Lynch Investor Choice Annuity® and Merrill Lynch IRA Annuity®.

---

| | |
|:---|:---|
| **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** |
| **<u>Subaccount</u>** | **<u>Mutual Fund</u>** |
| The AB Trust | The AB Trust |
| AB Discovery Value Class A Shares | AB Discovery Value Portfolio Class A Shares |
| AB International Value Class A Shares | AB International Value Portfolio Class A Shares |
| AB Large Cap Growth Class A Shares | AB Large Cap Growth Portfolio Class A Shares |
| AB Large Cap Value Class A Shares | AB Large Cap Value Portfolio Class A Shares |
| AB Relative Value Class A Shares | AB Relative Value Portfolio Class A Shares |
| American Funds | American Funds |
| American Funds - EUPAC Class F -1 Shares | American Funds - EUPAC Fund Class F -1 Shares |
| American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Fund Class F -1 Shares |
| American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Fund Class F -1 Shares |
| American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Fund Class F -1 Shares |
| American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Fund Class A Shares |
| American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Fund Class F -1 Shares |
| American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Fund Class A Shares |
| American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Fund Class A Shares |
| American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Fund Class A Shares |
| The Managers Fund | The Managers Fund |
| AMG Renaissance Large Cap Growth Class N Shares | AMG Renaissance Large Cap Growth Class N Shares |
| BlackRock Series, Inc. | BlackRock Series, Inc. |
| BlackRock Advantage Global Investor A Shares | BlackRock Advantage Global Fund Investor A Shares |
| BlackRock Advantage International Investor A Shares | BlackRock Advantage International Investor A Shares |
| BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Fund Investor A Shares |
| BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Fund Investor A Shares |
| BlackRock Advantage SMID Investor A Shares | BlackRock Advantage SMID Fund Investor A Shares |
| BlackRock Capital Appreciation Investor A Shares | BlackRock Capital Appreciation Fund Investor A Shares |
| BlackRock Global Allocation Investor A Shares | BlackRock Global Allocation Fund Investor A Shares |
| BlackRock High Yield Investor A Shares | BlackRock High Yield Portfolio Investor A Shares |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025**

**1. Organization (continued)** 

---

| | |
|:---|:---|
| **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** |
| **<u>Subaccount</u>** | **<u>Mutual Fund</u>** |
| BlackRock Series, Inc. | BlackRock Series, Inc. |
| BlackRock International Investor A Shares | BlackRock International Fund Investor A Shares |
| BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Fund Investor A Shares |
| BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Fund Investor A Shares |
| BlackRock iShares S&P 500 Index Investor A Shares | BlackRock iShares S&P 500 Index Fund Investor A Shares |
| BlackRock Large Cap Focus Growth Investor A Shares | BlackRock Large Cap Growth Fund Investor A Shares |
| BlackRock Large Cap Focus Value Investor A Shares | BlackRock Large Cap Focus Value Fund Investor A Shares |
| BlackRock Low Duration Bond Investor A Shares | BlackRock Low Duration Bond Portfolio Investor A Shares |
| BlackRock Total Return Investor A Shares | BlackRock Total Return Investor A Shares |
| BNY Mellon Fund | BNY Mellon Fund |
| BNY Mellon Appreciation Investor Shares | BNY Mellon Appreciation Investor Shares |
| Cohen & Steers Capital Management, Inc. | Cohen & Steers Capital Management, Inc. |
| Cohen & Steers Real Estate Securities Class A Shares | Cohen & Steers Real Estate Securities Class Fund A Shares |
| Columbia Funds Series Trust | Columbia Funds Series Trust |
| Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Fund Class A Shares |
| Columbia Select Mid Cap Growth Class A Shares | Columbia Select Mid Cap Growth Class A Shares |
| Columbia Select Small Cap Value Class A Shares | Columbia Select Small Cap Value Fund Class A Shares |
| Davis New York Venture Fund, Inc. | Davis New York Venture Fund, Inc. |
| Davis New York Venture Class A Shares | Davis New York Venture Class A Shares |
| Eaton Vance Mutual Funds Trust | Eaton Vance Mutual Funds Trust |
| Eaton Vance Floating-Rate Class A Shares | Eaton Vance Floating-Rate Fund Class A Shares |
| Eaton Vance Special Investment Trust | Eaton Vance Special Investment Trust |
| Eaton Vance Large-Cap Value Class A Shares | Eaton Vance Large-Cap Value Fund Class A Shares |
| Federated Equity Funds | Federated Equity Funds |
| Federated Hermes Kaufmann Class A Shares | Federated Hermes Kaufmann Fund Class A Shares |
| Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Fund Class A Shares |
| Fidelity Advisor Series | Fidelity Advisor Series |
| Fidelity Advisor® Equity Growth Class A Shares | Fidelity Advisor® Equity Growth Fund Class A Shares |
| Fidelity Advisor® Overseas Class A Shares | Fidelity Advisor® Overseas Fund Class A Shares |
| Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Fund Class A Shares |
| Templeton Funds | Templeton Funds |
| Franklin Templeton Growth Class A Shares | Franklin Templeton Growth Fund Class A Shares |
| AIM Series Trust (Invesco Series Trust) | AIM Series Trust (Invesco Series Trust) |
| Invesco American Franchise Fund Class A Shares | Invesco American Franchise Fund Class A Shares |
| Invesco Charter Class A Shares | Invesco Charter Fund Class A Shares |
| Invesco Comstock Class A Shares | Invesco Comstock Fund Class A Shares |
| Invesco Discovery Large Cap Class A Shares | Invesco Discovery Large Cap Fund Class A Shares |
| Invesco Discovery Mid Cap Growth Class A Shares | Invesco Discovery Mid Cap Growth Fund Class A Shares |
| Invesco Equity and Income Class A Shares | Invesco Equity and Income Fund Class A Shares |
| Invesco Global Class A Shares | Invesco Global Fund Class A Shares |
| Invesco Main Street Class A Shares | Invesco Main Street Fund Class A Shares |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025**

**1. Organization (continued)** 

---

| | |
|:---|:---|
| Subaccount Investment by Mutual Fund: | Subaccount Investment by Mutual Fund: |
| Subaccount | Mutual Fund |
| AIM Series Trust (Invesco Series Trust) | AIM Series Trust (Invesco Series Trust) |
| Invesco Main Street Mid Cap Class A Shares | Invesco Main Street Mid Cap Fund Class A Shares |
| Invesco Multi-Strategy Class A Shares | Invesco Multi-Strategy Fund Class A Shares |
| Invesco Value Opportunities Class A Shares | Invesco Value Opportunities Fund Class A Shares |
| Janus Advisor Series | Janus Advisor Series |
| Janus Henderson Enterprise Class A Shares | Janus Henderson Enterprise Portfolio Class A Shares |
| Janus Henderson Forty Class A Shares | Janus Henderson Forty Portfolio Class A Shares |
| JPMorgan Trust II | JPMorgan Trust II |
| JPMorgan Small Cap Growth Class A Shares | JPMorgan Small Cap Growth Fund Class A Shares |
| Lord Abbett Funds, Inc. | Lord Abbett Funds, Inc. |
| Lord Abbett Affiliated Class A Shares | Lord Abbett Affiliated Class A Shares |
| Lord Abbett Bond-Debenture Class A Shares | Lord Abbett Bond-Debenture Class A Shares |
| Lord Abbett Mid Cap Stock Class A Shares | Lord Abbett Mid Cap Stock Class A Shares |
| MFS Series Trust | MFS Series Trust |
| MFS® Growth Class A Shares | MFS® Growth Fund Class A Shares |
| MFS® Mid Cap Growth Class A Shares | MFS® Mid Cap Growth Fund Class A Shares |
| MFS® Research International Class A Shares | MFS® Research International Fund Class A Shares |
| Nomura Investment Management Business Trust | Nomura Investment Management Business Trust |
| Nomura Mid Cap Growth Class A Shares | Nomura Mid Cap Growth Fund Class A Shares |
| PIMCO Funds | PIMCO Funds |
| PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Fund Class A Shares |
| PIMCO Low Duration Class A Shares | PIMCO Low Duration Fund Class A Shares |
| PIMCO Real Return Class A Shares | PIMCO Real Return Fund Class A Shares |
| PIMCO Total Return Class A Shares | PIMCO Total Return Fund Class A Shares |
| Putnam Funds | Putnam Funds |
| Putnam International Equity Class A Shares | Putnam International Equity Class A Shares |
| Putnam Large Cap Growth Class A Shares | Putnam Large Cap Growth Class A Shares |
| Putnam Large Cap Value Class A Shares | Putnam Large Cap Value Class A Shares |
| Transamerica Funds | Transamerica Funds |
| TA Aegon Sustainable Equity Income Service Class | Transamerica Aegon Sustainable Equity Income VP Service Class |
| TA Asset Allocation - Conservative Class A Shares | Transamerica Asset Allocation - Conservative Class A Shares |
| TA Asset Allocation - Moderate Class A Shares | Transamerica Asset Allocation - Moderate Class A Shares |
| TA Asset Allocation - Moderate Growth Class A Shares | Transamerica Asset Allocation - Moderate Growth Class A Shares |
| TA BlackRock Government Money Market Initial Class | Transamerica BlackRock Government Money Market VP Initial Class |
| TA Bond Class A Shares | Transamerica Bond Class A Shares |
| TA International Focus Initial Class | Transamerica International Focus VP Initial Class |
| TA Multi-Managed Balanced Class A Shares | Transamerica Multi-Managed Balanced Class A Shares |
| TA Small/Mid Cap Value Class A Shares | Transamerica Small/Mid Cap Value Class A Shares |
| TA Sustainable Equity Income Class A Shares | Transamerica Sustainable Equity Income Class A Shares |
| TA T. Rowe Price Small Cap Service Class | Transamerica T. Rowe Price Small Cap VP Service Class |
| TA TSW International Equity Service Class | Transamerica TSW International Equity VP Service Class |
| TA TSW Mid Cap Value Opportunities Service Class | Transamerica TSW Mid Cap Value Opportunities VP Service Class |
| TA US Growth Class A Shares | Transamerica US Growth Class A Shares |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025**

**1. Organization (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** | **Subaccount Investment by Mutual Fund:** |
| **<u>Subaccount</u>** | **<u>Subaccount</u>** | **<u>Mutual Fund</u>** | **<u>Mutual Fund</u>** |
| Transamerica Funds | Transamerica Funds | Transamerica Funds | Transamerica Funds |
|  | TA WMC US Growth Service Class |  | Transamerica WMC US Growth VP Service Class |
| Victory Portfolios IV | Victory Portfolios IV | Victory Portfolios IV | Victory Portfolios IV |
|  | Victory Pioneer Class A Shares |  | Victory Pioneer Fund Class A Shares |
|  | Victory Pioneer High Yield Class A Shares |  | Victory Pioneer High Yield Fund Class A Shares |
|  | Victory Pioneer Select Mid Cap Growth Class A Shares |  | Victory Pioneer Select Mid Cap Growth Fund Class A Shares |
| Virtus Funds | Virtus Funds | Allianz Funds | Allianz Funds |
|  | Virtus AllianzGI Dividend Value Class A Shares |  | Virtus AllianzGI Dividend Value Fund Class A Shares |
|  | Virtus AllianzGI Small-Cap Value Class A Shares |  | Virtus AllianzGI Small-Cap Value Fund Class A Shares |

---

Each period reported on reflects a full twelve month period except as follows:

---

| | | |
|:---|:---|:---|
| **<u>Subaccount</u>** | **<u>Subaccount</u>** | **<u>Inception Date</u>** |
|  | Fidelity Advisor® Overseas Class A Shares | November 21, 2025 |
|  | Nomura Mid Cap Growth Class A Shares | June 7, 2024 |

---

The following subaccount name changes were made effective during the fiscal year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **<u>Subaccount</u>** | **<u>Formerly</u>** | **<u>Formerly</u>** |
| American Funds - EUPAC Class F -1 Shares |  | American Funds - EuroPacific Growth Fund® Class F -1 Shares |
| Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Equity Income Class A Shares |
| Invesco Multi-Strategy Class A Shares |  | Invesco Fundamental Alternatives Class A Shares |
| Nomura Mid Cap Growth Class A Shares |  | Macquarie Mid Cap Growth Class A Shares |
| Victory Pioneer Class A Shares |  | Pioneer Class A Shares |
| Victory Pioneer High Yield Class A Shares |  | Pioneer High Yield Class A Shares |
| Victory Pioneer Select Mid Cap Growth Class A Shares |  | Pioneer Select Mid Cap Growth Class A Shares |

---

During the current year the following subaccounts were liquidated and subsequently reinvested:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Reinvested Subaccount</u>** | **<u>Reinvested Subaccount</u>** | **<u>Liquidated Subaccount</u>** | **<u>Liquidated Subaccount</u>** |
|  | Fidelity Advisor® Overseas Class A Shares |  | Fidelity Advisor® Overseas Class A Shares |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**2. Summary of Significant Accounting Policies** 

The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable annuity separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.

**Investments**

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2025.

Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.

**Dividend Income**

Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.

**Fair Value Measurements and Fair Value Hierarchy**

The Accounting Standards Codification™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.

The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:

Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets

b) Quoted prices for identical or similar assets or liabilities in non-active markets

c) Inputs other than quoted market prices that are observable

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability.

All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2025.

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

3. Investments

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

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| AB Discovery Value Class A Shares | $225930 | $366909 |
| AB International Value Class A Shares | 53563 | 361542 |
| AB Large Cap Growth Class A Shares | 318655 | 453373 |
| AB Large Cap Value Class A Shares | 195185 | 79841 |
| AB Relative Value Class A Shares | 349299 | 734741 |
| American Funds - EUPAC Class F -1 Shares | 453262 | 623083 |
| American Funds - Growth Fund of America® Class F -1 Shares | 1495875 | 3610030 |
| American Funds - Income Fund of America® Class F -1 Shares | 245473 | 612710 |
| American Funds - Investment Company of America® Class F -1 Shares | 571784 | 998758 |
| American Funds - The Bond Fund of America® Class A Shares | 94822 | 499446 |
| American Funds - The Bond Fund of America® Class F -1 Shares | 93481 | 286410 |
| American Funds - The Growth Fund of America® Class A Shares | 3767089 | 6908595 |
| American Funds - The Income Fund of America® Class A Shares | 722597 | 1479584 |
| American Funds - The Investment Company of America® Class A Shares | 2057772 | 3336345 |
| AMG Renaissance Large Cap Growth Class N Shares | 4927 | 16870 |
| BlackRock Advantage Global Investor A Shares | 25317 | 62487 |
| BlackRock Advantage International Investor A Shares | 240058 | 416283 |
| BlackRock Advantage Large Cap Core Investor A Shares | 528539 | 847282 |
| BlackRock Advantage Large Cap Value Investor A Shares | 671305 | 904686 |
| BlackRock Advantage SMID Investor A Shares | 271499 | 614545 |
| BlackRock Capital Appreciation Investor A Shares | 7902640 | 8722336 |
| BlackRock Global Allocation Investor A Shares | 5519816 | 11798537 |
| BlackRock High Yield Investor A Shares | 1187726 | 2324885 |
| BlackRock International Investor A Shares | 92863 | 303954 |
| BlackRock iShares MSCI EAFE International Index Investor A Shares | 10472 | 24470 |
| BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | 1051 | 3644 |
| BlackRock iShares S&P 500 Index Investor A Shares | 1393259 | 5895833 |
| BlackRock Large Cap Focus Growth Investor A Shares | 678023 | 991081 |
| BlackRock Large Cap Focus Value Investor A Shares | 3062042 | 5083501 |
| BlackRock Low Duration Bond Investor A Shares | 1938 | 8341 |
| BlackRock Total Return Investor A Shares | 4269802 | 8464582 |
| BNY Mellon Appreciation Investor Shares | 1513482 | 1535838 |
| Cohen & Steers Real Estate Securities Class A Shares | 38601 | 85168 |
| Columbia Large Cap Growth Opportunity Class A Shares | 501788 | 1083893 |
| Columbia Select Mid Cap Growth Class A Shares | 84970 | 119493 |
| Columbia Select Small Cap Value Class A Shares | 1449336 | 1580563 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

3. Investments (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| Davis New York Venture Class A Shares | 2363272 | 4935091 |
| Eaton Vance Floating-Rate Class A Shares | $455879 | $640405 |
| Eaton Vance Large-Cap Value Class A Shares | 434438 | 754805 |
| Federated Hermes Kaufmann Class A Shares | 462040 | 818118 |
| Federated Hermes Strategic Dividend Growth Class A Shares | 378154 | 147808 |
| Fidelity Advisor® Equity Growth Class A Shares | 18378 | 191189 |
| Fidelity Advisor® Overseas Class A Shares | 463672 | 3219 |
| Fidelity Advisor® Stock Selector Mid Cap Class A Shares | 53191 | 87899 |
| Franklin Templeton Growth Class A Shares | 309181 | 407607 |
| Invesco American Franchise Fund Class A Shares | 92971 | 39492 |
| Invesco Charter Class A Shares | 23511 | 80457 |
| Invesco Comstock Class A Shares | 2588009 | 6046930 |
| Invesco Discovery Large Cap Class A Shares | 102014 | 162267 |
| Invesco Discovery Mid Cap Growth Class A Shares | 106926 | 414427 |
| Invesco Equity and Income Class A Shares | 128295 | 440391 |
| Invesco Global Class A Shares | 560125 | 441680 |
| Invesco Main Street Class A Shares | 172426 | 229289 |
| Invesco Main Street Mid Cap Class A Shares | 369174 | 532232 |
| Invesco Multi-Strategy Class A Shares | 8400 | 21501 |
| Invesco Value Opportunities Class A Shares | 76947 | 67931 |
| Janus Henderson Enterprise Class A Shares | 2193775 | 3937812 |
| Janus Henderson Forty Class A Shares | 1003361 | 1556188 |
| JPMorgan Small Cap Growth Class A Shares | 163102 | 239261 |
| Lord Abbett Affiliated Class A Shares | 185168 | 323840 |
| Lord Abbett Bond-Debenture Class A Shares | 921924 | 1645616 |
| Lord Abbett Mid Cap Stock Class A Shares | 710627 | 1814872 |
| MFS® Growth Class A Shares | 2253924 | 3228587 |
| MFS® Mid Cap Growth Class A Shares | 1976069 | 1607464 |
| MFS® Research International Class A Shares | 312220 | 1425046 |
| Nomura Mid Cap Growth Class A Shares | 177297 | 275377 |
| PIMCO CommodityRealReturn Strategy Class A Shares | 746623 | 1635334 |
| PIMCO Low Duration Class A Shares | 2917066 | 5402002 |
| PIMCO Real Return Class A Shares | 1809508 | 3997567 |
| PIMCO Total Return Class A Shares | 4753130 | 10937162 |
| Putnam International Equity Class A Shares | 870881 | 3077956 |
| Putnam Large Cap Growth Class A Shares | 136282 | 187518 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

3. Investments (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| Putnam Large Cap Value Class A Shares | 53217 | 114384 |
| TA Aegon Sustainable Equity Income Service Class | 68470 | 467828 |
| TA Asset Allocation - Conservative Class A Shares | $12747 | $25076 |
| TA Asset Allocation - Moderate Class A Shares | 254629 | 249530 |
| TA Asset Allocation - Moderate Growth Class A Shares | 108614 | 170816 |
| TA BlackRock Government Money Market Initial Class | 16016644 | 6417151 |
| TA Bond Class A Shares | 131371 | 220046 |
| TA International Focus Initial Class | 11940198 | 14894489 |
| TA Multi-Managed Balanced Class A Shares | 85516 | 216571 |
| TA Small/Mid Cap Value Class A Shares | 2933518 | 4857131 |
| TA Sustainable Equity Income Class A Shares | 1348215 | 7469740 |
| TA T. Rowe Price Small Cap Service Class | 721615 | 547880 |
| TA TSW International Equity Service Class | 200329 | 696844 |
| TA TSW Mid Cap Value Opportunities Service Class | 453692 | 406134 |
| TA US Growth Class A Shares | 3262347 | 7788684 |
| TA WMC US Growth Service Class | 118818 | 114736 |
| Victory Pioneer Class A Shares | 604196 | 831069 |
| Victory Pioneer High Yield Class A Shares | 215593 | 351898 |
| Victory Pioneer Select Mid Cap Growth Class A Shares | 83213 | 92020 |
| Virtus AllianzGI Dividend Value Class A Shares | 382267 | 603254 |
| Virtus AllianzGI Small-Cap Value Class A Shares | 98447 | 399477 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Units

The change in units outstanding were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** |
| AB Discovery Value Class A Shares | 3569 | (9023) | (5454) | 5007 | (13598) | (8591) |
| AB International Value Class A Shares | 2317 | (39505) | (37188) | 19966 | (35262) | (15296) |
| AB Large Cap Growth Class A Shares | 887 | (3842) | (2955) | 930 | (4133) | (3203) |
| AB Large Cap Value Class A Shares | 6255 | (2980) | 3275 | 187 | (9017) | (8830) |
| AB Relative Value Class A Shares | 2534 | (12008) | (9474) | 2966 | (15211) | (12245) |
| American Funds - EUPAC Class F -1 Shares | 6541 | (19910) | (13369) | 14875 | (31839) | (16964) |
| American Funds - Growth Fund of America® Class F -1 Shares | 6686 | (51929) | (45243) | 10611 | (50580) | (39969) |
| American Funds - Income Fund of America® Class F -1 Shares | 171 | (17860) | (17689) |  | (10691) | (10691) |
| American Funds - Investment Company of America® Class F -1 Shares | 1193 | (17752) | (16559) |  | (22859) | (22859) |
| American Funds - The Bond Fund of America® Class A Shares |  | (29356) | (29356) | 813 | (26866) | (26053) |
| American Funds - The Bond Fund of America® Class F -1 Shares | 2986 | (20752) | (17766) | 5632 | (31004) | (25372) |
| American Funds - The Growth Fund of America® Class A Shares | 1118 | (64797) | (63679) | 5009 | (85031) | (80022) |
| American Funds - The Income Fund of America® Class A Shares | 518 | (30220) | (29702) | 2387 | (38978) | (36591) |
| American Funds - The Investment Company of America® Class A Shares | 676 | (40335) | (39659) | 5597 | (73592) | (67995) |
| AMG Renaissance Large Cap Growth Class N Shares | 56 | (619) | (563) | 542 | (1980) | (1438) |
| BlackRock Advantage Global Investor A Shares |  | (1192) | (1192) | 1257 | (2020) | (763) |
| BlackRock Advantage International Investor A Shares | 5399 | (16364) | (10965) | 3117 | (13869) | (10752) |
| BlackRock Advantage Large Cap Core Investor A Shares | 2208 | (14865) | (12657) | 2875 | (23240) | (20365) |
| BlackRock Advantage Large Cap Value Investor A Shares | 11351 | (23525) | (12174) | 4672 | (18572) | (13900) |
| BlackRock Advantage SMID Investor A Shares | 2057 | (11786) | (9729) | 3594 | (15368) | (11774) |
| BlackRock Capital Appreciation Investor A Shares | 48623 | (119718) | (71095) | 25303 | (196453) | (171150) |
| BlackRock Global Allocation Investor A Shares | 15160 | (347395) | (332235) | 18532 | (348499) | (329967) |
| BlackRock High Yield Investor A Shares | 23949 | (120216) | (96267) | 39348 | (138572) | (99224) |
| BlackRock International Investor A Shares | 4387 | (17069) | (12682) | 8594 | (16429) | (7835) |
| BlackRock iShares MSCI EAFE International Index Investor A Shares | 319 | (1008) | (689) | 1243 | (1524) | (281) |
| BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares |  | (88) | (88) |  | (54) | (54) |
| BlackRock iShares S&P 500 Index Investor A Shares | 28489 | (137260) | (108771) | 45639 | (205828) | (160189) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Units (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** |
| BlackRock Large Cap Focus Growth Investor A Shares | 9331 | (43872) | (34541) | 8950 | (42614) | (33664) |
| BlackRock Large Cap Focus Value Investor A Shares | 9153 | (119595) | (110442) | 23197 | (127067) | (103870) |
| BlackRock Low Duration Bond Investor A Shares |  | (706) | (706) |  | (1326) | (1326) |
| BlackRock Total Return Investor A Shares | 180878 | (570927) | (390049) | 273226 | (529427) | (256201) |
| BNY Mellon Appreciation Investor Shares | 9613 | (31291) | (21678) | 14903 | (47575) | (32672) |
| Cohen & Steers Real Estate Securities Class A Shares | 763 | (2264) | (1501) | 619 | (1923) | (1304) |
| Columbia Large Cap Growth Opportunity Class A Shares | 7919 | (33684) | (25765) | 3205 | (37294) | (34089) |
| Columbia Select Mid Cap Growth Class A Shares | 1137 | (3371) | (2234) | 506 | (5065) | (4559) |
| Columbia Select Small Cap Value Class A Shares | 12918 | (25275) | (12357) | 4467 | (24982) | (20515) |
| Davis New York Venture Class A Shares | 10219 | (96513) | (86294) | 13235 | (88598) | (75363) |
| Eaton Vance Floating-Rate Class A Shares | 16625 | (36607) | (19982) | 23698 | (42685) | (18987) |
| Eaton Vance Large-Cap Value Class A Shares | 10582 | (27633) | (17051) | 17163 | (37202) | (20039) |
| Federated Hermes Kaufmann Class A Shares | 5079 | (17553) | (12474) | 3333 | (23787) | (20454) |
| Federated Hermes Strategic Dividend Growth Class A Shares | 7214 | (6219) | 995 | 1360 | (10059) | (8699) |
| Fidelity Advisor® Equity Growth Class A Shares | 27 | (1589) | (1562) |  | (3607) | (3607) |
| Fidelity Advisor® Overseas Class A Shares | 46273 | (245) | 46028 |  |  |  |
| Fidelity Advisor® Stock Selector Mid Cap Class A Shares |  | (1243) | (1243) |  | (1087) | (1087) |
| Franklin Templeton Growth Class A Shares | 294 | (16188) | (15894) | 3387 | (32221) | (28834) |
| Invesco American Franchise Fund Class A Shares | 406 | (732) | (326) | 6 | (2397) | (2391) |
| Invesco Charter Class A Shares | 72 | (1986) | (1914) | 121 | (686) | (565) |
| Invesco Comstock Class A Shares | 15363 | (120471) | (105108) | 21122 | (151179) | (130057) |
| Invesco Discovery Large Cap Class A Shares | 598 | (3047) | (2449) | 306 | (6373) | (6067) |
| Invesco Discovery Mid Cap Growth Class A Shares | 1165 | (23734) | (22569) |  | (7848) | (7848) |
| Invesco Equity and Income Class A Shares | 712 | (9222) | (8510) | 191 | (9908) | (9717) |
| Invesco Global Class A Shares | 479 | (6041) | (5562) | 25 | (5325) | (5300) |
| Invesco Main Street Class A Shares | 867 | (3521) | (2654) | 6286 | (9029) | (2743) |
| Invesco Main Street Mid Cap Class A Shares | 5337 | (12445) | (7108) | 2532 | (12050) | (9518) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Units (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** |
| Invesco Multi-Strategy Class A Shares | 345 | (1019) | (674) | 227 | (696) | (469) |
| Invesco Value Opportunities Class A Shares | 9686 | (17183) | (7497) | 1090 | (22631) | (21541) |
| Janus Henderson Enterprise Class A Shares | 13422 | (54992) | (41570) | 12477 | (85485) | (73008) |
| Janus Henderson Forty Class A Shares | 8180 | (23104) | (14924) | 12115 | (31457) | (19342) |
| JPMorgan Small Cap Growth Class A Shares | 2675 | (6200) | (3525) | 1747 | (8355) | (6608) |
| Lord Abbett Affiliated Class A Shares | 2736 | (9119) | (6383) | 3336 | (10853) | (7517) |
| Lord Abbett Bond-Debenture Class A Shares | 20243 | (63450) | (43207) | 20432 | (63909) | (43477) |
| Lord Abbett Mid Cap Stock Class A Shares | 4060 | (42960) | (38900) | 7156 | (45489) | (38333) |
| MFS® Growth Class A Shares | 14465 | (47589) | (33124) | 6556 | (62070) | (55514) |
| MFS® Mid Cap Growth Class A Shares | 14434 | (23662) | (9228) | 4540 | (28607) | (24067) |
| MFS® Research International Class A Shares | 2305 | (36868) | (34563) | 7763 | (21568) | (13805) |
| Nomura Mid Cap Growth Class A Shares | 4986 | (25646) | (20660) | 159103 | (5508) | 153595 |
| PIMCO CommodityRealReturn Strategy Class A Shares | 46450 | (185697) | (139247) | 118880 | (128634) | (9754) |
| PIMCO Low Duration Class A Shares | 159151 | (422333) | (263182) | 296654 | (467414) | (170760) |
| PIMCO Real Return Class A Shares | 84052 | (259345) | (175293) | 139903 | (233794) | (93891) |
| PIMCO Total Return Class A Shares | 178504 | (648511) | (470007) | 258430 | (561877) | (303447) |
| Putnam International Equity Class A Shares | 832 | (90459) | (89627) | 19762 | (44247) | (24485) |
| Putnam Large Cap Growth Class A Shares | 936 | (4183) | (3247) | 1896 | (17861) | (15965) |
| Putnam Large Cap Value Class A Shares | 195 | (4296) | (4101) | 11 | (4400) | (4389) |
| TA Aegon Sustainable Equity Income Service Class | 1034 | (31476) | (30442) | 3009 | (48237) | (45228) |
| TA Asset Allocation - Conservative Class A Shares | 152 | (1584) | (1432) | 7234 | (29874) | (22640) |
| TA Asset Allocation - Moderate Class A Shares | 11598 | (15636) | (4038) | 28205 | (35457) | (7252) |
| TA Asset Allocation - Moderate Growth Class A Shares |  | (9049) | (9049) |  | (22981) | (22981) |
| TA BlackRock Government Money Market Initial Class | 1475902 | (596368) | 879534 | 214558 | (265834) | (51276) |
| TA Bond Class A Shares | 69802 | (148763) | (78961) | 64681 | (91088) | (26407) |
| TA International Focus Initial Class | 424548 | (1081644) | (657096) | 535906 | (927823) | (391917) |
| TA Multi-Managed Balanced Class A Shares | 96 | (10614) | (10518) | 134 | (13855) | (13721) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Units (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** | **Units Purchased** | **Units Redeemed and Transferred to/from** | **Net Increase (Decrease)** |
| TA Small/Mid Cap Value Class A Shares | 34946 | (141445) | (106499) | 42826 | (160737) | (117911) |
| TA Sustainable Equity Income Class A Shares | 52441 | (398927) | (346486) | 49469 | (643850) | (594381) |
| TA T. Rowe Price Small Cap Service Class | 8669 | (28002) | (19333) | 4444 | (62493) | (58049) |
| TA TSW International Equity Service Class | 3471 | (49178) | (45707) | 8890 | (36840) | (27950) |
| TA TSW Mid Cap Value Opportunities Service Class | 691 | (24103) | (23412) | 4527 | (12017) | (7490) |
| TA US Growth Class A Shares | 53684 | (146041) | (92357) | 23200 | (218424) | (195224) |
| TA WMC US Growth Service Class | 2211 | (3661) | (1450) | 250 | (3896) | (3646) |
| Victory Pioneer Class A Shares | 8549 | (14326) | (5777) | 8277 | (15682) | (7405) |
| Victory Pioneer High Yield Class A Shares | 5107 | (15162) | (10055) | 7490 | (11372) | (3882) |
| Victory Pioneer Select Mid Cap Growth Class A Shares | 944 | (1802) | (858) | 84 | (1132) | (1048) |
| Virtus AllianzGI Dividend Value Class A Shares | 6880 | (28696) | (21816) | 6461 | (21701) | (15240) |
| Virtus AllianzGI Small-Cap Value Class A Shares |  | (8894) | (8894) | 1337 | (11666) | (10329) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Unit Dollars (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** |
| AB Discovery Value Class A Shares | $134048 | $(341378) | $(207330) | $191967 | $(507538) | $(315571) |
| AB International Value Class A Shares | 21562 | (342559) | (320997) | 148458 | (266673) | (118215) |
| AB Large Cap Growth Class A Shares | 96881 | (425231) | (328350) | 91874 | (390413) | (298539) |
| AB Large Cap Value Class A Shares | 150895 | (72559) | 78336 | 4260 | (208707) | (204447) |
| AB Relative Value Class A Shares | 144531 | (688004) | (543473) | 161189 | (822520) | (661331) |
| American Funds - EUPAC Class F -1 Shares | 208665 | (593630) | (384965) | 416728 | (871247) | (454519) |
| American Funds - Growth Fund of America® Class F -1 Shares | 438657 | (3431048) | (2992391) | 622422 | (2911678) | (2289256) |
| American Funds - Income Fund of America® Class F -1 Shares | 5227 | (571438) | (566211) |  | (302588) | (302588) |
| American Funds - Investment Company of America® Class F -1 Shares | 55809 | (917029) | (861220) |  | (1061997) | (1061997) |
| American Funds - The Bond Fund of America® Class A Shares |  | (470007) | (470007) | 12521 | (419530) | (407009) |
| American Funds - The Bond Fund of America® Class F -1 Shares | 39226 | (264814) | (225588) | 69845 | (386344) | (316499) |
| American Funds - The Growth Fund of America® Class A Shares | 111782 | (6427555) | (6315773) | 411037 | (7103931) | (6692894) |
| American Funds - The Income Fund of America® Class A Shares | 24301 | (1381580) | (1357279) | 94445 | (1610539) | (1516094) |
| American Funds - The Investment Company of America® Class A Shares | 51996 | (3076360) | (3024364) | 349871 | (4682197) | (4332326) |
| AMG Renaissance Large Cap Growth Class N Shares | 1344 | (16226) | (14882) | 11019 | (44179) | (33160) |
| BlackRock Advantage Global Investor A Shares |  | (57705) | (57705) | 48566 | (81529) | (32963) |
| BlackRock Advantage International Investor A Shares | 141672 | (393251) | (251579) | 63920 | (290255) | (226335) |
| BlackRock Advantage Large Cap Core Investor A Shares | 106027 | (774107) | (668080) | 127885 | (1081833) | (953948) |
| BlackRock Advantage Large Cap Value Investor A Shares | 415637 | (861879) | (446242) | 156454 | (623796) | (467342) |
| BlackRock Advantage SMID Investor A Shares | 67469 | (562699) | (495230) | 163184 | (716302) | (553118) |
| BlackRock Capital Appreciation Investor A Shares | 2989850 | (8302784) | (5312934) | 1550021 | (11820257) | (10270236) |
| BlackRock Global Allocation Investor A Shares | 441117 | (10940030) | (10498913) | 529501 | (10111516) | (9582015) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Unit Dollars (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** |
| BlackRock High Yield Investor A Shares | 432609 | (2147271) | (1714662) | 648773 | (2340091) | (1691318) |
| BlackRock International Investor A Shares | $70475 | $(281146) | $(210671) | $136488 | $(263258) | $(126770) |
| BlackRock iShares MSCI EAFE International Index Investor A Shares | 6670 | (22660) | (15990) | 25310 | (32476) | (7166) |
| BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares |  | (3062) | (3062) |  | (1825) | (1825) |
| BlackRock iShares S&P 500 Index Investor A Shares | 1098333 | (5588993) | (4490660) | 1628140 | (7278974) | (5650834) |
| BlackRock Large Cap Focus Growth Investor A Shares | 177700 | (943114) | (765414) | 166711 | (774218) | (607507) |
| BlackRock Large Cap Focus Value Investor A Shares | 355918 | (4801169) | (4445251) | 778420 | (4495017) | (3716597) |
| BlackRock Low Duration Bond Investor A Shares | 1 | (7610) | (7609) |  | (13387) | (13387) |
| BlackRock Total Return Investor A Shares | 2518415 | (7896238) | (5377823) | 3623721 | (7138359) | (3514638) |
| BNY Mellon Appreciation Investor Shares | 448194 | (1440557) | (992363) | 660984 | (2053293) | (1392309) |
| Cohen & Steers Real Estate Securities Class A Shares | 26703 | (79666) | (52963) | 19728 | (60992) | (41264) |
| Columbia Large Cap Growth Opportunity Class A Shares | 199538 | (1009669) | (810131) | 82119 | (964111) | (881992) |
| Columbia Select Mid Cap Growth Class A Shares | 33980 | (112812) | (78832) | 13430 | (140686) | (127256) |
| Columbia Select Small Cap Value Class A Shares | 698911 | (1484190) | (785279) | 243200 | (1416350) | (1173150) |
| Davis New York Venture Class A Shares | 444632 | (4696687) | (4252055) | 515302 | (3652457) | (3137155) |
| Eaton Vance Floating-Rate Class A Shares | 275816 | (602140) | (326324) | 373614 | (676008) | (302394) |
| Eaton Vance Large-Cap Value Class A Shares | 279650 | (713167) | (433517) | 419559 | (934114) | (514555) |
| Federated Hermes Kaufmann Class A Shares | 209577 | (778121) | (568544) | 136668 | (970781) | (834113) |
| Federated Hermes Strategic Dividend Growth Class A Shares | 158529 | (132171) | 26358 | 28344 | (199180) | (170836) |
| Fidelity Advisor® Equity Growth Class A Shares | 2427 | (158627) | (156200) |  | (313146) | (313146) |
| Fidelity Advisor® Overseas Class A Shares | 463164 | (2539) | 460625 |  |  |  |
| Fidelity Advisor® Stock Selector Mid Cap Class A Shares |  | (79011) | (79011) |  | (64262) | (64262) |
| Franklin Templeton Growth Class A Shares | 5837 | (375376) | (369539) | 79093 | (674599) | (595506) |
| Invesco American Franchise Fund Class A Shares | 16912 | (31833) | (14921) | 238 | (89206) | (88968) |
| Invesco Charter Class A Shares | 2458 | (76250) | (73792) | 4398 | (23588) | (19190) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Unit Dollars (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** |
| Invesco Comstock Class A Shares | 705396 | (5705178) | (4999782) | 864627 | (6570078) | (5705451) |
| Invesco Discovery Large Cap Class A Shares | 25356 | (150323) | (124967) | 15245 | (276097) | (260852) |
| Invesco Discovery Mid Cap Growth Class A Shares | $19113 | $(398682) | $(379569) | $- | $(122627) | $(122627) |
| Invesco Equity and Income Class A Shares | 31333 | (420013) | (388680) | 7330 | (393619) | (386289) |
| Invesco Global Class A Shares | 31218 | (407165) | (375947) | 1579 | (319786) | (318207) |
| Invesco Main Street Class A Shares | 36268 | (201352) | (165084) | 275800 | (416594) | (140794) |
| Invesco Main Street Mid Cap Class A Shares | 207799 | (500883) | (293084) | 91362 | (453548) | (362186) |
| Invesco Multi-Strategy Class A Shares | 5700 | (16696) | (10996) | 3774 | (11529) | (7755) |
| Invesco Value Opportunities Class A Shares | 34392 | (61087) | (26695) | 3194 | (68631) | (65437) |
| Janus Henderson Enterprise Class A Shares | 857983 | (3639658) | (2781675) | 753496 | (5380185) | (4626689) |
| Janus Henderson Forty Class A Shares | 511052 | (1486236) | (975184) | 705726 | (1781857) | (1076131) |
| JPMorgan Small Cap Growth Class A Shares | 84792 | (221469) | (136677) | 61229 | (292728) | (231499) |
| Lord Abbett Affiliated Class A Shares | 92994 | (303854) | (210860) | 101715 | (316295) | (214580) |
| Lord Abbett Bond-Debenture Class A Shares | 472263 | (1540030) | (1067767) | 476174 | (1534674) | (1058500) |
| Lord Abbett Mid Cap Stock Class A Shares | 150767 | (1701936) | (1551169) | 219632 | (1611783) | (1392151) |
| MFS® Growth Class A Shares | 824920 | (3095725) | (2270805) | 380361 | (3502230) | (3121869) |
| MFS® Mid Cap Growth Class A Shares | 877221 | (1503766) | (626545) | 264270 | (1693148) | (1428878) |
| MFS® Research International Class A Shares | 87529 | (1363330) | (1275801) | 255842 | (730349) | (474507) |
| Nomura Mid Cap Growth Class A Shares | 46248 | (256231) | (209983) | 1574522 | (56057) | 1518465 |
| PIMCO CommodityRealReturn Strategy Class A Shares | 375297 | (1558652) | (1183355) | 885248 | (972454) | (87206) |
| PIMCO Low Duration Class A Shares | 1882673 | (4982193) | (3099520) | 3356255 | (5341610) | (1985355) |
| PIMCO Real Return Class A Shares | 1214150 | (3727034) | (2512884) | 1922250 | (3245400) | (1323150) |
| PIMCO Total Return Class A Shares | 2821036 | (10261123) | (7440087) | 3867106 | (8559105) | (4691999) |
| Putnam International Equity Class A Shares | 24451 | (2962321) | (2937870) | 547132 | (1249934) | (702802) |
| Putnam Large Cap Growth Class A Shares | 34016 | (164493) | (130477) | 72981 | (619881) | (546900) |
| Putnam Large Cap Value Class A Shares | 4513 | (102771) | (98258) | 234 | (92834) | (92600) |
| TA Aegon Sustainable Equity Income Service Class | 14809 | (438306) | (423497) | 34721 | (586831) | (552110) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

4. Change in Unit Dollars (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Subaccount** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** | **Units Purchased in Dollars** | **Units Redeemed and Transferred to/from in Dollars** | **Dollar Net Increase (Decrease)** |
| TA Asset Allocation - Conservative Class A Shares | 2015 | (20265) | (18250) | 89846 | (353475) | (263629) |
| TA Asset Allocation - Moderate Class A Shares | 168804 | (229680) | (60876) | 386180 | (469672) | (83492) |
| TA Asset Allocation - Moderate Growth Class A Shares |  | (145962) | (145962) |  | (336399) | (336399) |
| TA BlackRock Government Money Market Initial Class | $15694872 | $(6304876) | $9389996 | $2216226 | $(2741532) | $(525306) |
| TA Bond Class A Shares | 98845 | (207804) | (108959) | 87157 | (123040) | (35883) |
| TA International Focus Initial Class | 5449201 | (14004776) | (8555575) | 6637561 | (11767710) | (5130149) |
| TA Multi-Managed Balanced Class A Shares | 1703 | (197280) | (195577) | 2187 | (230371) | (228184) |
| TA Small/Mid Cap Value Class A Shares | 1095211 | (4545309) | (3450098) | 1282580 | (4987219) | (3704639) |
| TA Sustainable Equity Income Class A Shares | 925491 | (6928082) | (6002591) | 784977 | (10348628) | (9563651) |
| TA T. Rowe Price Small Cap Service Class | 141730 | (499931) | (358201) | 75041 | (1084166) | (1009125) |
| TA TSW International Equity Service Class | 46595 | (660432) | (613837) | 106422 | (448410) | (341988) |
| TA TSW Mid Cap Value Opportunities Service Class | 11115 | (385391) | (374276) | 68765 | (178777) | (110012) |
| TA US Growth Class A Shares | 2362231 | (7446508) | (5084277) | 1048542 | (9609710) | (8561168) |
| TA WMC US Growth Service Class | 67345 | (109721) | (42376) | 6550 | (99465) | (92915) |
| Victory Pioneer Class A Shares | 520986 | (816971) | (295985) | 424718 | (746687) | (321969) |
| Victory Pioneer High Yield Class A Shares | 110667 | (323066) | (212399) | 150598 | (232543) | (81945) |
| Victory Pioneer Select Mid Cap Growth Class A Shares | 50573 | (88834) | (38261) | 3437 | (47972) | (44535) |
| Virtus AllianzGI Dividend Value Class A Shares | 134132 | (567749) | (433617) | 125153 | (432497) | (307344) |
| Virtus AllianzGI Small-Cap Value Class A Shares |  | (364390) | (364390) | 61936 | (518750) | (456814) |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| AB Discovery Value Class A Shares | AB Discovery Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 42327 | $41.66 | to | $37.27 | $1665009 | 0.59% | 1.25% | to | 1.90% | 1.27% | to | 0.61% |
| 12/31/2024 | 47781 | 41.14 | to | 37.04 | 1861463 | 0.49 | 1.25 | to | 1.90 | 8.24 | to | 7.53 |
| 12/31/2023 | 56372 | 38.01 | to | 34.45 | 2032511 | 0.48 | 1.25 | to | 1.90 | 15.25 | to | 14.50 |
| 12/31/2022 | 58853 | 32.98 | to | 30.08 | 1851502 | 0.76 | 1.25 | to | 1.90 | (17.45) | to | (17.86) |
| 12/31/2021 | 75469 | 39.92 | to | 36.62 | 2871461 | 0.75 | 1.25 | to | 1.75 | 33.76 | to | 33.09 |
| AB International Value Class A Shares | AB International Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 115618 | 10.91 | to | 9.87 | 1194854 | 2.78 | 1.25 | to | 1.90 | 40.21 | to | 39.31 |
| 12/31/2024 | 152806 | 7.78 | to | 7.09 | 1130376 | 8.51 | 1.25 | to | 1.90 | 3.49 | to | 2.82 |
| 12/31/2023 | 168102 | 7.52 | to | 6.89 | 1206081 | 1.11 | 1.25 | to | 1.90 | 13.46 | to | 12.73 |
| 12/31/2022 | 204086 | 6.62 | to | 6.12 | 1297199 | 1.16 | 1.25 | to | 1.90 | (11.98) | to | (12.42) |
| 12/31/2021 | 237594 | 7.52 | to | 6.98 | 1720918 | 2.51 | 1.25 | to | 1.75 | 9.39 | to | 8.84 |
| AB Large Cap Growth Class A Shares | AB Large Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 18837 | 115.13 | to | 115.13 | 2168655 |  | 1.30 | to | 1.30 | 11.52 | to | 11.52 |
| 12/31/2024 | 21792 | 103.24 | to | 103.24 | 2249692 |  | 1.30 | to | 1.30 | 23.52 | to | 23.52 |
| 12/31/2023 | 24995 | 83.58 | to | 83.58 | 2089113 |  | 1.30 | to | 1.30 | 32.93 | to | 32.93 |
| 12/31/2022 | 30680 | 62.88 | to | 62.88 | 1929080 |  | 1.30 | to | 1.30 | (29.87) | to | (29.87) |
| 12/31/2021 | 32293 | 89.66 | to | 89.66 | 2895325 |  | 1.30 | to | 1.30 | 26.92 | to | 26.92 |
| AB Large Cap Value Class A Shares | AB Large Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17901 | 29.64 | to | 26.51 | 496182 | 1.19 | 1.25 | to | 1.90 | 15.28 | to | 14.53 |
| 12/31/2024 | 14626 | 25.71 | to | 23.15 | 353880 | 0.76 | 1.25 | to | 1.90 | 14.13 | to | 13.39 |
| 12/31/2023 | 23456 | 22.53 | to | 20.42 | 495763 | 1.18 | 1.25 | to | 1.90 | 17.03 | to | 16.28 |
| 12/31/2022 | 25310 | 19.25 | to | 17.56 | 459310 | 1.65 | 1.25 | to | 1.90 | (8.23) | to | (8.69) |
| 12/31/2021 | 19779 | 20.96 | to | 19.23 | 395022 | 0.90 | 1.25 | to | 1.75 | 25.44 | to | 24.82 |
| AB Relative Value Class A Shares | AB Relative Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 59371 | 59.67 | to | 59.67 | 3542890 | 0.82 | 1.30 | to | 1.30 | 8.85 | to | 8.85 |
| 12/31/2024 | 68845 | 54.82 | to | 54.82 | 3774052 | 0.91 | 1.30 | to | 1.30 | 11.22 | to | 11.22 |
| 12/31/2023 | 81090 | 49.29 | to | 49.29 | 3996811 | 1.31 | 1.30 | to | 1.30 | 9.79 | to | 9.79 |
| 12/31/2022 | 86814 | 44.89 | to | 44.89 | 3897442 | 1.12 | 1.30 | to | 1.30 | (5.42) | to | (5.42) |
| 12/31/2021 | 101781 | 47.47 | to | 47.47 | 4831075 | 0.62 | 1.30 | to | 1.30 | 25.74 | to | 25.74 |
| American Funds - EUPAC Class F -1 Shares | American Funds - EUPAC Class F -1 Shares | American Funds - EUPAC Class F -1 Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 57206 | 35.78 | to | 32.01 | 1948958 | 2.85 | 1.25 | to | 1.90 | 27.07 | to | 26.24 |
| 12/31/2024 | 70575 | 28.16 | to | 25.36 | 1894898 | 1.02 | 1.25 | to | 1.90 | 3.35 | to | 2.67 |
| 12/31/2023 | 87539 | 27.25 | to | 24.70 | 2276818 | 1.55 | 1.25 | to | 1.90 | 14.15 | to | 13.41 |
| 12/31/2022 | 110649 | 23.87 | to | 21.78 | 2537626 | 1.07 | 1.25 | to | 1.90 | (24.04) | to | (24.42) |
| 12/31/2021 | 116376 | 31.40 | to | 28.81 | 3514077 | 1.17 | 1.25 | to | 1.75 | 1.19 | to | 0.68 |
| American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 145688 | 78.34 | to | 70.08 | 10847255 | 0.21 | 1.25 | to | 1.90 | 18.38 | to | 17.61 |
| 12/31/2024 | 190931 | 66.18 | to | 59.59 | 12055840 | 0.33 | 1.25 | to | 1.90 | 26.76 | to | 25.94 |
| 12/31/2023 | 230900 | 52.21 | to | 47.32 | 11529239 | 0.56 | 1.25 | to | 1.90 | 35.44 | to | 34.56 |
| 12/31/2022 | 263846 | 38.55 | to | 35.16 | 9766315 | 0.22 | 1.25 | to | 1.90 | (31.67) | to | (32.01) |
| 12/31/2021 | 293858 | 56.36 | to | 51.71 | 15935427 |  | 1.25 | to | 1.75 | 17.78 | to | 17.20 |
| American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 72716 | 35.62 | to | 31.87 | 2476133 | 3.63 | 1.25 | to | 1.90 | 16.24 | to | 15.49 |
| 12/31/2024 | 90405 | 30.65 | to | 27.59 | 2659824 | 3.92 | 1.25 | to | 1.90 | 9.37 | to | 8.66 |
| 12/31/2023 | 101096 | 28.02 | to | 25.40 | 2729505 | 3.64 | 1.25 | to | 1.90 | 6.21 | to | 5.52 |
| 12/31/2022 | 121214 | 26.38 | to | 24.07 | 3092645 | 3.06 | 1.25 | to | 1.90 | (7.72) | to | (8.18) |
| 12/31/2021 | 135310 | 28.57 | to | 26.21 | 3743875 | 2.74 | 1.25 | to | 1.75 | 15.84 | to | 15.26 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 89720 | $61.10 | to | $54.66 | $5245573 | 0.92% | 1.25% | to | 1.90% | 18.94% | to | 18.17% |
| 12/31/2024 | 106279 | 51.37 | to | 46.26 | 5236555 | 1.00 | 1.25 | to | 1.90 | 23.32 | to | 22.51 |
| 12/31/2023 | 129138 | 41.66 | to | 37.76 | 5167415 | 1.49 | 1.25 | to | 1.90 | 26.82 | to | 26.00 |
| 12/31/2022 | 148708 | 32.85 | to | 29.97 | 4700716 | 1.28 | 1.25 | to | 1.90 | (16.67) | to | (17.09) |
| 12/31/2021 | 170977 | 39.39 | to | 36.14 | 6485322 | 1.16 | 1.25 | to | 1.75 | 23.38 | to | 22.76 |
| American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128430 | 16.44 | to | 16.44 | 2110820 | 4.18 | 1.30 | to | 1.30 | 5.76 | to | 5.76 |
| 12/31/2024 | 157786 | 15.54 | to | 15.54 | 2452128 | 4.23 | 1.30 | to | 1.30 | (0.17) | to | (0.17) |
| 12/31/2023 | 183839 | 15.57 | to | 15.57 | 2861968 | 3.62 | 1.30 | to | 1.30 | 3.35 | to | 3.35 |
| 12/31/2022 | 203554 | 15.06 | to | 15.06 | 3066208 | 2.55 | 1.30 | to | 1.30 | (13.81) | to | (13.81) |
| 12/31/2021 | 234415 | 17.48 | to | 17.48 | 4096621 | 1.42 | 1.30 | to | 1.30 | (2.23) | to | (2.23) |
| American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 97319 | 13.70 | to | 12.25 | 1256493 | 4.13 | 1.25 | to | 1.90 | 5.76 | to | 5.08 |
| 12/31/2024 | 115085 | 12.95 | to | 11.66 | 1412460 | 4.19 | 1.25 | to | 1.90 | (0.17) | to | (0.82) |
| 12/31/2023 | 140457 | 12.97 | to | 11.76 | 1732492 | 3.59 | 1.25 | to | 1.90 | 3.37 | to | 2.70 |
| 12/31/2022 | 151431 | 12.55 | to | 11.45 | 1816632 | 2.49 | 1.25 | to | 1.90 | (13.86) | to | (14.29) |
| 12/31/2021 | 157041 | 14.56 | to | 13.35 | 2191573 | 1.38 | 1.25 | to | 1.75 | (2.22) | to | (2.71) |
| American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 346459 | 109.30 | to | 109.30 | 37869518 | 0.27 | 1.30 | to | 1.30 | 18.39 | to | 18.39 |
| 12/31/2024 | 410138 | 92.33 | to | 92.33 | 37867539 | 0.39 | 1.30 | to | 1.30 | 26.76 | to | 26.76 |
| 12/31/2023 | 490160 | 72.84 | to | 72.84 | 35702454 | 0.59 | 1.30 | to | 1.30 | 35.44 | to | 35.44 |
| 12/31/2022 | 563340 | 53.78 | to | 53.78 | 30296769 | 0.27 | 1.30 | to | 1.30 | (31.61) | to | (31.61) |
| 12/31/2021 | 620931 | 78.64 | to | 78.64 | 48831813 | 0.08 | 1.30 | to | 1.30 | 17.80 | to | 17.80 |
| American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 150142 | 49.52 | to | 49.52 | 7435482 | 3.69 | 1.30 | to | 1.30 | 16.24 | to | 16.24 |
| 12/31/2024 | 179844 | 42.60 | to | 42.60 | 7662015 | 3.91 | 1.30 | to | 1.30 | 9.40 | to | 9.40 |
| 12/31/2023 | 216435 | 38.94 | to | 38.94 | 8428765 | 3.72 | 1.30 | to | 1.30 | 6.20 | to | 6.20 |
| 12/31/2022 | 242098 | 36.67 | to | 36.67 | 8877720 | 3.13 | 1.30 | to | 1.30 | (7.62) | to | (7.62) |
| 12/31/2021 | 272024 | 39.69 | to | 39.69 | 10797409 | 2.86 | 1.30 | to | 1.30 | 15.86 | to | 15.86 |
| American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 245886 | 82.58 | to | 82.58 | 20306171 | 0.98 | 1.30 | to | 1.30 | 18.95 | to | 18.95 |
| 12/31/2024 | 285545 | 69.43 | to | 69.43 | 19824688 | 1.07 | 1.30 | to | 1.30 | 23.33 | to | 23.33 |
| 12/31/2023 | 353540 | 56.29 | to | 56.29 | 19901852 | 1.56 | 1.30 | to | 1.30 | 26.85 | to | 26.85 |
| 12/31/2022 | 396820 | 44.38 | to | 44.38 | 17610195 | 1.38 | 1.30 | to | 1.30 | (16.60) | to | (16.60) |
| 12/31/2021 | 444617 | 53.21 | to | 53.21 | 23660007 | 1.23 | 1.30 | to | 1.30 | 23.41 | to | 23.41 |
| AMG Renaissance Large Cap Growth Class N Shares | AMG Renaissance Large Cap Growth Class N Shares | AMG Renaissance Large Cap Growth Class N Shares | AMG Renaissance Large Cap Growth Class N Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1029 | 27.15 | to | 25.90 | 27104 |  | 1.25 | to | 1.90 | 8.74 | to | 8.03 |
| 12/31/2024 | 1592 | 24.97 | to | 23.97 | 38656 |  | 1.25 | to | 1.90 | 19.30 | to | 18.52 |
| 12/31/2023 | 3030 | 20.93 | to | 20.22 | 61857 | 0.06 | 1.25 | to | 1.90 | 23.49 | to | 22.70 |
| 12/31/2022 | 3447 | 16.95 | to | 16.48 | 57276 | 0.14 | 1.25 | to | 1.90 | (18.14) | to | (18.55) |
| 12/31/2021 | 4273 | 20.69 | to | 20.24 | 87030 |  | 1.25 | to | 1.75 | 28.40 | to | 27.76 |
| BlackRock Advantage Global Investor A Shares | BlackRock Advantage Global Investor A Shares | BlackRock Advantage Global Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 5677 | 52.80 | to | 47.23 | 282833 | 1.27 | 1.25 | to | 1.90 | 22.09 | to | 21.30 |
| 12/31/2024 | 6869 | 43.24 | to | 38.94 | 282800 | 1.09 | 1.25 | to | 1.90 | 17.13 | to | 16.37 |
| 12/31/2023 | 7632 | 36.92 | to | 33.46 | 269573 | 1.49 | 1.25 | to | 1.90 | 20.91 | to | 20.13 |
| 12/31/2022 | 9185 | 30.53 | to | 27.85 | 269227 | 1.59 | 1.25 | to | 1.90 | (19.01) | to | (19.42) |
| 12/31/2021 | 9735 | 37.67 | to | 34.57 | 352963 | 1.09 | 1.25 | to | 1.75 | 16.16 | to | 15.58 |
| BlackRock Advantage International Investor A Shares | BlackRock Advantage International Investor A Shares | BlackRock Advantage International Investor A Shares | BlackRock Advantage International Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 53624 | 27.88 | to | 25.82 | 1428805 | 2.64 | 1.25 | to | 1.90 | 30.44 | to | 29.60 |
| 12/31/2024 | 64589 | 21.38 | to | 19.93 | 1320305 | 2.48 | 1.25 | to | 1.90 | 5.20 | to | 4.51 |
| 12/31/2023 | 75341 | 20.32 | to | 19.07 | 1472903 | 2.63 | 1.25 | to | 1.90 | 17.63 | to | 16.87 |
| 12/31/2022 | 81044 | 17.27 | to | 16.31 | 1352356 | 2.89 | 1.25 | to | 1.90 | (14.82) | to | (15.25) |
| 12/31/2021 | 98008 | 20.27 | to | 19.25 | 1926866 | 2.97 | 1.25 | to | 1.75 | 11.37 | to | 10.82 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 82684 | $61.42 | to | $54.95 | $4812098 | 0.45% | 1.25% | to | 1.90% | 18.56% | to | 17.79% |
| 12/31/2024 | 95341 | 51.80 | to | 46.65 | 4698284 | 0.61 | 1.25 | to | 1.90 | 23.76 | to | 22.96 |
| 12/31/2023 | 115706 | 41.86 | to | 37.94 | 4624401 | 0.85 | 1.25 | to | 1.90 | 23.73 | to | 22.93 |
| 12/31/2022 | 138155 | 33.83 | to | 30.86 | 4469776 | 0.89 | 1.25 | to | 1.90 | (21.35) | to | (21.74) |
| 12/31/2021 | 150330 | 42.98 | to | 39.44 | 6202571 | 0.55 | 1.25 | to | 1.75 | 26.70 | to | 26.07 |
| BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 68462 | 42.66 | to | 38.16 | 2759579 | 1.12 | 1.25 | to | 1.90 | 16.62 | to | 15.86 |
| 12/31/2024 | 80636 | 36.58 | to | 32.94 | 2793306 | 1.28 | 1.25 | to | 1.90 | 13.72 | to | 12.98 |
| 12/31/2023 | 94536 | 32.17 | to | 29.16 | 2885957 | 1.51 | 1.25 | to | 1.90 | 12.01 | to | 11.29 |
| 12/31/2022 | 106203 | 28.72 | to | 26.20 | 2903078 | 1.43 | 1.25 | to | 1.90 | (10.06) | to | (10.50) |
| 12/31/2021 | 114334 | 31.90 | to | 29.27 | 3481864 | 1.15 | 1.25 | to | 1.75 | 24.90 | to | 24.28 |
| BlackRock Advantage SMID Investor A Shares | BlackRock Advantage SMID Investor A Shares | BlackRock Advantage SMID Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 69412 | 40.49 | to | 36.22 | 3863109 | 0.42 | 1.25 | to | 1.90 | 9.62 | to | 8.91 |
| 12/31/2024 | 79141 | 36.94 | to | 33.26 | 4005848 | 0.63 | 1.25 | to | 1.90 | 10.49 | to | 9.77 |
| 12/31/2023 | 90915 | 33.43 | to | 30.30 | 4161504 | 0.85 | 1.25 | to | 1.90 | 17.12 | to | 16.37 |
| 12/31/2022 | 107072 | 28.54 | to | 26.04 | 4156263 | 0.81 | 1.25 | to | 1.90 | (17.87) | to | (18.30) |
| 12/31/2021 | 115972 | 34.74 | to | 31.87 | 5461476 | 1.19 | 1.25 | to | 1.75 | 12.05 | to | 11.49 |
| BlackRock Capital Appreciation Investor A Shares | BlackRock Capital Appreciation Investor A Shares | BlackRock Capital Appreciation Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 369843 | 73.53 | to | 65.78 | 27738800 |  | 1.25 | to | 1.90 | 11.15 | to | 10.43 |
| 12/31/2024 | 440938 | 66.16 | to | 59.57 | 29739308 |  | 1.25 | to | 1.90 | 29.89 | to | 29.05 |
| 12/31/2023 | 612088 | 50.93 | to | 46.16 | 31719431 |  | 1.25 | to | 1.90 | 47.01 | to | 46.06 |
| 12/31/2022 | 840987 | 34.64 | to | 31.60 | 29658675 |  | 1.25 | to | 1.90 | (38.64) | to | (38.97) |
| 12/31/2021 | 750805 | 56.44 | to | 51.78 | 43342704 |  | 1.25 | to | 1.75 | 19.20 | to | 18.60 |
| BlackRock Global Allocation Investor A Shares | BlackRock Global Allocation Investor A Shares | BlackRock Global Allocation Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1637857 | 32.66 | to | 29.22 | 57251336 | 2.46 | 1.25 | to | 1.90 | 17.89 | to | 17.13 |
| 12/31/2024 | 1970092 | 27.70 | to | 24.95 | 58456215 | 1.05 | 1.25 | to | 1.90 | 7.64 | to | 6.94 |
| 12/31/2023 | 2300059 | 25.74 | to | 23.33 | 63554778 | 1.14 | 1.25 | to | 1.90 | 10.95 | to | 10.24 |
| 12/31/2022 | 2646832 | 23.20 | to | 21.16 | 66245918 |  | 1.25 | to | 1.90 | (17.13) | to | (17.56) |
| 12/31/2021 | 3104226 | 27.98 | to | 25.67 | 93766818 | 0.92 | 1.25 | to | 1.75 | 5.13 | to | 4.60 |
| BlackRock High Yield Investor A Shares | BlackRock High Yield Investor A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 583379 | 19.36 | to | 17.93 | 10840744 | 6.43 | 1.25 | to | 1.90 | 7.61 | to | 6.92 |
| 12/31/2024 | 679646 | 17.99 | to | 16.77 | 11781346 | 6.71 | 1.25 | to | 1.90 | 6.74 | to | 6.05 |
| 12/31/2023 | 778870 | 16.86 | to | 15.82 | 12700319 | 6.56 | 1.25 | to | 1.90 | 11.94 | to | 11.22 |
| 12/31/2022 | 894900 | 15.06 | to | 14.22 | 13091390 | 5.14 | 1.25 | to | 1.90 | (12.04) | to | (12.48) |
| 12/31/2021 | 1097933 | 17.11 | to | 16.25 | 18309702 | 4.39 | 1.25 | to | 1.75 | 4.22 | to | 3.70 |
| BlackRock International Investor A Shares | BlackRock International Investor A Shares | BlackRock International Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 81599 | 18.41 | to | 17.04 | 1435540 | 1.65 | 1.25 | to | 1.90 | 13.85 | to | 13.12 |
| 12/31/2024 | 94281 | 16.17 | to | 15.07 | 1463871 | 0.65 | 1.25 | to | 1.90 | (1.03) | to | (1.68) |
| 12/31/2023 | 102116 | 16.34 | to | 15.32 | 1610288 | 0.88 | 1.25 | to | 1.90 | 17.90 | to | 17.13 |
| 12/31/2022 | 122032 | 13.86 | to | 13.08 | 1642196 | 0.87 | 1.25 | to | 1.90 | (25.43) | to | (25.80) |
| 12/31/2021 | 119643 | 18.57 | to | 17.63 | 2164783 | 0.46 | 1.25 | to | 1.75 | 7.76 | to | 7.22 |
| BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 4399 | 27.25 | to | 24.38 | 112553 | 3.48 | 1.25 | to | 1.90 | 29.76 | to | 28.92 |
| 12/31/2024 | 5088 | 21.00 | to | 18.91 | 100673 | 2.87 | 1.25 | to | 1.90 | 2.10 | to | 1.43 |
| 12/31/2023 | 5369 | 20.57 | to | 18.64 | 104465 | 2.94 | 1.25 | to | 1.90 | 16.56 | to | 15.80 |
| 12/31/2022 | 6266 | 17.65 | to | 16.10 | 104818 | 2.22 | 1.25 | to | 1.90 | (15.49) | to | (15.91) |
| 12/31/2021 | 6815 | 20.87 | to | 19.15 | 135222 | 2.63 | 1.25 | to | 1.75 | 9.63 | to | 9.08 |
| BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 973 | 40.67 | to | 36.39 | 37194 | 1.05 | 1.25 | to | 1.90 | 11.10 | to | 10.39 |
| 12/31/2024 | 1061 | 36.61 | to | 32.96 | 36611 | 1.63 | 1.25 | to | 1.90 | 9.76 | to | 9.05 |
| 12/31/2023 | 1115 | 33.35 | to | 30.23 | 35200 | 1.34 | 1.25 | to | 1.90 | 15.16 | to | 14.41 |
| 12/31/2022 | 1189 | 28.96 | to | 26.42 | 32699 | 0.86 | 1.25 | to | 1.90 | (21.62) | to | (22.01) |
| 12/31/2021 | 1306 | 36.92 | to | 33.88 | 45932 | 0.77 | 1.25 | to | 1.75 | 12.96 | to | 12.40 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| BlackRock iShares S&P 500 Index Investor A Shares | BlackRock iShares S&P 500 Index Investor A Shares | BlackRock iShares S&P 500 Index Investor A Shares | BlackRock iShares S&P 500 Index Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 456569 | $45.15 | to | $42.15 | $20099923 | 0.89% | 1.25% | to | 1.90% | 16.00% | to | 15.24% |
| 12/31/2024 | 565340 | 38.92 | to | 36.57 | 21492100 | 1.01 | 1.25 | to | 1.90 | 22.99 | to | 22.19 |
| 12/31/2023 | 725529 | 31.65 | to | 29.93 | 22484689 | 1.27 | 1.25 | to | 1.90 | 24.28 | to | 23.48 |
| 12/31/2022 | 815908 | 25.47 | to | 24.24 | 20403041 | 1.24 | 1.25 | to | 1.90 | (19.44) | to | (19.87) |
| 12/31/2021 | 857110 | 31.60 | to | 30.25 | 26644665 | 1.04 | 1.25 | to | 1.75 | 26.64 | to | 26.01 |
| BlackRock Large Cap Focus Growth Investor A Shares | BlackRock Large Cap Focus Growth Investor A Shares | BlackRock Large Cap Focus Growth Investor A Shares | BlackRock Large Cap Focus Growth Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128960 | 22.79 | to | 21.99 | 2881913 |  | 1.25 | to | 1.90 | 11.12 | to | 10.40 |
| 12/31/2024 | 163501 | 20.51 | to | 19.92 | 3300887 |  | 1.25 | to | 1.90 | 28.90 | to | 28.06 |
| 12/31/2023 | 197165 | 15.91 | to | 15.55 | 3098794 |  | 1.25 | to | 1.90 | 50.77 | to | 49.79 |
| 12/31/2022 | 249101 | 10.55 | to | 10.38 | 2606897 |  | 1.25 | to | 1.90 | (39.06) | to | (39.37) |
| 12/31/2021 | 250534 | 17.30 | to | 17.12 | 4312711 |  | 1.25 | to | 1.75 | 15.23 | to | 14.65 |
| BlackRock Large Cap Focus Value Investor A Shares | BlackRock Large Cap Focus Value Investor A Shares | BlackRock Large Cap Focus Value Investor A Shares | BlackRock Large Cap Focus Value Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 403743 | 43.36 | to | 38.79 | 18734559 | 1.86 | 1.25 | to | 1.90 | 23.46 | to | 22.66 |
| 12/31/2024 | 514185 | 35.12 | to | 31.62 | 19223194 | 1.99 | 1.25 | to | 1.90 | 8.70 | to | 8.00 |
| 12/31/2023 | 618055 | 32.31 | to | 29.28 | 21225364 | 2.08 | 1.25 | to | 1.90 | 14.49 | to | 13.75 |
| 12/31/2022 | 726717 | 28.22 | to | 25.74 | 21808215 | 1.27 | 1.25 | to | 1.90 | (6.09) | to | (6.58) |
| 12/31/2021 | 885788 | 30.03 | to | 27.55 | 28096823 | 1.13 | 1.25 | to | 1.75 | 20.72 | to | 20.12 |
| BlackRock Low Duration Bond Investor A Shares | BlackRock Low Duration Bond Investor A Shares | BlackRock Low Duration Bond Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3732 | 11.19 | to | 10.35 | 39985 | 4.36 | 1.25 | to | 1.90 | 4.63 | to | 3.95 |
| 12/31/2024 | 4438 | 10.69 | to | 9.96 | 45755 | 4.27 | 1.25 | to | 1.90 | 3.73 | to | 3.05 |
| 12/31/2023 | 5764 | 10.31 | to | 9.67 | 57567 | 3.80 | 1.25 | to | 1.90 | 4.08 | to | 3.41 |
| 12/31/2022 | 6118 | 9.91 | to | 9.35 | 58915 | 2.01 | 1.25 | to | 1.90 | (6.21) | to | (6.68) |
| 12/31/2021 | 6485 | 10.55 | to | 10.02 | 66735 | 0.98 | 1.25 | to | 1.75 | (1.74) | to | (2.23) |
| BlackRock Total Return Investor A Shares | BlackRock Total Return Investor A Shares | BlackRock Total Return Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2643950 | 14.54 | to | 13.01 | 37724857 | 4.46 | 1.25 | to | 1.90 | 6.53 | to | 5.84 |
| 12/31/2024 | 3033999 | 13.65 | to | 12.29 | 40737879 | 4.41 | 1.25 | to | 1.90 | 0.09 | to | (0.57) |
| 12/31/2023 | 3290200 | 13.64 | to | 12.36 | 44275620 | 3.89 | 1.25 | to | 1.90 | 4.33 | to | 3.66 |
| 12/31/2022 | 3575452 | 13.07 | to | 11.92 | 46187301 | 2.47 | 1.25 | to | 1.90 | (15.56) | to | (16.01) |
| 12/31/2021 | 4111709 | 15.47 | to | 14.20 | 62986969 | 1.68 | 1.25 | to | 1.75 | (2.19) | to | (2.68) |
| BNY Mellon Appreciation Investor Shares | BNY Mellon Appreciation Investor Shares | BNY Mellon Appreciation Investor Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 122240 | 50.80 | to | 45.44 | 5868144 | 0.27 | 1.25 | to | 1.90 | 8.80 | to | 8.09 |
| 12/31/2024 | 143918 | 46.69 | to | 42.04 | 6374185 | 0.33 | 1.25 | to | 1.90 | 11.01 | to | 10.29 |
| 12/31/2023 | 176590 | 42.06 | to | 38.12 | 7062923 | 0.65 | 1.25 | to | 1.90 | 19.90 | to | 19.13 |
| 12/31/2022 | 211913 | 35.08 | to | 32.00 | 7104483 | 0.54 | 1.25 | to | 1.90 | (19.02) | to | (19.42) |
| 12/31/2021 | 239998 | 43.28 | to | 39.71 | 9945695 | 0.35 | 1.25 | to | 1.75 | 25.45 | to | 24.82 |
| Cohen & Steers Real Estate Securities Class A Shares | Cohen & Steers Real Estate Securities Class A Shares | Cohen & Steers Real Estate Securities Class A Shares | Cohen & Steers Real Estate Securities Class A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9315 | 36.12 | to | 32.31 | 316088 | 2.95 | 1.25 | to | 1.90 | 2.71 | to | 2.04 |
| 12/31/2024 | 10816 | 35.17 | to | 31.67 | 359436 | 2.74 | 1.25 | to | 1.90 | 5.15 | to | 4.47 |
| 12/31/2023 | 12120 | 33.44 | to | 30.31 | 383868 | 3.05 | 1.25 | to | 1.90 | 11.39 | to | 10.67 |
| 12/31/2022 | 14809 | 30.03 | to | 27.39 | 424654 | 2.61 | 1.25 | to | 1.90 | (27.46) | to | (27.82) |
| 12/31/2021 | 14813 | 41.36 | to | 37.95 | 586282 | 1.70 | 1.25 | to | 1.75 | 39.92 | to | 39.23 |
| Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 144957 | 33.07 | to | 31.42 | 4654645 |  | 1.25 | to | 1.90 | 13.87 | to | 13.13 |
| 12/31/2024 | 170722 | 29.04 | to | 27.77 | 4834017 |  | 1.25 | to | 1.90 | 22.90 | to | 22.10 |
| 12/31/2023 | 204811 | 23.63 | to | 22.74 | 4737463 |  | 1.25 | to | 1.90 | 29.64 | to | 28.80 |
| 12/31/2022 | 236550 | 18.23 | to | 17.66 | 4237719 |  | 1.25 | to | 1.90 | (30.61) | to | (30.96) |
| 12/31/2021 | 236188 | 26.25 | to | 25.58 | 6114990 |  | 1.25 | to | 1.75 | 17.59 | to | 17.01 |
| Columbia Select Mid Cap Growth Class A Shares | Columbia Select Mid Cap Growth Class A Shares | Columbia Select Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11781 | 35.89 | to | 33.17 | 407597 |  | 1.25 | to | 1.90 | 13.38 | to | 12.65 |
| 12/31/2024 | 14015 | 31.66 | to | 29.45 | 428433 |  | 1.25 | to | 1.90 | 21.87 | to | 21.08 |
| 12/31/2023 | 18574 | 25.98 | to | 24.32 | 466349 |  | 1.25 | to | 1.90 | 23.40 | to | 22.60 |
| 12/31/2022 | 17905 | 21.05 | to | 19.84 | 365439 |  | 1.25 | to | 1.90 | (32.34) | to | (32.68) |
| 12/31/2021 | 16577 | 31.09 | to | 29.46 | 501343 |  | 1.25 | to | 1.75 | 14.77 | to | 14.20 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Columbia Select Small Cap Value Class A Shares | Columbia Select Small Cap Value Class A Shares | Columbia Select Small Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 121796 | $61.08 | to | $61.08 | $7439659 | 0.81% | 1.30% | to | 1.30% | 4.15% | to | 4.15% |
| 12/31/2024 | 134153 | 58.65 | to | 58.65 | 7867920 | 0.53 | 1.30 | to | 1.30 | 10.98 | to | 10.98 |
| 12/31/2023 | 154668 | 52.85 | to | 52.85 | 8173585 | 0.72 | 1.30 | to | 1.30 | 10.95 | to | 10.95 |
| 12/31/2022 | 169654 | 47.63 | to | 47.63 | 8080415 | 0.73 | 1.30 | to | 1.30 | (16.46) | to | (16.46) |
| 12/31/2021 | 190559 | 57.01 | to | 57.01 | 10864550 | 0.04 | 1.30 | to | 1.30 | 29.48 | to | 29.48 |
| Davis New York Venture Class A Shares | Davis New York Venture Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 293196 | 49.18 | to | 44.00 | 16574722 | 1.12 | 1.25 | to | 1.90 | 25.30 | to | 24.49 |
| 12/31/2024 | 379490 | 39.25 | to | 35.34 | 17084434 | 1.59 | 1.25 | to | 1.90 | 16.04 | to | 15.29 |
| 12/31/2023 | 454853 | 33.83 | to | 30.66 | 17553289 | 0.91 | 1.25 | to | 1.90 | 28.39 | to | 27.56 |
| 12/31/2022 | 533227 | 26.35 | to | 24.03 | 16000186 | 1.48 | 1.25 | to | 1.90 | (18.53) | to | (18.96) |
| 12/31/2021 | 580708 | 32.32 | to | 29.66 | 21474771 | 0.14 | 1.25 | to | 1.75 | 11.11 | to | 10.56 |
| Eaton Vance Floating-Rate Class A Shares | Eaton Vance Floating-Rate Class A Shares | Eaton Vance Floating-Rate Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 147052 | 17.73 | to | 15.87 | 2451522 | 7.19 | 1.25 | to | 1.90 | 2.31 | to | 1.65 |
| 12/31/2024 | 167034 | 17.33 | to | 15.61 | 2730811 | 8.03 | 1.25 | to | 1.90 | 6.61 | to | 5.91 |
| 12/31/2023 | 186021 | 16.26 | to | 14.74 | 2863813 | 8.39 | 1.25 | to | 1.90 | 10.44 | to | 9.73 |
| 12/31/2022 | 217282 | 14.72 | to | 13.43 | 3043980 | 4.54 | 1.25 | to | 1.90 | (3.87) | to | (4.35) |
| 12/31/2021 | 254168 | 15.30 | to | 14.04 | 3710404 | 3.05 | 1.25 | to | 1.75 | 2.72 | to | 2.21 |
| Eaton Vance Large-Cap Value Class A Shares | Eaton Vance Large-Cap Value Class A Shares | Eaton Vance Large-Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 98141 | 29.02 | to | 26.28 | 2682192 | 0.91 | 1.25 | to | 1.90 | 10.72 | to | 10.01 |
| 12/31/2024 | 115192 | 26.21 | to | 23.89 | 2857160 | 0.98 | 1.25 | to | 1.90 | 10.10 | to | 9.38 |
| 12/31/2023 | 135231 | 23.81 | to | 21.84 | 3068945 | 1.01 | 1.25 | to | 1.90 | 6.58 | to | 5.89 |
| 12/31/2022 | 143741 | 22.34 | to | 20.62 | 3074058 | 1.04 | 1.25 | to | 1.90 | (4.06) | to | (4.54) |
| 12/31/2021 | 169307 | 23.27 | to | 21.60 | 3788416 | 1.01 | 1.25 | to | 1.75 | 22.75 | to | 22.14 |
| Federated Hermes Kaufmann Class A Shares | Federated Hermes Kaufmann Class A Shares | Federated Hermes Kaufmann Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 55874 | 49.12 | to | 43.94 | 2611890 |  | 1.25 | to | 1.90 | 10.15 | to | 9.44 |
| 12/31/2024 | 68348 | 44.59 | to | 40.15 | 2909764 |  | 1.25 | to | 1.90 | 14.80 | to | 14.05 |
| 12/31/2023 | 88802 | 38.84 | to | 35.21 | 3303203 |  | 1.25 | to | 1.90 | 13.48 | to | 12.75 |
| 12/31/2022 | 98209 | 34.23 | to | 31.22 | 3229075 |  | 1.25 | to | 1.90 | (31.16) | to | (31.50) |
| 12/31/2021 | 99905 | 49.68 | to | 45.58 | 4780655 |  | 1.25 | to | 1.75 | 1.13 | to | 0.63 |
| Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 47401 | 23.81 | to | 22.23 | 1086667 | 1.06 | 1.25 | to | 1.90 | 13.05 | to | 12.32 |
| 12/31/2024 | 46406 | 21.06 | to | 19.79 | 945741 | 0.87 | 1.25 | to | 1.90 | 11.45 | to | 10.72 |
| 12/31/2023 | 55105 | 18.90 | to | 17.87 | 1010627 | 1.14 | 1.25 | to | 1.90 | 7.70 | to | 7.00 |
| 12/31/2022 | 58673 | 17.55 | to | 16.71 | 1003439 | 1.18 | 1.25 | to | 1.90 | (9.19) | to | (9.64) |
| 12/31/2021 | 73177 | 19.31 | to | 18.49 | 1380093 | 0.87 | 1.25 | to | 1.75 | 19.40 | to | 18.81 |
| Fidelity Advisor® Equity Growth Class A Shares | Fidelity Advisor® Equity Growth Class A Shares | Fidelity Advisor® Equity Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 24313 | 86.61 | to | 77.48 | 2623701 |  | 1.25 | to | 1.90 | 12.85 | to | 12.12 |
| 12/31/2024 | 25875 | 76.74 | to | 69.10 | 2475458 |  | 1.25 | to | 1.90 | 28.10 | to | 27.26 |
| 12/31/2023 | 29482 | 59.91 | to | 54.30 | 2204482 |  | 1.25 | to | 1.90 | 33.57 | to | 32.71 |
| 12/31/2022 | 35769 | 44.85 | to | 40.92 | 2004557 |  | 1.25 | to | 1.90 | (25.63) | to | (26.02) |
| 12/31/2021 | 39581 | 60.28 | to | 55.31 | 2980642 |  | 1.25 | to | 1.75 | 21.20 | to | 20.59 |
| Fidelity Advisor® Overseas Class A Shares | Fidelity Advisor® Overseas Class A Shares | Fidelity Advisor® Overseas Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>(1)</sup> | 46028 | 10.46 | to | 10.46 | 481403 | 0.09 | 1.30 | to | 1.30 |  | to |  |
| Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10169 | 66.02 | to | 66.02 | 671360 | 0.59 | 1.30 | to | 1.30 | 8.75 | to | 8.75 |
| 12/31/2024 | 11412 | 60.71 | to | 60.71 | 692812 | 0.34 | 1.30 | to | 1.30 | 10.72 | to | 10.72 |
| 12/31/2023 | 12499 | 54.83 | to | 54.83 | 685329 | 0.61 | 1.30 | to | 1.30 | 15.35 | to | 15.35 |
| 12/31/2022 | 14135 | 47.53 | to | 47.53 | 671885 | 0.45 | 1.30 | to | 1.30 | (15.21) | to | (15.21) |
| 12/31/2021 | 15146 | 56.06 | to | 56.06 | 849127 | 0.45 | 1.30 | to | 1.30 | 21.34 | to | 21.34 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Franklin Templeton Growth Class A Shares | Franklin Templeton Growth Class A Shares | Franklin Templeton Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 79152 | $24.42 | to | $21.85 | $2367807 | 0.60% | 1.25% | to | 1.90% | 22.05% | to | 21.26% |
| 12/31/2024 | 95046 | 20.01 | to | 18.02 | 2280941 | 0.92 | 1.25 | to | 1.90 | 4.10 | to | 3.42 |
| 12/31/2023 | 123880 | 19.22 | to | 17.42 | 2758842 | 1.12 | 1.25 | to | 1.90 | 19.48 | to | 18.71 |
| 12/31/2022 | 155444 | 16.09 | to | 14.67 | 2837302 | 0.86 | 1.25 | to | 1.90 | (12.85) | to | (13.30) |
| 12/31/2021 | 163947 | 18.45 | to | 16.93 | 3468745 | 1.54 | 1.25 | to | 1.75 | 3.82 | to | 3.30 |
| Invesco American Franchise Fund Class A Shares | Invesco American Franchise Fund Class A Shares | Invesco American Franchise Fund Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14448 | 43.67 | to | 43.67 | 630926 |  | 1.30 | to | 1.30 | 10.12 | to | 10.12 |
| 12/31/2024 | 14774 | 39.66 | to | 39.66 | 585882 |  | 1.30 | to | 1.30 | 32.98 | to | 32.98 |
| 12/31/2023 | 17165 | 29.82 | to | 29.82 | 511889 |  | 1.30 | to | 1.30 | 39.10 | to | 39.10 |
| 12/31/2022 | 19323 | 21.44 | to | 21.44 | 414252 |  | 1.30 | to | 1.30 | (32.03) | to | (32.03) |
| 12/31/2021 | 18345 | 31.54 | to | 31.54 | 578621 |  | 1.30 | to | 1.30 | 10.40 | to | 10.40 |
| Invesco Charter Class A Shares | Invesco Charter Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7577 | 41.13 | to | 41.13 | 311651 | 0.21 | 1.30 | to | 1.30 | 14.45 | to | 14.45 |
| 12/31/2024 | 9491 | 35.94 | to | 35.94 | 341097 | 0.53 | 1.30 | to | 1.30 | 23.66 | to | 23.66 |
| 12/31/2023 | 10056 | 29.06 | to | 29.06 | 292246 | 0.49 | 1.30 | to | 1.30 | 21.45 | to | 21.45 |
| 12/31/2022 | 8575 | 23.93 | to | 23.93 | 205186 | 0.71 | 1.30 | to | 1.30 | (21.74) | to | (21.74) |
| 12/31/2021 | 8903 | 30.58 | to | 30.58 | 272225 | 0.35 | 1.30 | to | 1.30 | 25.75 | to | 25.75 |
| Invesco Comstock Class A Shares | Invesco Comstock Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 424527 | 47.58 | to | 42.56 | 22037333 | 1.62 | 1.25 | to | 1.90 | 15.70 | to | 14.95 |
| 12/31/2024 | 529635 | 41.12 | to | 37.03 | 23747938 | 1.67 | 1.25 | to | 1.90 | 13.59 | to | 12.85 |
| 12/31/2023 | 659692 | 36.20 | to | 32.81 | 26149898 | 1.72 | 1.25 | to | 1.90 | 10.85 | to | 10.13 |
| 12/31/2022 | 741824 | 32.66 | to | 29.79 | 26582797 | 1.68 | 1.25 | to | 1.90 | (0.49) | to | (1.01) |
| 12/31/2021 | 974096 | 32.80 | to | 30.10 | 34752813 | 1.42 | 1.25 | to | 1.75 | 31.66 | to | 31.01 |
| Invesco Discovery Large Cap Class A Shares | Invesco Discovery Large Cap Class A Shares | Invesco Discovery Large Cap Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14194 | 57.58 | to | 51.52 | 780028 |  | 1.25 | to | 1.90 | 11.22 | to | 10.50 |
| 12/31/2024 | 16643 | 51.77 | to | 46.62 | 824979 |  | 1.25 | to | 1.90 | 32.33 | to | 31.47 |
| 12/31/2023 | 22710 | 39.12 | to | 35.46 | 851928 |  | 1.25 | to | 1.90 | 33.83 | to | 32.97 |
| 12/31/2022 | 25871 | 29.23 | to | 26.67 | 727611 |  | 1.25 | to | 1.90 | (32.01) | to | (32.34) |
| 12/31/2021 | 27757 | 42.96 | to | 39.42 | 1150952 |  | 1.25 | to | 1.75 | 20.83 | to | 20.22 |
| Invesco Discovery Mid Cap Growth Class A Shares | Invesco Discovery Mid Cap Growth Class A Shares | Invesco Discovery Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 60720 | 17.41 | to | 17.41 | 1056937 |  | 1.30 | to | 1.30 | 3.43 | to | 3.43 |
| 12/31/2024 | 83289 | 16.83 | to | 16.83 | 1401737 |  | 1.30 | to | 1.30 | 22.51 | to | 22.51 |
| 12/31/2023 | 91137 | 13.74 | to | 13.74 | 1252004 |  | 1.30 | to | 1.30 | 11.51 | to | 11.51 |
| 12/31/2022 | 100164 | 12.32 | to | 12.32 | 1234003 |  | 1.30 | to | 1.30 | (31.98) | to | (31.98) |
| 12/31/2020<sup>(1)</sup> | 106532 | 18.11 | to | 18.11 | 1929642 |  | 1.30 | to | 1.30 | 17.33 | to | 17.33 |
| Invesco Equity and Income Class A Shares | Invesco Equity and Income Class A Shares | Invesco Equity and Income Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 29915 | 47.65 | to | 47.65 | 1425316 | 1.77 | 1.30 | to | 1.30 | 11.35 | to | 11.35 |
| 12/31/2024 | 38425 | 42.79 | to | 42.79 | 1644125 | 1.95 | 1.30 | to | 1.30 | 10.35 | to | 10.35 |
| 12/31/2023 | 48142 | 38.77 | to | 38.77 | 1866618 | 1.99 | 1.30 | to | 1.30 | 8.57 | to | 8.57 |
| 12/31/2022 | 54802 | 35.71 | to | 35.71 | 1957053 | 1.75 | 1.30 | to | 1.30 | (8.91) | to | (8.91) |
| 12/31/2021 | 59548 | 39.20 | to | 39.20 | 2334443 | 1.30 | 1.30 | to | 1.30 | 16.50 | to | 16.50 |
| Invesco Global Class A Shares | Invesco Global Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36999 | 71.69 | to | 71.69 | 2652314 |  | 1.30 | to | 1.30 | 13.76 | to | 13.76 |
| 12/31/2024 | 42561 | 63.02 | to | 63.02 | 2682080 |  | 1.30 | to | 1.30 | 14.77 | to | 14.77 |
| 12/31/2023 | 47861 | 54.91 | to | 54.91 | 2627939 |  | 1.30 | to | 1.30 | 32.31 | to | 32.31 |
| 12/31/2022 | 53306 | 41.50 | to | 41.50 | 2212232 |  | 1.30 | to | 1.30 | (33.02) | to | (33.02) |
| 12/31/2021 | 53239 | 61.96 | to | 61.96 | 3298718 |  | 1.30 | to | 1.30 | 13.87 | to | 13.87 |
| Invesco Main Street Class A Shares | Invesco Main Street Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 33481 | 54.60 | to | 48.85 | 1955190 | 0.34 | 1.25 | to | 1.90 | 14.49 | to | 13.75 |
| 12/31/2024 | 36135 | 47.69 | to | 42.94 | 1855958 | 0.71 | 1.25 | to | 1.90 | 22.10 | to | 21.30 |
| 12/31/2023 | 38878 | 39.06 | to | 35.40 | 1647210 | 0.15 | 1.25 | to | 1.90 | 21.55 | to | 20.76 |
| 12/31/2022 | 56886 | 32.13 | to | 29.31 | 1935595 | 0.90 | 1.25 | to | 1.90 | (21.20) | to | (21.62) |
| 12/31/2021 | 60667 | 40.76 | to | 37.40 | 2623342 | 0.59 | 1.25 | to | 1.75 | 26.02 | to | 25.39 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Invesco Main Street Mid Cap Class A Shares | Invesco Main Street Mid Cap Class A Shares | Invesco Main Street Mid Cap Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 46564 | $45.40 | to | $40.61 | $1981904 | 0.18% | 1.25% | to | 1.90% | 7.56% | to | 6.87% |
| 12/31/2024 | 53672 | 42.20 | to | 38.00 | 2134394 | 0.24 | 1.25 | to | 1.90 | 15.61 | to | 14.86 |
| 12/31/2023 | 63190 | 36.51 | to | 33.09 | 2181634 |  | 1.25 | to | 1.90 | 13.06 | to | 12.33 |
| 12/31/2022 | 69962 | 32.29 | to | 29.45 | 2143133 | 0.11 | 1.25 | to | 1.90 | (15.48) | to | (15.90) |
| 12/31/2021 | 90202 | 38.17 | to | 35.02 | 3275848 | 0.20 | 1.25 | to | 1.75 | 21.50 | to | 20.89 |
| Invesco Multi-Strategy Class A Shares | Invesco Multi-Strategy Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 22713 | 16.50 | to | 16.50 | 374868 |  | 1.30 | to | 1.30 | (0.92) | to | (0.92) |
| 12/31/2024 | 23387 | 16.66 | to | 16.66 | 389546 | 1.30 | 1.30 | to | 1.30 | 4.34 | to | 4.34 |
| 12/31/2023 | 23856 | 15.96 | to | 15.96 | 380821 | 0.82 | 1.30 | to | 1.30 | 2.22 | to | 2.22 |
| 12/31/2022 | 26240 | 15.62 | to | 15.62 | 409805 |  | 1.30 | to | 1.30 | (8.47) | to | (8.47) |
| 12/31/2021 | 28973 | 17.06 | to | 17.06 | 494370 | 2.71 | 1.30 | to | 1.30 | 1.16 | to | 1.16 |
| Invesco Value Opportunities Class A Shares | Invesco Value Opportunities Class A Shares | Invesco Value Opportunities Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 109282 | 4.31 | to | 3.98 | 448443 | 0.21 | 1.25 | to | 1.90 | 18.66 | to | 17.89 |
| 12/31/2024 | 116779 | 3.63 | to | 3.38 | 405469 | 0.41 | 1.25 | to | 1.90 | 28.47 | to | 27.64 |
| 12/31/2023 | 138320 | 2.82 | to | 2.65 | 376156 | 0.22 | 1.25 | to | 1.90 | 13.72 | to | 12.98 |
| 12/31/2022 | 147533 | 2.48 | to | 2.34 | 354532 | 0.67 | 1.25 | to | 1.90 | 0.02 | to | (0.48) |
| 12/31/2021 | 131334 | 2.48 | to | 2.35 | 316717 | 0.57 | 1.25 | to | 1.75 | 33.91 | to | 33.24 |
| Janus Henderson Enterprise Class A Shares | Janus Henderson Enterprise Class A Shares | Janus Henderson Enterprise Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 264111 | 71.98 | to | 65.94 | 18158886 | 0.18 | 1.25 | to | 1.90 | 5.94 | to | 5.26 |
| 12/31/2024 | 305681 | 67.94 | to | 62.65 | 19916719 | 0.77 | 1.25 | to | 1.90 | 13.42 | to | 12.68 |
| 12/31/2023 | 378689 | 59.90 | to | 55.60 | 21840743 |  | 1.25 | to | 1.90 | 16.12 | to | 15.37 |
| 12/31/2022 | 446160 | 51.59 | to | 48.19 | 22241684 |  | 1.25 | to | 1.90 | (17.43) | to | (17.84) |
| 12/31/2021 | 512548 | 62.42 | to | 58.65 | 31019403 | 0.69 | 1.25 | to | 1.75 | 15.52 | to | 14.94 |
| Janus Henderson Forty Class A Shares | Janus Henderson Forty Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 64300 | 72.58 | to | 65.72 | 4425333 |  | 1.25 | to | 1.90 | 16.59 | to | 15.84 |
| 12/31/2024 | 79224 | 62.25 | to | 56.73 | 4697328 | 0.31 | 1.25 | to | 1.90 | 26.38 | to | 25.55 |
| 12/31/2023 | 98566 | 49.26 | to | 45.19 | 4647156 | 0.01 | 1.25 | to | 1.90 | 37.81 | to | 36.92 |
| 12/31/2022 | 121669 | 35.74 | to | 33.00 | 4178925 |  | 1.25 | to | 1.90 | (34.58) | to | (34.90) |
| 12/31/2021 | 121433 | 54.59 | to | 50.70 | 6397342 | 0.40 | 1.25 | to | 1.75 | 21.14 | to | 20.54 |
| JPMorgan Small Cap Growth Class A Shares | JPMorgan Small Cap Growth Class A Shares | JPMorgan Small Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 30145 | 39.28 | to | 35.57 | 1132722 |  | 1.25 | to | 1.90 | 4.81 | to | 4.13 |
| 12/31/2024 | 33670 | 37.48 | to | 34.16 | 1209750 | 0.56 | 1.25 | to | 1.90 | 11.04 | to | 10.32 |
| 12/31/2023 | 40278 | 33.75 | to | 30.96 | 1307895 |  | 1.25 | to | 1.90 | 12.45 | to | 11.72 |
| 12/31/2022 | 49681 | 30.02 | to | 27.71 | 1435440 |  | 1.25 | to | 1.90 | (33.32) | to | (33.65) |
| 12/31/2021 | 49048 | 44.98 | to | 41.77 | 2129822 |  | 1.25 | to | 1.75 | (7.23) | to | (7.69) |
| Lord Abbett Affiliated Class A Shares | Lord Abbett Affiliated Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36277 | 37.19 | to | 33.27 | 1285301 | 1.11 | 1.25 | to | 1.90 | 14.32 | to | 13.58 |
| 12/31/2024 | 42660 | 32.54 | to | 29.30 | 1327659 | 1.73 | 1.25 | to | 1.90 | 15.84 | to | 15.08 |
| 12/31/2023 | 50177 | 28.09 | to | 25.46 | 1350694 | 1.81 | 1.25 | to | 1.90 | 9.12 | to | 8.41 |
| 12/31/2022 | 53690 | 25.74 | to | 23.48 | 1330706 | 1.77 | 1.25 | to | 1.90 | (11.04) | to | (11.48) |
| 12/31/2021 | 59993 | 28.91 | to | 26.53 | 1674915 | 1.47 | 1.25 | to | 1.75 | 25.17 | to | 24.55 |
| Lord Abbett Bond-Debenture Class A Shares | Lord Abbett Bond-Debenture Class A Shares | Lord Abbett Bond-Debenture Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 284574 | 23.98 | to | 21.45 | 7347384 | 6.01 | 1.25 | to | 1.90 | 7.05 | to | 6.35 |
| 12/31/2024 | 327781 | 22.40 | to | 20.17 | 7918676 | 5.86 | 1.25 | to | 1.90 | 5.44 | to | 4.75 |
| 12/31/2023 | 371258 | 21.25 | to | 19.26 | 8547443 | 5.22 | 1.25 | to | 1.90 | 5.53 | to | 4.85 |
| 12/31/2022 | 394108 | 20.13 | to | 18.37 | 8784985 | 4.35 | 1.25 | to | 1.90 | (13.81) | to | (14.26) |
| 12/31/2021 | 464968 | 23.35 | to | 21.42 | 11996751 | 3.33 | 1.25 | to | 1.75 | 1.97 | to | 1.46 |
| Lord Abbett Mid Cap Stock Class A Shares | Lord Abbett Mid Cap Stock Class A Shares | Lord Abbett Mid Cap Stock Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 187811 | 34.67 | to | 31.01 | 8117450 | 0.43 | 1.25 | to | 1.90 | 5.94 | to | 5.25 |
| 12/31/2024 | 226711 | 32.72 | to | 29.47 | 9239067 | 0.53 | 1.25 | to | 1.90 | 13.61 | to | 12.87 |
| 12/31/2023 | 265044 | 28.80 | to | 26.11 | 9405150 | 0.54 | 1.25 | to | 1.90 | 14.07 | to | 13.33 |
| 12/31/2022 | 306153 | 25.25 | to | 23.03 | 9442562 | 0.95 | 1.25 | to | 1.90 | (12.21) | to | (12.67) |
| 12/31/2021 | 330573 | 28.75 | to | 26.38 | 11656273 | 0.73 | 1.25 | to | 1.75 | 27.28 | to | 26.65 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| MFS® Growth Class A Shares | MFS® Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 142421 | $67.29 | to | $67.29 | $9583531 | -% | 1.30% | to | 1.30% | 10.58% | to | 10.58% |
| 12/31/2024 | 175545 | 60.85 | to | 60.85 | 10681952 |  | 1.30 | to | 1.30 | 29.63 | to | 29.63 |
| 12/31/2023 | 231059 | 46.94 | to | 46.94 | 10845931 |  | 1.30 | to | 1.30 | 34.04 | to | 34.04 |
| 12/31/2022 | 293959 | 35.02 | to | 35.02 | 10294364 |  | 1.30 | to | 1.30 | (32.21) | to | (32.21) |
| 12/31/2021 | 283077 | 51.66 | to | 51.66 | 14623140 |  | 1.30 | to | 1.30 | 21.74 | to | 21.74 |
| MFS® Mid Cap Growth Class A Shares | MFS® Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 127124 | 62.35 | to | 62.35 | 7926231 |  | 1.30 | to | 1.30 | 2.05 | to | 2.05 |
| 12/31/2024 | 136352 | 61.09 | to | 61.09 | 8330397 |  | 1.30 | to | 1.30 | 12.92 | to | 12.92 |
| 12/31/2023 | 160419 | 54.10 | to | 54.10 | 8679035 |  | 1.30 | to | 1.30 | 19.44 | to | 19.44 |
| 12/31/2022 | 187406 | 45.30 | to | 45.30 | 8488981 |  | 1.30 | to | 1.30 | (29.45) | to | (29.45) |
| 12/31/2021 | 184310 | 64.20 | to | 64.20 | 11833470 |  | 1.30 | to | 1.30 | 12.27 | to | 12.27 |
| MFS® Research International Class A Shares | MFS® Research International Class A Shares | MFS® Research International Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 111304 | 39.56 | to | 39.56 | 4402714 | 1.60 | 1.30 | to | 1.30 | 20.76 | to | 20.76 |
| 12/31/2024 | 145867 | 32.76 | to | 32.76 | 4777947 | 1.63 | 1.30 | to | 1.30 | 1.51 | to | 1.51 |
| 12/31/2023 | 159672 | 32.27 | to | 32.27 | 5152248 | 1.49 | 1.30 | to | 1.30 | 11.65 | to | 11.65 |
| 12/31/2022 | 173257 | 28.90 | to | 28.90 | 5007427 | 1.31 | 1.30 | to | 1.30 | (18.58) | to | (18.58) |
| 12/31/2021 | 191854 | 35.50 | to | 35.50 | 6809974 | 1.02 | 1.30 | to | 1.30 | 10.15 | to | 10.15 |
| Nomura Mid Cap Growth Class A Shares | Nomura Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 132935 | 9.87 | to | 9.77 | 1309873 |  | 1.25 | to | 1.90 | (0.42) | to | (1.07) |
| 12/31/2024<sup>(1)</sup> | 153595 | 9.91 | to | 9.88 | 1521542 |  | 1.25 | to | 1.90 |  | to |  |
| PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 528053 | 9.39 | to | 8.40 | 4688335 | 7.62 | 1.25 | to | 1.90 | 17.32 | to | 16.56 |
| 12/31/2024 | 667300 | 8.01 | to | 7.21 | 5068621 | 2.80 | 1.25 | to | 1.90 | 2.92 | to | 2.25 |
| 12/31/2023 | 677054 | 7.78 | to | 7.05 | 5014119 | 4.59 | 1.25 | to | 1.90 | (9.02) | to | (9.61) |
| 12/31/2022 | 718870 | 8.55 | to | 7.80 | 5869360 | 34.05 | 1.25 | to | 1.90 | 7.01 | to | 6.48 |
| 12/31/2021 | 1022118 | 7.98 | to | 7.33 | 7817094 | 21.83 | 1.25 | to | 1.75 | 31.15 | to | 30.50 |
| PIMCO Low Duration Class A Shares | PIMCO Low Duration Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2151832 | 12.63 | to | 11.44 | 25805611 | 3.95 | 1.25 | to | 1.90 | 3.95 | to | 3.27 |
| 12/31/2024 | 2415014 | 12.15 | to | 11.07 | 27974198 | 3.88 | 1.25 | to | 1.90 | 3.21 | to | 2.54 |
| 12/31/2023 | 2585774 | 11.77 | to | 10.80 | 29139752 | 3.80 | 1.25 | to | 1.90 | 3.71 | to | 3.04 |
| 12/31/2022 | 2963159 | 11.35 | to | 10.48 | 32321610 | 1.68 | 1.25 | to | 1.90 | (6.69) | to | (7.16) |
| 12/31/2021 | 3696998 | 12.16 | to | 11.29 | 43322116 | 0.54 | 1.25 | to | 1.75 | (2.20) | to | (2.69) |
| PIMCO Real Return Class A Shares | PIMCO Real Return Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1136916 | 15.51 | to | 13.88 | 16640341 | 3.53 | 1.25 | to | 1.90 | 6.40 | to | 5.71 |
| 12/31/2024 | 1312209 | 14.58 | to | 13.13 | 18121313 | 2.78 | 1.25 | to | 1.90 | 0.90 | to | 0.24 |
| 12/31/2023 | 1406100 | 14.45 | to | 13.10 | 19325213 | 2.86 | 1.25 | to | 1.90 | 2.05 | to | 1.39 |
| 12/31/2022 | 1572441 | 14.16 | to | 12.92 | 21259835 | 7.50 | 1.25 | to | 1.90 | (13.38) | to | (13.81) |
| 12/31/2021 | 1865697 | 16.33 | to | 14.99 | 29197941 | 4.74 | 1.25 | to | 1.75 | 3.95 | to | 3.43 |
| PIMCO Total Return Class A Shares | PIMCO Total Return Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2765766 | 16.62 | to | 14.87 | 45125897 | 4.23 | 1.25 | to | 1.90 | 7.61 | to | 6.91 |
| 12/31/2024 | 3235773 | 15.44 | to | 13.91 | 49244487 | 4.22 | 1.25 | to | 1.90 | 0.98 | to | 0.32 |
| 12/31/2023 | 3539220 | 15.29 | to | 13.86 | 53516295 | 3.55 | 1.25 | to | 1.90 | 4.63 | to | 3.95 |
| 12/31/2022 | 3852999 | 14.62 | to | 13.33 | 55794500 | 3.59 | 1.25 | to | 1.90 | (15.49) | to | (15.93) |
| 12/31/2021 | 4460931 | 17.29 | to | 15.86 | 76529481 | 1.96 | 1.25 | to | 1.75 | (2.41) | to | (2.89) |
| Putnam International Equity Class A Shares | Putnam International Equity Class A Shares | Putnam International Equity Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 230479 | 37.26 | to | 37.26 | 8587095 | 2.15 | 1.30 | to | 1.30 | 35.45 | to | 35.45 |
| 12/31/2024 | 320106 | 27.51 | to | 27.51 | 8805248 | 0.98 | 1.30 | to | 1.30 | 2.16 | to | 2.16 |
| 12/31/2023 | 344591 | 26.93 | to | 26.93 | 9278635 | 1.88 | 1.30 | to | 1.30 | 17.09 | to | 17.09 |
| 12/31/2022 | 387757 | 23.00 | to | 23.00 | 8916817 |  | 1.30 | to | 1.30 | (15.94) | to | (15.94) |
| 12/31/2021 | 439879 | 27.36 | to | 27.36 | 12034000 | 1.32 | 1.30 | to | 1.30 | 7.36 | to | 7.36 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Putnam Large Cap Growth Class A Shares | Putnam Large Cap Growth Class A Shares | Putnam Large Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 44504 | $42.48 | to | $42.48 | $1890441 | -% | 1.30% | to | 1.30% | 12.77% | to | 12.77% |
| 12/31/2024 | 47751 | 37.67 | to | 37.67 | 1798630 |  | 1.30 | to | 1.30 | 31.50 | to | 31.50 |
| 12/31/2023 | 63716 | 28.64 | to | 28.64 | 1825043 |  | 1.30 | to | 1.30 | 42.37 | to | 42.37 |
| 12/31/2022 | 75742 | 20.12 | to | 20.12 | 1523823 |  | 1.30 | to | 1.30 | (31.24) | to | (31.24) |
| 12/31/2021 | 76682 | 29.26 | to | 29.26 | 2243749 |  | 1.30 | to | 1.30 | 20.94 | to | 20.94 |
| Putnam Large Cap Value Class A Shares | Putnam Large Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36102 | 25.77 | to | 25.77 | 930431 | 1.17 | 1.30 | to | 1.30 | 18.50 | to | 18.50 |
| 12/31/2024 | 40203 | 21.75 | to | 21.75 | 874346 | 1.11 | 1.30 | to | 1.30 | 17.46 | to | 17.46 |
| 12/31/2023 | 44592 | 18.52 | to | 18.52 | 825643 | 1.51 | 1.30 | to | 1.30 | 13.91 | to | 13.91 |
| 12/31/2022 | 48838 | 16.25 | to | 16.25 | 793831 | 1.80 | 1.30 | to | 1.30 | (4.34) | to | (4.34) |
| 12/31/2021 | 40213 | 16.99 | to | 16.99 | 683288 | 1.19 | 1.30 | to | 1.30 | 25.20 | to | 25.20 |
| TA Aegon Sustainable Equity Income Service Class | TA Aegon Sustainable Equity Income Service Class | TA Aegon Sustainable Equity Income Service Class | TA Aegon Sustainable Equity Income Service Class |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 148138 | 14.53 | to | 13.86 | 2141638 | 1.42 | 1.25 | to | 1.90 | 9.61 | to | 8.90 |
| 12/31/2024 | 178580 | 13.26 | to | 12.73 | 2357067 | 1.79 | 1.25 | to | 1.90 | 15.14 | to | 14.39 |
| 12/31/2023 | 223808 | 11.52 | to | 11.13 | 2567186 | 1.91 | 1.25 | to | 1.90 | 4.69 | to | 4.01 |
| 12/31/2022 | 243900 | 11.00 | to | 10.70 | 2674194 | 1.84 | 1.25 | to | 1.90 | (12.98) | to | (13.44) |
| 12/31/2021 | 290104 | 12.63 | to | 12.36 | 3654803 | 1.86 | 1.25 | to | 1.75 | 20.60 | to | 20.00 |
| TA Asset Allocation - Conservative Class A Shares | TA Asset Allocation - Conservative Class A Shares | TA Asset Allocation - Conservative Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 24365 | 13.83 | to | 13.16 | 331314 | 2.61 | 1.25 | to | 1.90 | 10.79 | to | 10.07 |
| 12/31/2024 | 25797 | 12.48 | to | 11.96 | 317472 | 2.42 | 1.25 | to | 1.90 | 5.96 | to | 5.27 |
| 12/31/2023 | 48437 | 11.78 | to | 11.36 | 559916 | 2.34 | 1.25 | to | 1.90 | 8.87 | to | 8.16 |
| 12/31/2022 | 76427 | 10.82 | to | 10.50 | 817555 | 1.68 | 1.25 | to | 1.90 | (16.29) | to | (16.73) |
| 12/31/2021 | 89073 | 12.92 | to | 12.61 | 1141030 | 2.11 | 1.25 | to | 1.75 | 4.11 | to | 3.59 |
| TA Asset Allocation - Moderate Class A Shares | TA Asset Allocation - Moderate Class A Shares | TA Asset Allocation - Moderate Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 94660 | 15.47 | to | 14.73 | 1446745 | 2.24 | 1.25 | to | 1.90 | 13.44 | to | 12.71 |
| 12/31/2024 | 98698 | 13.64 | to | 13.07 | 1331283 | 2.01 | 1.25 | to | 1.90 | 8.46 | to | 7.75 |
| 12/31/2023 | 105950 | 12.57 | to | 12.13 | 1316550 | 2.18 | 1.25 | to | 1.90 | 11.27 | to | 10.55 |
| 12/31/2022 | 131518 | 11.30 | to | 10.97 | 1470956 | 1.52 | 1.25 | to | 1.90 | (17.13) | to | (17.56) |
| 12/31/2021 | 88483 | 13.63 | to | 13.31 | 1198284 | 2.52 | 1.25 | to | 1.75 | 6.57 | to | 6.04 |
| TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 96021 | 17.82 | to | 16.97 | 1680433 | 1.59 | 1.25 | to | 1.90 | 16.52 | to | 15.77 |
| 12/31/2024 | 105070 | 15.30 | to | 14.66 | 1581232 | 1.75 | 1.25 | to | 1.90 | 11.74 | to | 11.01 |
| 12/31/2023 | 128051 | 13.69 | to | 13.20 | 1731302 | 1.84 | 1.25 | to | 1.90 | 14.27 | to | 13.53 |
| 12/31/2022 | 135459 | 11.98 | to | 11.63 | 1606662 | 0.88 | 1.25 | to | 1.90 | (18.46) | to | (18.89) |
| 12/31/2021 | 171347 | 14.68 | to | 14.34 | 2495528 | 2.57 | 1.25 | to | 1.75 | 9.98 | to | 9.43 |
| TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1398016 | 10.82 | to | 10.44 | 15004176 | 3.90 | 1.25 | to | 1.90 | 2.77 | to | 2.11 |
| 12/31/2024 | 518482 | 10.52 | to | 10.22 | 5404769 | 4.93 | 1.25 | to | 1.90 | 3.73 | to | 3.05 |
| 12/31/2023 | 569758 | 10.15 | to | 9.92 | 5735835 | 4.79 | 1.25 | to | 1.90 | 3.56 | to | 2.89 |
| 12/31/2022 | 466406 | 9.80 | to | 9.64 | 4551231 | 1.48 | 1.25 | to | 1.90 | 0.10 | to | (0.43) |
| 12/31/2021 | 411733 | 9.78 | to | 9.68 | 4017112 |  | 1.25 | to | 1.75 | (1.24) | to | (1.73) |
| TA Bond Class A Shares |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 544992 | 1.48 | to | 1.36 | 776833 | 4.13 | 1.25 | to | 1.90 | 5.49 | to | 4.80 |
| 12/31/2024 | 623953 | 1.40 | to | 1.30 | 846116 | 4.11 | 1.25 | to | 1.90 | 0.49 | to | (0.17) |
| 12/31/2023 | 650360 | 1.40 | to | 1.30 | 880191 | 3.69 | 1.25 | to | 1.90 | 4.65 | to | 3.97 |
| 12/31/2022 | 616956 | 1.34 | to | 1.25 | 801112 | 2.79 | 1.25 | to | 1.90 | (14.58) | to | (15.01) |
| 12/31/2021 | 721671 | 1.56 | to | 1.47 | 1101155 | 2.17 | 1.25 | to | 1.75 | (1.36) | to | (1.86) |
| TA International Focus Initial Class | TA International Focus Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4385857 | 12.77 | to | 12.18 | 54739174 | 1.63 | 1.25 | to | 1.90 | 5.15 | to | 4.47 |
| 12/31/2024 | 5042953 | 12.14 | to | 11.66 | 60067418 | 2.27 | 1.25 | to | 1.90 | (2.29) | to | (2.92) |
| 12/31/2023 | 5434870 | 12.43 | to | 12.01 | 66480045 | 1.98 | 1.25 | to | 1.90 | 11.14 | to | 10.42 |
| 12/31/2022 | 6194561 | 11.18 | to | 10.88 | 68406004 | 3.02 | 1.25 | to | 1.90 | (21.08) | to | (21.49) |
| 12/31/2021 | 6800730 | 14.16 | to | 13.85 | 95378126 | 1.21 | 1.25 | to | 1.75 | 9.44 | to | 8.90 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| TA Multi-Managed Balanced Class A Shares | TA Multi-Managed Balanced Class A Shares | TA Multi-Managed Balanced Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 72170 | $19.71 | to | $18.76 | $1411472 | 1.52% | 1.25% | to | 1.90% | 11.26% | to | 10.54% |
| 12/31/2024 | 82688 | 17.71 | to | 16.97 | 1454063 | 1.59 | 1.25 | to | 1.90 | 13.07 | to | 12.34 |
| 12/31/2023 | 96409 | 15.66 | to | 15.11 | 1497664 | 1.55 | 1.25 | to | 1.90 | 16.96 | to | 16.20 |
| 12/31/2022 | 92381 | 13.39 | to | 13.00 | 1228872 | 1.00 | 1.25 | to | 1.90 | (17.58) | to | (18.01) |
| 12/31/2021 | 94670 | 16.24 | to | 15.86 | 1528612 | 0.59 | 1.25 | to | 1.75 | 15.12 | to | 14.55 |
| TA Small/Mid Cap Value Class A Shares | TA Small/Mid Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 558916 | 35.58 | to | 32.37 | 18928625 | 0.99 | 1.25 | to | 1.90 | 8.14 | to | 7.44 |
| 12/31/2024 | 665415 | 32.90 | to | 30.13 | 20923496 | 0.74 | 1.25 | to | 1.90 | 7.21 | to | 6.51 |
| 12/31/2023 | 783326 | 30.69 | to | 28.29 | 23067157 | 0.85 | 1.25 | to | 1.90 | 10.57 | to | 9.86 |
| 12/31/2022 | 871791 | 27.75 | to | 25.75 | 23312861 | 0.51 | 1.25 | to | 1.90 | (9.71) | to | (10.16) |
| 12/31/2021 | 1087248 | 30.71 | to | 28.66 | 32281834 | 0.05 | 1.25 | to | 1.75 | 25.61 | to | 24.98 |
| TA Sustainable Equity Income Class A Shares | TA Sustainable Equity Income Class A Shares | TA Sustainable Equity Income Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1865775 | 18.76 | to | 17.58 | 34056568 | 1.22 | 1.25 | to | 1.90 | 9.57 | to | 8.86 |
| 12/31/2024 | 2212261 | 17.12 | to | 16.15 | 36960876 | 1.30 | 1.25 | to | 1.90 | 14.80 | to | 14.05 |
| 12/31/2023 | 2806642 | 14.91 | to | 14.16 | 40961183 | 1.66 | 1.25 | to | 1.90 | 4.54 | to | 3.86 |
| 12/31/2022 | 2940434 | 14.26 | to | 13.63 | 41175403 | 1.78 | 1.25 | to | 1.90 | (12.79) | to | (13.24) |
| 12/31/2021 | 3512199 | 16.35 | to | 15.71 | 56508169 | 1.10 | 1.25 | to | 1.75 | 20.47 | to | 19.87 |
| TA T. Rowe Price Small Cap Service Class | TA T. Rowe Price Small Cap Service Class | TA T. Rowe Price Small Cap Service Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 168474 | 19.53 | to | 18.63 | 3211789 |  | 1.25 | to | 1.90 | 8.57 | to | 7.87 |
| 12/31/2024 | 187807 | 17.99 | to | 17.27 | 3308731 |  | 1.25 | to | 1.90 | 11.20 | to | 10.48 |
| 12/31/2023 | 245856 | 16.18 | to | 15.63 | 3909435 |  | 1.25 | to | 1.90 | 19.38 | to | 18.61 |
| 12/31/2022 | 275948 | 13.55 | to | 13.18 | 3688820 |  | 1.25 | to | 1.90 | (23.62) | to | (24.00) |
| 12/31/2021 | 304452 | 17.73 | to | 17.34 | 5339069 |  | 1.25 | to | 1.75 | 9.70 | to | 9.15 |
| TA TSW International Equity Service Class | TA TSW International Equity Service Class | TA TSW International Equity Service Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 152054 | 15.71 | to | 14.99 | 2319969 | 2.00 | 1.25 | to | 1.90 | 29.79 | to | 28.95 |
| 12/31/2024 | 197761 | 12.11 | to | 11.62 | 2334366 | 2.67 | 1.25 | to | 1.90 | 1.83 | to | 1.16 |
| 12/31/2023 | 225711 | 11.89 | to | 11.49 | 2629061 | 0.79 | 1.25 | to | 1.90 | 13.83 | to | 13.10 |
| 12/31/2022 | 281562 | 10.44 | to | 10.16 | 2896637 | 3.07 | 1.25 | to | 1.90 | (15.76) | to | (16.18) |
| 12/31/2021 | 325419 | 12.39 | to | 12.12 | 3985217 | 1.64 | 1.25 | to | 1.75 | 11.80 | to | 11.24 |
| TA TSW Mid Cap Value Opportunities Service Class | TA TSW Mid Cap Value Opportunities Service Class | TA TSW Mid Cap Value Opportunities Service Class | TA TSW Mid Cap Value Opportunities Service Class |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 89247 | 16.57 | to | 15.81 | 1472070 | 1.03 | 1.25 | to | 1.90 | 8.00 | to | 7.30 |
| 12/31/2024 | 112659 | 15.34 | to | 14.73 | 1721565 | 1.21 | 1.25 | to | 1.90 | 6.74 | to | 6.04 |
| 12/31/2023 | 120149 | 14.37 | to | 13.89 | 1720797 | 1.24 | 1.25 | to | 1.90 | 9.20 | to | 8.49 |
| 12/31/2022 | 134973 | 13.16 | to | 12.80 | 1771368 | 0.56 | 1.25 | to | 1.90 | (9.61) | to | (10.08) |
| 12/31/2021 | 140383 | 14.55 | to | 14.24 | 2037857 | 0.60 | 1.25 | to | 1.75 | 27.25 | to | 26.61 |
| TA US Growth Class A Shares | TA US Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 366197 | 57.70 | to | 53.55 | 20318204 |  | 1.25 | to | 1.90 | 15.74 | to | 14.99 |
| 12/31/2024 | 458554 | 49.85 | to | 46.57 | 22067574 |  | 1.25 | to | 1.90 | 26.98 | to | 26.15 |
| 12/31/2023 | 653778 | 39.26 | to | 36.91 | 24874322 |  | 1.25 | to | 1.90 | 39.64 | to | 38.74 |
| 12/31/2022 | 882404 | 28.11 | to | 26.60 | 24136995 |  | 1.25 | to | 1.90 | (32.55) | to | (32.88) |
| 12/31/2021 | 847968 | 41.65 | to | 39.64 | 34477085 |  | 1.25 | to | 1.75 | 18.71 | to | 18.12 |
| TA WMC US Growth Service Class | TA WMC US Growth Service Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9623 | 33.23 | to | 31.70 | 311884 |  | 1.25 | to | 1.90 | 16.01 | to | 15.26 |
| 12/31/2024 | 11073 | 28.65 | to | 27.51 | 309287 |  | 1.25 | to | 1.90 | 27.09 | to | 26.26 |
| 12/31/2023 | 14719 | 22.54 | to | 21.79 | 325216 |  | 1.25 | to | 1.90 | 39.97 | to | 39.06 |
| 12/31/2022 | 300 | 16.10 | to | 15.67 | 4771 |  | 1.25 | to | 1.90 | (32.42) | to | (32.76) |
| 12/31/2021 | 625 | 23.81 | to | 23.30 | 14660 |  | 1.25 | to | 1.75 | 18.88 | to | 18.28 |
| Victory Pioneer Class A Shares | Victory Pioneer Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14045 | 67.35 | to | 60.26 | 895600 | 0.23 | 1.25 | to | 1.90 | 21.67 | to | 20.88 |
| 12/31/2024 | 19822 | 55.36 | to | 49.85 | 1039740 | 0.52 | 1.25 | to | 1.90 | 21.05 | to | 20.27 |
| 12/31/2023 | 27227 | 45.73 | to | 41.45 | 1174534 | 0.87 | 1.25 | to | 1.90 | 27.12 | to | 26.30 |
| 12/31/2022 | 29740 | 35.97 | to | 32.82 | 1022519 | 0.54 | 1.25 | to | 1.90 | (20.53) | to | (20.93) |
| 12/31/2021 | 24046 | 45.24 | to | 41.50 | 1040778 | 0.11 | 1.25 | to | 1.75 | 26.22 | to | 25.59 |

---

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Victory Pioneer High Yield Class A Shares | Victory Pioneer High Yield Class A Shares | Victory Pioneer High Yield Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 83218 | $23.58 | to | $21.10 | $1842405 | 5.73% | 1.25% | to | 1.90% | 6.23% | to | 5.54% |
| 12/31/2024 | 93273 | 22.20 | to | 19.99 | 1950060 | 5.83 | 1.25 | to | 1.90 | 6.99 | to | 6.30 |
| 12/31/2023 | 97155 | 20.75 | to | 18.80 | 1906733 | 5.40 | 1.25 | to | 1.90 | 9.07 | to | 8.37 |
| 12/31/2022 | 95275 | 19.02 | to | 17.35 | 1725211 | 5.07 | 1.25 | to | 1.90 | (12.04) | to | (12.47) |
| 12/31/2021 | 110682 | 21.61 | to | 19.83 | 2286681 | 4.25 | 1.25 | to | 1.75 | 4.44 | to | 3.92 |
| Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3785 | 56.13 | to | 51.44 | 204515 |  | 1.25 | to | 1.90 | 18.92 | to | 18.15 |
| 12/31/2024 | 4643 | 47.20 | to | 43.54 | 211183 |  | 1.25 | to | 1.90 | 22.29 | to | 21.50 |
| 12/31/2023 | 5691 | 38.59 | to | 35.83 | 212458 |  | 1.25 | to | 1.90 | 17.19 | to | 16.43 |
| 12/31/2022 | 6639 | 32.93 | to | 30.78 | 211789 |  | 1.25 | to | 1.90 | (32.18) | to | (32.52) |
| 12/31/2021 | 8630 | 48.52 | to | 45.61 | 406330 |  | 1.25 | to | 1.75 | 6.62 | to | 6.09 |
| Virtus AllianzGI Dividend Value Class A Shares | Virtus AllianzGI Dividend Value Class A Shares | Virtus AllianzGI Dividend Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 103964 | 22.23 | to | 20.13 | 2183444 | 2.12 | 1.25 | to | 1.90 | 6.87 | to | 6.18 |
| 12/31/2024 | 125780 | 20.80 | to | 18.96 | 2479518 | 1.33 | 1.25 | to | 1.90 | 3.63 | to | 2.95 |
| 12/31/2023 | 141020 | 20.07 | to | 18.41 | 2694623 | 3.57 | 1.25 | to | 1.90 | 17.67 | to | 16.91 |
| 12/31/2022 | 159900 | 17.06 | to | 15.75 | 2606367 | 1.59 | 1.25 | to | 1.90 | (14.84) | to | (15.26) |
| 12/31/2021 | 193849 | 20.02 | to | 18.59 | 3721834 | 1.35 | 1.25 | to | 1.75 | 26.94 | to | 26.30 |
| Virtus AllianzGI Small-Cap Value Class A Shares | Virtus AllianzGI Small-Cap Value Class A Shares | Virtus AllianzGI Small-Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 56612 | 33.06 | to | 29.57 | 2403324 | 0.78 | 1.25 | to | 1.90 | (0.19) | to | (0.83) |
| 12/31/2024 | 65506 | 33.12 | to | 29.82 | 2789044 | 1.19 | 1.25 | to | 1.90 | 4.33 | to | 3.65 |
| 12/31/2023 | 75835 | 31.75 | to | 28.77 | 3120429 | 2.13 | 1.25 | to | 1.90 | 21.47 | to | 20.69 |
| 12/31/2022 | 100965 | 26.13 | to | 23.84 | 3305168 | 0.98 | 1.25 | to | 1.90 | (17.30) | to | (17.74) |
| 12/31/2021 | 106952 | 31.59 | to | 28.98 | 4234708 | 0.99 | 1.25 | to | 1.75 | 22.69 | to | 22.08 |

---

*(1) See Footnote 1* 

\* These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the 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 are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.

\*\* These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the Mutual Fund have been excluded.

\*\*\* These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights** 

The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner's account balance. These charges are discussed in more detail in the individual's policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
| | |  | |  | | | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
| | |  | |  | | | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
| | |  | |  | | | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| <br>**Subaccount** | <br>**Units** | | **Unit Fair Value**<br>**Corresponding to**<br>**Lowest to Highest**<br>**Expense Ratio** | | <br>**Net**<br>**Assets** | <br>**Investment**<br>**Income**<br>**Ratio\*** | **Highest** | **Highest** | **Highest** | | **Expense Ratio** | |
| AB Discovery Value Class A Shares | AB Discovery Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 42327 | $41.66 | to | $37.27 | $1665009 | 0.59% | 1.25% | to | 1.90% | 1.27% | to | 0.61% |
| 12/31/2024 | 47781 | 41.14 | to | 37.04 | 1861463 | 0.49 | 1.25 | to | 1.90 | 8.24 | to | 7.53 |
| 12/31/2023 | 56372 | 38.01 | to | 34.45 | 2032511 | 0.48 | 1.25 | to | 1.90 | 15.25 | to | 14.50 |
| 12/31/2022 | 58853 | 32.98 | to | 30.08 | 1851502 | 0.76 | 1.25 | to | 1.90 | (17.45) | to | (17.86) |
| 12/31/2021 | 75469 | 39.92 | to | 36.62 | 2871461 | 0.75 | 1.25 | to | 1.75 | 33.76 | to | 33.09 |
| AB International Value Class A Shares | AB International Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 115618 | 10.91 | to | 9.87 | 1194854 | 2.78 | 1.25 | to | 1.90 | 40.21 | to | 39.31 |
| 12/31/2024 | 152806 | 7.78 | to | 7.09 | 1130376 | 8.51 | 1.25 | to | 1.90 | 3.49 | to | 2.82 |
| 12/31/2023 | 168102 | 7.52 | to | 6.89 | 1206081 | 1.11 | 1.25 | to | 1.90 | 13.46 | to | 12.73 |
| 12/31/2022 | 204086 | 6.62 | to | 6.12 | 1297199 | 1.16 | 1.25 | to | 1.90 | (11.98) | to | (12.42) |
| 12/31/2021 | 237594 | 7.52 | to | 6.98 | 1720918 | 2.51 | 1.25 | to | 1.75 | 9.39 | to | 8.84 |
| AB Large Cap Growth Class A Shares | AB Large Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 18837 | 115.13 | to | 115.13 | 2168655 |  | 1.30 | to | 1.30 | 11.52 | to | 11.52 |
| 12/31/2024 | 21792 | 103.24 | to | 103.24 | 2249692 |  | 1.30 | to | 1.30 | 23.52 | to | 23.52 |
| 12/31/2023 | 24995 | 83.58 | to | 83.58 | 2089113 |  | 1.30 | to | 1.30 | 32.93 | to | 32.93 |
| 12/31/2022 | 30680 | 62.88 | to | 62.88 | 1929080 |  | 1.30 | to | 1.30 | (29.87) | to | (29.87) |
| 12/31/2021 | 32293 | 89.66 | to | 89.66 | 2895325 |  | 1.30 | to | 1.30 | 26.92 | to | 26.92 |
| AB Large Cap Value Class A Shares | AB Large Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17901 | 29.64 | to | 26.51 | 496182 | 1.19 | 1.25 | to | 1.90 | 15.28 | to | 14.53 |
| 12/31/2024 | 14626 | 25.71 | to | 23.15 | 353880 | 0.76 | 1.25 | to | 1.90 | 14.13 | to | 13.39 |
| 12/31/2023 | 23456 | 22.53 | to | 20.42 | 495763 | 1.18 | 1.25 | to | 1.90 | 17.03 | to | 16.28 |
| 12/31/2022 | 25310 | 19.25 | to | 17.56 | 459310 | 1.65 | 1.25 | to | 1.90 | (8.23) | to | (8.69) |
| 12/31/2021 | 19779 | 20.96 | to | 19.23 | 395022 | 0.90 | 1.25 | to | 1.75 | 25.44 | to | 24.82 |
| AB Relative Value Class A Shares | AB Relative Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 59371 | 59.67 | to | 59.67 | 3542890 | 0.82 | 1.30 | to | 1.30 | 8.85 | to | 8.85 |
| 12/31/2024 | 68845 | 54.82 | to | 54.82 | 3774052 | 0.91 | 1.30 | to | 1.30 | 11.22 | to | 11.22 |
| 12/31/2023 | 81090 | 49.29 | to | 49.29 | 3996811 | 1.31 | 1.30 | to | 1.30 | 9.79 | to | 9.79 |
| 12/31/2022 | 86814 | 44.89 | to | 44.89 | 3897442 | 1.12 | 1.30 | to | 1.30 | (5.42) | to | (5.42) |
| 12/31/2021 | 101781 | 47.47 | to | 47.47 | 4831075 | 0.62 | 1.30 | to | 1.30 | 25.74 | to | 25.74 |
| American Funds - EUPAC Class F -1 Shares | American Funds - EUPAC Class F -1 Shares | American Funds - EUPAC Class F -1 Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 57206 | 35.78 | to | 32.01 | 1948958 | 2.85 | 1.25 | to | 1.90 | 27.07 | to | 26.24 |
| 12/31/2024 | 70575 | 28.16 | to | 25.36 | 1894898 | 1.02 | 1.25 | to | 1.90 | 3.35 | to | 2.67 |
| 12/31/2023 | 87539 | 27.25 | to | 24.70 | 2276818 | 1.55 | 1.25 | to | 1.90 | 14.15 | to | 13.41 |
| 12/31/2022 | 110649 | 23.87 | to | 21.78 | 2537626 | 1.07 | 1.25 | to | 1.90 | (24.04) | to | (24.42) |
| 12/31/2021 | 116376 | 31.40 | to | 28.81 | 3514077 | 1.17 | 1.25 | to | 1.75 | 1.19 | to | 0.68 |
| American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares | American Funds - Growth Fund of America® Class F -1 Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 145688 | 78.34 | to | 70.08 | 10847255 | 0.21 | 1.25 | to | 1.90 | 18.38 | to | 17.61 |
| 12/31/2024 | 190931 | 66.18 | to | 59.59 | 12055840 | 0.33 | 1.25 | to | 1.90 | 26.76 | to | 25.94 |
| 12/31/2023 | 230900 | 52.21 | to | 47.32 | 11529239 | 0.56 | 1.25 | to | 1.90 | 35.44 | to | 34.56 |
| 12/31/2022 | 263846 | 38.55 | to | 35.16 | 9766315 | 0.22 | 1.25 | to | 1.90 | (31.67) | to | (32.01) |
| 12/31/2021 | 293858 | 56.36 | to | 51.71 | 15935427 |  | 1.25 | to | 1.75 | 17.78 | to | 17.20 |
| American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares | American Funds - Income Fund of America® Class F -1 Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 72716 | 35.62 | to | 31.87 | 2476133 | 3.63 | 1.25 | to | 1.90 | 16.24 | to | 15.49 |
| 12/31/2024 | 90405 | 30.65 | to | 27.59 | 2659824 | 3.92 | 1.25 | to | 1.90 | 9.37 | to | 8.66 |
| 12/31/2023 | 101096 | 28.02 | to | 25.40 | 2729505 | 3.64 | 1.25 | to | 1.90 | 6.21 | to | 5.52 |
| 12/31/2022 | 121214 | 26.38 | to | 24.07 | 3092645 | 3.06 | 1.25 | to | 1.90 | (7.72) | to | (8.18) |
| 12/31/2021 | 135310 | 28.57 | to | 26.21 | 3743875 | 2.74 | 1.25 | to | 1.75 | 15.84 | to | 15.26 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares | American Funds - Investment Company of America® Class F -1 Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 89720 | $61.10 | to | $54.66 | $5245573 | 0.92% | 1.25% | to | 1.90% | 18.94% | to | 18.17% |
| 12/31/2024 | 106279 | 51.37 | to | 46.26 | 5236555 | 1.00 | 1.25 | to | 1.90 | 23.32 | to | 22.51 |
| 12/31/2023 | 129138 | 41.66 | to | 37.76 | 5167415 | 1.49 | 1.25 | to | 1.90 | 26.82 | to | 26.00 |
| 12/31/2022 | 148708 | 32.85 | to | 29.97 | 4700716 | 1.28 | 1.25 | to | 1.90 | (16.67) | to | (17.09) |
| 12/31/2021 | 170977 | 39.39 | to | 36.14 | 6485322 | 1.16 | 1.25 | to | 1.75 | 23.38 | to | 22.76 |
| American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares | American Funds - The Bond Fund of America® Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128430 | 16.44 | to | 16.44 | 2110820 | 4.18 | 1.30 | to | 1.30 | 5.76 | to | 5.76 |
| 12/31/2024 | 157786 | 15.54 | to | 15.54 | 2452128 | 4.23 | 1.30 | to | 1.30 | (0.17) | to | (0.17) |
| 12/31/2023 | 183839 | 15.57 | to | 15.57 | 2861968 | 3.62 | 1.30 | to | 1.30 | 3.35 | to | 3.35 |
| 12/31/2022 | 203554 | 15.06 | to | 15.06 | 3066208 | 2.55 | 1.30 | to | 1.30 | (13.81) | to | (13.81) |
| 12/31/2021 | 234415 | 17.48 | to | 17.48 | 4096621 | 1.42 | 1.30 | to | 1.30 | (2.23) | to | (2.23) |
| American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares | American Funds - The Bond Fund of America® Class F -1 Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 97319 | 13.70 | to | 12.25 | 1256493 | 4.13 | 1.25 | to | 1.90 | 5.76 | to | 5.08 |
| 12/31/2024 | 115085 | 12.95 | to | 11.66 | 1412460 | 4.19 | 1.25 | to | 1.90 | (0.17) | to | (0.82) |
| 12/31/2023 | 140457 | 12.97 | to | 11.76 | 1732492 | 3.59 | 1.25 | to | 1.90 | 3.37 | to | 2.70 |
| 12/31/2022 | 151431 | 12.55 | to | 11.45 | 1816632 | 2.49 | 1.25 | to | 1.90 | (13.86) | to | (14.29) |
| 12/31/2021 | 157041 | 14.56 | to | 13.35 | 2191573 | 1.38 | 1.25 | to | 1.75 | (2.22) | to | (2.71) |
| American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares | American Funds - The Growth Fund of America® Class A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 346459 | 109.30 | to | 109.30 | 37869518 | 0.27 | 1.30 | to | 1.30 | 18.39 | to | 18.39 |
| 12/31/2024 | 410138 | 92.33 | to | 92.33 | 37867539 | 0.39 | 1.30 | to | 1.30 | 26.76 | to | 26.76 |
| 12/31/2023 | 490160 | 72.84 | to | 72.84 | 35702454 | 0.59 | 1.30 | to | 1.30 | 35.44 | to | 35.44 |
| 12/31/2022 | 563340 | 53.78 | to | 53.78 | 30296769 | 0.27 | 1.30 | to | 1.30 | (31.61) | to | (31.61) |
| 12/31/2021 | 620931 | 78.64 | to | 78.64 | 48831813 | 0.08 | 1.30 | to | 1.30 | 17.80 | to | 17.80 |
| American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares | American Funds - The Income Fund of America® Class A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 150142 | 49.52 | to | 49.52 | 7435482 | 3.69 | 1.30 | to | 1.30 | 16.24 | to | 16.24 |
| 12/31/2024 | 179844 | 42.60 | to | 42.60 | 7662015 | 3.91 | 1.30 | to | 1.30 | 9.40 | to | 9.40 |
| 12/31/2023 | 216435 | 38.94 | to | 38.94 | 8428765 | 3.72 | 1.30 | to | 1.30 | 6.20 | to | 6.20 |
| 12/31/2022 | 242098 | 36.67 | to | 36.67 | 8877720 | 3.13 | 1.30 | to | 1.30 | (7.62) | to | (7.62) |
| 12/31/2021 | 272024 | 39.69 | to | 39.69 | 10797409 | 2.86 | 1.30 | to | 1.30 | 15.86 | to | 15.86 |
| American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares | American Funds - The Investment Company of America® Class A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 245886 | 82.58 | to | 82.58 | 20306171 | 0.98 | 1.30 | to | 1.30 | 18.95 | to | 18.95 |
| 12/31/2024 | 285545 | 69.43 | to | 69.43 | 19824688 | 1.07 | 1.30 | to | 1.30 | 23.33 | to | 23.33 |
| 12/31/2023 | 353540 | 56.29 | to | 56.29 | 19901852 | 1.56 | 1.30 | to | 1.30 | 26.85 | to | 26.85 |
| 12/31/2022 | 396820 | 44.38 | to | 44.38 | 17610195 | 1.38 | 1.30 | to | 1.30 | (16.60) | to | (16.60) |
| 12/31/2021 | 444617 | 53.21 | to | 53.21 | 23660007 | 1.23 | 1.30 | to | 1.30 | 23.41 | to | 23.41 |
| AMG Renaissance Large Cap Growth Class N Shares | AMG Renaissance Large Cap Growth Class N Shares | AMG Renaissance Large Cap Growth Class N Shares | AMG Renaissance Large Cap Growth Class N Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1029 | 27.15 | to | 25.90 | 27104 |  | 1.25 | to | 1.90 | 8.74 | to | 8.03 |
| 12/31/2024 | 1592 | 24.97 | to | 23.97 | 38656 |  | 1.25 | to | 1.90 | 19.30 | to | 18.52 |
| 12/31/2023 | 3030 | 20.93 | to | 20.22 | 61857 | 0.06 | 1.25 | to | 1.90 | 23.49 | to | 22.70 |
| 12/31/2022 | 3447 | 16.95 | to | 16.48 | 57276 | 0.14 | 1.25 | to | 1.90 | (18.14) | to | (18.55) |
| 12/31/2021 | 4273 | 20.69 | to | 20.24 | 87030 |  | 1.25 | to | 1.75 | 28.40 | to | 27.76 |
| BlackRock Advantage Global Investor A Shares | BlackRock Advantage Global Investor A Shares | BlackRock Advantage Global Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 5677 | 52.80 | to | 47.23 | 282833 | 1.27 | 1.25 | to | 1.90 | 22.09 | to | 21.30 |
| 12/31/2024 | 6869 | 43.24 | to | 38.94 | 282800 | 1.09 | 1.25 | to | 1.90 | 17.13 | to | 16.37 |
| 12/31/2023 | 7632 | 36.92 | to | 33.46 | 269573 | 1.49 | 1.25 | to | 1.90 | 20.91 | to | 20.13 |
| 12/31/2022 | 9185 | 30.53 | to | 27.85 | 269227 | 1.59 | 1.25 | to | 1.90 | (19.01) | to | (19.42) |
| 12/31/2021 | 9735 | 37.67 | to | 34.57 | 352963 | 1.09 | 1.25 | to | 1.75 | 16.16 | to | 15.58 |
| BlackRock Advantage International Investor A Shares | BlackRock Advantage International Investor A Shares | BlackRock Advantage International Investor A Shares | BlackRock Advantage International Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 53624 | 27.88 | to | 25.82 | 1428805 | 2.64 | 1.25 | to | 1.90 | 30.44 | to | 29.60 |
| 12/31/2024 | 64589 | 21.38 | to | 19.93 | 1320305 | 2.48 | 1.25 | to | 1.90 | 5.20 | to | 4.51 |
| 12/31/2023 | 75341 | 20.32 | to | 19.07 | 1472903 | 2.63 | 1.25 | to | 1.90 | 17.63 | to | 16.87 |
| 12/31/2022 | 81044 | 17.27 | to | 16.31 | 1352356 | 2.89 | 1.25 | to | 1.90 | (14.82) | to | (15.25) |
| 12/31/2021 | 98008 | 20.27 | to | 19.25 | 1926866 | 2.97 | 1.25 | to | 1.75 | 11.37 | to | 10.82 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares | BlackRock Advantage Large Cap Core Investor A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 82684 | $61.42 | to | $54.95 | $4812098 | 0.45% | 1.25% | to | 1.90% | 18.56% | to | 17.79% |
| 12/31/2024 | 95341 | 51.80 | to | 46.65 | 4698284 | 0.61 | 1.25 | to | 1.90 | 23.76 | to | 22.96 |
| 12/31/2023 | 115706 | 41.86 | to | 37.94 | 4624401 | 0.85 | 1.25 | to | 1.90 | 23.73 | to | 22.93 |
| 12/31/2022 | 138155 | 33.83 | to | 30.86 | 4469776 | 0.89 | 1.25 | to | 1.90 | (21.35) | to | (21.74) |
| 12/31/2021 | 150330 | 42.98 | to | 39.44 | 6202571 | 0.55 | 1.25 | to | 1.75 | 26.70 | to | 26.07 |
| BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares | BlackRock Advantage Large Cap Value Investor A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 68462 | 42.66 | to | 38.16 | 2759579 | 1.12 | 1.25 | to | 1.90 | 16.62 | to | 15.86 |
| 12/31/2024 | 80636 | 36.58 | to | 32.94 | 2793306 | 1.28 | 1.25 | to | 1.90 | 13.72 | to | 12.98 |
| 12/31/2023 | 94536 | 32.17 | to | 29.16 | 2885957 | 1.51 | 1.25 | to | 1.90 | 12.01 | to | 11.29 |
| 12/31/2022 | 106203 | 28.72 | to | 26.20 | 2903078 | 1.43 | 1.25 | to | 1.90 | (10.06) | to | (10.50) |
| 12/31/2021 | 114334 | 31.90 | to | 29.27 | 3481864 | 1.15 | 1.25 | to | 1.75 | 24.90 | to | 24.28 |
| BlackRock Advantage SMID Investor A Shares | BlackRock Advantage SMID Investor A Shares | BlackRock Advantage SMID Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 69412 | 40.49 | to | 36.22 | 3863109 | 0.42 | 1.25 | to | 1.90 | 9.62 | to | 8.91 |
| 12/31/2024 | 79141 | 36.94 | to | 33.26 | 4005848 | 0.63 | 1.25 | to | 1.90 | 10.49 | to | 9.77 |
| 12/31/2023 | 90915 | 33.43 | to | 30.30 | 4161504 | 0.85 | 1.25 | to | 1.90 | 17.12 | to | 16.37 |
| 12/31/2022 | 107072 | 28.54 | to | 26.04 | 4156263 | 0.81 | 1.25 | to | 1.90 | (17.87) | to | (18.30) |
| 12/31/2021 | 115972 | 34.74 | to | 31.87 | 5461476 | 1.19 | 1.25 | to | 1.75 | 12.05 | to | 11.49 |
| BlackRock Capital Appreciation Investor A Shares | BlackRock Capital Appreciation Investor A Shares | BlackRock Capital Appreciation Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 369843 | 73.53 | to | 65.78 | 27738800 |  | 1.25 | to | 1.90 | 11.15 | to | 10.43 |
| 12/31/2024 | 440938 | 66.16 | to | 59.57 | 29739308 |  | 1.25 | to | 1.90 | 29.89 | to | 29.05 |
| 12/31/2023 | 612088 | 50.93 | to | 46.16 | 31719431 |  | 1.25 | to | 1.90 | 47.01 | to | 46.06 |
| 12/31/2022 | 840987 | 34.64 | to | 31.60 | 29658675 |  | 1.25 | to | 1.90 | (38.64) | to | (38.97) |
| 12/31/2021 | 750805 | 56.44 | to | 51.78 | 43342704 |  | 1.25 | to | 1.75 | 19.20 | to | 18.60 |
| BlackRock Global Allocation Investor A Shares | BlackRock Global Allocation Investor A Shares | BlackRock Global Allocation Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1637857 | 32.66 | to | 29.22 | 57251336 | 2.46 | 1.25 | to | 1.90 | 17.89 | to | 17.13 |
| 12/31/2024 | 1970092 | 27.70 | to | 24.95 | 58456215 | 1.05 | 1.25 | to | 1.90 | 7.64 | to | 6.94 |
| 12/31/2023 | 2300059 | 25.74 | to | 23.33 | 63554778 | 1.14 | 1.25 | to | 1.90 | 10.95 | to | 10.24 |
| 12/31/2022 | 2646832 | 23.20 | to | 21.16 | 66245918 |  | 1.25 | to | 1.90 | (17.13) | to | (17.56) |
| 12/31/2021 | 3104226 | 27.98 | to | 25.67 | 93766818 | 0.92 | 1.25 | to | 1.75 | 5.13 | to | 4.60 |
| BlackRock High Yield Investor A Shares | BlackRock High Yield Investor A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 583379 | 19.36 | to | 17.93 | 10840744 | 6.43 | 1.25 | to | 1.90 | 7.61 | to | 6.92 |
| 12/31/2024 | 679646 | 17.99 | to | 16.77 | 11781346 | 6.71 | 1.25 | to | 1.90 | 6.74 | to | 6.05 |
| 12/31/2023 | 778870 | 16.86 | to | 15.82 | 12700319 | 6.56 | 1.25 | to | 1.90 | 11.94 | to | 11.22 |
| 12/31/2022 | 894900 | 15.06 | to | 14.22 | 13091390 | 5.14 | 1.25 | to | 1.90 | (12.04) | to | (12.48) |
| 12/31/2021 | 1097933 | 17.11 | to | 16.25 | 18309702 | 4.39 | 1.25 | to | 1.75 | 4.22 | to | 3.70 |
| BlackRock International Investor A Shares | BlackRock International Investor A Shares | BlackRock International Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 81599 | 18.41 | to | 17.04 | 1435540 | 1.65 | 1.25 | to | 1.90 | 13.85 | to | 13.12 |
| 12/31/2024 | 94281 | 16.17 | to | 15.07 | 1463871 | 0.65 | 1.25 | to | 1.90 | (1.03) | to | (1.68) |
| 12/31/2023 | 102116 | 16.34 | to | 15.32 | 1610288 | 0.88 | 1.25 | to | 1.90 | 17.90 | to | 17.13 |
| 12/31/2022 | 122032 | 13.86 | to | 13.08 | 1642196 | 0.87 | 1.25 | to | 1.90 | (25.43) | to | (25.80) |
| 12/31/2021 | 119643 | 18.57 | to | 17.63 | 2164783 | 0.46 | 1.25 | to | 1.75 | 7.76 | to | 7.22 |
| BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares | BlackRock iShares MSCI EAFE International Index Investor A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 4399 | 27.25 | to | 24.38 | 112553 | 3.48 | 1.25 | to | 1.90 | 29.76 | to | 28.92 |
| 12/31/2024 | 5088 | 21.00 | to | 18.91 | 100673 | 2.87 | 1.25 | to | 1.90 | 2.10 | to | 1.43 |
| 12/31/2023 | 5369 | 20.57 | to | 18.64 | 104465 | 2.94 | 1.25 | to | 1.90 | 16.56 | to | 15.80 |
| 12/31/2022 | 6266 | 17.65 | to | 16.10 | 104818 | 2.22 | 1.25 | to | 1.90 | (15.49) | to | (15.91) |
| 12/31/2021 | 6815 | 20.87 | to | 19.15 | 135222 | 2.63 | 1.25 | to | 1.75 | 9.63 | to | 9.08 |
| BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares | BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares |  |  |  |  |  |  |  |
| 12/31/2025 | 973 | 40.67 | to | 36.39 | 37194 | 1.05 | 1.25 | to | 1.90 | 11.10 | to | 10.39 |
| 12/31/2024 | 1061 | 36.61 | to | 32.96 | 36611 | 1.63 | 1.25 | to | 1.90 | 9.76 | to | 9.05 |
| 12/31/2023 | 1115 | 33.35 | to | 30.23 | 35200 | 1.34 | 1.25 | to | 1.90 | 15.16 | to | 14.41 |
| 12/31/2022 | 1189 | 28.96 | to | 26.42 | 32699 | 0.86 | 1.25 | to | 1.90 | (21.62) | to | (22.01) |
| 12/31/2021 | 1306 | 36.92 | to | 33.88 | 45932 | 0.77 | 1.25 | to | 1.75 | 12.96 | to | 12.40 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| BlackRock iShares S&P 500 Index Investor A Shares | BlackRock iShares S&P 500 Index Investor A Shares | BlackRock iShares S&P 500 Index Investor A Shares | BlackRock iShares S&P 500 Index Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 456569 | $45.15 | to | $42.15 | $20099923 | 0.89% | 1.25% | to | 1.90% | 16.00% | to | 15.24% |
| 12/31/2024 | 565340 | 38.92 | to | 36.57 | 21492100 | 1.01 | 1.25 | to | 1.90 | 22.99 | to | 22.19 |
| 12/31/2023 | 725529 | 31.65 | to | 29.93 | 22484689 | 1.27 | 1.25 | to | 1.90 | 24.28 | to | 23.48 |
| 12/31/2022 | 815908 | 25.47 | to | 24.24 | 20403041 | 1.24 | 1.25 | to | 1.90 | (19.44) | to | (19.87) |
| 12/31/2021 | 857110 | 31.60 | to | 30.25 | 26644665 | 1.04 | 1.25 | to | 1.75 | 26.64 | to | 26.01 |
| BlackRock Large Cap Focus Growth Investor A Shares | BlackRock Large Cap Focus Growth Investor A Shares | BlackRock Large Cap Focus Growth Investor A Shares | BlackRock Large Cap Focus Growth Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128960 | 22.79 | to | 21.99 | 2881913 |  | 1.25 | to | 1.90 | 11.12 | to | 10.40 |
| 12/31/2024 | 163501 | 20.51 | to | 19.92 | 3300887 |  | 1.25 | to | 1.90 | 28.90 | to | 28.06 |
| 12/31/2023 | 197165 | 15.91 | to | 15.55 | 3098794 |  | 1.25 | to | 1.90 | 50.77 | to | 49.79 |
| 12/31/2022 | 249101 | 10.55 | to | 10.38 | 2606897 |  | 1.25 | to | 1.90 | (39.06) | to | (39.37) |
| 12/31/2021 | 250534 | 17.30 | to | 17.12 | 4312711 |  | 1.25 | to | 1.75 | 15.23 | to | 14.65 |
| BlackRock Large Cap Focus Value Investor A Shares | BlackRock Large Cap Focus Value Investor A Shares | BlackRock Large Cap Focus Value Investor A Shares | BlackRock Large Cap Focus Value Investor A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 403743 | 43.36 | to | 38.79 | 18734559 | 1.86 | 1.25 | to | 1.90 | 23.46 | to | 22.66 |
| 12/31/2024 | 514185 | 35.12 | to | 31.62 | 19223194 | 1.99 | 1.25 | to | 1.90 | 8.70 | to | 8.00 |
| 12/31/2023 | 618055 | 32.31 | to | 29.28 | 21225364 | 2.08 | 1.25 | to | 1.90 | 14.49 | to | 13.75 |
| 12/31/2022 | 726717 | 28.22 | to | 25.74 | 21808215 | 1.27 | 1.25 | to | 1.90 | (6.09) | to | (6.58) |
| 12/31/2021 | 885788 | 30.03 | to | 27.55 | 28096823 | 1.13 | 1.25 | to | 1.75 | 20.72 | to | 20.12 |
| BlackRock Low Duration Bond Investor A Shares | BlackRock Low Duration Bond Investor A Shares | BlackRock Low Duration Bond Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3732 | 11.19 | to | 10.35 | 39985 | 4.36 | 1.25 | to | 1.90 | 4.63 | to | 3.95 |
| 12/31/2024 | 4438 | 10.69 | to | 9.96 | 45755 | 4.27 | 1.25 | to | 1.90 | 3.73 | to | 3.05 |
| 12/31/2023 | 5764 | 10.31 | to | 9.67 | 57567 | 3.80 | 1.25 | to | 1.90 | 4.08 | to | 3.41 |
| 12/31/2022 | 6118 | 9.91 | to | 9.35 | 58915 | 2.01 | 1.25 | to | 1.90 | (6.21) | to | (6.68) |
| 12/31/2021 | 6485 | 10.55 | to | 10.02 | 66735 | 0.98 | 1.25 | to | 1.75 | (1.74) | to | (2.23) |
| BlackRock Total Return Investor A Shares | BlackRock Total Return Investor A Shares | BlackRock Total Return Investor A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2643950 | 14.54 | to | 13.01 | 37724857 | 4.46 | 1.25 | to | 1.90 | 6.53 | to | 5.84 |
| 12/31/2024 | 3033999 | 13.65 | to | 12.29 | 40737879 | 4.41 | 1.25 | to | 1.90 | 0.09 | to | (0.57) |
| 12/31/2023 | 3290200 | 13.64 | to | 12.36 | 44275620 | 3.89 | 1.25 | to | 1.90 | 4.33 | to | 3.66 |
| 12/31/2022 | 3575452 | 13.07 | to | 11.92 | 46187301 | 2.47 | 1.25 | to | 1.90 | (15.56) | to | (16.01) |
| 12/31/2021 | 4111709 | 15.47 | to | 14.20 | 62986969 | 1.68 | 1.25 | to | 1.75 | (2.19) | to | (2.68) |
| BNY Mellon Appreciation Investor Shares | BNY Mellon Appreciation Investor Shares | BNY Mellon Appreciation Investor Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 122240 | 50.80 | to | 45.44 | 5868144 | 0.27 | 1.25 | to | 1.90 | 8.80 | to | 8.09 |
| 12/31/2024 | 143918 | 46.69 | to | 42.04 | 6374185 | 0.33 | 1.25 | to | 1.90 | 11.01 | to | 10.29 |
| 12/31/2023 | 176590 | 42.06 | to | 38.12 | 7062923 | 0.65 | 1.25 | to | 1.90 | 19.90 | to | 19.13 |
| 12/31/2022 | 211913 | 35.08 | to | 32.00 | 7104483 | 0.54 | 1.25 | to | 1.90 | (19.02) | to | (19.42) |
| 12/31/2021 | 239998 | 43.28 | to | 39.71 | 9945695 | 0.35 | 1.25 | to | 1.75 | 25.45 | to | 24.82 |
| Cohen & Steers Real Estate Securities Class A Shares | Cohen & Steers Real Estate Securities Class A Shares | Cohen & Steers Real Estate Securities Class A Shares | Cohen & Steers Real Estate Securities Class A Shares |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9315 | 36.12 | to | 32.31 | 316088 | 2.95 | 1.25 | to | 1.90 | 2.71 | to | 2.04 |
| 12/31/2024 | 10816 | 35.17 | to | 31.67 | 359436 | 2.74 | 1.25 | to | 1.90 | 5.15 | to | 4.47 |
| 12/31/2023 | 12120 | 33.44 | to | 30.31 | 383868 | 3.05 | 1.25 | to | 1.90 | 11.39 | to | 10.67 |
| 12/31/2022 | 14809 | 30.03 | to | 27.39 | 424654 | 2.61 | 1.25 | to | 1.90 | (27.46) | to | (27.82) |
| 12/31/2021 | 14813 | 41.36 | to | 37.95 | 586282 | 1.70 | 1.25 | to | 1.75 | 39.92 | to | 39.23 |
| Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares | Columbia Large Cap Growth Opportunity Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 144957 | 33.07 | to | 31.42 | 4654645 |  | 1.25 | to | 1.90 | 13.87 | to | 13.13 |
| 12/31/2024 | 170722 | 29.04 | to | 27.77 | 4834017 |  | 1.25 | to | 1.90 | 22.90 | to | 22.10 |
| 12/31/2023 | 204811 | 23.63 | to | 22.74 | 4737463 |  | 1.25 | to | 1.90 | 29.64 | to | 28.80 |
| 12/31/2022 | 236550 | 18.23 | to | 17.66 | 4237719 |  | 1.25 | to | 1.90 | (30.61) | to | (30.96) |
| 12/31/2021 | 236188 | 26.25 | to | 25.58 | 6114990 |  | 1.25 | to | 1.75 | 17.59 | to | 17.01 |
| Columbia Select Mid Cap Growth Class A Shares | Columbia Select Mid Cap Growth Class A Shares | Columbia Select Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11781 | 35.89 | to | 33.17 | 407597 |  | 1.25 | to | 1.90 | 13.38 | to | 12.65 |
| 12/31/2024 | 14015 | 31.66 | to | 29.45 | 428433 |  | 1.25 | to | 1.90 | 21.87 | to | 21.08 |
| 12/31/2023 | 18574 | 25.98 | to | 24.32 | 466349 |  | 1.25 | to | 1.90 | 23.40 | to | 22.60 |
| 12/31/2022 | 17905 | 21.05 | to | 19.84 | 365439 |  | 1.25 | to | 1.90 | (32.34) | to | (32.68) |
| 12/31/2021 | 16577 | 31.09 | to | 29.46 | 501343 |  | 1.25 | to | 1.75 | 14.77 | to | 14.20 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Columbia Select Small Cap Value Class A Shares | Columbia Select Small Cap Value Class A Shares | Columbia Select Small Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 121796 | $61.08 | to | $61.08 | $7439659 | 0.81% | 1.30% | to | 1.30% | 4.15% | to | 4.15% |
| 12/31/2024 | 134153 | 58.65 | to | 58.65 | 7867920 | 0.53 | 1.30 | to | 1.30 | 10.98 | to | 10.98 |
| 12/31/2023 | 154668 | 52.85 | to | 52.85 | 8173585 | 0.72 | 1.30 | to | 1.30 | 10.95 | to | 10.95 |
| 12/31/2022 | 169654 | 47.63 | to | 47.63 | 8080415 | 0.73 | 1.30 | to | 1.30 | (16.46) | to | (16.46) |
| 12/31/2021 | 190559 | 57.01 | to | 57.01 | 10864550 | 0.04 | 1.30 | to | 1.30 | 29.48 | to | 29.48 |
| Davis New York Venture Class A Shares | Davis New York Venture Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 293196 | 49.18 | to | 44.00 | 16574722 | 1.12 | 1.25 | to | 1.90 | 25.30 | to | 24.49 |
| 12/31/2024 | 379490 | 39.25 | to | 35.34 | 17084434 | 1.59 | 1.25 | to | 1.90 | 16.04 | to | 15.29 |
| 12/31/2023 | 454853 | 33.83 | to | 30.66 | 17553289 | 0.91 | 1.25 | to | 1.90 | 28.39 | to | 27.56 |
| 12/31/2022 | 533227 | 26.35 | to | 24.03 | 16000186 | 1.48 | 1.25 | to | 1.90 | (18.53) | to | (18.96) |
| 12/31/2021 | 580708 | 32.32 | to | 29.66 | 21474771 | 0.14 | 1.25 | to | 1.75 | 11.11 | to | 10.56 |
| Eaton Vance Floating-Rate Class A Shares | Eaton Vance Floating-Rate Class A Shares | Eaton Vance Floating-Rate Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 147052 | 17.73 | to | 15.87 | 2451522 | 7.19 | 1.25 | to | 1.90 | 2.31 | to | 1.65 |
| 12/31/2024 | 167034 | 17.33 | to | 15.61 | 2730811 | 8.03 | 1.25 | to | 1.90 | 6.61 | to | 5.91 |
| 12/31/2023 | 186021 | 16.26 | to | 14.74 | 2863813 | 8.39 | 1.25 | to | 1.90 | 10.44 | to | 9.73 |
| 12/31/2022 | 217282 | 14.72 | to | 13.43 | 3043980 | 4.54 | 1.25 | to | 1.90 | (3.87) | to | (4.35) |
| 12/31/2021 | 254168 | 15.30 | to | 14.04 | 3710404 | 3.05 | 1.25 | to | 1.75 | 2.72 | to | 2.21 |
| Eaton Vance Large-Cap Value Class A Shares | Eaton Vance Large-Cap Value Class A Shares | Eaton Vance Large-Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 98141 | 29.02 | to | 26.28 | 2682192 | 0.91 | 1.25 | to | 1.90 | 10.72 | to | 10.01 |
| 12/31/2024 | 115192 | 26.21 | to | 23.89 | 2857160 | 0.98 | 1.25 | to | 1.90 | 10.10 | to | 9.38 |
| 12/31/2023 | 135231 | 23.81 | to | 21.84 | 3068945 | 1.01 | 1.25 | to | 1.90 | 6.58 | to | 5.89 |
| 12/31/2022 | 143741 | 22.34 | to | 20.62 | 3074058 | 1.04 | 1.25 | to | 1.90 | (4.06) | to | (4.54) |
| 12/31/2021 | 169307 | 23.27 | to | 21.60 | 3788416 | 1.01 | 1.25 | to | 1.75 | 22.75 | to | 22.14 |
| Federated Hermes Kaufmann Class A Shares | Federated Hermes Kaufmann Class A Shares | Federated Hermes Kaufmann Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 55874 | 49.12 | to | 43.94 | 2611890 |  | 1.25 | to | 1.90 | 10.15 | to | 9.44 |
| 12/31/2024 | 68348 | 44.59 | to | 40.15 | 2909764 |  | 1.25 | to | 1.90 | 14.80 | to | 14.05 |
| 12/31/2023 | 88802 | 38.84 | to | 35.21 | 3303203 |  | 1.25 | to | 1.90 | 13.48 | to | 12.75 |
| 12/31/2022 | 98209 | 34.23 | to | 31.22 | 3229075 |  | 1.25 | to | 1.90 | (31.16) | to | (31.50) |
| 12/31/2021 | 99905 | 49.68 | to | 45.58 | 4780655 |  | 1.25 | to | 1.75 | 1.13 | to | 0.63 |
| Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares | Federated Hermes Strategic Dividend Growth Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 47401 | 23.81 | to | 22.23 | 1086667 | 1.06 | 1.25 | to | 1.90 | 13.05 | to | 12.32 |
| 12/31/2024 | 46406 | 21.06 | to | 19.79 | 945741 | 0.87 | 1.25 | to | 1.90 | 11.45 | to | 10.72 |
| 12/31/2023 | 55105 | 18.90 | to | 17.87 | 1010627 | 1.14 | 1.25 | to | 1.90 | 7.70 | to | 7.00 |
| 12/31/2022 | 58673 | 17.55 | to | 16.71 | 1003439 | 1.18 | 1.25 | to | 1.90 | (9.19) | to | (9.64) |
| 12/31/2021 | 73177 | 19.31 | to | 18.49 | 1380093 | 0.87 | 1.25 | to | 1.75 | 19.40 | to | 18.81 |
| Fidelity Advisor® Equity Growth Class A Shares | Fidelity Advisor® Equity Growth Class A Shares | Fidelity Advisor® Equity Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 24313 | 86.61 | to | 77.48 | 2623701 |  | 1.25 | to | 1.90 | 12.85 | to | 12.12 |
| 12/31/2024 | 25875 | 76.74 | to | 69.10 | 2475458 |  | 1.25 | to | 1.90 | 28.10 | to | 27.26 |
| 12/31/2023 | 29482 | 59.91 | to | 54.30 | 2204482 |  | 1.25 | to | 1.90 | 33.57 | to | 32.71 |
| 12/31/2022 | 35769 | 44.85 | to | 40.92 | 2004557 |  | 1.25 | to | 1.90 | (25.63) | to | (26.02) |
| 12/31/2021 | 39581 | 60.28 | to | 55.31 | 2980642 |  | 1.25 | to | 1.75 | 21.20 | to | 20.59 |
| Fidelity Advisor® Overseas Class A Shares | Fidelity Advisor® Overseas Class A Shares | Fidelity Advisor® Overseas Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>(1)</sup> | 46028 | 10.46 | to | 10.46 | 481403 | 0.09 | 1.30 | to | 1.30 |  | to |  |
| Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares | Fidelity Advisor® Stock Selector Mid Cap Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10169 | 66.02 | to | 66.02 | 671360 | 0.59 | 1.30 | to | 1.30 | 8.75 | to | 8.75 |
| 12/31/2024 | 11412 | 60.71 | to | 60.71 | 692812 | 0.34 | 1.30 | to | 1.30 | 10.72 | to | 10.72 |
| 12/31/2023 | 12499 | 54.83 | to | 54.83 | 685329 | 0.61 | 1.30 | to | 1.30 | 15.35 | to | 15.35 |
| 12/31/2022 | 14135 | 47.53 | to | 47.53 | 671885 | 0.45 | 1.30 | to | 1.30 | (15.21) | to | (15.21) |
| 12/31/2021 | 15146 | 56.06 | to | 56.06 | 849127 | 0.45 | 1.30 | to | 1.30 | 21.34 | to | 21.34 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Franklin Templeton Growth Class A Shares | Franklin Templeton Growth Class A Shares | Franklin Templeton Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 79152 | $24.42 | to | $21.85 | $2367807 | 0.60% | 1.25% | to | 1.90% | 22.05% | to | 21.26% |
| 12/31/2024 | 95046 | 20.01 | to | 18.02 | 2280941 | 0.92 | 1.25 | to | 1.90 | 4.10 | to | 3.42 |
| 12/31/2023 | 123880 | 19.22 | to | 17.42 | 2758842 | 1.12 | 1.25 | to | 1.90 | 19.48 | to | 18.71 |
| 12/31/2022 | 155444 | 16.09 | to | 14.67 | 2837302 | 0.86 | 1.25 | to | 1.90 | (12.85) | to | (13.30) |
| 12/31/2021 | 163947 | 18.45 | to | 16.93 | 3468745 | 1.54 | 1.25 | to | 1.75 | 3.82 | to | 3.30 |
| Invesco American Franchise Fund Class A Shares | Invesco American Franchise Fund Class A Shares | Invesco American Franchise Fund Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14448 | 43.67 | to | 43.67 | 630926 |  | 1.30 | to | 1.30 | 10.12 | to | 10.12 |
| 12/31/2024 | 14774 | 39.66 | to | 39.66 | 585882 |  | 1.30 | to | 1.30 | 32.98 | to | 32.98 |
| 12/31/2023 | 17165 | 29.82 | to | 29.82 | 511889 |  | 1.30 | to | 1.30 | 39.10 | to | 39.10 |
| 12/31/2022 | 19323 | 21.44 | to | 21.44 | 414252 |  | 1.30 | to | 1.30 | (32.03) | to | (32.03) |
| 12/31/2021 | 18345 | 31.54 | to | 31.54 | 578621 |  | 1.30 | to | 1.30 | 10.40 | to | 10.40 |
| Invesco Charter Class A Shares | Invesco Charter Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 7577 | 41.13 | to | 41.13 | 311651 | 0.21 | 1.30 | to | 1.30 | 14.45 | to | 14.45 |
| 12/31/2024 | 9491 | 35.94 | to | 35.94 | 341097 | 0.53 | 1.30 | to | 1.30 | 23.66 | to | 23.66 |
| 12/31/2023 | 10056 | 29.06 | to | 29.06 | 292246 | 0.49 | 1.30 | to | 1.30 | 21.45 | to | 21.45 |
| 12/31/2022 | 8575 | 23.93 | to | 23.93 | 205186 | 0.71 | 1.30 | to | 1.30 | (21.74) | to | (21.74) |
| 12/31/2021 | 8903 | 30.58 | to | 30.58 | 272225 | 0.35 | 1.30 | to | 1.30 | 25.75 | to | 25.75 |
| Invesco Comstock Class A Shares | Invesco Comstock Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 424527 | 47.58 | to | 42.56 | 22037333 | 1.62 | 1.25 | to | 1.90 | 15.70 | to | 14.95 |
| 12/31/2024 | 529635 | 41.12 | to | 37.03 | 23747938 | 1.67 | 1.25 | to | 1.90 | 13.59 | to | 12.85 |
| 12/31/2023 | 659692 | 36.20 | to | 32.81 | 26149898 | 1.72 | 1.25 | to | 1.90 | 10.85 | to | 10.13 |
| 12/31/2022 | 741824 | 32.66 | to | 29.79 | 26582797 | 1.68 | 1.25 | to | 1.90 | (0.49) | to | (1.01) |
| 12/31/2021 | 974096 | 32.80 | to | 30.10 | 34752813 | 1.42 | 1.25 | to | 1.75 | 31.66 | to | 31.01 |
| Invesco Discovery Large Cap Class A Shares | Invesco Discovery Large Cap Class A Shares | Invesco Discovery Large Cap Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14194 | 57.58 | to | 51.52 | 780028 |  | 1.25 | to | 1.90 | 11.22 | to | 10.50 |
| 12/31/2024 | 16643 | 51.77 | to | 46.62 | 824979 |  | 1.25 | to | 1.90 | 32.33 | to | 31.47 |
| 12/31/2023 | 22710 | 39.12 | to | 35.46 | 851928 |  | 1.25 | to | 1.90 | 33.83 | to | 32.97 |
| 12/31/2022 | 25871 | 29.23 | to | 26.67 | 727611 |  | 1.25 | to | 1.90 | (32.01) | to | (32.34) |
| 12/31/2021 | 27757 | 42.96 | to | 39.42 | 1150952 |  | 1.25 | to | 1.75 | 20.83 | to | 20.22 |
| Invesco Discovery Mid Cap Growth Class A Shares | Invesco Discovery Mid Cap Growth Class A Shares | Invesco Discovery Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 60720 | 17.41 | to | 17.41 | 1056937 |  | 1.30 | to | 1.30 | 3.43 | to | 3.43 |
| 12/31/2024 | 83289 | 16.83 | to | 16.83 | 1401737 |  | 1.30 | to | 1.30 | 22.51 | to | 22.51 |
| 12/31/2023 | 91137 | 13.74 | to | 13.74 | 1252004 |  | 1.30 | to | 1.30 | 11.51 | to | 11.51 |
| 12/31/2022 | 100164 | 12.32 | to | 12.32 | 1234003 |  | 1.30 | to | 1.30 | (31.98) | to | (31.98) |
| 12/31/2020<sup>(1)</sup> | 106532 | 18.11 | to | 18.11 | 1929642 |  | 1.30 | to | 1.30 | 17.33 | to | 17.33 |
| Invesco Equity and Income Class A Shares | Invesco Equity and Income Class A Shares | Invesco Equity and Income Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 29915 | 47.65 | to | 47.65 | 1425316 | 1.77 | 1.30 | to | 1.30 | 11.35 | to | 11.35 |
| 12/31/2024 | 38425 | 42.79 | to | 42.79 | 1644125 | 1.95 | 1.30 | to | 1.30 | 10.35 | to | 10.35 |
| 12/31/2023 | 48142 | 38.77 | to | 38.77 | 1866618 | 1.99 | 1.30 | to | 1.30 | 8.57 | to | 8.57 |
| 12/31/2022 | 54802 | 35.71 | to | 35.71 | 1957053 | 1.75 | 1.30 | to | 1.30 | (8.91) | to | (8.91) |
| 12/31/2021 | 59548 | 39.20 | to | 39.20 | 2334443 | 1.30 | 1.30 | to | 1.30 | 16.50 | to | 16.50 |
| Invesco Global Class A Shares | Invesco Global Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36999 | 71.69 | to | 71.69 | 2652314 |  | 1.30 | to | 1.30 | 13.76 | to | 13.76 |
| 12/31/2024 | 42561 | 63.02 | to | 63.02 | 2682080 |  | 1.30 | to | 1.30 | 14.77 | to | 14.77 |
| 12/31/2023 | 47861 | 54.91 | to | 54.91 | 2627939 |  | 1.30 | to | 1.30 | 32.31 | to | 32.31 |
| 12/31/2022 | 53306 | 41.50 | to | 41.50 | 2212232 |  | 1.30 | to | 1.30 | (33.02) | to | (33.02) |
| 12/31/2021 | 53239 | 61.96 | to | 61.96 | 3298718 |  | 1.30 | to | 1.30 | 13.87 | to | 13.87 |
| Invesco Main Street Class A Shares | Invesco Main Street Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 33481 | 54.60 | to | 48.85 | 1955190 | 0.34 | 1.25 | to | 1.90 | 14.49 | to | 13.75 |
| 12/31/2024 | 36135 | 47.69 | to | 42.94 | 1855958 | 0.71 | 1.25 | to | 1.90 | 22.10 | to | 21.30 |
| 12/31/2023 | 38878 | 39.06 | to | 35.40 | 1647210 | 0.15 | 1.25 | to | 1.90 | 21.55 | to | 20.76 |
| 12/31/2022 | 56886 | 32.13 | to | 29.31 | 1935595 | 0.90 | 1.25 | to | 1.90 | (21.20) | to | (21.62) |
| 12/31/2021 | 60667 | 40.76 | to | 37.40 | 2623342 | 0.59 | 1.25 | to | 1.75 | 26.02 | to | 25.39 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Invesco Main Street Mid Cap Class A Shares | Invesco Main Street Mid Cap Class A Shares | Invesco Main Street Mid Cap Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 46564 | $45.40 | to | $40.61 | $1981904 | 0.18% | 1.25% | to | 1.90% | 7.56% | to | 6.87% |
| 12/31/2024 | 53672 | 42.20 | to | 38.00 | 2134394 | 0.24 | 1.25 | to | 1.90 | 15.61 | to | 14.86 |
| 12/31/2023 | 63190 | 36.51 | to | 33.09 | 2181634 |  | 1.25 | to | 1.90 | 13.06 | to | 12.33 |
| 12/31/2022 | 69962 | 32.29 | to | 29.45 | 2143133 | 0.11 | 1.25 | to | 1.90 | (15.48) | to | (15.90) |
| 12/31/2021 | 90202 | 38.17 | to | 35.02 | 3275848 | 0.20 | 1.25 | to | 1.75 | 21.50 | to | 20.89 |
| Invesco Multi-Strategy Class A Shares | Invesco Multi-Strategy Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 22713 | 16.50 | to | 16.50 | 374868 |  | 1.30 | to | 1.30 | (0.92) | to | (0.92) |
| 12/31/2024 | 23387 | 16.66 | to | 16.66 | 389546 | 1.30 | 1.30 | to | 1.30 | 4.34 | to | 4.34 |
| 12/31/2023 | 23856 | 15.96 | to | 15.96 | 380821 | 0.82 | 1.30 | to | 1.30 | 2.22 | to | 2.22 |
| 12/31/2022 | 26240 | 15.62 | to | 15.62 | 409805 |  | 1.30 | to | 1.30 | (8.47) | to | (8.47) |
| 12/31/2021 | 28973 | 17.06 | to | 17.06 | 494370 | 2.71 | 1.30 | to | 1.30 | 1.16 | to | 1.16 |
| Invesco Value Opportunities Class A Shares | Invesco Value Opportunities Class A Shares | Invesco Value Opportunities Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 109282 | 4.31 | to | 3.98 | 448443 | 0.21 | 1.25 | to | 1.90 | 18.66 | to | 17.89 |
| 12/31/2024 | 116779 | 3.63 | to | 3.38 | 405469 | 0.41 | 1.25 | to | 1.90 | 28.47 | to | 27.64 |
| 12/31/2023 | 138320 | 2.82 | to | 2.65 | 376156 | 0.22 | 1.25 | to | 1.90 | 13.72 | to | 12.98 |
| 12/31/2022 | 147533 | 2.48 | to | 2.34 | 354532 | 0.67 | 1.25 | to | 1.90 | 0.02 | to | (0.48) |
| 12/31/2021 | 131334 | 2.48 | to | 2.35 | 316717 | 0.57 | 1.25 | to | 1.75 | 33.91 | to | 33.24 |
| Janus Henderson Enterprise Class A Shares | Janus Henderson Enterprise Class A Shares | Janus Henderson Enterprise Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 264111 | 71.98 | to | 65.94 | 18158886 | 0.18 | 1.25 | to | 1.90 | 5.94 | to | 5.26 |
| 12/31/2024 | 305681 | 67.94 | to | 62.65 | 19916719 | 0.77 | 1.25 | to | 1.90 | 13.42 | to | 12.68 |
| 12/31/2023 | 378689 | 59.90 | to | 55.60 | 21840743 |  | 1.25 | to | 1.90 | 16.12 | to | 15.37 |
| 12/31/2022 | 446160 | 51.59 | to | 48.19 | 22241684 |  | 1.25 | to | 1.90 | (17.43) | to | (17.84) |
| 12/31/2021 | 512548 | 62.42 | to | 58.65 | 31019403 | 0.69 | 1.25 | to | 1.75 | 15.52 | to | 14.94 |
| Janus Henderson Forty Class A Shares | Janus Henderson Forty Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 64300 | 72.58 | to | 65.72 | 4425333 |  | 1.25 | to | 1.90 | 16.59 | to | 15.84 |
| 12/31/2024 | 79224 | 62.25 | to | 56.73 | 4697328 | 0.31 | 1.25 | to | 1.90 | 26.38 | to | 25.55 |
| 12/31/2023 | 98566 | 49.26 | to | 45.19 | 4647156 | 0.01 | 1.25 | to | 1.90 | 37.81 | to | 36.92 |
| 12/31/2022 | 121669 | 35.74 | to | 33.00 | 4178925 |  | 1.25 | to | 1.90 | (34.58) | to | (34.90) |
| 12/31/2021 | 121433 | 54.59 | to | 50.70 | 6397342 | 0.40 | 1.25 | to | 1.75 | 21.14 | to | 20.54 |
| JPMorgan Small Cap Growth Class A Shares | JPMorgan Small Cap Growth Class A Shares | JPMorgan Small Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 30145 | 39.28 | to | 35.57 | 1132722 |  | 1.25 | to | 1.90 | 4.81 | to | 4.13 |
| 12/31/2024 | 33670 | 37.48 | to | 34.16 | 1209750 | 0.56 | 1.25 | to | 1.90 | 11.04 | to | 10.32 |
| 12/31/2023 | 40278 | 33.75 | to | 30.96 | 1307895 |  | 1.25 | to | 1.90 | 12.45 | to | 11.72 |
| 12/31/2022 | 49681 | 30.02 | to | 27.71 | 1435440 |  | 1.25 | to | 1.90 | (33.32) | to | (33.65) |
| 12/31/2021 | 49048 | 44.98 | to | 41.77 | 2129822 |  | 1.25 | to | 1.75 | (7.23) | to | (7.69) |
| Lord Abbett Affiliated Class A Shares | Lord Abbett Affiliated Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36277 | 37.19 | to | 33.27 | 1285301 | 1.11 | 1.25 | to | 1.90 | 14.32 | to | 13.58 |
| 12/31/2024 | 42660 | 32.54 | to | 29.30 | 1327659 | 1.73 | 1.25 | to | 1.90 | 15.84 | to | 15.08 |
| 12/31/2023 | 50177 | 28.09 | to | 25.46 | 1350694 | 1.81 | 1.25 | to | 1.90 | 9.12 | to | 8.41 |
| 12/31/2022 | 53690 | 25.74 | to | 23.48 | 1330706 | 1.77 | 1.25 | to | 1.90 | (11.04) | to | (11.48) |
| 12/31/2021 | 59993 | 28.91 | to | 26.53 | 1674915 | 1.47 | 1.25 | to | 1.75 | 25.17 | to | 24.55 |
| Lord Abbett Bond-Debenture Class A Shares | Lord Abbett Bond-Debenture Class A Shares | Lord Abbett Bond-Debenture Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 284574 | 23.98 | to | 21.45 | 7347384 | 6.01 | 1.25 | to | 1.90 | 7.05 | to | 6.35 |
| 12/31/2024 | 327781 | 22.40 | to | 20.17 | 7918676 | 5.86 | 1.25 | to | 1.90 | 5.44 | to | 4.75 |
| 12/31/2023 | 371258 | 21.25 | to | 19.26 | 8547443 | 5.22 | 1.25 | to | 1.90 | 5.53 | to | 4.85 |
| 12/31/2022 | 394108 | 20.13 | to | 18.37 | 8784985 | 4.35 | 1.25 | to | 1.90 | (13.81) | to | (14.26) |
| 12/31/2021 | 464968 | 23.35 | to | 21.42 | 11996751 | 3.33 | 1.25 | to | 1.75 | 1.97 | to | 1.46 |
| Lord Abbett Mid Cap Stock Class A Shares | Lord Abbett Mid Cap Stock Class A Shares | Lord Abbett Mid Cap Stock Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 187811 | 34.67 | to | 31.01 | 8117450 | 0.43 | 1.25 | to | 1.90 | 5.94 | to | 5.25 |
| 12/31/2024 | 226711 | 32.72 | to | 29.47 | 9239067 | 0.53 | 1.25 | to | 1.90 | 13.61 | to | 12.87 |
| 12/31/2023 | 265044 | 28.80 | to | 26.11 | 9405150 | 0.54 | 1.25 | to | 1.90 | 14.07 | to | 13.33 |
| 12/31/2022 | 306153 | 25.25 | to | 23.03 | 9442562 | 0.95 | 1.25 | to | 1.90 | (12.21) | to | (12.67) |
| 12/31/2021 | 330573 | 28.75 | to | 26.38 | 11656273 | 0.73 | 1.25 | to | 1.75 | 27.28 | to | 26.65 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| MFS® Growth Class A Shares | MFS® Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 142421 | $67.29 | to | $67.29 | $9583531 | -% | 1.30% | to | 1.30% | 10.58% | to | 10.58% |
| 12/31/2024 | 175545 | 60.85 | to | 60.85 | 10681952 |  | 1.30 | to | 1.30 | 29.63 | to | 29.63 |
| 12/31/2023 | 231059 | 46.94 | to | 46.94 | 10845931 |  | 1.30 | to | 1.30 | 34.04 | to | 34.04 |
| 12/31/2022 | 293959 | 35.02 | to | 35.02 | 10294364 |  | 1.30 | to | 1.30 | (32.21) | to | (32.21) |
| 12/31/2021 | 283077 | 51.66 | to | 51.66 | 14623140 |  | 1.30 | to | 1.30 | 21.74 | to | 21.74 |
| MFS® Mid Cap Growth Class A Shares | MFS® Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 127124 | 62.35 | to | 62.35 | 7926231 |  | 1.30 | to | 1.30 | 2.05 | to | 2.05 |
| 12/31/2024 | 136352 | 61.09 | to | 61.09 | 8330397 |  | 1.30 | to | 1.30 | 12.92 | to | 12.92 |
| 12/31/2023 | 160419 | 54.10 | to | 54.10 | 8679035 |  | 1.30 | to | 1.30 | 19.44 | to | 19.44 |
| 12/31/2022 | 187406 | 45.30 | to | 45.30 | 8488981 |  | 1.30 | to | 1.30 | (29.45) | to | (29.45) |
| 12/31/2021 | 184310 | 64.20 | to | 64.20 | 11833470 |  | 1.30 | to | 1.30 | 12.27 | to | 12.27 |
| MFS® Research International Class A Shares | MFS® Research International Class A Shares | MFS® Research International Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 111304 | 39.56 | to | 39.56 | 4402714 | 1.60 | 1.30 | to | 1.30 | 20.76 | to | 20.76 |
| 12/31/2024 | 145867 | 32.76 | to | 32.76 | 4777947 | 1.63 | 1.30 | to | 1.30 | 1.51 | to | 1.51 |
| 12/31/2023 | 159672 | 32.27 | to | 32.27 | 5152248 | 1.49 | 1.30 | to | 1.30 | 11.65 | to | 11.65 |
| 12/31/2022 | 173257 | 28.90 | to | 28.90 | 5007427 | 1.31 | 1.30 | to | 1.30 | (18.58) | to | (18.58) |
| 12/31/2021 | 191854 | 35.50 | to | 35.50 | 6809974 | 1.02 | 1.30 | to | 1.30 | 10.15 | to | 10.15 |
| Nomura Mid Cap Growth Class A Shares | Nomura Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 132935 | 9.87 | to | 9.77 | 1309873 |  | 1.25 | to | 1.90 | (0.42) | to | (1.07) |
| 12/31/2024<sup>(1)</sup> | 153595 | 9.91 | to | 9.88 | 1521542 |  | 1.25 | to | 1.90 |  | to |  |
| PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares | PIMCO CommodityRealReturn Strategy Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 528053 | 9.39 | to | 8.40 | 4688335 | 7.62 | 1.25 | to | 1.90 | 17.32 | to | 16.56 |
| 12/31/2024 | 667300 | 8.01 | to | 7.21 | 5068621 | 2.80 | 1.25 | to | 1.90 | 2.92 | to | 2.25 |
| 12/31/2023 | 677054 | 7.78 | to | 7.05 | 5014119 | 4.59 | 1.25 | to | 1.90 | (9.02) | to | (9.61) |
| 12/31/2022 | 718870 | 8.55 | to | 7.80 | 5869360 | 34.05 | 1.25 | to | 1.90 | 7.01 | to | 6.48 |
| 12/31/2021 | 1022118 | 7.98 | to | 7.33 | 7817094 | 21.83 | 1.25 | to | 1.75 | 31.15 | to | 30.50 |
| PIMCO Low Duration Class A Shares | PIMCO Low Duration Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2151832 | 12.63 | to | 11.44 | 25805611 | 3.95 | 1.25 | to | 1.90 | 3.95 | to | 3.27 |
| 12/31/2024 | 2415014 | 12.15 | to | 11.07 | 27974198 | 3.88 | 1.25 | to | 1.90 | 3.21 | to | 2.54 |
| 12/31/2023 | 2585774 | 11.77 | to | 10.80 | 29139752 | 3.80 | 1.25 | to | 1.90 | 3.71 | to | 3.04 |
| 12/31/2022 | 2963159 | 11.35 | to | 10.48 | 32321610 | 1.68 | 1.25 | to | 1.90 | (6.69) | to | (7.16) |
| 12/31/2021 | 3696998 | 12.16 | to | 11.29 | 43322116 | 0.54 | 1.25 | to | 1.75 | (2.20) | to | (2.69) |
| PIMCO Real Return Class A Shares | PIMCO Real Return Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1136916 | 15.51 | to | 13.88 | 16640341 | 3.53 | 1.25 | to | 1.90 | 6.40 | to | 5.71 |
| 12/31/2024 | 1312209 | 14.58 | to | 13.13 | 18121313 | 2.78 | 1.25 | to | 1.90 | 0.90 | to | 0.24 |
| 12/31/2023 | 1406100 | 14.45 | to | 13.10 | 19325213 | 2.86 | 1.25 | to | 1.90 | 2.05 | to | 1.39 |
| 12/31/2022 | 1572441 | 14.16 | to | 12.92 | 21259835 | 7.50 | 1.25 | to | 1.90 | (13.38) | to | (13.81) |
| 12/31/2021 | 1865697 | 16.33 | to | 14.99 | 29197941 | 4.74 | 1.25 | to | 1.75 | 3.95 | to | 3.43 |
| PIMCO Total Return Class A Shares | PIMCO Total Return Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 2765766 | 16.62 | to | 14.87 | 45125897 | 4.23 | 1.25 | to | 1.90 | 7.61 | to | 6.91 |
| 12/31/2024 | 3235773 | 15.44 | to | 13.91 | 49244487 | 4.22 | 1.25 | to | 1.90 | 0.98 | to | 0.32 |
| 12/31/2023 | 3539220 | 15.29 | to | 13.86 | 53516295 | 3.55 | 1.25 | to | 1.90 | 4.63 | to | 3.95 |
| 12/31/2022 | 3852999 | 14.62 | to | 13.33 | 55794500 | 3.59 | 1.25 | to | 1.90 | (15.49) | to | (15.93) |
| 12/31/2021 | 4460931 | 17.29 | to | 15.86 | 76529481 | 1.96 | 1.25 | to | 1.75 | (2.41) | to | (2.89) |
| Putnam International Equity Class A Shares | Putnam International Equity Class A Shares | Putnam International Equity Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 230479 | 37.26 | to | 37.26 | 8587095 | 2.15 | 1.30 | to | 1.30 | 35.45 | to | 35.45 |
| 12/31/2024 | 320106 | 27.51 | to | 27.51 | 8805248 | 0.98 | 1.30 | to | 1.30 | 2.16 | to | 2.16 |
| 12/31/2023 | 344591 | 26.93 | to | 26.93 | 9278635 | 1.88 | 1.30 | to | 1.30 | 17.09 | to | 17.09 |
| 12/31/2022 | 387757 | 23.00 | to | 23.00 | 8916817 |  | 1.30 | to | 1.30 | (15.94) | to | (15.94) |
| 12/31/2021 | 439879 | 27.36 | to | 27.36 | 12034000 | 1.32 | 1.30 | to | 1.30 | 7.36 | to | 7.36 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Putnam Large Cap Growth Class A Shares | Putnam Large Cap Growth Class A Shares | Putnam Large Cap Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 44504 | $42.48 | to | $42.48 | $1890441 | -% | 1.30% | to | 1.30% | 12.77% | to | 12.77% |
| 12/31/2024 | 47751 | 37.67 | to | 37.67 | 1798630 |  | 1.30 | to | 1.30 | 31.50 | to | 31.50 |
| 12/31/2023 | 63716 | 28.64 | to | 28.64 | 1825043 |  | 1.30 | to | 1.30 | 42.37 | to | 42.37 |
| 12/31/2022 | 75742 | 20.12 | to | 20.12 | 1523823 |  | 1.30 | to | 1.30 | (31.24) | to | (31.24) |
| 12/31/2021 | 76682 | 29.26 | to | 29.26 | 2243749 |  | 1.30 | to | 1.30 | 20.94 | to | 20.94 |
| Putnam Large Cap Value Class A Shares | Putnam Large Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36102 | 25.77 | to | 25.77 | 930431 | 1.17 | 1.30 | to | 1.30 | 18.50 | to | 18.50 |
| 12/31/2024 | 40203 | 21.75 | to | 21.75 | 874346 | 1.11 | 1.30 | to | 1.30 | 17.46 | to | 17.46 |
| 12/31/2023 | 44592 | 18.52 | to | 18.52 | 825643 | 1.51 | 1.30 | to | 1.30 | 13.91 | to | 13.91 |
| 12/31/2022 | 48838 | 16.25 | to | 16.25 | 793831 | 1.80 | 1.30 | to | 1.30 | (4.34) | to | (4.34) |
| 12/31/2021 | 40213 | 16.99 | to | 16.99 | 683288 | 1.19 | 1.30 | to | 1.30 | 25.20 | to | 25.20 |
| TA Aegon Sustainable Equity Income Service Class | TA Aegon Sustainable Equity Income Service Class | TA Aegon Sustainable Equity Income Service Class | TA Aegon Sustainable Equity Income Service Class |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 148138 | 14.53 | to | 13.86 | 2141638 | 1.42 | 1.25 | to | 1.90 | 9.61 | to | 8.90 |
| 12/31/2024 | 178580 | 13.26 | to | 12.73 | 2357067 | 1.79 | 1.25 | to | 1.90 | 15.14 | to | 14.39 |
| 12/31/2023 | 223808 | 11.52 | to | 11.13 | 2567186 | 1.91 | 1.25 | to | 1.90 | 4.69 | to | 4.01 |
| 12/31/2022 | 243900 | 11.00 | to | 10.70 | 2674194 | 1.84 | 1.25 | to | 1.90 | (12.98) | to | (13.44) |
| 12/31/2021 | 290104 | 12.63 | to | 12.36 | 3654803 | 1.86 | 1.25 | to | 1.75 | 20.60 | to | 20.00 |
| TA Asset Allocation - Conservative Class A Shares | TA Asset Allocation - Conservative Class A Shares | TA Asset Allocation - Conservative Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 24365 | 13.83 | to | 13.16 | 331314 | 2.61 | 1.25 | to | 1.90 | 10.79 | to | 10.07 |
| 12/31/2024 | 25797 | 12.48 | to | 11.96 | 317472 | 2.42 | 1.25 | to | 1.90 | 5.96 | to | 5.27 |
| 12/31/2023 | 48437 | 11.78 | to | 11.36 | 559916 | 2.34 | 1.25 | to | 1.90 | 8.87 | to | 8.16 |
| 12/31/2022 | 76427 | 10.82 | to | 10.50 | 817555 | 1.68 | 1.25 | to | 1.90 | (16.29) | to | (16.73) |
| 12/31/2021 | 89073 | 12.92 | to | 12.61 | 1141030 | 2.11 | 1.25 | to | 1.75 | 4.11 | to | 3.59 |
| TA Asset Allocation - Moderate Class A Shares | TA Asset Allocation - Moderate Class A Shares | TA Asset Allocation - Moderate Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 94660 | 15.47 | to | 14.73 | 1446745 | 2.24 | 1.25 | to | 1.90 | 13.44 | to | 12.71 |
| 12/31/2024 | 98698 | 13.64 | to | 13.07 | 1331283 | 2.01 | 1.25 | to | 1.90 | 8.46 | to | 7.75 |
| 12/31/2023 | 105950 | 12.57 | to | 12.13 | 1316550 | 2.18 | 1.25 | to | 1.90 | 11.27 | to | 10.55 |
| 12/31/2022 | 131518 | 11.30 | to | 10.97 | 1470956 | 1.52 | 1.25 | to | 1.90 | (17.13) | to | (17.56) |
| 12/31/2021 | 88483 | 13.63 | to | 13.31 | 1198284 | 2.52 | 1.25 | to | 1.75 | 6.57 | to | 6.04 |
| TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares | TA Asset Allocation - Moderate Growth Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 96021 | 17.82 | to | 16.97 | 1680433 | 1.59 | 1.25 | to | 1.90 | 16.52 | to | 15.77 |
| 12/31/2024 | 105070 | 15.30 | to | 14.66 | 1581232 | 1.75 | 1.25 | to | 1.90 | 11.74 | to | 11.01 |
| 12/31/2023 | 128051 | 13.69 | to | 13.20 | 1731302 | 1.84 | 1.25 | to | 1.90 | 14.27 | to | 13.53 |
| 12/31/2022 | 135459 | 11.98 | to | 11.63 | 1606662 | 0.88 | 1.25 | to | 1.90 | (18.46) | to | (18.89) |
| 12/31/2021 | 171347 | 14.68 | to | 14.34 | 2495528 | 2.57 | 1.25 | to | 1.75 | 9.98 | to | 9.43 |
| TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class | TA BlackRock Government Money Market Initial Class |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1398016 | 10.82 | to | 10.44 | 15004176 | 3.90 | 1.25 | to | 1.90 | 2.77 | to | 2.11 |
| 12/31/2024 | 518482 | 10.52 | to | 10.22 | 5404769 | 4.93 | 1.25 | to | 1.90 | 3.73 | to | 3.05 |
| 12/31/2023 | 569758 | 10.15 | to | 9.92 | 5735835 | 4.79 | 1.25 | to | 1.90 | 3.56 | to | 2.89 |
| 12/31/2022 | 466406 | 9.80 | to | 9.64 | 4551231 | 1.48 | 1.25 | to | 1.90 | 0.10 | to | (0.43) |
| 12/31/2021 | 411733 | 9.78 | to | 9.68 | 4017112 |  | 1.25 | to | 1.75 | (1.24) | to | (1.73) |
| TA Bond Class A Shares |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 544992 | 1.48 | to | 1.36 | 776833 | 4.13 | 1.25 | to | 1.90 | 5.49 | to | 4.80 |
| 12/31/2024 | 623953 | 1.40 | to | 1.30 | 846116 | 4.11 | 1.25 | to | 1.90 | 0.49 | to | (0.17) |
| 12/31/2023 | 650360 | 1.40 | to | 1.30 | 880191 | 3.69 | 1.25 | to | 1.90 | 4.65 | to | 3.97 |
| 12/31/2022 | 616956 | 1.34 | to | 1.25 | 801112 | 2.79 | 1.25 | to | 1.90 | (14.58) | to | (15.01) |
| 12/31/2021 | 721671 | 1.56 | to | 1.47 | 1101155 | 2.17 | 1.25 | to | 1.75 | (1.36) | to | (1.86) |
| TA International Focus Initial Class | TA International Focus Initial Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 4385857 | 12.77 | to | 12.18 | 54739174 | 1.63 | 1.25 | to | 1.90 | 5.15 | to | 4.47 |
| 12/31/2024 | 5042953 | 12.14 | to | 11.66 | 60067418 | 2.27 | 1.25 | to | 1.90 | (2.29) | to | (2.92) |
| 12/31/2023 | 5434870 | 12.43 | to | 12.01 | 66480045 | 1.98 | 1.25 | to | 1.90 | 11.14 | to | 10.42 |
| 12/31/2022 | 6194561 | 11.18 | to | 10.88 | 68406004 | 3.02 | 1.25 | to | 1.90 | (21.08) | to | (21.49) |
| 12/31/2021 | 6800730 | 14.16 | to | 13.85 | 95378126 | 1.21 | 1.25 | to | 1.75 | 9.44 | to | 8.90 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| TA Multi-Managed Balanced Class A Shares | TA Multi-Managed Balanced Class A Shares | TA Multi-Managed Balanced Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 72170 | $19.71 | to | $18.76 | $1411472 | 1.52% | 1.25% | to | 1.90% | 11.26% | to | 10.54% |
| 12/31/2024 | 82688 | 17.71 | to | 16.97 | 1454063 | 1.59 | 1.25 | to | 1.90 | 13.07 | to | 12.34 |
| 12/31/2023 | 96409 | 15.66 | to | 15.11 | 1497664 | 1.55 | 1.25 | to | 1.90 | 16.96 | to | 16.20 |
| 12/31/2022 | 92381 | 13.39 | to | 13.00 | 1228872 | 1.00 | 1.25 | to | 1.90 | (17.58) | to | (18.01) |
| 12/31/2021 | 94670 | 16.24 | to | 15.86 | 1528612 | 0.59 | 1.25 | to | 1.75 | 15.12 | to | 14.55 |
| TA Small/Mid Cap Value Class A Shares | TA Small/Mid Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 558916 | 35.58 | to | 32.37 | 18928625 | 0.99 | 1.25 | to | 1.90 | 8.14 | to | 7.44 |
| 12/31/2024 | 665415 | 32.90 | to | 30.13 | 20923496 | 0.74 | 1.25 | to | 1.90 | 7.21 | to | 6.51 |
| 12/31/2023 | 783326 | 30.69 | to | 28.29 | 23067157 | 0.85 | 1.25 | to | 1.90 | 10.57 | to | 9.86 |
| 12/31/2022 | 871791 | 27.75 | to | 25.75 | 23312861 | 0.51 | 1.25 | to | 1.90 | (9.71) | to | (10.16) |
| 12/31/2021 | 1087248 | 30.71 | to | 28.66 | 32281834 | 0.05 | 1.25 | to | 1.75 | 25.61 | to | 24.98 |
| TA Sustainable Equity Income Class A Shares | TA Sustainable Equity Income Class A Shares | TA Sustainable Equity Income Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 1865775 | 18.76 | to | 17.58 | 34056568 | 1.22 | 1.25 | to | 1.90 | 9.57 | to | 8.86 |
| 12/31/2024 | 2212261 | 17.12 | to | 16.15 | 36960876 | 1.30 | 1.25 | to | 1.90 | 14.80 | to | 14.05 |
| 12/31/2023 | 2806642 | 14.91 | to | 14.16 | 40961183 | 1.66 | 1.25 | to | 1.90 | 4.54 | to | 3.86 |
| 12/31/2022 | 2940434 | 14.26 | to | 13.63 | 41175403 | 1.78 | 1.25 | to | 1.90 | (12.79) | to | (13.24) |
| 12/31/2021 | 3512199 | 16.35 | to | 15.71 | 56508169 | 1.10 | 1.25 | to | 1.75 | 20.47 | to | 19.87 |
| TA T. Rowe Price Small Cap Service Class | TA T. Rowe Price Small Cap Service Class | TA T. Rowe Price Small Cap Service Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 168474 | 19.53 | to | 18.63 | 3211789 |  | 1.25 | to | 1.90 | 8.57 | to | 7.87 |
| 12/31/2024 | 187807 | 17.99 | to | 17.27 | 3308731 |  | 1.25 | to | 1.90 | 11.20 | to | 10.48 |
| 12/31/2023 | 245856 | 16.18 | to | 15.63 | 3909435 |  | 1.25 | to | 1.90 | 19.38 | to | 18.61 |
| 12/31/2022 | 275948 | 13.55 | to | 13.18 | 3688820 |  | 1.25 | to | 1.90 | (23.62) | to | (24.00) |
| 12/31/2021 | 304452 | 17.73 | to | 17.34 | 5339069 |  | 1.25 | to | 1.75 | 9.70 | to | 9.15 |
| TA TSW International Equity Service Class | TA TSW International Equity Service Class | TA TSW International Equity Service Class |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 152054 | 15.71 | to | 14.99 | 2319969 | 2.00 | 1.25 | to | 1.90 | 29.79 | to | 28.95 |
| 12/31/2024 | 197761 | 12.11 | to | 11.62 | 2334366 | 2.67 | 1.25 | to | 1.90 | 1.83 | to | 1.16 |
| 12/31/2023 | 225711 | 11.89 | to | 11.49 | 2629061 | 0.79 | 1.25 | to | 1.90 | 13.83 | to | 13.10 |
| 12/31/2022 | 281562 | 10.44 | to | 10.16 | 2896637 | 3.07 | 1.25 | to | 1.90 | (15.76) | to | (16.18) |
| 12/31/2021 | 325419 | 12.39 | to | 12.12 | 3985217 | 1.64 | 1.25 | to | 1.75 | 11.80 | to | 11.24 |
| TA TSW Mid Cap Value Opportunities Service Class | TA TSW Mid Cap Value Opportunities Service Class | TA TSW Mid Cap Value Opportunities Service Class | TA TSW Mid Cap Value Opportunities Service Class |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 89247 | 16.57 | to | 15.81 | 1472070 | 1.03 | 1.25 | to | 1.90 | 8.00 | to | 7.30 |
| 12/31/2024 | 112659 | 15.34 | to | 14.73 | 1721565 | 1.21 | 1.25 | to | 1.90 | 6.74 | to | 6.04 |
| 12/31/2023 | 120149 | 14.37 | to | 13.89 | 1720797 | 1.24 | 1.25 | to | 1.90 | 9.20 | to | 8.49 |
| 12/31/2022 | 134973 | 13.16 | to | 12.80 | 1771368 | 0.56 | 1.25 | to | 1.90 | (9.61) | to | (10.08) |
| 12/31/2021 | 140383 | 14.55 | to | 14.24 | 2037857 | 0.60 | 1.25 | to | 1.75 | 27.25 | to | 26.61 |
| TA US Growth Class A Shares | TA US Growth Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 366197 | 57.70 | to | 53.55 | 20318204 |  | 1.25 | to | 1.90 | 15.74 | to | 14.99 |
| 12/31/2024 | 458554 | 49.85 | to | 46.57 | 22067574 |  | 1.25 | to | 1.90 | 26.98 | to | 26.15 |
| 12/31/2023 | 653778 | 39.26 | to | 36.91 | 24874322 |  | 1.25 | to | 1.90 | 39.64 | to | 38.74 |
| 12/31/2022 | 882404 | 28.11 | to | 26.60 | 24136995 |  | 1.25 | to | 1.90 | (32.55) | to | (32.88) |
| 12/31/2021 | 847968 | 41.65 | to | 39.64 | 34477085 |  | 1.25 | to | 1.75 | 18.71 | to | 18.12 |
| TA WMC US Growth Service Class | TA WMC US Growth Service Class |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9623 | 33.23 | to | 31.70 | 311884 |  | 1.25 | to | 1.90 | 16.01 | to | 15.26 |
| 12/31/2024 | 11073 | 28.65 | to | 27.51 | 309287 |  | 1.25 | to | 1.90 | 27.09 | to | 26.26 |
| 12/31/2023 | 14719 | 22.54 | to | 21.79 | 325216 |  | 1.25 | to | 1.90 | 39.97 | to | 39.06 |
| 12/31/2022 | 300 | 16.10 | to | 15.67 | 4771 |  | 1.25 | to | 1.90 | (32.42) | to | (32.76) |
| 12/31/2021 | 625 | 23.81 | to | 23.30 | 14660 |  | 1.25 | to | 1.75 | 18.88 | to | 18.28 |
| Victory Pioneer Class A Shares | Victory Pioneer Class A Shares |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14045 | 67.35 | to | 60.26 | 895600 | 0.23 | 1.25 | to | 1.90 | 21.67 | to | 20.88 |
| 12/31/2024 | 19822 | 55.36 | to | 49.85 | 1039740 | 0.52 | 1.25 | to | 1.90 | 21.05 | to | 20.27 |
| 12/31/2023 | 27227 | 45.73 | to | 41.45 | 1174534 | 0.87 | 1.25 | to | 1.90 | 27.12 | to | 26.30 |
| 12/31/2022 | 29740 | 35.97 | to | 32.82 | 1022519 | 0.54 | 1.25 | to | 1.90 | (20.53) | to | (20.93) |
| 12/31/2021 | 24046 | 45.24 | to | 41.50 | 1040778 | 0.11 | 1.25 | to | 1.75 | 26.22 | to | 25.59 |

---

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**5. Financial Highlights (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  |  |  | **Unit Fair Value** |  |  |  | **Expense** | **Expense** | **Expense** | **Total Return\*\*\*** | **Total Return\*\*\*** | **Total Return\*\*\*** |
|  |  |  | **Corresponding to** |  |  | **Investment** | **Ratio\*\*** | **Ratio\*\*** | **Ratio\*\*** |  | **Corresponding to** |  |
|  |  |  | **Lowest to Highest** |  | **Net** | **Income** | **Lowest to** | **Lowest to** | **Lowest to** |  | **Lowest to Highest** |  |
| **Subaccount** | **Units** |  | **Expense Ratio** |  | **Assets** | **Ratio\*** | **Highest** | **Highest** | **Highest** |  | **Expense Ratio** |  |
| Victory Pioneer High Yield Class A Shares | Victory Pioneer High Yield Class A Shares | Victory Pioneer High Yield Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 83218 | $23.58 | to | $21.10 | $1842405 | 5.73% | 1.25% | to | 1.90% | 6.23% | to | 5.54% |
| 12/31/2024 | 93273 | 22.20 | to | 19.99 | 1950060 | 5.83 | 1.25 | to | 1.90 | 6.99 | to | 6.30 |
| 12/31/2023 | 97155 | 20.75 | to | 18.80 | 1906733 | 5.40 | 1.25 | to | 1.90 | 9.07 | to | 8.37 |
| 12/31/2022 | 95275 | 19.02 | to | 17.35 | 1725211 | 5.07 | 1.25 | to | 1.90 | (12.04) | to | (12.47) |
| 12/31/2021 | 110682 | 21.61 | to | 19.83 | 2286681 | 4.25 | 1.25 | to | 1.75 | 4.44 | to | 3.92 |
| Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares | Victory Pioneer Select Mid Cap Growth Class A Shares |  |  |  |  |  |  |  |  |
| 12/31/2025 | 3785 | 56.13 | to | 51.44 | 204515 |  | 1.25 | to | 1.90 | 18.92 | to | 18.15 |
| 12/31/2024 | 4643 | 47.20 | to | 43.54 | 211183 |  | 1.25 | to | 1.90 | 22.29 | to | 21.50 |
| 12/31/2023 | 5691 | 38.59 | to | 35.83 | 212458 |  | 1.25 | to | 1.90 | 17.19 | to | 16.43 |
| 12/31/2022 | 6639 | 32.93 | to | 30.78 | 211789 |  | 1.25 | to | 1.90 | (32.18) | to | (32.52) |
| 12/31/2021 | 8630 | 48.52 | to | 45.61 | 406330 |  | 1.25 | to | 1.75 | 6.62 | to | 6.09 |
| Virtus AllianzGI Dividend Value Class A Shares | Virtus AllianzGI Dividend Value Class A Shares | Virtus AllianzGI Dividend Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 103964 | 22.23 | to | 20.13 | 2183444 | 2.12 | 1.25 | to | 1.90 | 6.87 | to | 6.18 |
| 12/31/2024 | 125780 | 20.80 | to | 18.96 | 2479518 | 1.33 | 1.25 | to | 1.90 | 3.63 | to | 2.95 |
| 12/31/2023 | 141020 | 20.07 | to | 18.41 | 2694623 | 3.57 | 1.25 | to | 1.90 | 17.67 | to | 16.91 |
| 12/31/2022 | 159900 | 17.06 | to | 15.75 | 2606367 | 1.59 | 1.25 | to | 1.90 | (14.84) | to | (15.26) |
| 12/31/2021 | 193849 | 20.02 | to | 18.59 | 3721834 | 1.35 | 1.25 | to | 1.75 | 26.94 | to | 26.30 |
| Virtus AllianzGI Small-Cap Value Class A Shares | Virtus AllianzGI Small-Cap Value Class A Shares | Virtus AllianzGI Small-Cap Value Class A Shares |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 56612 | 33.06 | to | 29.57 | 2403324 | 0.78 | 1.25 | to | 1.90 | (0.19) | to | (0.83) |
| 12/31/2024 | 65506 | 33.12 | to | 29.82 | 2789044 | 1.19 | 1.25 | to | 1.90 | 4.33 | to | 3.65 |
| 12/31/2023 | 75835 | 31.75 | to | 28.77 | 3120429 | 2.13 | 1.25 | to | 1.90 | 21.47 | to | 20.69 |
| 12/31/2022 | 100965 | 26.13 | to | 23.84 | 3305168 | 0.98 | 1.25 | to | 1.90 | (17.30) | to | (17.74) |
| 12/31/2021 | 106952 | 31.59 | to | 28.98 | 4234708 | 0.99 | 1.25 | to | 1.75 | 22.69 | to | 22.08 |

---

*(1) See Footnote 1* 

\* These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the 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 are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.

\*\* These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the Mutual Fund have been excluded.

\*\*\* These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**6. Administrative and Mortality and Expense Risk Charges** 

TLIC deducts an annual charge during the accumulation phase, not to exceed $40, proportionately from the subaccounts' unit values. An annual charge ranging from 1.25% to 1.90% is deducted (based on the death benefit selected) from the unit values of the subaccounts of the Separate Account for TLIC's assumption of certain mortality and expense risks incurred in connection with the contract. The charge is assessed daily based on the net asset value of the Mutual Fund. Charges for administrative and mortality and expense risk are an expense of the subaccount. Charges reflected above are those currently assessed and may be subject to change. Contract owners should see their actual policy and any related attachments to determine their specific charges.

**7. Income Tax** 

Operations of the Separate Account form a part of TLIC, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The operations of the Separate Account are accounted for separately from other operations of TLIC for purposes of federal income taxation. The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from TLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TLIC, as long as earnings are credited under the variable annuity contracts.

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**8. Subsequent Events** 

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. During this period, there were no subsequent events requiring recognition in the financial statements.

**9. Related Parties** 

Transamerica Capital, Inc. (TCI), a wholesaling broker-dealer, is an affiliated entity of TLIC and an indirect wholly owned subsidiary of Aegon Ltd. TCI distributes TLIC's products through broker-dealers and other financial intermediaries.

The subaccounts invest in the mutual funds listed in Footnote 1. These investments include funds managed by Transamerica Asset Management, Inc. (TAM). Transamerica Fund Services, Inc. (TFS) serves as a transfer agent to TAM, and Aegon USA Asset Management Holding, LLC (AAM) serves as a sub-advisor for certain funds managed by TAM. TAM, TFS and AAM are affiliated entities of TLIC and indirect wholly owned subsidiaries of Aegon Ltd. Funds managed by TAM are identified by their fund name, which includes reference to Aegon, Transamerica or both. The Separate Account pays management fees to the related funds as detailed in the fund prospectus.

No charges other than those disclosed in Footnote 6 are deducted for the service rendered by related parties.

Contract owners may transfer funds between available subaccount options within the Separate Account. These transfers are performed at unit value at the time of the transfer.

**Transamerica Life Insurance Company** 

**Merrill Lynch Life Variable Annuity Separate Account D** 

**Notes to Financial Statements** 

**December 31, 2025** 

**10. Segment Reporting** 

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

The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the Summary of Significant Accounting Policies (see note 2). The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant expenses principle and the existing segment requirements as of December 31, 2025 and for the year ended December 31, 2025 and December 31, 2024.