# EDGAR Filing Document

**Accession Number:** 0000853285
**File Stem:** 0001193125-26-176919
**Filing Date:** 2026-4
**Character Count:** 907969
**Document Hash:** 22300cd4a547afe44689523dac7414f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-176919.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-176919

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE LIFE VARIABLE ACCOUNT F
- **CENTRAL INDEX KEY:** 0000853285

**ORGANIZATION NAME:**
- **EIN:** 042461439
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05846
- **FILM NUMBER:** 26893264

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 TRAPELO ROAD
- **STREET 2:** 230 THIRD AVENUE, 6TH FLOOR
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451
- **BUSINESS PHONE:** 7817908774

**MAIL ADDRESS:**
- **STREET 1:** 1601 TRAPELO ROAD
- **STREET 2:** 230 THIRD AVENUE, 6TH FLOOR
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUN LIFE OF CANADA U S VARIABLE ACCOUNT F
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### DELAWARE LIFE VARIABLE ACCOUNT F (Series ID: S000008074)

| Class ID   | Class Name                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000021925 | Regatta                                                                 |  |
| C000021926 | Masters Extra, Futurity Select Incentive and Columbia All-Star Extra    |  |
| C000021927 | Masters Access, Futurity Select Freedom and Columbia All-Star Freedom   |  |
| C000021928 | Masters Choice, Futurity Select Seven, and Columbia All-Star Traditions |  |
| C000021929 | Regatta Flex II                                                         |  |
| C000021930 | Masters IV                                                              |  |
| C000021931 | Masters VII                                                             |  |
| C000021932 | Futurity                                                                |  |
| C000021933 | Regatta Gold, Regatta Platinum and Futurity II                          |  |
| C000021934 | Regatta Classic and Futurity Focus                                      |  |
| C000021935 | Regatta Extra and Futurity Accolade                                     |  |
| C000021936 | Regatta Choice and Futurity III                                         |  |
| C000021937 | Regatta Access and Futurity Focus II                                    |  |
| C000021938 | Regatta Flex 4 and Futurity Select Four                                 |  |
| C000021939 | Masters Flex, Futurity Select Four Plus and Columbia All-Star           |  |
| C000021940 | Regatta Choice II                                                       |  |
| C000092926 | Masters Choice II                                                       |  |
| C000092928 | Masters Extra II                                                        |  |
| C000092930 | Masters Flex II                                                         |  |
| C000092943 | Masters I Shares                                                        |  |
| C000204561 | Masters Prime                                                           |  |
| C000221210 | Delaware Life Accelerator Prime Variable Annuity                        |  |

Delaware Life

Variable Account F – Regatta

Financial Statements as of and for the Year Ended December 31, 2025 and Report of Independent Registered Public Accounting Firm

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**Index** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Page(s)** | **Page(s)** |
|  **[Report of Independent Registered Public Accounting Firm](#regtoc74573_1)** |  | 1-8 |
|  **Financial Statements** |  |  |
|  [Statement of Assets and Liabilities](#regtoc74573_2) |  | 9-17 |
|  [Statement of Operations](#regtoc74573_3) |  | 18-76 |
|  [Statements of Changes in Net Assets](#regtoc74573_4) |  | 77-166 |
|  [Notes to the Financial Statements](#regtoc74573_5) |  | 167-206 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Delaware Life Insurance Company and Contract Owners of Delaware Life Variable Account F - Regatta:

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities of the sub-accounts listed in the Appendix that comprise Delaware Life Variable Account F - Regatta (the Sub-Accounts), as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds; when replies were not received from the transfer agents, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Delaware Life Insurance Company separate account investment companies since 2021.

Boston, Massachusetts

April 23, 2026

------

**Appendix** 

Unless noted otherwise, statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and statements of changes in net assets for each of the years in the two-year period then ended.

AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1)

AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5)

AB VPS Relative Value Portfolio Class B Sub-Account (A71)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

AB VPS International Value Portfolio (Class B) Sub-Account (A98)

AB VPS Large Cap Growth (Class B) Sub-Account (AC4)

AB VPS Small Cap Growth Portfolio Class B Sub-Account (A19)

AB VPS Discovery Value Portfolio (Class B) Sub-Account (A74)

American Funds Growth Fund - Class 4 Sub-Account (AP0)

American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1)

American Funds International Fund - Class 4 Sub-Account (AQ2)

American Funds IS Asset Allocation - Class 4 Sub-Account (AS3)

American Funds IS Global Growth - Class 4 Sub-Account (AS6)

American Funds New World Fund - Class 4 Sub-Account (AQ3)

AFIS-American Funds Global Balanced Fund Class 4 Sub-Account (AX1)

BlackRock 60/40 Target Allocation ETF VI Fund Class III Sub-Account (B21)

BlackRock Capital Appreciation V.I. Fund Class III Sub-Account (B19)

BlackRock Equity Dividend V.I. Fund Class III Sub-Account (B20)

BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)

BlackRock Large Cap Growth Equity V.I. Fund Class III Sub Account (B22)

BlackRock Total Return V.I.Fund Class III Sub-Account (B23)

ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33)

ClearBridge Variable Appreciation Portfolio Class II Sub-Account (L34)

ClearBridge Variable Dividend Strategy Portfolio Class II Sub-Account (L35)

Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71)

Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59)

------

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)

CTIVP – Principal Large Cap Growth Fund Class 1 Sub-Account (C89) (2)

CTIVP – Principal Large Cap Growth Fund Class 2 Sub-Account (C90) (3)

Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58)

Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91)

Columbia VP Balanced Fund Class 2 Sub-Account (C92)

Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)

Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88)

Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9)

Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)

Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)

First Eagle Overseas Variable Fund Sub-Account (FE3)

First Trust Capital Strength VIT Portfolio Class I Sub-Account (F17)

First Trust International Developed Capital Strength VIT Portfolio Class I Sub-Account (F18)

First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19)

Franklin Multi-Asset Variable Conservative Growth Fund Class II Sub-Account (L36)

Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21)

Franklin Templeton Developing Markets VIP Fund Class 4 Sub-Account (S23)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)

Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6)

Franklin Templeton Allocation VIP Fund Class 4 Sub-Account (S18)

Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)

Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)

Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)

Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8)

Franklin Templeton Rising Dividends VIP Fund Class 4 Sub-Account (S21)

------

Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53)

Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9)

Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28)

Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0)

Goldman Sachs VIT U.S. Equity Insights Fund – Service Class Sub-Account (G03)

Invesco V.I. American Value Fund Series II Sub-Account (V35)

Invesco V.I. Comstock Fund Series II Sub-Account (V13)

Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3)

Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)

Invesco V.I. Discovery Mid Cap Growth Fund Series II Sub-Account (V17)

Invesco V.I. Diversified Dividend Fund Series II Sub-Account (V19)

Invesco V.I. Equally-Weighted S&P 500 Sub-Account (V20)

Janus Henderson VIT Balanced Portfolio Service Shares Sub-Account (MV1)

Janus Henderson VIT Enterprise Portfolio Service Shares Sub-Account (MV2)

Janus Henderson VIT Global Tech & Innovation Portfolio Service Shares Sub-Account (MV3)

Janus Henderson VIT Mid Cap Value Portfolio Service Shares Sub-Account (MV4)

LVIP JPMorgan Core Bond Fund Service Class Sub-Account (J88)

LVIP JPMorgan U.S. Equity Fund Service Class Sub-Account (J94)

Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11)

Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42)

Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16)

Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18)

Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17)

Lord Abbett Series Short Duration Income Portfolio VC Sub-Account (L19)

MFS VIT Total Return Series Initial Class Sub-Account (M07)

MFS VIT Total Return Series Service Class Sub-Account (M35)

MFS VIT I Growth Series Initial Class Sub-Account (M31)

MFS VIT I Growth Series Service Class Sub-Account (M80)

------

MFS VIT I Investors Trust Series - Service Class Sub-Account (M10)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)

MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05)

MFS VIT I New Discovery Series Service Class Sub-Account (M42)

MFS VIT I Total Return Bond Series Service Class Sub-Account (M89)

MFS VIT I Research Series Service Class Sub-Account (M82)

MFS VIT I Utilities Series Initial Class Sub-Account (M44)

MFS VIT I Utilities Series Service Class Sub-Account (M40)

MFS VIT I Value Series Initial Class Sub-Account (M83)

MFS VIT I Value Series Service Class Sub-Account (M08)

MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)

MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0)

MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)

MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2)

MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1)

MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3)

MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1)

MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4)

MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5)

MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6)

MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7)

MFS VIT II Global Research Portfolio I Class Sub-Account (MC8)

MFS VIT II Global Research Portfolio S Class Sub-Account (MC9)

MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0)

MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)

------

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)

MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)

MFS VIT II International Growth Portfolio I Class Sub-Account (M97)

MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)

MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98)

MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)

MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9)

MFS VIT II Research International Portfolio I Class Sub-Account (ME2)

MFS VIT II Research International Portfolio S Class Sub-Account (ME3)

MFS VIT II Income Portfolio I Class Sub-Account (MA5)

MFS VIT II Income Portfolio S Class Sub-Account (MA7)

MFS VIT II Technology Portfolio I Class Sub-Account (ME4)

MFS VIT II Technology Portfolio S Class Sub-Account (MA2)

MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-Account (MF3)

MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)

MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7)

MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9)

MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1)

MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)

MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)

MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4)

MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6)

MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7)

Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account (U43) (4)

------

Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio, Class II Sub-Account (U41)

Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44)

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43)

Invesco V.I. Discovery Large Cap Fund-Series II Sub- Account (O19) (5)

Invesco V.I. Conservative Balanced Fund, Series II Sub-Account (O23) (6)

Invesco V.I. Global Fund, Series II Sub-Account (O20)

Invesco V.I. Main Street Fund, Series II Sub-Account (O21)

Invesco V.I. Main Street Small Cap Fund, Series II Sub-Account (O04)

PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2)

PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08)

PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0)

PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70)

PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)

PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20)

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5)

PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)

PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68)

Putnam VT Large Cap Value Fund Class IB Sub-Account (P72)

Putnam VT George Putnam Balanced Fun - Class IB Sub-Account (P88)

Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93)

Putnam VT Global Health Care Fund - Class IB Sub-Account (P89)

Putnam VT Income Fund - Class IB Sub-Account (P95)

Putnam VT Research Fund - Class IB Sub-Account (P79)

Putnam VT Sustainable Future Fund Class IB Sub-Account (P80)

Putnam VT Sustainable Leaders Fund Class IB Sub-Account (P81)

T. Rowe Price Blue Chip Growth Portfolio II Sub-Account (TBD)

------

T. Rowe Price Equity Income Portfolio II Sub-Account (TBE)

T. Rowe Price Health Sciences Portfolio II Sub-Account (TBF)

TOPS Aggressive Growth ETF Portfolio Sub-Account (TP1)

TOPS Balanced ETF Portfolio Sub-Account (TP2)

TOPS Conservative ETF Portfolio Sub-Account (TP3)

TOPS Growth ETF Portfolio Sub-Account (TP4)

TOPS Moderate Growth ETF Portfolio Sub-Account (TP5)

Columbia Variable Portfolio - Acorn Fund Sub-Account (W42) (7)

Western Asset Variable Core Bond Plus II Sub-Account (W50)

*(1)* *Statement of assets and liabilities as of December 31, 2025, statement of changes in net assets for the year ended December 31, 2025, and statement of changes in net assets for the period January 1, 2024 to April 15, 2024.* 

*(2)* *Formerly CTIVP - Principal Blue Chip Growth Fund Class 1 Sub-Account.* 

*(3)* *Formerly CTIVP - Principal Blue Chip Growth Fund Class 2 Sub-Account.* 

*(4)* *Statement of assets and liabilities as of December 31, 2025, statement of changes in net assets for the year ended December 31, 2025, and statement of changes in net assets for the period January 1, 2024 to December 6, 2024.* 

*(5)* *Formerly Invesco V.I. Capital Appreciation Fund - Series II Sub-Account.* 

*(6)* *Statement of assets and liabilities as of December 31, 2025, statement of changes in net assets for the year ended December 31, 2025, and statement of changes in net assets for the period January 1, 2024 to April 26, 2024.* 

*(7)* *Formerly Wanger Acorn Sub-Account.* 

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Receivable<br>from Sponsor | Dividend<br>Receivable | Total Assets | Payable to<br>Sponsor |<br>Net Assets |
|  AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1) | 2542736 | $23572944 | $24995098 | $— | $— | $24995098 | $— | $24995098 |
|  AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5) | 3828751 | 37172163 | 41465376 |  |  | 41465376 | 200 | 41465176 |
|  AB VPS Relative Value Portfolio Class B Sub-Account (A71) | 38331 | 1137568 | 1182499 |  |  | 1182499 |  | 1182499 |
|  AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹ |  |  |  |  |  |  |  |  |
|  AB VPS International Value Portfolio (Class B) Sub-Account (A98) | 834361 | 11603643 | 17371399 |  |  | 17371399 | 5237 | 17366162 |
|  AB VPS Large Cap Growth (Class B) Sub-Account (AC4) | 278922 | 20121200 | 22726566 |  |  | 22726566 |  | 22726566 |
|  AB VPS Small Cap Growth Portfolio Class B Sub-Account (A19) | 777808 | 6568457 | 7669186 |  |  | 7669186 |  | 7669186 |
|  AB VPS Discovery Value Portfolio (Class B) Sub-Account (A74) | 841803 | 14734009 | 13712961 | 2763 |  | 13715724 |  | 13715724 |
|  American Funds Growth Fund - Class 4 Sub-Account (AP0) | 668297 | 69616121 | 89812484 |  |  | 89812484 |  | 89812484 |
|  American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1) | 584335 | 34127199 | 37847352 |  |  | 37847352 |  | 37847352 |
|  American Funds International Fund - Class 4 Sub-Account (AQ2) | 375017 | 6774130 | 8186627 |  |  | 8186627 |  | 8186627 |
|  American Funds IS Asset Allocation - Class 4 Sub-Account (AS3) | 5932272 | 145350555 | 158806921 |  |  | 158806921 |  | 158806921 |
|  American Funds IS Global Growth - Class 4 Sub-Account (AS6) | 526208 | 18330042 | 19759130 |  |  | 19759130 |  | 19759130 |
|  American Funds New World Fund - Class 4 Sub-Account (AQ3) | 143471 | 3817398 | 4549448 |  |  | 4549448 |  | 4549448 |
|  AFIS-American Funds Global Balanced Fund Class 4 Sub-Account (AX1) | 1361696 | 17068848 | 19145437 |  |  | 19145437 |  | 19145437 |
|  BlackRock 60/40 Target Allocation ETF VI Fund Class III Sub-Account (B21) | 2058606 | 28188421 | 30282090 |  |  | 30282090 |  | 30282090 |
|  BlackRock Capital Appreciation V.I. Fund Class III Sub-Account (B19) | 1416937 | 11077282 | 9762699 |  |  | 9762699 |  | 9762699 |
|  BlackRock Equity Dividend V.I. Fund Class III Sub-Account (B20) | 314964 | 3523640 | 3609484 |  |  | 3609484 |  | 3609484 |
|  BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18) | 18868918 | 265710156 | 251711371 | 113333 |  | 251824704 |  | 251824704 |
|  BlackRock Large Cap Growth Equity V.I. Fund Class III Sub Account (B22) | 142086 | 2802617 | 2968182 |  |  | 2968182 |  | 2968182 |
|  BlackRock Total Return V.I.Fund Class III Sub-Account (B23) | 149420 | 1494709 | 1510637 |  | 6797 | 1517434 |  | 1517434 |
|  ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33) | 180295 | 4168813 | 4238733 |  |  | 4238733 |  | 4238733 |
|  ClearBridge Variable Appreciation Portfolio Class II Sub-Account (L34) | 21636 | 1296865 | 1335620 |  |  | 1335620 |  | 1335620 |
|  ClearBridge Variable Dividend Strategy Portfolio Class II Sub-Account (L35) | 109849 | 2433330 | 2243122 |  |  | 2243122 |  | 2243122 |
|  Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71) | 792 | 9660 | 9851 |  |  | 9851 |  | 9851 |
|  Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59) | 723 | 33532 | 41111 |  |  | 41111 |  | 41111 |
|  Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) | 757448 | 23408383 | 41409675 |  |  | 41409675 | 36289 | 41373386 |
|  CTIVP <sup>®</sup>– Principal Large Cap Growth Fund Class 1 Sub-Account (C89)² | 2343 | 129449 | 191010 |  |  | 191010 |  | 191010 |
|  CTIVP <sup>®</sup>– Principal Large Cap Growth Fund Class 2 Sub-Account (C90)² | 167857 | 7497936 | 13165016 | 10237 |  | 13175253 |  | 13175253 |
|  Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58) | 168859 | 2105837 | 2988797 |  |  | 2988797 |  | 2988797 |
|  Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91) | 159532 | 5791939 | 8605141 |  |  | 8605141 |  | 8605141 |
|  Columbia VP Balanced Fund Class 2 Sub-Account (C92) | 663906 | 29650306 | 35970447 |  |  | 35970447 |  | 35970447 |
|  Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7) | 3398408 | 72751761 | 86489493 | 70 |  | 86489563 |  | 86489563 |
|  Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) | 1883702 | 91753737 | 107107273 | 30466 |  | 107137739 | 5050 | 107132689 |
|  Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88) | 94912 | 1158642 | 1141791 |  |  | 1141791 |  | 1141791 |
|  Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9) | 531537 | 6539034 | 6319973 |  |  | 6319973 |  | 6319973 |
|  Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15) | 703657 | 9227188 | 9239016 | 340 |  | 9239356 | 10 | 9239346 |
|  Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41) | 1360913 | 47540935 | 47863293 | 92100 |  | 47955393 |  | 47955393 |
|  First Eagle Overseas Variable Fund Sub-Account (FE3) | 4995126 | 120686053 | 139463923 | 135032 |  | 139598955 | 1 | 139598954 |
|  First Trust Capital Strength VIT Portfolio Class I Sub-Account (F17) | 166959 | 2204598 | 2447615 |  |  | 2447615 |  | 2447615 |
|  First Trust International Developed Capital Strength VIT Portfolio Class I Sub-Account (F18) | 99782 | 1272301 | 1412911 |  |  | 1412911 |  | 1412911 |
|  First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19) | 789777 | 10332105 | 10401359 |  |  | 10401359 |  | 10401359 |
|  Franklin Multi-Asset Variable Conservative Growth Fund Class II Sub-Account (L36) | 71944 | 1007039 | 1087790 |  |  | 1087790 |  | 1087790 |
|  Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21) | 1083453 | 9520486 | 13088117 |  |  | 13088117 | 3714 | 13084403 |
|  Franklin Templeton Developing Markets VIP Fund Class 4 Sub-Account (S23) | 114829 | 1068028 | 1398615 |  |  | 1398615 |  | 1398615 |
|  Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) | 2924512 | 38469345 | 47435582 |  |  | 47435582 | 7116 | 47428466 |
|  Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6) | 2778122 | 13689887 | 15390797 |  |  | 15390797 |  | 15390797 |
|  Franklin Templeton Allocation VIP Fund Class 4 Sub-Account (S18) | 684359 | 3517778 | 3955593 |  |  | 3955593 |  | 3955593 |
|  Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59) | 120310 | 1561139 | 1616966 | 543 |  | 1617509 |  | 1617509 |
|  Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) | 644374 | 6928164 | 9117892 | 2874 |  | 9120766 | 3 | 9120763 |
|  Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59) | 2123269 | 30458148 | 32188757 | 2142 |  | 32190899 |  | 32190899 |
|  Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0) | 2029435 | 30111682 | 31902720 |  |  | 31902720 |  | 31902720 |
|  Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) | 5077202 | 77243057 | 81742949 | 5775 |  | 81748724 |  | 81748724 |
|  Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8) | 95850 | 1505507 | 1567155 |  |  | 1567155 |  | 1567155 |
|  Franklin Templeton Rising Dividends VIP Fund Class 4 Sub-Account (S21) | 231393 | 6302857 | 6492886 |  |  | 6492886 |  | 6492886 |
|  Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53) | 935600 | 11869633 | 12976775 | 651 |  | 12977426 |  | 12977426 |
|  Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9) | 305280 | 4249514 | 4454028 |  |  | 4454028 |  | 4454028 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Receivable<br>from Sponsor | Dividend<br>Receivable | Total Assets | Payable to<br>Sponsor |<br>Net Assets |
|  Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28) | 653858 | $6153607 | $5969725 | $761 | $— | $5970486 | $— | $5970486 |
|  Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0) | 4875 | 49704 | 46167 |  |  | 46167 |  | 46167 |
|  Goldman Sachs VIT U.S. Equity Insights Fund - Service Class Sub-Account (G03) | 163621 | 3500688 | 3606218 |  |  | 3606218 |  | 3606218 |
|  Invesco V.I. American Value Fund Series II Sub-Account (V35) | 191528 | 2848445 | 3401537 | 951 |  | 3402488 |  | 3402488 |
|  Invesco V.I. Comstock Fund Series II Sub-Account (V13) | 687196 | 12888215 | 14630396 | 2949 |  | 14633345 |  | 14633345 |
|  Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3) | 363962 | 2133866 | 2100061 |  |  | 2100061 |  | 2100061 |
|  Invesco V.I. Equity and Income Fund Series II Sub-Account (V11) | 7379484 | 124784300 | 133716251 | 437 |  | 133716688 | 674 | 133716014 |
|  Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1) | 35614 | 1167385 | 1260373 |  |  | 1260373 | 3 | 1260370 |
|  Invesco V.I. Discovery Mid Cap Growth Fund Series II Sub-Account (V17) | 94382 | 5467853 | 5984736 |  |  | 5984736 |  | 5984736 |
|  Invesco V.I. Diversified Dividend Fund Series II Sub-Account (V19) | 42106 | 1038269 | 1132219 |  |  | 1132219 |  | 1132219 |
|  Invesco V.I. Equally-Weighted S&P 500 Sub-Account (V20) | 618244 | 16133551 | 16939886 |  |  | 16939886 |  | 16939886 |
|  Janus Henderson VIT Balanced Portfolio Service Shares Sub-Account (MV1) | 2802617 | 139037121 | 166699669 |  |  | 166699669 |  | 166699669 |
|  Janus Henderson VIT Enterprise Portfolio Service Shares Sub-Account (MV2) | 96790 | 6740860 | 7099530 |  |  | 7099530 |  | 7099530 |
|  Janus Henderson VIT Global Tech & Innovation Portfolio Service Shares Sub-Account (MV3) | 744785 | 13013030 | 17830164 |  |  | 17830164 |  | 17830164 |
|  Janus Henderson VIT Mid Cap Value Portfolio Service Shares Sub-Account (MV4) | 134744 | 2216334 | 2261005 |  |  | 2261005 |  | 2261005 |
|  LVIP JPMorgan Core Bond Fund Service Class Sub-Account (J88) | 2846593 | 29095449 | 27919383 |  |  | 27919383 | 120 | 27919263 |
|  LVIP JPMorgan U.S. Equity Fund Service Class Sub-Account (J94) | 282954 | 10767329 | 13687335 |  |  | 13687335 | 6533 | 13680802 |
|  Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11) | 624080 | 12185635 | 18647514 |  |  | 18647514 | 2205 | 18645309 |
|  Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42) | 44879 | 584048 | 650291 |  |  | 650291 |  | 650291 |
|  Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16) | 525658 | 5709954 | 5577231 |  |  | 5577231 |  | 5577231 |
|  Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18) | 1250984 | 12844493 | 13898436 | 524 |  | 13898960 |  | 13898960 |
|  Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17) | 1139134 | 18373735 | 21620771 | 976 |  | 21621747 |  | 21621747 |
|  Lord Abbett Series Short Duration Income Portfolio VC Sub-Account (L19) | 165661 | 2198982 | 2196670 |  |  | 2196670 |  | 2196670 |
|  MFS VIT Total Return Series Initial Class Sub-Account (M07) | 9004668 | 211899425 | 210078904 | 8 |  | 210078912 | 1089369 | 208989543 |
|  MFS VIT Total Return Series Service Class Sub-Account (M35) | 7758849 | 178644344 | 175660336 | 31972 |  | 175692308 |  | 175692308 |
|  MFS VIT I Growth Series Initial Class Sub-Account (M31) | 2144363 | 135006449 | 145495020 | 74749 |  | 145569769 |  | 145569769 |
|  MFS VIT I Growth Series Service Class Sub-Account (M80) | 399231 | 23136462 | 24225342 | 49116 |  | 24274458 |  | 24274458 |
|  MFS VIT I Investors Trust Series - Service Class Sub-Account (M10) | 13489 | 421058 | 344922 |  |  | 344922 |  | 344922 |
|  MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) | 1994521 | 18453435 | 15916275 | 17342 |  | 15933617 |  | 15933617 |
|  MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41) | 4192913 | 31801167 | 27547441 |  |  | 27547441 | 4894 | 27542547 |
|  MFS VIT I New Discovery Series Initial Class Sub-Account (M05) | 1955579 | 30977116 | 30507025 | 12334 |  | 30519359 |  | 30519359 |
|  MFS VIT I New Discovery Series Service Class Sub-Account (M42) | 2173833 | 23026644 | 26303376 |  |  | 26303376 | 4404 | 26298972 |
|  MFS VIT I Total Return Bond Series Service Class Sub-Account (M89) | 21259059 | 265734686 | 245329538 | 42959 |  | 245372497 |  | 245372497 |
|  MFS VIT I Research Series Service Class Sub-Account (M82) | 2754717 | 82242518 | 82200760 | 805 |  | 82201565 | 9420 | 82192145 |
|  MFS VIT I Utilities Series Initial Class Sub-Account (M44) | 1655495 | 55194202 | 62461829 |  |  | 62461829 | 92497 | 62369332 |
|  MFS VIT I Utilities Series Service Class Sub-Account (M40) | 871162 | 28873160 | 32076186 | 101366 |  | 32177552 | 15 | 32177537 |
|  MFS VIT I Value Series Initial Class Sub-Account (M83) | 6698327 | 137546858 | 149104761 | 2739 |  | 149107500 |  | 149107500 |
|  MFS VIT I Value Series Service Class Sub-Account (M08) | 3330758 | 66420356 | 71844468 | 18370 |  | 71862838 |  | 71862838 |
|  MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6) | 3701489 | 203868439 | 225124535 |  |  | 225124535 | 390427 | 224734108 |
|  MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) | 666731 | 36423975 | 39803847 | 51990 |  | 39855837 |  | 39855837 |
|  MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0) | 2654637 | 28618605 | 25590704 |  |  | 25590704 | 24361 | 25566343 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Receivable<br>from Sponsor | Dividend<br>Receivable | Total Assets | Payable to<br>Sponsor |<br>Net Assets |
|  MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0) | 7168041 | $74054343 | $67953025 | $820 | $— | $67953845 | $3084 | $67950761 |
|  MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2) | 2680536 | 71950117 | 85321470 |  |  | 85321470 | 51822 | 85269648 |
|  MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1) | 1427576 | 39586714 | 44440448 |  |  | 44440448 | 14931 | 44425517 |
|  MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3) | 561428 | 7963589 | 9909197 | 5443 |  | 9914640 |  | 9914640 |
|  MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1) | 556366 | 7497792 | 9636251 | 368 |  | 9636619 |  | 9636619 |
|  MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4) | 431970 | 4354013 | 3801337 |  |  | 3801337 | 606 | 3800731 |
|  MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5) | 60685 | 576441 | 520679 |  |  | 520679 |  | 520679 |
|  MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6) | 1349368 | 36661663 | 35299458 |  |  | 35299458 | 58654 | 35240804 |
|  MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7) | 405710 | 11014991 | 10499779 |  |  | 10499779 | 4269 | 10495510 |
|  MFS VIT II Global Research Portfolio I Class Sub-Account (MC8) | 1795896 | 56728673 | 62658829 | 162456 |  | 62821285 |  | 62821285 |
|  MFS VIT II Global Research Portfolio S Class Sub-Account (MC9) | 94160 | 2836059 | 3263602 |  |  | 3263602 | 6843 | 3256759 |
|  MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0) | 1598477 | 23185858 | 23225866 | 74042 |  | 23299908 |  | 23299908 |
|  MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92) | 20017462 | 286191966 | 283847614 | 131479 |  | 283979093 |  | 283979093 |
|  MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) | 3416188 | 39946912 | 36963157 | 13464 |  | 36976621 |  | 36976621 |
|  MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) | 8436288 | 97820685 | 90774456 |  |  | 90774456 | 1413 | 90773043 |
|  MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) | 4731936 | 24753981 | 24085553 | 58233 |  | 24143786 |  | 24143786 |
|  MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) | 3915165 | 20272440 | 19654129 |  |  | 19654129 | 19078 | 19635051 |
|  MFS VIT II International Growth Portfolio I Class Sub-Account (M97) | 1415186 | 20676154 | 25388432 | 22971 |  | 25411403 |  | 25411403 |
|  MFS VIT II International Growth Portfolio S Class Sub-Account (MD5) | 538331 | 7700341 | 9474631 | 9371 |  | 9484002 | 9881 | 9474121 |
|  MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98) | 763623 | 22201164 | 28231141 | 19895 |  | 28251036 |  | 28251036 |
|  MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93) | 1402023 | 42219548 | 50683115 | 7671 |  | 50690786 | 18538 | 50672248 |
|  MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) | 11969253 | 266437494 | 269906659 | 2020461 |  | 271927120 |  | 271927120 |
|  MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) | 1239122 | 26608155 | 27099600 |  |  | 27099600 | 15182 | 27084418 |
|  MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) | 32337307 | 32337307 | 32337307 | 7159 |  | 32344466 | 682 | 32343784 |
|  MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9) | 83555973 | 83555973 | 83555973 | 2126 |  | 83558099 | 6498 | 83551601 |
|  MFS VIT II Research International Portfolio I Class Sub-Account (ME2) | 640237 | 10520027 | 13195276 | 2341 |  | 13197617 |  | 13197617 |
|  MFS VIT II Research International Portfolio S Class Sub-Account (ME3) | 1229092 | 19991850 | 24913702 |  |  | 24913702 | 5596 | 24908106 |
|  MFS VIT II Income Portfolio I Class Sub-Account (MA5) | 1974317 | 18034644 | 16860667 | 64106 |  | 16924773 |  | 16924773 |
|  MFS VIT II Income Portfolio S Class Sub-Account (MA7) | 223384 | 2082051 | 1889830 |  |  | 1889830 | 2932 | 1886898 |
|  MFS VIT II Technology Portfolio I Class Sub-Account (ME4) | 534977 | 14008490 | 22490416 | 55942 |  | 22546358 |  | 22546358 |
|  MFS VIT II Technology Portfolio S Class Sub-Account (MA2) | 595111 | 17441585 | 22590391 |  |  | 22590391 |  | 22590391 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Receivable<br>from Sponsor | Dividend<br>Receivable | Total Assets | Payable to<br>Sponsor |<br>Net Assets |
|  MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-Account (MF3) | 4173868 | $38792127 | $38357848 | $— | $— | $38357848 | $18596 | $38339252 |
|  MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5) | 21559195 | 224956896 | 212573654 | 32053 |  | 212605707 |  | 212605707 |
|  MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) | 68743 | 918400 | 872349 |  |  | 872349 | 2152 | 870197 |
|  MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7) | 2094115 | 33636212 | 32584436 |  |  | 32584436 | 7133 | 32577303 |
|  MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9) | 20280149 | 215942432 | 216591999 | 431745 |  | 217023744 |  | 217023744 |
|  MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1) | 7979337 | 74351204 | 63675106 | 37409 |  | 63712515 |  | 63712515 |
|  MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2) | 11417585 | 116271554 | 116687714 |  |  | 116687714 | 17893 | 116669821 |
|  MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2) | 6360322 | 64658318 | 65002489 | 6727 |  | 65009216 |  | 65009216 |
|  MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) | 1633967 | 14231459 | 16519408 |  |  | 16519408 | 985 | 16518423 |
|  MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4) | 1573902 | 14026388 | 15628849 | 737 |  | 15629586 | 2112 | 15627474 |
|  MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6) | 68055930 | 809984970 | 770393130 | 1 |  | 770393131 | 738600 | 769654531 |
|  MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7) | 1173775 | 9515181 | 8474649 | 688 |  | 8475337 |  | 8475337 |
|  Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account (U43) ¹ |  |  |  |  |  |  |  |  |
|  Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio, Class II Sub-Account (U41) | 286249 | 2541177 | 2956959 |  |  | 2956959 |  | 2956959 |
|  Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44) | 1862221 | 19362659 | 37337517 |  |  | 37337517 |  | 37337517 |
|  Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43) | 592582 | 2385302 | 3810299 | 791 |  | 3811090 | 9398 | 3801692 |
|  Invesco V.I. Discovery Large Cap Fund-Series II Sub- Account (O19) ² | 199553 | 8907290 | 11823493 | 1321 |  | 11824814 |  | 11824814 |
|  Invesco V.I. Conservative Balanced Fund, Series II Sub-Account (O23) ¹ |  |  |  |  |  |  |  |  |
|  Invesco V.I. Global Fund, Series II Sub-Account (O20) | 238546 | 8292914 | 8659202 | 693 |  | 8659895 |  | 8659895 |
|  Invesco V.I. Main Street Fund, Series II Sub-Account (O21) | 4409462 | 74649423 | 94582959 |  |  | 94582959 | 35415 | 94547544 |
|  Invesco V.I. Main Street Small Cap Fund, Series II Sub-Account (O04) | 121939 | 2946333 | 3378942 |  |  | 3378942 |  | 3378942 |
|  PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2) | 23065 | 158491 | 205971 |  |  | 205971 |  | 205971 |
|  PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08) | 1225608 | 11796598 | 11741325 | 82 |  | 11741407 |  | 11741407 |
|  PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0) | 805428 | 8057692 | 7860977 |  |  | 7860977 |  | 7860977 |
|  PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70) | 535889 | 3522452 | 3440410 |  |  | 3440410 |  | 3440410 |
|  PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10) | 2212330 | 13336891 | 13915553 | 36323 |  | 13951876 |  | 13951876 |
|  PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) | 393388 | 4573116 | 4492486 | 1848 |  | 4494334 |  | 4494334 |
|  PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20) | 8277 | 98115 | 94524 |  |  | 94524 |  | 94524 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5) | 99933 | 1003006 | 1003325 |  |  | 1003325 |  | 1003325 |
|  PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6) | 19928856 | 207265236 | 233765476 | 172011 |  | 233937487 |  | 233937487 |
|  PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) | 1509769 | 18956158 | 18132323 | 1314 |  | 18133637 |  | 18133637 |
|  PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) | 8591335 | 87075921 | 81188114 |  |  | 81188114 | 4327 | 81183787 |
|  PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68) | 798742 | 7763126 | 7548105 |  |  | 7548105 |  | 7548105 |
|  Putnam VT Large Cap Value Fund Class IB Sub-Account (P72) | 673234 | 19239553 | 24027739 |  |  | 24027739 |  | 24027739 |
|  Putnam VT George Putnam Balanced Fun - Class IB Sub-Account (P88) | 2531265 | 38372003 | 43006190 |  |  | 43006190 |  | 43006190 |
|  Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93) | 261591 | 5222130 | 5200444 |  |  | 5200444 |  | 5200444 |
|  Putnam VT Global Health Care Fund - Class IB Sub-Account (P89) | 225814 | 3610211 | 3795925 |  |  | 3795925 |  | 3795925 |
|  Putnam VT Income Fund - Class IB Sub-Account (P95) | 188078 | 1559297 | 1540365 |  |  | 1540365 |  | 1540365 |
|  Putnam VT Research Fund - Class IB Sub-Account (P79) | 132754 | 4585527 | 6287255 |  |  | 6287255 |  | 6287255 |
|  Putnam VT Sustainable Future Fund Class IB Sub-Account (P80) | 66504 | 892027 | 978280 |  |  | 978280 |  | 978280 |
|  Putnam VT Sustainable Leaders Fund Class IB Sub-Account (P81) | 33764 | 1367841 | 1563296 |  |  | 1563296 |  | 1563296 |
| T. Rowe Price Blue Chip Growth Portfolio II Sub-Account (TBD) | 281002 | 13077484 | 17062457 |  |  | 17062457 |  | 17062457 |
| T. Rowe Price Equity Income Portfolio II Sub-Account (TBE) | 201622 | 5831632 | 5778493 |  |  | 5778493 |  | 5778493 |
| T. Rowe Price Health Sciences Portfolio II Sub-Account (TBF) | 138888 | 7172889 | 7504102 |  |  | 7504102 |  | 7504102 |
|  TOPS Aggressive Growth ETF Portfolio Sub-Account (TP1) | 225945 | 4654387 | 5833891 |  |  | 5833891 |  | 5833891 |
|  TOPS Balanced ETF Portfolio Sub-Account (TP2) | 167980 | 2364795 | 2739752 |  |  | 2739752 |  | 2739752 |
|  TOPS Conservative ETF Portfolio Sub-Account (TP3) | 250718 | 3281710 | 3500028 |  |  | 3500028 |  | 3500028 |
|  TOPS Growth ETF Portfolio Sub-Account (TP4) | 150398 | 3276933 | 3761460 |  |  | 3761460 |  | 3761460 |
|  TOPS Moderate Growth ETF Portfolio Sub-Account (TP5) | 963481 | 14808904 | 17410108 |  |  | 17410108 |  | 17410108 |
|  Columbia Variable Portfolio - Acorn Fund Sub-Account (W42) ² | 9478 | 126255 | 150698 |  |  | 150698 |  | 150698 |
|  Western Asset Variable Core Bond Plus II Sub-Account (W50) | 276974 | 1448938 | 1290698 |  |  | 1290698 |  | 1290698 |

---

<sup>1</sup> *This Sub-Account was closed in 2024 due to merger and is not reported in the Statement of Operations.*

<sup>2</sup> *This Sub-Account had a name change in 2025. Refer to Note 1 in the Variable Account's Notes to Financial Statements for more information.*

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  AL1 | 1324764 | $24995098 | $— | $24995098 |
|  AO5 | 2662210 | 41429687 | 35489 | 41465176 |
|  A71 | 85965 | 1182499 |  | 1182499 |
|  AM2 |  |  |  |  |
|  A98 | 1534965 | 17230808 | 135354 | 17366162 |
|  AC4 | 1244323 | 22726566 |  | 22726566 |
|  A19 | 874022 | 7669186 |  | 7669186 |
|  A74 | 781002 | 13680109 | 35615 | 13715724 |
|  AP0 | 4918136 | 89812484 |  | 89812484 |
|  AQ1 | 2198956 | 37847352 |  | 37847352 |
|  AQ2 | 731135 | 8186627 |  | 8186627 |
|  AS3 | 11464145 | 158806921 |  | 158806921 |
|  AS6 | 1400202 | 19759130 |  | 19759130 |
|  AQ3 | 353320 | 4549448 |  | 4549448 |
|  AX1 | 1564484 | 19145437 |  | 19145437 |
|  B21 | 2396083 | 30282090 |  | 30282090 |
|  B19 | 672691 | 9762699 |  | 9762699 |
|  B20 | 256063 | 3609484 |  | 3609484 |
|  B18 | 10815541 | 251222803 | 601901 | 251824704 |
|  B22 | 204023 | 2968182 |  | 2968182 |
|  B23 | 161611 | 1517434 |  | 1517434 |
|  L33 | 399640 | 4238733 |  | 4238733 |
|  L34 | 86358 | 1335620 |  | 1335620 |
|  L35 | 149635 | 2243122 |  | 2243122 |
|  C71 | 251 | 9851 |  | 9851 |
|  C59 | 1051 | 41111 |  | 41111 |
|  C60 | 1088617 | 41130349 | 243037 | 41373386 |
|  C89 | 5697 | 191010 |  | 191010 |
|  C90 | 405268 | 13049567 | 125686 | 13175253 |
|  C58 | 162912 | 2988797 |  | 2988797 |
|  C91 | 503315 | 8605141 |  | 8605141 |
|  C92 | 2720422 | 35970447 |  | 35970447 |
|  FD7 | 2478534 | 86488095 | 1468 | 86489563 |
|  F24 | 1930280 | 106701796 | 430893 | 107132689 |
|  F88 | 57663 | 1141791 |  | 1141791 |
|  FB9 | 286493 | 6319973 |  | 6319973 |
|  F15 | 379762 | 9201581 | 37765 | 9239346 |
|  F41 | 1324103 | 47689113 | 266280 | 47955393 |
|  FE3 | 5944498 | 139221916 | 377038 | 139598954 |
|  F17 | 200088 | 2447615 |  | 2447615 |
|  F18 | 117657 | 1412911 |  | 1412911 |
|  F19 | 932913 | 10401359 |  | 10401359 |
|  L36 | 89961 | 1087790 |  | 1087790 |
|  T21 | 558268 | 13059012 | 25391 | 13084403 |
|  S23 | 121790 | 1398615 |  | 1398615 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  T20 | 1827016 | $47280587 | $147879 | $47428466 |
|  FE6 | 731397 | 15390797 |  | 15390797 |
|  S18 | 333611 | 3955593 |  | 3955593 |
|  T59 | 193359 | 1613938 | 3571 | 1617509 |
|  F56 | 288920 | 9069187 | 51576 | 9120763 |
|  F59 | 1535952 | 32058810 | 132089 | 32190899 |
|  FF0 | 2518802 | 31902720 |  | 31902720 |
|  F54 | 2319889 | 81596213 | 152511 | 81748724 |
|  FG8 | 118269 | 1567155 |  | 1567155 |
|  S21 | 475884 | 6492886 |  | 6492886 |
|  F53 | 222849 | 12952818 | 24608 | 12977426 |
|  FJ9 | 372926 | 4454028 |  | 4454028 |
|  T28 | 398558 | 5903456 | 67030 | 5970486 |
|  FJ0 | 3863 | 46167 |  | 46167 |
|  G03 | 177034 | 3606218 |  | 3606218 |
|  V35 | 84253 | 3397652 | 4836 | 3402488 |
|  V13 | 432393 | 14630531 | 2814 | 14633345 |
|  AB3 | 212942 | 2100061 |  | 2100061 |
|  V11 | 7566728 | 133669336 | 46678 | 133716014 |
|  AC1 | 65757 | 1258662 | 1708 | 1260370 |
|  V17 | 564365 | 5984736 |  | 5984736 |
|  V19 | 80683 | 1132219 |  | 1132219 |
|  V20 | 1287602 | 16939886 |  | 16939886 |
|  MV1 | 12546174 | 166699669 |  | 166699669 |
|  MV2 | 569657 | 7099530 |  | 7099530 |
|  MV3 | 1084209 | 17830164 |  | 17830164 |
|  MV4 | 181251 | 2261005 |  | 2261005 |
|  J88 | 2668154 | 27893850 | 25413 | 27919263 |
|  J94 | 234852 | 13680802 |  | 13680802 |
|  L11 | 1172093 | 18613490 | 31819 | 18645309 |
|  L42 | 55280 | 650291 |  | 650291 |
|  L16 | 523674 | 5577231 |  | 5577231 |
|  L18 | 287826 | 13852218 | 46742 | 13898960 |
|  L17 | 501072 | 21598702 | 23045 | 21621747 |
|  L19 | 209056 | 2196670 |  | 2196670 |
|  M07 | 10257552 | 205700123 | 3289420 | 208989543 |
|  M35 | 9399206 | 173858778 | 1833530 | 175692308 |
|  M31 | 1665511 | 143988709 | 1581060 | 145569769 |
|  M80 | 523734 | 24162806 | 111652 | 24274458 |
|  M10 | 24111 | 344922 |  | 344922 |
|  MF1 | 720026 | 15647159 | 286458 | 15933617 |
|  M41 | 1190793 | 27452916 | 89631 | 27542547 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  M05 | 1302308 | $30064006 | $455353 | $30519359 |
|  M42 | 1162708 | 26244998 | 53974 | 26298972 |
|  M89 | 21791464 | 245019355 | 353142 | 245372497 |
|  M82 | 2068573 | 82112309 | 79836 | 82192145 |
|  M44 | 3410485 | 61437481 | 931851 | 62369332 |
|  M40 | 1930875 | 31966782 | 210755 | 32177537 |
|  M83 | 5444335 | 147661792 | 1445708 | 149107500 |
|  M08 | 2580822 | 71391233 | 471605 | 71862838 |
|  MB6 | 2638168 | 220302318 | 4431790 | 224734108 |
|  MB7 | 594238 | 39604020 | 251817 | 39855837 |
|  MC0 | 1007648 | 25253737 | 312606 | 25566343 |
|  MA0 | 3494947 | 67811751 | 139010 | 67950761 |
|  MC2 | 1300154 | 84444786 | 824862 | 85269648 |
|  MC1 | 1283722 | 44381782 | 43735 | 44425517 |
|  MC3 | 240370 | 9746246 | 168394 | 9914640 |
|  MA1 | 414480 | 9627673 | 8946 | 9636619 |
|  MC4 | 258135 | 3733429 | 67302 | 3800731 |
|  MC5 | 45039 | 520679 |  | 520679 |
|  MC6 | 479247 | 34929350 | 311454 | 35240804 |
|  MC7 | 595642 | 10495510 |  | 10495510 |
|  MC8 | 1086563 | 61900145 | 921140 | 62821285 |
|  MC9 | 83796 | 3120986 | 135773 | 3256759 |
|  MD0 | 607919 | 22856948 | 442960 | 23299908 |
|  M92 | 16940590 | 283612307 | 366786 | 283979093 |
|  M96 | 1938271 | 36174955 | 801666 | 36976621 |
|  MD2 | 7466297 | 90420252 | 352791 | 90773043 |
|  MA6 | 733803 | 23692910 | 450876 | 24143786 |
|  MA3 | 755137 | 19500634 | 134417 | 19635051 |
|  M97 | 594155 | 24974146 | 437257 | 25411403 |
|  MD5 | 316515 | 9417891 | 56230 | 9474121 |
|  M98 | 396087 | 27908184 | 342852 | 28251036 |
|  M93 | 1670998 | 50573875 | 98373 | 50672248 |
|  MD6 | 5002519 | 264941618 | 6985502 | 271927120 |
|  MB3 | 481569 | 27026066 | 58352 | 27084418 |
|  MD8 | 2699038 | 31853996 | 489788 | 32343784 |
|  MD9 | 8906311 | 83398605 | 152996 | 83551601 |
|  ME2 | 442802 | 12989085 | 208532 | 13197617 |
|  ME3 | 753917 | 24850458 | 57648 | 24908106 |
|  MA5 | 744324 | 16589422 | 335351 | 16924773 |
|  MA7 | 95375 | 1886066 | 832 | 1886898 |
|  ME4 | 518174 | 22060393 | 485965 | 22546358 |
|  MA2 | 1117516 | 22590391 |  | 22590391 |
|  MF3 | 1661432 | 38215292 | 123960 | 38339252 |
|  MF5 | 10380680 | 211516501 | 1089206 | 212605707 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  MF6 | 26966 | $869578 | $619 | $870197 |
|  MF7 | 1635821 | 32501484 | 75819 | 32577303 |
|  MF9 | 6375597 | 216275027 | 748717 | 217023744 |
|  MG1 | 5950372 | 63577315 | 135200 | 63712515 |
|  MF2 | 10592218 | 116347126 | 322695 | 116669821 |
|  MG2 | 6086615 | 64941319 | 67897 | 65009216 |
|  MG3 | 455130 | 16469275 | 49148 | 16518423 |
|  MG4 | 594028 | 15623726 | 3748 | 15627474 |
|  MG6 | 27555859 | 768361925 | 1292606 | 769654531 |
|  MG7 | 423149 | 8463888 | 11449 | 8475337 |
|  U43 |  |  |  |  |
|  U41 | 251705 | 2956959 |  | 2956959 |
|  V44 | 2110704 | 37337517 |  | 37337517 |
|  V43 | 78522 | 3797670 | 4022 | 3801692 |
|  O19 | 170471 | 11794955 | 29859 | 11824814 |
|  O23 |  |  |  |  |
|  O20 | 178890 | 8646184 | 13711 | 8659895 |
|  O21 | 1619057 | 94237423 | 310121 | 94547544 |
|  O04 | 50114 | 3378942 |  | 3378942 |
|  PH2 | 7459 | 205971 |  | 205971 |
|  P08 | 595868 | 11741407 |  | 11741407 |
|  PC0 | 491655 | 7860977 |  | 7860977 |
|  P70 | 251677 | 3440410 |  | 3440410 |
|  P10 | 1684472 | 13830626 | 121250 | 13951876 |
|  PK8 | 129814 | 4470603 | 23731 | 4494334 |
|  P20 | 6657 | 94524 |  | 94524 |
|  PM5 | 98441 | 1003325 |  | 1003325 |
|  PD6 | 11617767 | 233160706 | 776781 | 233937487 |
|  P06 | 1049584 | 18084871 | 48766 | 18133637 |
|  P07 | 4779766 | 80980305 | 203482 | 81183787 |
|  P68 | 734045 | 7548105 |  | 7548105 |
|  P72 | 795764 | 24027739 |  | 24027739 |
|  P88 | 3109032 | 43006190 |  | 43006190 |
|  P93 | 388401 | 5200444 |  | 5200444 |
|  P89 | 259557 | 3795925 |  | 3795925 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  | Total Units | Applicable to Owners<br>of Deferred Variable<br>Annuity Contracts<br>Value | Reserve for<br>Variable<br>Annuities | Net Assets |
|  P95 | 159192 | $1540365 | $— | $1540365 |
|  P79 | 290096 | 6287255 |  | 6287255 |
|  P80 | 103306 | 978280 |  | 978280 |
|  P81 | 112397 | 1563296 |  | 1563296 |
|  TBD | 1126810 | 17062457 |  | 17062457 |
|  TBE | 425527 | 5778493 |  | 5778493 |
|  TBF | 672387 | 7504102 |  | 7504102 |
|  TP1 | 445393 | 5833891 |  | 5833891 |
|  TP2 | 236142 | 2739752 |  | 2739752 |
|  TP3 | 312621 | 3500028 |  | 3500028 |
|  TP4 | 293254 | 3761460 |  | 3761460 |
|  TP5 | 1431936 | 17410108 |  | 17410108 |
|  W42 | 4274 | 150698 |  | 150698 |
|  W50 | 132468 | 1290698 |  | 1290698 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | AL1<br>Sub-Account | AO5<br>Sub-Account | A71<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $480046 | $682384 | $8850 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (298987) | (520960) | (8724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (95910) | (166042) | (3580) |
|  Net investment income (loss) | 85149 | (4618) | (3454) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (349255) | (1675032) | (27674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1330508 |  | 82640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 981253 | (1675032) | 54966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2577551 | 6353394 | 37129 |
|  Net realized and change in unrealized gains (losses) | 3558804 | 4678362 | 92095 |
|  **Net increase (decrease) in net assets from operations** | $3643953 | $4673744 | $88641 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A98<br>Sub-Account | AC4<br>Sub-Account | A19<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $375111 | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (221175) | (178832) | (60166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (73041) | (73391) | (24691) |
|  Net investment income (loss) | 80895 | (252223) | (84857) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2012484 | 164718 | (267237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 2039806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2012484 | 2204524 | (267237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3690409 | 389057 | 597942 |
|  Net realized and change in unrealized gains (losses) | 5702893 | 2593581 | 330705 |
|  **Net increase (decrease) in net assets from operations** | $5783788 | $2341358 | $245848 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A74<br>Sub-Account | AP0<br>Sub-Account | AQ1<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $83800 | $98500 | $258991 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (150089) | (655716) | (291729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (54996) | (269097) | (119721) |
|  Net investment income (loss) | (121285) | (826313) | (152459) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2716 | 223155 | 165475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1581218 | 6165178 | 5824377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1583934 | 6388333 | 5989852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1289526) | 8097227 | (443958) |
|  Net realized and change in unrealized gains (losses) | 294408 | 14485560 | 5545894 |
|  **Net increase (decrease) in net assets from operations** | $173123 | $13659247 | $5393435 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | AQ2<br>Sub-Account | AS3<br>Sub-Account | AS6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $86789 | $2672567 | $220343 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (59379) | (1173117) | (151122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (24368) | (481432) | (62019) |
|  Net investment income (loss) | 3042 | 1018018 | 7202 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (51590) | (618983) | (350905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 9615303 | 2148242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (51590) | 8996320 | 1797337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1613959 | 8400962 | 1398497 |
|  Net realized and change in unrealized gains (losses) | 1562369 | 17397282 | 3195834 |
|  **Net increase (decrease) in net assets from operations** | $1565411 | $18415300 | $3203036 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | AQ3<br>Sub-Account | AX1<br>Sub-Account | B21<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $38299 | $218980 | $634094 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (35031) | (142980) | (203623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (14376) | (58677) | (83564) |
|  Net investment income (loss) | (11108) | 17323 | 346907 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (43210) | (60848) | 31250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 166255 | 626050 | 1107290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 123045 | 565202 | 1138540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 850737 | 1842495 | 1699923 |
|  Net realized and change in unrealized gains (losses) | 973782 | 2407697 | 2838463 |
|  **Net increase (decrease) in net assets from operations** | $962674 | $2425020 | $3185370 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | B19<br>Sub-Account | B20<br>Sub-Account | B18<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $56469 | $9930280 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (75072) | (21906) | (3059552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (30809) | (8990) | (994613) |
|  Net investment income (loss) | (105881) | 25573 | 5876115 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (150838) | (16625) | 272626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1145297 | 299144 | 24396741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 994459 | 282519 | 24669367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 78004 | 167506 | 10620402 |
|  Net realized and change in unrealized gains (losses) | 1072463 | 450025 | 35289769 |
|  **Net increase (decrease) in net assets from operations** | $966582 | $475598 | $41165884 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | B22<br>Sub-Account | B23<br>Sub-Account | L33<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $54913 | $433 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (21595) | (11250) | (32376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (8862) | (4617) | (13286) |
|  Net investment income (loss) | (30457) | 39046 | (45229) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 93049 | (27882) | (35226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 478935 | 1602 | 259003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 571984 | (26280) | 223777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (249190) | 63080 | (63630) |
|  Net realized and change in unrealized gains (losses) | 322794 | 36800 | 160147 |
|  **Net increase (decrease) in net assets from operations** | $292337 | $75846 | $114918 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | L34<br>Sub-Account | L35<br>Sub-Account | C71<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3380 | $39756 | $96 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (10291) | (16606) | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (4224) | (6815) | (33) |
|  Net investment income (loss) | (11135) | 16335 | (61) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 23536 | (28539) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 189325 | 287957 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 212861 | 259418 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (46087) | (71615) | (284) |
|  Net realized and change in unrealized gains (losses) | 166774 | 187803 | 1305 |
|  **Net increase (decrease) in net assets from operations** | $155639 | $204138 | $1244 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | C59<br>Sub-Account | C60<br>Sub-Account | C89<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (501) | (531400) | (2307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (134) | (182327) | (622) |
|  Net investment income (loss) | (635) | (713727) | (2929) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1482 | 7136499 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1482 | 7136499 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4531 | (560820) | 22497 |
|  Net realized and change in unrealized gains (losses) | 6013 | 6575679 | 23330 |
|  **Net increase (decrease) in net assets from operations** | $5378 | $5861952 | $20401 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | C90<br>Sub-Account | C58<br>Sub-Account | C91<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $52268 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (164740) | (37642) | (64578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (58723) | (12971) | (26502) |
|  Net investment income (loss) | (223463) | 1655 | (91080) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1894229 | 186392 | 207786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1894229 | 186392 | 207786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (182193) | 717184 | 1701601 |
|  Net realized and change in unrealized gains (losses) | 1712036 | 903576 | 1909387 |
|  **Net increase (decrease) in net assets from operations** | $1488573 | $905231 | $1818307 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | C92<br>Sub-Account | FD7<br>Sub-Account | F24<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $1319725 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (274067) | (1058649) | (1356539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (112473) | (344327) | (452066) |
|  Net investment income (loss) | (386540) | (83251) | (1808605) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 526726 | 4331927 | 9957416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 4553448 | 17295425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 526726 | 8885375 | 27252841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3617986 | 1813330 | (5819810) |
|  Net realized and change in unrealized gains (losses) | 4144712 | 10698705 | 21433031 |
|  **Net increase (decrease) in net assets from operations** | $3758172 | $10615454 | $19624426 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F88<br>Sub-Account | FB9<br>Sub-Account | F15<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $34096 | $172509 | $231354 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (14557) | (81609) | (119196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (5895) | (29176) | (38571) |
|  Net investment income (loss) | 13644 | 61724 | 73587 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (4378) | (104069) | (70011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 14701 | 252115 | 546327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 10323 | 148046 | 476316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 67288 | 378681 | 481231 |
|  Net realized and change in unrealized gains (losses) | 77611 | 526727 | 957547 |
|  **Net increase (decrease) in net assets from operations** | $91255 | $588451 | $1031134 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F41<br>Sub-Account | FE3<br>Sub-Account | F17<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $115363 | $2318190 | $12039 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (616512) | (1757389) | (20572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (209249) | (568902) | (8443) |
|  Net investment income (loss) | (710398) | (8101) | (16976) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 4006381 | 5171288 | 16499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 5688116 | 16685527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 9694497 | 21856815 | 16499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4129749) | 21073785 | 99624 |
|  Net realized and change in unrealized gains (losses) | 5564748 | 42930600 | 116123 |
|  **Net increase (decrease) in net assets from operations** | $4854350 | $42922499 | $99147 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F18<br>Sub-Account | F19<br>Sub-Account | L36<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $15748 | $241839 | $25419 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (9346) | (85945) | (8660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (3836) | (35271) | (3554) |
|  Net investment income (loss) | 2566 | 120623 | 13205 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 26811 | (164834) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 24411 | 557576 | 92870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 51222 | 392742 | 92983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 113917 | (121104) | 1757 |
|  Net realized and change in unrealized gains (losses) | 165139 | 271638 | 94740 |
|  **Net increase (decrease) in net assets from operations** | $167705 | $392261 | $107945 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | T21<br>Sub-Account | S23<br>Sub-Account | T20<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $70632 | $3732 | $1076771 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (167390) | (7852) | (593591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (58226) | (3222) | (221827) |
|  Net investment income (loss) | (154984) | (7342) | 261353 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 97521 | (3659) | 2957174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 220433 | 14290 | 3006580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 317954 | 10631 | 5963754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4628340 | 327290 | 5052008 |
|  Net realized and change in unrealized gains (losses) | 4946294 | 337921 | 11015762 |
|  **Net increase (decrease) in net assets from operations** | $4791310 | $330579 | $11277115 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | FE6<br>Sub-Account | S18<br>Sub-Account | T59<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $309236 | $64878 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (198617) | (30737) | (21537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (61191) | (12615) | (9237) |
|  Net investment income (loss) | 49428 | 21526 | (30774) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (351192) | (6962) | (114509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 652799 | 144793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 301607 | 137831 | (114509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1278210 | 222441 | 355286 |
|  Net realized and change in unrealized gains (losses) | 1579817 | 360272 | 240777 |
|  **Net increase (decrease) in net assets from operations** | $1629245 | $381798 | $210003 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F56<br>Sub-Account | F59<br>Sub-Account | FF0<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $83575 | $1651964 | $1395147 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (116290) | (406371) | (253521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (41803) | (135664) | (103374) |
|  Net investment income (loss) | (74518) | 1109929 | 1038252 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 573968 | (163364) | (320562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 717504 | 347236 | 298642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1291472 | 183872 | (21920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 622265 | 2034655 | 2100081 |
|  Net realized and change in unrealized gains (losses) | 1913737 | 2218527 | 2078161 |
|  **Net increase (decrease) in net assets from operations** | $1839219 | $3328456 | $3116413 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F54<br>Sub-Account | FG8<br>Sub-Account | S21<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1656672 | $28485 | $43235 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (1028907) | (12683) | (50249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (342262) | (5078) | (20621) |
|  Net investment income (loss) | 285503 | 10724 | (27635) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1547951 | (333) | (62243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 8162461 | 146795 | 570990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 9710412 | 146462 | 508747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2456715) | (17316) | 94172 |
|  Net realized and change in unrealized gains (losses) | 7253697 | 129146 | 602919 |
|  **Net increase (decrease) in net assets from operations** | $7539200 | $139870 | $575284 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F53<br>Sub-Account | FJ9<br>Sub-Account | T28<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $148363 | $37960 | $292688 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (166403) | (33696) | (74687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (59070) | (13790) | (26895) |
|  Net investment income (loss) | (77110) | (9526) | 191106 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 110595 | (44019) | (204251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1157100 | 318040 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1267695 | 274021 | (204186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (383035) | (7703) | 335477 |
|  Net realized and change in unrealized gains (losses) | 884660 | 266318 | 131291 |
|  **Net increase (decrease) in net assets from operations** | $807550 | $256792 | $322397 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | FJ0<br>Sub-Account | G03<br>Sub-Account | V35<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2118 | $16373 | $7345 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (607) | (28435) | (43198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (230) | (11669) | (15407) |
|  Net investment income (loss) | 1281 | (23731) | (51260) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (997) | 7935 | 153513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 447229 | 527732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (997) | 455164 | 681245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2079 | 34587 | (18644) |
|  Net realized and change in unrealized gains (losses) | 1082 | 489751 | 662601 |
|  **Net increase (decrease) in net assets from operations** | $2363 | $466020 | $611341 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | V13<br>Sub-Account | AB3<br>Sub-Account | V11<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $216098 | $82480 | $2411768 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (192575) | (16870) | (1311644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (66130) | (6923) | (467482) |
|  Net investment income (loss) | (42607) | 58687 | 632642 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1668853 | (83854) | 1271176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1601427 |  | 6919609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3270280 | (83854) | 8190785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1059671) | 132793 | 4043770 |
|  Net realized and change in unrealized gains (losses) | 2210609 | 48939 | 12234555 |
|  **Net increase (decrease) in net assets from operations** | $2168002 | $107626 | $12867197 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | AC1<br>Sub-Account | V17<br>Sub-Account | V19<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $14791 | $— | $15003 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (16834) | (47713) | (9055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (5076) | (19581) | (3716) |
|  Net investment income (loss) | (7119) | (67294) | 2232 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 13033 | (190229) | (2029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 80713 | 574035 | 84346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 93746 | 383806 | 82317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 88498 | (83977) | 59413 |
|  Net realized and change in unrealized gains (losses) | 182244 | 299829 | 141730 |
|  **Net increase (decrease) in net assets from operations** | $175125 | $232535 | $143962 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | V20<br>Sub-Account | MV1<br>Sub-Account | MV2<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $226372 | $2558999 | $3079 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (124039) | (1228496) | (54292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (50903) | (504158) | (22281) |
|  Net investment income (loss) | 51430 | 826345 | (73494) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 28566 | 299602 | (88809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1308847 | 4372126 | 548728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1337413 | 4671728 | 459919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 354694 | 12891063 | (1840) |
|  Net realized and change in unrealized gains (losses) | 1692107 | 17562791 | 458079 |
|  **Net increase (decrease) in net assets from operations** | $1743537 | $18389136 | $384585 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MV3<br>Sub-Account | MV4<br>Sub-Account | J88<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $14211 | $950810 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (119008) | (16958) | (359623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (48840) | (6959) | (110492) |
|  Net investment income (loss) | (167848) | (9706) | 480695 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 192638 | (4318) | (1135502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1268413 | 196238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1461051 | 191920 | (1135502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1678742 | (82256) | 2206744 |
|  Net realized and change in unrealized gains (losses) | 3139793 | 109664 | 1071242 |
|  **Net increase (decrease) in net assets from operations** | $2971945 | $99958 | $1551937 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | J94<br>Sub-Account | L11<br>Sub-Account | L42<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $34754 | $506313 | $5598 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (175698) | (232570) | (4279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (55892) | (79392) | (1756) |
|  Net investment income (loss) | (196836) | 194351 | (437) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1118520 | 2504926 | (2741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 395042 |  | 14150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1513562 | 2504926 | 11409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 385415 | 3604207 | 57114 |
|  Net realized and change in unrealized gains (losses) | 1898977 | 6109133 | 68523 |
|  **Net increase (decrease) in net assets from operations** | $1702141 | $6303484 | $68086 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | L16<br>Sub-Account | L18<br>Sub-Account | L17<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $326494 | $— | $88621 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (46827) | (181423) | (277493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (19217) | (67521) | (97448) |
|  Net investment income (loss) | 260450 | (248944) | (286320) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (156704) | 294451 | 1383559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 2219497 | 2068852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (156704) | 2513948 | 3452411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 265837 | (370050) | (592991) |
|  Net realized and change in unrealized gains (losses) | 109133 | 2143898 | 2859420 |
|  **Net increase (decrease) in net assets from operations** | $369583 | $1894954 | $2573100 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | L19<br>Sub-Account | M07<br>Sub-Account | M35<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $95303 | $5699394 | $4557985 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (17909) | (2566679) | (2207649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (7350) | (375335) | (744654) |
|  Net investment income (loss) | 70044 | 2757380 | 1605682 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (27978) | 375593 | (316976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 15197587 | 13409831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (27978) | 15573180 | 13092855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 52749 | 1208669 | 1074770 |
|  Net realized and change in unrealized gains (losses) | 24771 | 16781849 | 14167625 |
|  **Net increase (decrease) in net assets from operations** | $94815 | $19539229 | $15773307 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M31<br>Sub-Account | M80<br>Sub-Account | M10<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $1947 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (1799031) | (273984) | (2728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (285835) | (101456) | (1120) |
|  Net investment income (loss) | (2084866) | (375440) | (1901) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 8968133 | 374545 | (4649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 26316505 | 4664550 | 137747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 35284638 | 5039095 | 133098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (18293932) | (2303713) | (94106) |
|  Net realized and change in unrealized gains (losses) | 16990706 | 2735382 | 38992 |
|  **Net increase (decrease) in net assets from operations** | $14905840 | $2359942 | $37091 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MF1<br>Sub-Account | M41<br>Sub-Account | M05<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (202955) | (307421) | (368538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (42462) | (113333) | (74697) |
|  Net investment income (loss) | (245417) | (420754) | (443235) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (394623) | (1233425) | (2154215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 2818438 | 5342080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2423815 | 4108655 | (2154215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1758648) | (3076068) | 5907679 |
|  Net realized and change in unrealized gains (losses) | 665167 | 1032587 | 3753464 |
|  **Net increase (decrease) in net assets from operations** | $419750 | $611833 | $3310229 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M42<br>Sub-Account | M89<br>Sub-Account | M82<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $10659042 | $128103 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (310649) | (3067341) | (1037946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (114303) | (974550) | (346162) |
|  Net investment income (loss) | (424952) | 6617151 | (1256005) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (2269620) | (6205280) | 2930504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 19943503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (2269620) | (6205280) | 22874007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5505829 | 12635380 | (12962648) |
|  Net realized and change in unrealized gains (losses) | 3236209 | 6430100 | 9911359 |
|  **Net increase (decrease) in net assets from operations** | $2811257 | $13047251 | $8655354 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M44<br>Sub-Account | M40<br>Sub-Account | M83<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1809804 | $885688 | $2396447 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (763364) | (386050) | (1859197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (134172) | (137867) | (529610) |
|  Net investment income (loss) | 912268 | 361771 | 7640 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2500079 | 969499 | 3816580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 827672 | 441696 | 11148379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3327751 | 1411195 | 14964959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3678712 | 2210737 | 1079548 |
|  Net realized and change in unrealized gains (losses) | 7006463 | 3621932 | 16044507 |
|  **Net increase (decrease) in net assets from operations** | $7918731 | $3983703 | $16052147 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M08<br>Sub-Account | MB6<br>Sub-Account | MB7<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1002671 | $2300663 | $303846 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (882922) | (2757186) | (490085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (312550) | (428169) | (181746) |
|  Net investment income (loss) | (192801) | (884692) | (367985) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2067968 | 8433032 | 1265823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 5539897 | 39545511 | 7192174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 7607865 | 47978543 | 8457997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 121879 | (16827811) | (2863265) |
|  Net realized and change in unrealized gains (losses) | 7729744 | 31150732 | 5594732 |
|  **Net increase (decrease) in net assets from operations** | $7536943 | $30266040 | $5226747 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MC0<br>Sub-Account | MA0<br>Sub-Account | MC2<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1291008 | $3287125 | $391041 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (316132) | (875823) | (1052842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (59729) | (278094) | (191955) |
|  Net investment income (loss) | 915147 | 2133208 | (853756) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (924676) | (3610203) | 4143567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 8713816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (924676) | (3610203) | 12857383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1545440 | 5312861 | (3166930) |
|  Net realized and change in unrealized gains (losses) | 620764 | 1702658 | 9690453 |
|  **Net increase (decrease) in net assets from operations** | $1535911 | $3835866 | $8836697 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MC1<br>Sub-Account | MC3<br>Sub-Account | MA1<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $102050 | $197212 | $181612 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (511768) | (113030) | (118971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (190379) | (21932) | (41170) |
|  Net investment income (loss) | (600097) | 62250 | 21471 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2434626 | 37389 | 211901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 4643192 | 66667 | 69454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 7077818 | 104056 | 281355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1853301) | 2413446 | 2332546 |
|  Net realized and change in unrealized gains (losses) | 5224517 | 2517502 | 2613901 |
|  **Net increase (decrease) in net assets from operations** | $4624420 | $2579752 | $2635372 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MC4<br>Sub-Account | MC5<br>Sub-Account | MC6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $69516 | $8078 | $120217 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (48592) | (6519) | (439714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (9578) | (2464) | (65308) |
|  Net investment income (loss) | 11346 | (905) | (384805) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (159320) | (16918) | 404767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 4328806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (159320) | (16918) | 4733573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 343198 | 42027 | (2205635) |
|  Net realized and change in unrealized gains (losses) | 183878 | 25109 | 2527938 |
|  **Net increase (decrease) in net assets from operations** | $195224 | $24204 | $2143133 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MC7<br>Sub-Account | MC8<br>Sub-Account | MC9<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $11742 | $578153 | $22807 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (90745) | (769052) | (39120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (37918) | (109732) | (11896) |
|  Net investment income (loss) | (116921) | (300631) | (28209) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (88546) | 3620382 | 108773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1238562 | 7382283 | 393364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1150016 | 11002665 | 502137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (452006) | (2070595) | (33927) |
|  Net realized and change in unrealized gains (losses) | 698010 | 8932070 | 468210 |
|  **Net increase (decrease) in net assets from operations** | $581089 | $8631439 | $440001 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MD0<br>Sub-Account | M92<br>Sub-Account | M96<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1354678 | $17200328 | $1633001 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (282018) | (3488611) | (473146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (45391) | (1112699) | (80093) |
|  Net investment income (loss) | 1027269 | 12599018 | 1079762 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (234845) | (3443833) | (1381779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1122206 | 14904131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 887361 | 11460298 | (1381779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1057133 | 12909695 | 2406440 |
|  Net realized and change in unrealized gains (losses) | 1944494 | 24369993 | 1024661 |
|  **Net increase (decrease) in net assets from operations** | $2971763 | $36969011 | $2104423 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MD2<br>Sub-Account | MA6<br>Sub-Account | MA3<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3711359 | $1698767 | $1281422 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (1134060) | (312916) | (246670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (381608) | (55508) | (90940) |
|  Net investment income (loss) | 2195691 | 1330343 | 943812 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (3137634) | (515909) | (410734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (3137634) | (515909) | (410734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5385443 | 936506 | 731291 |
|  Net realized and change in unrealized gains (losses) | 2247809 | 420597 | 320557 |
|  **Net increase (decrease) in net assets from operations** | $4443500 | $1750940 | $1264369 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M97<br>Sub-Account | MD5<br>Sub-Account | M98<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $226757 | $69812 | $410607 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (308995) | (119363) | (328002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (61094) | (42547) | (54689) |
|  Net investment income (loss) | (143332) | (92098) | 27916 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1076649 | 426230 | 1355197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1348967 | 517576 | 1487654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2425616 | 943806 | 2842851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2263882 | 802664 | 4404209 |
|  Net realized and change in unrealized gains (losses) | 4689498 | 1746470 | 7247060 |
|  **Net increase (decrease) in net assets from operations** | $4546166 | $1654372 | $7274976 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M93<br>Sub-Account | MD6<br>Sub-Account | MB3<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $665777 | $732344 | $4532 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (648881) | (3339435) | (324475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (225568) | (510699) | (125734) |
|  Net investment income (loss) | (208672) | (3117790) | (445677) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 3021470 | 10755025 | 656444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 2847446 | 38605040 | 3927419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 5868916 | 49360065 | 4583863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8140733 | (24540048) | (2127864) |
|  Net realized and change in unrealized gains (losses) | 14009649 | 24820017 | 2455999 |
|  **Net increase (decrease) in net assets from operations** | $13800977 | $21702227 | $2010322 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MD8<br>Sub-Account | MD9<br>Sub-Account | ME2<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1260341 | $3313463 | $194217 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (407079) | (1070807) | (162549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (65079) | (370856) | (34051) |
|  Net investment income (loss) | 788183 | 1871800 | (2383) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments |  |  | 848297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) |  |  | 848297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  | 1721420 |
|  Net realized and change in unrealized gains (losses) |  |  | 2569717 |
|  **Net increase (decrease) in net assets from operations** | $788183 | $1871800 | $2567334 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | ME3<br>Sub-Account | MA5<br>Sub-Account | MA7<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $305840 | $714864 | $78321 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (310329) | (202269) | (23491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (110561) | (35910) | (7763) |
|  Net investment income (loss) | (115050) | 476685 | 47067 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1060626 | (416183) | (67420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1060626 | (416183) | (67420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3499291 | 883062 | 125497 |
|  Net realized and change in unrealized gains (losses) | 4559917 | 466879 | 58077 |
|  **Net increase (decrease) in net assets from operations** | $4444867 | $943564 | $105144 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | ME4<br>Sub-Account | MA2<br>Sub-Account | MF3<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $304950 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (254179) | (181347) | (464881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (55230) | (73247) | (162371) |
|  Net investment income (loss) | (309409) | (254594) | (322302) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1953883 | 820766 | 598426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 2639048 | 2835376 | 4033763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 4592931 | 3656142 | 4632189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1244289) | (309216) | (2482730) |
|  Net realized and change in unrealized gains (losses) | 3348642 | 3346926 | 2149459 |
|  **Net increase (decrease) in net assets from operations** | $3039233 | $3092332 | $1827157 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MF5<br>Sub-Account | MF6<br>Sub-Account | MF7<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $5682484 | $14560 | $365970 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (2727871) | (11215) | (399349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (903717) | (4584) | (144100) |
|  Net investment income (loss) | 2050896 | (1239) | (177479) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (7039811) | (18389) | (283170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 9733969 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2694158 | (18389) | (283170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12351389 | 34929 | 935997 |
|  Net realized and change in unrealized gains (losses) | 15045547 | 16540 | 652827 |
|  **Net increase (decrease) in net assets from operations** | $17096443 | $15301 | $475348 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MF9<br>Sub-Account | MG1<br>Sub-Account | MF2<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2725863 | $2044747 | $5036411 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (2723006) | (802822) | (1489564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (890271) | (260908) | (528642) |
|  Net investment income (loss) | (887414) | 981017 | 3018205 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (4298623) | (4399605) | (124106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 10649683 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 6351060 | (4399605) | (124106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15875491 | 7551591 | 1732802 |
|  Net realized and change in unrealized gains (losses) | 22226551 | 3151986 | 1608696 |
|  **Net increase (decrease) in net assets from operations** | $21339137 | $4133003 | $4626901 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MG2<br>Sub-Account | MG3<br>Sub-Account | MG4<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2743284 | $174606 | $133764 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (825973) | (213367) | (185967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (268311) | (81817) | (61359) |
|  Net investment income (loss) | 1649000 | (120578) | (113562) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (123083) | 834852 | 1073810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 1519714 | 1457620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (123083) | 2354566 | 2531430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 946267 | (1540795) | (1750524) |
|  Net realized and change in unrealized gains (losses) | 823184 | 813771 | 780906 |
|  **Net increase (decrease) in net assets from operations** | $2472184 | $693193 | $667344 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MG6<br>Sub-Account | MG7<br>Sub-Account | U41<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $16226929 | $135180 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (9802814) | (91111) | (26569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (3188375) | (33766) | (10903) |
|  Net investment income (loss) | 3235740 | 10303 | (37472) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (17154254) | (377677) | 82511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 53853427 | 951013 | 123742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 36699173 | 573336 | 206253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 30282326 | (469744) | 295184 |
|  Net realized and change in unrealized gains (losses) | 66981499 | 103592 | 501437 |
|  **Net increase (decrease) in net assets from operations** | $70217239 | $113895 | $463965 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | V44<br>Sub-Account | V43<br>Sub-Account | O19<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $16121 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (344228) | (52237) | (144855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (129900) | (18355) | (59641) |
|  Net investment income (loss) | (474128) | (54471) | (204496) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 5696556 | 954384 | 905783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 1445119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 5696556 | 954384 | 2350902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4961887 | (361679) | (876598) |
|  Net realized and change in unrealized gains (losses) | 10658443 | 592705 | 1474304 |
|  **Net increase (decrease) in net assets from operations** | $10184315 | $538234 | $1269808 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | O20<br>Sub-Account | O21<br>Sub-Account | O04<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $291774 | $7748 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (109006) | (1212623) | (42702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (38173) | (444401) | (17909) |
|  Net investment income (loss) | (147179) | (1365250) | (52863) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (380120) | (197753) | 171816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1633816 | 5854569 | 344500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1253696 | 5656816 | 516316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7474) | 8370329 | (242240) |
|  Net realized and change in unrealized gains (losses) | 1246222 | 14027145 | 274076 |
|  **Net increase (decrease) in net assets from operations** | $1099043 | $12661895 | $221213 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | PH2<br>Sub-Account | P08<br>Sub-Account | PC0<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $9685 | $556141 | $382099 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (2735) | (149067) | (101604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (726) | (52318) | (33420) |
|  Net investment income (loss) | 6224 | 354756 | 247075 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 3748 | (333943) | (188755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3748 | (333943) | (188755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 33090 | 1364817 | 944642 |
|  Net realized and change in unrealized gains (losses) | 36838 | 1030874 | 755887 |
|  **Net increase (decrease) in net assets from operations** | $43062 | $1385630 | $1002962 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P70<br>Sub-Account | P10<br>Sub-Account | PK8<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $88348 | $398552 | $312846 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (28434) | (177283) | (56693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (11563) | (59789) | (21582) |
|  Net investment income (loss) | 48351 | 161480 | 234571 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (231494) | (1366885) | (124893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (231494) | (1366885) | (124893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 708022 | 3477549 | 437563 |
|  Net realized and change in unrealized gains (losses) | 476528 | 2110664 | 312670 |
|  **Net increase (decrease) in net assets from operations** | $524879 | $2272144 | $547241 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P20<br>Sub-Account | PM5<br>Sub-Account | PD6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $6411 | $29296 | $10340730 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (1116) | (7428) | (2888786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (374) | (3048) | (913752) |
|  Net investment income (loss) | 4921 | 18820 | 6538192 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (1770) | (3471) | (3161184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (1770) | (3471) | (3161184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8488 | 7297 | 39743453 |
|  Net realized and change in unrealized gains (losses) | 6718 | 3826 | 36582269 |
|  **Net increase (decrease) in net assets from operations** | $11639 | $22646 | $43120461 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P06<br>Sub-Account | P07<br>Sub-Account | P68<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $617728 | $3353047 | $268717 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (237667) | (1039623) | (57352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (80599) | (357167) | (23536) |
|  Net investment income (loss) | 299462 | 1956257 | 187829 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (287742) | (3291640) | (163500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (287742) | (3291640) | (163500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1100332 | 6945556 | 459637 |
|  Net realized and change in unrealized gains (losses) | 812590 | 3653916 | 296137 |
|  **Net increase (decrease) in net assets from operations** | $1112052 | $5610173 | $483966 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P72<br>Sub-Account | P88<br>Sub-Account | P93<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $320342 | $498297 | $92514 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (255962) | (311675) | (42248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (86744) | (127907) | (17338) |
|  Net investment income (loss) | (22364) | 58715 | 32928 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 896680 | 352265 | 279299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1532356 | 1294702 | 499011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2429036 | 1646967 | 778310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1515222 | 2778352 | (204005) |
|  Net realized and change in unrealized gains (losses) | 3944258 | 4425319 | 574305 |
|  **Net increase (decrease) in net assets from operations** | $3921894 | $4484034 | $607233 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P89<br>Sub-Account | P95<br>Sub-Account | P79<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $74167 | $32581 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (29682) | (12695) | (49689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (12181) | (5211) | (20392) |
|  Net investment income (loss) | (41863) | 56261 | (37500) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (32895) | (79441) | 158404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 232868 |  | 348678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 199973 | (79441) | 507082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 333649 | 105728 | 459870 |
|  Net realized and change in unrealized gains (losses) | 533622 | 26287 | 966952 |
|  **Net increase (decrease) in net assets from operations** | $491759 | $82548 | $929452 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P80<br>Sub-Account | P81<br>Sub-Account | TBD<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $865 | $9385 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (8442) | (12539) | (125107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (3464) | (5146) | (51343) |
|  Net investment income (loss) | (11041) | (8300) | (176450) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 62315 | 51376 | 256175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 127518 | 165102 | 1519434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 189833 | 216478 | 1775609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (176094) | (63949) | 719582 |
|  Net realized and change in unrealized gains (losses) | 13739 | 152529 | 2495191 |
|  **Net increase (decrease) in net assets from operations** | $2698 | $144229 | $2318741 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | TBE<br>Sub-Account | TBF<br>Sub-Account | TP1<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $77909 | $— | $47934 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (45572) | (58587) | (42660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (18702) | (24044) | (17507) |
|  Net investment income (loss) | 13635 | (82631) | (12233) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 2155 | (181393) | 60800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 553876 | 274771 | 73799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 556031 | 93378 | 134599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 78912 | 1078694 | 701102 |
|  Net realized and change in unrealized gains (losses) | 634943 | 1172072 | 835701 |
|  **Net increase (decrease) in net assets from operations** | $648578 | $1089441 | $823468 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | TP2<br>Sub-Account | TP3<br>Sub-Account | TP4<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $47693 | $73820 | $28595 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (22598) | (28746) | (25934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (9273) | (11798) | (10643) |
|  Net investment income (loss) | 15822 | 33276 | (7982) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 15690 | 95101 | 235568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 29775 | 22332 | 45487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 45465 | 117433 | 281055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 220434 | 129081 | 230082 |
|  Net realized and change in unrealized gains (losses) | 265899 | 246514 | 511137 |
|  **Net increase (decrease) in net assets from operations** | $281721 | $279790 | $503155 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | TP5<br>Sub-Account | W42<br>Sub-Account | W50<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $242353 | $— | $54942 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (133997) | (1983) | (10298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and administration charges | (54991) | (599) | (4226) |
|  Net investment income (loss) | 53365 | (2582) | 40418 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 213955 | 22969 | (38951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 259817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 473772 | 22969 | (38951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1460164 | (13984) | 72451 |
|  Net realized and change in unrealized gains (losses) | 1933936 | 8985 | 33500 |
|  **Net increase (decrease) in net assets from operations** | $1987301 | $6403 | $73918 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AL1 Sub-Account | AL1 Sub-Account | AO5 Sub-Account | AO5 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $85149 | $46886 | $(4618) | $(247755) |
|  Net realized gains (losses) | 981253 | (424069) | (1675032) | (2129590) |
|  Net change in unrealized appreciation/(depreciation) | 2577551 | 2212571 | 6353394 | 6274245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 3643953 | 1835388 | 4673744 | 3896900 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 824451 | 373203 | 599072 | 253173 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 117572 | (484501) | 349271 | (497426) |
|  Withdrawals, surrenders, annuitizations and contract charges | (4930876) | (4053384) | (8032559) | (7075366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (3988853) | (4164682) | (7084216) | (7319619) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  | 20958 | 37675 |  |
|  Annuity payments and contract charges |  | (22280) | (4177) |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | (200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  | (1322) | 33298 |  |
|  Net increase (decrease) from contract owner transactions | (3988853) | (4166004) | (7050918) | (7319619) |
|  Total increase (decrease) in net assets | (344900) | (2330616) | (2377174) | (3422719) |
|  Net assets at beginning of year | 25339998 | 27670614 | 43842350 | 47265069 |
|  Net assets at end of year | $24995098 | $25339998 | $41465176 | $43842350 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A71 Sub-Account | A71 Sub-Account | AM2 Sub-Account | AM2 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(3454) | $920 | $— | $(11319) |
|  Net realized gains (losses) | 54966 | 25512 |  | (479847) |
|  Net change in unrealized appreciation/(depreciation) | 37129 | 69162 |  | 466525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 88641 | 95594 |  | (24641) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 245815 | 31657 |  | 71 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (74433) | 102384 |  | (2693836) |
|  Withdrawals, surrenders, annuitizations and contract charges | (33084) | (66597) |  | (120564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 138298 | 67444 |  | (2814329) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 138298 | 67444 |  | (2814329) |
|  Total increase (decrease) in net assets | 226939 | 163038 |  | (2838970) |
|  Net assets at beginning of year | 955560 | 792522 |  | 2838970 |
|  Net assets at end of year | $1182499 | $955560 | $— | $— |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A98 Sub-Account | A98 Sub-Account | AC4 Sub-Account | AC4 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $80895 | $101283 | $(252223) | $(195003) |
|  Net realized gains (losses) | 2012484 | 468015 | 2204524 | 769333 |
|  Net change in unrealized appreciation/(depreciation) | 3690409 | 54350 | 389057 | 2677182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 5783788 | 623648 | 2341358 | 3251512 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 178579 | 190240 | 2061300 | 3062218 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (2935590) | 273091 | 637941 | 427052 |
|  Withdrawals, surrenders, annuitizations and contract charges | (2950311) | (3244295) | (1303124) | (721980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (5707322) | (2780964) | 1396117 | 2767290 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  | 75223 |  |  |
|  Annuity payments and contract charges | (7196) | (4767) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (12410) | (9415) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (19606) | 61041 |  |  |
|  Net increase (decrease) from contract owner transactions | (5726928) | (2719923) | 1396117 | 2767290 |
|  Total increase (decrease) in net assets | 56860 | (2096275) | 3737475 | 6018802 |
|  Net assets at beginning of year | 17309302 | 19405577 | 18989091 | 12970289 |
|  Net assets at end of year | $17366162 | $17309302 | $22726566 | $18989091 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A19 Sub-Account | A19 Sub-Account | A74 Sub-Account | A74 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(84857) | $(61725) | $(121285) | $(133277) |
|  Net realized gains (losses) | (267237) | (358707) | 1583934 | 1542435 |
|  Net change in unrealized appreciation/(depreciation) | 597942 | 1211743 | (1289526) | (191981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 245848 | 791311 | 173123 | 1217177 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1605010 | 1845664 | 125701 | 87989 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (492998) | 689820 | 665191 | (109952) |
|  Withdrawals, surrenders, annuitizations and contract charges | (405104) | (112128) | (1940125) | (2278078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 706908 | 2423356 | (1149233) | (2300041) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  | (2093) | (2099) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | 240 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (1853) | (1728) |
|  Net increase (decrease) from contract owner transactions | 706908 | 2423356 | (1151086) | (2301769) |
|  Total increase (decrease) in net assets | 952756 | 3214667 | (977963) | (1084592) |
|  Net assets at beginning of year | 6716430 | 3501763 | 14693687 | 15778279 |
|  Net assets at end of year | $7669186 | $6716430 | $13715724 | $14693687 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AP0 Sub-Account | AP0 Sub-Account | AQ1 Sub-Account | AQ1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(826313) | $(538773) | $(152459) | $(40566) |
|  Net realized gains (losses) | 6388333 | 650955 | 5989852 | 1139751 |
|  Net change in unrealized appreciation/(depreciation) | 8097227 | 13206833 | (443958) | 3585921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 13659247 | 13319015 | 5393435 | 4685106 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 13931996 | 13972079 | 3036807 | 7898179 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1807697 | 88746 | 658401 | 644421 |
|  Withdrawals, surrenders, annuitizations and contract charges | (4754857) | (2555693) | (2017862) | (1063198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 10984836 | 11505132 | 1677346 | 7479402 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 10984836 | 11505132 | 1677346 | 7479402 |
|  Total increase (decrease) in net assets | 24644083 | 24824147 | 7070781 | 12164508 |
|  Net assets at beginning of year | 65168401 | 40344254 | 30776571 | 18612063 |
|  Net assets at end of year | $89812484 | $65168401 | $37847352 | $30776571 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AQ2 Sub-Account | AQ2 Sub-Account | AS3 Sub-Account | AS3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $3042 | $(3212) | $1018018 | $930547 |
|  Net realized gains (losses) | (51590) | (118204) | 8996320 | 3225336 |
|  Net change in unrealized appreciation/(depreciation) | 1613959 | 90513 | 8400962 | 8413099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1565411 | (30903) | 18415300 | 12568982 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 652681 | 1674017 | 22296849 | 30899262 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 375813 | 692515 | 11832604 | 209666 |
|  Withdrawals, surrenders, annuitizations and contract charges | (153063) | (169276) | (7640676) | (4342381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 875431 | 2197256 | 26488777 | 26766547 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 875431 | 2197256 | 26488777 | 26766547 |
|  Total increase (decrease) in net assets | 2440842 | 2166353 | 44904077 | 39335529 |
|  Net assets at beginning of year | 5745785 | 3579432 | 113902844 | 74567315 |
|  Net assets at end of year | $8186627 | $5745785 | $158806921 | $113902844 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AS6 Sub-Account | AS6 Sub-Account | AQ3 Sub-Account | AQ3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $7202 | $41306 | $(11108) | $1621 |
|  Net realized gains (losses) | 1797337 | 204485 | 123045 | (24202) |
|  Net change in unrealized appreciation/(depreciation) | 1398497 | 963273 | 850737 | 147474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 3203036 | 1209064 | 962674 | 124893 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1305552 | 3894797 | 522096 | 694434 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 438594 | 1195933 | (176353) | 162589 |
|  Withdrawals, surrenders, annuitizations and contract charges | (1052481) | (587004) | (206339) | (130845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 691665 | 4503726 | 139404 | 726178 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 691665 | 4503726 | 139404 | 726178 |
|  Total increase (decrease) in net assets | 3894701 | 5712790 | 1102078 | 851071 |
|  Net assets at beginning of year | 15864429 | 10151639 | 3447370 | 2596299 |
|  Net assets at end of year | $19759130 | $15864429 | $4549448 | $3447370 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AX1 Sub-Account | AX1 Sub-Account | B21 Sub-Account | B21 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $17323 | $72699 | $346907 | $197942 |
|  Net realized gains (losses) | 565202 | (108633) | 1138540 | 976480 |
|  Net change in unrealized appreciation/(depreciation) | 1842495 | 603272 | 1699923 | 128959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2425020 | 567338 | 3185370 | 1303381 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2517311 | 3775670 | 9839276 | 5861424 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 407660 | 381621 | 96218 | 763845 |
|  Withdrawals, surrenders, annuitizations and contract charges | (721117) | (498118) | (1126571) | (552520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 2203854 | 3659173 | 8808923 | 6072749 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 2203854 | 3659173 | 8808923 | 6072749 |
|  Total increase (decrease) in net assets | 4628874 | 4226511 | 11994293 | 7376130 |
|  Net assets at beginning of year | 14516563 | 10290052 | 18287797 | 10911667 |
|  Net assets at end of year | $19145437 | $14516563 | $30282090 | $18287797 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | B19 Sub-Account | B19 Sub-Account | B20 Sub-Account | B20 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(105881) | $(55400) | $25573 | $23539 |
|  Net realized gains (losses) | 994459 | 2756069 | 282519 | 158743 |
|  Net change in unrealized appreciation/(depreciation) | 78004 | (1578624) | 167506 | (31047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 966582 | 1122045 | 475598 | 151235 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1080020 | 2981083 | 478737 | 177307 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 389068 | 890682 | 533683 | 138946 |
|  Withdrawals, surrenders, annuitizations and contract charges | (536973) | (121075) | (74129) | (78648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 932115 | 3750690 | 938291 | 237605 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 932115 | 3750690 | 938291 | 237605 |
|  Total increase (decrease) in net assets | 1898697 | 4872735 | 1413889 | 388840 |
|  Net assets at beginning of year | 7864002 | 2991267 | 2195595 | 1806755 |
|  Net assets at end of year | $9762699 | $7864002 | $3609484 | $2195595 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | B18 Sub-Account | B18 Sub-Account | B22 Sub-Account | B22 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $5876115 | $(600128) | $(30457) | $(17912) |
|  Net realized gains (losses) | 24669367 | 20540024 | 571984 | 163902 |
|  Net change in unrealized appreciation/(depreciation) | 10620402 | (964924) | (249190) | 212743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 41165884 | 18974972 | 292337 | 358733 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 4265695 | 3799386 | 656229 | 683400 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (6745788) | (3157930) | 154790 | 43137 |
|  Withdrawals, surrenders, annuitizations and contract charges | (42490181) | (39135437) | (185797) | (69112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (44970274) | (38493981) | 625222 | 657425 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 97499 | 149776 |  |  |
|  Annuity payments and contract charges | (238805) | (123109) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 16715 | 2999 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (124591) | 29666 |  |  |
|  Net increase (decrease) from contract owner transactions | (45094865) | (38464315) | 625222 | 657425 |
|  Total increase (decrease) in net assets | (3928981) | (19489343) | 917559 | 1016158 |
|  Net assets at beginning of year | 255753685 | 275243028 | 2050623 | 1034465 |
|  Net assets at end of year | $251824704 | $255753685 | $2968182 | $2050623 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | B23 Sub-Account | B23 Sub-Account | L33 Sub-Account | L33 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $39046 | $32547 | $(45229) | $(24262) |
|  Net realized gains (losses) | (26280) | (10390) | 223777 | 6546 |
|  Net change in unrealized appreciation/(depreciation) | 63080 | (19533) | (63630) | 272399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 75846 | 2624 | 114918 | 254683 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 421091 | 407378 | 183949 | 200353 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (149181) | 56600 | 593932 | 578991 |
|  Withdrawals, surrenders, annuitizations and contract charges | (74350) | (30768) | (166273) | (130988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 197560 | 433210 | 611608 | 648356 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 197560 | 433210 | 611608 | 648356 |
|  Total increase (decrease) in net assets | 273406 | 435834 | 726526 | 903039 |
|  Net assets at beginning of year | 1244028 | 808194 | 3512207 | 2609168 |
|  Net assets at end of year | $1517434 | $1244028 | $4238733 | $3512207 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | L34 Sub-Account | L34 Sub-Account | L35 Sub-Account | L35 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(11135) | $(5807) | $16335 | $19 |
|  Net realized gains (losses) | 212861 | 112346 | 259418 | 168987 |
|  Net change in unrealized appreciation/(depreciation) | (46087) | 56750 | (71615) | 59878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 155639 | 163289 | 204138 | 228884 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 147553 | 181365 | 288028 | 192665 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (672) | 197655 | 84518 | 77475 |
|  Withdrawals, surrenders, annuitizations and contract charges | (112994) | (64269) | (149565) | (54885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 33887 | 314751 | 222981 | 215255 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 33887 | 314751 | 222981 | 215255 |
|  Total increase (decrease) in net assets | 189526 | 478040 | 427119 | 444139 |
|  Net assets at beginning of year | 1146094 | 668054 | 1816003 | 1371864 |
|  Net assets at end of year | $1335620 | $1146094 | $2243122 | $1816003 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C71 Sub-Account | C71 Sub-Account | C59 Sub-Account | C59 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(61) | $(132) | $(635) | $(1215) |
|  Net realized gains (losses) | 1589 | 171 | 1482 | 56912 |
|  Net change in unrealized appreciation/(depreciation) | (284) | 755 | 4531 | (34912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1244 | 794 | 5378 | 20785 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received |  |  |  | 39757 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 127 | (110) | (257) | (8809) |
|  Withdrawals, surrenders, annuitizations and contract charges | (871) | (3801) | (888) | (91795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (744) | (3911) | (1145) | (60847) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | (744) | (3911) | (1145) | (60847) |
|  Total increase (decrease) in net assets | 500 | (3117) | 4233 | (40062) |
|  Net assets at beginning of year | 9351 | 12468 | 36878 | 76940 |
|  Net assets at end of year | $9851 | $9351 | $41111 | $36878 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C60 Sub-Account | C60 Sub-Account | C89 Sub-Account | C89 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(713727) | $(751328) | $(2929) | $(2596) |
|  Net realized gains (losses) | 7136499 | 10417398 | 833 | 2152 |
|  Net change in unrealized appreciation/(depreciation) | (560820) | 1740898 | 22497 | 31232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 5861952 | 11406968 | 20401 | 30788 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 616813 | 408588 |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (841021) | (5902457) |  | 86211 |
|  Withdrawals, surrenders, annuitizations and contract charges | (6543629) | (6613605) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (6767837) | (12107474) | (1) | 86211 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 3715 | 69422 |  |  |
|  Annuity payments and contract charges | (10947) | (13895) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (61733) | (32026) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (68965) | 23501 |  |  |
|  Net increase (decrease) from contract owner transactions | (6836802) | (12083973) | (1) | 86211 |
|  Total increase (decrease) in net assets | (974850) | (677005) | 20400 | 116999 |
|  Net assets at beginning of year | 42348236 | 43025241 | 170610 | 53611 |
|  Net assets at end of year | $41373386 | $42348236 | $191010 | $170610 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C90 Sub-Account | C90 Sub-Account | C58 Sub-Account | C58 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(223463) | $(237229) | $1655 | $75278 |
|  Net realized gains (losses) | 1894229 | 2004411 | 186392 | 143219 |
|  Net change in unrealized appreciation/(depreciation) | (182193) | 674241 | 717184 | (164172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1488573 | 2441423 | 905231 | 54325 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 59454 | 130486 | 18636 | 53908 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 253340 | (838946) | (464855) | 138963 |
|  Withdrawals, surrenders, annuitizations and contract charges | (2025124) | (1950026) | (367997) | (512320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1712330) | (2658486) | (814216) | (319449) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  | 11552 |  |  |
|  Annuity payments and contract charges | (7094) | (39935) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 1748 | 628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (5346) | (27755) |  |  |
|  Net increase (decrease) from contract owner transactions | (1717676) | (2686241) | (814216) | (319449) |
|  Total increase (decrease) in net assets | (229103) | (244818) | 91015 | (265124) |
|  Net assets at beginning of year | 13404356 | 13649174 | 2897782 | 3162906 |
|  Net assets at end of year | $13175253 | $13404356 | $2988797 | $2897782 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C91 Sub-Account | C91 Sub-Account | C92 Sub-Account | C92 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(91080) | $(83720) | $(386540) | $(213646) |
|  Net realized gains (losses) | 207786 | 87600 | 526726 | 543153 |
|  Net change in unrealized appreciation/(depreciation) | 1701601 | 720439 | 3617986 | 1645524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1818307 | 724319 | 3758172 | 1975031 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 394803 | 179289 | 4412698 | 8875371 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (112148) | 146836 | 8677535 | (2769707) |
|  Withdrawals, surrenders, annuitizations and contract charges | (540607) | (543643) | (1423827) | (658391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (257952) | (217518) | 11666406 | 5447273 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | (257952) | (217518) | 11666406 | 5447273 |
|  Total increase (decrease) in net assets | 1560355 | 506801 | 15424578 | 7422304 |
|  Net assets at beginning of year | 7044786 | 6537985 | 20545869 | 13123565 |
|  Net assets at end of year | $8605141 | $7044786 | $35970447 | $20545869 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FD7 Sub-Account | FD7 Sub-Account | F24 Sub-Account | F24 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(83251) | $22503 | $(1808605) | $(1861995) |
|  Net realized gains (losses) | 8885375 | 7806006 | 27252841 | 31122237 |
|  Net change in unrealized appreciation/(depreciation) | 1813330 | 3634136 | (5819810) | 2093950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 10615454 | 11462645 | 19624426 | 31354192 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 786084 | 1211343 | 1116619 | 1415799 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1842917 | 1234186 | (3514202) | (15086529) |
|  Withdrawals, surrenders, annuitizations and contract charges | (12537713) | (14921422) | (17792480) | (18006903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (9908712) | (12475893) | (20190063) | (31677633) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  | 22461 | 29517 |
|  Annuity payments and contract charges | (87777) | (51721) | (105426) | (92176) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (80751) | 1112 | 4073 | 14239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (168528) | (50609) | (78892) | (48420) |
|  Net increase (decrease) from contract owner transactions | (10077240) | (12526502) | (20268955) | (31726053) |
|  Total increase (decrease) in net assets | 538214 | (1063857) | (644529) | (371861) |
|  Net assets at beginning of year | 85951349 | 87015206 | 107777218 | 108149079 |
|  Net assets at end of year | $86489563 | $85951349 | $107132689 | $107777218 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F88 Sub-Account | F88 Sub-Account | FB9 Sub-Account | FB9 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $13644 | $16830 | $61724 | $77921 |
|  Net realized gains (losses) | 10323 | (52098) | 148046 | 101973 |
|  Net change in unrealized appreciation/(depreciation) | 67288 | 87379 | 378681 | 125301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 91255 | 52111 | 588451 | 305195 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 7493 | 6153 | 100791 | 8020 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (4422) | 79974 | 89721 | 106292 |
|  Withdrawals, surrenders, annuitizations and contract charges | (100755) | (382639) | (809809) | (1010781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (97684) | (296512) | (619297) | (896469) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  | (15631) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  | (15830) |
|  Net increase (decrease) from contract owner transactions | (97684) | (296512) | (619297) | (912299) |
|  Total increase (decrease) in net assets | (6429) | (244401) | (30846) | (607104) |
|  Net assets at beginning of year | 1148220 | 1392621 | 6350819 | 6957923 |
|  Net assets at end of year | $1141791 | $1148220 | $6319973 | $6350819 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F15 Sub-Account | F15 Sub-Account | F41 Sub-Account | F41 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $73587 | $93303 | $(710398) | $(723244) |
|  Net realized gains (losses) | 476316 | 292179 | 9694497 | 11104517 |
|  Net change in unrealized appreciation/(depreciation) | 481231 | 279254 | (4129749) | (2515984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1031134 | 664736 | 4854350 | 7865289 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 318370 | 33222 | 913731 | 813850 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (44449) | (118027) | 872511 | (4318953) |
|  Withdrawals, surrenders, annuitizations and contract charges | (2122232) | (2806429) | (8808765) | (8630852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1848311) | (2891234) | (7022523) | (12135955) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  | 55084 | 16505 | 45004 |
|  Annuity payments and contract charges | (12215) | (11770) | (50551) | (52198) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (3) | (6) | 6847 | (4359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (12218) | 43308 | (27199) | (11553) |
|  Net increase (decrease) from contract owner transactions | (1860529) | (2847926) | (7049722) | (12147508) |
|  Total increase (decrease) in net assets | (829395) | (2183190) | (2195372) | (4282219) |
|  Net assets at beginning of year | 10068741 | 12251931 | 50150765 | 54432984 |
|  Net assets at end of year | $9239346 | $10068741 | $47955393 | $50150765 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FE3 Sub-Account | FE3 Sub-Account | F17 Sub-Account | F17 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(8101) | $(14853) | $(16976) | $(9943) |
|  Net realized gains (losses) | 21856815 | (1971940) | 16499 | 144387 |
|  Net change in unrealized appreciation/(depreciation) | 21073785 | 8831985 | 99624 | 37944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 42922499 | 6845192 | 99147 | 172388 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1100972 | 1982042 | 224719 | 160934 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (19471568) | 2124500 | (82576) | 82045 |
|  Withdrawals, surrenders, annuitizations and contract charges | (25546142) | (22483371) | (53027) | (47130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (43916738) | (18376829) | 89116 | 195849 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  | 42829 |  |  |
|  Annuity payments and contract charges | (42648) | (42545) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 35226 | 656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (7422) | 940 |  |  |
|  Net increase (decrease) from contract owner transactions | (43924160) | (18375889) | 89116 | 195849 |
|  Total increase (decrease) in net assets | (1001661) | (11530697) | 188263 | 368237 |
|  Net assets at beginning of year | 140600615 | 152131312 | 2259352 | 1891115 |
|  Net assets at end of year | $139598954 | $140600615 | $2447615 | $2259352 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F18 Sub-Account | F18 Sub-Account | F19 Sub-Account | F19 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $2566 | $2656 | $120623 | $120326 |
|  Net realized gains (losses) | 51222 | 13632 | 392742 | (48848) |
|  Net change in unrealized appreciation/(depreciation) | 113917 | (15911) | (121104) | 359466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 167705 | 377 | 392261 | 430944 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 236799 | 82480 | 635543 | 2152701 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 308208 | 138722 | 298480 | 335742 |
|  Withdrawals, surrenders, annuitizations and contract charges | (69902) | (79159) | (803840) | (814549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 475105 | 142043 | 130183 | 1673894 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 475105 | 142043 | 130183 | 1673894 |
|  Total increase (decrease) in net assets | 642810 | 142420 | 522444 | 2104838 |
|  Net assets at beginning of year | 770101 | 627681 | 9878915 | 7774077 |
|  Net assets at end of year | $1412911 | $770101 | $10401359 | $9878915 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | T21 Sub-Account | T21 Sub-Account | S23 Sub-Account | S23 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(154984) | $299283 | $(7342) | $16852 |
|  Net realized gains (losses) | 317954 | (82455) | 10631 | (904) |
|  Net change in unrealized appreciation/(depreciation) | 4628340 | 583944 | 327290 | 22221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 4791310 | 800772 | 330579 | 38169 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 242089 | 209491 | 140640 | 79076 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (2658525) | (140418) | 285437 | 21459 |
|  Withdrawals, surrenders, annuitizations and contract charges | (2152562) | (2152163) | (34038) | (9241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (4568998) | (2083090) | 392039 | 91294 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 2972 | 3054 |  |  |
|  Annuity payments and contract charges | (6328) | (3810) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (4300) | (985) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (7656) | (1741) |  |  |
|  Net increase (decrease) from contract owner transactions | (4576654) | (2084831) | 392039 | 91294 |
|  Total increase (decrease) in net assets | 214656 | (1284059) | 722618 | 129463 |
|  Net assets at beginning of year | 12869747 | 14153806 | 675997 | 546534 |
|  Net assets at end of year | $13084403 | $12869747 | $1398615 | $675997 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | T20 Sub-Account | T20 Sub-Account | FE6 Sub-Account | FE6 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $261353 | $310056 | $49428 | $70205 |
|  Net realized gains (losses) | 5963754 | 1028003 | 301607 | (970424) |
|  Net change in unrealized appreciation/(depreciation) | 5052008 | (2569552) | 1278210 | 2157657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 11277115 | (1231493) | 1629245 | 1257438 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1089318 | 1459484 | 79472 | 290734 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (4458985) | 3433357 | (138114) | (46431) |
|  Withdrawals, surrenders, annuitizations and contract charges | (7088786) | (9567464) | (2656353) | (2810829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (10458453) | (4674623) | (2714995) | (2566526) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 18118 | 21528 |  |  |
|  Annuity payments and contract charges | (39450) | (64449) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 3039 | 1100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (18293) | (41821) |  |  |
|  Net increase (decrease) from contract owner transactions | (10476746) | (4716444) | (2714995) | (2566526) |
|  Total increase (decrease) in net assets | 800369 | (5947937) | (1085750) | (1309088) |
|  Net assets at beginning of year | 46628097 | 52576034 | 16476547 | 17785635 |
|  Net assets at end of year | $47428466 | $46628097 | $15390797 | $16476547 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | S18 Sub-Account | S18 Sub-Account | T59 Sub-Account | T59 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $21526 | $14125 | $(30774) | $(31273) |
|  Net realized gains (losses) | 137831 | (24841) | (114509) | (73253) |
|  Net change in unrealized appreciation/(depreciation) | 222441 | 164126 | 355286 | (128577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 381798 | 153410 | 210003 | (233103) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 649582 | 928831 | 18115 | 20740 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 58320 | (24094) | 75262 | 258097 |
|  Withdrawals, surrenders, annuitizations and contract charges | (106566) | (91417) | (302387) | (285956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 601336 | 813320 | (209010) | (7119) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  | (235) | (238) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | 83 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (152) | (288) |
|  Net increase (decrease) from contract owner transactions | 601336 | 813320 | (209162) | (7407) |
|  Total increase (decrease) in net assets | 983134 | 966730 | 841 | (240510) |
|  Net assets at beginning of year | 2972459 | 2005729 | 1616668 | 1857178 |
|  Net assets at end of year | $3955593 | $2972459 | $1617509 | $1616668 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F56 Sub-Account | F56 Sub-Account | F59 Sub-Account | F59 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(74518) | $(75996) | $1109929 | $1270757 |
|  Net realized gains (losses) | 1291472 | 336559 | 183872 | (406776) |
|  Net change in unrealized appreciation/(depreciation) | 622265 | 117134 | 2034655 | 1056361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1839219 | 377697 | 3328456 | 1920342 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 121457 | 156629 | 562749 | 736122 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (642100) | 194126 | 115503 | (153984) |
|  Withdrawals, surrenders, annuitizations and contract charges | (1689771) | (1506574) | (5524636) | (5714072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2210414) | (1155819) | (4846384) | (5131934) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 42421 |  | 57733 | 57376 |
|  Annuity payments and contract charges | (22897) | (9084) | (19301) | (90269) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (14789) | 1008 | 1147 | (1323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 4735 | (8076) | 39579 | (34216) |
|  Net increase (decrease) from contract owner transactions | (2205679) | (1163895) | (4806805) | (5166150) |
|  Total increase (decrease) in net assets | (366460) | (786198) | (1478349) | (3245808) |
|  Net assets at beginning of year | 9487223 | 10273421 | 33669248 | 36915056 |
|  Net assets at end of year | $9120763 | $9487223 | $32190899 | $33669248 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FF0 Sub-Account | FF0 Sub-Account | F54 Sub-Account | F54 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1038252 | $859336 | $285503 | $232299 |
|  Net realized gains (losses) | (21920) | (64442) | 9710412 | 161559 |
|  Net change in unrealized appreciation/(depreciation) | 2100081 | 474557 | (2456715) | 7888292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 3116413 | 1269451 | 7539200 | 8282150 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 3804133 | 7320945 | 478693 | 1194497 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 562975 | 727525 | 2722605 | (159306) |
|  Withdrawals, surrenders, annuitizations and contract charges | (2095863) | (1487118) | (13264756) | (14465801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 2271245 | 6561352 | (10063458) | (13430610) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  | 26533 | 51451 |
|  Annuity payments and contract charges |  |  | (28299) | (36144) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | (4213) | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (5979) | 16917 |
|  Net increase (decrease) from contract owner transactions | 2271245 | 6561352 | (10069437) | (13413693) |
|  Total increase (decrease) in net assets | 5387658 | 7830803 | (2530237) | (5131543) |
|  Net assets at beginning of year | 26515062 | 18684259 | 84278961 | 89410504 |
|  Net assets at end of year | $31902720 | $26515062 | $81748724 | $84278961 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FG8 Sub-Account | FG8 Sub-Account | S21 Sub-Account | S21 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $10724 | $8286 | $(27635) | $(11592) |
|  Net realized gains (losses) | 146462 | 23254 | 508747 | 109624 |
|  Net change in unrealized appreciation/(depreciation) | (17316) | 77762 | 94172 | 317465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 139870 | 109302 | 575284 | 415497 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 147053 | 172409 | 673928 | 991634 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 60798 | 22098 | 228899 | (4055) |
|  Withdrawals, surrenders, annuitizations and contract charges | (75435) | (86160) | (274249) | (244886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 132416 | 108347 | 628578 | 742693 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 132416 | 108347 | 628578 | 742693 |
|  Total increase (decrease) in net assets | 272286 | 217649 | 1203862 | 1158190 |
|  Net assets at beginning of year | 1294869 | 1077220 | 5289024 | 4130834 |
|  Net assets at end of year | $1567155 | $1294869 | $6492886 | $5289024 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F53 Sub-Account | F53 Sub-Account | FJ9 Sub-Account | FJ9 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(77110) | $(109602) | $(9526) | $(10358) |
|  Net realized gains (losses) | 1267695 | 1276846 | 274021 | 39719 |
|  Net change in unrealized appreciation/(depreciation) | (383035) | 278659 | (7703) | 191637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 807550 | 1445903 | 256792 | 220998 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 153155 | 251017 | 960729 | 885264 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 159678 | (339984) | 275807 | 41559 |
|  Withdrawals, surrenders, annuitizations and contract charges | (2323496) | (2526781) | (195076) | (113789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2010663) | (2615748) | 1041460 | 813034 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 7967 |  |  |  |
|  Annuity payments and contract charges | (2653) | (1788) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 79 | 96 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 5393 | (1692) |  |  |
|  Net increase (decrease) from contract owner transactions | (2005270) | (2617440) | 1041460 | 813034 |
|  Total increase (decrease) in net assets | (1197720) | (1171537) | 1298252 | 1034032 |
|  Net assets at beginning of year | 14175146 | 15346683 | 3155776 | 2121744 |
|  Net assets at end of year | $12977426 | $14175146 | $4454028 | $3155776 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | T28 Sub-Account | T28 Sub-Account | FJ0 Sub-Account | FJ0 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $191106 | $194601 | $1281 | $1541 |
|  Net realized gains (losses) | (204186) | (256720) | (997) | (2009) |
|  Net change in unrealized appreciation/(depreciation) | 335477 | 220952 | 2079 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 322397 | 158833 | 2363 | 1460 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 103620 | 195181 |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 271642 | 159329 | 1066 | 1302 |
|  Withdrawals, surrenders, annuitizations and contract charges | (1065218) | (1370062) | (5613) | (14728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (689956) | (1015552) | (4547) | (13426) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 2410 | 69319 |  |  |
|  Annuity payments and contract charges | (9424) | (21170) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 218 | (844) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (6796) | 47305 |  |  |
|  Net increase (decrease) from contract owner transactions | (696752) | (968247) | (4547) | (13426) |
|  Total increase (decrease) in net assets | (374355) | (809414) | (2184) | (11966) |
|  Net assets at beginning of year | 6344841 | 7154255 | 48351 | 60317 |
|  Net assets at end of year | $5970486 | $6344841 | $46167 | $48351 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | G03 Sub-Account | G03 Sub-Account | V35 Sub-Account | V35 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(23731) | $(23105) | $(51260) | $(30927) |
|  Net realized gains (losses) | 455164 | 406189 | 681245 | 258909 |
|  Net change in unrealized appreciation/(depreciation) | 34587 | 302676 | (18644) | 557786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 466020 | 685760 | 611341 | 785768 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 38760 | 41738 | 104698 | 26466 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 42989 | (28575) | (110053) | (129282) |
|  Withdrawals, surrenders, annuitizations and contract charges | (141489) | (227584) | (574943) | (361792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (59740) | (214421) | (580298) | (464608) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  | (731) | (644) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | 307 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (424) | (403) |
|  Net increase (decrease) from contract owner transactions | (59740) | (214421) | (580722) | (465011) |
|  Total increase (decrease) in net assets | 406280 | 471339 | 30619 | 320757 |
|  Net assets at beginning of year | 3199938 | 2728599 | 3371869 | 3051112 |
|  Net assets at end of year | $3606218 | $3199938 | $3402488 | $3371869 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V13 Sub-Account | V13 Sub-Account | AB3 Sub-Account | AB3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(42607) | $(41497) | $58687 | $48938 |
|  Net realized gains (losses) | 3270280 | 3111621 | (83854) | (9931) |
|  Net change in unrealized appreciation/(depreciation) | (1059671) | (935836) | 132793 | (24203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2168002 | 2134288 | 107626 | 14804 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 345103 | 293132 | 255880 | 633399 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (1058161) | (31206) | 31969 | 164435 |
|  Withdrawals, surrenders, annuitizations and contract charges | (3036830) | (3692399) | (402400) | (60649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (3749888) | (3430473) | (114551) | 737185 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges | (746) | (26543) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 306 | (810) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (440) | (27353) |  |  |
|  Net increase (decrease) from contract owner transactions | (3750328) | (3457826) | (114551) | 737185 |
|  Total increase (decrease) in net assets | (1582326) | (1323538) | (6925) | 751989 |
|  Net assets at beginning of year | 16215671 | 17539209 | 2106986 | 1354997 |
|  Net assets at end of year | $14633345 | $16215671 | $2100061 | $2106986 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V11 Sub-Account | V11 Sub-Account | AC1 Sub-Account | AC1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $632642 | $202902 | $(7119) | $(1941) |
|  Net realized gains (losses) | 8190785 | 3271862 | 93746 | 8095 |
|  Net change in unrealized appreciation/(depreciation) | 4043770 | 6654145 | 88498 | (25197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 12867197 | 10128909 | 175125 | (19043) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 6833655 | 13105240 | 982 | 53114 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 14758055 | 10163656 | (44035) | 91174 |
|  Withdrawals, surrenders, annuitizations and contract charges | (12938192) | (11253928) | (247766) | (218929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 8653518 | 12014968 | (290819) | (74641) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 14329 | 18092 |  |  |
|  Annuity payments and contract charges | (62177) | (42008) | (324) | (323) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (117491) | 14515 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (165339) | (9401) | (324) | (324) |
|  Net increase (decrease) from contract owner transactions | 8488179 | 12005567 | (291143) | (74965) |
|  Total increase (decrease) in net assets | 21355376 | 22134476 | (116018) | (94008) |
|  Net assets at beginning of year | 112360638 | 90226162 | 1376388 | 1470396 |
|  Net assets at end of year | $133716014 | $112360638 | $1260370 | $1376388 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V17 Sub-Account | V17 Sub-Account | V19 Sub-Account | V19 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(67294) | $(50772) | $2232 | $4922 |
|  Net realized gains (losses) | 383806 | (133872) | 82317 | 27166 |
|  Net change in unrealized appreciation/(depreciation) | (83977) | 986189 | 59413 | 77098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 232535 | 801545 | 143962 | 109186 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1237320 | 535503 | 27992 | 14406 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (157091) | 372707 | 913 | (11632) |
|  Withdrawals, surrenders, annuitizations and contract charges | (255433) | (107653) | (92224) | (30014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 824796 | 800557 | (63319) | (27240) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 824796 | 800557 | (63319) | (27240) |
|  Total increase (decrease) in net assets | 1057331 | 1602102 | 80643 | 81946 |
|  Net assets at beginning of year | 4927405 | 3325303 | 1051576 | 969630 |
|  Net assets at end of year | $5984736 | $4927405 | $1132219 | $1051576 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V20 Sub-Account | V20 Sub-Account | MV1 Sub-Account | MV1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $51430 | $32178 | $826345 | $719347 |
|  Net realized gains (losses) | 1337413 | 207315 | 4671728 | 57627 |
|  Net change in unrealized appreciation/(depreciation) | 354694 | 574519 | 12891063 | 11547016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1743537 | 814012 | 18389136 | 12323990 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 549931 | 2342879 | 21364980 | 32791783 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 4853091 | 20771 | 8714474 | 3432603 |
|  Withdrawals, surrenders, annuitizations and contract charges | (456197) | (339544) | (7320996) | (3138774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 4946825 | 2024106 | 22758458 | 33085612 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 4946825 | 2024106 | 22758458 | 33085612 |
|  Total increase (decrease) in net assets | 6690362 | 2838118 | 41147594 | 45409602 |
|  Net assets at beginning of year | 10249524 | 7411406 | 125552075 | 80142473 |
|  Net assets at end of year | $16939886 | $10249524 | $166699669 | $125552075 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MV2 Sub-Account | MV2 Sub-Account | MV3 Sub-Account | MV3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(73494) | $(23806) | $(167848) | $(108332) |
|  Net realized gains (losses) | 459919 | 147240 | 1461051 | (2427) |
|  Net change in unrealized appreciation/(depreciation) | (1840) | 358046 | 1678742 | 2264495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 384585 | 481480 | 2971945 | 2153736 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1040043 | 1657919 | 3531188 | 2039782 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 507228 | 563647 | 848174 | 677731 |
|  Withdrawals, surrenders, annuitizations and contract charges | (257948) | (160930) | (692667) | (241997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 1289323 | 2060636 | 3686695 | 2475516 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 1289323 | 2060636 | 3686695 | 2475516 |
|  Total increase (decrease) in net assets | 1673908 | 2542116 | 6658640 | 4629252 |
|  Net assets at beginning of year | 5425622 | 2883506 | 11171524 | 6542272 |
|  Net assets at end of year | $7099530 | $5425622 | $17830164 | $11171524 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MV4 Sub-Account | MV4 Sub-Account | J88 Sub-Account | J88 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(9706) | $(4904) | $480695 | $760797 |
|  Net realized gains (losses) | 191920 | 68961 | (1135502) | (867024) |
|  Net change in unrealized appreciation/(depreciation) | (82256) | 80417 | 2206744 | 114383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 99958 | 144474 | 1551937 | 8156 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 559354 | 261603 | 343562 | 218932 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 96811 | 6261 | 1298238 | 3031099 |
|  Withdrawals, surrenders, annuitizations and contract charges | (115244) | (93341) | (5633973) | (5035585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 540921 | 174523 | (3992173) | (1785554) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  | 28048 |  |
|  Annuity payments and contract charges |  |  | (3147) |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | (120) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | 24781 |  |
|  Net increase (decrease) from contract owner transactions | 540921 | 174523 | (3967392) | (1785554) |
|  Total increase (decrease) in net assets | 640879 | 318997 | (2415455) | (1777398) |
|  Net assets at beginning of year | 1620126 | 1301129 | 30334718 | 32112116 |
|  Net assets at end of year | $2261005 | $1620126 | $27919263 | $30334718 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | J94 Sub-Account | J94 Sub-Account | L11 Sub-Account | L11 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(196836) | $(173396) | $194351 | $324714 |
|  Net realized gains (losses) | 1513562 | 1544930 | 2504926 | 482141 |
|  Net change in unrealized appreciation/(depreciation) | 385415 | 1218823 | 3604207 | 366826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1702141 | 2590357 | 6303484 | 1173681 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 153688 | 199935 | 146422 | 307660 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 863304 | 1516550 | (3145539) | (481558) |
|  Withdrawals, surrenders, annuitizations and contract charges | (2927675) | (2940625) | (3352591) | (3166298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1910683) | (1224140) | (6351708) | (3340196) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  | 13232 |
|  Annuity payments and contract charges |  |  | (2733) | (7882) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | (7978) | (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (10711) | 2563 |
|  Net increase (decrease) from contract owner transactions | (1910683) | (1224140) | (6362419) | (3337633) |
|  Total increase (decrease) in net assets | (208542) | 1366217 | (58935) | (2163952) |
|  Net assets at beginning of year | 13889344 | 12523127 | 18704244 | 20868196 |
|  Net assets at end of year | $13680802 | $13889344 | $18645309 | $18704244 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | L42 Sub-Account | L42 Sub-Account | L16 Sub-Account | L16 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(437) | $(4776) | $260450 | $234832 |
|  Net realized gains (losses) | 11409 | (1975) | (156704) | (100399) |
|  Net change in unrealized appreciation/(depreciation) | 57114 | 33818 | 265837 | 123286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 68086 | 27067 | 369583 | 257719 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 185304 | 20912 | 34706 | 438652 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 11093 | 15606 | 121858 | 866455 |
|  Withdrawals, surrenders, annuitizations and contract charges | (20412) | (12425) | (354141) | (444851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 175985 | 24093 | (197577) | 860256 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 175985 | 24093 | (197577) | 860256 |
|  Total increase (decrease) in net assets | 244071 | 51160 | 172006 | 1117975 |
|  Net assets at beginning of year | 406220 | 355060 | 5405225 | 4287250 |
|  Net assets at end of year | $650291 | $406220 | $5577231 | $5405225 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | L18 Sub-Account | L18 Sub-Account | L17 Sub-Account | L17 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(248944) | $(262537) | $(286320) | $(243753) |
|  Net realized gains (losses) | 2513948 | (2154448) | 3452411 | 2394688 |
|  Net change in unrealized appreciation/(depreciation) | (370050) | 6362911 | (592991) | 1104125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1894954 | 3945926 | 2573100 | 3255060 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 182758 | 434516 | 242535 | 305606 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (247496) | (2586799) | (209251) | (1296316) |
|  Withdrawals, surrenders, annuitizations and contract charges | (1946103) | (2688177) | (3094844) | (3671729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2010841) | (4840460) | (3061560) | (4662439) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 2243 | 26347 | 3672 | 10976 |
|  Annuity payments and contract charges | (8639) | (10341) | (5168) | (14199) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 973 | (27) | 577 | (463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (5423) | 15979 | (919) | (3686) |
|  Net increase (decrease) from contract owner transactions | (2016264) | (4824481) | (3062479) | (4666125) |
|  Total increase (decrease) in net assets | (121310) | (878555) | (489379) | (1411065) |
|  Net assets at beginning of year | 14020270 | 14898825 | 22111126 | 23522191 |
|  Net assets at end of year | $13898960 | $14020270 | $21621747 | $22111126 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | L19 Sub-Account | L19 Sub-Account | M07 Sub-Account | M07 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $70044 | $63851 | $2757380 | $2461260 |
|  Net realized gains (losses) | (27978) | (7886) | 15573180 | 12533202 |
|  Net change in unrealized appreciation/(depreciation) | 52749 | 13090 | 1208669 | (679751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 94815 | 69055 | 19539229 | 14314711 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 179080 | 171595 | 4183657 | 4850388 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 415883 | 143338 | 112982 | 29639 |
|  Withdrawals, surrenders, annuitizations and contract charges | (419192) | (90346) | (31010608) | (37099952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 175771 | 224587 | (26713969) | (32219925) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  | 405690 | 221756 |
|  Annuity payments and contract charges |  |  | (797016) | (776364) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | (258241) | 68660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (649567) | (485948) |
|  Net increase (decrease) from contract owner transactions | 175771 | 224587 | (27363536) | (32705873) |
|  Total increase (decrease) in net assets | 270586 | 293642 | (7824307) | (18391162) |
|  Net assets at beginning of year | 1926084 | 1632442 | 216813850 | 235205012 |
|  Net assets at end of year | $2196670 | $1926084 | $208989543 | $216813850 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M35 Sub-Account | M35 Sub-Account | M31 Sub-Account | M31 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1605682 | $1295182 | $(2084866) | $(2143775) |
|  Net realized gains (losses) | 13092855 | 10165669 | 35284638 | 22029747 |
|  Net change in unrealized appreciation/(depreciation) | 1074770 | (184508) | (18293932) | 18299429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 15773307 | 11276343 | 14905840 | 38185401 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 4441627 | 6206186 | 3324389 | 2751982 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (790784) | (2026127) | (1786138) | (2869516) |
|  Withdrawals, surrenders, annuitizations and contract charges | (31193271) | (27681257) | (22941530) | (21849073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (27542428) | (23501198) | (21403279) | (21966607) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 282027 | 264990 | 408820 | 173738 |
|  Annuity payments and contract charges | (111563) | (98594) | (506539) | (472768) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (113087) | 111326 | (259235) | (330073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 57377 | 277722 | (356954) | (629103) |
|  Net increase (decrease) from contract owner transactions | (27485051) | (23223476) | (21760233) | (22595710) |
|  Total increase (decrease) in net assets | (11711744) | (11947133) | (6854393) | 15589691 |
|  Net assets at beginning of year | 187404052 | 199351185 | 152424162 | 136834471 |
|  Net assets at end of year | $175692308 | $187404052 | $145569769 | $152424162 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M80 Sub-Account | M80 Sub-Account | M10 Sub-Account | M10 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(375440) | $(370670) | $(1901) | $(1748) |
|  Net realized gains (losses) | 5039095 | 2409985 | 133098 | 16373 |
|  Net change in unrealized appreciation/(depreciation) | (2303713) | 3888973 | (94106) | 21045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2359942 | 5928288 | 37091 | 35670 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 504250 | 1072925 |  | 15000 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 367749 | (1365377) | 32297 | 44290 |
|  Withdrawals, surrenders, annuitizations and contract charges | (2939867) | (3045683) | (7335) | (3666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2067868) | (3338135) | 24962 | 55624 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  | 14462 |  |  |
|  Annuity payments and contract charges | (41632) | (20896) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 1855 | 51457 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (39777) | 45023 |  |  |
|  Net increase (decrease) from contract owner transactions | (2107645) | (3293112) | 24962 | 55624 |
|  Total increase (decrease) in net assets | 252297 | 2635176 | 62053 | 91294 |
|  Net assets at beginning of year | 24022161 | 21386985 | 282869 | 191575 |
|  Net assets at end of year | $24274458 | $24022161 | $344922 | $282869 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF1 Sub-Account | MF1 Sub-Account | M41 Sub-Account | M41 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(245417) | $(265674) | $(420754) | $(419474) |
|  Net realized gains (losses) | 2423815 | 900435 | 4108655 | 624156 |
|  Net change in unrealized appreciation/(depreciation) | (1758648) | 1626033 | (3076068) | 3045718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 419750 | 2260794 | 611833 | 3250400 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 397795 | 551891 | 1233710 | 2511281 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (50729) | 350759 | 1805854 | (840901) |
|  Withdrawals, surrenders, annuitizations and contract charges | (2476005) | (3828544) | (3001528) | (3366537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2128939) | (2925894) | 38036 | (1696157) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 81284 | 22641 |  | 29517 |
|  Annuity payments and contract charges | (74435) | (32912) | (7031) | (10968) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 2995 | 5971 | (12464) | (10174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 9844 | (4300) | (19495) | 8375 |
|  Net increase (decrease) from contract owner transactions | (2119095) | (2930194) | 18541 | (1687782) |
|  Total increase (decrease) in net assets | (1699345) | (669400) | 630374 | 1562618 |
|  Net assets at beginning of year | 17632962 | 18302362 | 26912173 | 25349555 |
|  Net assets at end of year | $15933617 | $17632962 | $27542547 | $26912173 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M05 Sub-Account | M05 Sub-Account | M42 Sub-Account | M42 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(443235) | $(490962) | $(424952) | $(467592) |
|  Net realized gains (losses) | (2154215) | (3234217) | (2269620) | (6085726) |
|  Net change in unrealized appreciation/(depreciation) | 5907679 | 5474638 | 5505829 | 8041093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 3310229 | 1749459 | 2811257 | 1487775 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 806962 | 934812 | 631639 | 655764 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (295723) | (95779) | (283610) | (437353) |
|  Withdrawals, surrenders, annuitizations and contract charges | (5058821) | (6481052) | (3551550) | (5063800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (4547582) | (5642019) | (3203521) | (4845389) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 47505 | 188276 | 4758 | 20842 |
|  Annuity payments and contract charges | (63283) | (50640) | (11475) | (23716) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 1108 | 10792 | 865 | (623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (14670) | 148428 | (5852) | (3497) |
|  Net increase (decrease) from contract owner transactions | (4562252) | (5493591) | (3209373) | (4848886) |
|  Total increase (decrease) in net assets | (1252023) | (3744132) | (398116) | (3361111) |
|  Net assets at beginning of year | 31771382 | 35515514 | 26697088 | 30058199 |
|  Net assets at end of year | $30519359 | $31771382 | $26298972 | $26697088 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M89 Sub-Account | M89 Sub-Account | M82 Sub-Account | M82 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $6617151 | $6802983 | $(1256005) | $(1148047) |
|  Net realized gains (losses) | (6205280) | (7028739) | 22874007 | 9159284 |
|  Net change in unrealized appreciation/(depreciation) | 12635380 | 2358869 | (12962648) | 5624261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 13047251 | 2133113 | 8655354 | 13635498 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2874131 | 2461665 | 518937 | 974730 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 13670751 | 12711305 | 2326308 | (4997883) |
|  Withdrawals, surrenders, annuitizations and contract charges | (46715965) | (45577105) | (12349069) | (12826543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (30171083) | (30404135) | (9503824) | (16849696) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 90270 | 179246 |  | 36740 |
|  Annuity payments and contract charges | (68642) | (232967) | (25802) | (39525) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (13601) | (3446) | (15227) | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 8027 | (57167) | (41029) | 393 |
|  Net increase (decrease) from contract owner transactions | (30163056) | (30461302) | (9544853) | (16849303) |
|  Total increase (decrease) in net assets | (17115805) | (28328189) | (889499) | (3213805) |
|  Net assets at beginning of year | 262488302 | 290816491 | 83081644 | 86295449 |
|  Net assets at end of year | $245372497 | $262488302 | $82192145 | $83081644 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M44 Sub-Account | M44 Sub-Account | M40 Sub-Account | M40 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $912268 | $565037 | $361771 | $150975 |
|  Net realized gains (losses) | 3327751 | 4186806 | 1411195 | 1894443 |
|  Net change in unrealized appreciation/(depreciation) | 3678712 | 1641678 | 2210737 | 1191290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 7918731 | 6393521 | 3983703 | 3236708 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1886066 | 1809771 | 849466 | 1258049 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (679101) | (498601) | (81924) | (53658) |
|  Withdrawals, surrenders, annuitizations and contract charges | (9674593) | (11418159) | (5181499) | (5780723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (8467628) | (10106989) | (4413957) | (4576332) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 331913 | 158708 | 11000 | 23517 |
|  Annuity payments and contract charges | (668619) | (436361) | (15913) | (13891) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (166776) | (23163) | 7411 | 92645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (503482) | (300816) | 2498 | 102271 |
|  Net increase (decrease) from contract owner transactions | (8971110) | (10407805) | (4411459) | (4474061) |
|  Total increase (decrease) in net assets | (1052379) | (4014284) | (427756) | (1237353) |
|  Net assets at beginning of year | 63421711 | 67435995 | 32605293 | 33842646 |
|  Net assets at end of year | $62369332 | $63421711 | $32177537 | $32605293 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M83 Sub-Account | M83 Sub-Account | M08 Sub-Account | M08 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $7640 | $47785 | $(192801) | $(176112) |
|  Net realized gains (losses) | 14964959 | 16063234 | 7607865 | 7802202 |
|  Net change in unrealized appreciation/(depreciation) | 1079548 | (611200) | 121879 | (421308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 16052147 | 15499819 | 7536943 | 7204782 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 4476614 | 3960871 | 1049364 | 921972 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (113882) | (1201347) | 13829 | (1341689) |
|  Withdrawals, surrenders, annuitizations and contract charges | (25129912) | (26561204) | (10473955) | (10214559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (20767180) | (23801680) | (9410762) | (10634276) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 240370 | 181587 | 23294 | 116798 |
|  Annuity payments and contract charges | (291588) | (282032) | (48771) | (40875) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (67018) | (883) | (40593) | 8094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (118236) | (101328) | (66070) | 84017 |
|  Net increase (decrease) from contract owner transactions | (20885416) | (23903008) | (9476832) | (10550259) |
|  Total increase (decrease) in net assets | (4833269) | (8403189) | (1939889) | (3345477) |
|  Net assets at beginning of year | 153940769 | 162343958 | 73802727 | 77148204 |
|  Net assets at end of year | $149107500 | $153940769 | $71862838 | $73802727 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MB6 Sub-Account | MB6 Sub-Account | MB7 Sub-Account | MB7 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(884692) | $(989590) | $(367985) | $(400092) |
|  Net realized gains (losses) | 47978543 | 26453054 | 8457997 | 5622909 |
|  Net change in unrealized appreciation/(depreciation) | (16827811) | 23680142 | (2863265) | 3804649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 30266040 | 49143606 | 5226747 | 9027466 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 6484094 | 6971758 | 1386038 | 1615518 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (2736112) | (3448669) | (121228) | (4158330) |
|  Withdrawals, surrenders, annuitizations and contract charges | (39682641) | (40247461) | (7417478) | (7830638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (35934659) | (36724372) | (6152668) | (10373450) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 859934 | 609482 | 17151 | 42002 |
|  Annuity payments and contract charges | (942308) | (951464) | (41374) | (65421) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (250735) | (157900) | 7958 | 48484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (333109) | (499882) | (16265) | 25065 |
|  Net increase (decrease) from contract owner transactions | (36267768) | (37224254) | (6168933) | (10348385) |
|  Total increase (decrease) in net assets | (6001728) | 11919352 | (942186) | (1320919) |
|  Net assets at beginning of year | 230735836 | 218816484 | 40798023 | 42118942 |
|  Net assets at end of year | $224734108 | $230735836 | $39855837 | $40798023 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MC0 Sub-Account | MC0 Sub-Account | MA0 Sub-Account | MA0 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $915147 | $680680 | $2133208 | $1609597 |
|  Net realized gains (losses) | (924676) | (1270305) | (3610203) | (3158664) |
|  Net change in unrealized appreciation/(depreciation) | 1545440 | 1021782 | 5312861 | 2409365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1535911 | 432157 | 3835866 | 860298 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 410178 | 760651 | 885465 | 502001 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1172348 | 331341 | 3253025 | 3406567 |
|  Withdrawals, surrenders, annuitizations and contract charges | (3987143) | (5158792) | (12746890) | (11542747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2404617) | (4066800) | (8608400) | (7634179) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 94346 | 9826 | 1306 | 40686 |
|  Annuity payments and contract charges | (30116) | (48396) | (17595) | (29465) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (29978) | (298) | (12813) | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 34252 | (38868) | (29102) | 13119 |
|  Net increase (decrease) from contract owner transactions | (2370365) | (4105668) | (8637502) | (7621060) |
|  Total increase (decrease) in net assets | (834454) | (3673511) | (4801636) | (6760762) |
|  Net assets at beginning of year | 26400797 | 30074308 | 72752397 | 79513159 |
|  Net assets at end of year | $25566343 | $26400797 | $67950761 | $72752397 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MC2 Sub-Account | MC2 Sub-Account | MC1 Sub-Account | MC1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(853756) | $(772413) | $(600097) | $(557708) |
|  Net realized gains (losses) | 12857383 | 7459671 | 7077818 | 4292401 |
|  Net change in unrealized appreciation/(depreciation) | (3166930) | 8414660 | (1853301) | 4302770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 8836697 | 15101918 | 4624420 | 8037463 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2184722 | 1280868 | 667063 | 841859 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (1178100) | (1273100) | 242380 | (1702534) |
|  Withdrawals, surrenders, annuitizations and contract charges | (13962481) | (12773329) | (7712635) | (7148889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (12955859) | (12765561) | (6803192) | (8009564) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 360568 | 241705 | 3913 |  |
|  Annuity payments and contract charges | (350666) | (258535) | (8959) | (34625) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (65524) | 212 | (891) | (9456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (55622) | (16618) | (5937) | (44081) |
|  Net increase (decrease) from contract owner transactions | (13011481) | (12782179) | (6809129) | (8053645) |
|  Total increase (decrease) in net assets | (4174784) | 2319739 | (2184709) | (16182) |
|  Net assets at beginning of year | 89444432 | 87124693 | 46610226 | 46626408 |
|  Net assets at end of year | $85269648 | $89444432 | $44425517 | $46610226 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MC3 Sub-Account | MC3 Sub-Account | MA1 Sub-Account | MA1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $62250 | $81722 | $21471 | $52585 |
|  Net realized gains (losses) | 104056 | (58059) | 281355 | (118750) |
|  Net change in unrealized appreciation/(depreciation) | 2413446 | 898406 | 2332546 | 990913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2579752 | 922069 | 2635372 | 924748 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 70360 | 208600 | 15616 | 68007 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (357869) | (314686) | (1142065) | (538136) |
|  Withdrawals, surrenders, annuitizations and contract charges | (1084789) | (1945096) | (1379464) | (1500577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1372298) | (2051182) | (2505913) | (1970706) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 26349 | 85000 |  |  |
|  Annuity payments and contract charges | (34088) | (12537) | (512) | (448) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 1755 | 632 | 138 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (5984) | 73095 | (374) | (384) |
|  Net increase (decrease) from contract owner transactions | (1378282) | (1978087) | (2506287) | (1971090) |
|  Total increase (decrease) in net assets | 1201470 | (1056018) | 129085 | (1046342) |
|  Net assets at beginning of year | 8713170 | 9769188 | 9507534 | 10553876 |
|  Net assets at end of year | $9914640 | $8713170 | $9636619 | $9507534 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MC4 Sub-Account | MC4 Sub-Account | MC5 Sub-Account | MC5 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $11346 | $(63954) | $(905) | $(8816) |
|  Net realized gains (losses) | (159320) | (212025) | (16918) | (11540) |
|  Net change in unrealized appreciation/(depreciation) | 343198 | 507 | 42027 | (10515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 195224 | (275472) | 24204 | (30871) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 93350 | 57204 |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 61929 | 210511 | 22058 | 104075 |
|  Withdrawals, surrenders, annuitizations and contract charges | (654946) | (786425) | (60977) | (29351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (499667) | (518710) | (38919) | 74724 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 33269 |  |  |  |
|  Annuity payments and contract charges | (9766) | (5831) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (1765) | (1314) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 21738 | (7145) |  |  |
|  Net increase (decrease) from contract owner transactions | (477929) | (525855) | (38919) | 74724 |
|  Total increase (decrease) in net assets | (282705) | (801327) | (14715) | 43853 |
|  Net assets at beginning of year | 4083436 | 4884763 | 535394 | 491541 |
|  Net assets at end of year | $3800731 | $4083436 | $520679 | $535394 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MC6 Sub-Account | MC6 Sub-Account | MC7 Sub-Account | MC7 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(384805) | $(418061) | $(116921) | $(106440) |
|  Net realized gains (losses) | 4733573 | 4139392 | 1150016 | 677669 |
|  Net change in unrealized appreciation/(depreciation) | (2205635) | (209461) | (452006) | 208821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2143133 | 3511870 | 581089 | 780050 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 586338 | 570658 | 802052 | 407187 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 199508 | (42735) | 228191 | 209581 |
|  Withdrawals, surrenders, annuitizations and contract charges | (4650620) | (5417208) | (499263) | (461492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (3864774) | (4889285) | 530980 | 155276 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 149909 | 25606 |  |  |
|  Annuity payments and contract charges | (178498) | (55241) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (114882) | (9793) | (239) | (4025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (143471) | (39428) | (239) | (4025) |
|  Net increase (decrease) from contract owner transactions | (4008245) | (4928713) | 530741 | 151251 |
|  Total increase (decrease) in net assets | (1865112) | (1416843) | 1111830 | 931301 |
|  Net assets at beginning of year | 37105916 | 38522759 | 9383680 | 8452379 |
|  Net assets at end of year | $35240804 | $37105916 | $10495510 | $9383680 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MC8 Sub-Account | MC8 Sub-Account | MC9 Sub-Account | MC9 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(300631) | $(242995) | $(28209) | $(25392) |
|  Net realized gains (losses) | 11002665 | 7509399 | 502137 | 308004 |
|  Net change in unrealized appreciation/(depreciation) | (2070595) | 1177436 | (33927) | 130858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 8631439 | 8443840 | 440001 | 413470 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2085968 | 1174264 | 15848 | 54753 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (688818) | (583359) | (40918) | (108608) |
|  Withdrawals, surrenders, annuitizations and contract charges | (11702537) | (10257518) | (417749) | (418540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (10305387) | (9666613) | (442819) | (472395) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 201165 | 82771 | 68413 |  |
|  Annuity payments and contract charges | (274906) | (265858) | (11828) | (18462) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (67006) | (150736) | (2781) | (1507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (140747) | (333823) | 53804 | (19969) |
|  Net increase (decrease) from contract owner transactions | (10446134) | (10000436) | (389015) | (492364) |
|  Total increase (decrease) in net assets | (1814695) | (1556596) | 50986 | (78894) |
|  Net assets at beginning of year | 64635980 | 66192576 | 3205773 | 3284667 |
|  Net assets at end of year | $62821285 | $64635980 | $3256759 | $3205773 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MD0 Sub-Account | MD0 Sub-Account | M92 Sub-Account | M92 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1027269 | $(171063) | $12599018 | $(3367162) |
|  Net realized gains (losses) | 887361 | (464071) | 11460298 | (4469749) |
|  Net change in unrealized appreciation/(depreciation) | 1057133 | 1577842 | 12909695 | 17838910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2971763 | 942708 | 36969011 | 10001999 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 732527 | 974133 | 2518352 | 3827233 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 549867 | (674335) | (813594) | 1072137 |
|  Withdrawals, surrenders, annuitizations and contract charges | (4209113) | (5411710) | (50635855) | (49541887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2926719) | (5111912) | (48931097) | (44642517) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 202655 | 49854 | 35474 | 49235 |
|  Annuity payments and contract charges | (44066) | (39483) | (46721) | (55563) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (20871) | 2353 | 14848 | 4771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 137718 | 12724 | 3601 | (1557) |
|  Net increase (decrease) from contract owner transactions | (2789001) | (5099188) | (48927496) | (44644074) |
|  Total increase (decrease) in net assets | 182762 | (4156480) | (11958485) | (34642075) |
|  Net assets at beginning of year | 23117146 | 27273626 | 295937578 | 330579653 |
|  Net assets at end of year | $23299908 | $23117146 | $283979093 | $295937578 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M96 Sub-Account | M96 Sub-Account | MD2 Sub-Account | MD2 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1079762 | $910894 | $2195691 | $1669433 |
|  Net realized gains (losses) | (1381779) | (1351553) | (3137634) | (2639608) |
|  Net change in unrealized appreciation/(depreciation) | 2406440 | 153255 | 5385443 | (49397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2104423 | (287404) | 4443500 | (1019572) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1507814 | 2424837 | 1494695 | 1948725 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 244355 | 3319489 | 5247756 | 10838897 |
|  Withdrawals, surrenders, annuitizations and contract charges | (9075906) | (9581238) | (15546477) | (15951570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (7323737) | (3836912) | (8804026) | (3163948) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 224636 | 137813 | 26042 | 44046 |
|  Annuity payments and contract charges | (129289) | (80001) | (49597) | (63643) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 4327 | 341 | 591 | (6440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 99674 | 58153 | (22964) | (26037) |
|  Net increase (decrease) from contract owner transactions | (7224063) | (3778759) | (8826990) | (3189985) |
|  Total increase (decrease) in net assets | (5119640) | (4066163) | (4383490) | (4209557) |
|  Net assets at beginning of year | 42096261 | 46162424 | 95156533 | 99366090 |
|  Net assets at end of year | $36976621 | $42096261 | $90773043 | $95156533 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MA6 Sub-Account | MA6 Sub-Account | MA3 Sub-Account | MA3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $1330343 | $1278032 | $943812 | $912423 |
|  Net realized gains (losses) | (515909) | (708707) | (410734) | (466874) |
|  Net change in unrealized appreciation/(depreciation) | 936506 | 882379 | 731291 | 545231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1750940 | 1451704 | 1264369 | 990780 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 548667 | 1181798 | 435875 | 344962 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 139381 | 414488 | 481128 | 527874 |
|  Withdrawals, surrenders, annuitizations and contract charges | (4940644) | (5852857) | (3305296) | (3181573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (4252596) | (4256571) | (2388293) | (2308737) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 152695 | 35145 | 7480 | 21874 |
|  Annuity payments and contract charges | (81133) | (72959) | (32043) | (21102) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (2035) | (44141) | (16) | (4637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 69527 | (81955) | (24579) | (3865) |
|  Net increase (decrease) from contract owner transactions | (4183069) | (4338526) | (2412872) | (2312602) |
|  Total increase (decrease) in net assets | (2432129) | (2886822) | (1148503) | (1321822) |
|  Net assets at beginning of year | 26575915 | 29462737 | 20783554 | 22105376 |
|  Net assets at end of year | $24143786 | $26575915 | $19635051 | $20783554 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M97 Sub-Account | M97 Sub-Account | MD5 Sub-Account | MD5 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(143332) | $(127346) | $(92098) | $(90828) |
|  Net realized gains (losses) | 2425616 | 690006 | 943806 | 446553 |
|  Net change in unrealized appreciation/(depreciation) | 2263882 | 1328512 | 802664 | 390869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 4546166 | 1891172 | 1654372 | 746594 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 735181 | 1196441 | 127014 | 162820 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (536437) | 11527 | (249609) | (261212) |
|  Withdrawals, surrenders, annuitizations and contract charges | (4204333) | (4943478) | (1786116) | (1757435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (4005589) | (3735510) | (1908711) | (1855827) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 124684 | 31685 |  | 14585 |
|  Annuity payments and contract charges | (59884) | (42959) | (2460) | (21674) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 5066 | 4423 | (15906) | (14847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 69866 | (6851) | (18366) | (21936) |
|  Net increase (decrease) from contract owner transactions | (3935723) | (3742361) | (1927077) | (1877763) |
|  Total increase (decrease) in net assets | 610443 | (1851189) | (272705) | (1131169) |
|  Net assets at beginning of year | 24800960 | 26652149 | 9746826 | 10877995 |
|  Net assets at end of year | $25411403 | $24800960 | $9474121 | $9746826 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M98 Sub-Account | M98 Sub-Account | M93 Sub-Account | M93 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $27916 | $(29565) | $(208672) | $(321132) |
|  Net realized gains (losses) | 2842851 | 2699705 | 5868916 | 4368343 |
|  Net change in unrealized appreciation/(depreciation) | 4404209 | (999769) | 8140733 | (1183789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 7274976 | 1670371 | 13800977 | 2863422 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 490837 | 864374 | 1088411 | 935686 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (630540) | (914257) | (6680814) | 439030 |
|  Withdrawals, surrenders, annuitizations and contract charges | (3733491) | (5004223) | (8398336) | (8595773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (3873194) | (5054106) | (13990739) | (7221057) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 26429 |  | 17704 | 14316 |
|  Annuity payments and contract charges | (47387) | (52681) | (51501) | (38115) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 5200 | 513 | (15098) | (15307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (15758) | (52168) | (48895) | (39106) |
|  Net increase (decrease) from contract owner transactions | (3888952) | (5106274) | (14039634) | (7260163) |
|  Total increase (decrease) in net assets | 3386024 | (3435903) | (238657) | (4396741) |
|  Net assets at beginning of year | 24865012 | 28300915 | 50910905 | 55307646 |
|  Net assets at end of year | $28251036 | $24865012 | $50672248 | $50910905 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MD6 Sub-Account | MD6 Sub-Account | MB3 Sub-Account | MB3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(3117790) | $(3138013) | $(445677) | $(441504) |
|  Net realized gains (losses) | 49360065 | 40415634 | 4583863 | 3581248 |
|  Net change in unrealized appreciation/(depreciation) | (24540048) | 2666385 | (2127864) | 665776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 21702227 | 39944006 | 2010322 | 3805520 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 6906897 | 6368291 | 781022 | 376068 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (2051262) | (2065353) | 187229 | (558256) |
|  Withdrawals, surrenders, annuitizations and contract charges | (42895099) | (43725334) | (4478899) | (3202502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (38039464) | (39422396) | (3510648) | (3384690) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 973985 | 846812 | 2553 | 21548 |
|  Annuity payments and contract charges | (1572617) | (1069048) | (8991) | (19898) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 1098573 | (147313) | (1193) | (13118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 499941 | (369549) | (7631) | (11468) |
|  Net increase (decrease) from contract owner transactions | (37539523) | (39791945) | (3518279) | (3396158) |
|  Total increase (decrease) in net assets | (15837296) | 152061 | (1507957) | 409362 |
|  Net assets at beginning of year | 287764416 | 287612355 | 28592375 | 28183013 |
|  Net assets at end of year | $271927120 | $287764416 | $27084418 | $28592375 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MD8 Sub-Account | MD8 Sub-Account | MD9 Sub-Account | MD9 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $788183 | $1149836 | $1871800 | $2952818 |
|  Net realized gains (losses) |  |  |  |  |
|  Net change in unrealized appreciation/(depreciation) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 788183 | 1149836 | 1871800 | 2952818 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2463509 | 5960012 | 7184538 | 1882617 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 7272633 | 5190047 | 2730071 | 11966708 |
|  Withdrawals, surrenders, annuitizations and contract charges | (12205914) | (13178692) | (21595063) | (22072727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2469772) | (2028633) | (11680454) | (8223402) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 1370 | 228726 | 15793 | 82821 |
|  Annuity payments and contract charges | (293304) | (108846) | (47557) | (51529) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 188098 | (148428) | 85 | (9275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (103836) | (28548) | (31679) | 22017 |
|  Net increase (decrease) from contract owner transactions | (2573608) | (2057181) | (11712133) | (8201385) |
|  Total increase (decrease) in net assets | (1785425) | (907345) | (9840333) | (5248567) |
|  Net assets at beginning of year | 34129209 | 35036554 | 93391934 | 98640501 |
|  Net assets at end of year | $32343784 | $34129209 | $83551601 | $93391934 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ME2 Sub-Account | ME2 Sub-Account | ME3 Sub-Account | ME3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(2383) | $23215 | $(115050) | $(83185) |
|  Net realized gains (losses) | 848297 | 340806 | 1060626 | 682214 |
|  Net change in unrealized appreciation/(depreciation) | 1721420 | (78264) | 3499291 | (240421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2567334 | 285757 | 4444867 | 358608 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 839299 | 164780 | 354577 | 753323 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (432417) | 373038 | (1000357) | 1106205 |
|  Withdrawals, surrenders, annuitizations and contract charges | (3405434) | (2144380) | (3402872) | (4770517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2998552) | (1606562) | (4048652) | (2910989) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 25658 | 101909 | 6381 | 2671 |
|  Annuity payments and contract charges | (40205) | (20632) | (17536) | (19848) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 381 | 159 | (10715) | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (14166) | 81436 | (21870) | (13987) |
|  Net increase (decrease) from contract owner transactions | (3012718) | (1525126) | (4070522) | (2924976) |
|  Total increase (decrease) in net assets | (445384) | (1239369) | 374345 | (2566368) |
|  Net assets at beginning of year | 13643001 | 14882370 | 24533761 | 27100129 |
|  Net assets at end of year | $13197617 | $13643001 | $24908106 | $24533761 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MA5 Sub-Account | MA5 Sub-Account | MA7 Sub-Account | MA7 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $476685 | $417986 | $47067 | $48738 |
|  Net realized gains (losses) | (416183) | (567262) | (67420) | (45984) |
|  Net change in unrealized appreciation/(depreciation) | 883062 | 468659 | 125497 | 25422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 943564 | 319383 | 105144 | 28176 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 593372 | 317181 | 88291 | 15746 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1194266 | 1043916 | 30441 | 23178 |
|  Withdrawals, surrenders, annuitizations and contract charges | (2469650) | (2951990) | (440404) | (231521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (682012) | (1590893) | (321672) | (192597) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 106854 | 33192 |  |  |
|  Annuity payments and contract charges | (17016) | (29769) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (19971) | (28914) | (272) | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 69867 | (25491) | (272) | (164) |
|  Net increase (decrease) from contract owner transactions | (612145) | (1616384) | (321944) | (192761) |
|  Total increase (decrease) in net assets | 331419 | (1297001) | (216800) | (164585) |
|  Net assets at beginning of year | 16593354 | 17890355 | 2103698 | 2268283 |
|  Net assets at end of year | $16924773 | $16593354 | $1886898 | $2103698 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ME4 Sub-Account | ME4 Sub-Account | MA2 Sub-Account | MA2 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(309409) | $(300826) | $(254594) | $(203840) |
|  Net realized gains (losses) | 4592931 | 1910814 | 3656142 | 644574 |
|  Net change in unrealized appreciation/(depreciation) | (1244289) | 4376945 | (309216) | 4282292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 3039233 | 5986933 | 3092332 | 4723026 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 163089 | 245437 | 1674546 | 3063947 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (219551) | 507957 | 130105 | (812579) |
|  Withdrawals, surrenders, annuitizations and contract charges | (2561343) | (2564042) | (1392424) | (1263479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2617805) | (1810648) | 412227 | 987889 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 36978 | 122726 |  |  |
|  Annuity payments and contract charges | (54522) | (26734) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 12443 | 24650 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (5101) | 120642 |  |  |
|  Net increase (decrease) from contract owner transactions | (2622906) | (1690006) | 412227 | 987889 |
|  Total increase (decrease) in net assets | 416327 | 4296927 | 3504559 | 5710915 |
|  Net assets at beginning of year | 22130031 | 17833104 | 19085832 | 13374917 |
|  Net assets at end of year | $22546358 | $22130031 | $22590391 | $19085832 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF3 Sub-Account | MF3 Sub-Account | MF5 Sub-Account | MF5 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(322302) | $(359882) | $2050896 | $44888 |
|  Net realized gains (losses) | 4632189 | 1234861 | 2694158 | (6316842) |
|  Net change in unrealized appreciation/(depreciation) | (2482730) | 552993 | 12351389 | 16365821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1827157 | 1427972 | 17096443 | 10093867 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 691814 | 1058431 | 3475092 | 4969654 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 2848428 | 48833 | 1144867 | 1856472 |
|  Withdrawals, surrenders, annuitizations and contract charges | (5535888) | (5875805) | (43131317) | (46450863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1995646) | (4768541) | (38511358) | (39624737) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 6053 | 43623 | 377300 | 75829 |
|  Annuity payments and contract charges | (38603) | (13373) | (120982) | (250158) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (24077) | (21068) | (34763) | 18029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (56627) | 9182 | 221555 | (156300) |
|  Net increase (decrease) from contract owner transactions | (2052273) | (4759359) | (38289803) | (39781037) |
|  Total increase (decrease) in net assets | (225116) | (3331387) | (21193360) | (29687170) |
|  Net assets at beginning of year | 38564368 | 41895755 | 233799067 | 263486237 |
|  Net assets at end of year | $38339252 | $38564368 | $212605707 | $233799067 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF6 Sub-Account | MF6 Sub-Account | MF7 Sub-Account | MF7 Sub-Account |
|  | December<br>31, 2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(1239) | $4499 | $(177479) | $(53124) |
|  Net realized gains (losses) | (18389) | (19212) | (283170) | (73648) |
|  Net change in unrealized appreciation/(depreciation) | 34929 | (23733) | 935997 | (1215040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 15301 | (38446) | 475348 | (1341812) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 3034 | 69216 | 717643 | 716991 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 39028 | 34075 | 3477838 | 2375956 |
|  Withdrawals, surrenders, annuitizations and contract charges | (147847) | (227614) | (5278593) | (5451414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (105785) | (124323) | (1083112) | (2358467) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  | 5505 | 24254 |
|  Annuity payments and contract charges |  |  | (12024) | (17251) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (134) | (17) | (8381) | (7259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (134) | (17) | (14900) | (256) |
|  Net increase (decrease) from contract owner transactions | (105919) | (124340) | (1098012) | (2358723) |
|  Total increase (decrease) in net assets | (90618) | (162786) | (622664) | (3700535) |
|  Net assets at beginning of year | 960815 | 1123601 | 33199967 | 36900502 |
|  Net assets at end of year | $870197 | $960815 | $32577303 | $33199967 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF9 Sub-Account | MF9 Sub-Account | MG1 Sub-Account | MG1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(887414) | $(1736887) | $981017 | $1180355 |
|  Net realized gains (losses) | 6351060 | 1211031 | (4399605) | (3773576) |
|  Net change in unrealized appreciation/(depreciation) | 15875491 | 20013616 | 7551591 | (1510535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 21339137 | 19487760 | 4133003 | (4103756) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2599212 | 2036706 | 622280 | 552260 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (30246) | (633216) | 2499619 | 5976532 |
|  Withdrawals, surrenders, annuitizations and contract charges | (33074145) | (38593625) | (11582500) | (11241552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (30505179) | (37190135) | (8460601) | (4712760) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  | 153021 | 38686 | 30532 |
|  Annuity payments and contract charges | (68416) | (44226) | (9190) | (19948) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 69118 | 4215 | (22163) | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 702 | 113010 | 7333 | 10404 |
|  Net increase (decrease) from contract owner transactions | (30504477) | (37077125) | (8453268) | (4702356) |
|  Total increase (decrease) in net assets | (9165340) | (17589365) | (4320265) | (8806112) |
|  Net assets at beginning of year | 226189084 | 243778449 | 68032780 | 76838892 |
|  Net assets at end of year | $217023744 | $226189084 | $63712515 | $68032780 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF2 Sub-Account | MF2 Sub-Account | MG2 Sub-Account | MG2 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $3018205 | $2591606 | $1649000 | $1368318 |
|  Net realized gains (losses) | (124106) | (298039) | (123083) | (196659) |
|  Net change in unrealized appreciation/(depreciation) | 1732802 | 2005732 | 946267 | 1175459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 4626901 | 4299299 | 2472184 | 2347118 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2563213 | 2813026 | 625635 | 788345 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 5698473 | 9240768 | 3970972 | 3260572 |
|  Withdrawals, surrenders, annuitizations and contract charges | (19119035) | (22050181) | (11642715) | (11559188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (10857349) | (9996387) | (7046108) | (7510271) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 82427 | 67949 | 8682 | 37296 |
|  Annuity payments and contract charges | (173909) | (101338) | (7472) | (5675) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (3139) | (30196) | 1391 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (94621) | (63585) | 2601 | 33291 |
|  Net increase (decrease) from contract owner transactions | (10951970) | (10059972) | (7043507) | (7476980) |
|  Total increase (decrease) in net assets | (6325069) | (5760673) | (4571323) | (5129862) |
|  Net assets at beginning of year | 122994890 | 128755563 | 69580539 | 74710401 |
|  Net assets at end of year | $116669821 | $122994890 | $65009216 | $69580539 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MG3 Sub-Account | MG3 Sub-Account | MG4 Sub-Account | MG4 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(120578) | $(97452) | $(113562) | $(91419) |
|  Net realized gains (losses) | 2354566 | 1719783 | 2531430 | 2101946 |
|  Net change in unrealized appreciation/(depreciation) | (1540795) | 380428 | (1750524) | (180155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 693193 | 2002759 | 667344 | 1830372 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 259799 | 461969 | 335042 | 846673 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 650037 | (479535) | 881596 | (694889) |
|  Withdrawals, surrenders, annuitizations and contract charges | (2157939) | (2768634) | (2237617) | (2316587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1248103) | (2786200) | (1020979) | (2164803) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 10827 | 29807 |  |  |
|  Annuity payments and contract charges | (31929) | (12607) | (627) | (625) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 430 | (43) | 167 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (20672) | 17157 | (460) | (464) |
|  Net increase (decrease) from contract owner transactions | (1268775) | (2769043) | (1021439) | (2165267) |
|  Total increase (decrease) in net assets | (575582) | (766284) | (354095) | (334895) |
|  Net assets at beginning of year | 17094005 | 17860289 | 15981569 | 16316464 |
|  Net assets at end of year | $16518423 | $17094005 | $15627474 | $15981569 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MG6 Sub-Account | MG6 Sub-Account | MG7 Sub-Account | MG7 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $3235740 | $(2700452) | $10303 | $(38569) |
|  Net realized gains (losses) | 36699173 | 560441 | 573336 | 517380 |
|  Net change in unrealized appreciation/(depreciation) | 30282326 | 58022565 | (469744) | 216561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 70217239 | 55882554 | 113895 | 695372 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 9525854 | 10459752 | 130508 | 91329 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1477316 | (208938) | 143343 | (71530) |
|  Withdrawals, surrenders, annuitizations and contract charges | (132824423) | (152067229) | (1043245) | (1039703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (121821253) | (141816415) | (769394) | (1019904) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 522938 | 470358 |  | 9459 |
|  Annuity payments and contract charges | (219482) | (179606) | (1599) | (16309) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (135586) | (53556) | 175 | (820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 167870 | 237196 | (1424) | (7670) |
|  Net increase (decrease) from contract owner transactions | (121653383) | (141579219) | (770818) | (1027574) |
|  Total increase (decrease) in net assets | (51436144) | (85696665) | (656923) | (332202) |
|  Net assets at beginning of year | 821090675 | 906787340 | 9132260 | 9464462 |
|  Net assets at end of year | $769654531 | $821090675 | $8475337 | $9132260 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U43 Sub-Account | U43 Sub-Account | U41 Sub-Account | U41 Sub-Account |
|  | December<br>31, 2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $— | $21833 | $(37472) | $(35662) |
|  Net realized gains (losses) |  | (81398) | 206253 | (64933) |
|  Net change in unrealized appreciation/(depreciation) |  | 266167 | 295184 | 273836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations |  | 206602 | 463965 | 173241 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received |  | 33395 | 493521 | 928877 |
|  Transfers between Sub-Accounts (including the Fixed Account), net |  | (1529955) | (883544) | 96303 |
|  Withdrawals, surrenders, annuitizations and contract charges |  | (212952) | (516032) | (290260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity |  | (1709512) | (906055) | 734920 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions |  | (1709512) | (906055) | 734920 |
|  Total increase (decrease) in net assets |  | (1502910) | (442090) | 908161 |
|  Net assets at beginning of year |  | 1502910 | 3399049 | 2490888 |
|  Net assets at end of year | $— | $— | $2956959 | $3399049 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V44 Sub-Account | V44 Sub-Account | V43 Sub-Account | V43 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(474128) | $(360386) | $(54471) | $(76841) |
|  Net realized gains (losses) | 5696556 | 916508 | 954384 | 380671 |
|  Net change in unrealized appreciation/(depreciation) | 4961887 | 10370362 | (361679) | 1340950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 10184315 | 10926484 | 538234 | 1644780 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2942943 | 1196981 | 197244 | 43120 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (2969411) | (3533798) | (248423) | (1299416) |
|  Withdrawals, surrenders, annuitizations and contract charges | (4155123) | (1840844) | (1049943) | (550479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (4181591) | (4177661) | (1101122) | (1806775) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  | (703) | (496) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | 215 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (488) | (251) |
|  Net increase (decrease) from contract owner transactions | (4181591) | (4177661) | (1101610) | (1807026) |
|  Total increase (decrease) in net assets | 6002724 | 6748823 | (563376) | (162246) |
|  Net assets at beginning of year | 31334793 | 24585970 | 4365068 | 4527314 |
|  Net assets at end of year | $37337517 | $31334793 | $3801692 | $4365068 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | O19 Sub-Account | O19 Sub-Account | O23 Sub-Account | O23 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(204496) | $(218074) | $— | $227740 |
|  Net realized gains (losses) | 2350902 | (360260) |  | (570202) |
|  Net change in unrealized appreciation/(depreciation) | (876598) | 4087316 |  | 565319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1269808 | 3508982 |  | 222857 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 385999 | 252404 |  | 54942 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (36699) | (1654013) |  | (11177854) |
|  Withdrawals, surrenders, annuitizations and contract charges | (1860127) | (2062640) |  | (281821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1510827) | (3464249) |  | (11404733) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 20630 |  |  |  |
|  Annuity payments and contract charges | (45213) | (23538) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | (39531) | 928 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (64114) | (22610) |  |  |
|  Net increase (decrease) from contract owner transactions | (1574941) | (3486859) |  | (11404733) |
|  Total increase (decrease) in net assets | (305133) | 22123 |  | (11181876) |
|  Net assets at beginning of year | 12129947 | 12107824 |  | 11181876 |
|  Net assets at end of year | $11824814 | $12129947 | $— | $— |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | O20 Sub-Account | O20 Sub-Account | O21 Sub-Account | O21 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(147179) | $(161104) | $(1365250) | $(1782423) |
|  Net realized gains (losses) | 1253696 | 782255 | 5656816 | (2231500) |
|  Net change in unrealized appreciation/(depreciation) | (7474) | 669663 | 8370329 | 24107404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1099043 | 1290814 | 12661895 | 20093481 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 79844 | 121697 | 2363984 | 2429410 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (52916) | (703854) | (1078562) | (11874868) |
|  Withdrawals, surrenders, annuitizations and contract charges | (1601301) | (1270103) | (15050894) | (17857838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1574373) | (1852260) | (13765472) | (27303296) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 8433 |  | 41401 | 39026 |
|  Annuity payments and contract charges | (1192) | (255) | (137002) | (112046) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 73 | 90 | (11588) | (20048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 7314 | (165) | (107189) | (93068) |
|  Net increase (decrease) from contract owner transactions | (1567059) | (1852425) | (13872661) | (27396364) |
|  Total increase (decrease) in net assets | (468016) | (561611) | (1210766) | (7302883) |
|  Net assets at beginning of year | 9127911 | 9689522 | 95758310 | 103061193 |
|  Net assets at end of year | $8659895 | $9127911 | $94547544 | $95758310 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | O04 Sub-Account | O04 Sub-Account | PH2 Sub-Account | PH2 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December<br>31, 2025 | December<br>31, 2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(52863) | $(65218) | $6224 | $7496 |
|  Net realized gains (losses) | 516316 | 312459 | 3748 | 512 |
|  Net change in unrealized appreciation/(depreciation) | (242240) | 113544 | 33090 | 15823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 221213 | 360785 | 43062 | 23831 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 82574 | 94933 | 19 |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (11585) | (29929) | (14903) | (7393) |
|  Withdrawals, surrenders, annuitizations and contract charges | (551824) | (612702) | (28086) | (20806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (480835) | (547698) | (42970) | (28199) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  | (5630) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  | (5632) |  |  |
|  Net increase (decrease) from contract owner transactions | (480835) | (553330) | (42970) | (28199) |
|  Total increase (decrease) in net assets | (259622) | (192545) | 92 | (4368) |
|  Net assets at beginning of year | 3638564 | 3831109 | 205879 | 210247 |
|  Net assets at end of year | $3378942 | $3638564 | $205971 | $205879 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P08 Sub-Account | P08 Sub-Account | PC0 Sub-Account | PC0 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $354756 | $616686 | $247075 | $449576 |
|  Net realized gains (losses) | (333943) | (516881) | (188755) | (346986) |
|  Net change in unrealized appreciation/(depreciation) | 1364817 | 178981 | 944642 | 95684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1385630 | 278786 | 1002962 | 198274 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 48729 | 237547 | 119779 | 43975 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 404046 | (152102) | (81902) | (140733) |
|  Withdrawals, surrenders, annuitizations and contract charges | (1885280) | (2169289) | (2070088) | (1600399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1432505) | (2083844) | (2032211) | (1697157) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | (1432505) | (2083844) | (2032211) | (1697157) |
|  Total increase (decrease) in net assets | (46875) | (1805058) | (1029249) | (1498883) |
|  Net assets at beginning of year | 11788282 | 13593340 | 8890226 | 10389109 |
|  Net assets at end of year | $11741407 | $11788282 | $7860977 | $8890226 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P70 Sub-Account | P70 Sub-Account | P10 Sub-Account | P10 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $48351 | $26532 | $161480 | $77378 |
|  Net realized gains (losses) | (231494) | (176074) | (1366885) | 105426 |
|  Net change in unrealized appreciation/(depreciation) | 708022 | 236660 | 3477549 | 227986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 524879 | 87118 | 2272144 | 410790 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 89896 | 69237 | 116772 | 131319 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (61161) | 223069 | (733000) | 720956 |
|  Withdrawals, surrenders, annuitizations and contract charges | (267135) | (157327) | (2398852) | (2511188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (238400) | 134979 | (3015080) | (1658913) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  | 49564 |
|  Annuity payments and contract charges |  |  | (11580) | (7823) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | (1963) | (6248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (13543) | 35493 |
|  Net increase (decrease) from contract owner transactions | (238400) | 134979 | (3028623) | (1623420) |
|  Total increase (decrease) in net assets | 286479 | 222097 | (756479) | (1212630) |
|  Net assets at beginning of year | 3153931 | 2931834 | 14708355 | 15920985 |
|  Net assets at end of year | $3440410 | $3153931 | $13951876 | $14708355 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PK8 Sub-Account | PK8 Sub-Account | P20 Sub-Account | P20 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $234571 | $223007 | $4921 | $4600 |
|  Net realized gains (losses) | (124893) | (166401) | (1770) | (3038) |
|  Net change in unrealized appreciation/(depreciation) | 437563 | 207732 | 8488 | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 547241 | 264338 | 11639 | 5483 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 40577 | 113727 |  |  |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (11121) | 7930 | (1260) | (1156) |
|  Withdrawals, surrenders, annuitizations and contract charges | (697788) | (622265) | (8351) | (10637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (668332) | (500608) | (9611) | (11793) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges | (1660) | (1583) |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 425 | 253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (1235) | (1330) |  |  |
|  Net increase (decrease) from contract owner transactions | (669567) | (501938) | (9611) | (11793) |
|  Total increase (decrease) in net assets | (122326) | (237600) | 2028 | (6310) |
|  Net assets at beginning of year | 4616660 | 4854260 | 92496 | 98806 |
|  Net assets at end of year | $4494334 | $4616660 | $94524 | $92496 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PM5 Sub-Account | PM5 Sub-Account | PD6 Sub-Account | PD6 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $18820 | $15846 | $6538192 | $4541543 |
|  Net realized gains (losses) | (3471) | (7924) | (3161184) | (8585641) |
|  Net change in unrealized appreciation/(depreciation) | 7297 | 20265 | 39743453 | 26305694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 22646 | 28187 | 43120461 | 22261596 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 25840 | 45000 | 2169530 | 2056407 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 179657 | 130674 | (8675976) | (5291735) |
|  Withdrawals, surrenders, annuitizations and contract charges | (22440) | (39067) | (42824019) | (39296735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 183057 | 136607 | (49330465) | (42532063) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  | 191864 | 154439 |
|  Annuity payments and contract charges |  |  | (113913) | (136267) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  | 6620 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | 84571 | 19801 |
|  Net increase (decrease) from contract owner transactions | 183057 | 136607 | (49245894) | (42512262) |
|  Total increase (decrease) in net assets | 205703 | 164794 | (6125433) | (20250666) |
|  Net assets at beginning of year | 797622 | 632828 | 240062920 | 260313586 |
|  Net assets at end of year | $1003325 | $797622 | $233937487 | $240062920 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P06 Sub-Account | P06 Sub-Account | P07 Sub-Account | P07 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $299462 | $188757 | $1956257 | $2030450 |
|  Net realized gains (losses) | (287742) | (262850) | (3291640) | (2871543) |
|  Net change in unrealized appreciation/(depreciation) | 1100332 | 170824 | 6945556 | 1571848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1112052 | 96731 | 5610173 | 730755 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 389128 | 456830 | 1833488 | 1411042 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 715891 | 1391676 | 2987503 | 6020269 |
|  Withdrawals, surrenders, annuitizations and contract charges | (3472396) | (3939632) | (13975334) | (13691589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2367377) | (2091126) | (9154343) | (6260278) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations | 2400 | 36080 | 29104 | 91343 |
|  Annuity payments and contract charges | (11969) | (6766) | (60558) | (27031) |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves | 567 | 630 | (5244) | (6845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (9002) | 29944 | (36698) | 57467 |
|  Net increase (decrease) from contract owner transactions | (2376379) | (2061182) | (9191041) | (6202811) |
|  Total increase (decrease) in net assets | (1264327) | (1964451) | (3580868) | (5472056) |
|  Net assets at beginning of year | 19397964 | 21362415 | 84764655 | 90236711 |
|  Net assets at end of year | $18133637 | $19397964 | $81183787 | $84764655 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P68 Sub-Account | P68 Sub-Account | P72 Sub-Account | P72 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $187829 | $156027 | $(22364) | $(92150) |
|  Net realized gains (losses) | (163500) | (211850) | 2429036 | 2174705 |
|  Net change in unrealized appreciation/(depreciation) | 459637 | 130906 | 1515222 | 1234891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 483966 | 75083 | 3921894 | 3317446 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 110581 | 272653 | 756861 | 1850314 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 1542411 | 683107 | (404727) | 536931 |
|  Withdrawals, surrenders, annuitizations and contract charges | (253194) | (910330) | (2586480) | (3004013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 1399798 | 45430 | (2234346) | (616768) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 1399798 | 45430 | (2234346) | (616768) |
|  Total increase (decrease) in net assets | 1883764 | 120513 | 1687548 | 2700678 |
|  Net assets at beginning of year | 5664341 | 5543828 | 22340191 | 19639513 |
|  Net assets at end of year | $7548105 | $5664341 | $24027739 | $22340191 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P88 Sub-Account | P88 Sub-Account | P93 Sub-Account | P93 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $58715 | $(64365) | $32928 | $16274 |
|  Net realized gains (losses) | 1646967 | 662574 | 778310 | 414276 |
|  Net change in unrealized appreciation/(depreciation) | 2778352 | 1454887 | (204005) | 87181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 4484034 | 2053096 | 607233 | 517731 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 5772623 | 14527483 | 661315 | 4515255 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 11286257 | (2051318) | (281133) | (2562971) |
|  Withdrawals, surrenders, annuitizations and contract charges | (1373644) | (626899) | (516557) | (263865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 15685236 | 11849266 | (136375) | 1688419 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 15685236 | 11849266 | (136375) | 1688419 |
|  Total increase (decrease) in net assets | 20169270 | 13902362 | 470858 | 2206150 |
|  Net assets at beginning of year | 22836920 | 8934558 | 4729586 | 2523436 |
|  Net assets at end of year | $43006190 | $22836920 | $5200444 | $4729586 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P89 Sub-Account | P89 Sub-Account | P95 Sub-Account | P95 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(41863) | $(22567) | $56261 | $41013 |
|  Net realized gains (losses) | 199973 | 113593 | (79441) | (26255) |
|  Net change in unrealized appreciation/(depreciation) | 333649 | (151044) | 105728 | (8850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 491759 | (60018) | 82548 | 5908 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 127058 | 299933 | 149015 | 423370 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 203664 | 809055 | (17080) | 116668 |
|  Withdrawals, surrenders, annuitizations and contract charges | (246697) | (136167) | (108440) | (70706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 84025 | 972821 | 23495 | 469332 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 84025 | 972821 | 23495 | 469332 |
|  Total increase (decrease) in net assets | 575784 | 912803 | 106043 | 475240 |
|  Net assets at beginning of year | 3220141 | 2307338 | 1434322 | 959082 |
|  Net assets at end of year | $3795925 | $3220141 | $1540365 | $1434322 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P79 Sub-Account | P79 Sub-Account | P80 Sub-Account | P80 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(37500) | $(40515) | $(11041) | $(13008) |
|  Net realized gains (losses) | 507082 | 196762 | 189833 | (37588) |
|  Net change in unrealized appreciation/(depreciation) | 459870 | 882767 | (176094) | 181496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 929452 | 1039014 | 2698 | 130900 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 108993 | 461117 | 54709 | 141841 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 319051 | 112874 | (133816) | (100346) |
|  Withdrawals, surrenders, annuitizations and contract charges | (349675) | (449727) | (74961) | (85919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 78369 | 124264 | (154068) | (44424) |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 78369 | 124264 | (154068) | (44424) |
|  Total increase (decrease) in net assets | 1007821 | 1163278 | (151370) | 86476 |
|  Net assets at beginning of year | 5279434 | 4116156 | 1129650 | 1043174 |
|  Net assets at end of year | $6287255 | $5279434 | $978280 | $1129650 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P81 Sub-Account | P81 Sub-Account | L36 Sub-Account | L36 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(8300) | $(13307) | $13205 | $11502 |
|  Net realized gains (losses) | 216478 | 64092 | 92983 | 32240 |
|  Net change in unrealized appreciation/(depreciation) | (63949) | 180349 | 1757 | 47791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 144229 | 231134 | 107945 | 91533 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 72421 | 144995 | 36505 | 108103 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 972 | 99969 | 984 | (1077) |
|  Withdrawals, surrenders, annuitizations and contract charges | (27404) | (22280) | (34581) | (62461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 45989 | 222684 | 2908 | 44565 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 45989 | 222684 | 2908 | 44565 |
|  Total increase (decrease) in net assets | 190218 | 453818 | 110853 | 136098 |
|  Net assets at beginning of year | 1373078 | 919260 | 976937 | 840839 |
|  Net assets at end of year | $1563296 | $1373078 | $1087790 | $976937 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TBD Sub-Account | TBD Sub-Account | TBE Sub-Account | TBE Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(176450) | $(124806) | $13635 | $18524 |
|  Net realized gains (losses) | 1775609 | 473410 | 556031 | 303119 |
|  Net change in unrealized appreciation/(depreciation) | 719582 | 2469242 | 78912 | (67388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 2318741 | 2817846 | 648578 | 254255 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 2268668 | 2491889 | 701421 | 1270853 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 267502 | 425523 | (110878) | 393882 |
|  Withdrawals, surrenders, annuitizations and contract charges | (688549) | (332342) | (152439) | (181863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 1847621 | 2585070 | 438104 | 1482872 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 1847621 | 2585070 | 438104 | 1482872 |
|  Total increase (decrease) in net assets | 4166362 | 5402916 | 1086682 | 1737127 |
|  Net assets at beginning of year | 12896095 | 7493179 | 4691811 | 2954684 |
|  Net assets at end of year | $17062457 | $12896095 | $5778493 | $4691811 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TBF Sub-Account | TBF Sub-Account | TP1 Sub-Account | TP1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(82631) | $(72513) | $(12233) | $(4100) |
|  Net realized gains (losses) | 93378 | 557004 | 134599 | 39729 |
|  Net change in unrealized appreciation/(depreciation) | 1078694 | (587966) | 701102 | 280648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 1089441 | (103475) | 823468 | 316277 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 820307 | 1446361 | 614994 | 1110450 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (735413) | 487732 | 29267 | 429065 |
|  Withdrawals, surrenders, annuitizations and contract charges | (312122) | (244572) | (162551) | (80745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (227228) | 1689521 | 481710 | 1458770 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | (227228) | 1689521 | 481710 | 1458770 |
|  Total increase (decrease) in net assets | 862213 | 1586046 | 1305178 | 1775047 |
|  Net assets at beginning of year | 6641889 | 5055843 | 4528713 | 2753666 |
|  Net assets at end of year | $7504102 | $6641889 | $5833891 | $4528713 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TP2 Sub-Account | TP2 Sub-Account | TP3 Sub-Account | TP3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $15822 | $16834 | $33276 | $29996 |
|  Net realized gains (losses) | 45465 | 11085 | 117433 | 26268 |
|  Net change in unrealized appreciation/(depreciation) | 220434 | 79971 | 129081 | 83414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 281721 | 107890 | 279790 | 139678 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 989 | 485920 |  | 299189 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (61770) | 189162 | 940684 | 156698 |
|  Withdrawals, surrenders, annuitizations and contract charges | (84699) | (101342) | (969492) | (307384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (145480) | 573740 | (28808) | 148503 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | (145480) | 573740 | (28808) | 148503 |
|  Total increase (decrease) in net assets | 136241 | 681630 | 250982 | 288181 |
|  Net assets at beginning of year | 2603511 | 1921881 | 3249046 | 2960865 |
|  Net assets at end of year | $2739752 | $2603511 | $3500028 | $3249046 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TP4 Sub-Account | TP4 Sub-Account | TP5 Sub-Account | TP5 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(7982) | $(1479) | $53365 | $43535 |
|  Net realized gains (losses) | 281055 | 15453 | 473772 | 201536 |
|  Net change in unrealized appreciation/(depreciation) | 230082 | 145366 | 1460164 | 577999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 503155 | 159340 | 1987301 | 823070 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 1746974 | 724573 | 3160549 | 2747357 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | (739244) | 25646 | (475395) | 93841 |
|  Withdrawals, surrenders, annuitizations and contract charges | (66510) | (56016) | (781910) | (631963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 941220 | 694203 | 1903244 | 2209235 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | 941220 | 694203 | 1903244 | 2209235 |
|  Total increase (decrease) in net assets | 1444375 | 853543 | 3890545 | 3032305 |
|  Net assets at beginning of year | 2317085 | 1463542 | 13519563 | 10487258 |
|  Net assets at end of year | $3761460 | $2317085 | $17410108 | $13519563 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | W42 Sub-Account | W42 Sub-Account | W50 Sub-Account | W50 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $(2582) | $(3590) | $40418 | $78567 |
|  Net realized gains (losses) | 22969 | 12289 | (38951) | (41151) |
|  Net change in unrealized appreciation/(depreciation) | (13984) | 16756 | 72451 | (60628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations | 6403 | 25455 | 73918 | (23212) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
|  Purchase payments received | 11484 | 31666 | 29730 | 19500 |
|  Transfers between Sub-Accounts (including the Fixed Account), net | 8124 | (18635) | 120730 | 159888 |
|  Withdrawals, surrenders, annuitizations and contract charges | (83958) | (39749) | (60979) | (169103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (64350) | (26718) | 89481 | 10285 |
|  ***Annuitization Activity:*** |  |  |  |  |
|  Annuitizations |  |  |  |  |
|  Annuity payments and contract charges |  |  |  |  |
|  Transfers between Sub-Accounts, net |  |  |  |  |
|  Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
|  Net increase (decrease) from contract owner transactions | (64350) | (26718) | 89481 | 10285 |
|  Total increase (decrease) in net assets | (57947) | (1263) | 163399 | (12927) |
|  Net assets at beginning of year | 208645 | 209908 | 1127299 | 1140226 |
|  Net assets at end of year | $150698 | $208645 | $1290698 | $1127299 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**1. BUSINESS AND ORGANIZATION** 

Delaware Life Variable Account F (the "**Variable Account**") is a separate account of Delaware Life Insurance Company (the "**Sponsor**"). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Regatta contracts, Regatta Access contracts, Regatta Choice contracts, Regatta Choice II contracts, Regatta Classic contracts, Regatta Extra contracts, Regatta Flex II contracts, Regatta Flex 4 contracts, Regatta Gold contracts, Regatta Platinum contracts, Masters Access contracts, Masters Choice contracts, Masters Choice II contracts, Masters Extra contracts, Masters Extra II contracts, Masters Flex contracts, Masters Flex II contracts, Masters I Share contracts, Masters IV contracts, Masters VII contracts, Masters Prime contracts, Accelerator Prime contracts (collectively the "**Contracts**"), and certain other fixed and variable annuity contracts issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("**FASB**") Accounting Standards Codification ("**ASC**") Topic 946, "Financial Services – Investment Companies".

The assets of the Variable Account are divided into "**Sub-Accounts**." Each Sub-Account is invested in shares of a specific mutual fund (collectively the "**Funds**"), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the Sponsor's other assets and liabilities. Assets applicable to the Variable Account are not chargeable with liabilities arising out of any other business the Sponsor may conduct.

A summary of the name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year, is as follows:

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Previous Name** | **Effective Date** |
| C89 | CTIVP - Principal Blue Chip Growth Fund Class 1 | June 1, 2025 |
| C90 | CTIVP - Principal Blue Chip Growth Fund Class 2 | June 1, 2025 |
| O19 | Invesco V.I. Capital Appreciation Fund-Series II | April 30, 2025 |
| W42 | Wanger Acorn | June 2, 2025 |

---

There were no Sub-Accounts held by the contract owners of the Variable Account that were closed, merged into another Sub-Account or commenced operations during the current year.

The close date related to Sub-Accounts held by the contract owners of the Variable Account (if closed within the past five years and not disclosed in Note 11), is as follows:

---

| | | |
|:---|:---|:---|
| **Closed Sub-Account** | **New Sub-Account** | **Effective Date** |
|  H24 | MD9 | July 30, 2021 |
|  H32 | MD9 | November 30, 2021 |

---

The commencement date related to Sub-Accounts held by the contract owners of the Variable Account (if commenced within the past five years) is as follows:

---

| | |
|:---|:---|
| **Sub-Account** | **Effective Date** |
|  A19, A71, B19, B20, B21, B22, B23, L34, L35, L36, C92, F17, F18, S18, S21, S23, V17, V19, V20, V21, M10, MV1, MV2, MV3, MV4, JF1, L19, V46, P80, P81, TP1, TP2, TP3, TP4, TP5, TBD, TBE, TBF | May 3, 2021 |
|  A19, A71, B19, B20, B21, B22, B23, L34, L35, L36, C92, F17, F18, S18, S21, S23, V17, V19, V20, V21, M10, MV1, MV2, MV3, MV4, JF1, L19, V46, P80, P81, TP1, TP2, TP3, TP4, TP5, TBD, TBE, TBF | May 3, 2021 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***General***

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**GAAP**"). The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

***Investment Valuation and Transactions***

Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2025. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

***Units***

The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

***Purchase Payments***

Upon issuance of new Contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

***Transfers***

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the "**Fixed Account**." The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

***Withdrawals***

At any time during the accumulation phase (the period before the first annuity payment), the contract owner may elect to receive a cash withdrawal payment under the contract. If the contract owner requests a full withdrawal, the contract owner will receive the value of their account at the end of period, less the contract maintenance charge for the current contract year and any applicable withdrawal charge.

If the contract owner requests a partial withdrawal, the contract owner will receive the amount requested less any applicable withdrawal charge and the account value will be reduced by the amount requested. Any requests for partial withdrawals that would result in the value of the contract owner's account being reduced to an amount less than the contract maintenance charge for the current contract year is treated as a request for a full withdrawal.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** 

***Annuitization***

On the annuity commencement date, the contract's accumulation account is canceled, and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

***Annuity Payments***

The amount of the first variable annuity payment is determined in accordance with the annuity payment rates found in the contract. The number of units to be credited in respect of a particular Sub-Account is determined by dividing that portion of the first variable annuity payment attributable to that Sub-Account by the annuity unit value of that Sub-Account for the period that ends immediately before the annuity commencement date. The number of units of each Sub-Account credited to the contract then remains fixed, unless an exchange of units is made. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant, depending on the investment performance of the Sub-Accounts.

***Federal Income Taxes***

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the "**Code**"). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and if necessary, a provision may be made in future years.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimates are fair value measurements of investments and the calculation of the reserve for variable annuities. Actual results could vary from the amounts derived from the Sponsor management's estimates.

***Subsequent events***

The Sponsor's management has evaluated events subsequent to December 31, 2025 through the date the financial statements are issued, noting that there are no subsequent events requiring accounting adjustments or disclosure.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**3. FAIR VALUE MEASUREMENTS** 

The Sub-Accounts' investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, "Fair Value Measurements and Disclosures" ("**Topic 820**"), establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity's estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level hierarchy described above. 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.

The Variable Account uses the Funds' closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2025, the net assets held in the Variable Account were categorized as Level 1 assets under the Topic 820 hierarchy levels. There were no Level 2 or 3 investments in the Variable Account during the year ended December 31, 2025. There were no transfers between levels during the year ended December 31, 2025.

**4. RELATED-PARTY TRANSACTIONS** 

The Sponsor provides administrative services necessary for the operation of the Variable Account. The Sponsor absorbs all organizational expenses including the fees of registering the Variable Account and its contracts for distribution under federal and state securities laws.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**5. CONTRACT CHARGES** 

***Mortality and expense risk charges***

Charges for mortality and expense risks, the optional death benefit riders and optional living benefit riders are based on the average daily Variable Account assets and are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statement of Operations.

The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. At December 31, 2025, the deduction is at an effective annual rate as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 | Level 9 |
|  Regatta | 1.40% |  |  |  |  |  |  |  |  |
|  Regatta Gold | 1.25% |  |  |  |  |  |  |  |  |
|  Regatta Classic | 1.00% |  |  |  |  |  |  |  |  |
|  Regatta Platinum | 1.25% |  |  |  |  |  |  |  |  |
|  Regatta Extra | 1.30% | 1.45% | 1.55% | 1.70% |  |  |  |  |  |
|  Regatta Choice | 0.85% | 1.00% | 1.10% | 1.15% | 1.25% | 1.40% |  |  |  |
|  Regatta Access | 1.00% | 1.15% | 1.25% | 1.40% | 1.50% | 1.65% |  |  |  |
|  Regatta Flex 4 | 0.95% | 1.10% | 1.20% | 1.35% | 1.45% | 1.60% |  |  |  |
|  Regatta Flex II | 1.30% | 1.50% | 1.55% | 1.70% | 1.75% | 1.90% | 1.95% | 2.15% |  |
|  Regatta Choice II | 1.05% | 1.25% | 1.30% | 1.45% | 1.50% | 1.65% | 1.70% |  |  |
|  Masters Extra | 1.40% | 1.60% | 1.65% | 1.80% | 1.85% | 2.00% | 2.05% | 2.25% |  |
|  Masters Choice | 1.05% | 1.25% | 1.30% | 1.45% | 1.50% | 1.65% | 1.70% | 1.90% |  |
|  Masters Access | 1.35% | 1.55% | 1.60% | 1.75% | 1.80% | 1.95% |  |  |  |
|  Masters Flex | 1.30% | 1.50% | 1.55% | 1.70% | 1.75% | 1.90% | 1.95% | 2.15% |  |
|  Masters IV | 1.25% | 1.30% | 1.35% | 1.45% | 1.50% | 1.55% | 1.60% | 1.65% | 1.75% |
|  Masters VII | 1.00% | 1.05% | 1.20% | 1.25% | 1.30% | 1.35% | 1.40% | 1.50% |  |
|  Masters Extra II | 1.40% | 1.80% |  |  |  |  |  |  |  |
|  Masters Choice II | 1.05% | 1.30% | 1.45% |  |  |  |  |  |  |
|  Masters Flex II | 1.30% | 1.70% |  |  |  |  |  |  |  |
|  Masters I Share | 0.50% |  |  |  |  |  |  |  |  |
|  Masters Prime | 0.85% |  |  |  |  |  |  |  |  |
|  Accelerator Prime | 0.85% |  |  |  |  |  |  |  |  |

---

***Distribution and administrative expense charges***

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the Contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period for the first seven account years at an effective annual rate of 0.15% of the average daily value of the contract invested in the Sub-Account attributable to Regatta, Masters VII, Masters Extra, Masters Extra II, Masters Choice and Masters Choice II, and at an effective annual rate of 0.20% of the average daily value of the contract invested in the Sub-Account attributable to Masters IV, Masters Access, Masters Flex, Masters Flex II, Masters Prime and Accelerator Prime. There are no distribution charges associated with the other contracts listed in Note 1.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**5. CONTRACT CHARGES (CONTINUED)** 

***Distribution and administrative expense charges (Continued)***

Additionally, for Regatta, Regatta Gold, Regatta Classic, Regatta Platinum, Regatta Extra, Regatta Access, Regatta Choice, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, Masters Choice II, Masters Prime contracts and Accelerator Prime contract, an administrative expense charge is deducted from the assets of the Variable Account at an annual effective rate equal to 0.15% of the average daily Variable Account value. This charge is designed to reimburse the Sponsor for expenses incurred in administering the Contracts, the accounts and the Variable Account that are not covered by the annual account administration fee ("**Account Fee**"). Distribution and administrative expense charges are reflected in the Statement of Operations.

***Administration charges*** ("***Account Fee***")

Each year on the account anniversary date, an Account Fee equal to the lesser of $30 or 2% of the participant's account value in the case of Regatta Gold, $30 for Masters Prime and Accelerator Prime contracts, $35 in the case of Regatta Extra and Regatta Platinum contracts, and $50 for Regatta Choice, Regatta Classic, Regatta Access, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, and Masters Choice II contracts (after account year 5, the Account Fee for Regatta Gold, Regatta Platinum, Regatta Extra, and Regatta Choice contracts, may be changed annually, but it may not exceed the lesser of $50 or 2% of the participant's account value) is deducted from the participant's account to reimburse the Sponsor for certain administrative expenses. The Account Fee related to contracts in the accumulation phase is reflected in the Statements of Changes in Net Assets as part of "Withdrawals, surrenders, annuitizations, and contract charges" line item. After the annuity commencement date, the Account Fee will be deducted pro rata from each variable annuity payment made during the year and reflected under the line item "Annuity payments and contract charges" in the Statements of Changes in Net Assets.

***Surrender charges***

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) of up to 6% of certain amounts withdrawn will be deducted to cover certain expenses relating to the sale of Regatta, Regatta Gold, Regatta Flex 4, and Regatta Platinum contracts; 8% for Regatta Extra, Regatta Choice II, Regatta Flex II, Masters Choice, Masters Choice II, Masters Flex, Masters Flex II, Masters Extra, Masters Extra II, Masters IV, Masters VII, Masters Prime and Accelerator Prime contracts; and for 7% for Regatta Choice if the contract holder requests a full withdrawal prior to reaching the pay-out phase. These charges are reflected in the "Withdrawals, surrenders, annuitizations and contract charges" line on the Statements of Changes in Net Assets.

***Optional living benefit rider charges*** *("****Benefit Fee****")* 

Benefit Fee is charged for optional living benefit riders elected by the contract holder. The benefit fee is deducted from the related account value as highlighted in the following table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Single Life Quarterly<br>Charge | Joint Life Quarterly<br>Charge | Single Life Annual<br>Charge | Joint Life Annual<br>Charge |
|  Secured Returns | 0.1000% | N/A | 0.40% | N/A |
|  Secured Returns 2 | 0.1250% | N/A | 0.50% | N/A |
|  Secured Returns for Life | 0.1250% | N/A | 0.50% | N/A |
|  Secured Returns for Life Plus | 0.1250% | N/A | 0.50% | N/A |
|  Income on Demand | 0.1625% | 0.2125% | 0.65% | 0.85% |
|  Income on Demand II | 0.1625% | 0.2125% | 0.65% | 0.85% |
|  Retirement Asset Protector | 0.1875% | N/A | 0.75% | N/A |
|  Retirement Income Escalator | 0.1875% | 0.2375% | 0.75% | 0.95% |
|  Income Advisor | 0.2250% | 0.2750% | 0.90% | 1.10% |
|  Income on Demand II Plus | 0.2375% | 0.2875% | 0.95% | 1.15% |
|  Income on Demand II Escalator | 0.2375% | 0.2875% | 0.95% | 1.15% |
|  Retirement Income Escalator II | 0.2375% | 0.2875% | 0.95% | 1.15% |
|  Income Riser | 0.2750% | 0.3250% | 1.10% | 1.30% |
|  Income on Demand III Escalator | 0.2750% | 0.3250% | 1.10% | 1.30% |
|  Income Riser III | 0.2750% | 0.3000% | 1.10% | 1.20% |
|  Income Maximizer | 0.2750% | 0.3000% | 1.10% | 1.20% |
|  Income Maximizer Plus | 0.3125% | 0.3625% | 1.25% | 1.45% |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**5. CONTRACT CHARGES (CONTINUED)** 

***Optional living benefit rider charges*** *("****Benefit Fee****")* ***(Continued)*** 

Income Advisor was only available on Masters I Share contracts. Income Maximizer, Income Maximizer Plus, and Income Riser III were available on Masters Choice II contracts, Masters Extra II contracts, and Masters Flex II contracts. The remaining optional living benefits above were available on Masters Extra, Masters Choice, Masters Flex, and Masters Access contracts.

Secured Returns for Life and Secured Returns for Life Plus were the only optional living benefits available on Masters IV and Masters VII contracts.

Secured Returns, Secured Returns 2, Secured Returns for Life, Secured Returns for Life Plus, Income on Demand, and Retirement Asset Protector were the only optional living benefits available on Regatta Flex II and Regatta Choice II contracts.

Benefit Fee is reflected in the "Withdrawals, surrenders, annuitizations and contract charges" line on the Statements of Changes in Net Assets

***Premium Taxes***

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction at the annuity commencement date. However, the Sponsor reserves the right to deduct such taxes when incurred.

**6. RESERVE FOR VARIABLE ANNUITIES** 

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and who chose the variable payout option. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1987 and December 31, 1998 are calculated using the 1983 Individual Annuitant Mortality Table. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1999 and December 31, 2014 are calculated using the Annuity 2000 Table. Annuity reserves for contracts with annuity commencement dates on or after January 1, 2015 are calculated using the 2012 Individual Annuitant Mortality Table. All annuity reserves are calculated using an assumed interest rate of at least 3% or 4% per year. The Individual Annuitant Mortality Tables utilized are subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. INVESTMENT PURCHASES AND SALES** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  AL1 | $3202200 | $5775396 |
|  AO5 | 2067209 | 9122545 |
|  A71 | 388292 | 170808 |
|  A98 | 578263 | 6211887 |
|  AC4 | 5274389 | 2090689 |
|  A19 | 2193257 | 1571206 |
|  A74 | 2872079 | 2563471 |
|  AP0 | 23221103 | 6897402 |
|  AQ1 | 10077574 | 2728310 |
|  AQ2 | 1360827 | 482354 |
|  AS3 | 43936898 | 6814800 |
|  AS6 | 5805369 | 2958260 |
|  AQ3 | 866523 | 571972 |
|  AX1 | 4244101 | 1396874 |
|  B21 | 11438901 | 1175781 |
|  B19 | 2577145 | 605614 |
|  B20 | 1407597 | 144589 |
|  B18 | 41062163 | 55894979 |
|  B22 | 1323076 | 249376 |
|  B23 | 522091 | 290680 |
|  L33 | 1051195 | 225813 |
|  L34 | 400295 | 188218 |
|  L35 | 692344 | 165071 |
|  C71 | 2968 | 2122 |
|  C59 | 1255 | 3035 |
|  C60 | 4646217 | 12135013 |
|  C89 |  | 2930 |
|  C90 | 1244271 | 3187158 |
|  C58 | 130901 | 943462 |
|  C91 | 567150 | 916182 |
|  C92 | 13496033 | 2216167 |
|  FD7 | 11973673 | 17580069 |
|  F24 | 25268362 | 30031252 |
|  F88 | 57789 | 127128 |
|  FB9 | 715797 | 1021255 |
|  F15 | 1181931 | 2422876 |
|  F41 | 11398251 | 13477992 |
|  FE3 | 20588587 | 47874394 |
|  F17 | 467921 | 395781 |
|  F18 | 657707 | 155625 |
|  F19 | 2379934 | 1571552 |
|  L36 | 155236 | 46253 |
|  T21 | 558272 | 5065290 |
|  S23 | 497969 | 98982 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. INVESTMENT PURCHASES AND SALES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  T20 | 6102790 | 13315124 |
|  FE6 | 1191804 | 3204572 |
|  S18 | 1051973 | 284318 |
|  T59 | 407036 | 647055 |
|  F56 | 976136 | 2541474 |
|  F59 | 3315236 | 6666023 |
|  FF0 | 5854516 | 2246377 |
|  F54 | 14086083 | 15708377 |
|  FG8 | 379137 | 89202 |
|  S21 | 1508552 | 336619 |
|  F53 | 2460255 | 3385613 |
|  FJ9 | 1619550 | 269576 |
|  T28 | 1214589 | 1720388 |
|  FJ0 | 3269 | 6535 |
|  G03 | 600956 | 237197 |
|  V35 | 844431 | 948987 |
|  V13 | 2554965 | 4749615 |
|  AB3 | 712308 | 768172 |
|  V11 | 31550332 | 15471803 |
|  AC1 | 123741 | 341288 |
|  V17 | 2183167 | 851630 |
|  V19 | 130779 | 107520 |
|  V20 | 7315243 | 1008141 |
|  MV1 | 32288557 | 4331628 |
|  MV2 | 2277741 | 513184 |
|  MV3 | 5979936 | 1192676 |
|  MV4 | 831841 | 104388 |
|  J88 | 4282913 | 7769490 |
|  J94 | 2622990 | 4328934 |
|  L11 | 775026 | 6937312 |
|  L42 | 227129 | 37431 |
|  L16 | 845004 | 782131 |
|  L18 | 4948321 | 4995112 |
|  L17 | 2969385 | 4249981 |
|  L19 | 675975 | 430160 |
|  M07 | 25286441 | 34376923 |
|  M35 | 24212696 | 36569738 |
|  M31 | 29822715 | 27075952 |
|  M80 | 6779428 | 4600682 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. INVESTMENT PURCHASES AND SALES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  M10 | 172023 | 11215 |
|  MF1 | 3558845 | 3108539 |
|  M41 | 9528491 | 4576178 |
|  M05 | 1249466 | 6255471 |
|  M42 | 2336688 | 5971945 |
|  M89 | 28659901 | 52194775 |
|  M82 | 25172849 | 16015803 |
|  M44 | 4767427 | 11829929 |
|  M40 | 3405142 | 7020530 |
|  M83 | 20678739 | 30338207 |
|  M08 | 9428606 | 13524425 |
|  MB6 | 48008671 | 45354702 |
|  MB7 | 10698524 | 10051599 |
|  MC0 | 3332565 | 4758111 |
|  MA0 | 8291473 | 14787436 |
|  MC2 | 11944791 | 17033300 |
|  MC1 | 7184800 | 9945451 |
|  MC3 | 456604 | 1707935 |
|  MA1 | 419309 | 2834809 |
|  MC4 | 349147 | 814201 |
|  MC5 | 47662 | 87486 |
|  MC6 | 5738978 | 5695104 |
|  MC7 | 2563099 | 910478 |
|  MC8 | 9888273 | 13180576 |
|  MC9 | 468619 | 489698 |
|  MD0 | 4099538 | 4709666 |
|  M92 | 39539072 | 60977969 |
|  M96 | 4559910 | 10708750 |
|  MD2 | 13299668 | 19931602 |
|  MA6 | 2931075 | 5780679 |
|  MA3 | 2613854 | 4083416 |
|  M97 | 3032600 | 5767184 |
|  MD5 | 1076155 | 2571228 |
|  M98 | 2602491 | 4980969 |
|  M93 | 4646755 | 16041446 |
|  MD6 | 47771323 | 50902052 |
|  MB3 | 5291692 | 5327059 |
|  MD8 | 11654637 | 13463286 |
|  MD9 | 23943748 | 33786959 |
|  ME2 | 1239364 | 4254886 |
|  ME3 | 1488458 | 5669087 |
|  MA5 | 2503764 | 2619253 |
|  MA7 | 199267 | 473872 |
|  ME4 | 3413473 | 3719183 |
|  MA2 | 6193224 | 3200215 |
|  MF3 | 10013912 | 8328100 |
|  MF5 | 23464359 | 49938176 |
|  MF6 | 71456 | 178480 |
|  MF7 | 4551312 | 5818511 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**7. INVESTMENT PURCHASES AND SALES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  MF9 | 17553108 | 38365562 |
|  MG1 | 6220141 | 13687607 |
|  MF2 | 17391088 | 25325283 |
|  MG2 | 9077468 | 14476531 |
|  MG3 | 2895176 | 2765845 |
|  MG4 | 3034239 | 2709674 |
|  MG6 | 83453614 | 147889464 |
|  MG7 | 1835914 | 1645591 |
|  U41 | 650178 | 1469963 |
|  V44 | 6171473 | 10827192 |
|  V43 | 974341 | 2121239 |
|  O19 | 2641715 | 2975755 |
|  O20 | 2110790 | 2191285 |
|  O21 | 14162910 | 23537423 |
|  O04 | 507787 | 696985 |
|  PH2 | 11777 | 48523 |
|  P08 | 1372253 | 2450084 |
|  PC0 | 628769 | 2413905 |
|  P70 | 451363 | 641412 |
|  P10 | 1643264 | 4508514 |
|  PK8 | 502857 | 938278 |
|  P20 | 8039 | 12729 |
|  PM5 | 238518 | 36641 |
|  PD6 | 13379252 | 56121950 |
|  P06 | 2435428 | 4513052 |
|  P07 | 10778762 | 18009387 |
|  P68 | 3053427 | 1465800 |
|  P72 | 3645455 | 4369809 |
|  P88 | 18767893 | 1729240 |
|  P93 | 8163475 | 7767911 |
|  P89 | 817823 | 542793 |
|  P95 | 561013 | 481257 |
|  P79 | 910754 | 521207 |
|  P80 | 239625 | 277216 |
|  P81 | 392235 | 189444 |
|  TBD | 4695009 | 1504404 |
|  TBE | 1497782 | 492167 |
|  TBF | 1628477 | 1663565 |
|  TP1 | 1012139 | 468863 |
|  TP2 | 96073 | 195956 |
|  TP3 | 1127734 | 1100934 |
|  TP4 | 1827930 | 849205 |
|  TP5 | 4060198 | 1843772 |
|  W42 | 43375 | 110307 |
|  W50 | 248877 | 118978 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  AL1 | 100661 | 296747 | (196086) |
|  AO5 | 115381 | 591049 | (475668) |
|  A71 | 22567 | 12238 | 10329 |
|  A98 | 39518 | 627341 | (587823) |
|  AC4 | 232853 | 126743 | 106110 |
|  A19 | 271042 | 186953 | 84089 |
|  A74 | 81324 | 130303 | (48979) |
|  AP0 | 1194563 | 345989 | 848574 |
|  AQ1 | 290589 | 152097 | 138492 |
|  AQ2 | 137173 | 42181 | 94992 |
|  AS3 | 2650545 | 491187 | 2159358 |
|  AS6 | 307888 | 222728 | 85160 |
|  AQ3 | 68262 | 47061 | 21201 |
|  AX1 | 307218 | 108408 | 198810 |
|  B21 | 825701 | 79125 | 746576 |
|  B19 | 114003 | 39730 | 74273 |
|  B20 | 79179 | 9821 | 69358 |
|  B18 | 522667 | 2491972 | (1969305) |
|  B22 | 64995 | 16231 | 48764 |
|  B23 | 51830 | 31087 | 20743 |
|  L33 | 81049 | 17148 | 63901 |
|  L34 | 15040 | 12290 | 2750 |
|  L35 | 25735 | 10709 | 15026 |
|  C71 | 36 | 53 | (17) |
|  C59 | 44 | 70 | (26) |
|  C60 | 168719 | 347156 | (178437) |
|  C90 | 42306 | 97706 | (55400) |
|  C58 | 8516 | 59575 | (51059) |
|  C91 | 46467 | 59587 | (13120) |
|  C92 | 1129162 | 155157 | 974005 |
|  FD7 | 228763 | 535247 | (306484) |
|  F24 | 209395 | 593398 | (384003) |
|  F88 | 698 | 5784 | (5086) |
|  FB9 | 14728 | 43677 | (28949) |
|  F15 | 19543 | 100974 | (81431) |
|  F41 | 201779 | 395803 | (194024) |
|  FE3 | 157642 | 2298284 | (2140642) |
|  F17 | 38738 | 31538 | 7200 |
|  F18 | 54867 | 12947 | 41920 |
|  F19 | 152297 | 133047 | 19250 |
|  L36 | 3214 | 3061 | 153 |
|  T21 | 25641 | 256344 | (230703) |
|  S23 | 45749 | 8928 | 36821 |
|  T20 | 103185 | 556172 | (452987) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  FE6 | 18597 | 155326 | (136729) |
|  S18 | 76338 | 21452 | 54886 |
|  T59 | 63973 | 89386 | (25413) |
|  F56 | 7919 | 84663 | (76744) |
|  F59 | 88849 | 331843 | (242994) |
|  FF0 | 362316 | 165235 | 197081 |
|  F54 | 147042 | 449782 | (302740) |
|  FG8 | 17255 | 5806 | 11449 |
|  S21 | 71476 | 23270 | 48206 |
|  F53 | 25803 | 60892 | (35089) |
|  FJ9 | 114087 | 18867 | 95220 |
|  T28 | 69080 | 116915 | (47835) |
|  FJ0 | 98 | 489 | (391) |
|  G03 | 12114 | 13191 | (1077) |
|  V35 | 9529 | 24230 | (14701) |
|  V13 | 29435 | 149060 | (119625) |
|  AB3 | 70482 | 78980 | (8498) |
|  V11 | 1842227 | 674665 | 1167562 |
|  AC1 | 1708 | 17839 | (16131) |
|  V17 | 161889 | 77437 | 84452 |
|  V19 | 2617 | 7403 | (4786) |
|  V20 | 505959 | 71432 | 434527 |
|  MV1 | 2135809 | 309695 | 1826114 |
|  MV2 | 147922 | 40294 | 107628 |
|  MV3 | 325034 | 78747 | 246287 |
|  MV4 | 52327 | 7473 | 44854 |
|  J88 | 374181 | 762926 | (388745) |
|  J94 | 46695 | 80271 | (33576) |
|  L11 | 30555 | 496570 | (466015) |
|  L42 | 18947 | 3004 | 15943 |
|  L16 | 55704 | 75424 | (19720) |
|  L18 | 69058 | 103372 | (34314) |
|  L17 | 23428 | 97207 | (73779) |
|  L19 | 58034 | 40777 | 17257 |
|  M07 | 360477 | 1755217 | (1394740) |
|  M35  | 524620 | 1990567 | (1465947) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  M31 | 90768 | 368031 | (277263) |
|  M80 | 60863 | 76072 | (15209) |
|  M10 | 2544 | 573 | 1971 |
|  MF1 | 40799 | 135294 | (94495) |
|  M41 | 234976 | 132377 | 102599 |
|  M05 | 75308 | 282863 | (207555) |
|  M42 | 140631 | 258449 | (117818) |
|  M89 | 2100034 | 4838714 | (2738680) |
|  M82 | 164010 | 409281 | (245271) |
|  M44 | 171974 | 683472 | (511498) |
|  M40 | 175023 | 430167 | (255144) |
|  M83 | 353271 | 1161238 | (807967) |
|  M08 | 131000 | 476285 | (345285) |
|  MB6 | 142893 | 604143 | (461250) |
|  MB7 | 62404 | 161370 | (98966) |
|  MC0 | 93613 | 187938 | (94325) |
|  MA0 | 320659 | 775755 | (455096) |
|  MC2 | 65788 | 277927 | (212139) |
|  MC1 | 83728 | 247432 | (163704) |
|  MC3 | 7039 | 44648 | (37609) |
|  MA1 | 31739 | 161892 | (130153) |
|  MC4 | 22544 | 53969 | (31425) |
|  MC5 | 3394 | 6876 | (3482) |
|  MC6 | 20985 | 84027 | (63042) |
|  MC7 | 109038 | 63959 | 45079 |
|  MC8 | 72793 | 286647 | (213854) |
|  MC9 | 3289 | 12813 | (9524) |
|  MD0 | 65739 | 133354 | (67615) |
|  M92 | 659634 | 3663533 | (3003899) |
|  M96 | 194939 | 587734 | (392795) |
|  MD2 | 915425 | 1655131 | (739706) |
|  MA6 | 54668 | 198462 | (143794) |
|  MA3 | 59851 | 157457 | (97606) |
|  M97 | 43478 | 143264 | (99786) |
|  MD5 | 22825 | 94807 | (71982) |
|  M98 | 15628 | 79226 | (63598) |
|  M93 | 67074 | 600757 | (533683) |
|  MD6 | 339680 | 1093780 | (754100) |
|  MB3 | 28320 | 93283 | (64963) |
|  MD8 | 928050 | 1183353 | (255303) |
|  MD9 | 2434726 | 3700372 | (1265646) |
|  ME2 | 45703 | 159547 | (113844) |
|  ME3  | 43572 | 176857 | (133285) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  MA5 | 95428 | 122553 | (27125) |
|  MA7 | 6107 | 23500 | (17393) |
|  ME4 | 21120 | 86067 | (64947) |
|  MA2 | 230773 | 168709 | 62064 |
|  MF3 | 304792 | 323587 | (18795) |
|  MF5 | 584092 | 2537995 | (1953903) |
|  MF6 | 1838 | 5130 | (3292) |
|  MF7 | 248553 | 285206 | (36653) |
|  MF9 | 196552 | 1089303 | (892751) |
|  MG1 | 489274 | 1301378 | (812104) |
|  MF2 | 1307139 | 2330131 | (1022992) |
|  MG2 | 702932 | 1376190 | (673258) |
|  MG3 | 41402 | 76425 | (35023) |
|  MG4 | 82242 | 83275 | (1033) |
|  MG6 | 850552 | 5306211 | (4455659) |
|  MG7 | 44825 | 69278 | (24453) |
|  U41 | 53570 | 136246 | (82676) |
|  V44 | 513303 | 542406 | (29103) |
|  V43 | 29055 | 50130 | (21075) |
|  O19 | 19865 | 42559 | (22694) |
|  O20 | 15115 | 49479 | (34364) |
|  O21 | 182613 | 426904 | (244291) |
|  O04 | 2511 | 10105 | (7594) |
|  PH2 | 99 | 1737 | (1638) |
|  P08 | 49719 | 124980 | (75261) |
|  PC0 | 21072 | 153767 | (132695) |
|  P70 | 33109 | 53104 | (19995) |
|  P10 | 201284 | 588640 | (387356) |
|  PK8 | 10258 | 30601 | (20343) |
|  P20 | 134 | 839 | (705) |
|  PM5 | 21597 | 3219 | 18378 |
|  PD6 | 333470 | 3002160 | (2668690) |
|  P06 | 123013 | 264096 | (141083) |
|  P07 | 536950 | 1098545 | (561595) |
|  P68 | 306653 | 153946 | 152707 |
|  P72 | 92763 | 126858 | (34095) |
|  P88 | 1387049 | 121983 | 1265066 |
|  P93 | 626829 | 637404 | (10575) |
|  P89 | 50626 | 40882 | 9744 |
|  P95 | 54456 | 50349 | 4107 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  P79 | 35890 | 27927 | 7963 |
|  P80 | 12280 | 29967 | (17687) |
|  P81 | 17519 | 13091 | 4428 |
|  TBD | 240785 | 110573 | 130212 |
|  TBE | 70916 | 34806 | 36110 |
|  TBF | 144122 | 164439 | (20317) |
|  TP1 | 77470 | 37005 | 40465 |
|  TP2 | 1858 | 15345 | (13487) |
|  TP3 | 96635 | 98741 | (2106) |
|  TP4 | 148176 | 65077 | 83099 |
|  TP5 | 314688 | 144724 | 169964 |
|  W42 | 1361 | 3162 | (1801) |
|  W50 | 22102 | 12233 | 9869 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  AL1 | 65555 | 297788 | (232233) |
|  AO5 | 90467 | 626803 | (536336) |
|  A71 | 10155 | 4409 | 5746 |
|  AM2 | 3663 | 263492 | (259829) |
|  A98 | 144335 | 470787 | (326452) |
|  AC4 | 298983 | 68378 | 230605 |
|  A19 | 338921 | 30951 | 307970 |
|  A74 | 50388 | 134923 | (84535) |
|  AP0 | 1265473 | 212442 | 1053031 |
|  AQ1 | 712594 | 115564 | 597030 |
|  AQ2 | 284009 | 41457 | 242552 |
|  AS3 | 2981248 | 561379 | 2419869 |
|  AS6 | 478211 | 52569 | 425642 |
|  AQ3 | 93591 | 14544 | 79047 |
|  AX1 | 417797 | 63276 | 354521 |
|  B21 | 624695 | 58037 | 566658 |
|  B19 | 311429 | 9722 | 301707 |
|  B20 | 26222 | 6046 | 20176 |
|  B18 | 681485 | 2386007 | (1704522) |
|  B22 | 59523 | 5936 | 53587 |
|  B23 | 54806 | 5389 | 49417 |
|  L33 | 97383 | 25669 | 71714 |
|  L34 | 29382 | 4693 | 24689 |
|  L35 | 26171 | 8795 | 17376 |
|  C71 | 14 | 129 | (115) |
|  C59 | 1250 | 3059 | (1809) |
|  C60 | 126007 | 515458 | (389451) |
|  C89 | 4025 | 454 | 3571 |
|  C90 | 28307 | 126085 | (97778) |
|  C58 | 27101 | 50053 | (22952) |
|  C91 | 40206 | 52196 | (11990) |
|  C92 | 823301 | 336653 | 486648 |
|  FD7 | 248365 | 671205 | (422840) |
|  F24 | 193029 | 924049 | (731020) |
|  F88 | 28594 | 43972 | (15378) |
|  FB9 | 16637 | 60943 | (44306) |
|  F15 | 57530 | 185420 | (127890) |
|  F41 | 85404 | 465614 | (380210) |
|  FE3 | 593718 | 1634444 | (1040726) |
|  F17 | 22452 | 5676 | 16776 |
|  F18 | 20734 | 7062 | 13672 |
|  F19 | 243074 | 77662 | 165412 |
|  L36 | 10585 | 5986 | 4599 |
|  T21 | 32078 | 161592 | (129514) |
|  S23 | 13611 | 1612 | 11999 |
|  T20  | 308591 | 528042 | (219451) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  FE6 | 19751 | 158293 | (138542) |
|  S18 | 89489 | 13097 | 76392 |
|  T59 | 43898 | 43464 | 434 |
|  F56 | 25679 | 69106 | (43427) |
|  F59 | 107124 | 383763 | (276639) |
|  FF0 | 710953 | 98959 | 611994 |
|  F54 | 166710 | 584666 | (417956) |
|  FG8 | 18533 | 6970 | 11563 |
|  S21 | 108143 | 45737 | 62406 |
|  F53 | 16512 | 64783 | (48271) |
|  FJ9 | 88929 | 11007 | 77922 |
|  T28 | 39112 | 107723 | (68611) |
|  FJ0 | 133 | 1254 | (1121) |
|  G03 | 14122 | 26104 | (11982) |
|  V35 | 14853 | 30214 | (15361) |
|  V13 | 54257 | 175253 | (120996) |
|  AB3 | 89829 | 9035 | 80794 |
|  V11 | 2290155 | 1013798 | 1276357 |
|  AC1 | 13221 | 17696 | (4475) |
|  V17 | 113284 | 29906 | 83378 |
|  V19 | 4839 | 7326 | (2487) |
|  V20 | 233474 | 65825 | 167649 |
|  MV1 | 3115471 | 180180 | 2935291 |
|  MV2 | 193605 | 11351 | 182254 |
|  MV3 | 242390 | 43242 | 199148 |
|  MV4 | 24456 | 10141 | 14315 |
|  J88 | 535095 | 706959 | (171864) |
|  J94 | 76339 | 102119 | (25780) |
|  L11 | 106770 | 399141 | (292371) |
|  L42 | 3757 | 1262 | 2495 |
|  L16 | 141200 | 47197 | 94003 |
|  L18 | 34146 | 150192 | (116046) |
|  L17 | 17913 | 142317 | (124404) |
|  L19 | 30549 | 7610 | 22939 |
|  M07 | 412506 | 2194848 | (1782342) |
|  M35 | 657807 | 1952948 | (1295141) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  M31 | 109981 | 466029 | (356048) |
|  M80 | 116719 | 104217 | 12502 |
|  M10 | 4760 | 282 | 4478 |
|  MF1 | 65430 | 208779 | (143349) |
|  M41 | 301778 | 149443 | 152335 |
|  M05 | 93690 | 359434 | (265744) |
|  M42 | 119545 | 346856 | (227311) |
|  M89 | 2088509 | 4913093 | (2824584) |
|  M82 | 85952 | 572682 | (486730) |
|  M44 | 169926 | 840501 | (670575) |
|  M40 | 368791 | 652024 | (283233) |
|  M83 | 323787 | 1306448 | (982661) |
|  M08 | 141526 | 548404 | (406878) |
|  MB6 | 199424 | 765839 | (566415) |
|  MB7 | 50248 | 230487 | (180239) |
|  MC0 | 74994 | 246654 | (171660) |
|  MA0 | 422603 | 834837 | (412234) |
|  MC2 | 47444 | 274774 | (227330) |
|  MC1 | 111938 | 350405 | (238467) |
|  MC3 | 19147 | 84425 | (65278) |
|  MA1 | 11588 | 136376 | (124788) |
|  MC4 | 26983 | 61719 | (34736) |
|  MC5 | 10735 | 3753 | 6982 |
|  MC6 | 17808 | 88629 | (70821) |
|  MC7 | 48832 | 26967 | 21865 |
|  MC8 | 43055 | 273574 | (230519) |
|  MC9 | 2857 | 16384 | (13527) |
|  MD0 | 33290 | 184739 | (151449) |
|  M92 | 691518 | 3632904 | (2941386) |
|  M96 | 416940 | 634856 | (217916) |
|  MD2 | 1379984 | 1645305 | (265321) |
|  MA6 | 93537 | 238915 | (145378) |
|  MA3 | 50537 | 149361 | (98824) |
|  M97 | 59103 | 168313 | (109210) |
|  MD5 | 40417 | 125612 | (85195) |
|  M98 | 25814 | 124854 | (99040) |
|  M93 | 156155 | 468266 | (312111) |
|  MD6 | 211258 | 1079796 | (868538) |
|  MB3 | 11270 | 76627 | (65357) |
|  MD8 | 1189884 | 1373579 | (183695) |
|  MD9 | 2647692 | 3528448 | (880756) |
|  ME2 | 27611 | 90124 | (62513) |
|  ME3 | 85766 | 187445 | (101679) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  MA5 | 80021 | 154217 | (74196) |
|  MA7 | 2979 | 13583 | (10604) |
|  ME4 | 38190 | 89431 | (51241) |
|  MA2 | 297569 | 144866 | 152703 |
|  MF3 | 261482 | 347810 | (86328) |
|  MF5 | 649201 | 2724194 | (2074993) |
|  MF6 | 4763 | 8287 | (3524) |
|  MF7 | 338822 | 416701 | (77879) |
|  MF9 | 190738 | 1315494 | (1124756) |
|  MG1 | 856471 | 1297732 | (441261) |
|  MF2 | 1342932 | 2304724 | (961792) |
|  MG2 | 609257 | 1348199 | (738942) |
|  MG3 | 33230 | 114645 | (81415) |
|  MG4 | 101127 | 129938 | (28811) |
|  MG6 | 961687 | 6427173 | (5465486) |
|  MG7 | 39233 | 63151 | (23918) |
|  U43 | 28058 | 174420 | (146362) |
|  U41 | 106048 | 30242 | 75806 |
|  V44 | 400355 | 498193 | (97838) |
|  V43 | 16310 | 60718 | (44408) |
|  O19 | 16165 | 75325 | (59160) |
|  O23 | 53858 | 1056941 | (1003083) |
|  O20 | 12582 | 56808 | (44226) |
|  O21 | 76770 | 640353 | (563583) |
|  O04 | 2295 | 11369 | (9074) |
|  PH2 | 86 | 1349 | (1263) |
|  P08 | 59138 | 175463 | (116325) |
|  PC0 | 32705 | 152300 | (119595) |
|  P70 | 40212 | 30918 | 9294 |
|  P10 | 250141 | 475885 | (225744) |
|  PK8 | 10109 | 27185 | (17076) |
|  P20 | 126 | 1075 | (949) |
|  PM5 | 22183 | 8066 | 14117 |
|  PD6 | 338591 | 2940928 | (2602337) |
|  P06 | 144151 | 269764 | (125613) |
|  P07 | 619295 | 1007756 | (388461) |
|  P68 | 132393 | 123120 | 9273 |
|  P72 | 200079 | 137654 | 62425 |
|  P88 | 1452833 | 420190 | 1032643 |
|  P93 | 441954 | 286600 | 155354 |
|  P89 | 94622 | 18942 | 75680 |
|  P95  | 65974 | 12666 | 53308 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  P79 | 61853 | 42289 | 19564 |
|  P80 | 18378 | 24207 | (5829) |
|  P81 | 44301 | 24191 | 20110 |
|  TBD | 271552 | 48290 | 223262 |
|  TBE | 139220 | 19667 | 119553 |
|  TBF | 197507 | 33155 | 164352 |
|  TP1 | 140567 | 7403 | 133164 |
|  TP2 | 65242 | 9648 | 55594 |
|  TP3 | 75147 | 60122 | 15025 |
|  TP4 | 71050 | 5787 | 65263 |
|  TP5 | 272031 | 59254 | 212777 |
|  W42 | 1239 | 2033 | (794) |
|  W50 | 20065 | 18179 | 1886 |

---

**9. TAX DIVERSIFICATION REQUIREMENTS** 

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

**10. SEGMENT REPORTING** 

The Variable Account derives revenues from the variable portion of certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker for overseeing the Variable Account's variable annuity insurance products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account's products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds' activities and performance. Investment performance of the Funds may vary based on the Fund's investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account's Statement of Operations for segment expenses for the year ended December 31, 2025 and the Statement of Assets and Liabilities for segment assets at December 31, 2025.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS** 

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and the total return, for each of the five years in the period ended December 31, is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | Unit Value | Unit Value | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | lowest to highest<sup>4</sup> | lowest to highest<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>AL1</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1324764 | $14.2780 | $19.3533 | $24995098 | 1.90% | 1.20% | to | 2.10% | 15.96% | 14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1520850 | 12.3130 | 16.8419 | 25339998 | 1.75 | 1.20 | to | 2.10 | 7.27 | 6.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1753083 | 11.4788 | 15.8453 | 27670614 | 0.88 | 1.20 | to | 2.10 | 11.31 | 10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1939015 | 10.3121 | 14.0439 | 28178362 | 3.07 | 1.20 | to | 2.25 | (20.13) | (20.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2014030 | 12.9119 | 17.7714 | 37656065 | 0.25 | 1.20 | to | 2.25 | 11.84 | 10.83 |
|  <u>AO5</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2662210 | 17.9105 | 14.4472 | 41465176 | 1.59 | 0.65 | to | 2.10 | 12.48 | 10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3137878 | 15.9236 | 13.0333 | 43842350 | 1.07 | 0.65 | to | 2.10 | 9.70 | 8.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3674214 | 14.5151 | 12.0566 | 47265069 | 0.60 | 0.65 | to | 2.10 | 12.74 | 11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4197269 | 12.8746 | 10.8508 | 48365384 | 2.53 | 0.65 | to | 2.10 | (19.20) | (20.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4623947 | 15.9347 | 13.6271 | 66586510 | 1.54 | 0.65 | to | 2.10 | 8.57 | 6.99 |
|  <u>A71</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 85965 | 13.7555 | 13.7555 | 1182499 | 0.87 | 1.20 | 1.20 | 1.20 | 8.88 | 8.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 75636 | 12.6335 | 12.6335 | 955560 | 1.23 | 1.20 | 1.20 | 1.20 | 11.40 | 11.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 69890 | 11.3402 | 11.3402 | 792522 | 1.28 | 1.20 | 1.20 | 1.20 | 10.39 | 10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 61974 | 10.2730 | 10.2730 | 636631 | 1.20 | 1.20 | 1.20 | 1.20 | (5.56) | (5.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 33829 | 10.8779 | 10.8779 | 367989 | 0.11 | 1.20 | 1.20 | 1.20 | 7.21 | 7.21 |
|  <u>AM2<sup>5</sup></u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 11.3073 | 10.0039 |  |  | 1.35 | to | 2.15 | (1.32) | (1.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 259829 | 11.4580 | 10.0777 | 2838970 |  | 1.35 | to | 2.15 | 10.85 | 9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 304293 | 10.3369 | 9.1652 | 3007124 |  | 1.35 | to | 2.15 | (28.78) | (29.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 303416 | 14.5136 | 12.9729 | 4219091 |  | 1.35 | to | 2.15 | 6.55 | 5.70 |
|  <u>A98</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1534965 | 12.0088 | 10.4879 | 17366162 | 2.15 | 1.35 | to | 2.10 | 39.37 | 38.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2122788 | 8.6163 | 7.5820 | 17309302 | 2.23 | 1.35 | to | 2.10 | 3.39 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2449240 | 8.3340 | 7.3898 | 19405577 | 0.66 | 1.35 | to | 2.10 | 13.29 | 12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2857916 | 7.3564 | 6.5723 | 20038001 | 4.09 | 1.35 | to | 2.10 | (14.95) | (15.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3189961 | 8.7107 | 7.7865 | 26386762 | 1.65 | 1.30 | to | 2.10 | 9.42 | 8.54 |
|  <u>AC4</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1244323 | 15.2966 | 25.5273 | 22726566 |  | 1.20 | 1.20 | 1.20 | 11.50 | 11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1138213 | 13.7187 | 22.8940 | 18989091 |  | 1.20 | 1.20 | 1.20 | 23.45 | 23.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 907608 | 11.1131 | 18.5458 | 12970289 |  | 1.20 | 1.20 | 1.20 | 33.18 | 33.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 776345 | 8.3444 | 13.9253 | 8884821 |  | 1.20 | 1.20 | 1.20 | (29.54) | (29.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 500374 | 11.8428 | 19.7634 | 9353531 |  | 1.20 | 1.20 | 1.20 | 17.04 | 27.11 |
| <u>A19</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 874022 | 8.7747 | 8.7747 | 7669186 |  | 1.20 | 1.20 | 1.20 | 3.20 | 3.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 789933 | 8.5026 | 8.5026 | 6716430 |  | 1.20 | 1.20 | 1.20 | 17.02 | 17.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 481963 | 7.2662 | 7.2662 | 3501763 |  | 1.20 | 1.20 | 1.20 | 16.32 | 16.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 307708 | 6.2467 | 6.2467 | 1922091 |  | 1.20 | 1.20 | 1.20 | (39.99) | (39.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 73527 | 10.4096 | 10.4096 | 765385 |  | 1.20 | 1.20 | 1.20 | 1.45 | 1.45 |
| <u>A74</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 781002 | 13.8632 | 28.8797 | 13715724 | 0.60 | 1.20 | to | 2.10 | 1.41 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 829981 | 13.6706 | 28.7381 | 14693687 | 0.62 | 1.20 | to | 2.10 | 8.39 | 7.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 914516 | 12.6120 | 26.7563 | 15778279 | 0.80 | 1.35 | to | 2.10 | 15.29 | 14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 950769 | 10.9225 | 23.3827 | 14954000 | 0.88 | 1.35 | to | 2.10 | (16.82) | (17.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 774469 | 13.1317 | 27.7803 | 16810572 | 0.61 | 1.20 | to | 2.30 | 33.98 | 32.51 |
| <u>AP0</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4918136 | 16.0883 | 28.8112 | 89812484 | 0.13 | 1.20 | 1.20 | 1.20 | 18.49 | 18.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4069562 | 13.5776 | 24.3149 | 65168401 | 0.17 | 1.20 | 1.20 | 1.20 | 29.71 | 29.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3016531 | 10.4674 | 18.7452 | 40344254 | 0.17 | 1.20 | 1.20 | 1.20 | 36.49 | 36.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2423287 | 7.6690 | 13.7337 | 25621145 | 0.11 | 1.20 | 1.20 | 1.20 | (30.95) | (30.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1437833 | 11.1065 | 19.8895 | 26106356 | 0.06 | 1.20 | 1.20 | 1.20 | 10.95 | 10.95 |
| <u>AQ1</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2198956 | 16.1545 | 21.6864 | 37847352 | 0.76 | 1.20 | 1.20 | 1.20 | 16.36 | 16.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2060464 | 13.8830 | 18.6371 | 30776571 | 0.83 | 1.20 | 1.20 | 1.20 | 22.43 | 22.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1463434 | 11.3400 | 15.2233 | 18612063 | 1.27 | 1.20 | 1.20 | 1.20 | 24.32 | 24.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1208895 | 9.1213 | 12.2447 | 12776456 | 1.25 | 1.20 | 1.20 | 1.20 | (17.70) | (17.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 694402 | 11.0832 | 14.8784 | 9831200 | 1.27 | 1.20 | 1.20 | 1.20 | 10.02 | 10.02 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> |<br>Total Return<sup>3</sup> |
| <u>AQ2</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 731135 | $10.8281 | $13.2193 | $8186627 | 1.24% | 1.20% | 1.20% | 1.20% | 24.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 636143 | 10.5843 | 8.6698 | 5745785 | 0.93 | 1.20 | 1.20 | 1.20 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 393591 | 10.4087 | 8.5259 | 3579432 | 1.20 | 1.20 | 1.20 | 1.20 | 14.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 298763 | 7.4672 | 9.1161 | 2430476 | 1.80 | 1.20 | 1.20 | 1.20 | (21.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 183701 | 11.6821 | 11.6821 | 2010502 | 3.88 | 1.20 | 1.20 | 1.20 | (2.89) |
| <u>AS3</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11464145 | 13.3877 | 17.2627 | 158806921 | 1.94 | 1.20 | 1.20 | 1.20 | 14.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9304787 | 15.1153 | 11.7223 | 113902844 | 1.84 | 1.20 | 1.20 | 1.20 | 14.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6884918 | 13.1769 | 10.2190 | 74567315 | 2.09 | 1.20 | 1.20 | 1.20 | 12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5039562 | 9.0704 | 11.6958 | 49244772 | 2.01 | 1.20 | 1.20 | 1.20 | (14.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2536551 | 13.7104 | 13.7104 | 31697953 | 2.05 | 1.20 | 1.20 | 1.20 | 13.47 |
| <u>AS6</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1400202 | 12.7188 | 20.1994 | 19759130 | 1.24 | 1.20 | 1.20 | 1.20 | 19.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1315042 | 10.6087 | 16.8483 | 15864429 | 1.26 | 1.20 | 1.20 | 1.20 | 12.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 889400 | 9.4705 | 15.0405 | 10151639 | 0.74 | 1.20 | 1.20 | 1.20 | 20.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 733527 | 7.8375 | 12.4472 | 7347333 | 0.49 | 1.20 | 1.20 | 1.20 | (25.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 430184 | 10.5652 | 10.5652 | 6483683 | 0.17 | 1.20 | 1.20 | 1.20 | 5.56 |
| <u>AQ3</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 353320 | 11.6081 | 16.8769 | 4549448 | 0.93 | 1.20 | 1.20 | 1.20 | 26.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 332119 | 9.1839 | 13.3524 | 3447370 | 1.11 | 1.20 | 1.20 | 1.20 | 504.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 253072 | 8.7425 | 12.7106 | 2596299 | 1.35 | 1.20 | 1.20 | 1.20 | 14.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 195295 | 7.6494 | 11.1215 | 1847450 | 1.19 | 1.20 | 1.20 | 1.20 | (23.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 132867 | 9.9579 | 14.4777 | 1782982 | 0.83 | 1.20 | 1.20 | 1.20 | (1.11) |
| <u>AX1</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1564484 | 12.0729 | 14.9273 | 19145437 | 1.31 | 1.20 | 1.20 | 1.20 | 15.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1365674 | 10.4476 | 12.9177 | 14516563 | 1.55 | 1.20 | 1.20 | 1.20 | 5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1011153 | 9.9465 | 12.2981 | 10290052 | 1.60 | 1.20 | 1.20 | 1.20 | 12.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 545047 | 8.8734 | 10.9713 | 5027940 |  | 1.20 | 1.20 | 1.20 | (15.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 233724 | 10.5325 | 10.5325 | 2700565 | 1.31 | 1.20 | 1.20 | 1.20 | 5.16 |
| <u>B21</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2396083 | 12.6382 | 12.6382 | 30282090 | 2.65 | 1.20 | 1.20 | 1.20 | 13.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1649507 | 11.0868 | 11.0868 | 18287797 | 2.04 | 1.20 | 1.20 | 1.20 | 10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1082849 | 10.0775 | 10.0775 | 10911667 | 2.29 | 1.20 | 1.20 | 1.20 | 13.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 688267 | 8.8446 | 8.8446 | 6087231 | 2.53 | 1.20 | 1.20 | 1.20 | (16.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 230503 | 10.5357 | 10.5357 | 2428504 | 6.26 | 1.20 | 1.20 | 1.20 | 5.04 |
| <u>B19</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 672691 | 14.5128 | 14.5128 | 9762699 |  | 1.20 | 1.20 | 1.20 | 10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 598418 | 13.1412 | 13.1412 | 7864002 |  | 1.20 | 1.20 | 1.20 | 30.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 296711 | 10.0820 | 10.0820 | 2991267 |  | 1.20 | 1.20 | 1.20 | 46.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 209679 | 6.8669 | 6.8669 | 1439792 |  | 1.20 | 1.20 | 1.20 | (38.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 64269 | 11.1757 | 11.1757 | 718256 |  | 1.20 | 1.20 | 1.20 | 11.50 |
| <u>B20</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 256063 | 14.0960 | 14.0960 | 3609484 | 2.20 | 1.20 | 1.20 | 1.20 | 19.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 186705 | 11.7596 | 11.7596 | 2195595 | 2.15 | 1.20 | 1.20 | 1.20 | 8.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 166529 | 10.8501 | 10.8501 | 1806755 | 1.92 | 1.20 | 1.20 | 1.20 | 10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 89609 | 9.8053 | 9.8053 | 878619 | 1.66 | 1.20 | 1.20 | 1.20 | (5.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17505 | 10.3486 | 10.3486 | 181156 | 0.89 | 1.20 | 1.20 | 1.20 | 1.93 |
| <u>B18</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10815541 | 23.2713 | 23.1164 | 251824704 | 3.92 | 0.65 | to | 2.10 | 17.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12784846 | 19.5994 | 19.7550 | 255753685 | 1.38 | 0.65 | to | 2.10 | 6.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14489368 | 18.1117 | 17.8252 | 275243028 | 2.39 | 0.65 | to | 2.35 | 9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16604716 | 16.2057 | 16.2239 | 287231446 |  | 0.65 | to | 2.35 | (18.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18259602 | 19.4355 | 19.7927 | 387539634 | 0.81 | 0.65 | to | 2.35 | 3.93 |
| <u>B22</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 204023 | 14.5480 | 14.5480 | 2968182 |  | 1.20 | 1.20 | 1.20 | 10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 155259 | 13.2075 | 13.2075 | 2050623 |  | 1.20 | 1.20 | 1.20 | 29.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 101672 | 10.1750 | 10.1750 | 1034465 |  | 1.20 | 1.20 | 1.20 | 50.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 62515 | 6.7539 | 6.7539 | 422206 |  | 1.20 | 1.20 | 1.20 | (38.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 25400 | 11.0704 | 11.0704 | 281184 |  | 1.20 | 1.20 | 1.20 | 10.51 |
| <u>B23</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 161611 | 9.3914 | 9.3914 | 1517434 | 4.16 | 1.20 | 1.20 | 1.20 | 6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 140868 | 8.8316 | 8.8316 | 1244028 | 3.72 | 1.20 | 1.20 | 1.20 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 91451 | 8.8388 | 8.8388 | 808194 | 3.61 | 1.20 | 1.20 | 1.20 | 4.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 69444 | 8.4852 | 8.4852 | 589226 | 2.24 | 1.20 | 1.20 | 1.20 | (15.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 22673 | 10.0161 | 10.0161 | 227303 | 0.80 | 1.20 | 1.20 | 1.20 | (0.02) |
| <u>L33</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 399640 | 10.1523 | 14.3438 | 4238733 | 0.01 | 1.20 | 1.20 | 1.20 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 335739 | 9.8726 | 13.9485 | 3512207 | 0.33 | 1.20 | 1.20 | 1.20 | 8.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 264025 | 9.1070 | 12.8669 | 2609168 | 0.02 | 1.20 | 1.20 | 1.20 | 11.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 175673 | 8.1842 | 11.5631 | 1614479 | 0.12 | 1.20 | 1.20 | 1.20 | (26.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 88293 | 11.1190 | 15.7096 | 1216470 | 0.02 | 1.20 | 1.20 | 1.20 | 9.79 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>L34</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 86358 | $15.4659 | $15.4659 | $1335620 | 0.28% | 1.20% | 1.20% | 1.20% | 12.83% | 12.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 83608 | 13.7078 | 13.7078 | 1146094 | 0.47 | 1.20 | 1.20 | 1.20 | 20.89 | 20.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 58919 | 11.3392 | 11.3392 | 668054 | 0.91 | 1.20 | 1.20 | 1.20 | 17.97 | 17.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 32934 | 9.6121 | 9.6121 | 316560 | 0.96 | 1.20 | 1.20 | 1.20 | (13.69) | (13.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12436 | 11.1371 | 11.1371 | 138498 | 0.75 | 1.20 | 1.20 | 1.20 | 10.08 | 10.08 |
| <u>L35</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 149635 | 14.9905 | 14.9905 | 2243122 | 2.04 | 1.20 | 1.20 | 1.20 | 11.12 | 11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 134609 | 13.4909 | 13.4909 | 1816003 | 1.07 | 1.20 | 1.20 | 1.20 | 15.28 | 15.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 117233 | 11.7027 | 11.7027 | 1371864 | 2.14 | 1.20 | 1.20 | 1.20 | 12.65 | 12.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 97648 | 10.3887 | 10.3887 | 1014400 | 1.35 | 1.20 | 1.20 | 1.20 | (9.33) | (9.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 64069 | 11.4573 | 11.4573 | 734056 | 1.96 | 1.20 | 1.20 | 1.20 | 12.25 | 12.25 |
| <u>C71</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 251 | 39.3606 | 37.7390 | 9851 | 1.01 | 1.65 | to | 1.85 | 12.78 | 12.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 268 | 34.9015 | 34.2145 | 9351 | 0.58 | 1.65 | to | 1.75 | 6.87 | 6.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 383 | 32.6578 | 32.0467 | 12468 | 0.17 | 1.65 | to | 1.75 | 19.67 | 19.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3398 | 27.2894 | 26.8050 | 92683 | 0.49 | 1.65 | to | 1.75 | (10.47) | (10.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3523 | 30.4800 | 29.9683 | 107322 | 0.23 | 1.65 | to | 1.75 | 26.69 | 26.56 |
| <u>C59</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1051 | 39.1164 | 39.1164 | 41111 |  | 1.65 | to | 1.65 | 14.23 | 14.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1077 | 35.1578 | 33.6531 | 36878 |  | 1.35 | to | 1.85 | 29.55 | 28.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2886 | 27.1386 | 26.1093 | 76940 |  | 1.35 | to | 1.85 | 41.24 | 40.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3475 | 19.2139 | 18.5781 | 65648 |  | 1.35 | to | 1.85 | (32.31) | (32.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3071 | 28.3838 | 27.5830 | 85976 |  | 1.35 | to | 1.85 | 27.00 | 26.36 |
| <u>C60</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1088617 | 42.1082 | 36.5571 | 41373386 |  | 0.65 | to | 2.10 | 15.10 | 13.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1267054 | 36.5842 | 32.2254 | 42348236 |  | 0.65 | to | 2.10 | 30.15 | 28.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1656505 | 28.1085 | 25.1268 | 43025241 |  | 0.65 | to | 2.10 | 41.84 | 39.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2216291 | 19.8166 | 17.9740 | 40965907 |  | 0.65 | to | 2.10 | (31.98) | (32.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2064095 | 29.1324 | 26.8124 | 56678746 |  | 0.65 | to | 2.10 | 27.52 | 25.67 |
| <u>C89</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5697 | 34.3730 | 33.3788 | 191010 |  | 1.35 | to | 1.65 | 12.24 | 11.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5697 | 30.6233 | 29.8278 | 170610 |  | 1.35 | to | 1.65 | 19.77 | 19.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2126 | 25.5680 | 24.9800 | 53611 |  | 1.35 | to | 1.65 | 37.66 | 37.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2126 | 18.5726 | 18.2004 | 39014 |  | 1.35 | to | 1.65 | (28.97) | (29.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2122 | 26.1488 | 25.2651 | 54924 |  | 1.35 | to | 1.95 | 16.98 | 16.27 |
| <u>C90</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 405268 | 33.5540 | 31.1854 | 13175253 |  | 1.35 | to | 2.10 | 11.96 | 11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 460668 | 29.9699 | 28.0655 | 13404356 |  | 1.35 | to | 2.10 | 19.47 | 18.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 558446 | 25.0848 | 23.6705 | 13649174 |  | 1.35 | to | 2.10 | 37.34 | 36.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 740594 | 18.2651 | 17.3655 | 13220856 |  | 1.35 | to | 2.10 | (29.15) | (29.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 686346 | 25.7817 | 24.6977 | 17356850 |  | 1.35 | to | 2.10 | 16.68 | 15.81 |
| <u>C58</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 162912 | 20.3345 | 17.6530 | 2988797 | 1.77 | 0.65 | to | 2.10 | 36.97 | 34.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 213971 | 14.8464 | 13.0769 | 2897782 | 4.18 | 0.65 | to | 2.10 | 2.56 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 236923 | 13.7138 | 12.9393 | 3162906 | 1.76 | 1.35 | to | 2.10 | 13.77 | 12.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 287223 | 12.0534 | 11.4589 | 3385267 | 0.76 | 1.35 | to | 2.10 | (16.05) | (16.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 328020 | 14.3985 | 13.7527 | 4621818 | 1.10 | 1.30 | to | 2.10 | 8.32 | 7.45 |
| <u>C91</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 503315 | 14.8993 | 19.6442 | 8605141 |  | 1.20 | 1.20 | 1.20 | 26.44 | 26.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 516435 | 11.7835 | 15.5361 | 7044786 |  | 1.20 | 1.20 | 1.20 | 11.22 | 11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 528425 | 10.5945 | 13.9685 | 6537985 |  | 1.20 | 1.20 | 1.20 | 3.86 | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 453049 | 10.2013 | 13.4500 | 5458508 |  | 1.20 | 1.20 | 1.20 | (3.23) | (3.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 354669 | 10.5420 | 13.8992 | 4749647 |  | 1.20 | 1.20 | 1.20 | 3.89 | 3.89 |
| <u>C92</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2720422 | 13.2224 | 13.2224 | 35970447 |  | 1.20 | 1.20 | 1.20 | 12.39 | 12.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1746417 | 11.7646 | 11.7646 | 20545869 |  | 1.20 | 1.20 | 1.20 | 12.92 | 12.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1259769 | 10.4181 | 10.4181 | 13123565 |  | 1.20 | 1.20 | 1.20 | 19.65 | 19.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 781670 | 8.7068 | 8.7068 | 6805655 |  | 1.20 | 1.20 | 1.20 | (17.86) | (17.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 285506 | 10.5997 | 10.5997 | 3026272 |  | 1.20 | 1.20 | 1.20 | 5.61 | 5.61 |
| <u>FD7</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2478534 | 39.7514 | 30.6909 | 86489563 | 1.53 | 0.65 | to | 2.30 | 14.21 | 12.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2785018 | 34.8054 | 27.3219 | 85951349 | 1.66 | 0.65 | to | 2.30 | 14.87 | 12.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3207858 | 30.2992 | 24.1861 | 87015206 | 1.50 | 0.65 | to | 2.30 | 20.45 | 18.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3834583 | 25.1551 | 20.4150 | 87213498 | 1.04 | 0.65 | to | 2.30 | (18.72) | (20.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4167158 | 30.9479 | 25.5362 | 117791565 | 0.73 | 0.65 | to | 2.30 | 17.23 | 15.30 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>F24</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1930280 | $69.5886 | $51.2792 | $107132689 | ––% | 0.65% | to | 2.10% | 20.41% | 18.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2314283 | 57.7939 | 43.2135 | 107777218 | 0.04 | 0.65 | to | 2.10 | 32.58 | 30.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3045303 | 43.5932 | 31.7768 | 108149079 | 0.24 | 0.65 | to | 2.35 | 32.26 | 30.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3881752 | 32.9614 | 24.4400 | 105302012 | 0.27 | 0.65 | to | 2.35 | (26.96) | (28.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3825641 | 45.1308 | 34.0405 | 143633704 | 0.03 | 0.65 | to | 2.35 | 26.68 | 24.53 |
| <u>F88</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 57663 | 21.6431 | 18.5656 | 1141791 | 2.98 | 1.35 | to | 2.10 | 8.77 | 7.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 62749 | 19.8972 | 17.1974 | 1148220 | 3.01 | 1.35 | to | 2.10 | 3.72 | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 78127 | 19.1828 | 16.7068 | 1392621 | 3.74 | 1.35 | to | 2.10 | 7.62 | 6.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 84546 | 17.8247 | 15.6414 | 1406691 | 1.92 | 1.35 | to | 2.10 | (14.82) | (15.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 95572 | 20.9266 | 18.5025 | 1871006 | 0.70 | 1.35 | to | 2.10 | 4.17 | 3.39 |
| <u>FB9</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 286493 | 23.9329 | 20.5298 | 6319973 | 2.73 | 1.35 | to | 2.10 | 10.15 | 9.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 315442 | 21.7270 | 18.7789 | 6350819 | 2.87 | 1.35 | to | 2.10 | 4.77 | 3.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 359748 | 20.7378 | 18.0610 | 6957923 | 3.39 | 1.35 | to | 2.10 | 9.16 | 8.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 412267 | 18.9983 | 16.6712 | 7346741 | 1.89 | 1.35 | to | 2.10 | (15.93) | (16.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 484120 | 22.5993 | 19.9814 | 10300644 | 0.78 | 1.35 | to | 2.10 | 5.95 | 5.15 |
| <u>F15</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 379762 | 25.7667 | 22.1027 | 9239346 | 2.40 | 1.35 | to | 2.10 | 11.47 | 10.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 461193 | 23.1145 | 19.9781 | 10068735 | 2.46 | 1.35 | to | 2.10 | 5.95 | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 589083 | 21.8171 | 18.3120 | 12251931 | 2.90 | 1.35 | to | 2.30 | 10.72 | 9.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 719443 | 19.7056 | 16.6983 | 13486987 | 1.86 | 1.35 | to | 2.30 | (17.10) | (17.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 814357 | 23.7698 | 20.3357 | 18476600 | 0.80 | 1.35 | to | 2.30 | 7.79 | 6.77 |
| <u>F41</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1324103 | 37.8125 | 33.2988 | 47955393 | 0.23 | 0.65 | to | 2.10 | 10.76 | 9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1518127 | 34.1379 | 30.5046 | 50150765 | 0.33 | 0.65 | to | 2.10 | 16.41 | 14.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1898337 | 29.3259 | 26.5933 | 54432984 | 0.37 | 0.65 | to | 2.10 | 14.06 | 12.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2189234 | 25.7112 | 23.0938 | 55540607 | 0.26 | 0.65 | to | 2.25 | (15.52) | (16.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2463448 | 30.4341 | 27.7791 | 74742720 | 0.34 | 0.65 | to | 2.25 | 24.49 | 22.51 |
| <u>FE3</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5944498 | 24.5728 | 21.5140 | 139598954 | 1.64 | 0.65 | to | 2.10 | 36.57 | 34.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8085140 | 17.9922 | 15.9840 | 140600615 | 1.64 | 0.65 | to | 2.10 | 5.40 | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9125866 | 17.0703 | 14.7459 | 152131312 |  | 0.65 | to | 2.35 | 9.36 | 7.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10303478 | 15.6088 | 13.7155 | 158539919 | 2.07 | 0.65 | to | 2.35 | (8.76) | (10.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11992814 | 17.1076 | 15.2916 | 204264220 | 0.90 | 0.65 | to | 2.35 | 3.76 | 2.00 |
| <u>F17</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 200088 | 12.2327 | 12.2327 | 2447615 | 0.50 | 1.20 | 1.20 | 1.20 | 4.43 | 4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 192888 | 11.7133 | 11.7133 | 2259352 | 0.67 | 1.20 | 1.20 | 1.20 | 9.07 | 9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 176112 | 10.7388 | 10.7388 | 1891115 | 1.03 | 1.20 | 1.20 | 1.20 | 6.47 | 6.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 111549 | 10.0865 | 10.0865 | 1125111 | 0.71 | 1.20 | 1.20 | 1.20 | (11.75) | (11.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 49568 | 11.4291 | 11.4291 | 566514 | 0.58 | 1.20 | 1.20 | 1.20 | 12.46 | 12.46 |
| <u>F18</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 117657 | 12.0087 | 12.0087 | 1412911 | 1.43 | 1.20 | 1.20 | 1.20 | 18.10 | 18.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 75737 | 10.1680 | 10.1680 | 770101 | 1.39 | 1.20 | 1.20 | 1.20 | 0.53 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 62065 | 10.1139 | 10.1139 | 627681 | 0.70 | 1.20 | 1.20 | 1.20 | 15.51 | 15.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 32524 | 8.7562 | 8.7562 | 284774 | 0.75 | 1.20 | 1.20 | 1.20 | (20.34) | (20.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12290 | 10.9920 | 10.9920 | 135097 | 1.10 | 1.20 | 1.20 | 1.20 | 11.77 | 11.77 |
| <u>F19</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 932913 | 10.8752 | 14.4314 | 10401359 | 2.40 | 1.20 | 1.20 | 1.20 | 4.04 | 4.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 913663 | 10.4526 | 13.8705 | 9878915 | 2.31 | 1.20 | 1.20 | 1.20 | 4.73 | 4.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 748251 | 9.9801 | 13.2435 | 7774077 | 2.47 | 1.20 | 1.20 | 1.20 | 9.19 | 9.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 538232 | 9.1401 | 12.1289 | 5189362 | 1.84 | 1.20 | 1.20 | 1.20 | (13.25) | (13.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 182400 | 10.5362 | 13.9815 | 2352109 | 1.35 | 1.20 | 1.20 | 1.20 | 4.56 | 4.56 |
| <u>L36</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 89961 | 12.0917 | 12.0917 | 1087790 | 2.50 | 1.20 | 1.20 | 1.20 | 11.16 | 11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 89808 | 10.8779 | 10.8779 | 976937 | 2.32 | 1.20 | 1.20 | 1.20 | 10.23 | 10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 85209 | 9.8685 | 9.8685 | 840839 | 2.69 | 1.20 | 1.20 | 1.20 | 12.91 | 12.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 31579 | 8.7401 | 8.7401 | 275995 | 2.72 | 1.20 | 1.20 | 1.20 | (15.35) | (15.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 97 | 10.3253 | 10.3253 | 1002 | 19.54 | 1.20 | 1.20 | 1.20 | 2.52 | 2.52 |
| <u>T21</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 558268 | 25.5319 | 21.6784 | 13084403 | 0.54 | 1.30 | to | 2.10 | 44.37 | 43.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 788971 | 17.6845 | 15.1355 | 12869747 | 3.90 | 1.30 | to | 2.10 | 6.26 | 5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 918485 | 16.6426 | 14.3602 | 14153806 | 2.07 | 1.30 | to | 2.10 | 11.17 | 10.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1027554 | 14.9710 | 12.6865 | 14310486 | 2.58 | 1.30 | to | 2.25 | (22.99) | (23.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1046664 | 19.4414 | 16.6331 | 19016638 | 0.87 | 1.30 | to | 2.25 | (6.96) | (7.85) |
| <u>S23</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 121790 | 11.4839 | 11.4839 | 1398615 | 0.40 | 1.20 | 1.20 | 1.20 | 44.34 | 44.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 84969 | 7.9559 | 7.9559 | 675997 | 3.56 | 1.20 | 1.20 | 1.20 | 6.21 | 6.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 72970 | 7.4905 | 7.4905 | 546534 | 1.84 | 1.20 | 1.20 | 1.20 | 11.19 | 11.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 51567 | 6.7363 | 6.7363 | 347359 | 1.97 | 1.20 | 1.20 | 1.20 | (22.94) | (22.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 22266 | 8.7411 | 8.7411 | 194631 | 0.02 | 1.20 | 1.20 | 1.20 | (13.04) | (13.04) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>T20</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1827016 | $22.9146 | $22.9895 | $47428466 | 2.30% | 1.30% | to | 2.35% | 27.52% | 26.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2280003 | 17.9694 | 18.2197 | 46628097 | 2.36 | 1.30 | to | 2.35 | (2.29) | (3.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2499454 | 18.3910 | 18.8471 | 52576034 | 3.22 | 1.30 | to | 2.35 | 19.20 | 17.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3014887 | 15.4292 | 15.9795 | 53415908 | 2.95 | 1.30 | to | 2.35 | (8.80) | (9.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3561181 | 16.9184 | 17.7079 | 69499573 | 1.81 | 1.30 | to | 2.35 | 2.81 | 1.73 |
| <u>FE6</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 731397 | 22.2971 | 19.2992 | 15390797 | 1.94 | 1.30 | to | 2.10 | 11.14 | 10.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 868126 | 20.0624 | 17.5054 | 16476547 | 2.04 | 1.30 | to | 2.10 | 7.72 | 6.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1006668 | 18.6239 | 16.3829 | 17785635 | 1.46 | 1.30 | to | 2.10 | 13.13 | 12.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1128864 | 16.4624 | 14.2728 | 17666000 | 1.64 | 1.30 | to | 2.25 | (17.09) | (17.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1289505 | 19.8552 | 17.3796 | 24403221 | 1.74 | 1.30 | to | 2.25 | 10.23 | 9.19 |
| <u>S18</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 333611 | 11.8568 | 11.8568 | 3955593 | 1.80 | 1.20 | 1.20 | 1.20 | 11.18 | 11.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 278725 | 10.6644 | 10.6644 | 2972459 | 1.47 | 1.20 | 1.20 | 1.20 | 7.57 | 7.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 202333 | 9.9136 | 9.9136 | 2005729 | 1.34 | 1.20 | 1.20 | 1.20 | 13.26 | 13.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 109184 | 8.7533 | 8.7533 | 955683 | 1.41 | 1.20 | 1.20 | 1.20 | (17.19) | (17.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 27723 | 10.5708 | 10.5708 | 293058 | 0.02 | 1.20 | 1.20 | 1.20 | 5.22 | 5.22 |
| <u>T59</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 193359 | 9.9185 | 8.0454 | 1617509 |  | 0.65 | to | 2.10 | 14.81 | 13.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 218772 | 8.6388 | 7.1105 | 1616668 |  | 0.65 | to | 2.10 | (12.00) | (13.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 218338 | 9.8174 | 8.0490 | 1857178 |  | 0.65 | to | 2.25 | 2.15 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 244194 | 9.6104 | 8.0069 | 2057984 |  | 0.65 | to | 2.25 | (5.74) | (7.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 368313 | 10.1958 | 8.6323 | 3325426 |  | 0.65 | to | 2.25 | (5.63) | (7.14) |
| <u>F56</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 288920 | 25.4056 | 27.4594 | 9120763 | 0.90 | 1.30 | to | 2.10 | 22.22 | 21.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 365664 | 20.7865 | 22.6485 | 9487223 | 0.94 | 1.30 | to | 2.10 | 4.03 | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 409091 | 19.9821 | 22.4573 | 10273421 | 3.36 | 1.30 | to | 2.25 | 19.45 | 18.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 487083 | 16.7291 | 18.9814 | 10288499 | 0.15 | 1.30 | to | 2.25 | (12.65) | (13.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 549166 | 19.1516 | 21.9387 | 13321322 | 1.10 | 1.30 | to | 2.25 | 3.51 | 2.53 |
| <u>F59</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1535952 | 24.2250 | 19.2448 | 32190899 | 5.05 | 0.65 | to | 2.10 | 11.83 | 10.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1778946 | 21.6630 | 17.4624 | 33669248 | 5.24 | 0.65 | to | 2.10 | 6.50 | 4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2055585 | 20.3404 | 16.2189 | 36915056 | 5.16 | 0.65 | to | 2.25 | 7.92 | 6.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2287524 | 18.8478 | 15.2720 | 38469119 | 4.85 | 0.65 | to | 2.25 | (6.09) | (7.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2694045 | 20.0693 | 16.3995 | 48749838 | 4.66 | 0.65 | to | 2.30 | 16.00 | 14.09 |
| <u>FF0</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2518802 | 12.5364 | 19.2637 | 31902720 | 4.74 | 1.20 | to | 2.05 | 11.09 | 10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2321721 | 11.2852 | 17.4901 | 26515062 | 4.29 | 1.20 | to | 2.05 | 5.79 | 4.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1709727 | 10.6680 | 16.6770 | 18684259 | 4.63 | 1.20 | to | 2.05 | 7.25 | 6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1031991 | 9.9467 | 15.6828 | 10736705 | 4.32 | 1.20 | to | 2.05 | (6.72) | (7.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 267149 | 10.6634 | 16.9570 | 3448458 | 3.60 | 1.20 | to | 2.05 | 5.92 | 14.21 |
| <u>F54</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2319889 | 29.1738 | 31.6486 | 81748724 | 2.02 | 0.65 | to | 2.10 | 10.79 | 9.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2622629 | 26.3314 | 28.9849 | 84278961 | 1.94 | 0.65 | to | 2.10 | 10.54 | 8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3040585 | 23.8200 | 25.9664 | 89410504 | 1.85 | 0.65 | to | 2.25 | 12.73 | 10.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3428916 | 21.1304 | 23.4071 | 90351817 | 1.78 | 0.65 | to | 2.25 | (8.03) | (9.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4071384 | 22.9756 | 25.6069 | 117898051 | 2.86 | 0.65 | to | 2.30 | 18.39 | 16.44 |
| <u>FG8</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 118269 | 12.8091 | 23.9880 | 1567155 | 1.97 | 1.20 | to | 2.05 | 10.12 | 9.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 106820 | 11.6322 | 21.9713 | 1294869 | 1.76 | 1.20 | to | 2.05 | 9.82 | 8.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 95257 | 10.5923 | 20.1804 | 1077220 | 2.01 | 1.20 | to | 2.05 | 11.96 | 11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 57635 | 9.4608 | 18.1793 | 614340 | 2.18 | 1.20 | to | 2.05 | (8.57) | (9.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15824 | 10.3481 | 20.0549 | 259478 | 2.69 | 1.20 | to | 2.05 | 1.82 | 16.64 |
| <u>S21</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 475884 | 13.6437 | 13.6437 | 6492886 | 0.73 | 1.20 | 1.20 | 1.20 | 10.33 | 10.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 427678 | 12.3667 | 12.3667 | 5289024 | 0.91 | 1.20 | 1.20 | 1.20 | 9.35 | 9.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 365272 | 11.3095 | 11.3095 | 4130834 | 0.84 | 1.20 | 1.20 | 1.20 | 10.65 | 10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 246158 | 10.2211 | 10.2211 | 2515906 | 0.82 | 1.20 | 1.20 | 1.20 | (11.75) | (11.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62948 | 11.5814 | 11.5814 | 729020 | 0.01 | 1.20 | 1.20 | 1.20 | 14.00 | 14.00 |
| <u>F53</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 222849 | 38.2002 | 52.7113 | 12977426 | 1.10 | 0.65 | to | 2.10 | 6.95 | 5.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 257938 | 35.7161 | 50.0083 | 14175146 | 0.95 | 0.65 | to | 2.10 | 10.97 | 9.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 306209 | 32.1842 | 45.7312 | 15346683 | 0.53 | 0.65 | to | 2.10 | 12.02 | 10.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 358952 | 28.7320 | 41.4247 | 16235834 | 0.96 | 0.65 | to | 2.10 | (10.65) | (11.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 433934 | 32.1558 | 45.6536 | 22225104 | 0.97 | 0.65 | to | 2.30 | 24.55 | 22.50 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>FJ9</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 372926 | $11.7393 | to | $31.0988 | $4454028 | 0.98% | 1.20% | to | 2.05% | 6.20% | to | 5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 277706 | 11.0538 | to | 29.5345 | 3155776 | 0.65 | 1.20 | to | 2.05 | 10.26 | to | 9.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 199784 | 10.0255 | to | 27.0194 | 2121744 | 0.44 | 1.20 | to | 2.05 | 11.33 | to | 10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 114489 | 9.0053 | to | 24.4781 | 1162187 | 0.94 | 1.20 | to | 2.05 | (11.18) | to | (11.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62003 | 10.1392 | to | 27.7969 | 804810 | 0.55 | 1.20 | to | 2.05 | (0.67) | to | 22.62 |
| <u>T28</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 398558 | 14.4284 | to | 13.8340 | 5970486 | 4.80 | 0.65 | to | 2.10 | 6.55 | to | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 446393 | 13.5416 | to | 13.1747 | 6344841 | 4.53 | 0.65 | to | 2.10 | 3.34 | to | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 515004 | 13.1039 | to | 12.6109 | 7154255 | 4.49 | 0.65 | to | 2.25 | 7.48 | to | 5.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 596366 | 12.1918 | to | 11.9231 | 7778476 | 4.32 | 0.65 | to | 2.25 | (11.33) | to | (12.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 675496 | 13.7497 | to | 13.6645 | 10056531 | 3.38 | 0.65 | to | 2.25 | 1.45 | to | (0.17) |
| <u>FJ0</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3863 | 12.7049 | to | 11.4828 | 46167 | 4.52 | 1.35 | to | 2.05 | 5.61 | to | 4.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4254 | 12.0300 | to | 10.9497 | 48351 | 4.41 | 1.35 | to | 2.05 | 2.57 | to | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5375 | 11.7283 | to | 10.7512 | 60317 | 4.34 | 1.35 | to | 2.05 | 6.54 | to | 5.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5696 | 11.0087 | to | 10.1627 | 60198 | 4.21 | 1.35 | to | 2.05 | (12.04) | to | (12.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7012 | 12.5158 | to | 11.6356 | 84961 | 3.80 | 1.35 | to | 2.05 | 0.68 | to | (0.02) |
| <u>G03</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 177034 | 15.9016 | to | 21.3880 | 3606218 | 0.49 | 1.20 | 1.20 | 1.20 | 14.11 | 14.11 | 14.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 178111 | 13.9360 | to | 18.7441 | 3199938 | 0.42 | 1.20 | 1.20 | 1.20 | 26.46 | 26.46 | 26.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 190093 | 11.0199 | to | 14.8220 | 2728599 | 0.46 | 1.20 | 1.20 | 1.20 | 22.11 | 22.11 | 22.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 196257 | 9.0243 | to | 12.1379 | 2313239 | 0.61 | 1.20 | 1.20 | 1.20 | (20.86) | (20.86) | (20.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 184093 | 11.4033 | to | 15.3376 | 2813038 | 0.88 | 1.20 | 1.20 | 1.20 | 12.55 | 12.55 | 12.55 |
| <u>V35</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 84253 | 43.1609 | to | 37.6959 | 3402488 | 0.22 | 1.35 | to | 2.10 | 19.13 | to | 18.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 98954 | 36.2295 | to | 31.8820 | 3371869 | 0.75 | 1.35 | to | 2.10 | 28.33 | to | 27.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 114315 | 28.2312 | to | 25.0334 | 3051112 | 0.35 | 1.35 | to | 2.10 | 13.74 | to | 12.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 148325 | 24.8203 | to | 22.1753 | 3486759 | 0.43 | 1.35 | to | 2.10 | (4.17) | to | (4.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 183601 | 25.9001 | to | 23.3154 | 4544009 | 0.23 | 1.35 | to | 2.10 | 25.91 | to | 24.96 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>V13</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 432393 | $48.0267 | $31.2220 | $14633345 | 1.41% | 0.65% | to | 2.10% | 16.38% | 14.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 552018 | 41.2665 | 27.2215 | 16215671 | 1.44 | 0.65 | to | 2.10 | 14.12 | 12.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 673014 | 36.1618 | 24.2078 | 17539209 | 1.48 | 0.65 | to | 2.10 | 11.37 | 9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 816424 | 32.4702 | 22.0553 | 19254849 | 1.30 | 0.65 | to | 2.10 | 0.19 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 982333 | 32.4079 | 22.3360 | 23348042 | 1.55 | 0.65 | to | 2.10 | 32.18 | 30.27 |
|  <u>AB3</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 212942 | 9.4324 | 10.8314 | 2100061 | 4.17 | 1.20 |  |  | 5.68 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 221440 | 8.9251 | 10.2488 | 2106986 | 3.35 | 1.20 |  |  | 1.48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 140646 | 8.7946 | 10.0990 | 1354997 | 2.52 | 1.20 |  |  | 4.58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 125118 | 8.4091 | 9.6563 | 1168970 | 0.56 | 1.20 |  |  | (15.70) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 121115 | 9.9751 | 11.4546 | 1352173 | 2.02 | 1.20 |  |  | (0.20) |  |
|  <u>V11</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7566728 | 32.3859 | 26.7534 | 133716014 | 1.92 | 0.65 | to | 2.10 | 11.79 | 10.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6399166 | 28.9712 | 24.2843 | 112360638 | 1.55 | 0.65 | to | 2.10 | 11.18 | 9.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5122809 | 26.0590 | 22.1671 | 90226162 | 1.67 | 0.65 | to | 2.10 | 9.52 | 7.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4763445 | 23.7929 | 20.5362 | 84706784 | 1.47 | 0.65 | to | 2.10 | (8.31) | (9.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4024877 | 25.9499 | 22.7268 | 91091678 | 1.64 | 0.65 | to | 2.10 | 17.58 | 15.88 |
|  <u>AC1</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 65757 | 20.1224 | 18.0542 | 1260370 | 1.14 | 1.35 | to | 2.10 | 14.67 | 13.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 81888 | 17.5488 | 15.8645 | 1376388 | 1.55 | 1.35 | to | 2.10 | (1.02) | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 86363 | 17.7293 | 16.1503 | 1470396 |  | 1.35 | to | 2.10 | 16.28 | 15.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 114707 | 15.2465 | 13.9937 | 1681151 | 1.41 | 1.35 | to | 2.10 | (19.60) | (20.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 126045 | 18.9635 | 17.5372 | 2304802 | 1.06 | 1.35 | to | 2.10 | 4.18 | 3.40 |
|  <u>V17</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 564365 | 10.6045 | 10.6045 | 5984736 |  | 1.20 | 1.20 | 1.20 | 3.28 | 3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 479913 | 10.2674 | 10.2674 | 4927405 |  | 1.20 | 1.20 | 1.20 | 22.43 | 22.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 396535 | 8.3866 | 8.3866 | 3325303 |  | 1.20 | 1.20 | 1.20 | 11.50 | 11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 237830 | 7.5213 | 7.5213 | 1788739 |  | 1.20 | 1.20 | 1.20 | (31.95) | (31.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44675 | 11.0534 | 11.0534 | 493812 |  | 1.20 | 1.20 | 1.20 | 10.58 | 10.58 |
|  <u>V19</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 80683 | 14.0327 | 14.0327 | 1132219 | 1.41 | 1.20 | 1.20 | 1.20 | 14.06 | 14.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 85469 | 12.3034 | 12.3034 | 1051576 | 1.60 | 1.20 | 1.20 | 1.20 | 11.60 | 11.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 87956 | 11.0247 | 11.0247 | 969630 | 2.09 | 1.20 | 1.20 | 1.20 | 7.47 | 7.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 54755 | 10.2581 | 10.2581 | 561662 | 2.57 | 1.20 | 1.20 | 1.20 | (3.10) | (3.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4671 | 10.5858 | 10.5858 | 49444 | 2.78 | 1.20 | 1.20 | 1.20 | 4.04 | 4.04 |
|  <u>V20</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1287602 | 13.1560 | 13.1560 | 16939886 | 1.55 | 1.20 | 1.20 | 1.20 | 9.50 | 9.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 853075 | 12.0147 | 12.0147 | 10249524 | 1.31 | 1.20 | 1.20 | 1.20 | 11.11 | 11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 685426 | 10.8134 | 10.8134 | 7411406 | 1.35 | 1.20 | 1.20 | 1.20 | 12.08 | 12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 450080 | 9.6483 | 9.6483 | 4342342 | 1.28 | 1.20 | 1.20 | 1.20 | (13.11) | (13.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32058 | 11.1039 | 11.1039 | 355974 | 1.38 | 1.20 | 1.20 | 1.20 | 9.15 | 9.15 |
|  <u>V21<sup>6</sup></u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 9.8766 | 9.8766 |  | 1.90 | 1.20 | 1.20 | 1.20 | (13.46) | (13.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 102864 | 11.4133 | 11.4133 | 1174022 | 1.67 | 1.20 | 1.20 | 1.20 | 13.38 | 13.38 |
|  <u>MV1</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12546174 | 13.2869 | 13.2869 | 166699669 | 1.77 | 1.20 | 1.20 | 1.20 | 13.45 | 13.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10720060 | 11.7119 | 11.7119 | 125552075 | 1.55 | 1.20 | 1.20 | 1.20 | 13.76 | 13.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7784769 | 10.2954 | 10.2954 | 80142473 | 2.00 | 1.20 | 1.20 | 1.20 | 13.76 | 13.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4809518 | 9.0501 | 9.0501 | 43525126 | 1.30 | 1.20 | 1.20 | 1.20 | (17.61) | (17.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 872941 | 10.9850 | 10.9850 | 9589244 | 0.78 | 1.20 | 1.20 | 1.20 | 9.59 | 9.59 |
|  <u>MV2</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 569657 | 12.4627 | 12.4627 | 7099530 | 0.05 | 1.20 | 1.20 | 1.20 | 6.13 | 6.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 462029 | 11.7429 | 11.7429 | 5425622 | 0.47 | 1.20 | 1.20 | 1.20 | 13.93 | 13.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 279775 | 10.3070 | 10.3070 | 2883506 | 0.12 | 1.20 | 1.20 | 1.20 | 16.37 | 16.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 167243 | 8.8571 | 8.8571 | 1481238 | 0.09 | 1.20 | 1.20 | 1.20 | (17.15) | (17.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32883 | 10.6907 | 10.6907 | 351540 |  | 1.20 | 1.20 | 1.20 | 6.00 | 6.00 |
|  <u>MV3</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1084209 | 16.4451 | 16.4451 | 17830164 |  | 1.20 | 1.20 | 1.20 | 23.35 | 23.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 837922 | 13.3322 | 13.3322 | 11171524 |  | 1.20 | 1.20 | 1.20 | 30.17 | 30.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 638774 | 10.2423 | 10.2423 | 6542272 |  | 1.20 | 1.20 | 1.20 | 52.44 | 52.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 443688 | 6.7191 | 6.7191 | 2981067 |  | 1.20 | 1.20 | 1.20 | (37.88) | (37.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 102202 | 10.8156 | 10.8156 | 1105376 |  | 1.20 | 1.20 | 1.20 | 9.14 | 9.14 |
|  <u>MV4</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 181251 | 12.4744 | 12.4744 | 2261005 | 0.71 | 1.20 | 1.20 | 1.20 | 5.02 | 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 136397 | 11.8779 | 11.8779 | 1620126 | 0.76 | 1.20 | 1.20 | 1.20 | 11.44 | 11.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 122082 | 10.6584 | 10.6584 | 1301129 | 1.03 | 1.20 | 1.20 | 1.20 | 9.78 | 9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 86194 | 9.7088 | 9.7088 | 836810 | 1.50 | 1.20 | 1.20 | 1.20 | (6.90) | (6.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16574 | 10.4284 | 10.4284 | 172842 | 0.63 | 1.20 | 1.20 | 1.20 | 2.40 | 2.40 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>J88</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2668154 | $12.0189 | $9.7495 | $27919263 | 3.27% | 0.65% | to | 2.10% | 6.45% | 4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3056899 | 11.2905 | 9.2933 | 30334718 | 4.01 | 0.65 | to | 2.10 | 0.79 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3228763 | 11.2019 | 9.3572 | 32112116 | 3.27 | 0.65 | to | 2.10 | 4.97 | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3152154 | 10.6714 | 9.0448 | 30174387 | 1.84 | 0.65 | to | 2.10 | (13.30) | (14.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3684665 | 12.3086 | 10.5856 | 41005068 | 1.69 | 0.65 | to | 2.10 | (2.30) | (3.72) |
|  <u>JF1<sup>7</sup></u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 8.8375 | 8.8375 |  |  | 1.20 | 1.20 | 1.20 | 5.24 | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 87069 | 8.3971 | 8.3971 | 731101 | 0.94 | 1.20 | 1.20 | 1.20 | (18.81) | (18.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 23039 | 10.3419 | 10.3419 | 238263 |  | 1.20 | 1.20 | 1.20 | 2.92 | 2.92 |
|  <u>JF08</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 9.2623 | 10.6864 |  |  | 1.20 | 1.20 | 1.20 | 3.81 | 3.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 95543 | 8.9211 | 10.2939 | 884945 | 3.96 | 1.20 | 1.20 | 1.20 | (13.55) | (13.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 40895 | 10.3195 | 11.9074 | 463590 | 0.28 | 1.20 | 1.20 | 1.20 | 2.46 | 2.46 |
|  <u>J94</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 234852 | 67.0465 | 54.3907 | 13680802 | 0.25 | 0.65 | to | 2.10 | 13.51 | 11.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 268428 | 59.0644 | 48.6196 | 13889344 | 0.35 | 0.65 | to | 2.10 | 22.87 | 21.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 294208 | 48.0700 | 40.1559 | 12523127 | 1.25 | 0.65 | to | 2.10 | 26.02 | 24.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 320798 | 38.1449 | 32.3318 | 10947842 | 0.22 | 0.65 | to | 2.10 | (19.42) | (20.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 365296 | 47.3369 | 40.7123 | 15626632 | 0.54 | 0.65 | to | 2.10 | 28.17 | 26.32 |
|  <u>L11</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1172093 | 16.9742 | 14.6844 | 18645309 | 2.69 | 0.65 | to | 2.10 | 40.85 | 38.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1638108 | 12.0515 | 10.5789 | 18704244 | 3.28 | 0.65 | to | 2.10 | 6.73 | 5.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1930479 | 11.2915 | 9.6629 | 20868196 | 4.67 | 0.65 | to | 2.35 | 21.48 | 19.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2349690 | 9.2949 | 8.0911 | 21108283 | 3.22 | 0.65 | to | 2.35 | (15.67) | (17.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2605638 | 11.0216 | 9.7596 | 28047671 | 1.80 | 0.65 | to | 2.35 | 4.78 | 3.00 |
|  <u>L42</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 55280 | 11.6706 | 12.7085 | 650291 | 1.11 | 1.20 | 1.20 | 1.20 | 14.34 | 14.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 39337 | 10.2068 | 11.1146 | 406220 |  | 1.20 | 1.20 | 1.20 | 7.29 | 7.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 36842 | 9.5135 | 10.4101 | 355060 |  | 1.20 | 1.20 | 1.20 | 949.00 | 949.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 35539 | 8.6889 | 9.4616 | 313241 | 0.08 | 1.20 | 1.20 | 1.20 | (18.36) | (18.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16613 | 10.6432 | 11.5898 | 182299 | 4.16 | 1.20 | 1.20 | 1.20 | 6.33 | 6.33 |
|  <u>L16</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 523674 | 10.3170 | 11.7471 | 5577231 | 5.95 | 1.20 | 1.20 | 1.20 | 7.03 | 7.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 543394 | 9.6393 | 10.9755 | 5405225 | 5.45 | 1.20 | 1.20 | 1.20 | 5.43 | 5.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 449391 | 9.1427 | 10.4101 | 4287250 | 5.74 | 1.20 | 1.20 | 1.20 | 5.28 | 5.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 340856 | 8.6842 | 9.8879 | 3095143 | 4.86 | 1.20 | 1.20 | 1.20 | (13.84) | (13.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 263842 | 10.0795 | 11.4767 | 2842314 | 6.09 | 1.20 | 1.20 | 1.20 | 0.52 | 0.52 |
|  <u>L18</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 287826 | 57.4622 | 42.0504 | 13898960 |  | 1.30 | to | 2.35 | 11.48 | 10.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 322140 | 51.5467 | 38.1223 | 14020270 |  | 1.30 | to | 2.35 | 28.90 | 27.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 438186 | 39.9902 | 29.8925 | 14898825 |  | 1.30 | to | 2.35 | 9.24 | 8.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 480145 | 36.6076 | 27.6540 | 15008904 |  | 1.30 | to | 2.35 | (33.41) | (34.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 467657 | 54.9715 | 41.9680 | 22030651 |  | 1.30 | to | 2.35 | 5.08 | 3.97 |
|  <u>L17</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 501072 | 37.5328 | 39.6701 | 21621747 | 0.41 | 0.65 | to | 2.10 | 13.55 | 11.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 574851 | 33.0542 | 35.4499 | 22111126 | 0.68 | 0.65 | to | 2.10 | 15.89 | 14.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 699255 | 28.5231 | 31.0439 | 23522191 | 0.56 | 0.65 | to | 2.10 | 13.89 | 12.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 817249 | 25.0440 | 27.6569 | 24384323 | 1.02 | 0.65 | to | 2.10 | (12.55) | (13.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 930958 | 28.6391 | 31.2187 | 32114142 | 0.78 | 0.65 | to | 2.25 | 26.49 | 24.47 |
|  <u>L19</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 209056 | 10.5076 | 10.5076 | 2196670 | 4.54 | 1.20 | 1.20 | 1.20 | 4.63 | 4.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 191799 | 10.0423 | 10.0423 | 1926084 | 4.45 | 1.20 | 1.20 | 1.20 | 3.87 | 3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 168860 | 9.6681 | 9.6681 | 1632442 | 4.93 | 1.20 | 1.20 | 1.20 | 3.80 | 3.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 127971 | 9.3145 | 9.3145 | 1191944 | 3.81 | 1.20 | 1.20 | 1.20 | (6.19) | (6.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51641 | 9.9295 | 9.9295 | 512766 | 6.17 | 1.20 | 1.20 | 1.20 | (0.80) | (0.80) |
|  <u>M07</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10257552 | 21.0653 | 19.3018 | 208989543 | 2.68 | 1.15 | to | 1.85 | 9.89 | 9.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11652292 | 19.1699 | 17.6891 | 216813850 | 2.46 | 1.15 | to | 1.85 | 6.50 | 5.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13434634 | 17.9992 | 16.7272 | 235205012 | 2.04 | 1.15 | to | 1.85 | 9.18 | 8.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 15221999 | 16.5036 | 15.4289 | 244855536 | 1.69 | 1.15 | to | 1.85 | (10.61) | (11.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16787920 | 18.4624 | 17.3837 | 302630577 | 1.78 | 1.15 | to | 1.85 | 12.82 | 12.01 |
|  <u>M35</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9399206 | 21.7468 | 17.5843 | 175692308 | 2.52 | 0.65 | to | 2.35 | 10.20 | 8.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10865153 | 19.7349 | 16.2328 | 187404052 | 2.30 | 0.65 | to | 2.35 | 6.76 | 4.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12160294 | 18.4858 | 15.4701 | 199351185 | 1.82 | 0.65 | to | 2.35 | 9.50 | 7.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13900870 | 16.8814 | 14.3706 | 211768681 | 1.47 | 0.65 | to | 2.35 | (10.42) | (11.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15409374 | 18.8458 | 16.3194 | 266307528 | 1.60 | 0.65 | to | 2.35 | 13.10 | 11.18 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>M31</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1665511 | $44.2389 | to | $39.8533 | $145569769 | —% | 1.00% | to | 1.85% | 11.08% | to | 10.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1942774 | 39.8279 | to | 36.1876 | 152424162 |  | 1.00 | to | 1.85 | 30.14 | to | 29.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2298822 | 30.6033 | to | 28.0469 | 136834471 |  | 1.00 | to | 1.85 | 34.51 | to | 33.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2597890 | 22.7514 | to | 21.0294 | 114428694 |  | 1.00 | to | 1.85 | (32.32) | to | (32.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2848419 | 33.6147 | to | 31.3373 | 186951578 |  | 1.00 | to | 1.85 | 22.30 | to | 21.26 |
|  <u>M80</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 523734 | 70.7692 | to | 57.4103 | 24274458 |  | 0.65 | to | 2.10 | 11.18 | to | 9.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 538943 | 63.6538 | to | 52.3970 | 24022161 |  | 0.65 | to | 2.10 | 30.29 | to | 28.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 526441 | 48.8542 | to | 40.8107 | 21386985 |  | 0.65 | to | 2.10 | 34.63 | to | 32.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 486632 | 36.2873 | to | 30.7569 | 17432686 |  | 0.65 | to | 2.10 | (32.25) | to | (33.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 420101 | 53.5587 | to | 80.1315 | 25414922 |  | 0.65 | to | 2.25 | 22.44 | to | 20.48 |
|  <u>M10</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 24111 | 14.3054 | 14.3054 | 14.3054 | 344922 | 0.61 | 1.20 | 1.20 | 1.20 | 11.97 | 11.97 | 11.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22140 | 12.7764 | 12.7764 | 12.7764 | 282869 | 0.39 | 1.20 | 1.20 | 1.20 | 17.78 | 17.78 | 17.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17662 | 10.8473 | 10.8473 | 10.8473 | 191575 | 0.49 | 1.20 | 1.20 | 1.20 | 17.25 | 17.25 | 17.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11796 | 9.2516 | 9.2516 | 9.2516 | 109131 | 0.45 | 1.20 | 1.20 | 1.20 | (17.68) | (17.68) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4596 | 11.2390 | 11.2390 | 11.2390 | 51656 | 0.57 | 1.20 | 1.20 | 1.20 | 11.50 | 11.50 | 11.50 |
|  <u>MF1</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 720026 | 23.8289 | to | 19.8548 | 15933617 |  | 1.15 | to | 1.85 | 2.48 | to | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 814521 | 23.2513 | to | 19.5124 | 17632962 |  | 1.15 | to | 1.85 | 13.41 | to | 12.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 957870 | 20.4443 | to | 17.3302 | 18302362 |  | 1.15 | to | 1.85 | 19.93 | to | 19.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1066096 | 17.0935 | to | 14.5516 | 17017143 |  | 1.15 | to | 1.85 | (29.51) | to | (30.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1207205 | 24.2491 | to | 20.7912 | 27387599 |  | 1.15 | to | 1.85 | 12.81 | to | 12.01 |
|  <u>M41</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1190793 | 30.7801 | to | 48.4747 | 27542547 |  | 1.15 | to | 2.10 | 2.21 | to | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1088194 | 30.1139 | to | 47.8810 | 26912173 |  | 1.15 | to | 2.10 | 13.12 | to | 12.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 935859 | 26.6213 | to | 42.2764 | 25349555 |  | 1.15 | to | 2.15 | 19.59 | to | 18.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 950294 | 22.2609 | to | 34.6262 | 23361179 |  | 1.15 | to | 2.30 | (29.61) | to | (30.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 833837 | 31.6251 | to | 49.7645 | 32057195 |  | 1.15 | to | 2.30 | 12.57 | to | 11.27 |
|  <u>M05</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1302308 | 24.6481 | to | 22.3523 | 30519359 |  | 1.00 | to | 1.85 | 11.83 | to | 10.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1509863 | 22.0399 | to | 20.1586 | 31771382 |  | 1.00 | to | 1.85 | 5.65 | to | 4.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1775607 | 20.8615 | to | 19.2461 | 35515514 |  | 1.00 | to | 1.85 | 13.27 | to | 12.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1971825 | 18.4170 | to | 17.1365 | 34977512 |  | 1.00 | to | 1.85 | (30.46) | to | (31.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2195487 | 26.4836 | to | 24.8539 | 56250892 |  | 1.00 | to | 1.85 | 0.78 | to | (0.08) |
|  <u>M42</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1162708 | 33.6392 | to | 26.8551 | 26298972 |  | 0.65 | to | 2.35 | 11.83 | to | 9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1280526 | 30.0812 | to | 24.4290 | 26697088 |  | 0.65 | to | 2.35 | 5.74 | to | 3.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1507837 | 28.4486 | to | 23.5054 | 30058199 |  | 0.65 | to | 2.35 | 13.51 | to | 11.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1583325 | 25.0618 | to | 21.0634 | 29122159 |  | 0.65 | to | 2.35 | (30.45) | to | (31.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1481629 | 36.0338 | to | 30.8074 | 40478580 |  | 0.65 | to | 2.35 | 0.91 | to | (0.80) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>M89</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21791464 | $12.9135 | to | $10.4752 | $245372497 | 4.21% | 0.65% | to | 2.10% | 6.25% | to | 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24530144 | 12.1541 | to | 10.0042 | 262488302 | 4.05 | 0.65 | to | 2.10 | 1.66 | to | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27354728 | 11.9554 | to | 9.9235 | 290816491 | 2.99 | 0.65 | to | 2.15 | 6.44 | to | 4.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29753614 | 11.2325 | to | 9.3587 | 300117887 | 2.43 | 0.65 | to | 2.25 | (14.74) | to | (16.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 33841637 | 13.1744 | to | 11.0961 | 404255630 | 2.48 | 0.65 | to | 2.30 | (1.71) | to | (3.33) |
|  <u>M82</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2068573 | 45.5008 | to | 37.5516 | 82192145 | 0.16 | 0.65 | to | 2.10 | 11.84 | to | 10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2313844 | 40.6854 | to | 34.0682 | 83081644 | 0.37 | 0.65 | to | 2.10 | 17.79 | to | 16.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2800574 | 34.5420 | to | 29.3531 | 86295449 | 0.25 | 0.65 | to | 2.10 | 21.33 | to | 19.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3345247 | 28.4693 | to | 24.5474 | 85822601 | 0.20 | 0.65 | to | 2.10 | (17.97) | to | (19.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3704273 | 34.7048 | to | 30.3638 | 117052638 | 0.33 | 0.65 | to | 2.10 | 23.71 | to | 21.91 |
|  <u>M44</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3410485 | 18.9058 | to | 17.4219 | 62369332 | 2.87 | 1.15 | to | 1.85 | 13.70 | to | 12.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3921983 | 16.6277 | to | 15.4324 | 63421711 | 2.28 | 1.15 | to | 1.85 | 10.38 | to | 9.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4592558 | 15.0642 | to | 14.0823 | 67435995 | 3.51 | 1.15 | to | 1.85 | (3.22) | to | (3.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5338626 | 15.5654 | to | 14.6551 | 81251500 | 2.39 | 1.15 | to | 1.85 | (0.39) | to | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5904934 | 15.6263 | to | 14.8176 | 90458399 | 1.73 | 1.15 | to | 1.85 | 12.79 | to | 11.99 |
|  <u>M40</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1930875 | 18.6758 | to | 16.4547 | 32177537 | 2.71 | 1.00 | to | 2.10 | 13.61 | to | 12.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2186019 | 16.4382 | to | 14.6444 | 32605293 | 2.03 | 1.00 | to | 2.10 | 10.22 | to | 9.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2469252 | 14.9135 | to | 13.2457 | 33842646 | 3.28 | 1.00 | to | 2.25 | (3.30) | to | (4.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2534433 | 15.4230 | to | 13.8713 | 36436059 | 2.21 | 1.00 | to | 2.25 | (0.52) | to | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2943180 | 15.5040 | to | 14.1203 | 43411865 | 1.52 | 1.00 | to | 2.25 | 12.69 | to | 11.28 |
|  <u>M83</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5444335 | 24.4444 | to | 29.4193 | 149107500 | 1.59 | 1.15 | to | 2.35 | 11.73 | to | 10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6252302 | 21.8787 | to | 26.6540 | 153940769 | 1.62 | 1.15 | to | 2.35 | 10.33 | to | 8.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7234963 | 19.8300 | to | 24.4566 | 162343958 | 1.64 | 1.15 | to | 2.35 | 6.71 | to | 5.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8108114 | 18.5836 | to | 23.1995 | 170707884 | 1.38 | 1.15 | to | 2.35 | (6.98) | to | (8.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9172645 | 19.9774 | to | 25.2445 | 210909834 | 1.31 | 1.15 | to | 2.35 | 24.03 | to | 22.52 |
|  <u>M08</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2580822 | 35.6743 | to | 29.4415 | 71862838 | 1.38 | 0.65 | to | 2.10 | 12.03 | to | 10.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2926107 | 31.8423 | to | 26.6653 | 73802727 | 1.43 | 0.65 | to | 2.10 | 10.63 | to | 9.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3332985 | 28.7839 | to | 24.4616 | 77148204 | 1.40 | 0.65 | to | 2.10 | 6.94 | to | 5.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3696576 | 26.9169 | to | 22.7393 | 81030323 | 1.15 | 0.65 | to | 2.30 | (6.75) | to | (8.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4368929 | 28.8656 | to | 24.7934 | 104521906 | 1.15 | 0.65 | to | 2.30 | 24.35 | to | 22.30 |
|  <u>MB6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2638168 | 92.9643 | to | 47.3143 | 224734108 | 1.02 | 1.15 | to | 1.85 | 14.78 | to | 13.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3099418 | 80.9944 | to | 41.5175 | 230735836 | 1.00 | 1.15 | to | 1.85 | 24.06 | to | 23.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3665833 | 65.2853 | to | 33.7068 | 218816484 | 1.41 | 1.15 | to | 1.85 | 27.07 | to | 26.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4281405 | 51.3783 | to | 26.7161 | 201501244 | 1.11 | 1.15 | to | 1.85 | (16.96) | to | (17.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4871706 | 35.9098 | to | 32.4026 | 277408439 | 1.09 | 1.15 | to | 1.85 | 28.04 | to | 27.14 |
|  <u>MB7</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 594238 | 63.8035 | to | 58.7245 | 39855837 | 0.76 | 1.00 | to | 2.35 | 14.66 | to | 13.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 693204 | 55.6449 | to | 51.9157 | 40798023 | 0.76 | 1.00 | to | 2.35 | 23.92 | to | 22.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 873443 | 44.9048 | to | 42.4732 | 42118942 | 1.07 | 1.00 | to | 2.35 | 26.93 | to | 25.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1100128 | 35.3786 | to | 33.9191 | 42091993 | 0.85 | 1.00 | to | 2.35 | (17.04) | to | (18.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1230815 | 42.6452 | to | 41.4447 | 56959965 | 0.90 | 1.00 | to | 2.35 | 27.89 | to | 26.17 |
|  <u>MC0</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1007648 | 27.7755 | to | 22.6267 | 25566343 | 4.96 | 1.15 | to | 1.85 | 6.34 | to | 5.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1101973 | 26.1200 | to | 21.4306 | 26400797 | 3.85 | 1.15 | to | 1.85 | 1.82 | to | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1273633 | 25.6533 | to | 21.1999 | 30074308 | 3.93 | 1.15 | to | 1.85 | 7.87 | to | 7.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1427191 | 23.7811 | to | 19.7933 | 31337326 | 3.35 | 1.15 | to | 1.85 | (17.31) | to | (17.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1634523 | 28.7586 | to | 24.1074 | 43565677 | 2.89 | 1.15 | to | 1.85 | (2.52) | to | (3.22) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>MA0</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3494947 | $14.9223 | to | $14.8721 | $67950761 | 4.66% | 0.65% | to | 2.30% | 6.61% | to | 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3950043 | 13.9973 | to | 14.1838 | 72752397 | 3.73 | 0.65 | to | 2.30 | 2.03 | to | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4362277 | 13.7191 | to | 14.1366 | 79513159 | 3.77 | 0.65 | to | 2.30 | 8.19 | to | 6.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4606685 | 12.6808 | to | 13.2850 | 78378677 | 3.04 | 0.65 | to | 2.30 | (17.16) | to | (18.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5223179 | 15.3082 | to | 16.3058 | 108364502 | 2.65 | 0.65 | to | 2.30 | (2.30) | to | (3.91) |
| <u>MC2</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1300154 | 86.3473 | to | 51.8722 | 85269648 | 0.45 | 1.15 | to | 1.85 | 11.22 | to | 10.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1512293 | 77.6332 | to | 46.9714 | 89444432 | 0.59 | 1.15 | to | 1.85 | 18.73 | to | 17.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1739623 | 65.3860 | to | 39.8472 | 87124693 | 0.54 | 1.15 | to | 1.85 | 21.74 | to | 20.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1989921 | 53.7080 | to | 32.9643 | 81815665 | 0.31 | 1.15 | to | 1.85 | (18.21) | to | (18.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2234340 | 65.6662 | to | 40.5924 | 112778430 | 0.43 | 1.15 | to | 1.85 | 23.89 | to | 23.00 |
| <u>MC1</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1283722 | 59.9170 | to | 42.5217 | 44425517 | 0.22 | 0.65 | to | 2.10 | 11.49 | to | 9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1447426 | 53.7403 | to | 38.6999 | 46610226 | 0.39 | 0.65 | to | 2.10 | 19.09 | to | 17.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1685893 | 45.1270 | to | 32.9758 | 46626408 | 0.32 | 0.65 | to | 2.10 | 22.00 | to | 20.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1856132 | 36.9900 | to | 27.4262 | 43673561 | 0.09 | 0.65 | to | 2.10 | (18.02) | to | (19.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1978824 | 45.1206 | to | 33.9463 | 57493057 | 0.28 | 0.65 | to | 2.10 | 24.24 | to | 22.44 |
| <u>MC3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 240370 | 43.2866 | to | 34.8206 | 9914640 | 2.11 | 1.00 | to | 1.85 | 32.31 | to | 31.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 277979 | 32.7152 | to | 26.5426 | 8713170 | 2.31 | 1.00 | to | 1.85 | 10.49 | to | 9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 343257 | 29.6099 | to | 24.2314 | 9769188 | 1.44 | 1.00 | to | 1.85 | 9.79 | to | 8.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 381235 | 26.9692 | to | 22.2594 | 9929839 | 4.10 | 1.00 | to | 1.85 | (20.52) | to | (21.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 410914 | 33.9318 | to | 28.2467 | 13519187 | 0.48 | 1.00 | to | 1.85 | (7.68) | to | (8.47) |
| <u>MA1</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 414480 | 14.7495 | to | 18.5355 | 9636619 | 1.88 | 0.65 | to | 2.10 | 32.49 | to | 30.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 544633 | 11.1329 | to | 14.1961 | 9507534 | 2.17 | 0.65 | to | 2.10 | 10.58 | to | 8.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 669421 | 10.0673 | to | 13.0277 | 10553876 | 1.14 | 0.65 | to | 2.10 | 9.99 | to | 8.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 755540 | 9.1531 | to | 12.0183 | 10840337 | 3.85 | 0.65 | to | 2.10 | (20.46) | to | (21.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 805231 | 11.5081 | to | 14.8351 | 14792442 | 0.26 | 0.65 | to | 2.30 | (7.63) | to | (9.15) |
| <u>MC4</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 258135 | 14.8893 | to | 12.0290 | 3800731 | 1.76 | 1.00 | to | 1.85 | 5.48 | to | 4.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 289560 | 14.1162 | to | 11.5024 | 4083436 |  | 1.00 | to | 1.85 | (5.50) | to | (6.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 324296 | 14.9380 | to | 12.2776 | 4884763 |  | 1.00 | to | 1.85 | 1.30 | to | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 364186 | 14.7458 | to | 12.2235 | 5548730 | 1.48 | 1.00 | to | 1.85 | (18.06) | to | (18.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 419083 | 17.9955 | to | 15.0453 | 7790953 | 2.29 | 1.00 | to | 1.85 | (8.35) | to | (9.13) |
| <u>MC5</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 45039 | 13.1878 | to | 11.0977 | 520679 | 1.53 | 1.15 | to | 1.85 | 5.10 | to | 4.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 48521 | 12.5483 | to | 10.6341 | 535394 |  | 1.15 | to | 1.85 | (5.87) | to | (6.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 41539 | 13.3301 | to | 11.3772 | 491541 |  | 1.15 | to | 1.85 | 0.85 | to | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44808 | 13.2184 | to | 11.3613 | 530405 | 1.24 | 1.15 | to | 1.85 | (18.33) | to | (18.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 53285 | 16.1852 | to | 14.0095 | 774351 | 2.13 | 1.15 | to | 1.85 | (8.78) | to | (9.42) |
| <u>MC6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 479247 | 82.6578 | to | 34.1234 | 35240804 | 0.34 | 1.15 | to | 1.85 | 6.45 | to | 5.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 542289 | 77.6466 | to | 32.2844 | 37105916 | 0.33 | 1.15 | to | 1.85 | 9.79 | to | 9.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 613110 | 70.7222 | to | 29.6179 | 38522759 | 0.14 | 1.15 | to | 1.85 | 19.61 | to | 18.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 701694 | 59.1254 | to | 24.9382 | 36937950 | 0.19 | 1.15 | to | 1.85 | (20.03) | to | (20.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 771960 | 73.9333 | to | 31.4073 | 51158158 | 0.08 | 1.15 | to | 1.85 | 17.17 | to | 16.34 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>MC7</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 595642 | $51.6362 | to | $52.9923 | $10495510 | 0.12% | 1.15% | to | 2.10% | 6.19% | to | 5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 550563 | 48.6246 | to | 50.3810 | 9383680 | 0.14 | 1.15 | to | 2.10 | 9.50 | to | 8.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 528698 | 44.4075 | to | 46.4574 | 8452379 |  | 1.15 | to | 2.10 | 19.31 | to | 18.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 432133 | 37.2193 | to | 39.3102 | 6461882 |  | 1.15 | to | 2.10 | (20.24) | to | (21.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 326798 | 46.6648 | to | 49.7595 | 7107507 |  | 1.15 | to | 2.10 | 16.85 | to | 15.74 |
| <u>MC8</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1086563 | 54.4954 | to | 25.8448 | 62821285 | 0.92 | 1.15 | to | 1.85 | 15.03 | to | 14.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1300417 | 47.3738 | to | 22.6282 | 64635980 | 1.04 | 1.15 | to | 1.85 | 13.89 | to | 13.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1530936 | 41.5951 | to | 20.0117 | 66192576 | 0.94 | 1.15 | to | 1.85 | 17.93 | to | 17.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1752984 | 35.2724 | to | 17.0910 | 63911599 | 0.58 | 1.15 | to | 1.85 | (18.61) | to | (19.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1946201 | 43.3357 | to | 21.1484 | 87548726 | 0.56 | 1.15 | to | 1.85 | 17.16 | to | 16.32 |
| <u>MC9</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 83796 | 38.1082 | to | 41.2783 | 3256759 | 0.70 | 1.15 | to | 2.10 | 14.73 | to | 13.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 93320 | 33.2145 | to | 36.3230 | 3205773 | 0.80 | 1.15 | to | 2.10 | 13.62 | to | 12.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 106847 | 29.2332 | to | 32.2788 | 3284667 | 0.66 | 1.15 | to | 2.10 | 17.61 | to | 16.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122168 | 24.8568 | to | 27.7093 | 3218051 | 0.30 | 1.15 | to | 2.10 | (18.82) | to | (19.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 137169 | 30.6205 | to | 34.4621 | 4482978 | 0.35 | 1.15 | to | 2.10 | 16.84 | to | 15.73 |
| <u>MD0</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 607919 | 42.2749 | to | 25.1422 | 23299908 | 5.90 | 1.15 | to | 1.85 | 14.16 | to | 13.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 675534 | 37.0309 | to | 22.1812 | 23117146 | 0.75 | 1.15 | to | 1.85 | 3.80 | to | 3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 826983 | 35.6756 | to | 21.5239 | 27273626 | 0.43 | 1.15 | to | 1.85 | 8.38 | to | 7.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 932759 | 32.9165 | to | 20.0012 | 28310604 | 2.16 | 1.15 | to | 1.85 | (8.25) | to | (8.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1019553 | 35.8776 | to | 21.9564 | 34024392 | 0.99 | 1.15 | to | 1.85 | 1.62 | to | 0.89 |
| <u>M92</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16940590 | 18.7786 | to | 15.4867 | 283979093 | 5.89 | 0.65 | to | 2.10 | 14.46 | to | 12.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19944489 | 16.4065 | to | 13.7293 | 295937578 | 0.52 | 0.65 | to | 2.10 | 4.00 | to | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22885875 | 15.7760 | to | 13.3975 | 330579653 | 0.15 | 0.65 | to | 2.10 | 8.64 | to | 7.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 26396039 | 14.5214 | to | 12.5129 | 354513553 | 1.88 | 0.65 | to | 2.10 | (8.04) | to | (9.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30686068 | 15.7916 | to | 13.8071 | 452982266 | 0.77 | 0.65 | to | 2.10 | 1.92 | to | 0.44 |
| <u>M96</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1938271 | 20.1462 | to | 14.6143 | 36976621 | 4.20 | 1.15 | to | 1.85 | 5.77 | to | 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2331066 | 19.0468 | to | 13.9158 | 42096261 | 3.52 | 1.15 | to | 1.85 | (0.38) | to | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2548982 | 19.1199 | to | 14.0702 | 46162424 | 1.50 | 1.15 | to | 1.85 | 2.96 | to | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2801829 | 18.5696 | to | 13.7630 | 49232640 | 2.03 | 1.15 | to | 1.85 | (13.25) | to | (13.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3218442 | 21.4068 | to | 15.9794 | 65090263 | 2.16 | 1.15 | to | 1.85 | (3.01) | to | (3.70) |
| <u>MD2</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7466297 | 10.9449 | to | 9.9544 | 90773043 | 4.04 | 0.65 | to | 2.35 | 5.94 | to | 4.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8206003 | 10.3311 | to | 9.5584 | 95156533 | 3.37 | 0.65 | to | 2.35 | (0.13) | to | (1.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8471324 | 10.3446 | to | 9.7375 | 99366090 | 1.23 | 0.65 | to | 2.35 | 3.18 | to | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8882201 | 10.0254 | to | 9.5996 | 102071534 | 1.71 | 0.65 | to | 2.35 | (13.02) | to | (14.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10271732 | 11.5256 | to | 11.2262 | 137119763 | 1.98 | 0.65 | to | 2.35 | (2.78) | to | (4.43) |
| <u>MA6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 733803 | 30.0630 | to | 24.2451 | 24143786 | 6.63 | 1.00 | to | 1.85 | 7.56 | to | 6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 877597 | 27.9498 | to | 22.7345 | 26575915 | 6.04 | 1.00 | to | 1.85 | 5.85 | to | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1022975 | 26.4055 | to | 21.6644 | 29462737 | 5.83 | 1.00 | to | 1.85 | 11.29 | to | 10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1162540 | 23.7271 | to | 19.6337 | 30575876 | 5.42 | 1.00 | to | 1.85 | (11.41) | to | (12.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1368575 | 26.7820 | to | 22.3516 | 40717957 | 4.83 | 1.00 | to | 1.85 | 2.45 | to | 1.58 |
| <u>MA3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 755137 | 29.1801 | to | 20.3148 | 19635051 | 6.45 | 1.15 | to | 2.35 | 7.23 | to | 5.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 852743 | 27.2134 | to | 19.1758 | 20783554 | 5.95 | 1.15 | to | 2.35 | 5.29 | to | 4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 951567 | 14.3687 | to | 18.4347 | 22105376 | 5.54 | 0.65 | to | 2.35 | 11.75 | to | 9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1104954 | 12.8575 | to | 16.7797 | 23244962 | 5.21 | 0.65 | to | 2.35 | (11.36) | to | (12.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1302505 | 14.5051 | to | 19.2562 | 31224647 | 4.74 | 0.65 | to | 2.35 | 2.41 | to | 0.68 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>M97</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 594155 | $41.6470 | to | $34.2089 | $25411403 | 0.88% | 1.00% | to | 1.85% | 19.91% | to | 18.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 693941 | 34.7329 | to | 28.7747 | 24800960 | 0.96 | 1.00 | to | 1.85 | 7.90 | to | 6.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 803151 | 32.1886 | to | 26.8979 | 26652149 | 1.08 | 1.00 | to | 1.85 | 13.58 | to | 12.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 862674 | 28.3410 | to | 23.8856 | 25378708 | 0.59 | 1.00 | to | 1.85 | (15.80) | to | (16.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 988295 | 33.6602 | to | 28.6121 | 34546173 | 0.50 | 1.00 | to | 1.85 | 8.18 | to | 7.25 |
| <u>MD5</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 316515 | 27.4207 | to | 21.8580 | 9474121 | 0.72 | 0.65 | to | 2.10 | 20.02 | to | 18.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 388497 | 22.8461 | to | 18.4791 | 9746826 | 0.81 | 0.65 | to | 2.10 | 8.05 | to | 6.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 473692 | 21.1442 | to | 17.3561 | 10877995 | 0.87 | 0.65 | to | 2.10 | 13.65 | to | 12.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 542622 | 18.6041 | to | 15.4950 | 10968471 | 0.38 | 0.65 | to | 2.10 | (15.73) | to | (16.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 620289 | 22.0773 | to | 18.6580 | 15046507 | 0.38 | 0.65 | to | 2.10 | 8.28 | to | 6.72 |
| <u>M98</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 396087 | 90.1100 | to | 51.2715 | 28251036 | 1.52 | 1.15 | to | 1.85 | 31.74 | to | 30.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 459685 | 68.3989 | to | 39.1969 | 24865012 | 1.32 | 1.15 | to | 1.85 | 6.02 | to | 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 558725 | 64.5177 | to | 37.2400 | 28300915 | 0.71 | 1.15 | to | 1.85 | 16.32 | to | 15.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 635660 | 55.4656 | to | 32.2439 | 27693190 | 0.76 | 1.15 | to | 1.85 | (24.43) | to | (24.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 710097 | 73.3937 | to | 42.9718 | 41017390 | 0.33 | 1.15 | to | 1.85 | 9.30 | to | 8.52 |
| <u>M93</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1670998 | 37.2066 | to | 27.1774 | 50672248 | 1.30 | 0.65 | to | 2.10 | 32.10 | to | 30.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2204681 | 28.1654 | to | 20.8762 | 50910905 | 1.12 | 0.65 | to | 2.10 | 6.27 | to | 4.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2516792 | 26.5048 | to | 19.9361 | 55307646 | 0.46 | 0.65 | to | 2.10 | 16.61 | to | 14.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2983030 | 22.7298 | to | 16.9342 | 57027807 | 0.51 | 0.65 | to | 2.25 | (24.25) | to | (25.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3034082 | 30.0052 | to | 22.7172 | 77636236 | 0.14 | 0.65 | to | 2.25 | 9.56 | to | 7.81 |
| <u>MD6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5002519 | 40.2607 | to | 35.0058 | 271927120 | 0.27 | 1.00 | to | 1.85 | 8.80 | to | 7.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5756619 | 37.0032 | to | 32.4499 | 287764416 | 0.35 | 1.00 | to | 1.85 | 15.10 | to | 14.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6625157 | 32.1500 | to | 28.4381 | 287612355 | 0.30 | 1.00 | to | 1.85 | 22.77 | to | 21.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7592166 | 26.1867 | to | 23.3617 | 267972468 | 0.10 | 1.00 | to | 1.85 | (20.06) | to | (20.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8513738 | 32.7594 | to | 29.4761 | 376376169 | 0.24 | 1.00 | to | 1.85 | 24.72 | to | 23.65 |
| <u>MB3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 481569 | 57.3059 | to | 56.1355 | 27084418 | 0.02 | 1.00 | to | 2.30 | 8.51 | to | 7.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 546532 | 52.8111 | to | 52.4136 | 28592375 | 0.13 | 1.00 | to | 2.30 | 14.81 | to | 13.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 611889 | 45.9975 | to | 46.2573 | 28183013 | 0.05 | 1.00 | to | 2.30 | 22.47 | to | 20.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 718799 | 37.5571 | to | 38.2650 | 27187541 |  | 1.00 | to | 2.30 | (20.25) | to | (21.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 812853 | 47.0938 | to | 49.0183 | 39021196 | 0.03 | 1.00 | to | 2.30 | 24.40 | to | 22.79 |
| <u>MD8</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2699038 | 12.8504 | to | 9.4324 | 32343784 | 3.78 | 1.15 | to | 1.85 | 2.68 | to | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2954341 | 12.5153 | to | 9.2524 | 34129209 | 4.73 | 1.15 | to | 1.85 | 3.65 | to | 2.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3138036 | 12.0748 | to | 8.9912 | 35036554 | 4.51 | 1.15 | to | 1.85 | 3.41 | to | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3236722 | 11.6772 | to | 8.7573 | 35123376 | 1.15 | 1.15 | to | 1.85 | 0.02 | to | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3357118 | 11.6743 | to | 8.8178 | 36673308 |  | 1.15 | to | 1.85 | (1.14) | to | (1.84) |
| <u>MD9</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8906311 | 10.9434 | to | 7.9889 | 83551601 | 3.79 | 0.65 | to | 2.35 | 3.18 | to | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10171957 | 10.6056 | to | 7.8759 | 93391934 | 4.73 | 0.65 | to | 2.35 | 4.17 | to | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11052713 | 10.1815 | to | 7.6926 | 98640501 | 4.50 | 0.65 | to | 2.35 | 3.92 | to | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10721778 | 9.7979 | to | 7.5301 | 92910455 | 1.15 | 0.65 | to | 2.35 | 0.52 | to | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11382495 | 9.7474 | to | 7.6203 | 98542144 |  | 0.65 | to | 2.35 | (0.65) | to | (2.34) |
| <u>ME2</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 442802 | 44.5374 | to | 22.2878 | 13197617 | 1.41 | 1.15 | to | 1.85 | 20.66 | to | 19.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 556646 | 36.9106 | to | 18.6034 | 13643001 | 1.60 | 1.15 | to | 1.85 | 1.91 | to | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 619159 | 36.2195 | to | 18.3870 | 14882370 | 1.06 | 1.15 | to | 1.85 | 11.73 | to | 10.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 697045 | 32.4165 | to | 16.5741 | 14958282 | 1.84 | 1.15 | to | 1.85 | (18.52) | to | (19.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 752499 | 39.7827 | to | 20.4860 | 19973577 | 0.82 | 1.15 | to | 1.85 | 10.30 | to | 9.52 |
| <u>ME3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 753917 | 21.3270 | to | 30.6917 | 24908106 | 1.24 | 0.65 | to | 2.10 | 20.96 | to | 19.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 887202 | 17.6309 | to | 25.7456 | 24533761 | 1.39 | 0.65 | to | 2.10 | 2.11 | to | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 988881 | 17.2663 | to | 25.8765 | 27100129 | 0.79 | 0.65 | to | 2.10 | 12.10 | to | 10.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1114982 | 15.4029 | to | 22.7038 | 27586246 | 1.62 | 0.65 | to | 2.25 | (18.33) | to | (19.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1189934 | 18.8608 | to | 28.2516 | 36414019 | 0.67 | 0.65 | to | 2.25 | 10.54 | to | 8.78 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>MA5</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 744324 | 24.6139 | to | 20.2009 | 16924773 | 4.28% | 1.15% | to | 1.85% | 6.11% | to | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 771449 | 23.1975 | to | 19.1750 | 16593354 | 3.86 | 1.15 | to | 1.85 | 2.06 | to | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 845645 | 22.7288 | to | 18.9234 | 17890355 | 3.62 | 1.15 | to | 1.85 | 6.37 | to | 5.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 923220 | 21.3675 | to | 17.9172 | 18417414 | 3.43 | 1.15 | to | 1.85 | (14.69) | to | (15.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 990712 | 24.1423 | to | 21.1523 | 23061684 | 3.03 | 1.15 | to | 1.85 | (0.69) | to | (1.38) |
| <u>MA7</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 95375 | 21.9488 | to | 17.1264 | 1886898 | 3.92 | 1.15 | to | 2.10 | 5.86 | to | 4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 112768 | 20.7339 | to | 16.3339 | 2103698 | 3.81 | 1.15 | to | 2.10 | 1.72 | to | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 123372 | 20.3829 | to | 16.2130 | 2268283 | 3.44 | 1.15 | to | 2.10 | 6.13 | to | 5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 136029 | 19.2048 | to | 15.4223 | 2370712 | 2.91 | 1.15 | to | 2.10 | (14.84) | to | (15.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 173444 | 22.5501 | to | 18.2825 | 3559201 | 2.88 | 1.15 | to | 2.10 | (1.05) | to | (1.99) |
| <u>ME4</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 518174 | 49.2901 | to | 38.4838 | 22546358 |  | 1.15 | to | 1.85 | 15.23 | to | 14.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 583121 | 42.7751 | to | 33.6329 | 22130031 |  | 1.15 | to | 1.85 | 35.22 | to | 34.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 634362 | 31.6339 | to | 25.0500 | 17833104 |  | 1.15 | to | 1.85 | 52.47 | to | 51.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 675242 | 20.7478 | to | 16.5451 | 12500200 |  | 1.15 | to | 1.85 | (36.44) | to | (36.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 754745 | 32.6409 | to | 26.2130 | 22058504 |  | 1.15 | to | 1.85 | 12.38 | to | 11.59 |
| <u>MA2</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1117516 | 96.2787 | to | 81.0190 | 22590391 |  | 1.15 | to | 1.85 | 14.94 | to | 14.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1055452 | 83.7637 | to | 75.5929 | 19085832 |  | 1.15 | to | 2.05 | 34.87 | to | 33.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 902749 | 62.1082 | to | 56.5633 | 13374917 |  | 1.15 | to | 2.05 | 52.06 | to | 50.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 898229 | 40.8450 | to | 37.5351 | 9348832 |  | 1.15 | to | 2.05 | (36.59) | to | (37.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 610914 | 64.4137 | to | 59.7321 | 11344654 |  | 1.15 | to | 2.05 | 12.13 | to | 11.11 |
| <u>MF3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1661432 | 38.2031 | to | 26.2937 | 38339252 | 0.79 | 0.65 | to | 2.10 | 4.81 | to | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1680227 | 36.4513 | to | 25.4568 | 38564368 | 0.76 | 0.65 | to | 2.10 | 3.96 | to | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1766555 | 35.0615 | to | 24.6357 | 41895755 | 0.54 | 0.65 | to | 2.15 | 17.90 | to | 16.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1888446 | 29.7383 | to | 20.8763 | 40046875 | 0.50 | 0.65 | to | 2.25 | (19.09) | to | (20.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1930410 | 36.7555 | to | 26.0230 | 53130086 | 0.68 | 0.65 | to | 2.30 | 28.33 | to | 26.22 |
| <u>MF5</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10380680 | 19.5744 | to | 19.0356 | 212605707 | 2.55 | 0.65 | to | 2.10 | 9.01 | to | 7.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12334583 | 17.9573 | to | 17.1336 | 233799067 | 1.65 | 0.65 | to | 2.10 | 4.95 | to | 3.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14409576 | 17.1096 | to | 17.1336 | 263486237 | 2.65 | 0.65 | to | 2.10 | 9.32 | to | 7.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16605806 | 15.6511 | to | 15.9020 | 280993453 | 2.01 | 0.65 | to | 2.10 | (16.08) | to | (17.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18283238 | 18.6494 | to | 19.2268 | 373266922 | 1.99 | 0.65 | to | 2.10 | 6.01 | to | 4.47 |
| <u>MF6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26966 | 35.1775 | to | 31.0420 | 870197 | 1.60 | 1.35 | to | 2.10 | 2.13 | to | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30258 | 34.4430 | to | 30.6244 | 960815 | 2.16 | 1.35 | to | 2.10 | (4.01) | to | (4.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 33782 | 35.8821 | to | 32.1481 | 1123601 | 0.86 | 1.35 | to | 2.10 | 9.96 | to | 9.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 36203 | 32.6320 | to | 28.2706 | 1096975 | 1.57 | 1.35 | to | 2.30 | (27.92) | to | (28.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 38728 | 45.2722 | to | 39.5985 | 1634908 | 1.44 | 1.35 | to | 2.30 | 28.37 | to | 27.15 |
| <u>MF7</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1635821 | 21.0245 | to | 18.7073 | 32577303 | 1.14 | 0.65 | to | 2.35 | 2.63 | to | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1672474 | 20.4867 | to | 18.5434 | 33199967 | 1.54 | 0.65 | to | 2.35 | (3.56) | to | (5.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1750353 | 21.2426 | to | 19.5625 | 36900502 | 0.46 | 0.65 | to | 2.35 | 10.48 | to | 8.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1868567 | 19.2270 | to | 18.0110 | 36555087 | 1.13 | 0.65 | to | 2.35 | (27.61) | to | (28.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1789011 | 26.5597 | to | 25.3095 | 49854935 | 1.04 | 0.65 | to | 2.35 | 29.03 | to | 26.84 |
| <u>MF9</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6375597 | 31.3984 | to | 32.4719 | 217023744 | 1.24 | 0.65 | to | 2.30 | 11.14 | to | 9.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7268348 | 28.2501 | to | 29.7051 | 226189084 | 0.92 | 0.65 | to | 2.30 | 9.33 | to | 7.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8393104 | 25.8401 | to | 27.6297 | 243778449 | 2.28 | 0.65 | to | 2.30 | 14.28 | to | 12.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9280676 | 22.6108 | to | 24.5803 | 240252292 | 1.37 | 0.65 | to | 2.30 | (19.03) | to | (20.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9936732 | 27.9242 | to | 30.8644 | 325550305 | 1.44 | 0.65 | to | 2.30 | 14.79 | to | 12.90 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>MG1</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5950372 | $10.5984 | to | $9.8306 | $63712515 | 3.11% | 0.65% | to | 2.10% | 7.47% | 5.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6762476 | 9.8621 | to | 9.2822 | 68032780 | 3.25 | 0.65 | to | 2.10 | (4.75) | (6.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7203737 | 10.3544 | to | 9.8901 | 76838892 | 2.80 | 0.65 | to | 2.10 | 1.79 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7885165 | 10.1721 | to | 9.6478 | 83417203 | 4.02 | 0.65 | to | 2.25 | (22.17) | (23.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8152240 | 13.0694 | to | 12.5122 | 111770527 | 0.82 | 0.65 | to | 2.30 | 0.66 | (1.00) |
| <u>MF2</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10592218 | 11.8781 | to | 9.8268 | 116669821 | 4.30 | 1.30 | to | 2.35 | 4.46 | 3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11615210 | 11.3712 | to | 9.5075 | 122994890 | 3.79 | 1.30 | to | 2.35 | 3.92 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12577002 | 10.9422 | to | 9.2469 | 128755563 | 1.59 | 1.30 | to | 2.35 | 4.71 | 3.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13847268 | 10.4502 | to | 8.9247 | 135946565 | 1.89 | 1.30 | to | 2.35 | (5.38) | (6.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16971070 | 11.0439 | to | 9.5319 | 176852160 | 2.27 | 1.30 | to | 2.35 | (1.14) | (2.18) |
| <u>MG2</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6086615 | 11.8573 | to | 9.8207 | 65009216 | 4.11 | 0.65 | to | 2.10 | 4.80 | 3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6759873 | 11.3142 | to | 9.5086 | 69580539 | 3.54 | 0.65 | to | 2.10 | 4.34 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7498815 | 10.8440 | to | 9.2487 | 74710401 | 1.30 | 0.65 | to | 2.10 | 5.08 | 3.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8519988 | 10.3193 | to | 8.9303 | 81565582 | 1.61 | 0.65 | to | 2.10 | (4.86) | (6.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9896928 | 10.8464 | to | 9.5241 | 100588147 | 2.01 | 0.65 | to | 2.10 | (0.84) | (2.27) |
| <u>MG3</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 455130 | 39.4648 | to | 34.1584 | 16518423 | 1.04 | 1.30 | to | 2.10 | 4.60 | 3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 490153 | 37.7279 | to | 32.9193 | 17094005 | 1.22 | 1.30 | to | 2.10 | 12.26 | 11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 571568 | 33.6074 | to | 29.3239 | 17860289 | 1.76 | 1.30 | to | 2.15 | 11.27 | 10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 638484 | 30.2038 | to | 26.1865 | 18017985 | 0.97 | 1.30 | to | 2.25 | (9.97) | (10.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 758430 | 33.5473 | to | 29.3644 | 23879329 | 0.79 | 1.30 | to | 2.25 | 29.29 | 28.06 |
| <u>MG4</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 594028 | 43.3634 | to | 32.6622 | 15627474 | 0.85 | 0.65 | to | 2.10 | 5.07 | 3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 595061 | 41.2727 | to | 31.5446 | 15981569 | 1.01 | 0.65 | to | 2.10 | 12.77 | 11.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 623872 | 36.5978 | to | 28.3863 | 16316464 | 1.48 | 0.65 | to | 2.10 | 11.66 | 10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 698813 | 32.7766 | to | 25.7952 | 17035863 | 0.80 | 0.65 | to | 2.10 | (9.59) | (10.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 728565 | 36.2553 | to | 28.9520 | 21209255 | 0.69 | 0.65 | to | 2.10 | 29.76 | 27.88 |
| <u>MG6</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27555859 | 25.4252 | to | 26.2412 | 769654531 | 2.04 | 0.65 | to | 2.10 | 10.24 | 8.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 32011518 | 23.0634 | to | 24.1536 | 821090675 | 1.32 | 0.65 | to | 2.10 | 7.41 | 5.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 37477004 | 21.4717 | to | 22.8201 | 906787340 | 2.43 | 0.65 | to | 2.10 | 11.92 | 10.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 42060194 | 19.1857 | to | 20.6895 | 921771209 | 1.73 | 0.65 | to | 2.10 | (17.45) | (18.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 46425382 | 23.2422 | to | 25.4322 | 1251694528 | 1.74 | 0.65 | to | 2.10 | 10.53 | 8.93 |
| <u>MG7</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 423149 | 39.1890 | to | 39.3031 | 8475337 | 1.59 | 0.65 | to | 2.10 | 2.21 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 447602 | 38.3411 | to | 39.0182 | 9132260 | 1.05 | 0.65 | to | 2.10 | 8.47 | 6.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 471520 | 35.3477 | to | 36.5053 | 9464462 | 0.91 | 0.65 | to | 2.10 | 10.50 | 8.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 448586 | 31.9881 | to | 33.5202 | 8752627 | 0.42 | 0.65 | to | 2.10 | (11.81) | (13.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 359058 | 36.2709 | to | 38.5663 | 9845653 | 0.67 | 0.65 | to | 2.10 | 33.00 | 31.08 |
| <u>V46<sup>9</sup></u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 8.6174 | 8.6174 | 8.6174 |  | 3.85 | 1.20 | 1.20 | 1.20 | 1.75 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19282 | 8.4689 | 8.4689 | 8.4689 | 163290 | 2.69 | 1.20 | 1.20 | 1.20 | (15.60) | (15.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8447 | 10.0347 | 10.0347 | 10.0347 | 84761 |  | 1.20 | 1.20 | 1.20 | 0.31 | 0.31 |
| <u>V45<sup>10</sup></u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 10.0407 | 10.0407 | 10.0407 |  | 0.58 | 1.20 | 1.20 | 1.20 | 9.41 | 9.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 183964 | 9.1765 | to | 12.6796 | 2032820 | 0.61 | 1.20 | 1.20 | 1.20 | (18.55) | (18.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 132080 | 11.2667 | to | 15.5677 | 1961048 | 0.81 | 1.20 | 1.20 | 1.20 | 12.64 | 12.64 |
| <u>U43<sup>11</sup></u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 13.8835 | to | 11.3813 |  | 4.64 | 1.20 | 1.20 | 1.20 | 15.01 | 15.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 146362 | 9.8949 | to | 12.0719 | 1502910 | 0.26 | 1.20 | 1.20 | 1.20 | 3.03 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 123913 | 9.6043 | to | 11.7174 | 1236494 | 2.88 | 1.20 | 1.20 | 1.20 | (9.41) | (9.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 40230 | 10.6023 | to | 12.9349 | 482399 | 2.61 | 1.20 | 1.20 | 1.20 | 4.42 | 4.42 |
| <u>U41</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 251705 | 11.5083 | to | 14.3883 | 2956959 |  | 1.20 | 1.20 | 1.20 | 15.95 | 15.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 334381 | 9.9250 | to | 12.4088 | 3399049 |  | 1.20 | 1.20 | 1.20 | 6.12 | 6.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 258575 | 9.3523 | to | 11.6927 | 2490888 | 1.58 | 1.20 | 1.20 | 1.20 | 12.58 | 12.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 205093 | 8.3069 | to | 10.3857 | 1767484 |  | 1.20 | 1.20 | 1.20 | (18.06) | (18.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 78952 | 10.1375 | to | 12.6744 | 887878 | 1.45 | 1.20 | 1.20 | 1.20 | 1.07 | 1.07 |
| <u>V44</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2110704 | 84.3241 | to | 68.4068 | 37337517 |  | 0.65 | to | 2.10 | 34.50 | 32.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2139807 | 62.6924 | to | 51.6047 | 31334793 |  | 0.65 | to | 2.10 | 45.24 | 43.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2237645 | 43.1637 | to | 36.0562 | 24585970 |  | 0.65 | to | 2.10 | 47.36 | 45.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2071210 | 29.2918 | to | 24.8266 | 17415111 |  | 0.65 | to | 2.10 | (60.42) | (61.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 962417 | 74.0105 | to | 63.6535 | 27952666 |  | 0.65 | to | 2.10 | (0.80) | (2.24) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>V43</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 78522 | $51.2438 | to | $44.7548 | $3801692 | 0.38% | 1.35% | to | 2.10% | 10.92% | to | 10.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 99597 | 46.1968 | to | 40.6528 | 4365068 |  | 1.35 | to | 2.10 | 39.81 | to | 38.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 144005 | 33.0434 | to | 29.3001 | 4527314 |  | 1.35 | to | 2.10 | 42.20 | to | 41.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 197026 | 23.2378 | to | 20.7610 | 4367895 |  | 1.35 | to | 2.10 | (63.47) | to | (63.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 124972 | 63.6083 | to | 57.2608 | 7596199 |  | 1.35 | to | 2.10 | (12.39) | to | (13.05) |
| <u>O19</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 170471 | 59.0811 | to | 62.4744 | 11824814 |  | 1.30 | to | 2.25 | 11.07 | to | 10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 193165 | 53.1904 | to | 56.7855 | 12129947 |  | 1.30 | to | 2.25 | 32.08 | to | 30.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 252325 | 40.2721 | to | 43.4105 | 12107824 |  | 1.30 | to | 2.25 | 33.28 | to | 32.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 301913 | 30.2154 | to | 29.4143 | 10929734 |  | 1.30 | to | 2.30 | (31.86) | to | (32.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 315397 | 44.3413 | to | 43.6026 | 16770766 |  | 1.30 | to | 2.30 | 20.70 | to | 19.49 |
| <u>O23<sup>12</sup></u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 11.6783 | to | 11.8070 |  | 12.77 | 1.20 | to | 2.10 | 2.71 | to | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1003083 | 9.4789 | to | 11.6008 | 11181876 | 1.68 | 1.20 | to | 2.10 | 10.97 | to | 9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 880257 | 8.5421 | to | 10.5493 | 9204534 | 0.96 | 1.20 | to | 2.10 | (18.01) | to | (18.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1020006 | 10.4185 | to | 12.9839 | 13814920 | 1.30 | 1.20 | to | 2.10 | 7.99 | to | 3.51 |
| <u>O20</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 178890 | 39.8194 | to | 43.9802 | 8659895 |  | 0.65 | to | 2.10 | 14.27 | to | 12.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 213254 | 34.8477 | to | 39.0546 | 9127911 |  | 0.65 | to | 2.10 | 15.03 | to | 13.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 257480 | 30.2956 | to | 34.4563 | 9689522 |  | 0.65 | to | 2.10 | 33.58 | to | 31.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 324761 | 22.6804 | to | 25.4230 | 9242357 |  | 0.65 | to | 2.25 | (32.38) | to | (33.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 329635 | 33.5401 | to | 38.2062 | 14019771 |  | 0.65 | to | 2.25 | 14.42 | to | 12.60 |
| <u>O21</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1619057 | 14.9475 | to | 47.9845 | 94547544 | 0.31 | 1.20 | to | 2.35 | 14.26 | to | 12.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1863348 | 13.0824 | to | 42.4864 | 95758310 |  | 1.20 | to | 2.35 | 21.90 | to | 20.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2426931 | 10.7317 | to | 35.2617 | 103061193 | 0.47 | 1.20 | to | 2.35 | 21.36 | to | 19.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2977043 | 8.8426 | to | 29.3920 | 104815069 | 1.09 | 1.20 | to | 2.35 | (21.26) | to | (22.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3132141 | 11.2304 | to | 37.7636 | 141108534 | 0.48 | 1.20 | to | 2.35 | 24.26 | to | 10.65 |
| <u>O04</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 50114 | 74.5613 | to | 60.4881 | 3378942 | 0.22 | 1.35 | to | 2.10 | 6.98 | to | 6.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 57708 | 69.6968 | to | 56.9706 | 3638564 |  | 1.35 | to | 2.10 | 10.88 | to | 10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 66782 | 62.8580 | to | 51.7735 | 3831109 | 0.93 | 1.35 | to | 2.10 | 16.24 | to | 15.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 73501 | 54.0772 | to | 44.8780 | 3647529 | 0.25 | 1.35 | to | 2.10 | (17.17) | to | (17.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 87399 | 65.2883 | to | 54.6709 | 5247251 | 0.18 | 1.35 | to | 2.25 | 20.62 | to | 19.53 |
| <u>PH2</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7459 | 28.7407 | to | 25.9764 | 205971 | 4.55 | 1.35 | to | 2.05 | 22.58 | to | 21.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 9097 | 23.4468 | to | 21.7764 | 205879 | 5.09 | 1.35 | to | 1.90 | 11.83 | to | 11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10360 | 20.9661 | to | 19.5815 | 210247 | 2.71 | 1.35 | to | 1.90 | 21.19 | to | 20.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12294 | 17.2999 | to | 16.2468 | 206479 | 1.02 | 1.35 | to | 1.90 | (19.88) | to | (20.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17517 | 21.5920 | to | 20.3902 | 367935 | 0.07 | 1.35 | to | 1.90 | 17.73 | to | 17.08 |
| <u>P08</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 595868 | 21.1362 | to | 18.1309 | 11741407 | 4.68 | 1.35 | to | 2.10 | 12.67 | to | 11.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 671129 | 18.7600 | to | 16.2146 | 11788282 | 6.46 | 1.35 | to | 2.10 | 2.34 | to | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 787454 | 18.3316 | to | 15.9656 | 13593340 | 2.97 | 1.35 | to | 2.10 | 6.69 | to | 5.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 836959 | 17.1822 | to | 15.0777 | 13593699 | 7.73 | 1.35 | to | 2.10 | (13.03) | to | (13.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 915599 | 19.7564 | to | 17.4679 | 17128845 | 11.10 | 1.35 | to | 2.10 | 14.67 | to | 13.81 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>PC0</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 491655 | $18.2753 | to | $14.8249 | $7860977 | 4.48% | 0.65% | to | 2.10% | 13.45% | 11.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 624350 | 16.1084 | to | 13.2592 | 8890226 | 6.23 | 0.65 | to | 2.10 | 2.90 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 743945 | 15.6550 | to | 13.0770 | 10389109 | 2.84 | 0.65 | to | 2.10 | 7.32 | 5.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 828956 | 14.5875 | to | 12.3640 | 10880450 | 7.52 | 0.65 | to | 2.10 | (12.44) | (13.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 938639 | 16.6600 | to | 14.3281 | 14197943 | 10.95 | 0.65 | to | 2.10 | 15.29 | 13.62 |
| <u>P70</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 251677 | 8.4143 | to | 6.8752 | 3440410 | 2.69 | 0.65 | to | 2.05 | 17.89 | 16.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 271672 | 7.1373 | to | 5.9145 | 3153931 | 2.10 | 0.65 | to | 2.05 | 3.29 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 262378 | 6.9103 | to | 5.8083 | 2931834 | 15.60 | 0.65 | to | 2.05 | (8.53) | (9.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 256095 | 7.5546 | to | 6.4398 | 3141519 | 19.41 | 0.65 | to | 2.05 | 7.96 | 6.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 158073 | 6.9976 | to | 6.0494 | 1725004 | 4.99 | 0.65 | to | 2.05 | 32.25 | 30.40 |
| <u>P10</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1684472 | 9.4327 | to | 7.5577 | 13951876 | 2.80 | 0.65 | to | 2.10 | 18.02 | 16.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2071828 | 7.9922 | to | 6.4977 | 14708355 | 2.17 | 0.65 | to | 2.10 | 3.48 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2297572 | 7.7236 | to | 6.0847 | 15920985 | 15.98 | 0.65 | to | 2.35 | (8.45) | (10.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2253941 | 8.4366 | to | 6.7609 | 17225356 | 22.78 | 0.65 | to | 2.35 | 7.91 | 6.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3074661 | 7.8181 | to | 6.3731 | 21953980 | 4.17 | 0.65 | to | 2.35 | 32.48 | 30.23 |
| <u>PK8</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 129814 | 16.6442 | to | 30.9034 | 4494334 | 6.92 | 0.65 | to | 2.10 | 14.29 | 12.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 150157 | 14.5629 | to | 27.4364 | 4616660 | 6.41 | 0.65 | to | 2.10 | 6.85 | 5.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 167233 | 13.6296 | to | 25.7774 | 4854260 | 5.72 | 0.65 | to | 2.15 | 10.42 | 8.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 189974 | 12.3430 | to | 23.6990 | 5057872 | 4.81 | 0.65 | to | 2.15 | (16.28) | (17.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 206159 | 14.7431 | to | 28.9308 | 6635426 | 4.48 | 0.65 | to | 2.30 | (3.21) | (4.80) |
| <u>P20</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6657 | 14.6832 | to | 13.2707 | 94524 | 6.81 | 1.35 | to | 2.05 | 13.38 | 12.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7362 | 12.9508 | to | 11.7877 | 92496 | 6.31 | 1.35 | to | 2.05 | 5.99 | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8311 | 12.2194 | to | 11.2012 | 98806 | 5.62 | 1.35 | to | 2.05 | 9.54 | 8.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9279 | 11.1550 | to | 10.2977 | 100993 | 4.69 | 1.35 | to | 2.05 | (16.95) | (17.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10708 | 13.4322 | to | 12.4875 | 140557 | 4.39 | 1.35 | to | 2.05 | (3.98) | (4.66) |
| <u>PM5</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 98441 | 10.0300 | to | 10.8777 | 1003325 | 3.37 | 1.20 | 1.20 | 1.20 | 2.62 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 80063 | 9.7739 | to | 10.6000 | 797622 | 3.09 | 1.20 | 1.20 | 1.20 | 4.09 | 4.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 65946 | 9.3896 | to | 10.1831 | 632828 | 2.49 | 1.20 | 1.20 | 1.20 | 7.61 | 7.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 61958 | 8.7253 | to | 9.4626 | 553336 | 1.43 | 1.20 | 1.20 | 1.20 | (11.31) | (11.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 37003 | 9.8380 | to | 10.6706 | 380471 | 1.27 | 1.20 | 1.20 | 1.20 | (1.43) | (1.43) |
| <u>PD6</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11617767 | 20.2343 | to | 18.5154 | 233937487 | 4.35 | 0.65 | to | 2.10 | 20.98 | 19.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14286457 | 16.7255 | to | 15.5295 | 240062920 | 3.39 | 0.65 | to | 2.10 | 10.03 | 8.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16888794 | 15.2009 | to | 14.3232 | 260313586 | 2.10 | 0.65 | to | 2.10 | 12.12 | 10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19601933 | 13.5579 | to | 12.9624 | 271964020 | 1.87 | 0.65 | to | 2.10 | (18.93) | (20.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21546040 | 16.7229 | to | 16.2233 | 372217687 | 2.35 | 0.65 | to | 2.10 | 11.87 | 10.25 |
| <u>P06</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1049584 | 16.0724 | to | 15.6384 | 18133637 | 3.31 | 1.30 | to | 2.10 | 6.47 | 5.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1190667 | 15.0954 | to | 14.8067 | 19397964 | 2.63 | 1.30 | to | 2.10 | 0.80 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1316280 | 14.9757 | to | 14.6493 | 21362415 | 3.00 | 1.30 | to | 2.15 | 2.33 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1419494 | 14.6347 | to | 14.4388 | 22606292 | 7.00 | 1.30 | to | 2.15 | (13.05) | (13.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1646744 | 16.8312 | to | 16.3661 | 30313919 | 4.95 | 1.30 | to | 2.30 | 4.24 | 3.19 |
| <u>P07</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4779766 | 17.0169 | to | 15.5232 | 81183787 | 4.10 | 1.30 | to | 2.10 | 7.50 | 6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5341361 | 15.8292 | to | 14.5565 | 84764655 | 4.04 | 1.30 | to | 2.10 | 1.20 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5729822 | 15.6421 | to | 12.8296 | 90236711 | 3.58 | 1.30 | to | 2.35 | 4.57 | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6203056 | 14.9587 | to | 12.3992 | 93749466 | 2.60 | 1.30 | to | 2.35 | (15.42) | (16.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6941460 | 17.6854 | to | 14.8149 | 124464099 | 1.82 | 1.30 | to | 2.35 | (2.55) | (3.57) |
| <u>P68</u> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 734045 | 9.6333 | to | 10.8408 | 7548105 | 4.00 | 1.20 | 1.20 | 1.20 | 7.51 | 7.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 581338 | 8.9608 | to | 10.0840 | 5664341 | 3.83 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 572065 | 8.8547 | to | 9.9646 | 5543828 | 3.46 | 1.20 | 1.20 | 1.20 | 4.57 | 4.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 520044 | 8.4677 | to | 9.5291 | 4839107 | 2.52 | 1.20 | 1.20 | 1.20 | (15.40) | (15.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 480584 | 10.0092 | to | 11.2659 | 5368911 | 1.74 | 1.20 | 1.20 | 1.20 | 0.07 | 0.07 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>PI3<sup>13</sup></u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | $10.4766 | $8.8401 | $— | 6.48% | 0.65% | to | 2.10% | 1.20% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1081569 | 10.3529 | 8.7749 | 10054932 | 1.46 | 0.65 | to | 2.10 | (0.29) | (1.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1232025 | 10.3833 | 8.9294 | 11591889 |  | 0.65 | to | 2.10 | 0.10 | (1.35) |
| <u>P72</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 795764 | 59.0017 | 47.8642 | 24027739 | 1.40 | 0.65 | to | 2.10 | 19.57 | 17.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 829859 | 49.3458 | 40.6192 | 22340191 | 1.05 | 0.65 | to | 2.10 | 18.36 | 16.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 767434 | 41.6904 | 34.8263 | 19639513 | 1.98 | 0.65 | to | 2.10 | 14.92 | 13.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 727079 | 36.2787 | 30.7499 | 17485344 | 1.40 | 0.65 | to | 2.10 | (3.76) | (5.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 615378 | 37.6956 | 32.4199 | 17298993 | 1.14 | 0.65 | to | 2.10 | 26.48 | 24.65 |
| <u>P88</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3109032 | 13.6666 | 18.3509 | 43006190 | 1.36 | 1.20 | 1.20 | 1.20 | 12.59 | 12.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1843966 | 12.1385 | 16.2990 | 22836920 | 0.60 | 1.20 | 1.20 | 1.20 | 15.32 | 15.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 811323 | 10.5262 | 14.1340 | 8934558 | 1.07 | 1.20 | 1.20 | 1.20 | 18.47 | 18.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 534278 | 8.8850 | 11.9303 | 5071557 | 0.82 | 1.20 | 1.20 | 1.20 | (17.00) | (17.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 305037 | 10.7046 | 14.3736 | 3712125 | 0.25 | 1.20 | 1.20 | 1.20 | 6.79 | 6.79 |
| <u>P93</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 388401 | 13.3100 | 16.1505 | 5200444 | 1.86 | 1.20 | 1.20 | 1.20 | 13.01 | 13.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 398976 | 11.7774 | 14.2907 | 4729586 | 1.46 | 1.20 | 1.20 | 1.20 | 14.95 | 14.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 243622 | 10.2454 | 9.5971 | 2523436 | 5.59 | 1.20 | 1.20 | 1.20 | 3.45 | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 164395 | 8.8259 | 10.7094 | 1478832 | 0.96 | 1.20 | 1.20 | 1.20 | (17.03) | (17.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 59608 | 10.6377 | 12.9077 | 670641 | 0.10 | 1.20 | 1.20 | 1.20 | 6.20 | 6.20 |
| <u>P89</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 259557 | 13.2615 | 18.0171 | 3795925 |  | 1.20 | 1.20 | 1.20 | 13.68 | 13.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 249813 | 11.6662 | 15.8496 | 3220141 | 0.37 | 1.20 | 1.20 | 1.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 174133 | 11.6425 | 15.8479 | 2307338 | 0.27 | 1.20 | 1.20 | 1.20 | 7.83 | 7.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 138476 | 10.7970 | 14.6687 | 1746813 | 0.39 | 1.20 | 1.20 | 1.20 | (5.81) | (5.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 111686 | 11.4632 | 15.5737 | 1621461 | 0.35 | 1.20 | 1.20 | 1.20 | 12.94 | 12.94 |
| <u>P95</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 159192 | 9.1698 | 10.2803 | 1540365 | 4.99 | 1.20 | 1.20 | 1.20 | 5.97 | 5.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 155085 | 8.6533 | 9.7013 | 1434322 | 3.84 | 1.20 | 1.20 | 1.20 | 1.09 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 101777 | 8.5604 | 9.5971 | 959082 | 5.60 | 1.20 | 1.20 | 1.20 | 3.45 | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 94202 | 8.2753 | 9.2775 | 860787 | 4.00 | 1.20 | 1.20 | 1.20 | (14.84) | (14.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 57894 | 9.7174 | 10.8942 | 624365 | 0.24 | 1.20 | 1.20 | 1.20 | (3.15) | (3.15) |
| <u>P79</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 290096 | 16.8061 | 24.9229 | 6287255 | 0.56 | 1.20 | 1.20 | 1.20 | 16.47 | 16.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 282133 | 14.4296 | 21.3985 | 5279434 | 0.35 | 1.20 | 1.20 | 1.20 | 24.75 | 24.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 262569 | 11.5663 | 17.1525 | 4116156 | 0.79 | 1.20 | 1.20 | 1.20 | 27.32 | 27.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 257212 | 9.0843 | 13.4717 | 3252094 | 0.56 | 1.20 | 1.20 | 1.20 | (18.27) | (18.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 256343 | 11.1152 | 16.4833 | 4132899 | 0.03 | 1.20 | 1.20 | 1.20 | 10.74 | 10.74 |
| <u>P80</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 103306 | 9.4698 | 9.4698 | 978280 | 0.09 | 1.20 | 1.20 | 1.20 | 1.43 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 120993 | 9.3365 | 9.3365 | 1129650 |  | 1.20 | 1.20 | 1.20 | 13.50 | 13.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 126822 | 8.2261 | 8.2261 | 1043174 |  | 1.20 | 1.20 | 1.20 | 26.99 | 26.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 71913 | 6.4778 | 6.4778 | 465819 |  | 1.20 | 1.20 | 1.20 | (34.82) | (34.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19273 | 9.9379 | 9.9379 | 191531 |  | 1.20 | 1.20 | 1.20 | (0.71) | (0.71) |
| <u>P81</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 112397 | 13.9085 | 13.9085 | 1563296 | 0.64 | 1.20 | 1.20 | 1.20 | 9.37 | 9.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 107969 | 12.7171 | 12.7171 | 1373078 | 0.18 | 1.20 | 1.20 | 1.20 | 21.54 | 21.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 87859 | 10.4634 | 10.4634 | 919260 | 0.43 | 1.20 | 1.20 | 1.20 | 24.60 | 24.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44989 | 8.3975 | 8.3975 | 377781 | 0.35 | 1.20 | 1.20 | 1.20 | (23.83) | (23.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4875 | 11.0249 | 11.0249 | 53742 |  | 1.20 | 1.20 | 1.20 | 9.88 | 9.88 |
| <u>TBD</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1126810 | 15.1421 | 15.1421 | 17062457 |  | 1.20 | 1.20 | 1.20 | 17.02 | 17.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 996598 | 12.9400 | 12.9400 | 12896095 |  | 1.20 | 1.20 | 1.20 | 33.54 | 33.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 773336 | 9.6899 | 9.6899 | 7493179 |  | 1.20 | 1.20 | 1.20 | 47.18 | 47.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 603296 | 6.5836 | 6.5836 | 3971751 |  | 1.20 | 1.20 | 1.20 | (39.40) | (39.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 171516 | 10.8635 | 10.8635 | 1863259 |  | 1.20 | 1.20 | 1.20 | 8.64 | 8.64 |
| <u>TBE</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 425527 | 13.5796 | 13.5796 | 5778493 | 1.46 | 1.20 | 1.20 | 1.20 | 12.71 | 12.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 389417 | 12.0482 | 12.0482 | 4691811 | 1.29 | 1.20 | 1.20 | 1.20 | 10.04 | 10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 269864 | 10.9494 | 10.9494 | 2954684 | 1.96 | 1.20 | 1.20 | 1.20 | 8.01 | 8.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 191475 | 10.1376 | 10.1376 | 1941028 | 1.84 | 1.20 | 1.20 | 1.20 | (4.74) | (4.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 85280 | 10.6417 | 10.6417 | 907528 | 1.42 | 1.20 | 1.20 | 1.20 | 4.40 | 4.40 |
| <u>TBF</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 672387 | 11.1605 | 11.1605 | 7504102 |  | 1.20 | 1.20 | 1.20 | 16.40 | 16.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 692704 | 9.5884 | 9.5884 | 6641889 |  | 1.20 | 1.20 | 1.20 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 528352 | 9.5698 | 9.5698 | 5055843 |  | 1.20 | 1.20 | 1.20 | 1.46 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 333878 | 9.4322 | 9.4322 | 3149092 |  | 1.20 | 1.20 | 1.20 | (13.73) | (13.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 85722 | 10.9334 | 10.9334 | 937239 |  | 1.20 | 1.20 | 1.20 | 7.00 | 7.00 |
| <u>TP1</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 445393 | 13.0982 | 13.0982 | 5833891 | 0.96 | 1.20 | 1.20 | 1.20 | 17.12 | 17.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 404928 | 11.1839 | 11.1839 | 4528713 | 0.86 | 1.20 | 1.20 | 1.20 | 10.37 | 10.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 271764 | 10.1331 | 10.1331 | 2753666 | 1.01 | 1.20 | 1.20 | 1.20 | 15.70 | 15.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 138023 | 8.7580 | 8.7580 | 1208757 | 1.05 | 1.20 | 1.20 | 1.20 | (17.14) | (17.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 71024 | 10.5695 | 10.5695 | 750691 | 0.75 | 1.20 | 1.20 | 1.20 | 4.95 | 4.95 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA** 

**(A Separate Account of Delaware Life Insurance Company)** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | | | | | | Expense Ratio | Expense Ratio | Expense Ratio | | |
|  |<br>Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> |<br>Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>TP2</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 236142 | $11.6021 | $11.6021 | $2739752 | 1.80% | 1.20% | 1.20% | 1.20% | 11.24% | 11.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 249629 | 10.4295 | 10.4295 | 2603511 | 1.68 | 1.20 | 1.20 | 1.20 | 5.29 | 5.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 194035 | 9.9054 | 9.9054 | 1921881 | 1.67 | 1.20 | 1.20 | 1.20 | 9.84 | 9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 113437 | 9.0179 | 9.0179 | 1022932 | 2.04 | 1.20 | 1.20 | 1.20 | (12.47) | (12.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3065 | 10.3023 | 10.3023 | 31580 | 1.19 | 1.20 | 1.20 | 1.20 | 2.52 | 2.52 |
| <u>TP3</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 312621 | 11.1957 | 11.1957 | 3500028 | 2.19 | 1.20 | 1.20 | 1.20 | 8.45 | 8.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 314727 | 10.3234 | 10.3234 | 3249046 | 2.07 | 1.20 | 1.20 | 1.20 | 4.49 | 4.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 299702 | 9.8800 | 9.8800 | 2960865 | 1.95 | 1.20 | 1.20 | 1.20 | 7.66 | 7.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 225202 | 9.1766 | 9.1766 | 2066529 | 2.26 | 1.20 | 1.20 | 1.20 | (10.20) | (10.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18471 | 10.2191 | 10.2191 | 188757 | 0.31 | 1.20 | 1.20 | 1.20 | 1.79 | 1.79 |
| <u>TP4</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 293254 | 12.8265 | 12.8265 | 3761460 | 0.94 | 1.20 | 1.20 | 1.20 | 16.34 | 16.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 210155 | 11.0255 | 11.0255 | 2317085 | 0.96 | 1.20 | 1.20 | 1.20 | 9.15 | 9.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 144892 | 10.1015 | 10.1015 | 1463542 | 1.35 | 1.20 | 1.20 | 1.20 | 14.43 | 14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 74637 | 8.8275 | 8.8275 | 658837 | 1.88 | 1.20 | 1.20 | 1.20 | (15.97) | (15.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1590 | 10.5052 | 10.5052 | 16703 | 0.81 | 1.20 | 1.20 | 1.20 | 4.42 | 4.42 |
| <u>TP5</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1431936 | 12.1584 | 12.1584 | 17410108 | 1.54 | 1.20 | 1.20 | 1.20 | 13.49 | 13.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1261972 | 10.7130 | 10.7130 | 13519563 | 1.41 | 1.20 | 1.20 | 1.20 | 7.17 | 7.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1049195 | 9.9961 | 9.9961 | 10487258 | 1.56 | 1.20 | 1.20 | 1.20 | 11.86 | 11.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 814450 | 8.9364 | 8.9364 | 7278040 | 1.71 | 1.20 | 1.20 | 1.20 | (14.11) | (14.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32024 | 10.4045 | 10.4045 | 333188 | 0.99 | 1.20 | 1.20 | 1.20 | 3.50 | 3.50 |
| <u>W41<sup>14</sup></u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 27.0016 | 23.7466 |  |  | 1.35 | to | 2.05 | 8.97 | 8.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7761 | 24.7794 | 21.8395 | 181480 |  | 1.35 | to | 2.05 | (35.71) | (36.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6692 | 38.5426 | 34.2101 | 244231 |  | 1.35 | to | 2.05 | 4.41 | 3.67 |
| <u>W42</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4274 | 37.6751 | 32.5098 | 150698 |  | 1.35 | to | 2.05 | 3.06 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6075 | 36.5560 | 31.7672 | 208645 |  | 1.35 | to | 2.05 | 12.63 | 11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6869 | 32.4571 | 28.4064 | 209908 |  | 1.35 | to | 2.05 | 20.10 | 19.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1416 | 25.6017 | 23.8187 | 35843 |  | 1.65 | to | 2.05 | (34.56) | (34.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1213 | 39.1209 | 36.5427 | 46909 | 0.76 | 1.65 | to | 2.05 | 7.11 | 6.68 |
| <u>W50</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 132468 | 8.9852 | 10.3159 | 1290698 | 4.55 | 1.20 | 1.20 | 1.20 | 6.40 | 6.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 122599 | 8.4446 | 9.6952 | 1127299 | 8.04 | 1.20 | 1.20 | 1.20 | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 120713 | 8.6220 | 9.8989 | 1140226 | 3.70 | 1.20 | 1.20 | 1.20 | 5.16 | 5.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 109560 | 8.1986 | 9.4128 | 983827 | 1.71 | 1.20 | 1.20 | 1.20 | (18.27) | (18.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 111062 | 10.0313 | 11.5168 | 1247206 | 3.44 | 1.20 | 1.20 | 1.20 | 8.01 | 8.01 |

---

<sup>1</sup> Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Accounts invest. 

<sup>2</sup> Ratio represents the annualized contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded. 

<sup>3</sup> Ratio represents the total return for the year indicated, including changes in the value of the underlying fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. 

<sup>4</sup> The unit values are not a direct calculation of net assets over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level's commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range. 

<sup>5</sup> AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account AM2 merged into Sub-Account MD9 on April 15, 2024.

<sup>6</sup> Invesco V.I. S&P 500 Index Class II Sub-Account V21 merged into Invesco V.I. Equally-Weighted S&P 500 Sub-Account V20 on April 29, 2022.

<sup>7</sup> JPMorgan Insurance Trust Global Allocation Portfolio Sub-Account JF1 merged into Sub-Account MD9 on April 25, 2023.

<sup>8</sup> JPMorgan Insurance Trust Income Builder - Class 2 Sub-Account JF0 merged into Sub-Account MD9 on April 25, 2023.

<sup>9</sup> Morgan Stanley Variable Insurance Fund, Inc. Core Plus Fixed Income Portfolio Class II Sub-Account V46 merged into Sub-Account MD9 on July 25, 2023.

<sup>10</sup> Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account V45 liquidated on September 18, 2023.

<sup>11</sup> Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account U43 merged into Sub-Account MD9 on December 6, 2024.

<sup>12</sup> Invesco V.I. Conservative Balanced Fund, Series II Sub-Account O23 merged into Sub-Account V11 on April 26, 2024.

<sup>13</sup> Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account PI3 merged into Sub-Account MD9 on April 21, 2023.

<sup>14</sup> Wanger Select Fund Sub-Account W41 merged into Sub-Account W42 on April 21, 2023.

------

**Delaware Life** 

**Variable Account F – All-Star** 

Financial Statements as of and for the Year Ended December 31, 2025 and

Report of Independent Registered Public Accounting Firm

------

**DELAWARE LIFE VARIABLE ACCOUNT F – ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**Index** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Page(s)** | **Page(s)** |
|  [**Report of Independent Registered Public Accounting Firm**](#alltoc74573_1) |  | 1-3 |
|  Financial Statements |  |  |
|  [Statement of Assets and Liabilities](#alltoc74573_3) |  | 4-5 |
|  [Statement of Operations](#alltoc74573_4) |  | 6-14 |
|  [Statements of Changes in Net Assets](#alltoc74573_5) |  | 15-28 |
|  [Notes to the Financial Statements](#alltoc74573_6) |  | 29-42 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Delaware Life Insurance Company and Contract Owners of Delaware Life Variable Account F - All-Star:

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities of the sub-accounts listed in the Appendix that comprise Delaware Life Variable Account F - All-Star (the Sub-Accounts), as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds; when replies were not received from the transfer agents, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Delaware Life Insurance Company separate account investment companies since 2021.

Boston, Massachusetts

April 23, 2026

------

**Appendix** 

Unless noted otherwise, statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and statements of changes in net assets for each of the years in the two-year period then ended.

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)

AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49)

Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75)

Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)

Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66)

Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68)

Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70)

Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)

Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)

Invesco V.I. American Franchise Fund Series II Sub-Account (V52)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)

MFS VIT I Growth Series Service Class Sub-Account (M80)

MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)

MFS VIT I New Discovery Series Service Class Sub-Account (M42)

MFS VIT I Value Series Initial Class Sub-Account (M83)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)

------

Columbia Variable Portfolio – Acorn International Fund (W39) (2)

Columbia Variable Portfolio - Acorn Fund (W42) (3)

*(1)* *Statement of assets and liabilities as of December 31, 2025, statement of changes in net assets for the year ended December 31, 2025, and statement of changes in net assets for the period January 1, 2024 to April 15, 2024.* 

*(2)* *Formerly Wanger International Sub-Account.* 

*(3)* *Formerly Wanger Acorn Sub-Account.* 

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** | |
|  |<br>Shares | Cost | Investments at<br>Fair Value | Dividend<br>Receivable | Total Assets |<br>Net Assets |
|  AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70) | 1347 | $33366 | $40746 | $— | $40746 | $40746 |
|  AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) | 22564 | 622388 | 696090 |  | 696090 | 696090 |
|  AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹ |  |  |  |  |  |  |
|  Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49) | 9784 | 186689 | 493298 |  | 493298 | 493298 |
|  Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75) | 1107084 | 1107084 | 1107084 | 103 | 1107187 | 1107187 |
|  Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76) | 48408 | 337814 | 324817 |  | 324817 | 324817 |
|  Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) | 8976 | 108766 | 490719 |  | 490719 | 490719 |
|  Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66) | 3487 | 83126 | 165074 |  | 165074 | 165074 |
|  Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68) | 6619 | 71935 | 377895 |  | 377895 | 377895 |
|  Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73) | 51646 | 209790 | 193156 |  | 193156 | 193156 |
|  Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69) | 19247 | 192737 | 180147 |  | 180147 | 180147 |
|  Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70) | 29998 | 292240 | 279878 |  | 279878 | 279878 |
|  Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97) | 6253 | 139800 | 175900 |  | 175900 | 175900 |
|  Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) | 27710 | 357752 | 449464 |  | 449464 | 449464 |
|  Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51) | 11550 | 79281 | 84891 |  | 84891 | 84891 |
|  Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) | 13464 | 221570 | 216767 |  | 216767 | 216767 |
|  Invesco V.I. American Franchise Fund Series II Sub-Account (V52) | 2935 | 173460 | 211166 |  | 211166 | 211166 |
|  Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1) | 68 | 2390 | 2397 |  | 2397 | 2397 |
|  MFS VIT I Growth Series Service Class Sub-Account (M80) | 13213 | 722847 | 801740 |  | 801740 | 801740 |
|  MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10) | 1932 | 62945 | 49406 |  | 49406 | 49406 |
|  MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) | 10393 | 227282 | 227294 |  | 227294 | 227294 |
|  MFS VIT I New Discovery Series Service Class Sub-Account (M42) | 609 | 8246 | 7367 |  | 7367 | 7367 |
|  MFS VIT I Value Series Initial Class Sub-Account (M83) | 14895 | 302713 | 331562 |  | 331562 | 331562 |
|  MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) | 10725 | 88306 | 108431 |  | 108431 | 108431 |
|  PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) | 22915 | 297655 | 275210 |  | 275210 | 275210 |
|  PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) | 87160 | 873621 | 823663 |  | 823663 | 823663 |
|  Columbia Variable Portfolio – Acorn International Fund (W39)² | 754 | 16600 | 15407 |  | 15407 | 15407 |
|  Columbia Variable Portfolio - Acorn Fund (W42)² | 59755 | 815951 | 950110 |  | 950110 | 950110 |

---

<sup>1</sup> *This Sub-Account was closed in 2024. Refer to Note 11 in the Variable Account's Notes to Financial Statements for more information.*

<sup>2</sup> *This Sub-Account had a name change in 2025. Refer to Note 1 in the Variable Account's Notes to Financial Statements for more information.*

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | Units | Value Applicable<br>to Owners of<br>Deferred Variable<br>Annuity Contracts | Net Assets |
|  A70 | 1285 | $40746 | $40746 |
|  A71 | 16714 | 696090 | 696090 |
|  AM2 |  |  |  |
|  C49 | 18269 | 493298 | 493298 |
|  C75 | 114092 | 1107187 | 1107187 |
|  C76 | 23684 | 324817 | 324817 |
|  C60 | 8625 | 490719 | 490719 |
|  C66 | 5433 | 165074 | 165074 |
|  C68 | 7838 | 377895 | 377895 |
|  C73 | 8568 | 193156 | 193156 |
|  C69 | 17591 | 180147 | 180147 |
|  C70 | 28606 | 279878 | 279878 |
|  F97 | 4927 | 175900 | 175900 |
|  T20 | 16657 | 449464 | 449464 |
|  F51 | 1796 | 84891 | 84891 |
|  F54 | 6512 | 216767 | 216767 |
|  V52 | 4632 | 211166 | 211166 |
|  AC1 | 82 | 2397 | 2397 |
|  M80 | 9096 | 801740 | 801740 |
|  M10 | 1035 | 49406 | 49406 |
|  MB3 | 7736 | 227294 | 227294 |
|  M42 | 131 | 7367 | 7367 |
|  M83 | 10542 | 331562 | 331562 |
|  MG3 | 3061 | 108431 | 108431 |
|  P06 | 17039 | 275210 | 275210 |
|  P07 | 52492 | 823663 | 823663 |
|  W39 | 391 | 15407 | 15407 |
|  W42 | 19959 | 950110 | 950110 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A70<br>Sub-Account | A71<br>Sub-Account | C49<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $6325 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (601) | (9739) | (7109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (144) | (2663) | (1982) |
|  Net investment income (loss) | (745) | (6077) | (9091) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 349 | 7022 | 84094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 5298 | 59065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 5647 | 66087 | 84094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3310) | (3452) | (9034) |
|  Net realized and change in unrealized gains (losses) | 2337 | 62635 | 75060 |
|  **Net increase (decrease) in net assets from operations** | $1592 | $56558 | $65969 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | C75<br>Sub-Account | C76<br>Sub-Account | C60<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $44357 | $5758 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (15278) | (4583) | (6073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (4407) | (1244) | (1612) |
|  Net investment income (loss) | 24672 | (69) | (7685) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments |  | (5193) | 27064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) |  | (5193) | 27064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | 25706 | 42276 |
|  Net realized and change in unrealized gains (losses) |  | 20513 | 69340 |
|  **Net increase (decrease) in net assets from operations** | $24672 | $20444 | $61655 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | C66<br>Sub-Account | C68<br>Sub-Account | C73<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $8297 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (2795) | (4633) | (4098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (780) | (1157) | (956) |
|  Net investment income (loss) | (3575) | (5790) | 3243 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 76172 | 24716 | (31458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 76172 | 24716 | (31458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (47751) | 34488 | 42924 |
|  Net realized and change in unrealized gains (losses) | 28421 | 59204 | 11466 |
|  **Net increase (decrease) in net assets from operations** | $24846 | $53414 | $14709 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | C69<br>Sub-Account | C70<br>Sub-Account | F97<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3779 | $5699 | $2752 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (2228) | (3765) | (2500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (594) | (1127) | (835) |
|  Net investment income (loss) | 957 | 807 | (583) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (1258) | (4303) | 2922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 9697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (1258) | (4303) | 12619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12385 | 22522 | 13246 |
|  Net realized and change in unrealized gains (losses) | 11127 | 18219 | 25865 |
|  **Net increase (decrease) in net assets from operations** | $12084 | $19026 | $25282 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | T20<br>Sub-Account | F51<br>Sub-Account | F54<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $10463 | $1818 | $4341 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (6061) | (1240) | (2894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (1848) | (288) | (851) |
|  Net investment income (loss) | 2554 | 290 | 596 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 17539 | (4776) | (910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 29215 | 7826 | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 46754 | 3050 | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 55928 | 8082 | (1273) |
|  Net realized and change in unrealized gains (losses) | 102682 | 11132 | 19203 |
|  **Net increase (decrease) in net assets from operations** | $105236 | $11422 | $19799 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | V52<br>Sub-Account | AC1<br>Sub-Account | M80<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $28 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (3067) | (36) | (10837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (1030) | (7) | (3158) |
|  Net investment income (loss) | (4097) | (15) | (13995) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 998 | (22) | 21461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 21754 | 150 | 161843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 22752 | 128 | 183304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (614) | 195 | (86134) |
|  Net realized and change in unrealized gains (losses) | 22138 | 323 | 97170 |
|  **Net increase (decrease) in net assets from operations** | $18041 | $308 | $83175 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M10<br>Sub-Account | MB3<br>Sub-Account | M42<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $277 | $39 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (616) | (3355) | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (166) | (1123) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (505) | (4439) | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 11873 | 1422 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 19578 | 33701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 31451 | 35123 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (25244) | (14265) | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gains (losses) | 6207 | 20858 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | $5702 | $16419 | $709 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M83<br>Sub-Account | MG3<br>Sub-Account | P06<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $5394 | $1095 | $9508 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (4652) | (1637) | (3818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (1473) | (493) | (998) |
|  Net investment income (loss) | (731) | (1035) | 4692 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 4857 | 7201 | (2953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 25091 | 9531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 29948 | 16732 | (2953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5014 | (11456) | 15115 |
|  Net realized and change in unrealized gains (losses) | 34962 | 5276 | 12162 |
|  **Net increase (decrease) in net assets from operations** | $34231 | $4241 | $16854 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P07<br>Sub-Account | W39<br>Sub-Account | W42<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $33710 | $197 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (11260) | (230) | (14037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, distribution charges and other | (3444) | (71) | (3806) |
|  Net investment income (loss) | 19006 | (104) | (17843) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (9662) | (322) | (5054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (9662) | (246) | (5054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 46255 | 1880 | 55655 |
|  Net realized and change in unrealized gains (losses) | 36593 | 1634 | 50601 |
|  **Net increase (decrease) in net assets from operations** | $55599 | $1530 | $32758 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A70 Sub-Account | A70 Sub-Account | A71 Sub-Account | A71 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(745) | $(752) | $(6077) | $(4074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 5647 | 477 | 66087 | 41575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3310) | 1915 | (3452) | 43113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 1592 | 1640 | 56558 | 80614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract Owner Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Activity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  | 390 | 3311 | 38507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (1) | 3 | 399 | (31327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (17) | (6545) | (82727) | (162290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (18) | (6152) | (79017) | (155110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (18) | (6152) | (79017) | (155110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 1574 | (4512) | (22459) | (74496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 39172 | 43684 | 718549 | 793045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $40746 | $39172 | $696090 | $718549 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AM2 Sub-Account³ | AM2 Sub-Account³ | C49 Sub-Account | C49 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $(137) | $(9091) | $(8853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) |  | (2896) | 84094 | 21282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | 2664 | (9034) | 47935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations |  | (369) | 65969 | 60364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  |  | 227 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net |  | (25123) | (6948) | (2135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges |  | 1 | (74424) | (26558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity |  | (25122) | (81145) | (27620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions |  | (25122) | (81145) | (27620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets |  | (25491) | (15176) | 32744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year |  | 25491 | 508474 | 475730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $— | $— | $493298 | $508474 |

---

*³ The activities for this Sub-Account are for the period from January 1, 2024 to April 15, 2024. Refer to Note 11 for details on closed sub-accounts.* 

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C75 Sub-Account | C75 Sub-Account | C76 Sub-Account | C76 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $24672 | $38555 | $(69) | $12138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) |  |  | (5193) | (8718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  | 25706 | 9201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 24672 | 38555 | 20444 | 12621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 224 | 1088 | 92 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | 31521 | 42905 | 1920 | 22992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (133146) | (138658) | (26996) | (37346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (101401) | (94665) | (24984) | (13770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (101401) | (94665) | (24984) | (13770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (76729) | (56110) | (4540) | (1149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 1183916 | 1240026 | 329357 | 330506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $1107187 | $1183916 | $324817 | $329357 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C60 Sub-Account | C60 Sub-Account | C66 Sub-Account | C66 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7685) | $(7076) | $(3575) | $(3753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 27064 | 28676 | 76172 | 7593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 42276 | 83091 | (47751) | 17477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 61655 | 104691 | 24846 | 21317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 463 | 487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (1567) | (9379) | (6517) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (19007) | (16028) | (73169) | (4140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (20111) | (24920) | (79686) | (4166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (20111) | (24920) | (79686) | (4166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 41544 | 79771 | (54840) | 17151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 449175 | 369404 | 219914 | 202763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $490719 | $449175 | $165074 | $219914 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C68 Sub-Account | C68 Sub-Account | C73 Sub-Account | C73 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5790) | $(5424) | $3243 | $10486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 24716 | 22467 | (31458) | (5866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 34488 | 51101 | 42924 | 6198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 53414 | 68144 | 14709 | 10818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  | 45 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (94) |  | 905 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (24722) | (22699) | (255018) | (13443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (24816) | (22654) | (254113) | (13196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (24816) | (22654) | (254113) | (13196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 28598 | 45490 | (239404) | (2378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 349297 | 303807 | 432560 | 434938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $377895 | $349297 | $193156 | $432560 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C69 Sub-Account | C69 Sub-Account | C70 Sub-Account | C70 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $957 | $2724 | $807 | $4138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (1258) | (816) | (4303) | (9588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12385 | (1889) | 22522 | 4537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 12084 | 19 | 19026 | (913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  |  |  | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | 3574 | 11044 | 2545 | 15551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (191) | (2123) | (21334) | (45693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | 3383 | 8921 | (18789) | (29888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | 3383 | 8921 | (18789) | (29888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 15467 | 8940 | 237 | (30801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 164680 | 155740 | 279641 | 310442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $180147 | $164680 | $279878 | $279641 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F97 Sub-Account | F97 Sub-Account | T20 Sub-Account | T20 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(583) | $(658) | $2554 | $2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 12619 | 12446 | 46754 | 6802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13246 | 6872 | 55928 | (19857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 25282 | 18660 | 105236 | (10337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  |  | 849 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (796) | (571) | (41127) | 21883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (5602) | (7633) | (34301) | (34503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (6398) | (8204) | (74579) | (12151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (6398) | (8204) | (74579) | (12151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 18884 | 10456 | 30657 | (22488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 157016 | 146560 | 418807 | 441295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $175900 | $157016 | $449464 | $418807 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F51 Sub-Account | F51 Sub-Account | F54 Sub-Account | F54 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $290 | $153 | $596 | $501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3050 | (8591) | 20476 | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8082 | 23839 | (1273) | 15299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 11422 | 15401 | 19799 | 19461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity***: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  | 36449 | 231 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (12) | (715) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations<br> and contract charges | (8199) | (76876) | (22626) | (10396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (8211) | (41142) | (22395) | (10167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (8211) | (41142) | (22395) | (10167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 3211 | (25741) | (2596) | 9294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 81680 | 107421 | 219363 | 210069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $84891 | $81680 | $216767 | $219363 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V52 Sub-Account | V52 Sub-Account | AC1 Sub-Account | AC1 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4097) | $(3622) | $(15) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 22752 | 311 | 128 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (614) | 51392 | 195 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 18041 | 48081 | 308 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity :*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (159) |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations<br> and contract charges | (5510) | (390) | (156) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (5669) | (390) | (156) | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (5669) | (390) | (156) | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 12372 | 47691 | 152 | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 198794 | 151103 | 2245 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $211166 | $198794 | $2397 | $2245 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M80 Sub-Account | M80 Sub-Account | M10 Sub-Account | M10 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(13995) | $(13596) | $(505) | $(977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 183304 | 95336 | 31451 | 15734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (86134) | 114650 | (25244) | (2743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 83175 | 196390 | 5702 | 12014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 3581 | 456 | 47707 | 42308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (5413) | (45360) | (702) | (649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations<br> and contract charges | (87405) | (45131) | (53321) | (85596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (89237) | (90035) | (6316) | (43937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (89237) | (90035) | (6316) | (43937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (6062) | 106355 | (614) | (31923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 807802 | 701447 | 50020 | 81943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $801740 | $807802 | $49406 | $50020 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MB3 Sub-Account | MB3 Sub-Account | M42 Sub-Account | M42 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4439) | $(4044) | $(117) | $(114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 35123 | 21375 | 34 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (14265) | 9917 | 792 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 16419 | 27248 | 709 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | 234 | (909) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations<br> and contract charges | (14010) | (1099) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (13776) | (2008) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (13776) | (2008) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 2643 | 25240 | 709 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 224651 | 199411 | 6658 | 6363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $227294 | $224651 | $7367 | $6658 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M83 Sub-Account | M83 Sub-Account | MG3 Sub-Account | MG3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(731) | $(678) | $(1035) | $(875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 29948 | 30838 | 16732 | 7109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5014 | 266 | (11456) | 8210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 34231 | 30426 | 4241 | 14444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  | 179 | 3562 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (2492) | (4442) | (29) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations<br> and contract charges | (23575) | (20099) | (33729) | (5536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (26067) | (24362) | (30196) | (5010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (26067) | (24362) | (30196) | (5010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 8164 | 6064 | (25955) | 9434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 323398 | 317334 | 134386 | 124952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $331562 | $323398 | $108431 | $134386 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P06 Sub-Account | P06 Sub-Account | P07 Sub-Account | P07 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4692 | $2611 | $19006 | $19043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (2953) | (1086) | (9662) | (26795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15115 | (295) | 46255 | 13776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 16854 | 1230 | 55599 | 6024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 1565 | 147 | 247 | 24943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | 232 | 417 | 5598 | 22350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations<br> and contract charges | (23609) | (4795) | (55627) | (117723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (21812) | (4231) | (49782) | (70430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (21812) | (4231) | (49782) | (70430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (4958) | (3001) | 5817 | (64406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 280168 | 283169 | 817846 | 882252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $275210 | $280168 | $823663 | $817846 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | W39 Sub-Account | W39 Sub-Account | W42 Sub-Account | W42 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(104) | $(79) | $(17843) | $(19825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (246) | (2506) | (5054) | (29320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1880 | 897 | 55655 | 180248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) from operations | 1530 | (1688) | 32758 | 131103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contract Owner Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Activity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  |  | 46801 | 14947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(including the Fixed Account), net | (57) | 1101 | 19053 | (20069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (587) | (6185) | (251185) | (167459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (644) | (5084) | (185331) | (172581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (644) | (5084) | (185331) | (172581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 886 | (6772) | (152573) | (41478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 14521 | 21293 | 1102683 | 1144161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $15407 | $14521 | $950110 | $1102683 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**1. BUSINESS AND ORGANIZATION** 

Delaware Life Variable Account F (the "**Variable Account**") is a separate account of Delaware Life Insurance Company (the "**Sponsor**"). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Columbia All-Star contracts, Columbia All-Star Extra contracts, Columbia All-Star Freedom contracts, Columbia All-Star Traditions contracts, and certain other fixed and variable annuity contracts ("the **Contracts**") issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("**FASB**") Accounting Standards Codification ("**ASC**") Topic 946, "Financial Services – Investment Companies".

The assets of the Variable Account are divided into "**Sub-Accounts**". Each Sub-Account is invested in shares of a specific mutual fund (collectively the "**Funds**"), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the Sponsor's other assets and liabilities. Assets applicable to the Variable Account are not chargeable with liabilities arising out of any other business the Sponsor may conduct.

A summary of the name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year, is as follows:

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Previous Name** | **Effective Date** |
| W39 | Wanger International | June 2, 2025 |
| W42 | Wanger Acorn | June 2, 2025 |

---

There were no Sub-Accounts held by contract owners of the Variable Account that were closed, merged into another Sub-Account or commenced operations during the current year.

There were no Sub-Accounts held by the contract owners of the Variable Account with commencement dates earlier than the past five years, but for which the first activity occurred within the last five years.

Rydex VT NASDAQ-100 Fund Sub-Account (R03) is active at December 31, 2025 but has had zero balance for more than five years and therefore is not disclosed in the Statements of Assets and Liabilities, Statements of Changes in Net Assets or the financial highlights in Note 11.

Wanger Select Fund Sub-Account (W41) was closed in 2023. Refer to Note 11 for more information.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***General***

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**GAAP**"). The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

***Investment Valuation and Transactions***

Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2025. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

***Units***

The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

***Purchase Payments***

Upon issuance of new contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

***Transfers***

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the "**Fixed Account**". The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

***Withdrawals***

At any time during the accumulation phase (the period before the first annuity payment), the contract owner may elect to receive a cash withdrawal payment under the contract. If the contract owner requests a full withdrawal, the contract owner will receive the value of their account at the end of period, less the contract maintenance charge for the current contract year and any applicable withdrawal charge.

If the contract owner requests a partial withdrawal, the contract owner will receive the amount requested less any applicable withdrawal charge and the account value will be reduced by the amount requested. Any requests for partial withdrawals that would result in the value of the contract owner's account being reduced to an amount less than the contract maintenance charge for the current contract year is treated as a request for a full withdrawal.

***Annuitization***

On the annuity commencement date, the contract's accumulation account is canceled and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

***Annuity Payments***

The amount of the first variable annuity payment is determined in accordance with the annuity payment rates found in the contract. The number of units to be credited in respect of a particular Sub-Account is determined by dividing that portion of the first variable annuity payment attributable to that Sub-Account by the annuity unit value of that Sub-Account for the period that ends immediately before the annuity commencement date. The number of units of each Sub-Account credited to the contract then remains fixed, unless an exchange of units is made. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant, depending on the investment performance of the Sub-Accounts.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** 

***Federal Income Taxes***

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the "**Code**"). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and if necessary a provision may be made in future years.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimate is fair value measurements of investments and the calculation of reserve for variable annuities. Actual results could vary from the amounts derived from the Sponsor management's estimates.

***Subsequent events***

The Sponsor's management has evaluated events subsequent to December 31, 2025 through the date the financial statements are issued, noting that there are no subsequent events requiring accounting adjustments or disclosure.

**3. FAIR VALUE MEASUREMENTS** 

The Sub-Accounts' investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, "Fair Value Measurements and Disclosures" ("**Topic 820**"), establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity's estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three level hierarchy described above. 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.

The Variable Account uses the Funds' closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2025, the net assets held in the Variable Account were categorized as Level 1 assets under the Topic 820 hierarchy levels. There were no Level 2 or 3 investments in the Variable Account during the year ended December 31, 2025. There were no transfers between levels during the year ended December 31, 2025.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**4. RELATED-PARTY TRANSACTIONS** 

Security Investors, LLC, one of the companies in the investment management businesses of Guggenheim Partners, LLC and a related-party of the Sponsor, is the investment advisor to certain Rydex funds and charges a management fee at an annual rate 0.75% of the Rydex funds' average daily net assets.

The Sponsor provides administrative services necessary for the operation of the Variable Account. The Sponsor absorbs all organizational expenses including the fees of registering the Variable Account and its contracts for distribution under federal and state securities laws.

**5. CONTRACT CHARGES** 

***Mortality and expense risk charges***

Charges for mortality and expense risks, the optional death benefit riders, and the optional living benefit riders are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. These charges are reflected in the Statement of Operations. At December 31, 2025, the deductions are at an effective annual rate based on the average daily value of the contract invested in the Variable Account as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 |
|  Columbia All-Star | 1.30% | 1.50% | 1.55% | 1.70% | 1.75% | 1.90% | 1.95% | 2.15% |
|  Columbia All-Star Freedom | 1.35% | 1.55% | 1.60% | 1.75% | 1.80% | 1.95% | -% | -% |
|  Columbia All-Star Traditions | 1.05% | 1.25% | 1.30% | 1.45% | 1.50% | 1.65% | 1.70% | 1.90% |
|  Columbia All-Star Extra | 1.40% | 1.60% | 1.65% | 1.80% | 1.85% | 2.00% | 2.05% | 2.25% |

---

***Distribution and administrative expense charges***

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the average daily value of the contracts invested in the Variable Account for Columbia All-Star Traditions and Columbia All-Star Extra contracts and an effective annual rate of 0.20% of the average daily value of the contracts invested in the Variable Account for Columbia All-Star and Columbia All-Star Freedom contracts. These charges are reflected in the Statement of Operations.

As reimbursement for administrative expenses attributable to Columbia All-Star, Columbia All-Star Freedom, Columbia All-Star Traditions, and Columbia All-Star Extra contracts, which exceed the charges received from the account administration fee (''**Account Fee**'') described below, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the net assets attributable to such contracts. These charges are reflected in the Statement of Operations.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**5. CONTRACT CHARGES (CONTINUED)** 

***Optional living benefit rider charges***

A quarterly charge of 0.125% ("**Benefit Fee**") of the contract owner's account value is deducted from the value of the contract on the last day of the account quarter. Account quarters are defined as three-month periods, with the first account quarter beginning on the date the contracts were issued, if a certain optional living benefit rider is elected. This optional living benefit rider is available on Columbia All-Star contracts, Columbia All-Star Traditions contracts, and Columbia All-Star Extra contracts; however, no contracts were ever sold with the rider elected; therefore, there are no Benefit Fees reflected in the Variable Account's financial statements.

***Administration charges***

Each year on the account anniversary date, an Account Fee equal to $50 is deducted from the contract owner's account to reimburse the Sponsor for certain administrative expenses. After the annuity commencement date, the Account Fee is deducted pro rata from each variable annuity payment made during the year. The Account Fee is reported in the Statements of Changes in Net Assets as part of "Withdrawals, surrenders, annuitizations and contract charges".

***Surrender charges***

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses relating to the sale of the Columbia All-Star contracts, Columbia All-Star Traditions contracts, and Columbia All-Star Extra contracts if the contract holder requests a full withdrawal prior to reaching the pay-out phase. In no event shall the aggregate surrender charges exceed 8% of the purchase payments withdrawn. The surrender charge is reported in the Statements of Changes in Net Assets as part of "Withdrawals, surrenders, annuitizations and contract charges".

***Premium Taxes***

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction from the amount applied to provide an annuity at the time of annuitization.

**6. RESERVE FOR VARIABLE ANNUITIES** 

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and chose the variable payout option. Annuity reserves are calculated using the Annuity 2000 Table or the 2012 Individual Annuitant Mortality Table and an assumed interest rate of 3% per year. The Individual Annuitant Mortality Table utilized is subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**7. INVESTMENT PURCHASES AND SALES** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  A70 | $5299 | $764 |
|  A71 | 78803 | 104832 |
|  C49 | 30007 | 120243 |
|  C75 | 99564 | 176258 |
|  C76 | 11471 | 36524 |
|  C60 | 4230 | 32026 |
|  C66 | 31619 | 114880 |
|  C68 |  | 30606 |
|  C73 | 8549 | 259419 |
|  C69 | 13284 | 8944 |
|  C70 | 23493 | 41474 |
|  F97 | 12450 | 9733 |
|  T20 | 44557 | 87367 |
|  F51 | 9643 | 9738 |
|  F54 | 25936 | 26349 |
|  V52 | 21754 | 9766 |
|  AC1 | 178 | 199 |
|  M80 | 193492 | 134882 |
|  M10 | 66868 | 54111 |
|  MB3 | 34012 | 18526 |
|  M42 |  | 117 |
|  M83 | 36054 | 37761 |
|  MG3 | 14188 | 35888 |
|  P06 | 11566 | 28687 |
|  P07 | 61614 | 92390 |
|  W39 | 649 | 1321 |
|  W42 | 150865 | 354039 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**8. CHANGES IN UNITS OUTSTANDING** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase**<br>**(Decrease)** |
|  A70 |  | 1 | (1) |
|  A71 | 357 | 2318 | (1961) |
|  C49 | 1167 | 4212 | (3045) |
|  C75 | 5977 | 16783 | (10806) |
|  C76 | 443 | 2349 | (1906) |
|  C60 | 94 | 465 | (371) |
|  C66 | 1119 | 3773 | (2654) |
|  C68 |  | 526 | (526) |
|  C73 | 11 | 11676 | (11665) |
|  C69 | 950 | 628 | 322 |
|  C70 | 1888 | 3927 | (2039) |
|  F97 |  | 180 | (180) |
|  T20 | 191 | 3215 | (3024) |
|  F51 |  | 190 | (190) |
|  F54 | 7 | 729 | (722) |
|  V52 |  | 129 | (129) |
|  AC1 |  | 6 | (6) |
|  M80 | 431 | 1390 | (959) |
|  M10 | 1107 | 1299 | (192) |
|  MB3 | 10 | 486 | (476) |
|  M83 | 182 | 1040 | (858) |
|  MG3 | 102 | 972 | (870) |
|  P06 | 130 | 1491 | (1361) |
|  P07 | 1828 | 5144 | (3316) |
|  W39 | 10 | 25 | (15) |
|  W42 | 3582 | 7643 | (4061) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase**<br>**(Decrease)** |
|  A70 | 15 | 194 | (179) |
|  A71 | 1632 | 6188 | (4556) |
|  AM2 |  | 977 | (977) |
|  C49 | 141 | 1381 | (1240) |
|  C75 | 9363 | 19713 | (10350) |
|  C76 | 2400 | 3497 | (1097) |
|  C60 | 66 | 603 | (537) |
|  C66 | 157 | 319 | (162) |
|  C68 | 1 | 533 | (532) |
|  C73 | 11 | 648 | (637) |
|  C69 | 1234 | 280 | 954 |
|  C70 | 3025 | 6374 | (3349) |
|  F97 |  | 252 | (252) |
|  T20 | 1869 | 2428 | (559) |
|  F51 | 997 | 2073 | (1076) |
|  F54 | 8 | 350 | (342) |
|  V52 |  | 11 | (11) |
|  AC1 |  | 6 | (6) |
|  M80 | 321 | 1545 | (1224) |
|  M10 | 1186 | 2356 | (1170) |
|  MB3 |  | 75 | (75) |
|  M83 | 372 | 1232 | (860) |
|  MG3 | 16 | 163 | (147) |
|  P06 | 40 | 313 | (273) |
|  P07 | 4770 | 9800 | (5030) |
|  W39 | 33 | 137 | (104) |
|  W42 | 1111 | 4845 | (3734) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**9. TAX DIVERSIFICATION REQUIREMENTS** 

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

**10. SEGMENT REPORTING** 

The Variable Account derives revenues from certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker for overseeing the Variable Account's variable annuity products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account's products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds' activities and performance. Investment performance of the Funds may vary based on the Fund's investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account's Statement of Operations for segment expenses for the year ended December 31, 2025 and the Statement of Assets and Liabilities for segment assets at December 31, 2025.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS**

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying mutual funds) and the total return, for each of the five years in the period ended December 31, is as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>A70</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1285 | $43.6793 | to | $21.3971 | $40746 | —% | 1.35% | to | 2.05% | 4.60% | to | 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1286 | 41.7591 | to | 20.6015 | 39172 |  | 1.35 | to | 2.05 | 4.52 | to | 3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1465 | 39.9528 | to | 19.8513 | 43684 | 0.03 | 1.35 | to | 2.05 | 14.15 | to | 13.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1521 | 35.0004 | to | 17.5135 | 40132 |  | 1.35 | to | 2.05 | (28.15) | to | (28.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1577 | 48.7116 | to | 24.5471 | 58450 |  | 1.35 | to | 2.05 | 20.92 | to | 20.07 |
|  <u>A71</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16714 | 57.8276 | to | 40.1045 | 696090 | 0.89 | 1.35 | to | 2.30 | 8.72 | to | 7.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 18675 | 53.1915 | to | 37.2436 | 718549 | 1.22 | 1.35 | to | 2.30 | 11.23 | to | 10.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23231 | 47.8193 | to | 33.8066 | 793045 | 1.23 | 1.35 | to | 2.30 | 10.22 | to | 9.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 26060 | 43.3846 | to | 30.9652 | 806416 | 1.11 | 1.35 | to | 2.30 | (5.70) | to | (6.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30307 | 46.0088 | to | 33.1533 | 999848 | 0.63 | 1.35 | to | 2.30 | 26.12 | to | 24.92 |
|  <u>AM2<sup>5</sup></u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 28.3537 | to | 22.8822 |  |  | 1.70 | to | 2.05 | (1.42) | to | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 977 | 28.7617 | to | 23.2357 | 25491 |  | 1.70 | to | 2.05 | 10.45 | to | 10.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 956 | 26.0393 | to | 21.1105 | 22654 |  | 1.70 | to | 2.05 | (29.03) | to | (29.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2413 | 36.6901 | to | 29.8503 | 75459 |  | 1.70 | to | 2.05 | 6.18 | to | 5.80 |
|  <u>C49</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 18269 | 28.8081 | to | 25.9605 | 493298 |  | 1.35 | to | 2.05 | 14.01 | to | 13.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21314 | 25.2685 | to | 22.9322 | 508474 |  | 1.35 | to | 2.05 | 13.56 | to | 12.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22554 | 22.2520 | to | 20.3388 | 475730 |  | 1.35 | to | 2.05 | 3.43 | to | 2.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 23467 | 21.5133 | to | 19.8028 | 480404 |  | 1.35 | to | 2.05 | (2.72) | to | (3.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28099 | 22.1140 | to | 20.4996 | 592239 |  | 1.35 | to | 2.05 | 24.20 | to | 23.33 |
|  <u>C75</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 114092 | 10.1636 | to | 8.9979 | 1107187 | 3.90 | 1.35 | to | 2.30 | 2.59 | to | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 124898 | 9.9066 | to | 8.8547 | 1183916 | 4.88 | 1.35 | to | 2.30 | 3.61 | to | 2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 135248 | 9.5619 | to | 8.6293 | 1240026 | 4.60 | 1.35 | to | 2.30 | 3.35 | to | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 180634 | 9.2522 | to | 8.4298 | 1601042 | 1.15 | 1.35 | to | 2.30 | (0.15) | to | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 191491 | 9.2660 | to | 8.5234 | 1710639 | 0.02 | 1.35 | to | 2.30 | (1.33) | to | (2.27) |
|  <u>C76</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 23684 | 14.4966 | to | 12.8339 | 324817 | 1.77 | 1.35 | to | 2.30 | 6.97 | to | 5.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 25590 | 13.5521 | to | 12.1130 | 329357 | 5.42 | 1.35 | to | 2.30 | 4.28 | to | 3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26687 | 12.9961 | to | 11.7286 | 330506 | 5.05 | 1.35 | to | 2.30 | 9.87 | to | 8.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29903 | 11.8288 | to | 10.7775 | 338462 | 5.25 | 1.35 | to | 2.30 | (11.42) | to | (12.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 33414 | 13.3545 | to | 12.2843 | 437983 | 8.92 | 1.35 | to | 2.30 | 2.74 | to | 1.76 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>C60</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8625 | $59.6459 | to | $53.7511 | $490719 | —% | 1.35% | to | 2.05% | 14.29% | to | 13.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8996 | 52.1872 | to | 47.3628 | 449175 |  | 1.35 | to | 2.05 | 29.23 | to | 28.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9533 | 40.3822 | to | 36.9109 | 369404 |  | 1.35 | to | 2.05 | 40.85 | to | 39.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10219 | 28.6699 | to | 26.3904 | 281933 |  | 1.35 | to | 2.05 | (32.45) | to | (32.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12970 | 42.4454 | to | 39.3475 | 527405 |  | 1.35 | to | 2.05 | 26.63 | to | 25.73 |
|  <u>C66</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5433 | 32.2682 | to | 29.0784 | 165074 |  | 1.35 | to | 2.05 | 12.65 | to | 11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8087 | 28.6457 | to | 25.9969 | 219914 |  | 1.35 | to | 2.05 | 11.01 | to | 10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8249 | 25.8038 | to | 23.5852 | 202763 |  | 1.35 | to | 2.05 | 8.82 | to | 8.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8340 | 23.7127 | to | 21.8271 | 189025 |  | 1.35 | to | 2.05 | (10.65) | to | (11.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10856 | 26.5402 | to | 24.6028 | 275181 |  | 1.35 | to | 2.05 | 30.55 | to | 29.63 |
|  <u>C68</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7838 | 49.9218 | to | 44.9881 | 377895 |  | 1.35 | to | 2.05 | 15.67 | to | 14.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8364 | 43.1572 | to | 39.1675 | 349297 |  | 1.35 | to | 2.05 | 22.71 | to | 21.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8896 | 35.1696 | to | 32.1464 | 303807 |  | 1.35 | to | 2.05 | 23.96 | to | 23.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9013 | 28.3707 | to | 26.1151 | 248837 |  | 1.35 | to | 2.05 | (19.64) | to | (20.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9614 | 35.3028 | to | 32.7262 | 331107 |  | 1.35 | to | 2.05 | 26.34 | to | 25.45 |
|  <u>C73</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8568 | 24.2160 | to | 22.4495 | 193156 | 3.06 | 1.55 | to | 1.85 | 5.51 | to | 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20233 | 22.9521 | to | 21.3425 | 432560 | 4.28 | 1.55 | to | 1.85 | 2.88 | to | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 20870 | 22.3100 | to | 20.8090 | 434938 | 3.38 | 1.55 | to | 1.85 | 7.52 | to | 7.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21522 | 20.7499 | to | 19.4125 | 418385 | 2.64 | 1.55 | to | 1.85 | (12.88) | to | (13.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 24294 | 23.8183 | to | 22.3507 | 552576 | 5.18 | 1.55 | to | 1.85 | 0.06 | to | (0.25) |
|  <u>C69</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17591 | 10.2483 | to | 9.9471 | 180147 | 2.23 | 1.65 | to | 1.85 | 7.39 | to | 7.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 17269 | 9.5429 | to | 9.2812 | 164680 | 3.36 | 1.65 | to | 1.85 | (0.11) | to | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16315 | 9.5537 | to | 9.3108 | 155740 | 2.84 | 1.65 | to | 1.85 | 3.97 | to | 3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 15267 | 9.1894 | to | 8.9738 | 140187 | 2.00 | 1.65 | to | 1.85 | (15.55) | to | (15.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15440 | 10.8813 | to | 10.6476 | 167888 | 1.88 | 1.65 | to | 1.85 | (2.58) | to | (2.78) |
|  <u>C70</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 28606 | 10.3238 | to | 8.9649 | 279878 | 2.01 | 1.35 | to | 2.30 | 7.36 | to | 6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30645 | 9.6159 | to | 8.4304 | 279641 | 3.12 | 1.35 | to | 2.30 | (0.05) | to | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 33994 | 9.6202 | to | 8.5160 | 310442 | 2.64 | 1.35 | to | 2.30 | 4.01 | to | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 37651 | 9.2490 | to | 8.2658 | 331485 | 1.81 | 1.35 | to | 2.30 | (15.48) | to | (16.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44656 | 10.9424 | to | 9.8731 | 465711 | 1.82 | 1.35 | to | 2.30 | (2.53) | to | (3.46) |
|  <u>F97</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4927 | 38.9202 | to | 35.3375 | 175900 | 1.65 | 1.65 | to | 2.05 | 16.79 | to | 16.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5107 | 33.3238 | to | 30.3784 | 157016 | 1.59 | 1.65 | to | 2.05 | 13.15 | to | 12.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5359 | 29.4511 | to | 26.9575 | 146560 | 1.77 | 1.65 | to | 2.05 | 8.57 | to | 8.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5440 | 27.1270 | to | 24.9301 | 137558 | 1.73 | 1.65 | to | 2.05 | (6.80) | to | (7.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5558 | 29.1064 | to | 26.8572 | 151403 | 1.67 | 1.65 | to | 2.05 | 22.56 | to | 22.06 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>T20</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16657 | $29.8097 | to | $23.2567 | $449464 | 2.35% | 1.35% | to | 2.30% | 27.46% | to | 26.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19681 | 23.3883 | to | 18.4221 | 418807 | 2.42 | 1.35 | to | 2.30 | (2.34) | to | (3.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 20240 | 23.9491 | to | 19.0467 | 441295 | 3.27 | 1.35 | to | 2.30 | 19.14 | to | 18.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 25884 | 20.1024 | to | 16.1406 | 475345 | 3.01 | 1.35 | to | 2.30 | (8.85) | to | (9.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 29273 | 22.0536 | to | 17.8773 | 592101 | 1.82 | 1.35 | to | 2.30 | 2.76 | to | 1.78 |
|  <u>F51</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1796 | 47.2599 | to | 45.1358 | 84891 | 2.22 | 1.85 | to | 2.05 | 14.75 | to | 14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1986 | 41.1864 | to | 39.4143 | 81680 | 1.72 | 1.85 | to | 2.05 | 15.80 | to | 15.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3062 | 35.5674 | to | 34.1060 | 107421 | 2.25 | 1.85 | to | 2.05 | 6.98 | to | 6.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3417 | 33.2480 | to | 31.9457 | 111972 | 3.10 | 1.85 | to | 2.05 | (8.52) | to | (8.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3791 | 36.3461 | to | 34.9925 | 135813 | 2.49 | 1.85 | to | 2.05 | 22.93 | to | 22.69 |
|  <u>F54</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6512 | 34.0674 | to | 31.0697 | 216767 | 1.95 | 1.65 | to | 2.05 | 9.68 | to | 9.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7234 | 31.0593 | to | 28.4408 | 219363 | 2.00 | 1.65 | to | 2.05 | 9.43 | to | 8.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7576 | 28.3838 | to | 26.0967 | 210069 | 1.90 | 1.65 | to | 2.05 | 11.60 | to | 11.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7975 | 25.4329 | to | 23.4778 | 198273 | 1.85 | 1.65 | to | 2.05 | (8.95) | to | (9.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8393 | 27.9334 | to | 25.8901 | 229342 | 2.90 | 1.65 | to | 2.05 | 17.21 | to | 16.74 |
|  <u>V52</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4632 | 46.5852 | to | 45.3158 | 211166 |  | 1.85 | to | 2.05 | 9.33 | to | 9.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4761 | 42.6084 | to | 41.5305 | 198794 |  | 1.85 | to | 2.05 | 32.06 | to | 31.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4772 | 32.2643 | to | 31.5117 | 151103 |  | 1.85 | to | 2.05 | 38.01 | to | 37.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4783 | 23.3775 | to | 22.8779 | 109925 |  | 1.85 | to | 2.05 | (32.56) | to | (32.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4796 | 34.6650 | to | 33.9922 | 163684 |  | 1.85 | to | 2.05 | 9.59 | to | 9.37 |
|  <u>AC1</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 82 | 29.1455 | 29.1455 | 29.1455 | 2397 | 1.18 | 1.85 | 1.85 | 1.85 | 14.09 | 14.09 | 14.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 88 | 25.5467 | 25.5467 | 25.5467 | 2245 | 1.51 | 1.85 | 1.85 | 1.85 | (1.52) | (1.52) | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 94 | 25.9415 | 25.9415 | 25.9415 | 2438 |  | 1.85 | 1.85 | 1.85 | 15.70 | 15.70 | 15.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 101 | 22.4215 | 22.4215 | 22.4215 | 2268 | 1.40 | 1.85 | 1.85 | 1.85 | (20.01) | (20.01) | (20.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 108 | 28.0289 | 28.0289 | 28.0289 | 3040 | 1.05 | 1.85 | 1.85 | 1.85 | 3.66 | 3.66 | 3.66 |
|  <u>M80</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9096 | 120.7964 | to | 83.6463 | 801740 |  | 1.35 | to | 2.30 | 10.40 | to | 9.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10055 | 109.4183 | to | 76.4952 | 807802 |  | 1.35 | to | 2.30 | 29.37 | to | 28.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11279 | 84.5765 | to | 59.7008 | 701447 |  | 1.35 | to | 2.30 | 33.69 | to | 32.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13920 | 63.2628 | to | 45.0834 | 639301 |  | 1.35 | to | 2.30 | (32.72) | to | (33.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13751 | 94.0330 | to | 67.6552 | 947817 |  | 1.35 | to | 2.30 | 21.58 | to | 20.42 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>M10</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1035 | $47.7155 | to | $43.3233 | $49406 | 0.29% | 1.65% | to | 2.05% | 11.46% | to | 11.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1227 | 40.8719 | to | 39.0259 | 50020 | 0.37 | 1.85 | to | 2.05 | 17.01 | to | 16.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2397 | 34.9316 | to | 33.4215 | 81943 | 0.47 | 1.85 | to | 2.05 | 16.48 | to | 16.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2704 | 29.9887 | to | 28.7497 | 79330 | 0.38 | 1.85 | to | 2.05 | (18.22) | to | (18.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3012 | 38.1764 | to | 35.2264 | 108095 | 0.41 | 1.65 | to | 2.05 | 24.43 | to | 23.93 |
|  <u>MB3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7736 | 30.4579 | to | 28.9993 | 227294 | 0.02 | 1.65 | to | 2.10 | 7.80 | to | 7.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8212 | 28.2533 | to | 27.0229 | 224651 | 0.13 | 1.65 | to | 2.10 | 14.06 | to | 13.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8287 | 24.7711 | to | 23.8013 | 199411 | 0.05 | 1.65 | to | 2.10 | 21.68 | to | 21.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9428 | 20.3582 | to | 19.6500 | 187273 |  | 1.65 | to | 2.10 | (20.77) | to | (21.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9672 | 25.6953 | to | 24.9143 | 243295 | 0.03 | 1.65 | to | 2.10 | 23.59 | to | 23.03 |
|  <u>M42</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 131 | 56.2421 | 56.2421 | 56.2421 | 7367 |  | 1.70 | 1.70 | 1.70 | 10.65 | 10.65 | 10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 131 | 50.8284 | 50.8284 | 50.8284 | 6658 |  | 1.70 | 1.70 | 1.70 | 4.62 | 4.62 | 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 131 | 48.5856 | to |  | 6363 |  | 1.70 | to |  | 12.32 | to |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 131 | 49.3912 | to | 43.2555 | 5666 |  | 1.35 | to | 1.70 | (30.94) | to | (31.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 165 | 71.5161 | to | 62.8541 | 10698 |  | 1.35 | to | 1.70 | 0.20 | to | (0.15) |
|  <u>M83</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10542 | 33.5937 | to | 29.6167 | 331562 | 1.62 | 1.35 | to | 2.30 | 11.49 | to | 10.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11400 | 30.1310 | to | 26.8191 | 323398 | 1.65 | 1.35 | to | 2.30 | 10.10 | to | 9.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12260 | 27.3676 | to | 24.5955 | 317334 | 1.58 | 1.35 | to | 2.30 | 6.48 | to | 5.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13432 | 25.7014 | to | 23.3194 | 328126 | 1.38 | 1.35 | to | 2.30 | (7.17) | to | (8.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15453 | 27.6872 | to | 25.3621 | 408763 | 1.31 | 1.35 | to | 2.30 | 23.76 | to | 22.59 |
|  <u>MG3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3061 | 39.1106 | to | 34.4654 | 108431 | 0.82 | 1.35 | to | 2.05 | 4.55 | to | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3931 | 37.4081 | to | 33.1988 | 134386 | 1.23 | 1.35 | to | 2.05 | 12.20 | to | 11.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4078 | 33.3395 | to | 29.7994 | 124952 | 1.76 | 1.35 | to | 2.05 | 11.21 | to | 10.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4212 | 29.9781 | to | 26.9844 | 116579 | 0.98 | 1.35 | to | 2.05 | (10.01) | to | (10.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4900 | 33.3134 | to | 30.1989 | 152113 | 0.79 | 1.35 | to | 2.05 | 29.22 | to | 28.32 |
|  <u>P06</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17039 | 17.4062 | to | 15.5142 | 275210 | 3.32 | 1.35 | to | 1.85 | 6.42 | to | 5.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 18400 | 16.3564 | to | 15.1455 | 280168 | 2.61 | 1.35 | to | 1.70 | 0.75 | to | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 18673 | 16.2349 | to | 15.0867 | 283169 | 2.99 | 1.35 | to | 1.70 | 2.28 | to | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18949 | 15.8732 | to | 12.8176 | 281879 | 6.67 | 1.35 | to | 2.30 | (13.09) | to | (13.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20031 | 18.2648 | to | 17.0934 | 344070 | 4.94 | 1.35 | to | 1.70 | 4.19 | to | 3.82 |
|  <u>P07</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 52492 | 17.3192 | to | 13.8225 | 823663 | 4.10 | 1.35 | to | 2.30 | 7.45 | to | 6.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 55808 | 16.1185 | to | 12.9879 | 817846 | 4.03 | 1.35 | to | 2.30 | 1.14 | to | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 60838 | 15.9361 | to | 12.9654 | 882252 | 3.51 | 1.35 | to | 2.30 | 4.52 | to | 3.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 67800 | 15.2475 | to | 12.5241 | 944475 | 2.59 | 1.35 | to | 2.30 | (15.46) | to | (16.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 75501 | 18.0359 | to | 14.9566 | 1248101 | 1.82 | 1.35 | to | 2.30 | (2.60) | to | (3.52) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>W39</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 391 | $50.9516 | to | $36.2150 | $15407 | 1.27% | 1.70% | to | 2.05% | 10.85% | to | 10.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 406 | 41.8574 | to | 32.7869 | 14521 | 1.42 | 1.55 | to | 2.05 | (9.68) | to | (10.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 510 | 46.3432 | to | 36.4857 | 21293 | 0.32 | 1.55 | to | 2.05 | 15.15 | to | 14.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 526 | 40.2454 | to | 31.8446 | 19134 | 1.04 | 1.55 | to | 2.05 | (34.87) | to | (35.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1137 | 61.7904 | to | 49.1394 | 62613 | 0.55 | 1.55 | to | 2.05 | 16.97 | to | 16.39 |
|  <u>W41<sup>6</sup></u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11390 | 39.1771 | to | 28.2101 | 349924 |  | 1.35 | to | 2.05 | (35.71) | to | (36.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11957 | 60.9372 | to | 44.1900 | 575440 |  | 1.35 | to | 2.05 | 4.41 | to | 3.67 |
|  <u>W42</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19959 | 66.7857 | to | 45.4744 | 950110 |  | 1.35 | to | 2.30 | 3.06 | to | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24020 | 64.8019 | to | 44.5477 | 1102683 |  | 1.35 | to | 2.30 | 12.63 | to | 11.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27754 | 57.5359 | to | 39.9360 | 1144161 |  | 1.35 | to | 2.30 | 20.10 | to | 18.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21582 | 47.9061 | to | 33.5704 | 747012 |  | 1.35 | to | 2.30 | (34.36) | to | (34.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20457 | 72.9816 | to | 51.6337 | 1086098 | 0.74 | 1.35 | to | 2.30 | 7.43 | to | 6.41 |

---

<sup>1</sup> Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, which are net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Sub-Accounts invest. 

<sup>2</sup> Ratio represents the contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded. 

<sup>3</sup> Ratio represents the total return for the year indicated, including changes in the value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. 

<sup>4</sup> These unit values are not a direct calculation of net asset over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level's commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range. 

<sup>5</sup> Sub-Account AM2 was closed on April 15, 2024 and its remaining assets were transferred into Sub-Account C75.

<sup>6</sup> Sub-Account W41 was merged into Sub-Account W42 on April 21, 2023*.*

------

Delaware Life

Variable Account F - Futurity

Financial Statements as of and for the Year Ended December 31, 2025 and Report of Independent Registered Public Accounting Firm

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**Index** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Page(s)** | **Page(s)** |
|  [**Report of Independent Registered Public Accounting Firm**](#futtoc74573_1) |  | 1-4 |
|  **Financial Statements** |  |  |
|  [Statement of Assets and Liabilities](#futtoc74573_3) |  | 5-7 |
|  [Statement of Operations](#futtoc74573_4) |  | 8-26 |
|  [Statements of Changes in Net Assets](#futtoc74573_5) |  | 27-55 |
|  [Notes to the Financial Statements](#futtoc74573_6) |  | 56-75 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Delaware Life Insurance Company and Contract Owners of Delaware Life Variable Account F - Futurity:

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities of the sub-accounts listed in the Appendix that comprise Delaware Life Variable Account F - Futurity (the Sub-Accounts), as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds; when replies were not received from the transfer agents, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Delaware Life Insurance Company separate account investment companies since 2021.

Boston, Massachusetts

April 23, 2026

------

**Appendix** 

Unless noted otherwise, statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and statements of changes in net assets for each of the years in the two-year period then ended.

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)

AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19)

Alger Growth & Income Portfolio I-2 Sub-Account (A55)

Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)

ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53)

ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)

Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99)

Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91)

First Eagle Overseas Variable Fund Sub-Account (FE3)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)

Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30)

Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521)

Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520)

Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33)

Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)

Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)

Invesco V.I. American Franchise Fund Series I Sub-Account (V15)

Invesco V.I. American Franchise Fund Series II Sub-Account (V52)

Invesco V.I. Core Equity Fund I Sub-Account (A39)

Invesco V.I. Core Equity Fund II Sub-Account (AC3)

Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)

------

Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)

LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43)

LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)

MFS VIT Total Return Series Initial Class Sub-Account (M07)

MFS VIT Total Return Series Service Class Sub-Account (M35)

MFS VIT I Growth Series Initial Class Sub-Account (M31)

MFS VIT I Growth Series Service Class Sub-Account (M80)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05)

MFS VIT I New Discovery Series Service Class Sub-Account (M42)

MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)

MFS VIT I Research Series Initial Class Sub-Account (M33)

MFS VIT I Utilities Series Initial Class Sub-Account (M44)

MFS VIT I Utilities Series Service Class Sub-Account (M40)

MFS VIT I Value Series Initial Class Sub-Account (M83)

MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)

MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)

MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)

------

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)

Rydex VT NASDAQ-100 Fund Sub-Account (R03)

Rydex VT Nova Fund Sub-Account (R02)

*(1)* *Statement of assets and liabilities as of December 31, 2025, statement of changes in net assets for the year ended December 31, 2025, and statement of changes in net assets for the period January 1, 2024 to April 15, 2024.* 

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | |
|  |<br>**Shares** | **Cost** | **Investments at<br>Fair Value** | **Receivable<br>from Sponsor** | **Total Assets** | **Payable to<br>Sponsor** |<br>**Net Assets** |
|  AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70) | 12069 | $325593 | $365202 | $4948 | $370150 | $— | $370150 |
|  AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) | 204840 | 5755526 | 6319301 |  | 6319301 |  | 6319301 |
|  AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹ |  |  |  |  |  |  |  |
|  AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19) | 84980 | 874355 | 837905 | 8031 | 845936 |  | 845936 |
|  Alger Growth & Income Portfolio I-2 Sub-Account (A55) | 139232 | 3607018 | 4889823 | 1385 | 4891208 |  | 4891208 |
|  Alger Small Cap Growth Portfolio I-2 Sub-Account (A51) | 54066 | 1226453 | 1007794 |  | 1007794 | 2488 | 1005306 |
|  ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53) | 14832 | 318126 | 300349 |  | 300349 |  | 300349 |
|  ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13) | 14274 | 286879 | 273769 |  | 273769 |  | 273769 |
|  Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) | 306463 | 14433545 | 17425471 | 32151 | 17457622 |  | 17457622 |
|  Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99) | 155336 | 14064651 | 14427626 |  | 14427626 | 26027 | 14401599 |
|  Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91) | 56789 | 1328494 | 1540120 | 265 | 1540385 |  | 1540385 |
|  First Eagle Overseas Variable Fund Sub-Account (FE3) | 855476 | 21035506 | 23884880 |  | 23884880 | 77384 | 23807496 |
|  Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) | 63482 | 884457 | 1029679 | 304 | 1029983 |  | 1029983 |
|  Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) | 40709 | 472609 | 576034 |  | 576034 |  | 576034 |
|  Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30) | 173731 | 1529045 | 1421118 |  | 1421118 |  | 1421118 |
|  Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521) | 99947 | 1276448 | 1427249 | 5587 | 1432836 |  | 1432836 |
|  Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520) | 214101 | 2855197 | 3316427 | 19799 | 3336226 |  | 3336226 |
|  Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33) | 139827 | 1186737 | 1452804 | 1039 | 1453843 |  | 1453843 |
|  Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31) | 221115 | 4304477 | 4818088 | 16823 | 4834911 |  | 4834911 |
|  Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00) | 5920 | 429646 | 445267 | 8123 | 453391 |  | 453390 |
|  Invesco V.I. American Franchise Fund Series I Sub-Account (V15) | 155632 | 9748837 | 12606179 |  | 12606179 | 104703 | 12501476 |
|  Invesco V.I. American Franchise Fund Series II Sub-Account (V52) | 1729 | 97941 | 124424 |  | 124424 | 5136 | 119288 |
|  Invesco V.I. Core Equity Fund I Sub-Account (A39) | 200324 | 6014314 | 7217680 | 566 | 7218246 |  | 7218246 |
|  Invesco V.I. Core Equity Fund II Sub-Account (AC3) | 1361 | 40189 | 48663 |  | 48663 |  | 48663 |
|  Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21) | 120835 | 4185260 | 4363347 | 2987 | 4366334 |  | 4366334 |
|  Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1) | 4049 | 122835 | 143303 |  | 143303 |  | 143303 |
|  Invesco V.I. Small Cap Equity Fund I Sub-Account (I76) | 28270 | 489210 | 567097 | 7868 | 574965 |  | 574965 |
|  LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43) | 45273 | 921731 | 993553 | 7851 | 1001404 |  | 1001404 |
|  LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32) | 75882 | 2716416 | 3746129 | 24130 | 3770259 |  | 3770259 |
|  MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) | 11876741 | 11876741 | 11876741 | 3985 | 11880726 |  | 11880726 |
|  MFS VIT Total Return Series Initial Class Sub-Account (M07) | 383614 | 9018287 | 8949703 |  | 8949703 | 425 | 8949278 |
|  MFS VIT Total Return Series Service Class Sub-Account (M35) | 324175 | 7478745 | 7339324 |  | 7339324 | 3 | 7339321 |
|  MFS VIT I Growth Series Initial Class Sub-Account (M31) | 261961 | 16563889 | 17774062 |  | 17774062 | 1695 | 17772367 |
|  MFS VIT I Growth Series Service Class Sub-Account (M80) | 59497 | 3269117 | 3610280 |  | 3610280 | 6 | 3610274 |
|  MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) | 1717478 | 15656663 | 13705474 |  | 13705474 | 24287 | 13681187 |
|  MFS VIT I New Discovery Series Initial Class Sub-Account (M05) | 390328 | 5749257 | 6089118 | 7212 | 6096330 |  | 6096330 |
|  MFS VIT I New Discovery Series Service Class Sub-Account (M42) | 583191 | 6857353 | 7056609 |  | 7056609 | 30623 | 7025986 |
|  MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06) | 370033 | 4615513 | 4358992 | 5462 | 4364454 |  | 4364454 |
|  MFS VIT I Research Series Initial Class Sub-Account (M33) | 364283 | 10894685 | 11106978 |  | 11106978 | 149 | 11106829 |
|  MFS VIT I Utilities Series Initial Class Sub-Account (M44) | 120188 | 4042223 | 4534692 | 5132 | 4539824 |  | 4539824 |
|  MFS VIT I Utilities Series Service Class Sub-Account (M40) | 35674 | 1120132 | 1313526 |  | 1313526 |  | 1313526 |
|  MFS VIT I Value Series Initial Class Sub-Account (M83) | 1428331 | 29597836 | 31794659 |  | 31794659 | 53287 | 31741372 |
|  MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6) | 80133 | 4492293 | 4873698 |  | 4873698 | 1489 | 4872209 |
|  MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) | 54753 | 2848145 | 3268771 |  | 3268771 |  | 3268771 |
|  MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) | 242683 | 2904869 | 2625826 |  | 2625826 | 580 | 2625246 |
|  MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) | 151883 | 1820527 | 1634260 |  | 1634260 |  | 1634260 |
|  MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) | 2387130 | 12466817 | 12150493 |  | 12150493 | 8517 | 12141976 |
|  MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) | 409075 | 2141569 | 2053554 |  | 2053554 |  | 2053554 |
|  MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) | 531615 | 11599463 | 11987919 | 17368 | 12005287 |  | 12005287 |
|  MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) | 195548 | 4086238 | 4276635 |  | 4276635 | 3 | 4276632 |
|  MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8) | 1187083 | 11178008 | 11597796 |  | 11597796 | 39189 | 11558607 |
|  MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) | 597829 | 7911458 | 7586447 |  | 7586447 | 19371 | 7567076 |
|  MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) | 1777434 | 15679564 | 17969856 |  | 17969856 | 35013 | 17934843 |
|  PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) | 725108 | 8325504 | 8280734 |  | 8280734 | 11971 | 8268763 |
|  PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) | 230746 | 2876541 | 2771262 | 253 | 2771515 |  | 2771515 |
|  PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) | 1720754 | 17306089 | 16261126 |  | 16261126 | 5192 | 16255934 |
|  Rydex VT NASDAQ-100 Fund Sub-Account (R03) | 17949 | 1154820 | 1736232 | 41069 | 1777301 |  | 1777301 |
|  Rydex VT Nova Fund Sub-Account (R02) | 2515 | 325258 | 647255 | 40235 | 687490 |  | 687490 |

---

<sup>1</sup> *This Sub-Account was closed in 2024.Refer to Note 11 in the Variable Account's Notes to Financial Statements for more information.*

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Units | Value Applicable<br>to Owners of<br>Deferred Variable<br>Annuity Contracts | Reserve for<br>Variable<br>Annuities | Net Assets |
|  A70 | 16040 | $353011 | $17139 | $370150 |
|  A71 | 161358 | 6319301 |  | 6319301 |
|  AM2 |  |  |  |  |
|  A19 | 16419 | 824464 | 21472 | 845936 |
|  A55 | 91007 | 4810872 | 80336 | 4891208 |
|  A51 | 34078 | 1004277 | 1029 | 1005306 |
|  C53 | 7871 | 300349 |  | 300349 |
|  L13 | 5371 | 273769 |  | 273769 |
|  F24 | 203939 | 17074673 | 382949 | 17457622 |
|  F99 | 218014 | 14027738 | 373861 | 14401599 |
|  F91 | 61567 | 1506895 | 33490 | 1540385 |
|  FE3 | 328237 | 23580439 | 227057 | 23807496 |
|  T20 | 34617 | 1027133 | 2850 | 1029983 |
|  F56 | 17198 | 576034 |  | 576034 |
|  G30 | 39705 | 1421118 |  | 1421118 |
| 521 | 25773 | 1407074 | 25762 | 1432836 |
| 520 | 54284 | 3229158 | 107068 | 3336226 |
|  G33 | 68972 | 1434872 | 18971 | 1453843 |
|  G31 | 91146 | 4791215 | 43696 | 4834911 |
|  O00 | 27068 | 431671 | 21719 | 453390 |
|  V15 | 246573 | 12432899 | 68577 | 12501476 |
|  V52 | 2703 | 88469 | 30819 | 119288 |
|  A39 | 201602 | 7200699 | 17547 | 7218246 |
|  AC3 | 852 | 48663 |  | 48663 |
|  A21 | 173474 | 4350096 | 16238 | 4366334 |
|  AC1 | 3879 | 143303 |  | 143303 |
|  I76 | 18721 | 553480 | 21485 | 574965 |
|  J43 | 19399 | 980413 | 20991 | 1001404 |
|  J32 | 43723 | 3676424 | 93835 | 3770259 |
|  MD8 | 1202760 | 11817937 | 62789 | 11880726 |
|  M07 | 441018 | 8895688 | 53590 | 8949278 |
|  M35 | 378888 | 7315561 | 23760 | 7339321 |
|  M31 | 294138 | 17447142 | 325225 | 17772367 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total<br>Units | Value Applicable<br>to Owners of<br>Deferred Variable<br>Annuity Contracts | Reserve for<br>Variable<br>Annuities | Net Assets |
|  M80 | 47866 | $3566438 | $43836.00 | $3610274 |
|  MF1 | 341327 | 13586891 | 94296 | 13681187 |
|  M05 | 260558 | 5954149 | 142181 | 6096330 |
|  M42 | 314502 | 6967105 | 58881 | 7025986 |
|  M06 | 389447 | 4288502 | 75952 | 4364454 |
|  M33 | 264316 | 11081712 | 25117 | 11106829 |
|  M44 | 248100 | 4513047 | 26777 | 4539824 |
|  M40 | 75243 | 1313526 |  | 1313526 |
|  M83 | 963245 | 31203765 | 537607 | 31741372 |
|  MB6 | 91942 | 4788171 | 84038 | 4872209 |
|  MB7 | 57552 | 3268771 |  | 3268771 |
|  M96 | 160270 | 2618912 | 6334 | 2625246 |
|  MD2 | 123228 | 1634260 |  | 1634260 |
|  MA6 | 526868 | 11997690 | 144286 | 12141976 |
|  MA3 | 77846 | 2053554 |  | 2053554 |
|  MD6 | 290995 | 11719562 | 285725 | 12005287 |
|  MB3 | 83139 | 4255499 | 21133 | 4276632 |
|  MB8 | 217628 | 11421750 | 136857 | 11558607 |
|  MF6 | 188258 | 7525387 | 41689 | 7567076 |
|  MG3 | 473763 | 17541786 | 393057 | 17934843 |
|  PK8 | 227244 | 8224253 | 44510 | 8268763 |
|  P06 | 159715 | 2767702 | 3813 | 2771515 |
|  P07 | 936092 | 16189146 | 66788 | 16255934 |
|  R03 | 21692 | 1613715 | 163586 | 1777301 |
|  R02 | 9805 | 521545 | 165945 | 687490 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A70<br>Sub-Account | A71<br>Sub-Account | A19<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $58127 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (5037) | (78755) | (10354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (1420) | (22740) | (2485) |
|  Net investment income (loss) | (6457) | (43368) | (12839) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (804) | 88285 | (25396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 47269 | 542784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 46465 | 631069 | (25396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (24006) | (58483) | 62369 |
|  Net realized and change in unrealized gains (losses) | 22459 | 572586 | 36973 |
|  **Net increase (decrease) from operations** | $16002 | $529218 | $24134 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A55<br>Sub-Account | A51<br>Sub-Account | C53<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $72590 | $— | $6870 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (55188) | (12247) | (4323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (11659) | (2624) | (521) |
|  Net investment income (loss) | 5743 | (14871) | 2026 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 456159 | (109414) | 14970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 544576 | 11646 | 43022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1000735 | (97768) | 57992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (183188) | 139551 | (23975) |
|  Net realized and change in unrealized gains (losses) | 817547 | 41783 | 34017 |
|  **Net increase (decrease) from operations** | $823290 | $26912 | $36043 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | L13<br>Sub-Account | F24<br>Sub-Account | F99<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3026 | $— | $6821 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (3237) | (197980) | (168043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (390) | (55272) | (47052) |
|  Net investment income (loss) | (601) | (253252) | (208274) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 548 | 769172 | 311721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 26288 | 2739010 | 1851574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 26836 | 3508182 | 2163295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4382) | (368900) | (201110) |
|  Net realized and change in unrealized gains (losses) | 22454 | 3139282 | 1962185 |
|  **Net increase (decrease) from operations** | $21853 | $2886030 | $1753911 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F91<br>Sub-Account | FE3<br>Sub-Account | T20<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $22412 | $396461 | $24490 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (20032) | (276496) | (12221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (5817) | (83332) | (3582) |
|  Net investment income (loss) | (3437) | 36633 | 8687 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 108185 | 555817 | 35752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 146316 | 2853589 | 68382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 254501 | 3409406 | 104134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 38305 | 3679343 | 139421 |
|  Net realized and change in unrealized gains (losses) | 292806 | 7088749 | 243555 |
|  **Net increase (decrease) from operations** | $289369 | $7125382 | $252242 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | F56<br>Sub-Account | G30<br>Sub-Account | 521<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $4857 | $17044 | $9773 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (6564) | (18931) | (16895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (1679) | (3450) | (4560) |
|  Net investment income (loss) | (3386) | (5337) | (11682) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 3954 | (48708) | 32892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 41702 | 212009 | 111225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 45656 | 163301 | 144117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 69215 | (19155) | 67014 |
|  Net realized and change in unrealized gains (losses) | 114871 | 144146 | 211131 |
|  **Net increase (decrease) from operations** | $111485 | $138809 | $199449 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | 520<br>Sub-Account | G33<br>Sub-Account | G31<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $37392 | $31807 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (37016) | (17740) | (55843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (11316) | (2750) | (10902) |
|  Net investment income (loss) | (48332) | 16902 | (34938) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 34391 | 47074 | 83304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 492581 | 183411 | 602081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 526972 | 230485 | 685385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15255) | 201793 | (27145) |
|  Net realized and change in unrealized gains (losses) | 511717 | 432278 | 658240 |
|  **Net increase (decrease) from operations** | $463385 | $449180 | $623302 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | O00<br>Sub-Account | V15<br>Sub-Account | V52<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (5439) | (152456) | (1691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (1389) | (29569) | (602) |
|  Net investment income (loss) | (6828) | (182025) | (2293) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (559) | 522724 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 36862 | 1179038 | 12571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 36303 | 1701762 | 14565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15209) | (297750) | (1679) |
|  Net realized and change in unrealized gains (losses) | 21094 | 1404012 | 12886 |
|  **Net increase (decrease) from operations** | $14266 | $1221987 | $10593 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | A39<br>Sub-Account | AC3<br>Sub-Account | A21<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $46602 | $189 | $60674 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (87159) | (508) | (52668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (20151) | (136) | (11816) |
|  Net investment income (loss) | (60708) | (455) | (3810) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 200176 | 28 | (33890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 536475 | 3465 | 269296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 736651 | 3493 | 235406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 323652 | 3024 | 364243 |
|  Net realized and change in unrealized gains (losses) | 1060303 | 6517 | 599649 |
|  **Net increase (decrease) from operations** | $999595 | $6062 | $595839 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | AC1<br>Sub-Account | I76<br>Sub-Account | J43<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1634 | $— | $5948 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (1957) | (9183) | (11896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (473) | (2269) | (2421) |
|  Net investment income (loss) | (796) | (11452) | (8369) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 1557 | 48071 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 8914 | 24268 | 77212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 10471 | 72339 | 78013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9110 | (6113) | 4648 |
|  Net realized and change in unrealized gains (losses) | 19581 | 66226 | 82661 |
|  **Net increase (decrease) from operations** | $18785 | $54774 | $74292 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | J32<br>Sub-Account | MD8<br>Sub-Account | M07<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $16484 | $467146 | $237590 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (44322) | (147602) | (102565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (8683) | (35243) | (26612) |
|  Net investment income (loss) | (36521) | 284301 | 108413 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 184141 |  | (55656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 102589 |  | 633540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 286730 |  | 577884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 169564 |  | 130614 |
|  Net realized and change in unrealized gains (losses) | 456294 |  | 708498 |
|  **Net increase (decrease) from operations** | $419773 | $284301 | $816911 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M35<br>Sub-Account | M31<br>Sub-Account | M80<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $182464 | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (87284) | (215863) | (42343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (27938) | (46318) | (12487) |
|  Net investment income (loss) | 67242 | (262181) | (54830) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (24737) | 729904 | 178046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 536818 | 3227460 | 683907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 512081 | 3957364 | 861953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 63249 | (1874582) | (465503) |
|  Net realized and change in unrealized gains (losses) | 575330 | 2082782 | 396450 |
|  **Net increase (decrease) from operations** | $642572 | $1820601 | $341620 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MF1<br>Sub-Account | M05<br>Sub-Account | M42<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (167713) | (69659) | (81337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (46861) | (19405) | (27556) |
|  Net investment income (loss) | (214574) | (89064) | (108893) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (278622) | (508904) | (533674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 2305339 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2026717 | (508904) | (533674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1517524) | 1236827 | 1378567 |
|  Net realized and change in unrealized gains (losses) | 509193 | 727923 | 844893 |
|  **Net increase (decrease) from operations** | $294619 | $638859 | $736000 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M06<br>Sub-Account | M33<br>Sub-Account | M44<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $200259 | $108388 | $139664 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (54439) | (126984) | (56861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (14293) | (45404) | (11919) |
|  Net investment income (loss) | 131527 | (64000) | 70884 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (114441) | 345276 | 225222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 2656147 | 63872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (114441) | 3001423 | 289094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 238813 | (1846380) | 238993 |
|  Net realized and change in unrealized gains (losses) | 124372 | 1155043 | 528087 |
|  **Net increase (decrease) from operations** | $255899 | $1091043 | $598971 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | M40<br>Sub-Account | M83<br>Sub-Account | MB6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $35618 | $502540 | $52968 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (15519) | (368248) | (59575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (5350) | (108234) | (12302) |
|  Net investment income (loss) | 14749 | 26058 | (18909) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 26023 | 624062 | 235987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 17763 | 2337837 | 910454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 43786 | 2961899 | 1146441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 100877 | 427504 | (431993) |
|  Net realized and change in unrealized gains (losses) | 144663 | 3389403 | 714448 |
|  **Net increase (decrease) from operations** | $159412 | $3415461 | $695539 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MB7<br>Sub-Account | M96<br>Sub-Account | MD2<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $25234 | $112542 | $66216 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (37902) | (31566) | (18204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (12986) | (5973) | (6603) |
|  Net investment income (loss) | (25654) | 75003 | 41409 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 85352 | (80972) | (24838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 597294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 682646 | (80972) | (24838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (209926) | 146841 | 64223 |
|  Net realized and change in unrealized gains (losses) | 472720 | 65869 | 39385 |
|  **Net increase (decrease) from operations** | $447066 | $140872 | $80794 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MA6<br>Sub-Account | MA3<br>Sub-Account | MD6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $801149 | $135487 | $31768 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (144112) | (25872) | (131453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (39650) | (8124) | (37456) |
|  Net investment income (loss) | 617387 | 101491 | (137141) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (160465) | (30654) | 110491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  |  | 1674641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (160465) | (30654) | 1785132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 359752 | 70321 | (717704) |
|  Net realized and change in unrealized gains (losses) | 199287 | 39667 | 1067428 |
|  **Net increase (decrease) from operations** | $816674 | $141158 | $930287 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MB3<br>Sub-Account | MB8<br>Sub-Account | MF6<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $701 | $113731 | $125763 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (48644) | (136204) | (88697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (17047) | (40117) | (26483) |
|  Net investment income (loss) | (64990) | (62590) | 10583 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 104563 | 74338 | (181847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 607737 | 1123469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 712300 | 1197807 | (181847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (321624) | (663504) | 309388 |
|  Net realized and change in unrealized gains (losses) | 390676 | 534303 | 127541 |
|  **Net increase (decrease) from operations** | $325686 | $471713 | $138124 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | MG3<br>Sub-Account | PK8<br>Sub-Account | P06<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $186881 | $572824 | $94369 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (215581) | (98835) | (33962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (61746) | (28923) | (8936) |
|  Net investment income (loss) | (90446) | 445066 | 51471 |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | 685450 | (212363) | (29151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions | 1626551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2312001 | (212363) | (29151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1464650) | 796997 | 150020 |
|  Net realized and change in unrealized gains (losses) | 847351 | 584634 | 120869 |
|  **Net increase (decrease) from operations** | $756905 | $1029700 | $172340 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENT OF OPERATIONS (CONTINUED)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | P07<br>Sub-Account | R03<br>Sub-Account | R02<br>Sub-Account |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $669435 | $502 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | (195250) | (19933) | (7415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and distribution charges | (56557) | (4872) | (1860) |
|  Net investment income (loss) | 417628 | (24303) | (9275) |
|  **Net realized and change in unrealized gains (losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of investments | (463995) | 97735 | 21303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions |  | 91350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (463995) | 189085 | 21303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1193200 | 94161 | 93062 |
|  Net realized and change in unrealized gains (losses) | 729205 | 283246 | 114365 |
|  **Net increase (decrease) from operations** | $1146833 | $258943 | $105090 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A70 Sub-Account | A70 Sub-Account | A71 Sub-Account | A71 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6457) | $(7898) | $(43368) | $(22512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 46465 | 18710 | 631069 | 352454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (24006) | 9390 | (58483) | 422226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 16002 | 20202 | 529218 | 752168 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 8411 |  | 186751 | 90443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 2611 | 1692 | (83244) | (214373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (99559) | (50734) | (1335512) | (813676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (88537) | (49042) | (1232005) | (937606) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (2615) | (2676) |  | (7611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 913 | 782 |  | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (1702) | (1894) |  | (7106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (90239) | (50936) | (1232005) | (944712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (74237) | (30734) | (702787) | (192544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 444387 | 475121 | 7022088 | 7214632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $370150 | $444387 | $6319301 | $7022088 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AM2 Sub-Account <sup>2</sup> | AM2 Sub-Account <sup>2</sup> | A19 Sub-Account | A19 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $(2369) | $(12839) | $(14664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) |  | (99713) | (25396) | (272129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | 94594 | 62369 | 436386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations |  | (7488) | 24134 | 149593 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received |  | 4789 | 48238 | 89199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net |  | (600661) | (35044) | (93361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges |  | (16215) | (157975) | (174361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity |  | (612087) | (144781) | (178523) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges |  |  | (2613) | (2596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves |  |  | 1230 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (1383) | (806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions |  | (612087) | (146164) | (179329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets |  | (619575) | (122030) | (29736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year |  | 619575 | 967966 | 997702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $— | $— | $845936 | $967966 |

---

*²* *The activities for this Sub-Account are for the period from January 1, 2024 to April 15, 2024. Refer to Note 11 for details on closed sub-accounts.* 

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A55 Sub-Account | A55 Sub-Account | A51 Sub-Account | A51 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5743 | $(40562) | $(14871) | $(13287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1000735 | 432492 | (97768) | (129688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (183188) | 499116 | 139551 | 217964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 823290 | 891046 | 26912 | 74989 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 238539 | 108915 | 270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (55670) | (28939) | 7915 | 8337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (840897) | (825361) | (178406) | (147853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (658028) | (745385) | (170221) | (139516) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  | 6850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (10449) | (9355) | (4264) | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 735 | 509 | (3390) | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (9714) | (8846) | (804) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (667742) | (754231) | (171025) | (139551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 155548 | 136815 | (144113) | (64562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 4735660 | 4598845 | 1149419 | 1213981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $4891208 | $4735660 | $1005306 | $1149419 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C53 Sub-Account | C53 Sub-Account | L13 Sub-Account | L13 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2026 | $(1392) | $(601) | $(594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 57992 | 84230 | 26836 | 42584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (23975) | (18981) | (4382) | (24299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 36043 | 63857 | 21853 | 17691 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 7251 | 236152 |  | 8213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (77) | 14333 | 47 | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (129609) | (516356) | (5381) | (48010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (122435) | (265871) | (5334) | (40053) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (122435) | (265871) | (5334) | (40053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (86392) | (202014) | 16519 | (22362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 386741 | 588755 | 257250 | 279612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $300349 | $386741 | $273769 | $257250 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F24 Sub-Account | F24 Sub-Account | F99 Sub-Account | F99 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(253252) | $(250405) | $(208274) | $(222393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3508182 | 3848615 | 2163295 | 4611481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (368900) | 857821 | (201110) | (717079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 2886030 | 4456031 | 1753911 | 3672009 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 161619 | 952236 | 402901 | 814891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (40548) | (446377) | (283125) | (739203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (1997288) | (3843470) | (2129635) | (2475792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1876217) | (3337611) | (2009859) | (2400104) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | 7439 |  |  | 9130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (50358) | (42992) | (68810) | (41319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 10308 | 9748 | (8305) | (13585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (32611) | (33244) | (77115) | (45774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1908828) | (3370855) | (2086974) | (2445878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 977202 | 1085176 | (333063) | 1226131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 16480420 | 15395244 | 14734662 | 13508531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $17457622 | $16480420 | $14401599 | $14734662 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | F91 Sub-Account | F91 Sub-Account | FE3 Sub-Account | FE3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3437) | $(1086) | $36633 | $29835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 254501 | 114204 | 3409406 | (264504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 38305 | (62168) | 3679343 | 1324870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 289369 | 50950 | 7125382 | 1090201 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 30970 | 191350 | 886408 | 1142897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (19706) | 162032 | (2916879) | (342924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (382466) | (375491) | (3855887) | (3391516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (371202) | (22109) | (5886358) | (2591543) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | 878 |  |  | 8909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (4306) | (4131) | (53937) | (29017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 230 | 138 | (30469) | (12432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (3198) | (3993) | (84406) | (32540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (374400) | (26102) | (5970764) | (2624083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (85031) | 24848 | 1154618 | (1533882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 1625416 | 1600568 | 22652878 | 24186760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $1540385 | $1625416 | $23807496 | $22652878 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | T20 Sub-Account | T20 Sub-Account | F56 Sub-Account | F56 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8687 | $10167 | $(3386) | $(3386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 104134 | 1321 | 45656 | (4015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 139421 | (32301) | 69215 | 31459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 252242 | (20813) | 111485 | 24058 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 43739 | 59839 | 67276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (29692) | 43653 | (9316) | (17551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (222087) | (204366) | (155264) | (46003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (208040) | (100874) | (97304) | (63554) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (136) | (129) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 57 | (16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (79) | (145) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (208119) | (101019) | (97304) | (63554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 44123 | (121832) | 14181 | (39496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 985860 | 1107692 | 561853 | 601349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $1029983 | $985860 | $576034 | $561853 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | G30 Sub-Account | G30 Sub-Account | 521 Sub-Account | 521 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5337) | $(931) | $(11682) | $(7812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 163301 | 185861 | 144117 | 116112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (19155) | 32145 | 67014 | 123411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 138809 | 217075 | 199449 | 231711 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 197503 | 23848 | 13459 | 7759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 67740 | 52389 | (197399) | 27805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (526707) | (193689) | (70632) | (256808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (261464) | (117452) | (254572) | (221244) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges |  | (12284) | (2264) | (2154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves |  | 1372 | 1229 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  | (10912) | (1035) | (1092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (261464) | (128364) | (255607) | (222336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (122655) | 88711 | (56158) | 9375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 1543773 | 1455062 | 1488994 | 1479619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $1421118 | $1543773 | $1432836 | $1488994 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 520 Sub-Account | 520 Sub-Account | G33 Sub-Account | G33 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(48332) | $(45251) | $16902 | $22229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 526972 | 316675 | 230485 | 57334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15255) | 506018 | 201793 | (14530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 463385 | 777442 | 449180 | 65033 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 7524 | 112287 | 46573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (5844) | (59473) | (29078) | (15063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (107092) | (614778) | (418688) | (32673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (105412) | (561964) | (401193) | (47736) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (10651) | (9846) | (1178) | (5702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 4489 | 5530 | (3109) | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (6162) | (4316) | (4287) | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (111574) | (566280) | (405480) | (47320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 351811 | 211162 | 43700 | 17713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 2984415 | 2773253 | 1410143 | 1392430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $3336226 | $2984415 | $1453843 | $1410143 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | G31 Sub-Account | G31 Sub-Account | O00 Sub-Account | O00 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(34938) | $(35522) | $(6828) | $(6906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 685385 | 819934 | 36303 | (9077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (27145) | 248083 | (15209) | 107522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 623302 | 1032495 | 14266 | 91539 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 8233 | 127700 | 10365 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (24663) | 132331 | 4464 | (27525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (468342) | (589191) | (44818) | (23574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (484772) | (329160) | (29989) | (51086) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (5235) | (18123) | (2724) | (2576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 4061 | 5747 | 1266 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (1174) | (12376) | (1458) | (536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (485946) | (341536) | (31447) | (51622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 137356 | 690959 | (17181) | 39917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 4697555 | 4006596 | 470571 | 430654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $4834911 | $4697555 | $453390 | $470571 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | V15 Sub-Account | V15 Sub-Account | V52 Sub-Account | V52 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(182025) | $(181441) | $(2293) | $(2082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1701762 | 546741 | 14565 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (297750) | 3155401 | (1679) | 28995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 1221987 | 3520701 | 10593 | 29257 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 253421 | 766249 | 504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (11211) | (56680) | 412 | (650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (2126361) | (2488676) | (339) | (328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1884151) | (1779107) | 577 | (978) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | (4281) | 10932 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (11333) | (17513) | (4479) | (3956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (11660) | (61277) | 1628 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (27274) | (67858) | (2851) | (4072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1911425) | (1846965) | (2274) | (5050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (689438) | 1673736 | 8319 | 24207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 13190914 | 11517178 | 110969 | 86762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $12501476 | $13190914 | $119288 | $110969 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A39 Sub-Account | A39 Sub-Account | AC3 Sub-Account | AC3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(60708) | $(55921) | $(455) | $(463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 736651 | 609484 | 3493 | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 323652 | 1027931 | 3024 | 6912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 999595 | 1581494 | 6062 | 10466 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 311149 | 181583 |  | 8640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (20507) | (36861) | 1 | (12452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (1855023) | (798182) | (8) | (24593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1564381) | (653460) | (7) | (28405) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (540) | (1809) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (8587) | 1727 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (9127) | (82.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1573508) | (653542) | (7) | (28405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (573913) | 927952 | 6055 | (17939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 7792159 | 6864207 | 42608 | 60547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $7218246 | $7792159 | $48663 | $42608 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A21 Sub-Account | A21 Sub-Account | AC1 Sub-Account | AC1 Sub-Account |
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3810) | $11511 | $(796) | $(193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 235406 | 13355 | 10471 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 364243 | (59035) | 9110 | (2992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 595839 | (34169) | 18785 | (1923) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 70524 | 241558 | 183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 3910 | 125360 | (321) | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (635691) | (727721) | (21680) | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (561257) | (360803) | (21818) | 2098 |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (2419) | (2342) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 828 | 392 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (1591) | (1950) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (562848) | (362753) | (21818) | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 32991 | (396922) | (3033) | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 4333343 | 4730265 | 146336 | 146161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $4366334 | $4333343 | $143303 | $146336 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | I76 Sub-Account | I76 Sub-Account | J43 Sub-Account | J43 Sub-Account |
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(11452) | $(11894) | $(8369) | $(7680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 72339 | 51149 | 78013 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6113) | 92458 | 4648 | 108083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 54774 | 131713 | 74292 | 102567 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 17153 | 22633 | 2136 | 97525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 3097 | (23987) | (57789) | (4796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (360527) | (89389) | (35177) | (355092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (340277) | (90743) | (90830) | (262363) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (2635) | (2477) | (2473) | (2509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 1412 | 1668 | 1553 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (1223) | (809) | (920) | (1132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (341500) | (91552) | (91750) | (263495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (286726) | 40161 | (17458) | (160928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 861691 | 821530 | 1018862 | 1179790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $574965 | $861691 | $1001404 | $1018862 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | J32 Sub-Account | J32 Sub-Account | MD8 Sub-Account | MD8 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(36521) | $(35595) | $284301 | $430380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 286730 | 299907 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 169564 | 456770 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 419773 | 721082 | 284301 | 430380 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 510 | 173990 | 304483 | 1017602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 49568 | (5631) | 503957 | 3126011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (389185) | (581700) | (2198236) | (4608732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (339107) | (413341) | (1389796) | (465119) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | (23955) | 23955 | 2826 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (5584) | (11603) | (49236) | (48350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (2965) | 6581 | 634 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (32504) | 18933 | (45776) | (47280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (371611) | (394408) | (1435572) | (512399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 48162 | 326674 | (1151271) | (82019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 3722097 | 3395423 | 13031997 | 13114016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $3770259 | $3722097 | $11880726 | $13031997 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M07 Sub-Account | M07 Sub-Account | M35 Sub-Account | M35 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $108413 | $95084 | $67242 | $53266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 577884 | 446404 | 512081 | 369105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 130614 | 15459 | 63249 | 13843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 816911 | 556947 | 642572 | 436214 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 146148 | 390643 | 160797 | 285614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 7491 | 159101 | 6018 | 15954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (1185497) | (996545) | (877376) | (1121064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1031858) | (446801) | (710561) | (819496) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | 3435 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (7152) | (6591) | (3577) | (13416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 24 | 29 |  | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (3693) | (6562) | (3577) | (12704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1035551) | (453363) | (714138) | (832200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (218640) | 103584 | (71566) | (395986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 9167918 | 9064334 | 7410887 | 7806873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $8949278 | $9167918 | $7339321 | $7410887 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M31 Sub-Account | M31 Sub-Account | M80 Sub-Account | M80 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(262181) | $(273361) | $(54830) | $(55756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3957364 | 3137876 | 861953 | 430529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1874582) | 1950001 | (465503) | 524785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 1820601 | 4814516 | 341620 | 899558 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 434906 | 725963 | 169656 | 120209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 2878 | (41921) | (24532) | (37794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (3040249) | (4049848) | (607497) | (437142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2602465) | (3365806) | (462373) | (354727) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | (12306) | 66292 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (39392) | (37912) | (6521) | (5848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 1202 | (19218) | (1) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (50496) | 9162 | (6522) | (5859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (2652961) | (3356644) | (468895) | (360586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (832360) | 1457872 | (127275) | 538972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 18604727 | 17146855 | 3737549 | 3198577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $17772367 | $18604727 | $3610274 | $3737549 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MF1 Sub-Account | MF1 Sub-Account | M05 Sub-Account | M05 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(214574) | $(230620) | $(89064) | $(98899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2026717 | 577980 | (508904) | (621904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1517524) | 1531316 | 1236827 | 1072381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 294619 | 1878676 | 638859 | 351578 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 440472 | 569992 | 218629 | 247286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 522002 | (738340) | (38437) | (170305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (2391528) | (1932254) | (1126912) | (1229322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1429054) | (2100602) | (946720) | (1152341) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  | 6965 |  | 20900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (35286) | (32112) | (39132) | (26187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (5322) | (5939) | 1753 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (40608) | (31086) | (37379) | (4226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1469662) | (2131688) | (984099) | (1156567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (1175043) | (253012) | (345240) | (804989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 14856230 | 15109242 | 6441570 | 7246559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $13681187 | $14856230 | $6096330 | $6441570 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M42 Sub-Account | M42 Sub-Account | M06 Sub-Account | M06 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(108893) | $(113055) | $131527 | $144371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (533674) | (757981) | (114441) | (186846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1378567 | 1217896 | 238813 | 95200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 736000 | 346860 | 255899 | 52725 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 167002 | 279989 | 59076 | 326668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 16079 | 17192 | 67963 | 498987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (843493) | (848066) | (1203308) | (1331336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (660412) | (550885) | (1076269) | (505681) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  | 1768 | 25657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (4380) | (4376) | (9721) | (6863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (7983) | (6114) | 493 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (12363) | (8722) | 16429 | (6452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (672775) | (559607) | (1059840) | (512133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 63225 | (212747) | (803941) | (459408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 6962761 | 7175508 | 5168395 | 5627803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $7025986 | $6962761 | $4364454 | $5168395 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M33 Sub-Account | M33 Sub-Account | M44 Sub-Account | M44 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(64000) | $(115393) | $70884 | $42630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3001423 | 1140212 | 289094 | 363847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1846380) | 948837 | 238993 | 93661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 1091043 | 1973656 | 598971 | 500138 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 200117 | 374531 | 160066 | 252345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 4518 | (166801) | 1529 | (109679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (2731195) | (1642262) | (1134850) | (1587465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2526560) | (1434532) | (973255) | (1444799) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (3788) | (3464) | (2113) | (2167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 91 | 26 | 864 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (3697) | (3438) | (1249) | (1381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (2530257) | (1437970) | (974504) | (1446180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (1439214) | 535686 | (375533) | (946042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 12546043 | 12010357 | 4915357 | 5861399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $11106829 | $12546043 | $4539824 | $4915357 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M40 Sub-Account | M40 Sub-Account | M83 Sub-Account | M83 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14749 | $5553 | $26058 | $35218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 43786 | 26610 | 2961899 | 3608571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 100877 | 89113 | 427504 | (421213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 159412 | 121276 | 3415461 | 3222576 |
|  **Contract Owner Transactions**: |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 43941 | 91867 | 2196572 | 2556597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (7037) | (114740) | (117178) | (307671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (200651) | (225050) | (5918975) | (6794046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (163747) | (247923) | (3839581) | (4545120) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  | 4021 | 393384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges |  |  | (82221) | (65990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves |  |  | (11910) | (16524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity |  |  | (90110) | 310870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (163747) | (247923) | (3929691) | (4234250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (4335) | (126647) | (514230) | (1011674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 1317861 | 1444508 | 32255602 | 33267276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $1313526 | $1317861 | $31741372 | $32255602 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MB6 Sub-Account | MB6 Sub-Account | MB7 Sub-Account | MB7 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(18909) | $(21214) | $(25654) | $(24154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1146441 | 497287 | 682646 | 345534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (431993) | 555330 | (209926) | 331283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 695539 | 1031403 | 447066 | 652663 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 146310 | 298831 | 1095 | 86692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | (56273) | 90741 | 55459 | (104109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (1093146) | (752163) | (481779) | (316808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1003109) | (362591) | (425225) | (334225) |
|  ***Annuitization Activity***: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (8599) | (8436) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (1038) | (205) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (9637) | (8641) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1012746) | (371232) | (425225) | (334225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (317207) | 660171 | 21841 | 318438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 5189416 | 4529245 | 3246930 | 2928492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $4872209 | $5189416 | $3268771 | $3246930 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | M96 Sub-Account | M96 Sub-Account | MD2 Sub-Account | MD2 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $75003 | $59365 | $41409 | $31619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (80972) | (236284) | (24838) | (84729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 146841 | 143774 | 64223 | 35173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 140872 | (33145) | 80794 | (17937) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 212497 | 82432 | 16820 | 116280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 26803 | 22307 | 20571 | (21383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (456969) | (1120857) | (129189) | (412076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (217669) | (1016118) | (91798) | (317179) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | (8654) | 16434 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (440) | (2963) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (544) | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (9638) | 13466 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (227307) | (1002652) | (91798) | (317179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (86435) | (1035797) | (11004) | (335116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 2711681 | 3747478 | 1645264 | 1980380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $2625246 | $2711681 | $1634260 | $1645264 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MA6 Sub-Account | MA6 Sub-Account | MA3 Sub-Account | MA3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $617387 | $609564 | $101491 | $100687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (160465) | (335972) | (30654) | (65661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 359752 | 407154 | 70321 | 75533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 816674 | 680746 | 141158 | 110559 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 532462 | 857574 | 47851 | 206584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 358470 | (161030) | (54225) | 18569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (2064892) | (2200660) | (362402) | (478216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1173960) | (1504116) | (368776) | (253063) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  | 11880 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (24375) | (17706) |  | (7021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (2820) | (2585) |  | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (27195) | (8411) |  | (6502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1201155) | (1512527) | (368776) | (259565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (384481) | (831781) | (227618) | (149006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 12526457 | 13358238 | 2281172 | 2430178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $12141976 | $12526457 | $2053554 | $2281172 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MD6 Sub-Account | MD6 Sub-Account | MB3 Sub-Account | MB3 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(137141) | $(138522) | $(64990) | $(63103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1785132 | 1749394 | 712300 | 600551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (717704) | 131125 | (321624) | 46076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 930287 | 1741997 | 325686 | 583524 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 441853 | 343973 | 38788 | 169904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 29800 | (131662) | 30607 | (23735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (1514706) | (2461412) | (488150) | (552946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1043053) | (2249101) | (418755) | (406777) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  | 20732 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (30563) | (30408) | (3160) | (13850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 38398 | (19519) |  | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | 7835 | (29195) | (3160) | (13187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1035218) | (2278296) | (421915) | (419964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (104931) | (536299) | (96229) | 163560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 12110218 | 12646517 | 4372861 | 4209301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $12005287 | $12110218 | $4276632 | $4372861 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MB8 Sub-Account | MB8 Sub-Account | MF6 Sub-Account | MF6 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(62590) | $(71728) | $10583 | $49100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1197807 | 361273 | (181847) | (250640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (663504) | 148284 | 309388 | (94045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 471713 | 437829 | 138124 | (295585) |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 442352 | 493459 | 277078 | 689037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 363304 | 10828 | 441520 | 252103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (1945306) | (1877045) | (1177356) | (1621886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (1139650) | (1372758) | (458758) | (680746) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | 3125 | 7264 | 842 | 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (33055) | (22417) | (10961) | (6281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (8522) | (8349) | (3936) | (3260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (38452) | (23502) | (14055) | (6662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (1178102) | (1396260) | (472813) | (687408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (706389) | (958431) | (334689) | (982993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 12264996 | 13223427 | 7901765 | 8884758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $11558607 | $12264996 | $7567076 | $7901765 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MG3 Sub-Account | MG3 Sub-Account | PK8 Sub-Account | PK8 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(90446) | $(63441) | $445066 | $423144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2312001 | 1813869 | (212363) | (366945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1464650) | 514042 | 796997 | 445881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 756905 | 2264470 | 1029700 | 502080 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 529015 | 1412053 | 295420 | 583240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 354332 | (594346) | (117728) | (81357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (2910758) | (3884817) | (1314095) | (1530981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (2027411) | (3067110) | (1136403) | (1029098) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations | 3336 | 264370 |  | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (64198) | (51595) | (15762) | (8163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | (6408) | (12560) | (3412) | (2454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (67270) | 200215 | (19174) | (8999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (2094681) | (2866895) | (1155577) | (1038097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (1337776) | (602425) | (125877) | (536017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 19272619 | 19875044 | 8394640 | 8930657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $17934843 | $19272619 | $8268763 | $8394640 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | P06 Sub-Account | P06 Sub-Account | P07 Sub-Account | P07 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $51471 | $32137 | $417628 | $441443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (29151) | (74320) | (463995) | (656197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 150020 | 57901 | 1193200 | 408627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 172340 | 15718 | 1146833 | 193873 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 38096 | 155845 | 377177 | 1229452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 2463 | 15395 | 333490 | 774648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (265139) | (406581) | (2344657) | (3944828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (224580) | (235341) | (1633990) | (1940728) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (840) | (826) | (11511) | (17492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 119 | 78 | (1916) | (476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (721) | (748) | (13427) | (16198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (225301) | (236089) | (1647417) | (1956926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (52961) | (220371) | (500584) | (1763053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 2824476 | 3044847 | 16756518 | 18519571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $2771515 | $2824476 | $16255934 | $16756518 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)** 

**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R03 Sub-Account | R03 Sub-Account | R02 Sub-Account | R02 Sub-Account |
|  | December 31,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(24303) | $(21370) | $(9275) | $(9313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 189085 | 227045 | 21303 | 95119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 94161 | 109649 | 93062 | 73952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 258943 | 315324 | 105090 | 159758 |
|  **Contract Owner Transactions:** |  |  |  |  |
|  ***Accumulation Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received | 1868 | 173446 | 1497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between Sub-Accounts (including the Fixed Account), net | 29150 | 7336 | (3611) | 78333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals, surrenders, annuitizations and contract charges | (226406) | (257594) | (24478) | (177214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accumulation activity | (195388) | (76812) | (26592) | (98881) |
|  ***Annuitization Activity:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuitizations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments and contract charges | (18251) | (17442) | (16825) | (15468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to annuity reserves | 10886 | 10503 | 10136 | 10390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annuitization activity | (7365) | (6939) | (6689) | (5078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from contract owner transactions | (202753) | (83751) | (33281) | (103959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 56190 | 231573 | 71809 | 55799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 1721111 | 1489538 | 615681 | 559882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $1777301 | $1721111 | $687490 | $615681 |

---

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

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**1. BUSINESS AND ORGANIZATION** 

Delaware Life Variable Account F (the "**Variable Account**") is a separate account of Delaware Life Insurance Company (the "**Sponsor**"). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Futurity contracts, Futurity II contracts, Futurity Focus contracts, Futurity Accolade contracts, Futurity Focus II contracts, Futurity III contracts, Futurity Select Four contracts, Futurity Select Four Plus contracts, Futurity Select Seven contracts, Futurity Select Freedom contracts, Futurity Select Incentive contracts (collectively, the "**Contracts**") and certain other group and individual fixed and variable annuity contracts issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("**FASB**") Accounting Standards Codification ("**ASC**") Topic 946, "Financial Services – Investment Companies".

The assets of the Variable Account are divided into "**Sub-Accounts"**. Each Sub-Account is invested in shares of a specific mutual fund (collectively the "**Funds**"), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the Sponsor's other assets and liabilities. Assets applicable to the Variable Account are not chargeable with liabilities arising out of any other business the Sponsor may conduct.

There were no Sub-Accounts held by the contract owners of the Variable Account that had a name change, were closed, merged into another Sub-Account or commenced operations during the current year.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***General***

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**GAAP**"). The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

***Investment Valuation and Transactions***

Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2025. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

***Units***

The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

***Purchase Payments***

Upon issuance of new Contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

***Transfers***

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the "**Fixed Account"**. The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

***Withdrawals***

At any time during the accumulation phase (the period before the first annuity payment), the contract owner may elect to receive a cash withdrawal payment under the contract. If the contract owner requests a full withdrawal, the contract owner will receive the value of their account at the end of period, less the contract maintenance charge for the current contract year and any applicable withdrawal charge. If the contract owner requests a partial withdrawal, the contract owner will receive the amount requested less any applicable withdrawal charge and the account value will be reduced by the amount requested. Any requests for partial withdrawals that would result in the value of the contract owner's account being reduced to an amount less than the contract maintenance charge for the current contract year is treated as a request for a full withdrawal.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** 

***Annuitization***

On the annuity commencement date, the contract's accumulation account is canceled and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

***Annuity Payments***

The amount of the first variable annuity payment is determined in accordance with the annuity payment rates found in the contract. The number of units to be credited in respect of a particular Sub-Account is determined by dividing that portion of the first variable annuity payment attributable to that Sub-Account by the annuity unit value of that Sub-Account for the period that ends immediately before the annuity commencement date. The number of units of each Sub-Account credited to the contract then remains fixed, unless an exchange of units is made. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant, depending on the investment performance of the Sub-Accounts.

***Federal Income Taxes***

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the "**Code**"). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and, if necessary, a provision may be made in future years.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the Sponsor's management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimates are fair value measurements of investments and the calculation of the reserve for variable annuities. Actual results could vary from the amounts derived from the Sponsor management's estimates.

***Subsequent events***

The Sponsor's management has evaluated events subsequent to December 31, 2025 through the date the financial statements are issued, noting that there are no subsequent events requiring accounting adjustments or disclosure.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**3. FAIR VALUE MEASUREMENTS** 

The Sub-Accounts' investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, "Fair Value Measurements and Disclosures" ("**Topic 820"**), establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity's estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level hierarchy described above. 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.

The Variable Account uses the Funds' closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2025, the net assets held in the Variable Account were categorized as Level 1 assets under the Topic 820 hierarchy levels. There were no Level 2 or 3 investments in the Variable Account during the year ended December 31, 2025. There were no transfers between levels during the year ended December 31, 2025.

**4. RELATED-PARTY TRANSACTIONS** 

Security Investors, LLC, one of the companies in the investment management businesses of Guggenheim Partners, LLC and a related-party of the Sponsor, is the investment advisor to certain Rydex funds and charges a management fee at an annual rate 0.75% of the Rydex funds' average daily net assets.

The Sponsor provides administrative services necessary for the operation of the Variable Account. The Sponsor absorbs all organizational expenses including the fees of registering the Variable Account and its contracts for distribution under federal and state securities laws.

Charges related to contracts sold to persons who are officers, directors, or employees of the Sponsor or an affiliate of the Sponsor may be waived.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**5. CONTRACT CHARGES** 

***Mortality and expense risk charges***

Charges for mortality and expense risks, the optional death benefit riders, and optional living benefit riders are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statement of Operations. The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. At December 31, 2025, the deduction is at an effective annual rate based on the average daily value of the Contract invested in the Variable Account as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | Level 6 | Level 7 | Level 8 |
|  Futurity | 1.25% |  |  |  |  |  |  |  |
|  Futurity II | 1.25% |  |  |  |  |  |  |  |
|  Futurity Focus | 1.00% |  |  |  |  |  |  |  |
|  Futurity Accolade | 1.30% | 1.45% | 1.55% | 1.70% |  |  |  |  |
|  Futurity Focus II | 1.00% | 1.15% | 1.25% | 1.40% | 1.50% | 1.65% |  |  |
|  Futurity III | 0.85% | 1.00% | 1.10% | 1.15% | 1.25% | 1.40% |  |  |
|  Futurity Select Four | 0.95% | 1.10% | 1.20% | 1.35% | 1.45% | 1.60% |  |  |
|  Futurity Select Four Plus | 1.30% | 1.50% | 1.55% | 1.70% | 1.75% | 1.90% | 1.95% | 2.15% |
|  Futurity Select Seven | 1.05% | 1.25% | 1.30% | 1.45% | 1.50% | 1.65% | 1.70% | 1.90% |
|  Futurity Select Freedom | 1.35% | 1.55% | 1.60% | 1.75% | 1.80% | 1.95% |  |  |
|  Futurity Select Incentive | 1.40% | 1.60% | 1.65% | 1.80% | 1.85% | 2.00% | 2.05% | 2.40% |

---

***Administration charges***

Each year on the account anniversary date, an account administration fee (''**Account Fee**'') equal to the lesser of $30 in the case of Futurity contracts, $35 in the case of Futurity II contracts, Futurity Accolade contracts and Futurity III contracts and $50 in the case of Futurity Focus contracts, Futurity Focus II contracts, Futurity Select Four contracts, Futurity Select Four Plus contracts, Futurity Select Seven contracts, Futurity Select Freedom contracts and Futurity Select Incentive contracts or 2% of the participant's account value, reflected in the Statements of Changes in Net Assets, in account years one through five (thereafter, the Account Fee may be changed annually, but it may not exceed the lesser of $50 or 2% of the participant's account value) is deducted from the participant's account to reimburse the Sponsor for certain administrative expenses. After the annuity commencement date, the Account Fee will be deducted pro rata from each variable annuity payment made during the year.

An additional account administration charge is deducted from the Variable Account to reimburse the Sponsor for administrative expenses that are not covered by the annual Account Fee. This administrative charge is deducted daily at an effective annual rate of 0.15% based on the value of the contract and is reported in the Statement of Operations as a component of "Administration and distribution charges".

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**5. CONTRACT CHARGES (CONTINUED)** 

***Surrender charges***

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses related to the sale of the Contracts if the contract holder requests a full withdrawal prior to reaching the pay-out phase and is based on the amounts withdrawn.

---

| | |
|:---|:---|
|  | Surrender Charge<br>(up to % below) |
|  Futurity | 6% |
|  Futurity II | 6% |
|  Futurity Accolade | 8% |
|  Futurity III | 7% |
|  Futurity Select Four | 6% |
|  Futurity Select Four Plus | 8% |
|  Futurity Select Freedom | 8% |
|  Futurity Select Seven | 8% |
|  Futurity Select Incentive | 8% |

---

Surrender charges are reported in the Statements of Changes in Net Assets as a component of "Withdrawals, surrenders, annuitizations and contract charges".

***Distribution charges***

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the Contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the net assets attributable to Futurity Select Seven and Futurity Select Incentive and an effective annual rate of 0.20% of the net assets attributable to Futurity Select Four Plus and Futurity Select Freedom contracts. These charges are reflected on the Statement of Operations as a component of "Administration and distribution charges".

***Premium Taxes***

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction at the annuity commencement date. However, the Sponsor reserves the right to deduct such taxes when incurred.

**6. RESERVE FOR VARIABLE ANNUITIES** 

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and chose the variable payout option. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1987 and December 31, 1998 are calculated using the 1983 Individual Annuitant Mortality Table. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1999 and December 31, 2014 are calculated using the Annuity 2000 Table. Annuity reserves for contracts with annuity commencement dates on or after January 1, 2015 are calculated using the 2012 Individual Annuitant Mortality Table. All annuity reserves are calculated using an assumed interest rate of 3% or 4% per year. The Individual Annuitant Mortality Table utilized is subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**7. INVESTMENT PURCHASES AND SALES** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  A70 | $59559 | $109899 |
|  A71 | 801282 | 1533871 |
|  A19 | 64964 | 225197 |
|  A55 | 856596 | 974317 |
|  A51 | 24809 | 195497 |
|  C53 | 57161 | 134548 |
|  L13 | 29378 | 9025 |
|  F24 | 3260130 | 2694370 |
|  F99 | 2959781 | 3395995 |
|  F91 | 241463 | 473213 |
|  FE3 | 4287919 | 7338237 |
|  T20 | 150050 | 281157 |
|  F56 | 133187 | 192175 |
|  G30 | 523688 | 578480 |
| 521 | 135757 | 293050 |
| 520 | 523573 | 196006 |
|  G33 | 267341 | 469398 |
|  G31 | 649945 | 572401 |
|  O00 | 60478 | 63157 |
|  V15 | 1660117 | 2562042 |
|  V52 | 14065 | 7690 |
|  A39 | 921722 | 2010576 |
|  AC3 | 3656 | 653 |
|  A21 | 496580 | 794573 |
|  AC1 | 10756 | 24456 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**7. INVESTMENT PURCHASES AND SALES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  I76 | $48721 | $378817 |
|  J43 | 87506 | 111966 |
|  J32 | 201889 | 504002 |
|  MD8 | 1363289 | 2515245 |
|  M07 | 1266705 | 1560327 |
|  M35 | 899017 | 1009095 |
|  M31 | 3850020 | 3538063 |
|  M80 | 1135864 | 975682 |
|  MF1 | 3674705 | 3048463 |
|  M05 | 391329 | 1466393 |
|  M42 | 479899 | 1253584 |
|  M06 | 371492 | 1299973 |
|  M33 | 3112268 | 3050469 |
|  M44 | 382395 | 1223008 |
|  M40 | 137593 | 268828 |
|  M83 | 5702951 | 7256949 |
|  MB6 | 1113136 | 1233794 |
|  MB7 | 690142 | 543727 |
|  M96 | 396960 | 548738 |
|  MD2 | 111963 | 162352 |
|  MA6 | 1836207 | 2416007 |
|  MA3 | 202893 | 470178 |
|  MD6 | 2251905 | 1787864 |
|  MB3 | 696799 | 575967 |
|  MB8 | 2875195 | 2984027 |
|  MF6 | 897121 | 1355472 |
|  MG3 | 2798793 | 3351070 |
|  PK8 | 1083782 | 1790964 |
|  P06 | 175123 | 349072 |
|  P07 | 1784299 | 3012219 |
|  R03 | 142801 | 290317 |
|  R02 | 4537 | 57819 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**8. CHANGES IN UNITS OUTSTANDING** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase<br>(Decrease)** |
|  A70 | 719 | 5533 | (4814) |
|  A71 | 5515 | 40715 | (35200) |
|  A19 | 1392 | 4334 | (2942) |
|  A55 | 3551 | 20142 | (16591) |
|  A51 | 663 | 7436 | (6773) |
|  C53 | 203 | 3588 | (3385) |
|  L13 | 21 | 134 | (113) |
|  F24 | 9337 | 35452 | (26115) |
|  F99 | 24316 | 58198 | (33882) |
|  F91 | 3423 | 18924 | (15501) |
|  FE3 | 25600 | 118523 | (92923) |
|  T20 | 2313 | 9783 | (7470) |
|  F56 | 3747 | 7065 | (3318) |
|  G30 | 8609 | 16002 | (7393) |
| 521 | 265 | 5502 | (5237) |
| 520 | 544 | 2597 | (2053) |
|  G33 | 2831 | 24209 | (21378) |
|  G31 | 360 | 11031 | (10671) |
|  O00 | 3224 | 5228 | (2004) |
|  V15 | 14056 | 53426 | (39370) |
|  V52 | 58 | 144 | (86) |
|  A39 | 11694 | 61148 | (49454) |
|  A21 | 6821 | 30604 | (23783) |
|  AC1 | 172 | 831 | (659) |
|  I76 | 850 | 12456 | (11606) |
|  J43 | 103 | 2172 | (2069) |
|  J32 | 1099 | 6145 | (5046) |
|  MD8 | 102961 | 245105 | (142144) |
|  M07 | 20704 | 74564 | (53860) |
|  M35 | 23254 | 61924 | (38670) |
|  M31 | 10168 | 56951 | (46783) |
|  M80 | 9629 | 17276 | (7647) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase<br>(Decrease)** |
|  MF1 | 41338 | 78035 | (36697) |
|  M05 | 20564 | 66246 | (45682) |
|  M42 | 41384 | 71539 | (30155) |
|  M06 | 16798 | 114939 | (98141) |
|  M33 | 9008 | 77155 | (68147) |
|  M44 | 10237 | 66752 | (56515) |
|  M40 | 8343 | 18262 | (9919) |
|  M83 | 107176 | 234563 | (127387) |
|  MB6 | 2976 | 23453 | (20477) |
|  MB7 | 1449 | 9149 | (7700) |
|  M96 | 17439 | 32147 | (14708) |
|  MD2 | 3731 | 10999 | (7268) |
|  MA6 | 64416 | 116036 | (51620) |
|  MA3 | 3255 | 17385 | (14130) |
|  MD6 | 14455 | 41359 | (26904) |
|  MB3 | 2201 | 10614 | (8413) |
|  MB8 | 42917 | 65073 | (22156) |
|  MF6 | 24171 | 35082 | (10911) |
|  MG3 | 39383 | 96403 | (57020) |
|  PK8 | 22456 | 55972 | (33516) |
|  P06 | 5187 | 18311 | (13124) |
|  P07 | 86262 | 183766 | (97504) |
|  R03 | 855 | 4092 | (3237) |
|  R02 | 108 | 944 | (836) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase<br>(Decrease)** |
|  A70 | 109 | 1711 | (1602) |
|  A71 | 12579 | 40365 | (27786) |
|  AM2 | 215 | 26012 | (25797) |
|  A19 | 3530 | 7806 | (4276) |
|  A55 | 5666 | 23918 | (18252) |
|  A51 | 665 | 5104 | (4439) |
|  C53 | 7571 | 16059 | (8488) |
|  L13 | 224 | 1093 | (869) |
|  F24 | 24325 | 76767 | (52442) |
|  F99 | 44522 | 88983 | (44461) |
|  F91 | 16676 | 18544 | (1868) |
|  FE3 | 35951 | 84445 | (48494) |
|  T20 | 4733 | 8916 | (4183) |
|  F56 | 300 | 2541 | (2241) |
|  G30 | 2855 | 6961 | (4106) |
| 521 | 872 | 6421 | (5549) |
| 520 | 6029 | 17454 | (11425) |
|  G33 | 1268 | 3872 | (2604) |
|  G31 | 9170 | 16003 | (6833) |
|  O00 | 458 | 4032 | (3574) |
|  V15 | 41395 | 86216 | (44821) |
|  V52 | 4 | 130 | (126) |
|  A39 | 8206 | 31599 | (23393) |
|  AC3 | 290 | 1082 | (792) |
|  A21 | 21109 | 37348 | (16239) |
|  AC1 | 84 | 15 | 69 |
|  I76 | 1446 | 4794 | (3348) |
|  J43 | 3113 | 9142 | (6029) |
|  J32 | 4392 | 10052 | (5660) |
|  MD8 | 477808 | 535523 | (57715) |
|  M07 | 45641 | 70200 | (24559) |
|  M35 | 27752 | 75638 | (47886) |
|  M31 | 30779 | 85598 | (54819) |
|  M80 | 2892 | 9416 | (6524) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**8. CHANGES IN UNITS OUTSTANDING (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase**<br>**(Decrease)** |
|  MF1 | 33575 | 89907 | (56332) |
|  M05 | 28179 | 84249 | (56070) |
|  M42 | 28172 | 55589 | (27417) |
|  M06 | 97659 | 146203 | (48544) |
|  M33 | 10475 | 50543 | (40068) |
|  M44 | 21506 | 116466 | (94960) |
|  M40 | 6982 | 24414 | (17432) |
|  M83 | 143261 | 289461 | (146200) |
|  MB6 | 15014 | 24191 | (9177) |
|  MB7 | 4404 | 11496 | (7092) |
|  M96 | 15635 | 81557 | (65922) |
|  MD2 | 13200 | 37617 | (24417) |
|  MA6 | 73419 | 143213 | (69794) |
|  MA3 | 9399 | 20571 | (11172) |
|  MD6 | 21337 | 78117 | (56780) |
|  MB3 | 5189 | 14030 | (8841) |
|  MB8 | 23936 | 51047 | (27111) |
|  MF6 | 46496 | 61027 | (14531) |
|  MG3 | 61939 | 144915 | (82976) |
|  PK8 | 31776 | 65244 | (33468) |
|  P06 | 15566 | 30577 | (15011) |
|  P07 | 164590 | 285596 | (121006) |
|  R03 | 9429 | 11498 | (2069) |
|  R02 | 3374 | 5765 | (2391) |

---

**9. TAX DIVERSIFICATION REQUIREMENTS** 

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

**10. SEGMENT REPORTING** 

The Variable Account derives revenues from the variable portion of certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker for overseeing the Variable Account's variable annuity products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account's products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds' activities and performance. Investment performance of the Funds may vary based on the Fund's investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account's Statement of Operations for segment expenses for the year ended December 31, 2025 and the Statement of Assets and Liabilities for segment assets at December 31, 2025.

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS** 

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and the total return, for each of the five years in the period ended December 31, is as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>A70</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16040 | $20.2188 | to | $35.0023 | $370150 | —% | 1.15% | to | 2.10% | 4.81% | to | 3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20854 | 19.2913 | to | 33.7181 | 444387 |  | 1.15 | to | 2.10 | 4.73 | to | 3.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22456 | 18.4196 | to | 32.5071 | 475121 | 0.03 | 1.15 | to | 2.10 | 14.38 | to | 13.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24504 | 16.1041 | to | 28.6937 | 463924 |  | 1.15 | to | 2.10 | (28.00) | to | (28.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 31053 | 22.3679 | to | 40.2380 | 785144 |  | 1.15 | to | 2.10 | 21.16 | to | 20.01 |
|  <u>A71</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 161358 | 41.0119 | to | 45.4511 | 6319301 | 0.90 | 1.15 | to | 2.10 | 8.93 | to | 7.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 196558 | 37.6484 | to | 42.1251 | 7022088 | 1.26 | 1.15 | to | 2.10 | 11.46 | to | 10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 224344 | 33.7777 | to | 38.1611 | 7214632 | 1.25 | 1.15 | to | 2.10 | 10.44 | to | 9.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 262029 | 30.5840 | to | 34.8846 | 7624210 | 1.10 | 1.15 | to | 2.10 | (5.51) | to | (6.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 276394 | 32.3691 | to | 37.2757 | 8500155 | 0.64 | 1.15 | to | 2.10 | 26.37 | to | 25.17 |
|  <u>AM2<sup>5</sup></u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 25.2219 | to | 26.7725 |  |  | 1.15 | to | 2.10 | (1.26) | to | (1.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 25797 | 25.5429 | to | 27.1902 | 619575 |  | 1.15 | to | 2.10 | 11.07 | to | 10.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 30748 | 22.9977 | to | 24.7160 | 667155 |  | 1.15 | to | 2.10 | (28.63) | to | (29.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36793 | 32.2253 | to | 34.9665 | 1122489 |  | 1.15 | to | 2.10 | 6.77 | to | 5.75 |
|  <u>A19</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16419 | 54.1594 | to | 68.5148 | 845936 |  | 1.15 | to | 2.10 | 3.25 | to | 2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19361 | 52.4547 | to | 66.9972 | 967966 |  | 1.15 | to | 2.10 | 17.07 | to | 15.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23637 | 44.8050 | to | 57.7823 | 997702 |  | 1.15 | to | 2.10 | 16.38 | to | 15.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24303 | 38.4996 | to | 50.1272 | 888247 |  | 1.15 | to | 2.10 | (39.96) | to | (40.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 25995 | 64.1253 | to | 84.2966 | 1578476 |  | 1.15 | to | 2.10 | 7.95 | to | 6.92 |
|  <u>A55</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 91007 | 42.4291 | to | 54.1349 | 4891208 | 1.57 | 1.15 | to | 1.85 | 19.43 | to | 18.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 107598 | 35.5259 | to | 45.6472 | 4735660 | 0.59 | 1.15 | to | 1.85 | 21.24 | to | 20.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 125850 | 29.3012 | to | 37.9172 | 4598845 | 1.40 | 1.15 | to | 1.85 | 22.51 | to | 21.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 135267 | 23.9172 | to | 31.1679 | 4020511 | 1.41 | 1.15 | to | 1.85 | (15.95) | to | (16.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 148347 | 28.4574 | to | 37.3462 | 5270547 | 1.15 | 1.15 | to | 1.85 | 30.15 | to | 29.24 |
|  <u>A51</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34078 | 23.8782 | to | 27.4503 | 1005306 |  | 1.15 | to | 1.85 | 4.70 | to | 3.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 40851 | 22.8073 | to | 26.4043 | 1149419 | 0.37 | 1.15 | to | 1.85 | 6.88 | to | 6.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 45290 | 21.3394 | to | 24.8809 | 1213981 |  | 1.15 | to | 1.85 | 15.16 | to | 14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 51581 | 18.5307 | to | 21.7582 | 1235146 |  | 1.15 | to | 1.85 | (38.73) | to | (39.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 54554 | 30.2421 | to | 35.7606 | 2134397 |  | 1.15 | to | 1.85 | (7.14) | to | (7.79) |
|  <u>C53</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7871 | 38.1611 | 38.1611 | 38.1611 | 300349 | 1.98 | 1.40 | 1.40 | 1.40 | 11.06 | 11.06 | 11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11256 | 34.3601 | 34.3601 | 34.3601 | 386741 | 1.13 | 1.40 | 1.40 | 1.40 | 15.22 | 15.22 | 15.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 19744 | 29.8219 | 29.8219 | 29.8219 | 588755 | 2.04 | 1.40 | 1.40 | 1.40 | 12.62 | 12.62 | 12.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24117 | 26.4800 | 26.4800 | 26.4800 | 644033 | 1.20 | 1.40 | 1.40 | 1.40 | (9.37) | (9.37) | (9.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30862 | 29.2177 | 29.2177 | 29.2177 | 906875 | 1.51 | 1.40 | 1.40 | 1.40 | 25.05 | 25.05 | 25.05 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>L13</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5371 | $50.9761 | $50.9761 | $50.9761 | $273769 | 1.16% | 1.40% | 1.40% | 1.40% | 8.67% | 8.67% | 8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5484 | 46.9073 | 46.9073 | 46.9073 | 257250 | 1.18 | 1.40 | 1.40 | 1.40 | 6.57 | 6.57 | 6.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6353 | 44.0140 | 44.0140 | 44.0140 | 279612 | 1.31 | 1.40 | 1.40 | 1.40 | 13.51 | 13.51 | 13.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6385 | 38.7761 | 38.7761 | 38.7761 | 247573 | 1.24 | 1.40 | 1.40 | 1.40 | (7.72) | (7.72) | (7.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7758 | 42.0205 | 42.0205 | 42.0205 | 325999 | 0.99 | 1.40 | 1.40 | 1.40 | 24.47 | 24.47 | 24.47 |
|  <u>F24</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 203939 | 92.7552 | to | 83.7545 | 17457622 |  | 1.15 | to | 2.10 | 19.80 | to | 18.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 230054 | 77.4226 | to | 70.5823 | 16480420 | 0.04 | 1.15 | to | 2.10 | 31.90 | to | 30.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 282496 | 58.6959 | to | 54.0294 | 15395244 | 0.25 | 1.15 | to | 2.10 | 31.59 | to | 30.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 325601 | 44.6041 | to | 41.4518 | 13537339 | 0.25 | 1.15 | to | 2.10 | (27.33) | to | (28.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 365838 | 61.3800 | to | 55.3834 | 21038611 | 0.03 | 1.15 | to | 2.30 | 26.05 | to | 24.60 |
|  <u>F99</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 218014 | 67.0770 | to | 83.0700 | 14401599 | 0.05 | 1.15 | to | 2.30 | 13.29 | to | 11.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 251896 | 59.2062 | to | 74.1769 | 14734662 |  | 1.15 | to | 2.30 | 28.57 | to | 27.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 296357 | 46.0501 | to | 58.3721 | 13508531 |  | 1.15 | to | 2.30 | 34.33 | to | 32.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 359509 | 34.2804 | to | 43.9576 | 12269969 | 0.35 | 1.15 | to | 2.30 | (25.51) | to | (26.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 371927 | 46.0193 | to | 59.6980 | 17083341 |  | 1.15 | to | 2.30 | 21.49 | to | 20.09 |
|  <u>F91</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 61567 | 26.3941 | to | 32.7656 | 1540385 | 1.31 | 1.15 | to | 2.10 | 18.68 | to | 17.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 77068 | 22.2405 | to | 27.8751 | 1625416 | 1.40 | 1.15 | to | 2.10 | 3.59 | to | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 78936 | 21.4692 | to | 27.1697 | 1600568 | 0.78 | 1.15 | to | 2.10 | 18.84 | to | 17.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 86726 | 18.0651 | to | 23.0811 | 1486071 | 0.57 | 1.15 | to | 2.10 | (25.55) | to | (26.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 347457 | 24.2634 | to | 31.2990 | 8486481 | 0.33 | 1.15 | to | 2.10 | 18.02 | to | 16.89 |
|  <u>FE3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 328237 | 80.2005 | to | 62.5319 | 23807496 | 1.70 | 1.15 | to | 2.10 | 35.90 | to | 34.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 421160 | 59.0131 | to | 46.4595 | 22652878 | 1.66 | 1.15 | to | 2.10 | 4.88 | to | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 469654 | 56.2685 | to | 44.7336 | 24186760 | 0.00 | 1.15 | to | 2.10 | 8.83 | to | 7.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 505020 | 51.7046 | to | 41.5042 | 23987659 | 2.06 | 1.15 | to | 2.10 | (9.21) | to | (10.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 591037 | 56.9496 | to | 46.1588 | 31035581 | 0.89 | 1.15 | to | 2.10 | 3.25 | to | 2.26 |
|  <u>T20</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34617 | 32.5370 | to | 24.7770 | 1029983 | 2.34 | 1.15 | to | 2.10 | 27.72 | to | 26.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 42087 | 25.4744 | to | 19.5875 | 985860 | 2.48 | 1.15 | to | 2.10 | (2.13) | to | (3.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 46270 | 26.0298 | to | 20.2111 | 1107692 | 3.26 | 1.15 | to | 2.10 | 19.39 | to | 18.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 53330 | 21.8030 | to | 17.0934 | 1077978 | 2.95 | 1.15 | to | 2.10 | (8.66) | to | (9.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 61230 | 23.8691 | to | 18.8951 | 1343875 | 1.82 | 1.15 | to | 2.10 | 2.97 | to | 1.98 |
|  <u>F56</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17198 | 36.3017 | to | 27.4542 | 576034 | 0.87 | 1.15 | to | 2.10 | 22.41 | to | 21.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20516 | 29.6569 | to | 22.6447 | 561853 | 0.91 | 1.15 | to | 2.10 | 4.18 | to | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22757 | 28.4662 | to | 21.9466 | 601349 | 3.33 | 1.15 | to | 2.10 | 19.62 | to | 18.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 25332 | 23.7964 | to | 18.5224 | 559167 | 0.16 | 1.15 | to | 2.10 | (12.52) | to | (13.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 26462 | 27.2015 | to | 21.3765 | 669353 | 1.09 | 1.15 | to | 2.10 | 3.67 | to | 2.68 |
|  <u>G30</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 39705 | 38.1700 | to | 34.7627 | 1421118 | 1.12 | 1.15 | to | 1.85 | 9.62 | to | 8.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 47098 | 34.8195 | to | 31.9385 | 1543773 | 1.40 | 1.15 | to | 1.85 | 15.75 | to | 14.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 51204 | 30.0809 | to | 27.7913 | 1455062 | 1.55 | 1.15 | to | 1.85 | 11.73 | to | 10.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 81081 | 26.9231 | to | 25.0516 | 2103430 | 1.35 | 1.15 | to | 1.85 | (7.43) | to | (8.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 87072 | 29.0850 | to | 27.2570 | 2448631 | 1.15 | 1.15 | to | 1.85 | 22.72 | to | 21.85 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
| <u>521</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 25773 | $70.8443 | to | $58.3636 | $1432836 | 0.67% | 1.15% | to | 1.70% | 14.82% | to | 14.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 31010 | 61.7001 | to | 51.1176 | 1488994 | 0.96 | 1.15 | to | 1.70 | 17.69 | to | 17.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 36559 | 52.4280 | to | 43.6834 | 1479619 | 1.03 | 1.15 | to | 1.70 | 17.92 | to | 17.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 37013 | 44.4600 | to | 37.2533 | 1278436 | 0.31 | 1.15 | to | 1.70 | (20.30) | to | (20.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 38721 | 55.7824 | to | 47.0044 | 1691218 | 0.45 | 1.15 | to | 1.70 | 22.38 | to | 21.69 |
| <u>520</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 54284 | 66.6432 | to | 77.3840 | 3336226 |  | 1.15 | to | 2.10 | 16.57 | to | 15.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 56337 | 57.1712 | to | 67.0243 | 2984415 |  | 1.15 | to | 2.10 | 30.83 | to | 29.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 67762 | 43.6973 | to | 51.7254 | 2773253 |  | 1.15 | to | 2.10 | 40.32 | to | 38.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 67372 | 31.1418 | to | 37.2168 | 1956184 |  | 1.15 | to | 2.10 | (33.29) | to | (33.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 65706 | 46.6828 | to | 56.3264 | 2874030 |  | 1.15 | to | 2.10 | 20.53 | to | 19.38 |
|  <u>G33</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 68972 | 19.0989 | to | 19.9216 | 1453843 | 2.64 | 1.15 | to | 1.70 | 36.90 | to | 36.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 90350 | 13.9514 | to | 14.6330 | 1410143 | 2.99 | 1.15 | to | 1.70 | 4.91 | to | 4.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 92954 | 13.2991 | to | 14.0269 | 1392430 | 2.63 | 1.15 | to | 1.70 | 17.35 | to | 16.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 100548 | 11.3331 | to | 11.6105 | 1300522 | 3.15 | 1.15 | to | 1.85 | (14.55) | to | (15.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 108489 | 13.2622 | to | 13.6828 | 1654704 | 2.72 | 1.15 | to | 1.85 | 10.88 | to | 10.10 |
|  <u>G31</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 91146 | 55.3288 | to | 47.1175 | 4834911 | 0.69 | 1.15 | to | 1.85 | 14.43 | to | 13.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 101817 | 48.3514 | to | 44.1681 | 4697555 | 0.64 | 1.15 | to | 2.05 | 26.85 | to | 25.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 108650 | 38.1167 | to | 35.1423 | 4006596 | 0.70 | 1.15 | to | 2.05 | 22.40 | to | 21.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 115809 | 31.1404 | to | 28.9740 | 3494277 | 0.80 | 1.15 | to | 2.05 | (20.65) | to | (21.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 125842 | 39.2451 | to | 36.8509 | 4805105 | 0.78 | 1.15 | to | 2.05 | 27.93 | to | 26.77 |
|  <u>O00</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27068 | 16.8136 | to | 15.9236 | 453390 |  | 1.15 | to | 2.10 | 3.59 | to | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 29072 | 16.2315 | to | 15.5203 | 470571 |  | 1.15 | to | 2.10 | 22.79 | to | 21.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 32646 | 13.2185 | to | 12.7621 | 430654 |  | 1.15 | to | 2.10 | 11.86 | to | 10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 47564 | 11.8175 | to | 11.5189 | 564359 |  | 1.15 | to | 2.10 | (31.77) | to | (32.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 46399 | 17.3211 | to | 17.0460 | 806137 |  | 1.15 | to | 2.10 | 17.73 | to | 16.61 |
|  <u>V15</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 246573 | 53.1966 | to | 48.2197 | 12501476 |  | 1.15 | to | 1.85 | 10.39 | to | 9.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 285943 | 48.1881 | to | 43.9927 | 13190914 |  | 1.15 | to | 1.85 | 33.34 | to | 32.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 330764 | 36.0906 | to | 33.2310 | 11517178 |  | 1.15 | to | 1.85 | 39.31 | to | 38.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 366288 | 25.9060 | to | 24.0212 | 9189277 |  | 1.15 | to | 1.85 | (31.90) | to | (32.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 391428 | 38.0864 | to | 35.5244 | 14479127 |  | 1.15 | to | 1.85 | 10.65 | to | 9.86 |
|  <u>V52</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2703 | 49.9300 | to | 44.9986 | 119288 |  | 1.35 | to | 2.10 | 9.89 | to | 9.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2789 | 45.4373 | to | 41.2611 | 110969 |  | 1.35 | to | 2.10 | 32.74 | to | 31.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2915 | 34.2315 | to | 31.3235 | 86762 |  | 1.35 | to | 2.10 | 38.71 | to | 37.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3895 | 24.6782 | to | 22.7529 | 84978 |  | 1.35 | to | 2.10 | (32.22) | to | (32.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4199 | 36.4092 | to | 33.8239 | 150011 |  | 1.35 | to | 2.10 | 10.14 | to | 9.31 |
|  <u>A39</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 201602 | 41.0584 | to | 35.1031 | 7218246 | 0.63 | 1.15 | to | 1.85 | 14.85 | to | 14.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 251056 | 35.7510 | to | 30.7845 | 7792159 | 0.70 | 1.15 | to | 1.85 | 24.17 | to | 23.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 274449 | 28.7928 | to | 24.9720 | 6864207 | 0.72 | 1.15 | to | 1.85 | 21.96 | to | 21.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 298250 | 23.6077 | to | 20.6213 | 6157753 | 0.90 | 1.15 | to | 1.85 | (21.45) | to | (22.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 321190 | 30.0544 | to | 26.4404 | 8455254 | 0.65 | 1.15 | to | 1.85 | 26.29 | to | 25.39 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>AC3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 852 | $58.3551 | to | $50.3050 | $48663 | 0.42% | 1.35% | to | 1.70% | 14.33% | to | 13.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 852 | 51.0425 | to | 35.7178 | 42608 | 0.34 | 1.35 | to | 1.85 | 23.59 | to | 22.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1644 | 41.3001 | to | 29.0481 | 60547 | 0.44 | 1.35 | to | 1.85 | 21.43 | to | 20.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1988 | 34.0104 | to | 24.0418 | 61643 | 0.64 | 1.35 | to | 1.85 | (21.82) | to | (22.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1953 | 43.5020 | to | 30.9072 | 77417 | 0.45 | 1.35 | to | 1.85 | 25.67 | to | 25.03 |
|  <u>A21</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 173474 | 31.6149 | to | 23.4913 | 4366334 | 1.39 | 1.15 | to | 1.85 | 15.17 | to | 14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 197257 | 27.4499 | to | 20.5426 | 4333343 | 1.73 | 1.15 | to | 1.85 | (0.54) | to | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 213496 | 27.5979 | to | 20.8028 | 4730265 | 0.19 | 1.15 | to | 1.85 | 16.80 | to | 15.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 238290 | 23.6275 | to | 17.9372 | 4538101 | 1.66 | 1.15 | to | 1.85 | (19.23) | to | (19.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 281978 | 29.2545 | to | 22.3681 | 6720256 | 1.24 | 1.15 | to | 1.85 | 4.68 | to | 3.94 |
|  <u>AC1</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3879 | 38.8234 | to | 33.8393 | 143303 | 1.05 | 1.35 | to | 2.10 | 14.67 | to | 13.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4538 | 33.8580 | to | 29.7358 | 146336 | 1.55 | 1.35 | to | 2.10 | (1.02) | to | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4469 | 34.2061 | to | 30.2721 | 146161 | 0.00 | 1.35 | to | 2.10 | 16.28 | to | 15.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4587 | 29.4160 | to | 26.2303 | 129582 | 1.35 | 1.35 | to | 2.10 | (19.60) | to | (20.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5402 | 36.5873 | to | 32.8731 | 190359 | 1.07 | 1.35 | to | 2.10 | 4.18 | to | 3.40 |
|  <u>I76</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 18721 | 32.2203 | to | 26.9166 | 574965 |  | 1.15 | to | 2.10 | 6.81 | to | 5.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30327 | 30.1671 | to | 25.4440 | 861691 | 0.13 | 1.15 | to | 2.10 | 16.72 | to | 15.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 33675 | 25.8448 | to | 22.0101 | 821530 |  | 1.15 | to | 2.10 | 15.24 | to | 14.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 42724 | 22.4269 | to | 19.2827 | 913677 |  | 1.15 | to | 2.10 | (21.42) | to | (22.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44061 | 28.5396 | to | 24.7745 | 1201174 | 0.16 | 1.15 | to | 2.10 | 19.02 | to | 17.88 |
|  <u>J43</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19399 | 54.2914 | to | 48.2448 | 1001404 | 0.61 | 1.15 | to | 1.85 | 9.00 | to | 8.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21468 | 49.8068 | to | 44.5722 | 1018862 | 0.77 | 1.15 | to | 1.85 | 10.42 | to | 9.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27497 | 45.1083 | to | 40.6551 | 1179790 | 1.30 | 1.15 | to | 1.85 | 11.80 | to | 11.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 30694 | 40.3456 | to | 36.6188 | 1184730 | 0.45 | 1.15 | to | 1.85 | (20.28) | to | (20.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 33091 | 50.6074 | to | 46.2569 | 1603468 | 0.52 | 1.15 | to | 1.85 | 19.99 | to | 19.15 |
|  <u>J32</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 43723 | 90.3590 | to | 80.2968 | 3770259 | 0.46 | 1.15 | to | 1.85 | 13.22 | to | 12.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 48769 | 79.9518 | to | 71.4190 | 3722097 | 0.51 | 1.15 | to | 1.85 | 22.56 | to | 21.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 54429 | 65.2334 | to | 58.6925 | 3395423 | 1.57 | 1.15 | to | 1.85 | 25.72 | to | 24.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 55124 | 51.8883 | to | 47.0189 | 2742288 | 0.52 | 1.15 | to | 1.85 | (19.62) | to | (20.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62739 | 64.5529 | to | 58.9139 | 3889278 | 0.76 | 1.15 | to | 1.85 | 27.87 | to | 26.96 |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>MD8</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1202760 | $10.2593 | to | $9.0305 | $11880726 | 3.79% | 1.15% | to | 2.10% | 2.68% | to | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1344904 | 9.9918 | to | 8.8807 | 13031997 | 4.74 | 1.15 | to | 2.10 | 3.65 | to | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1402619 | 9.6401 | to | 8.6521 | 13114016 | 4.49 | 1.15 | to | 2.10 | 3.41 | to | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1229413 | 9.3226 | to | 8.4484 | 11153814 | 1.15 | 1.15 | to | 2.10 | 0.02 | to | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1271565 | 9.3204 | to | 8.3723 | 11515773 |  | 1.15 | to | 2.30 | (1.14) | to | (2.29) |
|  <u>M07</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 441018 | 21.0943 | to | 19.3018 | 8949278 | 2.66 | 1.15 | to | 1.85 | 9.90 | to | 9.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 494878 | 19.1943 | to | 17.6891 | 9167918 | 2.48 | 1.15 | to | 1.85 | 6.52 | to | 5.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 519437 | 18.0202 | to | 16.7272 | 9064334 | 1.98 | 1.15 | to | 1.85 | 9.19 | to | 8.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 585625 | 16.5036 | to | 15.4289 | 9356145 | 1.65 | 1.15 | to | 1.85 | (10.61) | to | (11.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 653490 | 18.4624 | to | 17.3837 | 11748952 | 1.78 | 1.15 | to | 1.85 | 12.82 | to | 12.01 |
|  <u>M35</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 378888 | 20.4314 | to | 18.1400 | 7339321 | 2.49 | 1.15 | to | 2.10 | 9.64 | to | 8.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 417558 | 18.6347 | to | 16.7041 | 7410887 | 2.28 | 1.15 | to | 2.10 | 6.22 | to | 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 465444 | 17.5441 | to | 15.8792 | 7806873 | 1.76 | 1.15 | to | 2.10 | 8.95 | to | 7.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 537506 | 16.1022 | to | 14.7140 | 8306271 | 1.46 | 1.15 | to | 2.10 | (10.87) | to | (11.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 601770 | 18.0665 | to | 16.3875 | 10483070 | 1.60 | 1.15 | to | 2.30 | 12.53 | to | 11.23 |
|  <u>M31</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 294138 | 73.9382 | to | 57.8994 | 17772367 |  | 1.15 | to | 1.85 | 10.92 | to | 10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 340921 | 66.6599 | to | 52.5739 | 18604727 |  | 1.15 | to | 1.85 | 29.96 | to | 29.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 395740 | 51.2936 | to | 40.7469 | 17146855 |  | 1.15 | to | 1.85 | 34.32 | to | 33.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 435172 | 38.1869 | to | 30.5518 | 14007384 |  | 1.15 | to | 1.85 | (32.41) | to | (32.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 479109 | 56.5000 | to | 45.5272 | 23018402 |  | 1.15 | to | 1.85 | 22.13 | to | 21.26 |
|  <u>M80</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47866 | 77.5161 | to | 97.3583 | 3610274 |  | 1.15 | to | 1.95 | 10.62 | to | 9.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 55513 | 70.0742 | to | 88.7227 | 3737549 |  | 1.15 | to | 1.95 | 29.63 | to | 28.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 62037 | 54.0555 | to | 69.7347 | 3198577 |  | 1.15 | to | 1.90 | 33.96 | to | 32.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 65423 | 40.3526 | to | 52.4516 | 2523867 |  | 1.15 | to | 1.90 | (32.59) | to | (33.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 69635 | 59.8595 | to | 78.3989 | 3987382 |  | 1.15 | to | 1.90 | 21.82 | to | 20.90 |
|  <u>MF1</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 341327 | 42.1794 | to | 37.1277 | 13681187 |  | 1.15 | to | 2.10 | 2.48 | to | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 378024 | 41.1570 | to | 36.5803 | 14856230 |  | 1.15 | to | 2.10 | 13.41 | to | 12.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 434356 | 36.2919 | to | 32.5728 | 15109242 |  | 1.15 | to | 2.10 | 19.95 | to | 18.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 495184 | 30.2570 | to | 27.4198 | 14409891 |  | 1.15 | to | 2.10 | (29.51) | to | (30.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 532653 | 42.9232 | to | 39.2767 | 22103980 |  | 1.15 | to | 2.10 | 12.81 | to | 11.73 |
|  <u>M05</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 260558 | 24.2560 | to | 22.3523 | 6096330 |  | 1.15 | to | 1.85 | 11.68 | to | 10.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 306240 | 21.7199 | to | 20.1586 | 6441570 |  | 1.15 | to | 1.85 | 5.50 | to | 4.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 362310 | 20.5879 | to | 19.2461 | 7246559 |  | 1.15 | to | 1.85 | 13.11 | to | 12.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 398567 | 18.2010 | to | 17.1365 | 7066132 |  | 1.15 | to | 1.85 | (30.56) | to | (31.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 407560 | 26.2101 | to | 24.8539 | 10426785 |  | 1.15 | to | 1.85 | 0.64 | to | (0.08) |
|  <u>M42</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 314502 | 23.5264 | to | 21.0857 | 7025986 |  | 1.15 | to | 2.10 | 11.27 | to | 10.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 344657 | 21.1442 | to | 19.1331 | 6962761 |  | 1.15 | to | 2.10 | 5.20 | to | 4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 372074 | 20.0985 | to | 18.3635 | 7175508 |  | 1.15 | to | 2.10 | 12.95 | to | 11.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 399820 | 17.7949 | to | 16.4148 | 6859544 |  | 1.15 | to | 2.10 | (30.80) | to | (31.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 390506 | 25.7145 | to | 23.9486 | 9730936 |  | 1.15 | to | 2.10 | 0.41 | to | (0.55) |
|  <u>M06</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 389447 | 11.6989 | to | 10.2976 | 4364454 | 4.31 | 1.15 | to | 2.10 | 5.95 | to | 4.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 487588 | 11.0418 | to | 9.8138 | 5168395 | 4.16 | 1.15 | to | 2.10 | 1.37 | to | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 536132 | 10.8925 | to | 9.7761 | 5627803 | 3.15 | 1.15 | to | 2.10 | 6.16 | to | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 589944 | 10.2604 | to | 9.2982 | 5846995 | 2.67 | 1.15 | to | 2.10 | (14.91) | to | (15.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 726553 | 12.0587 | to | 11.0341 | 8466471 | 2.70 | 1.15 | to | 2.10 | (1.94) | to | (2.89) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>M33</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 264316 | $44.0608 | to | $38.7845 | $11106829 | 0.94% | 1.15% | to | 2.10% | 11.57% | to | 10.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 332463 | 39.4929 | to | 35.1017 | 12546043 | 0.60 | 1.15 | to | 2.10 | 17.51 | to | 16.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 372531 | 33.6086 | to | 30.1648 | 12010357 | 0.52 | 1.15 | to | 2.10 | 21.03 | to | 19.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 407403 | 27.7689 | to | 25.1652 | 10887060 | 0.47 | 1.15 | to | 2.10 | (18.15) | to | (18.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 451965 | 33.9273 | to | 31.0452 | 14841583 | 0.53 | 1.15 | to | 2.10 | 23.38 | to | 22.19 |
|  <u>M44</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 248100 | 18.9058 | to | 17.4219 | 4539824 | 2.92 | 1.15 | to | 1.85 | 13.70 | to | 12.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 304615 | 16.6277 | to | 15.4324 | 4915357 | 2.24 | 1.15 | to | 1.85 | 10.38 | to | 9.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 399575 | 15.0642 | to | 14.0823 | 5861399 | 3.44 | 1.15 | to | 1.85 | (3.22) | to | (3.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 467877 | 15.5654 | to | 14.6551 | 7120798 | 2.36 | 1.15 | to | 1.85 | (0.39) | to | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 551346 | 15.6263 | to | 14.8176 | 8437129 | 1.70 | 1.15 | to | 1.85 | 12.79 | to | 11.99 |
|  <u>M40</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 75243 | 18.3558 | to | 16.4515 | 1313526 | 2.70 | 1.15 | to | 2.10 | 13.44 | to | 12.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 85162 | 16.1810 | to | 14.6419 | 1317861 | 1.92 | 1.15 | to | 2.10 | 10.06 | to | 9.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 102594 | 14.7026 | to | 13.4333 | 1444508 | 3.27 | 1.15 | to | 2.10 | (3.45) | to | (4.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 120722 | 15.2279 | to | 14.0470 | 1768249 | 2.22 | 1.15 | to | 2.10 | (0.67) | to | (1.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 139543 | 15.3310 | to | 14.2781 | 2068906 | 1.54 | 1.15 | to | 2.10 | 12.52 | to | 11.44 |
|  <u>M83</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 963245 | 34.5430 | to | 30.4063 | 31741372 | 1.58 | 1.15 | to | 2.10 | 11.73 | to | 10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1090632 | 30.9173 | to | 27.4795 | 32255602 | 1.61 | 1.15 | to | 2.10 | 10.33 | to | 9.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1236832 | 28.0222 | to | 25.1508 | 33267276 | 1.63 | 1.15 | to | 2.10 | 6.71 | to | 5.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1358999 | 26.2609 | to | 23.7987 | 34386230 | 1.37 | 1.15 | to | 2.10 | (6.98) | to | (7.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1560322 | 28.2305 | to | 25.8322 | 42575705 | 1.33 | 1.15 | to | 2.10 | 24.03 | to | 22.83 |
|  <u>MB6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 91942 | 57.7423 | to | 52.8499 | 4872209 | 1.04 | 1.15 | to | 1.85 | 14.78 | to | 13.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 112419 | 50.3075 | to | 46.3749 | 5189416 | 1.01 | 1.15 | to | 1.85 | 24.06 | to | 23.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 121596 | 40.5502 | to | 37.6504 | 4529245 | 1.37 | 1.15 | to | 1.85 | 27.07 | to | 26.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 137781 | 31.9123 | to | 29.8418 | 4056008 | 1.10 | 1.15 | to | 1.85 | (16.96) | to | (17.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 158091 | 38.4296 | to | 36.1936 | 5645783 | 1.10 | 1.15 | to | 1.85 | 28.05 | to | 27.14 |
|  <u>MB7</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 57552 | 61.4890 | to | 62.8960 | 3268771 | 0.76 | 1.15 | to | 2.10 | 14.49 | to | 13.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 65252 | 53.7075 | to | 55.4652 | 3246930 | 0.76 | 1.15 | to | 2.10 | 23.73 | to | 22.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 72344 | 43.4075 | to | 45.2632 | 2928492 | 1.09 | 1.15 | to | 2.10 | 26.74 | to | 25.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 76231 | 34.2505 | to | 36.0574 | 2447592 | 0.86 | 1.15 | to | 2.10 | (17.17) | to | (17.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 78929 | 41.3479 | to | 43.9479 | 3068836 | 0.91 | 1.15 | to | 2.10 | 27.70 | to | 26.48 |
|  <u>M96</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 160270 | 17.7138 | to | 14.9895 | 2625246 | 4.19 | 1.15 | to | 1.85 | 5.77 | to | 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 174978 | 16.7471 | to | 14.2731 | 2711681 | 3.46 | 1.15 | to | 1.85 | (0.38) | to | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 240900 | 16.5074 | to | 14.4315 | 3747478 | 1.49 | 1.15 | to | 1.85 | 2.95 | to | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 259910 | 16.3276 | to | 14.1164 | 3933779 | 2.00 | 1.15 | to | 1.85 | (13.25) | to | (13.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 303949 | 18.8223 | to | 16.3897 | 5331002 | 2.17 | 1.15 | to | 1.85 | (3.01) | to | (3.70) |
|  <u>MD2</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 123228 | 14.5778 | to | 10.8892 | 1634260 | 4.05 | 1.15 | to | 2.10 | 5.41 | to | 4.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 130496 | 13.8297 | to | 10.4299 | 1645264 | 3.24 | 1.15 | to | 2.10 | (0.64) | to | (1.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 154913 | 13.9182 | to | 10.5986 | 1980380 | 1.14 | 1.15 | to | 2.10 | 2.67 | to | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 181135 | 13.5568 | to | 10.4226 | 2253571 | 1.75 | 1.15 | to | 2.10 | (13.45) | to | (14.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 196553 | 15.6639 | to | 12.1584 | 2836361 | 1.93 | 1.15 | to | 2.10 | (3.26) | to | (4.19) |

---

------

**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>MA6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 526868 | $29.6213 | to | $13.9536 | $12141976 | 6.59% | 1.15% | to | 2.10% | 7.41% | to | 6.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 578488 | 27.5781 | to | 13.1175 | 12526457 | 6.17 | 1.15 | to | 2.10 | 5.70 | to | 4.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 648282 | 26.0915 | to | 12.5328 | 13358238 | 5.79 | 1.15 | to | 2.10 | 11.13 | to | 10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 703624 | 23.4779 | to | 11.3863 | 13074330 | 5.34 | 1.15 | to | 2.10 | (11.53) | to | (12.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 826321 | 26.5381 | to | 12.9955 | 17459794 | 4.90 | 1.15 | to | 2.10 | 2.31 | to | 1.32 |
|  <u>MA3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 77846 | 29.1801 | to | 24.7943 | 2053554 | 6.29 | 1.15 | to | 2.10 | 7.23 | to | 6.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 91976 | 27.2134 | to | 23.3458 | 2281172 | 5.88 | 1.15 | to | 2.10 | 5.29 | to | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 103148 | 25.8451 | to | 22.3872 | 2430178 | 5.32 | 1.15 | to | 2.10 | 11.19 | to | 10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 120013 | 23.2432 | to | 20.3268 | 2545742 | 5.23 | 1.15 | to | 2.10 | (11.80) | to | (12.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 142732 | 26.3539 | to | 23.2688 | 3455051 | 4.85 | 1.15 | to | 2.10 | 1.90 | to | 0.93 |
|  <u>MD6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 290995 | 53.0349 | to | 45.0260 | 12005287 | 0.27 | 1.15 | to | 1.85 | 8.65 | to | 7.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 317899 | 48.8127 | to | 41.7384 | 12110218 | 0.34 | 1.15 | to | 1.85 | 14.93 | to | 14.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 374679 | 42.4711 | to | 36.5783 | 12646517 | 0.30 | 1.15 | to | 1.85 | 22.60 | to | 21.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 416179 | 34.6421 | to | 30.0487 | 11602182 | 0.10 | 1.15 | to | 1.85 | (20.18) | to | (20.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 437869 | 43.3982 | to | 37.9134 | 15360533 | 0.24 | 1.15 | to | 1.85 | 24.54 | to | 23.65 |
|  <u>MB3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 83139 | 55.2269 | to | 59.3249 | 4276632 | 0.02 | 1.15 | to | 2.10 | 8.35 | to | 7.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 91552 | 50.9723 | to | 55.2817 | 4372861 | 0.13 | 1.15 | to | 2.10 | 14.64 | to | 13.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 100393 | 44.4637 | to | 48.6910 | 4209301 | 0.05 | 1.15 | to | 2.10 | 22.29 | to | 21.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 109411 | 36.3596 | to | 40.1986 | 3762669 |  | 1.15 | to | 2.10 | (20.37) | to | (21.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 117581 | 45.6613 | to | 50.9680 | 5089165 | 0.03 | 1.15 | to | 2.10 | 24.21 | to | 23.03 |
|  <u>MB8</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 217628 | 63.4121 | to | 49.6012 | 11558607 | 0.98 | 1.15 | to | 2.10 | 4.54 | to | 3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 239784 | 60.6576 | to | 47.9031 | 12264996 | 0.96 | 1.15 | to | 2.10 | 3.73 | to | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 266895 | 58.4739 | to | 46.6268 | 13223427 | 0.77 | 1.15 | to | 2.10 | 17.60 | to | 16.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 299203 | 49.7247 | to | 40.0306 | 12647367 | 0.76 | 1.15 | to | 2.10 | (19.31) | to | (20.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 321975 | 61.6247 | to | 50.0876 | 16959161 | 0.86 | 1.15 | to | 2.10 | 28.15 | to | 26.93 |
|  <u>MF6</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 188258 | 55.3543 | to | 29.4337 | 7567076 | 1.66 | 1.15 | to | 2.10 | 2.35 | to | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 199169 | 54.0844 | to | 29.0382 | 7901765 | 2.11 | 1.15 | to | 2.10 | (3.81) | to | (4.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 213700 | 56.2245 | to | 30.4835 | 8884758 | 0.87 | 1.15 | to | 2.10 | 10.19 | to | 9.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 231683 | 51.0245 | to | 27.9325 | 8778837 | 1.62 | 1.15 | to | 2.10 | (27.77) | to | (28.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 233702 | 70.6402 | to | 39.0469 | 12353892 | 1.48 | 1.15 | to | 2.10 | 28.64 | to | 27.41 |

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**DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY** 

**(A Separate Account of Delaware Life Insurance Company)** 

**NOTES TO FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**11. FINANCIAL HIGHLIGHTS (CONTINUED)** 

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31, | At December 31, | At December 31, | At December 31, | At December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | Units | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Unit Value<sup>4</sup> | Net<br>Assets | Investment<br>Income<br>Ratio<sup>1</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Expense Ratio<br>lowest to highest<sup>2</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> | Total Return<sup>3</sup> |
|  <u>MG3</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 473763 | $40.5410 | to | $34.1518 | $17934843 | 1.03% | 1.15% | to | 2.10% | 4.76% | to | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 530783 | 38.6986 | to | 32.9137 | 19272619 | 1.21 | 1.15 | to | 2.10 | 12.43 | to | 11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 613759 | 34.4200 | to | 29.5589 | 19875044 | 1.74 | 1.15 | to | 2.10 | 11.44 | to | 10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 670583 | 30.8879 | to | 26.7803 | 19561063 | 0.98 | 1.15 | to | 2.10 | (9.83) | to | (10.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 748910 | 34.2557 | to | 29.9859 | 24305255 | 0.79 | 1.15 | to | 2.10 | 29.48 | to | 28.25 |
|  <u>PK8</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 227244 | 40.1939 | to | 30.8975 | 8268763 | 6.92 | 1.15 | to | 2.10 | 13.73 | to | 12.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 260760 | 35.3416 | to | 27.4318 | 8394640 | 6.41 | 1.15 | to | 2.10 | 6.32 | to | 5.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 294228 | 33.2417 | to | 26.0551 | 8930657 | 5.69 | 1.15 | to | 2.10 | 9.88 | to | 8.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 314513 | 30.2524 | to | 23.9423 | 8719994 | 4.81 | 1.15 | to | 2.10 | (16.69) | to | (17.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 348864 | 36.3134 | to | 29.0185 | 11649357 | 4.48 | 1.15 | to | 2.10 | (3.68) | to | (4.61) |
|  <u>P06</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 159715 | 18.8990 | to | 15.6354 | 2771515 | 3.32 | 1.15 | to | 2.10 | 6.64 | to | 5.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 172839 | 17.7218 | to | 14.8042 | 2824476 | 2.61 | 1.15 | to | 2.10 | 0.96 | to | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 187850 | 17.5529 | to | 14.8070 | 3044847 | 2.98 | 1.15 | to | 2.10 | 2.49 | to | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 224114 | 17.1258 | to | 14.5870 | 3557373 | 6.97 | 1.15 | to | 2.10 | (12.91) | to | (13.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 257072 | 19.6647 | to | 16.9123 | 4689566 | 4.95 | 1.15 | to | 2.10 | 4.41 | to | 3.40 |
|  <u>P07</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 936092 | 19.0731 | to | 15.2022 | 16255934 | 4.10 | 1.15 | to | 2.10 | 7.68 | to | 6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1033596 | 17.7134 | to | 14.2558 | 16756518 | 4.02 | 1.15 | to | 2.10 | 1.36 | to | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1154602 | 17.4758 | to | 14.2026 | 18519571 | 3.56 | 1.15 | to | 2.10 | 4.74 | to | 3.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1229688 | 16.6856 | to | 13.6919 | 18946896 | 2.60 | 1.15 | to | 2.10 | (15.28) | to | (16.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1382697 | 19.6955 | to | 16.3188 | 25226187 | 1.82 | 1.15 | to | 2.10 | (2.39) | to | (3.33) |
|  <u>R03</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21692 | 79.7297 | to | 132.2363 | 1777301 | 0.03 | 1.15 | to | 2.10 | 17.67 | to | 16.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24929 | 67.7559 | to | 113.4582 | 1721111 | 0.21 | 1.15 | to | 2.10 | 22.47 | to | 21.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26998 | 55.3239 | to | 93.5399 | 1489538 |  | 1.15 | to | 2.10 | 51.47 | to | 50.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 26762 | 36.5252 | to | 62.3478 | 988514 |  | 1.15 | to | 2.10 | (34.90) | to | (35.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 29733 | 56.1044 | to | 96.6909 | 1702670 |  | 1.15 | to | 2.10 | 24.10 | to | 22.92 |
|  <u>R02</u> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9805 | 64.6820 | to | 94.1762 | 687490 |  | 1.15 | to | 2.10 | 19.48 | to | 18.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 10641 | 54.1373 | to | 79.5816 | 615681 |  | 1.15 | to | 2.10 | 31.22 | to | 29.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13032 | 41.2572 | to | 61.2364 | 559882 |  | 1.15 | to | 2.10 | 33.53 | to | 32.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13163 | 30.8982 | to | 46.3010 | 428442 | 0.36 | 1.15 | to | 2.10 | (31.07) | to | (31.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17948 | 44.8223 | to | 67.8128 | 824729 | 0.35 | 1.15 | to | 2.10 | 40.55 | to | 39.21 |

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<sup>1</sup> Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, which are net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Accounts invest. 

<sup>2</sup> Ratio represents the contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded. 

<sup>3</sup> Ratio represents the total return for the year indicated, including changes in the value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. 

<sup>4</sup> These unit values are not a direct calculation of net asset over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level's commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range. 

<sup>5</sup> Sub-Account AM2 was closed on April 15, 2024 and its remaining assets were transferred into Sub-Account MD9.