FINANCIAL STATEMENTS
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Years Ended December 31, 2025 and 2024
 
 
 
 
 
 
 
 
 
 
1
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Financial Statements
Years Ended December 31, 2025 and 2024
 
Report of Independent Registered Public Accounting Firm3
Statements of Assets and Liabilities4
Statements of Operations and Changes in Net Assets7
Notes to Financial Statements31
 
2
 
 
Report of Independent Registered Public Accounting Firm
 
To the Board of Directors of Transamerica Life Insurance Company and
Contract Owners of Merrill Lynch Life Variable Annuity Separate Account D
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the table below that comprise Merrill Lynch Life Variable Annuity Separate Account D (the Separate Account), as of December 31, 2025, the related statements of operations and changes in net assets for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Subaccounts
AB Discovery Value Class A Shares (1)
Invesco Comstock Class A Shares (1)
AB International Value Class A Shares (1)
Invesco Discovery Large Cap Class A Shares (1)
AB Large Cap Growth Class A Shares (1)
Invesco Discovery Mid Cap Growth Class A Shares (1)
AB Large Cap Value Class A Shares (1)
Invesco Equity and Income Class A Shares (1)
AB Relative Value Class A Shares (1)
Invesco Global Class A Shares (1)
American Funds - EUPAC Class F -1 Shares (1)
Invesco Main Street Class A Shares (1)
American Funds - Growth Fund of America® Class F -1 Shares (1)
Invesco Main Street Mid Cap Class A Shares (1)
American Funds - Income Fund of America® Class F -1 Shares (1)
Invesco Multi-Strategy Class A Shares (1)
American Funds - Investment Company of America® Class F -1 Shares (1)
Invesco Value Opportunities Class A Shares (1)
American Funds - The Bond Fund of America® Class A Shares (1)
Janus Henderson Enterprise Class A Shares (1)
American Funds - The Bond Fund of America® Class F -1 Shares (1)
Janus Henderson Forty Class A Shares (1)
American Funds - The Growth Fund of America® Class A Shares (1)
JPMorgan Small Cap Growth Class A Shares (1)
American Funds - The Income Fund of America® Class A Shares (1)
Lord Abbett Affiliated Class A Shares (1)
American Funds - The Investment Company of America® Class A Shares (1)
Lord Abbett Bond-Debenture Class A Shares (1)
AMG Renaissance Large Cap Growth Class N Shares (1)
Lord Abbett Mid Cap Stock Class A Shares (1)
BlackRock Advantage Global Investor A Shares (1)
MFS® Growth Class A Shares (1)
BlackRock Advantage International Investor A Shares (1)
MFS® Mid Cap Growth Class A Shares (1)
BlackRock Advantage Large Cap Core Investor A Shares (1)
MFS® Research International Class A Shares (1)
BlackRock Advantage Large Cap Value Investor A Shares (1)
Nomura Mid Cap Growth Class A Shares (2)
BlackRock Advantage SMID Investor A Shares (1)
PIMCO CommodityRealReturn Strategy Class A Shares (1)
BlackRock Capital Appreciation Investor A Shares (1)
PIMCO Low Duration Class A Shares (1)
BlackRock Global Allocation Investor A Shares (1)
PIMCO Real Return Class A Shares (1)
BlackRock High Yield Investor A Shares (1)
PIMCO Total Return Class A Shares (1)
BlackRock International Investor A Shares (1)
Putnam International Equity Class A Shares (1)
BlackRock iShares MSCI EAFE International Index Investor A Shares (1)
Putnam Large Cap Growth Class A Shares (1)
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares (1)
Putnam Large Cap Value Class A Shares (1)
BlackRock iShares S&P 500 Index Investor A Shares (1)
TA Aegon Sustainable Equity Income Service Class (1)
BlackRock Large Cap Focus Growth Investor A Shares (1)
TA Asset Allocation - Conservative Class A Shares (1)
BlackRock Large Cap Focus Value Investor A Shares (1)
TA Asset Allocation - Moderate Class A Shares (1)
BlackRock Low Duration Bond Investor A Shares (1)
TA Asset Allocation - Moderate Growth Class A Shares (1)
BlackRock Total Return Investor A Shares (1)
TA BlackRock Government Money Market Initial Class (1)
BNY Mellon Appreciation Investor Shares (1)
TA Bond Class A Shares (1)
Cohen & Steers Real Estate Securities Class A Shares (1)
TA International Focus Initial Class (1)
Columbia Large Cap Growth Opportunity Class A Shares (1)
TA Multi-Managed Balanced Class A Shares (1)
Columbia Select Mid Cap Growth Class A Shares (1)
TA Small/Mid Cap Value Class A Shares (1)
Columbia Select Small Cap Value Class A Shares (1)
TA Sustainable Equity Income Class A Shares (1)
Davis New York Venture Class A Shares (1)
TA T. Rowe Price Small Cap Service Class (1)
Eaton Vance Floating-Rate Class A Shares (1)
TA TSW International Equity Service Class (1)
Eaton Vance Large-Cap Value Class A Shares (1)
TA TSW Mid Cap Value Opportunities Service Class (1)
Federated Hermes Kaufmann Class A Shares (1)
TA US Growth Class A Shares (1)
Federated Hermes Strategic Dividend Growth Class A Shares (1)
TA WMC US Growth Service Class (1)
Fidelity Advisor® Equity Growth Class A Shares (1)
Victory Pioneer Class A Shares (1)
Fidelity Advisor® Overseas Class A Shares (3)
Victory Pioneer High Yield Class A Shares (1)
Fidelity Advisor® Stock Selector Mid Cap Class A Shares (1)
Victory Pioneer Select Mid Cap Growth Class A Shares (1)
Franklin Templeton Growth Class A Shares (1)
Virtus AllianzGI Dividend Value Class A Shares (1)
Invesco American Franchise Fund Class A Shares (1)
Virtus AllianzGI Small-Cap Value Class A Shares (1)
Invesco Charter Class A Shares (1)
 
(1) Statements of operations and changes in net assets for the years ended December 31, 2025 and 2024
(2) Statements of operations and changes in net assets for the period June 7, 2024 (commencement of operations) through December 31, 2025
(3) Statements of operations and changes in net assets for the period November 21, 2025 (date of liquidation and reinvestment) through December 31, 2025
 
Basis for Opinion
These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the auditor of the Separate Account since 2024.
 
Chicago, IL
April 24, 2026
 
 
3
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Assets and Liabilities
December 31, 2025
 
Subaccount Number of Shares Cost Assets at Market Value Due (to)/from General Account Net Assets Units Outstanding Range of Unit Values
AB Discovery Value Class A Shares 82,834.975 $ 1,694,133 $ 1,664,983 $ 26 $ 1,665,009 42,327 $ 37.268531 $ 41.658681
AB International Value Class A Shares 63,086.035   818,861   1,194,850   4   1,194,854 115,618   9.874592   10.906082
AB Large Cap Growth Class A Shares 22,256.325   1,632,127   2,168,656   (1)   2,168,655 18,837   115.126062   115.126062
AB Large Cap Value Class A Shares 27,489.100   442,647   496,178   4   496,182 17,901   26.513666   29.636961
AB Relative Value Class A Shares 549,286.035   3,145,987   3,542,895   (5)   3,542,890 59,371   59.673397   59.673397
American Funds - EUPAC Class F -1 Shares 32,396.251   1,829,119   1,948,958   -   1,948,958 57,206   32.012407   35.784293
American Funds - Growth Fund of America® Class F -1 Shares 136,237.586   8,434,424   10,847,237   18   10,847,255 145,688   70.083791   78.340537
American Funds - Income Fund of America® Class F -1 Shares 95,199.780   2,193,994   2,476,146   (13)   2,476,133 72,716   31.869916   35.624714
American Funds - Investment Company of America® Class F -1 Shares 84,053.031   3,840,035   5,245,750   (177)   5,245,573 89,720   54.661626   61.101438
American Funds - The Bond Fund of America® Class A Shares 184,355.873   2,326,381   2,110,875   (55)   2,110,820 128,430   16.435506   16.435506
American Funds - The Bond Fund of America® Class F -1 Shares 109,753.800   1,344,094   1,256,681   (188)   1,256,493 97,319   12.251589   13.695132
American Funds - The Growth Fund of America® Class A Shares 470,662.723   27,400,290   37,869,523   (5)   37,869,518 346,459   109.304509   109.304509
American Funds - The Income Fund of America® Class A Shares 284,775.028   6,562,695   7,435,476   6   7,435,482 150,142   49.523157   49.523157
American Funds - The Investment Company of America® Class A Shares 324,069.056   14,497,135   20,306,167   4   20,306,171 245,886   82.583800   82.583800
AMG Renaissance Large Cap Growth Class N Shares 1,589.666   23,991   27,104   -   27,104 1,029   25.895094   27.153040
BlackRock Advantage Global Investor A Shares 10,220.268   241,517   282,795   38   282,833 5,677   47.231834   52.795063
BlackRock Advantage International Investor A Shares 63,137.520   1,152,975   1,428,802   3   1,428,805 53,624   25.822467   27.883730
BlackRock Advantage Large Cap Core Investor A Shares 213,302.060   3,930,824   4,812,094   4   4,812,098 82,684   54.948507   61.419611
BlackRock Advantage Large Cap Value Investor A Shares 87,910.443   2,518,010   2,759,509   70   2,759,579 68,462   38.164018   42.658942
BlackRock Advantage SMID Investor A Shares 133,579.366   3,440,536   3,863,115   (6)   3,863,109 69,412   36.224291   63.958259
BlackRock Capital Appreciation Investor A Shares 797,320.787   24,822,859   27,738,790   10   27,738,800 369,843   65.782099   88.746547
BlackRock Global Allocation Investor A Shares 2,834,224.113   54,678,382   57,251,327   9   57,251,336 1,637,857   29.220240   49.312768
BlackRock High Yield Investor A Shares 1,501,579.724   10,920,105   10,841,406   (662)   10,840,744 583,379   17.933039   19.364426
BlackRock International Investor A Shares 66,460.163   1,188,000   1,435,540   -   1,435,540 81,599   17.042653   18.410323
BlackRock iShares MSCI EAFE International Index Investor A Shares 5,862.167   83,679   112,554   (1)   112,553 4,399   24.380515   27.252668
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares 1,391.956   27,789   37,193   1   37,194 973   36.387983   40.674368
BlackRock iShares S&P 500 Index Investor A Shares 25,255.771   11,422,801   20,100,058   (135)   20,099,923 456,569   42.149688   45.150314
BlackRock Large Cap Focus Growth Investor A Shares 392,641.920   2,440,136   2,881,992   (79)   2,881,913 128,960   21.988324   22.786156
BlackRock Large Cap Focus Value Investor A Shares 953,412.765   17,472,860   18,734,561   (2)   18,734,559 403,743   38.786022   62.084524
BlackRock Low Duration Bond Investor A Shares 4,351.536   41,351   39,991   (6)   39,985 3,732   10.354602   11.189637
BlackRock Total Return Investor A Shares 3,761,265.883   41,534,489   37,725,497   (640)   37,724,857 2,643,950   13.008215   15.440563
BNY Mellon Appreciation Investor Shares 165,486.061   6,464,530   5,868,136   8   5,868,144 122,240   45.444447   50.797368
Cohen & Steers Real Estate Securities Class A Shares 19,644.294   299,904   316,077   11   316,088 9,315   32.312288   36.118732
Columbia Large Cap Growth Opportunity Class A Shares 253,797.062   3,874,448   4,654,638   7   4,654,645 144,957   31.418327   33.068058
Columbia Select Mid Cap Growth Class A Shares 17,220.583   386,120   407,611   (14)   407,597 11,781   33.170821   35.893293
Columbia Select Small Cap Value Class A Shares 446,022.760   7,340,419   7,439,660   (1)   7,439,659 121,796   61.082970   61.082970
Davis New York Venture Class A Shares 573,121.213   15,582,980   16,574,665   57   16,574,722 293,196   44.001428   69.293544
Eaton Vance Floating-Rate Class A Shares 293,293.089   2,542,231   2,451,930   (408)   2,451,522 147,052   15.865115   17.734356
Eaton Vance Large-Cap Value Class A Shares 100,232.254   2,362,170   2,682,215   (23)   2,682,192 98,141   26.278835   29.022933
 
See accompanying notes
 
4
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Assets and Liabilities
December 31, 2025
 
Subaccount Number of Shares Cost Assets at Market Value Due (to)/from General Account Net Assets Units Outstanding Range of Unit Values
Federated Hermes Kaufmann Class A Shares 468,907.767 $ 2,772,469 $ 2,611,816 $ 74 $ 2,611,890 55,874 $ 43.943706 $ 49.120696
Federated Hermes Strategic Dividend Growth Class A Shares 54,204.761   1,172,250   1,086,805   (138)   1,086,667 47,401   22.228756   23.811558
Fidelity Advisor® Equity Growth Class A Shares 117,025.937   1,681,209   2,623,722   (21)   2,623,701 24,313   77.481274   109.110426
Fidelity Advisor® Overseas Class A Shares 6,685.231   460,568   481,403   -   481,403 46,028   10.458915   10.458915
Fidelity Advisor® Stock Selector Mid Cap Class A Shares 15,767.039   560,406   671,361   (1)   671,360 10,169   66.020454   66.020454
Franklin Templeton Growth Class A Shares 83,845.839   1,983,995   2,367,806   1   2,367,807 79,152   21.846908   34.813421
Invesco American Franchise Fund Class A Shares 22,021.839   497,688   630,926   -   630,926 14,448   43.669460   43.669460
Invesco Charter Class A Shares 14,597.190   256,081   311,650   1   311,651 7,577   41.130054   41.130054
Invesco Comstock Class A Shares 716,196.083   18,987,654   22,037,353   (20)   22,037,333 424,527   42.561060   73.209918
Invesco Discovery Large Cap Class A Shares 9,179.255   589,907   780,053   (25)   780,028 14,194   51.515360   57.583119
Invesco Discovery Mid Cap Growth Class A Shares 39,306.082   982,032   1,056,941   (4)   1,056,937 60,720   17.406725   17.406725
Invesco Equity and Income Class A Shares 129,692.091   1,343,498   1,425,316   -   1,425,316 29,915   47.645913   47.645913
Invesco Global Class A Shares 30,662.485   2,786,158   2,652,305   9   2,652,314 36,999   71.686413   71.686413
Invesco Main Street Class A Shares 31,262.625   1,632,558   1,955,165   25   1,955,190 33,481   48.845087   69.240389
Invesco Main Street Mid Cap Class A Shares 68,959.555   1,807,167   1,981,898   6   1,981,904 46,564   40.613479   45.397067
Invesco Multi-Strategy Class A Shares 15,182.969   396,651   374,868   -   374,868 22,713   16.504355   16.504355
Invesco Value Opportunities Class A Shares 19,156.347   329,995   448,450   (7)   448,443 109,282   3.981611   4.305945
Janus Henderson Enterprise Class A Shares 136,533.175   18,060,275   18,158,912   (26)   18,158,886 264,111   65.940976   71.978027
Janus Henderson Forty Class A Shares 79,449.164   3,931,299   4,425,318   15   4,425,333 64,300   65.719064   72.580708
JPMorgan Small Cap Growth Class A Shares 64,432.590   1,147,524   1,132,725   (3)   1,132,722 30,145   35.568288   39.283061
Lord Abbett Affiliated Class A Shares 64,167.830   1,046,421   1,285,282   19   1,285,301 36,277   33.274330   37.194151
Lord Abbett Bond-Debenture Class A Shares 1,009,326.956   7,603,540   7,347,900   (516)   7,347,384 284,574   21.453891   30.990189
Lord Abbett Mid Cap Stock Class A Shares 240,445.207   7,064,755   8,117,430   20   8,117,450 187,811   31.013385   50.242856
MFS® Growth Class A Shares 54,872.866   8,619,915   9,583,546   (15)   9,583,531 142,421   67.289973   67.289973
MFS® Mid Cap Growth Class A Shares 313,785.730   7,140,958   7,926,228   3   7,926,231 127,124   62.350345   62.350345
MFS® Research International Class A Shares 169,270.532   3,173,973   4,402,727   (13)   4,402,714 111,304   39.555664   39.555664
Nomura Mid Cap Growth Class A Shares 57,349.953   1,505,610   1,309,873   -   1,309,873 132,935   9.769933   9.870175
PIMCO CommodityRealReturn Strategy Class A Shares 344,731.594   4,765,673   4,688,350   (15)   4,688,335 528,053   8.403201   9.393640
PIMCO Low Duration Class A Shares 2,757,041.420   26,212,553   25,805,908   (297)   25,805,611 2,151,832   11.435219   12.629304
PIMCO Real Return Class A Shares 1,604,722.561   17,831,189   16,640,973   (632)   16,640,341 1,136,916   13.877318   15.512552
PIMCO Total Return Class A Shares 5,093,261.546   48,898,764   45,126,297   (400)   45,125,897 2,765,766   14.867244   17.950869
Putnam International Equity Class A Shares 280,529.475   6,629,782   8,587,007   88   8,587,095 230,479   37.257555   37.257555
Putnam Large Cap Growth Class A Shares 25,162.284   1,265,714   1,890,442   (1)   1,890,441 44,504   42.478337   42.478337
Putnam Large Cap Value Class A Shares 23,705.250   728,569   930,431   -   930,431 36,102   25.772513   25.772513
TA Aegon Sustainable Equity Income Service Class 94,262.592   1,678,438   2,141,646   (8)   2,141,638 148,138   13.864931   14.534726
TA Asset Allocation - Conservative Class A Shares 28,960.937   297,682   331,313   1   331,314 24,365   13.164335   13.827481
TA Asset Allocation - Moderate Class A Shares 116,297.783   1,375,520   1,446,744   1   1,446,745 94,660   14.727188   15.468974
TA Asset Allocation - Moderate Growth Class A Shares 119,094.918   1,399,199   1,680,429   4   1,680,433 96,021   16.967694   17.822285
TA BlackRock Government Money Market Initial Class 15,004,458.800   15,004,459   15,004,459   (283)   15,004,176 1,398,016   10.436691   10.816644
TA Bond Class A Shares 95,456.226   827,893   777,014   (181)   776,833 544,992   1.359669   1.481467
TA International Focus Initial Class 7,164,826.607   57,468,456   54,739,275   (101)   54,739,174 4,385,857   12.179143   12.767548
TA Multi-Managed Balanced Class A Shares 39,283.991   1,210,829   1,411,474   (2)   1,411,472 72,170   18.761912   19.706850
TA Small/Mid Cap Value Class A Shares 733,952.075 $ 18,414,289 $ 18,928,624 $ 1 $ 18,928,625 558,916 $ 32.374035 $ 35.576296
 
See accompanying notes
 
5
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Assets and Liabilities
December 31, 2025
 
Subaccount Number of Shares Cost Assets at Market Value Due (to)/from General Account Net Assets Units Outstanding Range of Unit Values
TA Sustainable Equity Income Class A Shares 3,919,052.051   28,683,332   34,056,562   6   34,056,568 1,865,775   17.578444   18.755323
TA T. Rowe Price Small Cap Service Class 334,910.630   3,301,672   3,211,793   (4)   3,211,789 168,474   18.629065   19.528948
TA TSW International Equity Service Class 131,816.562   1,714,768   2,319,971   (2)   2,319,969 152,054   14.987988   15.711986
TA TSW Mid Cap Value Opportunities Service Class 146,039.045   1,886,987   1,472,074   (4)   1,472,070 89,247   15.805147   16.568616
TA US Growth Class A Shares 636,339.377   15,453,832   20,318,316   (112)   20,318,204 366,197   53.547198   57.700314
TA WMC US Growth Service Class 8,032.135   269,153   311,888   (4)   311,884 9,623   31.703164   33.234095
Victory Pioneer Class A Shares 20,361.925   830,689   895,517   83   895,600 14,045   60.256116   67.353023
Victory Pioneer High Yield Class A Shares 207,969.316   1,814,382   1,842,608   (203)   1,842,405 83,218   21.096904   23.582247
Victory Pioneer Select Mid Cap Growth Class A Shares 4,214.174   200,144   204,514   1   204,515 3,785   51.439091   56.126088
Virtus AllianzGI Dividend Value Class A Shares 219,442.019   2,280,632   2,183,448   (4)   2,183,444 103,964   20.128283   22.230411
Virtus AllianzGI Small-Cap Value Class A Shares 207,005.301   2,578,942   2,403,332   (8)   2,403,324 56,612   29.574421   49.428919
 
See accompanying notes
 
6
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        AB Discovery Value Class A Shares AB International Value Class A Shares AB Large Cap Growth Class A Shares AB Large Cap Value Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            2,032,511 $                                            1,206,081 $                                            2,089,113 $                                                 495,763
               
Investment Income:        
  Reinvested Dividends 9,416 103,720 - 3,563
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 31,697 20,355 28,590 8,093
    Net Investment Income (Loss) (22,281) 83,365 (28,590) (4,530)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 227,080 - 160,815 35,983
  Realized Gain (Loss) on Investments 119,045 53,846 207,785 42,360
    Net Realized Capital Gains (Losses) on Investments 346,125 53,846 368,600 78,343
    Net Change in Unrealized Appreciation (Depreciation) (179,321) (94,701) 119,108 (11,249)
      Net Gain (Loss) on Investment 166,804 (40,855) 487,708 67,094
               
Net Increase (Decrease) in Net Assets Resulting from Operations 144,523 42,510 459,118 62,564
               
Increase (Decrease) in Net Assets from Contract Transactions (315,571) (118,215) (298,539) (204,447)
               
Total Increase (Decrease) in Net Assets (171,048) (75,705) 160,579 (141,883)
               
Net Assets as of December 31, 2024: $                                            1,861,463 $                                            1,130,376 $                                            2,249,692 $                                                 353,880
               
Investment Income:        
  Reinvested Dividends 9,879 32,247 - 5,225
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 27,687 19,231 28,591 7,351
    Net Investment Income (Loss) (17,808) 13,016 (28,591) (2,126)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 84,184 - 222,222 39,136
  Realized Gain (Loss) on Investments (5,652) 84,030 221,028 10,593
    Net Realized Capital Gains (Losses) on Investments 78,532 84,030 443,250 49,729
    Net Change in Unrealized Appreciation (Depreciation) (49,848) 288,429 (167,346) 16,363
      Net Gain (Loss) on Investment 28,684 372,459 275,904 66,092
               
Net Increase (Decrease) in Net Assets Resulting from Operations 10,876 385,475 247,313 63,966
               
Increase (Decrease) in Net Assets from Contract Transactions (207,330) (320,997) (328,350) 78,336
               
Total Increase (Decrease) in Net Assets (196,454) 64,478 (81,037) 142,302
               
Net Assets as of December 31, 2025: $                                            1,665,009 $                                            1,194,854 $                                            2,168,655 $                                                 496,182
 
See Accompanying Notes
(1)See Footnote 1
 
7
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        AB Relative Value Class A Shares American Funds - EUPAC Class F -1 Shares American Funds - Growth Fund of America® Class F -1 Shares American Funds - Income Fund of America® Class F -1 Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            3,996,811 $                                            2,276,818 $                                         11,529,239 $                                            2,729,505
               
Investment Income:        
  Reinvested Dividends 36,482 21,778 40,131 106,272
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 52,498 34,505 196,218 43,076
    Net Investment Income (Loss) (16,016) (12,727) (156,087) 63,196
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 347,404 102,313 959,074 58,700
  Realized Gain (Loss) on Investments 200,010 51,564 1,224,117 108,672
    Net Realized Capital Gains (Losses) on Investments 547,414 153,877 2,183,191 167,372
    Net Change in Unrealized Appreciation (Depreciation) (92,826) (68,551) 788,753 2,339
      Net Gain (Loss) on Investment 454,588 85,326 2,971,944 169,711
               
Net Increase (Decrease) in Net Assets Resulting from Operations 438,572 72,599 2,815,857 232,907
               
Increase (Decrease) in Net Assets from Contract Transactions (661,331) (454,519) (2,289,256) (302,588)
               
Total Increase (Decrease) in Net Assets (222,759) (381,920) 526,601 (69,681)
               
Net Assets as of December 31, 2024: $                                            3,774,052 $                                            1,894,898 $                                         12,055,840 $                                            2,659,824
               
Investment Income:        
  Reinvested Dividends 30,080 53,120 23,737 94,928
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 47,529 29,845 179,545 41,320
    Net Investment Income (Loss) (17,449) 23,275 (155,808) 53,608
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 175,478 191,873 1,034,056 145,365
  Realized Gain (Loss) on Investments 141,324 52,582 1,055,952 127,041
    Net Realized Capital Gains (Losses) on Investments 316,802 244,455 2,090,008 272,406
    Net Change in Unrealized Appreciation (Depreciation) 12,958 171,295 (150,394) 56,506
      Net Gain (Loss) on Investment 329,760 415,750 1,939,614 328,912
               
Net Increase (Decrease) in Net Assets Resulting from Operations 312,311 439,025 1,783,806 382,520
               
Increase (Decrease) in Net Assets from Contract Transactions (543,473) (384,965) (2,992,391) (566,211)
               
Total Increase (Decrease) in Net Assets (231,162) 54,060 (1,208,585) (183,691)
               
Net Assets as of December 31, 2025: $                                            3,542,890 $                                            1,948,958 $                                         10,847,255 $                                            2,476,133
 
See Accompanying Notes
(1)See Footnote 1
 
8
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        American Funds - Investment Company of America® Class F -1 Shares American Funds - The Bond Fund of America® Class A Shares American Funds - The Bond Fund of America® Class F -1 Shares American Funds - The Growth Fund of America® Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                                      5,167,415 $                                            2,861,968 $                                            1,732,492 $                                         35,702,454
               
Investment Income:        
  Reinvested Dividends 55,045 113,155 65,543 145,212
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 87,550 35,010 25,896 490,063
    Net Investment Income (Loss) (32,505) 78,145 39,647 (344,851)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 405,716 - - 2,989,026
  Realized Gain (Loss) on Investments 442,419 (28,626) (46,356) 3,268,408
    Net Realized Capital Gains (Losses) on Investments 848,135 (28,626) (46,356) 6,257,434
    Net Change in Unrealized Appreciation (Depreciation) 315,507 (52,350) 3,176 2,945,396
      Net Gain (Loss) on Investment 1,163,642 (80,976) (43,180) 9,202,830
               
Net Increase (Decrease) in Net Assets Resulting from Operations 1,131,137 (2,831) (3,533) 8,857,979
               
Increase (Decrease) in Net Assets from Contract Transactions (1,061,997) (407,009) (316,499) (6,692,894)
               
Total Increase (Decrease) in Net Assets 69,140 (409,840) (320,032) 2,165,085
               
Net Assets as of December 31, 2024: $                                                      5,236,555 $                                            2,452,128 $                                            1,412,460 $                                         37,867,539
               
Investment Income:        
  Reinvested Dividends 47,815 94,849 54,368 102,111
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 81,866 29,520 21,679 486,406
    Net Investment Income (Loss) (34,051) 65,329 32,689 (384,295)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 468,267 - - 3,558,560
  Realized Gain (Loss) on Investments 398,774 (32,594) (42,619) 3,175,487
    Net Realized Capital Gains (Losses) on Investments 867,041 (32,594) (42,619) 6,734,047
    Net Change in Unrealized Appreciation (Depreciation) 37,248 95,964 79,551 (32,000)
      Net Gain (Loss) on Investment 904,289 63,370 36,932 6,702,047
               
Net Increase (Decrease) in Net Assets Resulting from Operations 870,238 128,699 69,621 6,317,752
               
Increase (Decrease) in Net Assets from Contract Transactions (861,220) (470,007) (225,588) (6,315,773)
               
Total Increase (Decrease) in Net Assets 9,018 (341,308) (155,967) 1,979
               
Net Assets as of December 31, 2025: $                                                      5,245,573 $                                            2,110,820 $                                            1,256,493 $                                         37,869,518
 
See Accompanying Notes
(1)See Footnote 1
 
9
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        American Funds - The Income Fund of America® Class A Shares American Funds - The Investment Company of America® Class A Shares AMG Renaissance Large Cap Growth Class N Shares BlackRock Advantage Global Investor A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            8,428,765 $                                               19,901,852 $                                                    61,857 $                                                 269,573
               
Investment Income:        
  Reinvested Dividends 320,389 215,549 - 3,118
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 107,158 264,220 1,064 4,669
    Net Investment Income (Loss) 213,231 (48,671) (1,064) (1,551)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 169,765 1,524,872 4,510 33,999
  Realized Gain (Loss) on Investments 299,452 1,911,383 10,598 18,012
    Net Realized Capital Gains (Losses) on Investments 469,217 3,436,255 15,108 52,011
    Net Change in Unrealized Appreciation (Depreciation) 66,896 867,578 (4,085) (4,270)
      Net Gain (Loss) on Investment 536,113 4,303,833 11,023 47,741
               
Net Increase (Decrease) in Net Assets Resulting from Operations 749,344 4,255,162 9,959 46,190
               
Increase (Decrease) in Net Assets from Contract Transactions (1,516,094) (4,332,326) (33,160) (32,963)
               
Total Increase (Decrease) in Net Assets (766,750) (77,164) (23,201) 13,227
               
Net Assets as of December 31, 2024: $                                            7,662,015 $                                               19,824,688 $                                                    38,656 $                                                 282,800
               
Investment Income:        
  Reinvested Dividends 279,189 198,008 - 3,720
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 98,266 262,122 653 4,741
    Net Investment Income (Loss) 180,923 (64,114) (653) (1,021)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 419,370 1,809,907 3,591 21,597
  Realized Gain (Loss) on Investments 298,173 1,505,859 3,857 16,820
    Net Realized Capital Gains (Losses) on Investments 717,543 3,315,766 7,448 38,417
    Net Change in Unrealized Appreciation (Depreciation) 232,280 254,195 (3,465) 20,342
      Net Gain (Loss) on Investment 949,823 3,569,961 3,983 58,759
               
Net Increase (Decrease) in Net Assets Resulting from Operations 1,130,746 3,505,847 3,330 57,738
               
Increase (Decrease) in Net Assets from Contract Transactions (1,357,279) (3,024,364) (14,882) (57,705)
               
Total Increase (Decrease) in Net Assets (226,533) 481,483 (11,552) 33
               
Net Assets as of December 31, 2025: $                                            7,435,482 $                                               20,306,171 $                                                    27,104 $                                                 282,833
 
See Accompanying Notes
(1)See Footnote 1
 
10
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        BlackRock Advantage International Investor A Shares BlackRock Advantage Large Cap Core Investor A Shares BlackRock Advantage Large Cap Value Investor A Shares BlackRock Advantage SMID Investor A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            1,472,903 $                                            4,624,401 $                                            2,885,957 $                                            4,161,504
               
Investment Income:        
  Reinvested Dividends 36,434 29,564 37,818 25,853
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 25,038 79,469 49,094 56,503
    Net Investment Income (Loss) 11,396 (49,905) (11,276) (30,650)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 9,713 647,497 355,033 26,472
  Realized Gain (Loss) on Investments 65,335 299,462 88,252 (116,210)
    Net Realized Capital Gains (Losses) on Investments 75,048 946,959 443,285 (89,738)
    Net Change in Unrealized Appreciation (Depreciation) (12,707) 130,777 (57,318) 517,850
      Net Gain (Loss) on Investment 62,341 1,077,736 385,967 428,112
               
Net Increase (Decrease) in Net Assets Resulting from Operations 73,737 1,027,831 374,691 397,462
               
Increase (Decrease) in Net Assets from Contract Transactions (226,335) (953,948) (467,342) (553,118)
               
Total Increase (Decrease) in Net Assets (152,598) 73,883 (92,651) (155,656)
               
Net Assets as of December 31, 2024: $                                            1,320,305 $                                            4,698,284 $                                            2,793,306 $                                            4,005,848
               
Investment Income:        
  Reinvested Dividends 36,654 20,701 30,857 16,201
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 23,587 75,452 45,269 52,899
    Net Investment Income (Loss) 13,067 (54,751) (14,412) (36,698)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 62,287 404,091 227,325 188,882
  Realized Gain (Loss) on Investments 109,226 242,388 79,943 42,829
    Net Realized Capital Gains (Losses) on Investments 171,513 646,479 307,268 231,711
    Net Change in Unrealized Appreciation (Depreciation) 175,499 190,166 119,659 157,478
      Net Gain (Loss) on Investment 347,012 836,645 426,927 389,189
               
Net Increase (Decrease) in Net Assets Resulting from Operations 360,079 781,894 412,515 352,491
               
Increase (Decrease) in Net Assets from Contract Transactions (251,579) (668,080) (446,242) (495,230)
               
Total Increase (Decrease) in Net Assets 108,500 113,814 (33,727) (142,739)
               
Net Assets as of December 31, 2025: $                                            1,428,805 $                                            4,812,098 $                                            2,759,579 $                                            3,863,109
 
See Accompanying Notes
(1)See Footnote 1
 
11
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        BlackRock Capital Appreciation Investor A Shares BlackRock Global Allocation Investor A Shares BlackRock High Yield Investor A Shares BlackRock International Investor A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                         31,719,431 $                                         63,554,778 $                                         12,700,319 $                                            1,610,288
               
Investment Income:        
  Reinvested Dividends - 654,871 839,022 10,045
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 486,308 964,342 207,783 25,903
    Net Investment Income (Loss) (486,308) (309,471) 631,239 (15,858)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 3,778,036 3,661,174 47,450 -
  Realized Gain (Loss) on Investments 2,072,235 391,392 (231,797) 41,683
    Net Realized Capital Gains (Losses) on Investments 5,850,271 4,052,566 (184,347) 41,683
    Net Change in Unrealized Appreciation (Depreciation) 2,926,150 740,357 325,453 (45,472)
      Net Gain (Loss) on Investment 8,776,421 4,792,923 141,106 (3,789)
               
Net Increase (Decrease) in Net Assets Resulting from Operations 8,290,113 4,483,452 772,345 (19,647)
               
Increase (Decrease) in Net Assets from Contract Transactions (10,270,236) (9,582,015) (1,691,318) (126,770)
               
Total Increase (Decrease) in Net Assets (1,980,123) (5,098,563) (918,973) (146,417)
               
Net Assets as of December 31, 2024: $                                         29,739,308 $                                         58,456,215 $                                         11,781,346 $                                            1,463,871
               
Investment Income:        
  Reinvested Dividends - 1,411,710 721,751 23,744
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 438,880 885,280 185,277 24,164
    Net Investment Income (Loss) (438,880) 526,430 536,474 (420)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 4,932,170 3,693,783 40,743 -
  Realized Gain (Loss) on Investments 1,410,881 694,756 (134,475) 59,633
    Net Realized Capital Gains (Losses) on Investments 6,343,051 4,388,539 (93,732) 59,633
    Net Change in Unrealized Appreciation (Depreciation) (2,591,745) 4,379,065 331,318 123,127
      Net Gain (Loss) on Investment 3,751,306 8,767,604 237,586 182,760
               
Net Increase (Decrease) in Net Assets Resulting from Operations 3,312,426 9,294,034 774,060 182,340
               
Increase (Decrease) in Net Assets from Contract Transactions (5,312,934) (10,498,913) (1,714,662) (210,671)
               
Total Increase (Decrease) in Net Assets (2,000,508) (1,204,879) (940,602) (28,331)
               
Net Assets as of December 31, 2025: $                                         27,738,800 $                                         57,251,336 $                                         10,840,744 $                                            1,435,540
 
See Accompanying Notes
(1)See Footnote 1
 
12
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        BlackRock iShares MSCI EAFE International Index Investor A Shares BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares BlackRock iShares S&P 500 Index Investor A Shares BlackRock Large Cap Focus Growth Investor A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                                       104,465 $                                                          35,200 $                                         22,484,689 $                                            3,098,794
               
Investment Income:        
  Reinvested Dividends 3,097 588 229,655 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 1,804 594 349,850 53,679
    Net Investment Income (Loss) 1,293 (6) (120,195) (53,679)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - 1,021 36,888 146,554
  Realized Gain (Loss) on Investments 9,028 805 4,015,821 307,517
    Net Realized Capital Gains (Losses) on Investments 9,028 1,826 4,052,709 454,071
    Net Change in Unrealized Appreciation (Depreciation) (6,947) 1,416 725,731 409,208
      Net Gain (Loss) on Investment 2,081 3,242 4,778,440 863,279
               
Net Increase (Decrease) in Net Assets Resulting from Operations 3,374 3,236 4,658,245 809,600
               
Increase (Decrease) in Net Assets from Contract Transactions (7,166) (1,825) (5,650,834) (607,507)
               
Total Increase (Decrease) in Net Assets (3,792) 1,411 (992,589) 202,093
               
Net Assets as of December 31, 2024: $                                                       100,673 $                                                          36,611 $                                         21,492,100 $                                            3,300,887
               
Investment Income:        
  Reinvested Dividends 3,804 372 186,534 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 1,812 580 320,023 50,305
    Net Investment Income (Loss) 1,992 (208) (133,489) (50,305)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - 678 121,505 502,652
  Realized Gain (Loss) on Investments 7,822 1,600 3,396,368 387,537
    Net Realized Capital Gains (Losses) on Investments 7,822 2,278 3,517,873 890,189
    Net Change in Unrealized Appreciation (Depreciation) 18,056 1,575 (285,901) (493,444)
      Net Gain (Loss) on Investment 25,878 3,853 3,231,972 396,745
               
Net Increase (Decrease) in Net Assets Resulting from Operations 27,870 3,645 3,098,483 346,440
               
Increase (Decrease) in Net Assets from Contract Transactions (15,990) (3,062) (4,490,660) (765,414)
               
Total Increase (Decrease) in Net Assets 11,880 583 (1,392,177) (418,974)
               
Net Assets as of December 31, 2025: $                                                       112,553 $                                                          37,194 $                                         20,099,923 $                                            2,881,913
 
See Accompanying Notes
(1)See Footnote 1
 
13
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        BlackRock Large Cap Focus Value Investor A Shares BlackRock Low Duration Bond Investor A Shares BlackRock Total Return Investor A Shares BNY Mellon Appreciation Investor Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                         21,225,364 $                                                    57,567 $                                         44,275,620 $                                            7,062,923
               
Investment Income:        
  Reinvested Dividends 408,776 2,107 1,898,888 22,679
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 315,575 817 661,318 112,044
    Net Investment Income (Loss) 93,201 1,290 1,237,570 (89,365)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 1,218,951 - 28,267 974,213
  Realized Gain (Loss) on Investments 533,924 (1,105) (1,217,748) 533,064
    Net Realized Capital Gains (Losses) on Investments 1,752,875 (1,105) (1,189,481) 1,507,277
    Net Change in Unrealized Appreciation (Depreciation) (131,649) 1,390 (71,192) (714,341)
      Net Gain (Loss) on Investment 1,621,226 285 (1,260,673) 792,936
               
Net Increase (Decrease) in Net Assets Resulting from Operations 1,714,427 1,575 (23,103) 703,571
               
Increase (Decrease) in Net Assets from Contract Transactions (3,716,597) (13,387) (3,514,638) (1,392,309)
               
Total Increase (Decrease) in Net Assets (2,002,170) (11,812) (3,537,741) (688,738)
               
Net Assets as of December 31, 2024: $                                         19,223,194 $                                                    45,755 $                                         40,737,879 $                                            6,374,185
               
Investment Income:        
  Reinvested Dividends 351,921 1,937 1,735,680 16,229
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 288,927 731 594,048 98,769
    Net Investment Income (Loss) 62,994 1,206 1,141,632 (82,540)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 2,360,828 - 41,078 1,052,546
  Realized Gain (Loss) on Investments 478,643 (480) (1,560,417) 189,538
    Net Realized Capital Gains (Losses) on Investments 2,839,471 (480) (1,519,339) 1,242,084
    Net Change in Unrealized Appreciation (Depreciation) 1,054,151 1,113 2,742,508 (673,222)
      Net Gain (Loss) on Investment 3,893,622 633 1,223,169 568,862
               
Net Increase (Decrease) in Net Assets Resulting from Operations 3,956,616 1,839 2,364,801 486,322
               
Increase (Decrease) in Net Assets from Contract Transactions (4,445,251) (7,609) (5,377,823) (992,363)
               
Total Increase (Decrease) in Net Assets (488,635) (5,770) (3,013,022) (506,041)
               
Net Assets as of December 31, 2025: $                                         18,734,559 $                                                    39,985 $                                         37,724,857 $                                            5,868,144
 
See Accompanying Notes
(1)See Footnote 1
 
14
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Cohen & Steers Real Estate Securities Class A Shares Columbia Large Cap Growth Opportunity Class A Shares Columbia Select Mid Cap Growth Class A Shares Columbia Select Small Cap Value Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                                 383,868 $                                            4,737,463 $                                                 466,349 $                                            8,173,585
               
Investment Income:        
  Reinvested Dividends 10,027 - - 43,124
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 6,096 80,738 7,624 107,096
    Net Investment Income (Loss) 3,931 (80,738) (7,624) (63,972)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - 182,216 57,233 1,342,289
  Realized Gain (Loss) on Investments 187 (117,748) 4,827 365,850
    Net Realized Capital Gains (Losses) on Investments 187 64,468 62,060 1,708,139
    Net Change in Unrealized Appreciation (Depreciation) 12,714 994,816 34,904 (776,682)
      Net Gain (Loss) on Investment 12,901 1,059,284 96,964 931,457
               
Net Increase (Decrease) in Net Assets Resulting from Operations 16,832 978,546 89,340 867,485
               
Increase (Decrease) in Net Assets from Contract Transactions (41,264) (881,992) (127,256) (1,173,150)
               
Total Increase (Decrease) in Net Assets (24,432) 96,554 (37,916) (305,665)
               
Net Assets as of December 31, 2024: $                                                 359,436 $                                            4,834,017 $                                                 428,433 $                                            7,867,920
               
Investment Income:        
  Reinvested Dividends 9,791 - - 61,208
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 5,514 78,191 6,805 98,749
    Net Investment Income (Loss) 4,277 (78,191) (6,805) (37,541)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 2,119 306,218 51,114 691,592
  Realized Gain (Loss) on Investments 8,614 (161,620) 3,038 393,328
    Net Realized Capital Gains (Losses) on Investments 10,733 144,598 54,152 1,084,920
    Net Change in Unrealized Appreciation (Depreciation) (5,395) 564,352 10,649 (690,361)
      Net Gain (Loss) on Investment 5,338 708,950 64,801 394,559
               
Net Increase (Decrease) in Net Assets Resulting from Operations 9,615 630,759 57,996 357,018
               
Increase (Decrease) in Net Assets from Contract Transactions (52,963) (810,131) (78,832) (785,279)
               
Total Increase (Decrease) in Net Assets (43,348) (179,372) (20,836) (428,261)
               
Net Assets as of December 31, 2025: $                                                 316,088 $                                            4,654,645 $                                                 407,597 $                                            7,439,659
 
See Accompanying Notes
(1)See Footnote 1
 
15
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Davis New York Venture Class A Shares Eaton Vance Floating-Rate Class A Shares Eaton Vance Large-Cap Value Class A Shares Federated Hermes Kaufmann Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                         17,553,289 $                                            2,863,813 $                                            3,068,945 $                                            3,303,203
               
Investment Income:        
  Reinvested Dividends 286,256 226,006 30,485 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 266,193 47,301 52,344 52,014
    Net Investment Income (Loss) 20,063 178,705 (21,859) (52,014)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 3,019,352 - 87,626 301,760
  Realized Gain (Loss) on Investments (182,171) (27,243) 251,376 14,067
    Net Realized Capital Gains (Losses) on Investments 2,837,181 (27,243) 339,002 315,827
    Net Change in Unrealized Appreciation (Depreciation) (188,944) 17,930 (14,373) 176,861
      Net Gain (Loss) on Investment 2,648,237 (9,313) 324,629 492,688
               
Net Increase (Decrease) in Net Assets Resulting from Operations 2,668,300 169,392 302,770 440,674
               
Increase (Decrease) in Net Assets from Contract Transactions (3,137,155) (302,394) (514,555) (834,113)
               
Total Increase (Decrease) in Net Assets (468,855) (133,002) (211,785) (393,439)
               
Net Assets as of December 31, 2024: $                                         17,084,434 $                                            2,730,811 $                                            2,857,160 $                                            2,909,764
               
Investment Income:        
  Reinvested Dividends 186,706 184,770 24,369 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 244,149 42,861 45,397 44,338
    Net Investment Income (Loss) (57,443) 141,909 (21,028) (44,338)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 1,737,692 - 134,175 256,810
  Realized Gain (Loss) on Investments (247,624) (38,491) 158,558 (30,731)
    Net Realized Capital Gains (Losses) on Investments 1,490,068 (38,491) 292,733 226,079
    Net Change in Unrealized Appreciation (Depreciation) 2,309,718 (56,383) (13,156) 88,929
      Net Gain (Loss) on Investment 3,799,786 (94,874) 279,577 315,008
               
Net Increase (Decrease) in Net Assets Resulting from Operations 3,742,343 47,035 258,549 270,670
               
Increase (Decrease) in Net Assets from Contract Transactions (4,252,055) (326,324) (433,517) (568,544)
               
Total Increase (Decrease) in Net Assets (509,712) (279,289) (174,968) (297,874)
               
Net Assets as of December 31, 2025: $                                         16,574,722 $                                            2,451,522 $                                            2,682,192 $                                            2,611,890
 
See Accompanying Notes
(1)See Footnote 1
 
16
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Federated Hermes Strategic Dividend Growth Class A Shares Fidelity Advisor® Equity Growth Class A Shares Fidelity Advisor® Overseas Class A Shares Fidelity Advisor® Stock Selector Mid Cap Class A Shares
        Subaccount Subaccount Subaccount(1) Subaccount
               
Net Assets as of December 31, 2023: $                                            1,010,627 $                                            2,204,482 $                                                                   - $                                                 685,329
               
Investment Income:        
  Reinvested Dividends 8,624 - - 2,362
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 16,562 31,691 - 9,183
    Net Investment Income (Loss) (7,938) (31,691) - (6,821)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 111,132 280,330 - 18,318
  Realized Gain (Loss) on Investments 24,490 152,357 - 31,483
    Net Realized Capital Gains (Losses) on Investments 135,622 432,687 - 49,801
    Net Change in Unrealized Appreciation (Depreciation) (21,734) 183,126 - 28,765
      Net Gain (Loss) on Investment 113,888 615,813 - 78,566
               
Net Increase (Decrease) in Net Assets Resulting from Operations 105,950 584,122 - 71,745
               
Increase (Decrease) in Net Assets from Contract Transactions (170,836) (313,146) - (64,262)
               
Total Increase (Decrease) in Net Assets (64,886) 270,976 - 7,483
               
Net Assets as of December 31, 2024: $                                                 945,741 $                                            2,475,458 $                                                                   - $                                                 692,812
               
Investment Income:        
  Reinvested Dividends 10,523 - 421 4,048
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 16,322 32,796 680 8,888
    Net Investment Income (Loss) (5,799) (32,796) (259) (4,840)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 209,772 16,183 87 49,143
  Realized Gain (Loss) on Investments 17,032 84,212 115 35,991
    Net Realized Capital Gains (Losses) on Investments 226,804 100,395 202 85,134
    Net Change in Unrealized Appreciation (Depreciation) (106,437) 236,844 20,835 (22,735)
      Net Gain (Loss) on Investment 120,367 337,239 21,037 62,399
               
Net Increase (Decrease) in Net Assets Resulting from Operations 114,568 304,443 20,778 57,559
               
Increase (Decrease) in Net Assets from Contract Transactions 26,358 (156,200) 460,625 (79,011)
               
Total Increase (Decrease) in Net Assets 140,926 148,243 481,403 (21,452)
               
Net Assets as of December 31, 2025: $                                            1,086,667 $                                            2,623,701 $                                                 481,403 $                                                 671,360
 
See Accompanying Notes
(1)See Footnote 1
 
17
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Franklin Templeton Growth Class A Shares Invesco American Franchise Fund Class A Shares Invesco Charter Class A Shares Invesco Comstock Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            2,758,842 $                                                 511,889 $                                                 292,246 $                                         26,149,898
               
Investment Income:        
  Reinvested Dividends 24,401 - 1,724 429,269
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 38,637 7,558 4,249 395,630
    Net Investment Income (Loss) (14,236) (7,558) (2,525) 33,639
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 40,954 21,944 23,508 1,873,163
  Realized Gain (Loss) on Investments 158,373 23,582 3,121 1,745,168
    Net Realized Capital Gains (Losses) on Investments 199,327 45,526 26,629 3,618,331
    Net Change in Unrealized Appreciation (Depreciation) (67,486) 124,993 43,937 (348,479)
      Net Gain (Loss) on Investment 131,841 170,519 70,566 3,269,852
               
Net Increase (Decrease) in Net Assets Resulting from Operations 117,605 162,961 68,041 3,303,491
               
Increase (Decrease) in Net Assets from Contract Transactions (595,506) (88,968) (19,190) (5,705,451)
               
Total Increase (Decrease) in Net Assets (477,901) 73,993 48,851 (2,401,960)
               
Net Assets as of December 31, 2024: $                                            2,280,941 $                                                 585,882 $                                                 341,097 $                                         23,747,938
               
Investment Income:        
  Reinvested Dividends 13,913 - 695 371,705
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 32,521 7,736 4,240 350,589
    Net Investment Income (Loss) (18,608) (7,736) (3,545) 21,116
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 289,719 76,136 20,392 1,519,745
  Realized Gain (Loss) on Investments 107,212 16,138 15,374 2,202,521
    Net Realized Capital Gains (Losses) on Investments 396,931 92,274 35,766 3,722,266
    Net Change in Unrealized Appreciation (Depreciation) 78,082 (24,573) 12,125 (454,205)
      Net Gain (Loss) on Investment 475,013 67,701 47,891 3,268,061
               
Net Increase (Decrease) in Net Assets Resulting from Operations 456,405 59,965 44,346 3,289,177
               
Increase (Decrease) in Net Assets from Contract Transactions (369,539) (14,921) (73,792) (4,999,782)
               
Total Increase (Decrease) in Net Assets 86,866 45,044 (29,446) (1,710,605)
               
Net Assets as of December 31, 2025: $                                            2,367,807 $                                                 630,926 $                                                 311,651 $                                         22,037,333
 
See Accompanying Notes
(1)See Footnote 1
 
18
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Invesco Discovery Large Cap Class A Shares Invesco Discovery Mid Cap Growth Class A Shares Invesco Equity and Income Class A Shares Invesco Global Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                                 851,928 $                                            1,252,004 $                                            1,866,618 $                                            2,627,939
               
Investment Income:        
  Reinvested Dividends - - 32,589 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 13,708 17,804 21,862 35,352
    Net Investment Income (Loss) (13,708) (17,804) 10,727 (35,352)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 23,690 67,461 96,530 289,460
  Realized Gain (Loss) on Investments 50,412 29,774 11,354 87,754
    Net Realized Capital Gains (Losses) on Investments 74,102 97,235 107,884 377,214
    Net Change in Unrealized Appreciation (Depreciation) 173,509 192,929 45,185 30,486
      Net Gain (Loss) on Investment 247,611 290,164 153,069 407,700
               
Net Increase (Decrease) in Net Assets Resulting from Operations 233,903 272,360 163,796 372,348
               
Increase (Decrease) in Net Assets from Contract Transactions (260,852) (122,627) (386,289) (318,207)
               
Total Increase (Decrease) in Net Assets (26,949) 149,733 (222,493) 54,141
               
Net Assets as of December 31, 2024: $                                                 824,979 $                                            1,401,737 $                                            1,644,125 $                                            2,682,080
               
Investment Income:        
  Reinvested Dividends - - 28,096 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 12,122 16,030 20,607 34,882
    Net Investment Income (Loss) (12,122) (16,030) 7,489 (34,882)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 76,836 88,097 69,096 529,275
  Realized Gain (Loss) on Investments 41,170 102,985 6,955 49,165
    Net Realized Capital Gains (Losses) on Investments 118,006 191,082 76,051 578,440
    Net Change in Unrealized Appreciation (Depreciation) (25,868) (140,283) 86,331 (197,377)
      Net Gain (Loss) on Investment 92,138 50,799 162,382 381,063
               
Net Increase (Decrease) in Net Assets Resulting from Operations 80,016 34,769 169,871 346,181
               
Increase (Decrease) in Net Assets from Contract Transactions (124,967) (379,569) (388,680) (375,947)
               
Total Increase (Decrease) in Net Assets (44,951) (344,800) (218,809) (29,766)
               
Net Assets as of December 31, 2025: $                                                 780,028 $                                            1,056,937 $                                            1,425,316 $                                            2,652,314
 
See Accompanying Notes
(1)See Footnote 1
 
19
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Invesco Main Street Class A Shares Invesco Main Street Mid Cap Class A Shares Invesco Multi-Strategy Class A Shares Invesco Value Opportunities Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            1,647,210 $                                            2,181,634 $                                                 380,821 $                                                 376,156
               
Investment Income:        
  Reinvested Dividends 12,964 5,355 5,073 1,587
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 27,011 37,168 5,082 6,560
    Net Investment Income (Loss) (14,047) (31,813) (9) (4,973)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 94,717 175,571 2,887 27,908
  Realized Gain (Loss) on Investments 69,111 141,543 (1,523) 27,274
    Net Realized Capital Gains (Losses) on Investments 163,828 317,114 1,364 55,182
    Net Change in Unrealized Appreciation (Depreciation) 199,761 29,645 15,125 44,541
      Net Gain (Loss) on Investment 363,589 346,759 16,489 99,723
               
Net Increase (Decrease) in Net Assets Resulting from Operations 349,542 314,946 16,480 94,750
               
Increase (Decrease) in Net Assets from Contract Transactions (140,794) (362,186) (7,755) (65,437)
               
Total Increase (Decrease) in Net Assets 208,748 (47,240) 8,725 29,313
               
Net Assets as of December 31, 2024: $                                            1,855,958 $                                            2,134,394 $                                                 389,546 $                                                 405,469
               
Investment Income:        
  Reinvested Dividends 6,578 3,610 - 863
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 28,254 33,965 4,817 6,883
    Net Investment Income (Loss) (21,676) (30,355) (4,817) (6,020)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 129,898 160,383 2,713 41,728
  Realized Gain (Loss) on Investments 44,820 124,131 (2,160) 22,342
    Net Realized Capital Gains (Losses) on Investments 174,718 284,514 553 64,070
    Net Change in Unrealized Appreciation (Depreciation) 111,274 (113,565) 582 11,619
      Net Gain (Loss) on Investment 285,992 170,949 1,135 75,689
               
Net Increase (Decrease) in Net Assets Resulting from Operations 264,316 140,594 (3,682) 69,669
               
Increase (Decrease) in Net Assets from Contract Transactions (165,084) (293,084) (10,996) (26,695)
               
Total Increase (Decrease) in Net Assets 99,232 (152,490) (14,678) 42,974
               
Net Assets as of December 31, 2025: $                                            1,955,190 $                                            1,981,904 $                                                 374,868 $                                                 448,443
 
See Accompanying Notes
(1)See Footnote 1
 
20
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Janus Henderson Enterprise Class A Shares Janus Henderson Forty Class A Shares JPMorgan Small Cap Growth Class A Shares Lord Abbett Affiliated Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                         21,840,743 $                                            4,647,156 $                                            1,307,895 $                                            1,350,694
               
Investment Income:        
  Reinvested Dividends 165,882 14,984 7,103 23,177
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 355,409 81,018 20,632 21,545
    Net Investment Income (Loss) (189,527) (66,034) (13,529) 1,632
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 1,190,486 430,908 - 57,679
  Realized Gain (Loss) on Investments 1,153,144 679,102 6,533 50,121
    Net Realized Capital Gains (Losses) on Investments 2,343,630 1,110,010 6,533 107,800
    Net Change in Unrealized Appreciation (Depreciation) 548,562 82,327 140,350 82,113
      Net Gain (Loss) on Investment 2,892,192 1,192,337 146,883 189,913
               
Net Increase (Decrease) in Net Assets Resulting from Operations 2,702,665 1,126,303 133,354 191,545
               
Increase (Decrease) in Net Assets from Contract Transactions (4,626,689) (1,076,131) (231,499) (214,580)
               
Total Increase (Decrease) in Net Assets (1,924,024) 50,172 (98,145) (23,035)
               
Net Assets as of December 31, 2024: $                                         19,916,719 $                                            4,697,328 $                                            1,209,750 $                                            1,327,659
               
Investment Income:        
  Reinvested Dividends 34,483 - - 14,263
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 312,564 74,534 18,412 20,539
    Net Investment Income (Loss) (278,081) (74,534) (18,412) (6,276)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 1,315,716 496,894 78,928 78,465
  Realized Gain (Loss) on Investments 509,059 421,703 (27,410) 75,251
    Net Realized Capital Gains (Losses) on Investments 1,824,775 918,597 51,518 153,716
    Net Change in Unrealized Appreciation (Depreciation) (522,852) (140,874) 26,543 21,062
      Net Gain (Loss) on Investment 1,301,923 777,723 78,061 174,778
               
Net Increase (Decrease) in Net Assets Resulting from Operations 1,023,842 703,189 59,649 168,502
               
Increase (Decrease) in Net Assets from Contract Transactions (2,781,675) (975,184) (136,677) (210,860)
               
Total Increase (Decrease) in Net Assets (1,757,833) (271,995) (77,028) (42,358)
               
Net Assets as of December 31, 2025: $                                         18,158,886 $                                            4,425,333 $                                            1,132,722 $                                            1,285,301
 
See Accompanying Notes
(1)See Footnote 1
 
21
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Lord Abbett Bond-Debenture Class A Shares Lord Abbett Mid Cap Stock Class A Shares MFS® Growth Class A Shares MFS® Mid Cap Growth Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            8,547,443 $                                            9,405,150 $                                         10,845,931 $                                            8,679,035
               
Investment Income:        
  Reinvested Dividends 490,929 51,381 - -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 126,154 136,755 146,262 113,990
    Net Investment Income (Loss) 364,775 (85,374) (146,262) (113,990)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - 772,752 1,401,246 624,756
  Realized Gain (Loss) on Investments (238,752) 524,494 2,049,729 938,537
    Net Realized Capital Gains (Losses) on Investments (238,752) 1,297,246 3,450,975 1,563,293
    Net Change in Unrealized Appreciation (Depreciation) 303,710 14,196 (346,823) (369,063)
      Net Gain (Loss) on Investment 64,958 1,311,442 3,104,152 1,194,230
               
Net Increase (Decrease) in Net Assets Resulting from Operations 429,733 1,226,068 2,957,890 1,080,240
               
Increase (Decrease) in Net Assets from Contract Transactions (1,058,500) (1,392,151) (3,121,869) (1,428,878)
               
Total Increase (Decrease) in Net Assets (628,767) (166,083) (163,979) (348,638)
               
Net Assets as of December 31, 2024: $                                            7,918,676 $                                            9,239,067 $                                         10,681,952 $                                            8,330,397
               
Investment Income:        
  Reinvested Dividends 457,588 35,928 - -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 113,623 117,185 136,516 105,682
    Net Investment Income (Loss) 343,965 (81,257) (136,516) (105,682)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - 528,184 1,432,655 1,100,833
  Realized Gain (Loss) on Investments (182,948) 465,404 1,727,813 753,020
    Net Realized Capital Gains (Losses) on Investments (182,948) 993,588 3,160,468 1,853,853
    Net Change in Unrealized Appreciation (Depreciation) 335,458 (482,779) (1,851,568) (1,525,792)
      Net Gain (Loss) on Investment 152,510 510,809 1,308,900 328,061
               
Net Increase (Decrease) in Net Assets Resulting from Operations 496,475 429,552 1,172,384 222,379
               
Increase (Decrease) in Net Assets from Contract Transactions (1,067,767) (1,551,169) (2,270,805) (626,545)
               
Total Increase (Decrease) in Net Assets (571,292) (1,121,617) (1,098,421) (404,166)
               
Net Assets as of December 31, 2025: $                                            7,347,384 $                                            8,117,450 $                                            9,583,531 $                                            7,926,231
 
See Accompanying Notes
(1)See Footnote 1
 
22
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        MFS® Research International Class A Shares Nomura Mid Cap Growth Class A Shares PIMCO CommodityRealReturn Strategy Class A Shares PIMCO Low Duration Class A Shares
        Subaccount Subaccount(1) Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            5,152,248 $                                                                   - $                                            5,014,119 $                                         29,139,752
               
Investment Income:        
  Reinvested Dividends 82,366 - 149,028 1,148,310
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 66,226 12,087 87,641 488,983
    Net Investment Income (Loss) 16,140 (12,087) 61,387 659,327
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - 109,572 - -
  Realized Gain (Loss) on Investments 266,284 1,107 (306,944) (350,516)
    Net Realized Capital Gains (Losses) on Investments 266,284 110,679 (306,944) (350,516)
    Net Change in Unrealized Appreciation (Depreciation) (182,218) (95,515) 387,265 510,990
      Net Gain (Loss) on Investment 84,066 15,164 80,321 160,474
               
Net Increase (Decrease) in Net Assets Resulting from Operations 100,206 3,077 141,708 819,801
               
Increase (Decrease) in Net Assets from Contract Transactions (474,507) 1,518,465 (87,206) (1,985,355)
               
Total Increase (Decrease) in Net Assets (374,301) 1,521,542 54,502 (1,165,554)
               
Net Assets as of December 31, 2024: $                                            4,777,947 $                                            1,521,542 $                                            5,068,621 $                                         27,974,198
               
Investment Income:        
  Reinvested Dividends 76,574 - 375,423 1,052,942
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 62,232 19,373 80,778 438,274
    Net Investment Income (Loss) 14,342 (19,373) 294,645 614,668
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 148,631 131,275 - -
  Realized Gain (Loss) on Investments 568,781 (13,365) (661,472) (322,861)
    Net Realized Capital Gains (Losses) on Investments 717,412 117,910 (661,472) (322,861)
    Net Change in Unrealized Appreciation (Depreciation) 168,814 (100,223) 1,169,896 639,126
      Net Gain (Loss) on Investment 886,226 17,687 508,424 316,265
               
Net Increase (Decrease) in Net Assets Resulting from Operations 900,568 (1,686) 803,069 930,933
               
Increase (Decrease) in Net Assets from Contract Transactions (1,275,801) (209,983) (1,183,355) (3,099,520)
               
Total Increase (Decrease) in Net Assets (375,233) (211,669) (380,286) (2,168,587)
               
Net Assets as of December 31, 2025: $                                            4,402,714 $                                            1,309,873 $                                            4,688,335 $                                         25,805,611
 
See Accompanying Notes
(1)See Footnote 1
 
23
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        PIMCO Real Return Class A Shares PIMCO Total Return Class A Shares Putnam International Equity Class A Shares Putnam Large Cap Growth Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                         19,325,213 $                                         53,516,295 $                                            9,278,635 $                                            1,825,043
               
Investment Income:        
  Reinvested Dividends 532,567 2,193,304 90,583 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 317,652 803,874 120,481 25,420
    Net Investment Income (Loss) 214,915 1,389,430 (29,898) (25,420)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - - 336,684 78,289
  Realized Gain (Loss) on Investments (282,065) (1,569,839) 211,829 390,302
    Net Realized Capital Gains (Losses) on Investments (282,065) (1,569,839) 548,513 468,591
    Net Change in Unrealized Appreciation (Depreciation) 186,400 600,600 (289,200) 77,316
      Net Gain (Loss) on Investment (95,665) (969,239) 259,313 545,907
               
Net Increase (Decrease) in Net Assets Resulting from Operations 119,250 420,191 229,415 520,487
               
Increase (Decrease) in Net Assets from Contract Transactions (1,323,150) (4,691,999) (702,802) (546,900)
               
Total Increase (Decrease) in Net Assets (1,203,900) (4,271,808) (473,387) (26,413)
               
Net Assets as of December 31, 2024: $                                         18,121,313 $                                         49,244,487 $                                            8,805,248 $                                            1,798,630
               
Investment Income:        
  Reinvested Dividends 608,601 1,974,691 192,527 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 284,163 718,922 116,258 23,255
    Net Investment Income (Loss) 324,438 1,255,769 76,269 (23,255)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - - 654,550 102,496
  Realized Gain (Loss) on Investments (324,034) (2,015,329) 592,188 105,306
    Net Realized Capital Gains (Losses) on Investments (324,034) (2,015,329) 1,246,738 207,802
    Net Change in Unrealized Appreciation (Depreciation) 1,031,508 4,081,057 1,396,710 37,741
      Net Gain (Loss) on Investment 707,474 2,065,728 2,643,448 245,543
               
Net Increase (Decrease) in Net Assets Resulting from Operations 1,031,912 3,321,497 2,719,717 222,288
               
Increase (Decrease) in Net Assets from Contract Transactions (2,512,884) (7,440,087) (2,937,870) (130,477)
               
Total Increase (Decrease) in Net Assets (1,480,972) (4,118,590) (218,153) 91,811
               
Net Assets as of December 31, 2025: $                                         16,640,341 $                                         45,125,897 $                                            8,587,095 $                                            1,890,441
 
See Accompanying Notes
(1)See Footnote 1
 
24
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Putnam Large Cap Value Class A Shares TA Aegon Sustainable Equity Income Service Class TA Asset Allocation - Conservative Class A Shares TA Asset Allocation - Moderate Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                                 825,643 $                                            2,567,186 $                                                 559,916 $                                            1,316,550
               
Investment Income:        
  Reinvested Dividends 9,856 43,598 9,499 26,289
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 11,623 32,413 6,279 19,268
    Net Investment Income (Loss) (1,767) 11,185 3,220 7,021
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 47,250 - - 36,890
  Realized Gain (Loss) on Investments 33,612 (111,643) 3,325 40,538
    Net Realized Capital Gains (Losses) on Investments 80,862 (111,643) 3,325 77,428
    Net Change in Unrealized Appreciation (Depreciation) 62,208 442,449 14,640 13,776
      Net Gain (Loss) on Investment 143,070 330,806 17,965 91,204
               
Net Increase (Decrease) in Net Assets Resulting from Operations 141,303 341,991 21,185 98,225
               
Increase (Decrease) in Net Assets from Contract Transactions (92,600) (552,110) (263,629) (83,492)
               
Total Increase (Decrease) in Net Assets 48,703 (210,119) (242,444) 14,733
               
Net Assets as of December 31, 2024: $                                                 874,346 $                                            2,357,067 $                                                 317,472 $                                            1,331,283
               
Investment Income:        
  Reinvested Dividends 10,525 32,228 8,401 31,519
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 11,709 29,845 4,847 20,027
    Net Investment Income (Loss) (1,184) 2,383 3,554 11,492
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 38,276 21,755 2,367 54,483
  Realized Gain (Loss) on Investments 37,438 33,185 2,207 19,550
    Net Realized Capital Gains (Losses) on Investments 75,714 54,940 4,574 74,033
    Net Change in Unrealized Appreciation (Depreciation) 79,813 150,745 23,964 90,813
      Net Gain (Loss) on Investment 155,527 205,685 28,538 164,846
               
Net Increase (Decrease) in Net Assets Resulting from Operations 154,343 208,068 32,092 176,338
               
Increase (Decrease) in Net Assets from Contract Transactions (98,258) (423,497) (18,250) (60,876)
               
Total Increase (Decrease) in Net Assets 56,085 (215,429) 13,842 115,462
               
Net Assets as of December 31, 2025: $                                                 930,431 $                                            2,141,638 $                                                 331,314 $                                            1,446,745
 
See Accompanying Notes
(1)See Footnote 1
 
25
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        TA Asset Allocation - Moderate Growth Class A Shares TA BlackRock Government Money Market Initial Class TA Bond Class A Shares TA International Focus Initial Class
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            1,731,302 $                                            5,735,835 $                                                 880,191 $                                         66,480,045
               
Investment Income:        
  Reinvested Dividends 29,537 278,627 35,814 1,453,938
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 25,628 84,387 14,072 1,028,351
    Net Investment Income (Loss) 3,909 194,240 21,742 425,587
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 66,147 - - 2,002,178
  Realized Gain (Loss) on Investments (12,710) - (20,256) 537,470
    Net Realized Capital Gains (Losses) on Investments 53,437 - (20,256) 2,539,648
    Net Change in Unrealized Appreciation (Depreciation) 128,983 - 322 (4,247,713)
      Net Gain (Loss) on Investment 182,420 - (19,934) (1,708,065)
               
Net Increase (Decrease) in Net Assets Resulting from Operations 186,329 194,240 1,808 (1,282,478)
               
Increase (Decrease) in Net Assets from Contract Transactions (336,399) (525,306) (35,883) (5,130,149)
               
Total Increase (Decrease) in Net Assets (150,070) (331,066) (34,075) (6,412,627)
               
Net Assets as of December 31, 2024: $                                            1,581,232 $                                            5,404,769 $                                                 846,116 $                                         60,067,418
               
Investment Income:        
  Reinvested Dividends 25,947 329,834 33,115 943,021
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 24,857 120,423 12,856 923,666
    Net Investment Income (Loss) 1,090 209,411 20,259 19,355
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 82,668 - - 5,581,916
  Realized Gain (Loss) on Investments 17,063 - (30,917) 1,680,609
    Net Realized Capital Gains (Losses) on Investments 99,731 - (30,917) 7,262,525
    Net Change in Unrealized Appreciation (Depreciation) 144,342 - 50,334 (4,054,549)
      Net Gain (Loss) on Investment 244,073 - 19,417 3,207,976
               
Net Increase (Decrease) in Net Assets Resulting from Operations 245,163 209,411 39,676 3,227,331
               
Increase (Decrease) in Net Assets from Contract Transactions (145,962) 9,389,996 (108,959) (8,555,575)
               
Total Increase (Decrease) in Net Assets 99,201 9,599,407 (69,283) (5,328,244)
               
Net Assets as of December 31, 2025: $                                            1,680,433 $                                         15,004,176 $                                                 776,833 $                                         54,739,174
 
See Accompanying Notes
(1)See Footnote 1
 
26
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        TA Multi-Managed Balanced Class A Shares TA Small/Mid Cap Value Class A Shares TA Sustainable Equity Income Class A Shares TA T. Rowe Price Small Cap Service Class
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            1,497,664 $                                         23,067,157 $                                         40,961,183 $                                            3,909,435
               
Investment Income:        
  Reinvested Dividends 24,004 164,142 517,044 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 21,253 369,094 624,656 60,238
    Net Investment Income (Loss) 2,751 (204,952) (107,612) (60,238)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 85,530 2,201,193 2,508,088 148,721
  Realized Gain (Loss) on Investments 25,766 1,144,476 (515,511) (429,894)
    Net Realized Capital Gains (Losses) on Investments 111,296 3,345,669 1,992,577 (281,173)
    Net Change in Unrealized Appreciation (Depreciation) 70,536 (1,579,739) 3,678,379 749,832
      Net Gain (Loss) on Investment 181,832 1,765,930 5,670,956 468,659
               
Net Increase (Decrease) in Net Assets Resulting from Operations 184,583 1,560,978 5,563,344 408,421
               
Increase (Decrease) in Net Assets from Contract Transactions (228,184) (3,704,639) (9,563,651) (1,009,125)
               
Total Increase (Decrease) in Net Assets (43,601) (2,143,661) (4,000,307) (600,704)
               
Net Assets as of December 31, 2024: $                                            1,454,063 $                                         20,923,496 $                                         36,960,876 $                                            3,308,731
               
Investment Income:        
  Reinvested Dividends 21,651 196,574 432,597 -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 19,340 326,108 551,524 51,997
    Net Investment Income (Loss) 2,311 (129,534) (118,927) (51,997)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 62,209 1,656,018 - 583,931
  Realized Gain (Loss) on Investments 33,369 1,546,986 1,129,516 (263,062)
    Net Realized Capital Gains (Losses) on Investments 95,578 3,203,004 1,129,516 320,869
    Net Change in Unrealized Appreciation (Depreciation) 55,097 (1,618,243) 2,087,694 (7,613)
      Net Gain (Loss) on Investment 150,675 1,584,761 3,217,210 313,256
               
Net Increase (Decrease) in Net Assets Resulting from Operations 152,986 1,455,227 3,098,283 261,259
               
Increase (Decrease) in Net Assets from Contract Transactions (195,577) (3,450,098) (6,002,591) (358,201)
               
Total Increase (Decrease) in Net Assets (42,591) (1,994,871) (2,904,308) (96,942)
               
Net Assets as of December 31, 2025: $                                            1,411,472 $                                         18,928,625 $                                         34,056,568 $                                            3,211,789
 
See Accompanying Notes
(1)See Footnote 1
 
27
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        TA TSW International Equity Service Class TA TSW Mid Cap Value Opportunities Service Class TA US Growth Class A Shares TA WMC US Growth Service Class
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            2,629,061 $                                            1,720,797 $                                         24,874,322 $                                                 325,216
               
Investment Income:        
  Reinvested Dividends 67,498 20,833 - -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 42,832 22,666 396,367 5,508
    Net Investment Income (Loss) 24,666 (1,833) (396,367) (5,508)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions - 279,277 3,392,455 29,291
  Realized Gain (Loss) on Investments 47,889 (14,765) 2,188,842 26,946
    Net Realized Capital Gains (Losses) on Investments 47,889 264,512 5,581,297 56,237
    Net Change in Unrealized Appreciation (Depreciation) (25,262) (151,899) 569,490 26,257
      Net Gain (Loss) on Investment 22,627 112,613 6,150,787 82,494
               
Net Increase (Decrease) in Net Assets Resulting from Operations 47,293 110,780 5,754,420 76,986
               
Increase (Decrease) in Net Assets from Contract Transactions (341,988) (110,012) (8,561,168) (92,915)
               
Total Increase (Decrease) in Net Assets (294,695) 768 (2,806,748) (15,929)
               
Net Assets as of December 31, 2024: $                                            2,334,366 $                                            1,721,565 $                                         22,067,574 $                                                 309,287
               
Investment Income:        
  Reinvested Dividends 46,278 16,487 - -
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 39,102 20,963 352,094 5,061
    Net Investment Income (Loss) 7,176 (4,476) (352,094) (5,061)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 110,145 426,310 910,019 51,517
  Realized Gain (Loss) on Investments 122,428 (143,448) 745,133 29,583
    Net Realized Capital Gains (Losses) on Investments 232,573 282,862 1,655,152 81,100
    Net Change in Unrealized Appreciation (Depreciation) 359,691 (153,605) 2,031,849 (31,066)
      Net Gain (Loss) on Investment 592,264 129,257 3,687,001 50,034
               
Net Increase (Decrease) in Net Assets Resulting from Operations 599,440 124,781 3,334,907 44,973
               
Increase (Decrease) in Net Assets from Contract Transactions (613,837) (374,276) (5,084,277) (42,376)
               
Total Increase (Decrease) in Net Assets (14,397) (249,495) (1,749,370) 2,597
               
Net Assets as of December 31, 2025: $                                            2,319,969 $                                            1,472,070 $                                         20,318,204 $                                                 311,884
 
See Accompanying Notes
(1)See Footnote 1
 
28
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Victory Pioneer Class A Shares Victory Pioneer High Yield Class A Shares Victory Pioneer Select Mid Cap Growth Class A Shares Virtus AllianzGI Dividend Value Class A Shares
        Subaccount Subaccount Subaccount Subaccount
               
Net Assets as of December 31, 2023: $                                            1,174,534 $                                            1,906,733 $                                                 212,458 $                                            2,694,623
               
Investment Income:        
  Reinvested Dividends 5,416 114,309 - 34,565
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 17,397 33,021 3,509 43,978
    Net Investment Income (Loss) (11,981) 81,288 (3,509) (9,413)
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 125,898 - 24,362 43,590
  Realized Gain (Loss) on Investments 172,747 (19,265) 876 (19,946)
    Net Realized Capital Gains (Losses) on Investments 298,645 (19,265) 25,238 23,644
    Net Change in Unrealized Appreciation (Depreciation) (99,489) 63,249 21,531 78,008
      Net Gain (Loss) on Investment 199,156 43,984 46,769 101,652
               
Net Increase (Decrease) in Net Assets Resulting from Operations 187,175 125,272 43,260 92,239
               
Increase (Decrease) in Net Assets from Contract Transactions (321,969) (81,945) (44,535) (307,344)
               
Total Increase (Decrease) in Net Assets (134,794) 43,327 (1,275) (215,105)
               
Net Assets as of December 31, 2024: $                                            1,039,740 $                                            1,950,060 $                                                 211,183 $                                            2,479,518
               
Investment Income:        
  Reinvested Dividends 1,947 107,279 - 48,212
Investment Expense:        
  Mortality and Expense Risk and Administrative Charges 14,285 31,290 3,220 38,123
    Net Investment Income (Loss) (12,338) 75,989 (3,220) 10,089
               
Increase (Decrease) in Net Assets from Operations:        
  Capital Gain Distributions 81,464 - 32,673 202,540
  Realized Gain (Loss) on Investments 71,791 (21,188) 663 (28,183)
    Net Realized Capital Gains (Losses) on Investments 153,255 (21,188) 33,336 174,357
    Net Change in Unrealized Appreciation (Depreciation) 10,928 49,943 1,477 (46,903)
      Net Gain (Loss) on Investment 164,183 28,755 34,813 127,454
               
Net Increase (Decrease) in Net Assets Resulting from Operations 151,845 104,744 31,593 137,543
               
Increase (Decrease) in Net Assets from Contract Transactions (295,985) (212,399) (38,261) (433,617)
               
Total Increase (Decrease) in Net Assets (144,140) (107,655) (6,668) (296,074)
               
Net Assets as of December 31, 2025: $                                                 895,600 $                                            1,842,405 $                                                 204,515 $                                            2,183,444
 
See Accompanying Notes
(1)See Footnote 1
 
29
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Statements of Operations and Changes in Net Assets
Years Ended December 31, 2025 and 2024
 
        Virtus AllianzGI Small-Cap Value Class A Shares
        Subaccount
         
Net Assets as of December 31, 2023: $                                            3,120,429
         
Investment Income:  
  Reinvested Dividends 35,318
Investment Expense:  
  Mortality and Expense Risk and Administrative Charges 41,497
    Net Investment Income (Loss) (6,179)
         
Increase (Decrease) in Net Assets from Operations:  
  Capital Gain Distributions 87,564
  Realized Gain (Loss) on Investments (343,250)
    Net Realized Capital Gains (Losses) on Investments (255,686)
    Net Change in Unrealized Appreciation (Depreciation) 387,294
      Net Gain (Loss) on Investment 131,608
         
Net Increase (Decrease) in Net Assets Resulting from Operations 125,429
         
Increase (Decrease) in Net Assets from Contract Transactions (456,814)
         
Total Increase (Decrease) in Net Assets (331,385)
         
Net Assets as of December 31, 2024: $                                            2,789,044
         
Investment Income:  
  Reinvested Dividends 19,577
Investment Expense:  
  Mortality and Expense Risk and Administrative Charges 35,088
    Net Investment Income (Loss) (15,511)
         
Increase (Decrease) in Net Assets from Operations:  
  Capital Gain Distributions 78,870
  Realized Gain (Loss) on Investments (82,343)
    Net Realized Capital Gains (Losses) on Investments (3,473)
    Net Change in Unrealized Appreciation (Depreciation) (2,346)
      Net Gain (Loss) on Investment (5,819)
         
Net Increase (Decrease) in Net Assets Resulting from Operations (21,330)
         
Increase (Decrease) in Net Assets from Contract Transactions (364,390)
         
Total Increase (Decrease) in Net Assets (385,720)
         
Net Assets as of December 31, 2025: $                                            2,403,324
 
See Accompanying Notes
(1)See Footnote 1
 
30
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
1. Organization
 
Organization
Merrill Lynch Life Variable Annuity Separate Account D (the Separate Account) is a segregated investment account of Transamerica Life Insurance Company (TLIC), an indirect wholly owned subsidiary of Aegon Ltd., a holding company organized under the laws of Bermuda.
 
The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust pursuant to provisions of the Investment Company Act of 1940. TLIC and the Separate Account are regulated by the Securities and Exchange Commission. The assets and liabilities of the Separate Account are clearly identified and distinguished from TLIC's other assets and liabilities. The Separate Account consists of multiple investment subaccounts. Each subaccount invests exclusively in the corresponding portfolio of a Mutual Fund. Each Mutual Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended. Activity in these specified investment subaccounts is available to contract owners of Merrill Lynch Investor Choice Annuity® and Merrill Lynch IRA Annuity®.
 
Subaccount Investment by Mutual Fund:    
Subaccount         Mutual Fund        
The AB Trust         The AB Trust        
  AB Discovery Value Class A Shares       AB Discovery Value Portfolio Class A Shares  
  AB International Value Class A Shares     AB International Value Portfolio Class A Shares
  AB Large Cap Growth Class A Shares       AB Large Cap Growth Portfolio Class A Shares  
  AB Large Cap Value Class A Shares       AB Large Cap Value Portfolio Class A Shares  
  AB Relative Value Class A Shares       AB Relative Value Portfolio Class A Shares  
American Funds         American Funds        
  American Funds - EUPAC Class F -1 Shares     American Funds - EUPAC Fund Class F -1 Shares
  American Funds - Growth Fund of America® Class F -1 Shares   American Funds - Growth Fund of America® Fund Class F -1 Shares
  American Funds - Income Fund of America® Class F -1 Shares   American Funds - Income Fund of America® Fund Class F -1 Shares
  American Funds - Investment Company of America® Class F -1 Shares   American Funds - Investment Company of America® Fund Class F -1 Shares
  American Funds - The Bond Fund of America® Class A Shares   American Funds - The Bond Fund of America® Fund Class A Shares
  American Funds - The Bond Fund of America® Class F -1 Shares   American Funds - The Bond Fund of America® Fund Class F -1 Shares
  American Funds - The Growth Fund of America® Class A Shares   American Funds - The Growth Fund of America® Fund Class A Shares
  American Funds - The Income Fund of America® Class A Shares   American Funds - The Income Fund of America® Fund Class A Shares
  American Funds - The Investment Company of America® Class A Shares   American Funds - The Investment Company of America® Fund Class A Shares
The Managers Fund       The Managers Fund      
  AMG Renaissance Large Cap Growth Class N Shares   AMG Renaissance Large Cap Growth Class N Shares
BlackRock Series, Inc.       BlackRock Series, Inc.      
  BlackRock Advantage Global Investor A Shares     BlackRock Advantage Global Fund Investor A Shares
  BlackRock Advantage International Investor A Shares   BlackRock Advantage International Investor A Shares
  BlackRock Advantage Large Cap Core Investor A Shares   BlackRock Advantage Large Cap Core Fund Investor A Shares
  BlackRock Advantage Large Cap Value Investor A Shares   BlackRock Advantage Large Cap Value Fund Investor A Shares
  BlackRock Advantage SMID Investor A Shares     BlackRock Advantage SMID Fund Investor A Shares
  BlackRock Capital Appreciation Investor A Shares   BlackRock Capital Appreciation Fund Investor A Shares
  BlackRock Global Allocation Investor A Shares     BlackRock Global Allocation Fund Investor A Shares
  BlackRock High Yield Investor A Shares     BlackRock High Yield Portfolio Investor A Shares
 
31
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
1. Organization (continued)
 
Subaccount Investment by Mutual Fund:    
Subaccount         Mutual Fund        
BlackRock Series, Inc.       BlackRock Series, Inc.      
  BlackRock International Investor A Shares     BlackRock International Fund Investor A Shares
  BlackRock iShares MSCI EAFE International Index Investor A Shares   BlackRock iShares MSCI EAFE International Index Fund Investor A Shares
  BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares   BlackRock iShares Russell 2000 Small-Cap Index Fund Investor A Shares
  BlackRock iShares S&P 500 Index Investor A Shares   BlackRock iShares S&P 500 Index Fund Investor A Shares
  BlackRock Large Cap Focus Growth Investor A Shares   BlackRock Large Cap Growth Fund Investor A Shares
  BlackRock Large Cap Focus Value Investor A Shares   BlackRock Large Cap Focus Value Fund Investor A Shares
  BlackRock Low Duration Bond Investor A Shares   BlackRock Low Duration Bond Portfolio Investor A Shares
  BlackRock Total Return Investor A Shares     BlackRock Total Return Investor A Shares  
BNY Mellon Fund         BNY Mellon Fund        
  BNY Mellon Appreciation Investor Shares       BNY Mellon Appreciation Investor Shares  
Cohen & Steers Capital Management, Inc.   Cohen & Steers Capital Management, Inc.  
  Cohen & Steers Real Estate Securities Class A Shares   Cohen & Steers Real Estate Securities Class Fund A Shares
Columbia Funds Series Trust     Columbia Funds Series Trust    
  Columbia Large Cap Growth Opportunity Class A Shares   Columbia Large Cap Growth Opportunity Fund Class A Shares
  Columbia Select Mid Cap Growth Class A Shares   Columbia Select Mid Cap Growth Class A Shares
  Columbia Select Small Cap Value Class A Shares   Columbia Select Small Cap Value Fund Class A Shares
Davis New York Venture Fund, Inc.     Davis New York Venture Fund, Inc.    
  Davis New York Venture Class A Shares     Davis New York Venture Class A Shares  
Eaton Vance Mutual Funds Trust     Eaton Vance Mutual Funds Trust    
  Eaton Vance Floating-Rate Class A Shares     Eaton Vance Floating-Rate Fund Class A Shares  
Eaton Vance Special Investment Trust     Eaton Vance Special Investment Trust    
  Eaton Vance Large-Cap Value Class A Shares     Eaton Vance Large-Cap Value Fund Class A Shares
Federated Equity Funds       Federated Equity Funds      
  Federated Hermes Kaufmann Class A Shares     Federated Hermes Kaufmann Fund Class A Shares
  Federated Hermes Strategic Dividend Growth Class A Shares Federated Hermes Strategic Dividend Growth Fund Class A Shares
Fidelity Advisor Series       Fidelity Advisor Series      
  Fidelity Advisor® Equity Growth Class A Shares     Fidelity Advisor® Equity Growth Fund Class A Shares
  Fidelity Advisor® Overseas Class A Shares     Fidelity Advisor® Overseas Fund Class A Shares
  Fidelity Advisor® Stock Selector Mid Cap Class A Shares   Fidelity Advisor® Stock Selector Mid Cap Fund Class A Shares
Templeton Funds         Templeton Funds        
  Franklin Templeton Growth Class A Shares     Franklin Templeton Growth Fund Class A Shares
AIM Series Trust (Invesco Series Trust)     AIM Series Trust (Invesco Series Trust)    
  Invesco American Franchise Fund Class A Shares   Invesco American Franchise Fund Class A Shares
  Invesco Charter Class A Shares       Invesco Charter Fund Class A Shares    
  Invesco Comstock Class A Shares       Invesco Comstock Fund Class A Shares  
  Invesco Discovery Large Cap Class A Shares     Invesco Discovery Large Cap Fund Class A Shares
  Invesco Discovery Mid Cap Growth Class A Shares   Invesco Discovery Mid Cap Growth Fund Class A Shares
  Invesco Equity and Income Class A Shares     Invesco Equity and Income Fund Class A Shares
  Invesco Global Class A Shares       Invesco Global Fund Class A Shares    
  Invesco Main Street Class A Shares       Invesco Main Street Fund Class A Shares  
 
32
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
1. Organization (continued)
 
Subaccount Investment by Mutual Fund:    
Subaccount         Mutual Fund        
AIM Series Trust (Invesco Series Trust)     AIM Series Trust (Invesco Series Trust)    
  Invesco Main Street Mid Cap Class A Shares     Invesco Main Street Mid Cap Fund Class A Shares
  Invesco Multi-Strategy Class A Shares     Invesco Multi-Strategy Fund Class A Shares  
  Invesco Value Opportunities Class A Shares     Invesco Value Opportunities Fund Class A Shares
Janus Advisor Series       Janus Advisor Series      
  Janus Henderson Enterprise Class A Shares     Janus Henderson Enterprise Portfolio Class A Shares
  Janus Henderson Forty Class A Shares     Janus Henderson Forty Portfolio Class A Shares
JPMorgan Trust II         JPMorgan Trust II        
  JPMorgan Small Cap Growth Class A Shares     JPMorgan Small Cap Growth Fund Class A Shares
Lord Abbett Funds, Inc.       Lord Abbett Funds, Inc.      
  Lord Abbett Affiliated Class A Shares     Lord Abbett Affiliated Class A Shares  
  Lord Abbett Bond-Debenture Class A Shares     Lord Abbett Bond-Debenture Class A Shares  
  Lord Abbett Mid Cap Stock Class A Shares     Lord Abbett Mid Cap Stock Class A Shares  
MFS Series Trust         MFS Series Trust        
  MFS® Growth Class A Shares       MFS® Growth Fund Class A Shares    
  MFS® Mid Cap Growth Class A Shares     MFS® Mid Cap Growth Fund Class A Shares  
  MFS® Research International Class A Shares     MFS® Research International Fund Class A Shares
Nomura Investment Management Business Trust   Nomura Investment Management Business Trust  
  Nomura Mid Cap Growth Class A Shares     Nomura Mid Cap Growth Fund Class A Shares  
PIMCO Funds         PIMCO Funds        
  PIMCO CommodityRealReturn Strategy Class A Shares   PIMCO CommodityRealReturn Strategy Fund Class A Shares
  PIMCO Low Duration Class A Shares       PIMCO Low Duration Fund Class A Shares  
  PIMCO Real Return Class A Shares       PIMCO Real Return Fund Class A Shares  
  PIMCO Total Return Class A Shares       PIMCO Total Return Fund Class A Shares  
Putnam Funds         Putnam Funds        
  Putnam International Equity Class A Shares     Putnam International Equity Class A Shares  
  Putnam Large Cap Growth Class A Shares     Putnam Large Cap Growth Class A Shares  
  Putnam Large Cap Value Class A Shares     Putnam Large Cap Value Class A Shares  
Transamerica Funds       Transamerica Funds      
  TA Aegon Sustainable Equity Income Service Class   Transamerica Aegon Sustainable Equity Income VP Service Class
  TA Asset Allocation - Conservative Class A Shares   Transamerica Asset Allocation - Conservative Class A Shares
  TA Asset Allocation - Moderate Class A Shares     Transamerica Asset Allocation - Moderate Class A Shares
  TA Asset Allocation - Moderate Growth Class A Shares   Transamerica Asset Allocation - Moderate Growth Class A Shares
  TA BlackRock Government Money Market Initial Class   Transamerica BlackRock Government Money Market VP Initial Class
  TA Bond Class A Shares         Transamerica Bond Class A Shares    
  TA International Focus Initial Class       Transamerica International Focus VP Initial Class
  TA Multi-Managed Balanced Class A Shares     Transamerica Multi-Managed Balanced Class A Shares
  TA Small/Mid Cap Value Class A Shares     Transamerica Small/Mid Cap Value Class A Shares
  TA Sustainable Equity Income Class A Shares     Transamerica Sustainable Equity Income Class A Shares
  TA T. Rowe Price Small Cap Service Class     Transamerica T. Rowe Price Small Cap VP Service Class
  TA TSW International Equity Service Class     Transamerica TSW International Equity VP Service Class
  TA TSW Mid Cap Value Opportunities Service Class   Transamerica TSW Mid Cap Value Opportunities VP Service Class
  TA US Growth Class A Shares       Transamerica US Growth Class A Shares  
 
33
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
1. Organization (continued)
 
Subaccount Investment by Mutual Fund:    
Subaccount         Mutual Fund        
Transamerica Funds       Transamerica Funds      
  TA WMC US Growth Service Class       Transamerica WMC US Growth VP Service Class
Victory Portfolios IV       Victory Portfolios IV      
  Victory Pioneer Class A Shares       Victory Pioneer Fund Class A Shares    
  Victory Pioneer High Yield Class A Shares     Victory Pioneer High Yield Fund Class A Shares  
  Victory Pioneer Select Mid Cap Growth Class A Shares   Victory Pioneer Select Mid Cap Growth Fund Class A Shares
Virtus Funds         Allianz Funds        
  Virtus AllianzGI Dividend Value Class A Shares     Virtus AllianzGI Dividend Value Fund Class A Shares
  Virtus AllianzGI Small-Cap Value Class A Shares     Virtus AllianzGI Small-Cap Value Fund Class A Shares
                               
                               
 
Each period reported on reflects a full twelve month period except as follows:
 
Subaccount         Inception Date        
  Fidelity Advisor® Overseas Class A Shares   November 21, 2025      
  Nomura Mid Cap Growth Class A Shares   June 7, 2024        
                               
                               
 
The following subaccount name changes were made effective during the fiscal year ended December 31, 2025:
 
Subaccount         Formerly        
  American Funds - EUPAC Class F -1 Shares     American Funds - EuroPacific Growth Fund® Class F -1 Shares
  Federated Hermes Strategic Dividend Growth Class A Shares Federated Hermes Equity Income Class A Shares
  Invesco Multi-Strategy Class A Shares     Invesco Fundamental Alternatives Class A Shares
  Nomura Mid Cap Growth Class A Shares     Macquarie Mid Cap Growth Class A Shares  
  Victory Pioneer Class A Shares       Pioneer Class A Shares      
  Victory Pioneer High Yield Class A Shares     Pioneer High Yield Class A Shares    
  Victory Pioneer Select Mid Cap Growth Class A Shares   Pioneer Select Mid Cap Growth Class A Shares  
                               
 
During the current year the following subaccounts were liquidated and subsequently reinvested:
 
Reinvested Subaccount       Liquidated Subaccount      
  Fidelity Advisor® Overseas Class A Shares     Fidelity Advisor® Overseas Class A Shares  
                               
 
34
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
2. Summary of Significant Accounting Policies
 
The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable annuity separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.
 
Investments
 
Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2025.
 
Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.
 
Dividend Income
 
Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.
 
Fair Value Measurements and Fair Value Hierarchy
 
The Accounting Standards Codification™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.
 
The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.
 
Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:
 
Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.
Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
 
a)  Quoted prices for similar assets or liabilities in active markets
b)  Quoted prices for identical or similar assets or liabilities in non-active markets
c)  Inputs other than quoted market prices that are observable
d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.
 
Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
 
All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.
 
There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2025.
 
35
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
3. Investments
 
The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2025 were as follows:
 
Subaccount Purchases Sales
AB Discovery Value Class A Shares $ 225,930 $ 366,909
AB International Value Class A Shares   53,563   361,542
AB Large Cap Growth Class A Shares   318,655   453,373
AB Large Cap Value Class A Shares   195,185   79,841
AB Relative Value Class A Shares   349,299   734,741
American Funds - EUPAC Class F -1 Shares   453,262   623,083
American Funds - Growth Fund of America® Class F -1 Shares   1,495,875   3,610,030
American Funds - Income Fund of America® Class F -1 Shares   245,473   612,710
American Funds - Investment Company of America® Class F -1 Shares   571,784   998,758
American Funds - The Bond Fund of America® Class A Shares   94,822   499,446
American Funds - The Bond Fund of America® Class F -1 Shares   93,481   286,410
American Funds - The Growth Fund of America® Class A Shares   3,767,089   6,908,595
American Funds - The Income Fund of America® Class A Shares   722,597   1,479,584
American Funds - The Investment Company of America® Class A Shares   2,057,772   3,336,345
AMG Renaissance Large Cap Growth Class N Shares   4,927   16,870
BlackRock Advantage Global Investor A Shares   25,317   62,487
BlackRock Advantage International Investor A Shares   240,058   416,283
BlackRock Advantage Large Cap Core Investor A Shares   528,539   847,282
BlackRock Advantage Large Cap Value Investor A Shares   671,305   904,686
BlackRock Advantage SMID Investor A Shares   271,499   614,545
BlackRock Capital Appreciation Investor A Shares   7,902,640   8,722,336
BlackRock Global Allocation Investor A Shares   5,519,816   11,798,537
BlackRock High Yield Investor A Shares   1,187,726   2,324,885
BlackRock International Investor A Shares   92,863   303,954
BlackRock iShares MSCI EAFE International Index Investor A Shares   10,472   24,470
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares   1,051   3,644
BlackRock iShares S&P 500 Index Investor A Shares   1,393,259   5,895,833
BlackRock Large Cap Focus Growth Investor A Shares   678,023   991,081
BlackRock Large Cap Focus Value Investor A Shares   3,062,042   5,083,501
BlackRock Low Duration Bond Investor A Shares   1,938   8,341
BlackRock Total Return Investor A Shares   4,269,802   8,464,582
BNY Mellon Appreciation Investor Shares   1,513,482   1,535,838
Cohen & Steers Real Estate Securities Class A Shares   38,601   85,168
Columbia Large Cap Growth Opportunity Class A Shares   501,788   1,083,893
Columbia Select Mid Cap Growth Class A Shares   84,970   119,493
Columbia Select Small Cap Value Class A Shares   1,449,336   1,580,563
 
 
36
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
3. Investments (continued)
 
Subaccount Purchases Sales
Davis New York Venture Class A Shares   2,363,272   4,935,091
Eaton Vance Floating-Rate Class A Shares $ 455,879 $ 640,405
Eaton Vance Large-Cap Value Class A Shares   434,438   754,805
Federated Hermes Kaufmann Class A Shares   462,040   818,118
Federated Hermes Strategic Dividend Growth Class A Shares   378,154   147,808
Fidelity Advisor® Equity Growth Class A Shares   18,378   191,189
Fidelity Advisor® Overseas Class A Shares   463,672   3,219
Fidelity Advisor® Stock Selector Mid Cap Class A Shares   53,191   87,899
Franklin Templeton Growth Class A Shares   309,181   407,607
Invesco American Franchise Fund Class A Shares   92,971   39,492
Invesco Charter Class A Shares   23,511   80,457
Invesco Comstock Class A Shares   2,588,009   6,046,930
Invesco Discovery Large Cap Class A Shares   102,014   162,267
Invesco Discovery Mid Cap Growth Class A Shares   106,926   414,427
Invesco Equity and Income Class A Shares   128,295   440,391
Invesco Global Class A Shares   560,125   441,680
Invesco Main Street Class A Shares   172,426   229,289
Invesco Main Street Mid Cap Class A Shares   369,174   532,232
Invesco Multi-Strategy Class A Shares   8,400   21,501
Invesco Value Opportunities Class A Shares   76,947   67,931
Janus Henderson Enterprise Class A Shares   2,193,775   3,937,812
Janus Henderson Forty Class A Shares   1,003,361   1,556,188
JPMorgan Small Cap Growth Class A Shares   163,102   239,261
Lord Abbett Affiliated Class A Shares   185,168   323,840
Lord Abbett Bond-Debenture Class A Shares   921,924   1,645,616
Lord Abbett Mid Cap Stock Class A Shares   710,627   1,814,872
MFS® Growth Class A Shares   2,253,924   3,228,587
MFS® Mid Cap Growth Class A Shares   1,976,069   1,607,464
MFS® Research International Class A Shares   312,220   1,425,046
Nomura Mid Cap Growth Class A Shares   177,297   275,377
PIMCO CommodityRealReturn Strategy Class A Shares   746,623   1,635,334
PIMCO Low Duration Class A Shares   2,917,066   5,402,002
PIMCO Real Return Class A Shares   1,809,508   3,997,567
PIMCO Total Return Class A Shares   4,753,130   10,937,162
Putnam International Equity Class A Shares   870,881   3,077,956
Putnam Large Cap Growth Class A Shares   136,282   187,518
 
 
37
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
3. Investments (continued)
 
Subaccount Purchases Sales
Putnam Large Cap Value Class A Shares   53,217   114,384
TA Aegon Sustainable Equity Income Service Class   68,470   467,828
TA Asset Allocation - Conservative Class A Shares $ 12,747 $ 25,076
TA Asset Allocation - Moderate Class A Shares   254,629   249,530
TA Asset Allocation - Moderate Growth Class A Shares   108,614   170,816
TA BlackRock Government Money Market Initial Class   16,016,644   6,417,151
TA Bond Class A Shares   131,371   220,046
TA International Focus Initial Class   11,940,198   14,894,489
TA Multi-Managed Balanced Class A Shares   85,516   216,571
TA Small/Mid Cap Value Class A Shares   2,933,518   4,857,131
TA Sustainable Equity Income Class A Shares   1,348,215   7,469,740
TA T. Rowe Price Small Cap Service Class   721,615   547,880
TA TSW International Equity Service Class   200,329   696,844
TA TSW Mid Cap Value Opportunities Service Class   453,692   406,134
TA US Growth Class A Shares   3,262,347   7,788,684
TA WMC US Growth Service Class   118,818   114,736
Victory Pioneer Class A Shares   604,196   831,069
Victory Pioneer High Yield Class A Shares   215,593   351,898
Victory Pioneer Select Mid Cap Growth Class A Shares   83,213   92,020
Virtus AllianzGI Dividend Value Class A Shares   382,267   603,254
Virtus AllianzGI Small-Cap Value Class A Shares   98,447   399,477
 
38
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Units
 
The change in units outstanding were as follows:
 
  Year Ended December 31, 2025   Year Ended December 31, 2024
Subaccount Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)   Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)
AB Discovery Value Class A Shares 3,569 (9,023) (5,454)   5,007 (13,598) (8,591)
AB International Value Class A Shares 2,317 (39,505) (37,188)   19,966 (35,262) (15,296)
AB Large Cap Growth Class A Shares 887 (3,842) (2,955)   930 (4,133) (3,203)
AB Large Cap Value Class A Shares 6,255 (2,980) 3,275   187 (9,017) (8,830)
AB Relative Value Class A Shares 2,534 (12,008) (9,474)   2,966 (15,211) (12,245)
American Funds - EUPAC Class F -1 Shares 6,541 (19,910) (13,369)   14,875 (31,839) (16,964)
American Funds - Growth Fund of America® Class F -1 Shares 6,686 (51,929) (45,243)   10,611 (50,580) (39,969)
American Funds - Income Fund of America® Class F -1 Shares 171 (17,860) (17,689)   - (10,691) (10,691)
American Funds - Investment Company of America® Class F -1 Shares 1,193 (17,752) (16,559)   - (22,859) (22,859)
American Funds - The Bond Fund of America® Class A Shares - (29,356) (29,356)   813 (26,866) (26,053)
American Funds - The Bond Fund of America® Class F -1 Shares 2,986 (20,752) (17,766)   5,632 (31,004) (25,372)
American Funds - The Growth Fund of America® Class A Shares 1,118 (64,797) (63,679)   5,009 (85,031) (80,022)
American Funds - The Income Fund of America® Class A Shares 518 (30,220) (29,702)   2,387 (38,978) (36,591)
American Funds - The Investment Company of America® Class A Shares 676 (40,335) (39,659)   5,597 (73,592) (67,995)
AMG Renaissance Large Cap Growth Class N Shares 56 (619) (563)   542 (1,980) (1,438)
BlackRock Advantage Global Investor A Shares - (1,192) (1,192)   1,257 (2,020) (763)
BlackRock Advantage International Investor A Shares 5,399 (16,364) (10,965)   3,117 (13,869) (10,752)
BlackRock Advantage Large Cap Core Investor A Shares 2,208 (14,865) (12,657)   2,875 (23,240) (20,365)
BlackRock Advantage Large Cap Value Investor A Shares 11,351 (23,525) (12,174)   4,672 (18,572) (13,900)
BlackRock Advantage SMID Investor A Shares 2,057 (11,786) (9,729)   3,594 (15,368) (11,774)
BlackRock Capital Appreciation Investor A Shares 48,623 (119,718) (71,095)   25,303 (196,453) (171,150)
BlackRock Global Allocation Investor A Shares 15,160 (347,395) (332,235)   18,532 (348,499) (329,967)
BlackRock High Yield Investor A Shares 23,949 (120,216) (96,267)   39,348 (138,572) (99,224)
BlackRock International Investor A Shares 4,387 (17,069) (12,682)   8,594 (16,429) (7,835)
BlackRock iShares MSCI EAFE International Index Investor A Shares 319 (1,008) (689)   1,243 (1,524) (281)
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares - (88) (88)   - (54) (54)
BlackRock iShares S&P 500 Index Investor A Shares 28,489 (137,260) (108,771)   45,639 (205,828) (160,189)
 
39
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Units (continued)
 
  Year Ended December 31, 2025   Year Ended December 31, 2024
Subaccount Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)   Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)
BlackRock Large Cap Focus Growth Investor A Shares 9,331 (43,872) (34,541)   8,950 (42,614) (33,664)
BlackRock Large Cap Focus Value Investor A Shares 9,153 (119,595) (110,442)   23,197 (127,067) (103,870)
BlackRock Low Duration Bond Investor A Shares - (706) (706)   - (1,326) (1,326)
BlackRock Total Return Investor A Shares 180,878 (570,927) (390,049)   273,226 (529,427) (256,201)
BNY Mellon Appreciation Investor Shares 9,613 (31,291) (21,678)   14,903 (47,575) (32,672)
Cohen & Steers Real Estate Securities Class A Shares 763 (2,264) (1,501)   619 (1,923) (1,304)
Columbia Large Cap Growth Opportunity Class A Shares 7,919 (33,684) (25,765)   3,205 (37,294) (34,089)
Columbia Select Mid Cap Growth Class A Shares 1,137 (3,371) (2,234)   506 (5,065) (4,559)
Columbia Select Small Cap Value Class A Shares 12,918 (25,275) (12,357)   4,467 (24,982) (20,515)
Davis New York Venture Class A Shares 10,219 (96,513) (86,294)   13,235 (88,598) (75,363)
Eaton Vance Floating-Rate Class A Shares 16,625 (36,607) (19,982)   23,698 (42,685) (18,987)
Eaton Vance Large-Cap Value Class A Shares 10,582 (27,633) (17,051)   17,163 (37,202) (20,039)
Federated Hermes Kaufmann Class A Shares 5,079 (17,553) (12,474)   3,333 (23,787) (20,454)
Federated Hermes Strategic Dividend Growth Class A Shares 7,214 (6,219) 995   1,360 (10,059) (8,699)
Fidelity Advisor® Equity Growth Class A Shares 27 (1,589) (1,562)   - (3,607) (3,607)
Fidelity Advisor® Overseas Class A Shares 46,273 (245) 46,028   - - -
Fidelity Advisor® Stock Selector Mid Cap Class A Shares - (1,243) (1,243)   - (1,087) (1,087)
Franklin Templeton Growth Class A Shares 294 (16,188) (15,894)   3,387 (32,221) (28,834)
Invesco American Franchise Fund Class A Shares 406 (732) (326)   6 (2,397) (2,391)
Invesco Charter Class A Shares 72 (1,986) (1,914)   121 (686) (565)
Invesco Comstock Class A Shares 15,363 (120,471) (105,108)   21,122 (151,179) (130,057)
Invesco Discovery Large Cap Class A Shares 598 (3,047) (2,449)   306 (6,373) (6,067)
Invesco Discovery Mid Cap Growth Class A Shares 1,165 (23,734) (22,569)   - (7,848) (7,848)
Invesco Equity and Income Class A Shares 712 (9,222) (8,510)   191 (9,908) (9,717)
Invesco Global Class A Shares 479 (6,041) (5,562)   25 (5,325) (5,300)
Invesco Main Street Class A Shares 867 (3,521) (2,654)   6,286 (9,029) (2,743)
Invesco Main Street Mid Cap Class A Shares 5,337 (12,445) (7,108)   2,532 (12,050) (9,518)
 
40
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Units (continued)
 
  Year Ended December 31, 2025   Year Ended December 31, 2024
Subaccount Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)   Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)
Invesco Multi-Strategy Class A Shares 345 (1,019) (674)   227 (696) (469)
Invesco Value Opportunities Class A Shares 9,686 (17,183) (7,497)   1,090 (22,631) (21,541)
Janus Henderson Enterprise Class A Shares 13,422 (54,992) (41,570)   12,477 (85,485) (73,008)
Janus Henderson Forty Class A Shares 8,180 (23,104) (14,924)   12,115 (31,457) (19,342)
JPMorgan Small Cap Growth Class A Shares 2,675 (6,200) (3,525)   1,747 (8,355) (6,608)
Lord Abbett Affiliated Class A Shares 2,736 (9,119) (6,383)   3,336 (10,853) (7,517)
Lord Abbett Bond-Debenture Class A Shares 20,243 (63,450) (43,207)   20,432 (63,909) (43,477)
Lord Abbett Mid Cap Stock Class A Shares 4,060 (42,960) (38,900)   7,156 (45,489) (38,333)
MFS® Growth Class A Shares 14,465 (47,589) (33,124)   6,556 (62,070) (55,514)
MFS® Mid Cap Growth Class A Shares 14,434 (23,662) (9,228)   4,540 (28,607) (24,067)
MFS® Research International Class A Shares 2,305 (36,868) (34,563)   7,763 (21,568) (13,805)
Nomura Mid Cap Growth Class A Shares 4,986 (25,646) (20,660)   159,103 (5,508) 153,595
PIMCO CommodityRealReturn Strategy Class A Shares 46,450 (185,697) (139,247)   118,880 (128,634) (9,754)
PIMCO Low Duration Class A Shares 159,151 (422,333) (263,182)   296,654 (467,414) (170,760)
PIMCO Real Return Class A Shares 84,052 (259,345) (175,293)   139,903 (233,794) (93,891)
PIMCO Total Return Class A Shares 178,504 (648,511) (470,007)   258,430 (561,877) (303,447)
Putnam International Equity Class A Shares 832 (90,459) (89,627)   19,762 (44,247) (24,485)
Putnam Large Cap Growth Class A Shares 936 (4,183) (3,247)   1,896 (17,861) (15,965)
Putnam Large Cap Value Class A Shares 195 (4,296) (4,101)   11 (4,400) (4,389)
TA Aegon Sustainable Equity Income Service Class 1,034 (31,476) (30,442)   3,009 (48,237) (45,228)
TA Asset Allocation - Conservative Class A Shares 152 (1,584) (1,432)   7,234 (29,874) (22,640)
TA Asset Allocation - Moderate Class A Shares 11,598 (15,636) (4,038)   28,205 (35,457) (7,252)
TA Asset Allocation - Moderate Growth Class A Shares - (9,049) (9,049)   - (22,981) (22,981)
TA BlackRock Government Money Market Initial Class 1,475,902 (596,368) 879,534   214,558 (265,834) (51,276)
TA Bond Class A Shares 69,802 (148,763) (78,961)   64,681 (91,088) (26,407)
TA International Focus Initial Class 424,548 (1,081,644) (657,096)   535,906 (927,823) (391,917)
TA Multi-Managed Balanced Class A Shares 96 (10,614) (10,518)   134 (13,855) (13,721)
 
 
41
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Units (continued)
 
  Year Ended December 31, 2025   Year Ended December 31, 2024
Subaccount Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)   Units Purchased Units Redeemed and Transferred to/from Net Increase (Decrease)
TA Small/Mid Cap Value Class A Shares 34,946 (141,445) (106,499)   42,826 (160,737) (117,911)
TA Sustainable Equity Income Class A Shares 52,441 (398,927) (346,486)   49,469 (643,850) (594,381)
TA T. Rowe Price Small Cap Service Class 8,669 (28,002) (19,333)   4,444 (62,493) (58,049)
TA TSW International Equity Service Class 3,471 (49,178) (45,707)   8,890 (36,840) (27,950)
TA TSW Mid Cap Value Opportunities Service Class 691 (24,103) (23,412)   4,527 (12,017) (7,490)
TA US Growth Class A Shares 53,684 (146,041) (92,357)   23,200 (218,424) (195,224)
TA WMC US Growth Service Class 2,211 (3,661) (1,450)   250 (3,896) (3,646)
Victory Pioneer Class A Shares 8,549 (14,326) (5,777)   8,277 (15,682) (7,405)
Victory Pioneer High Yield Class A Shares 5,107 (15,162) (10,055)   7,490 (11,372) (3,882)
Victory Pioneer Select Mid Cap Growth Class A Shares 944 (1,802) (858)   84 (1,132) (1,048)
Virtus AllianzGI Dividend Value Class A Shares 6,880 (28,696) (21,816)   6,461 (21,701) (15,240)
Virtus AllianzGI Small-Cap Value Class A Shares - (8,894) (8,894)   1,337 (11,666) (10,329)
 
 
42
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Unit Dollars (continued)
 
    Year Ended December 31, 2025     Year Ended December 31, 2024
Subaccount   Units Purchased in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)     Units Purchased  in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)
AB Discovery Value Class A Shares $ 134,048 $ (341,378) $ (207,330)   $ 191,967 $ (507,538) $ (315,571)
AB International Value Class A Shares   21,562   (342,559)   (320,997)     148,458   (266,673)   (118,215)
AB Large Cap Growth Class A Shares   96,881   (425,231)   (328,350)     91,874   (390,413)   (298,539)
AB Large Cap Value Class A Shares   150,895   (72,559)   78,336     4,260   (208,707)   (204,447)
AB Relative Value Class A Shares   144,531   (688,004)   (543,473)     161,189   (822,520)   (661,331)
American Funds - EUPAC Class F -1 Shares   208,665   (593,630)   (384,965)     416,728   (871,247)   (454,519)
American Funds - Growth Fund of America® Class F -1 Shares   438,657   (3,431,048)   (2,992,391)     622,422   (2,911,678)   (2,289,256)
American Funds - Income Fund of America® Class F -1 Shares   5,227   (571,438)   (566,211)     -   (302,588)   (302,588)
American Funds - Investment Company of America® Class F -1 Shares   55,809   (917,029)   (861,220)     -   (1,061,997)   (1,061,997)
American Funds - The Bond Fund of America® Class A Shares   -   (470,007)   (470,007)     12,521   (419,530)   (407,009)
American Funds - The Bond Fund of America® Class F -1 Shares   39,226   (264,814)   (225,588)     69,845   (386,344)   (316,499)
American Funds - The Growth Fund of America® Class A Shares   111,782   (6,427,555)   (6,315,773)     411,037   (7,103,931)   (6,692,894)
American Funds - The Income Fund of America® Class A Shares   24,301   (1,381,580)   (1,357,279)     94,445   (1,610,539)   (1,516,094)
American Funds - The Investment Company of America® Class A Shares   51,996   (3,076,360)   (3,024,364)     349,871   (4,682,197)   (4,332,326)
AMG Renaissance Large Cap Growth Class N Shares 1,344   (16,226)   (14,882)     11,019   (44,179)   (33,160)
BlackRock Advantage Global Investor A Shares   -   (57,705)   (57,705)     48,566   (81,529)   (32,963)
BlackRock Advantage International Investor A Shares 141,672   (393,251)   (251,579)     63,920   (290,255)   (226,335)
BlackRock Advantage Large Cap Core Investor A Shares   106,027   (774,107)   (668,080)     127,885   (1,081,833)   (953,948)
BlackRock Advantage Large Cap Value Investor A Shares 415,637   (861,879)   (446,242)     156,454   (623,796)   (467,342)
BlackRock Advantage SMID Investor A Shares   67,469   (562,699)   (495,230)     163,184   (716,302)   (553,118)
BlackRock Capital Appreciation Investor A Shares 2,989,850   (8,302,784)   (5,312,934)     1,550,021   (11,820,257)   (10,270,236)
BlackRock Global Allocation Investor A Shares   441,117   (10,940,030)   (10,498,913)     529,501   (10,111,516)   (9,582,015)
 
 
43
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Unit Dollars (continued)
 
    Year Ended December 31, 2025     Year Ended December 31, 2024
Subaccount   Units Purchased in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)     Units Purchased  in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)
BlackRock High Yield Investor A Shares   432,609   (2,147,271)   (1,714,662)     648,773   (2,340,091)   (1,691,318)
BlackRock International Investor A Shares $ 70,475 $ (281,146) $ (210,671)   $ 136,488 $ (263,258) $ (126,770)
BlackRock iShares MSCI EAFE International Index Investor A Shares   6,670   (22,660)   (15,990)     25,310   (32,476)   (7,166)
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares   -   (3,062)   (3,062)     -   (1,825)   (1,825)
BlackRock iShares S&P 500 Index Investor A Shares 1,098,333   (5,588,993)   (4,490,660)     1,628,140   (7,278,974)   (5,650,834)
BlackRock Large Cap Focus Growth Investor A Shares   177,700   (943,114)   (765,414)     166,711   (774,218)   (607,507)
BlackRock Large Cap Focus Value Investor A Shares 355,918   (4,801,169)   (4,445,251)     778,420   (4,495,017)   (3,716,597)
BlackRock Low Duration Bond Investor A Shares   1   (7,610)   (7,609)     -   (13,387)   (13,387)
BlackRock Total Return Investor A Shares   2,518,415   (7,896,238)   (5,377,823)     3,623,721   (7,138,359)   (3,514,638)
BNY Mellon Appreciation Investor Shares   448,194   (1,440,557)   (992,363)     660,984   (2,053,293)   (1,392,309)
Cohen & Steers Real Estate Securities Class A Shares 26,703   (79,666)   (52,963)     19,728   (60,992)   (41,264)
Columbia Large Cap Growth Opportunity Class A Shares   199,538   (1,009,669)   (810,131)     82,119   (964,111)   (881,992)
Columbia Select Mid Cap Growth Class A Shares   33,980   (112,812)   (78,832)     13,430   (140,686)   (127,256)
Columbia Select Small Cap Value Class A Shares   698,911   (1,484,190)   (785,279)     243,200   (1,416,350)   (1,173,150)
Davis New York Venture Class A Shares   444,632   (4,696,687)   (4,252,055)     515,302   (3,652,457)   (3,137,155)
Eaton Vance Floating-Rate Class A Shares   275,816   (602,140)   (326,324)     373,614   (676,008)   (302,394)
Eaton Vance Large-Cap Value Class A Shares   279,650   (713,167)   (433,517)     419,559   (934,114)   (514,555)
Federated Hermes Kaufmann Class A Shares   209,577   (778,121)   (568,544)     136,668   (970,781)   (834,113)
Federated Hermes Strategic Dividend Growth Class A Shares   158,529   (132,171)   26,358     28,344   (199,180)   (170,836)
Fidelity Advisor® Equity Growth Class A Shares   2,427   (158,627)   (156,200)     -   (313,146)   (313,146)
Fidelity Advisor® Overseas Class A Shares   463,164   (2,539)   460,625     -   -   -
Fidelity Advisor® Stock Selector Mid Cap Class A Shares   -   (79,011)   (79,011)     -   (64,262)   (64,262)
Franklin Templeton Growth Class A Shares   5,837   (375,376)   (369,539)     79,093   (674,599)   (595,506)
Invesco American Franchise Fund Class A Shares   16,912   (31,833)   (14,921)     238   (89,206)   (88,968)
Invesco Charter Class A Shares   2,458   (76,250)   (73,792)     4,398   (23,588)   (19,190)
 
 
44
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Unit Dollars (continued)
 
    Year Ended December 31, 2025     Year Ended December 31, 2024
Subaccount   Units Purchased in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)     Units Purchased  in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)
Invesco Comstock Class A Shares   705,396   (5,705,178)   (4,999,782)     864,627   (6,570,078)   (5,705,451)
Invesco Discovery Large Cap Class A Shares   25,356   (150,323)   (124,967)     15,245   (276,097)   (260,852)
Invesco Discovery Mid Cap Growth Class A Shares $ 19,113 $ (398,682) $ (379,569)   $ - $ (122,627) $ (122,627)
Invesco Equity and Income Class A Shares   31,333   (420,013)   (388,680)     7,330   (393,619)   (386,289)
Invesco Global Class A Shares   31,218   (407,165)   (375,947)     1,579   (319,786)   (318,207)
Invesco Main Street Class A Shares   36,268   (201,352)   (165,084)     275,800   (416,594)   (140,794)
Invesco Main Street Mid Cap Class A Shares   207,799   (500,883)   (293,084)     91,362   (453,548)   (362,186)
Invesco Multi-Strategy Class A Shares   5,700   (16,696)   (10,996)     3,774   (11,529)   (7,755)
Invesco Value Opportunities Class A Shares   34,392   (61,087)   (26,695)     3,194   (68,631)   (65,437)
Janus Henderson Enterprise Class A Shares   857,983   (3,639,658)   (2,781,675)     753,496   (5,380,185)   (4,626,689)
Janus Henderson Forty Class A Shares   511,052   (1,486,236)   (975,184)     705,726   (1,781,857)   (1,076,131)
JPMorgan Small Cap Growth Class A Shares   84,792   (221,469)   (136,677)     61,229   (292,728)   (231,499)
Lord Abbett Affiliated Class A Shares   92,994   (303,854)   (210,860)     101,715   (316,295)   (214,580)
Lord Abbett Bond-Debenture Class A Shares   472,263   (1,540,030)   (1,067,767)     476,174   (1,534,674)   (1,058,500)
Lord Abbett Mid Cap Stock Class A Shares   150,767   (1,701,936)   (1,551,169)     219,632   (1,611,783)   (1,392,151)
MFS® Growth Class A Shares   824,920   (3,095,725)   (2,270,805)     380,361   (3,502,230)   (3,121,869)
MFS® Mid Cap Growth Class A Shares   877,221   (1,503,766)   (626,545)     264,270   (1,693,148)   (1,428,878)
MFS® Research International Class A Shares   87,529   (1,363,330)   (1,275,801)     255,842   (730,349)   (474,507)
Nomura Mid Cap Growth Class A Shares   46,248   (256,231)   (209,983)     1,574,522   (56,057)   1,518,465
PIMCO CommodityRealReturn Strategy Class A Shares 375,297   (1,558,652)   (1,183,355)     885,248   (972,454)   (87,206)
PIMCO Low Duration Class A Shares   1,882,673   (4,982,193)   (3,099,520)     3,356,255   (5,341,610)   (1,985,355)
PIMCO Real Return Class A Shares   1,214,150   (3,727,034)   (2,512,884)     1,922,250   (3,245,400)   (1,323,150)
PIMCO Total Return Class A Shares   2,821,036   (10,261,123)   (7,440,087)     3,867,106   (8,559,105)   (4,691,999)
Putnam International Equity Class A Shares   24,451   (2,962,321)   (2,937,870)     547,132   (1,249,934)   (702,802)
Putnam Large Cap Growth Class A Shares   34,016   (164,493)   (130,477)     72,981   (619,881)   (546,900)
Putnam Large Cap Value Class A Shares   4,513   (102,771)   (98,258)     234   (92,834)   (92,600)
TA Aegon Sustainable Equity Income Service Class   14,809   (438,306)   (423,497)     34,721   (586,831)   (552,110)
 
 
45
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
 
4. Change in Unit Dollars (continued)
 
    Year Ended December 31, 2025     Year Ended December 31, 2024
Subaccount   Units Purchased in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)     Units Purchased  in Dollars   Units Redeemed and Transferred to/from in Dollars   Dollar Net Increase (Decrease)
TA Asset Allocation - Conservative Class A Shares 2,015   (20,265)   (18,250)     89,846   (353,475)   (263,629)
TA Asset Allocation - Moderate Class A Shares   168,804   (229,680)   (60,876)     386,180   (469,672)   (83,492)
TA Asset Allocation - Moderate Growth Class A Shares -   (145,962)   (145,962)     -   (336,399)   (336,399)
TA BlackRock Government Money Market Initial Class $ 15,694,872 $ (6,304,876) $ 9,389,996   $ 2,216,226 $ (2,741,532) $ (525,306)
TA Bond Class A Shares   98,845   (207,804)   (108,959)     87,157   (123,040)   (35,883)
TA International Focus Initial Class   5,449,201   (14,004,776)   (8,555,575)     6,637,561   (11,767,710)   (5,130,149)
TA Multi-Managed Balanced Class A Shares   1,703   (197,280)   (195,577)     2,187   (230,371)   (228,184)
TA Small/Mid Cap Value Class A Shares   1,095,211   (4,545,309)   (3,450,098)     1,282,580   (4,987,219)   (3,704,639)
TA Sustainable Equity Income Class A Shares   925,491   (6,928,082)   (6,002,591)     784,977   (10,348,628)   (9,563,651)
TA T. Rowe Price Small Cap Service Class   141,730   (499,931)   (358,201)     75,041   (1,084,166)   (1,009,125)
TA TSW International Equity Service Class   46,595   (660,432)   (613,837)     106,422   (448,410)   (341,988)
TA TSW Mid Cap Value Opportunities Service Class   11,115   (385,391)   (374,276)     68,765   (178,777)   (110,012)
TA US Growth Class A Shares   2,362,231   (7,446,508)   (5,084,277)     1,048,542   (9,609,710)   (8,561,168)
TA WMC US Growth Service Class   67,345   (109,721)   (42,376)     6,550   (99,465)   (92,915)
Victory Pioneer Class A Shares   520,986   (816,971)   (295,985)     424,718   (746,687)   (321,969)
Victory Pioneer High Yield Class A Shares   110,667   (323,066)   (212,399)     150,598   (232,543)   (81,945)
Victory Pioneer Select Mid Cap Growth Class A Shares 50,573   (88,834)   (38,261)     3,437   (47,972)   (44,535)
Virtus AllianzGI Dividend Value Class A Shares   134,132   (567,749)   (433,617)     125,153   (432,497)   (307,344)
Virtus AllianzGI Small-Cap Value Class A Shares   -   (364,390)   (364,390)     61,936   (518,750)   (456,814)
 
 
46
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
AB Discovery Value Class A Shares                                  
    12/31/2025 42,327 $41.66 to $37.27 $       1,665,009   0.59 % 1.25 % to 1.90 % 1.27 % to 0.61 %
    12/31/2024 47,781 41.14 to 37.04 1,861,463   0.49   1.25   to 1.90   8.24   to 7.53  
    12/31/2023 56,372 38.01 to 34.45 2,032,511   0.48   1.25   to 1.90   15.25   to 14.50  
    12/31/2022 58,853 32.98 to 30.08 1,851,502   0.76   1.25   to 1.90   (17.45)   to (17.86)  
    12/31/2021 75,469 39.92 to 36.62 2,871,461   0.75   1.25   to 1.75   33.76   to 33.09  
AB International Value Class A Shares                                  
    12/31/2025 115,618 10.91 to 9.87 1,194,854   2.78   1.25   to 1.90   40.21   to 39.31  
    12/31/2024 152,806 7.78 to 7.09 1,130,376   8.51   1.25   to 1.90   3.49   to 2.82  
    12/31/2023 168,102 7.52 to 6.89 1,206,081   1.11   1.25   to 1.90   13.46   to 12.73  
    12/31/2022 204,086 6.62 to 6.12 1,297,199   1.16   1.25   to 1.90   (11.98)   to (12.42)  
    12/31/2021 237,594 7.52 to 6.98 1,720,918   2.51   1.25   to 1.75   9.39   to 8.84  
AB Large Cap Growth Class A Shares                                  
    12/31/2025 18,837 115.13 to 115.13 2,168,655   -   1.30   to 1.30   11.52   to 11.52  
    12/31/2024 21,792 103.24 to 103.24 2,249,692   -   1.30   to 1.30   23.52   to 23.52  
    12/31/2023 24,995 83.58 to 83.58 2,089,113   -   1.30   to 1.30   32.93   to 32.93  
    12/31/2022 30,680 62.88 to 62.88 1,929,080   -   1.30   to 1.30   (29.87)   to (29.87)  
    12/31/2021 32,293 89.66 to 89.66 2,895,325   -   1.30   to 1.30   26.92   to 26.92  
AB Large Cap Value Class A Shares                                  
    12/31/2025 17,901 29.64 to 26.51 496,182   1.19   1.25   to 1.90   15.28   to 14.53  
    12/31/2024 14,626 25.71 to 23.15 353,880   0.76   1.25   to 1.90   14.13   to 13.39  
    12/31/2023 23,456 22.53 to 20.42 495,763   1.18   1.25   to 1.90   17.03   to 16.28  
    12/31/2022 25,310 19.25 to 17.56 459,310   1.65   1.25   to 1.90   (8.23)   to (8.69)  
    12/31/2021 19,779 20.96 to 19.23 395,022   0.90   1.25   to 1.75   25.44   to 24.82  
AB Relative Value Class A Shares                                  
    12/31/2025 59,371 59.67 to 59.67 3,542,890   0.82   1.30   to 1.30   8.85   to 8.85  
    12/31/2024 68,845 54.82 to 54.82 3,774,052   0.91   1.30   to 1.30   11.22   to 11.22  
    12/31/2023 81,090 49.29 to 49.29 3,996,811   1.31   1.30   to 1.30   9.79   to 9.79  
    12/31/2022 86,814 44.89 to 44.89 3,897,442   1.12   1.30   to 1.30   (5.42)   to (5.42)  
    12/31/2021 101,781 47.47 to 47.47 4,831,075   0.62   1.30   to 1.30   25.74   to 25.74  
American Funds - EUPAC Class F -1 Shares                                
    12/31/2025 57,206 35.78 to 32.01 1,948,958   2.85   1.25   to 1.90   27.07   to 26.24  
    12/31/2024 70,575 28.16 to 25.36 1,894,898   1.02   1.25   to 1.90   3.35   to 2.67  
    12/31/2023 87,539 27.25 to 24.70 2,276,818   1.55   1.25   to 1.90   14.15   to 13.41  
    12/31/2022 110,649 23.87 to 21.78 2,537,626   1.07   1.25   to 1.90   (24.04)   to (24.42)  
    12/31/2021 116,376 31.40 to 28.81 3,514,077   1.17   1.25   to 1.75   1.19   to 0.68  
American Funds - Growth Fund of America® Class F -1 Shares                            
    12/31/2025 145,688 78.34 to 70.08 10,847,255   0.21   1.25   to 1.90   18.38   to 17.61  
    12/31/2024 190,931 66.18 to 59.59 12,055,840   0.33   1.25   to 1.90   26.76   to 25.94  
    12/31/2023 230,900 52.21 to 47.32 11,529,239   0.56   1.25   to 1.90   35.44   to 34.56  
    12/31/2022 263,846 38.55 to 35.16 9,766,315   0.22   1.25   to 1.90   (31.67)   to (32.01)  
    12/31/2021 293,858 56.36 to 51.71 15,935,427   -   1.25   to 1.75   17.78   to 17.20  
American Funds - Income Fund of America® Class F -1 Shares                            
    12/31/2025 72,716 35.62 to 31.87 2,476,133   3.63   1.25   to 1.90   16.24   to 15.49  
    12/31/2024 90,405 30.65 to 27.59 2,659,824   3.92   1.25   to 1.90   9.37   to 8.66  
    12/31/2023 101,096 28.02 to 25.40 2,729,505   3.64   1.25   to 1.90   6.21   to 5.52  
    12/31/2022 121,214 26.38 to 24.07 3,092,645   3.06   1.25   to 1.90   (7.72)   to (8.18)  
    12/31/2021 135,310 28.57 to 26.21 3,743,875   2.74   1.25   to 1.75   15.84   to 15.26  
 
47
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
American Funds - Investment Company of America® Class F -1 Shares                          
    12/31/2025 89,720 $61.10 to $54.66 $       5,245,573   0.92 % 1.25 % to 1.90 % 18.94 % to 18.17 %
    12/31/2024 106,279 51.37 to 46.26 5,236,555   1.00   1.25   to 1.90   23.32   to 22.51  
    12/31/2023 129,138 41.66 to 37.76 5,167,415   1.49   1.25   to 1.90   26.82   to 26.00  
    12/31/2022 148,708 32.85 to 29.97 4,700,716   1.28   1.25   to 1.90   (16.67)   to (17.09)  
    12/31/2021 170,977 39.39 to 36.14 6,485,322   1.16   1.25   to 1.75   23.38   to 22.76  
American Funds - The Bond Fund of America® Class A Shares                            
    12/31/2025 128,430 16.44 to 16.44 2,110,820   4.18   1.30   to 1.30   5.76   to 5.76  
    12/31/2024 157,786 15.54 to 15.54 2,452,128   4.23   1.30   to 1.30   (0.17)   to (0.17)  
    12/31/2023 183,839 15.57 to 15.57 2,861,968   3.62   1.30   to 1.30   3.35   to 3.35  
    12/31/2022 203,554 15.06 to 15.06 3,066,208   2.55   1.30   to 1.30   (13.81)   to (13.81)  
    12/31/2021 234,415 17.48 to 17.48 4,096,621   1.42   1.30   to 1.30   (2.23)   to (2.23)  
American Funds - The Bond Fund of America® Class F -1 Shares                          
    12/31/2025 97,319 13.70 to 12.25 1,256,493   4.13   1.25   to 1.90   5.76   to 5.08  
    12/31/2024 115,085 12.95 to 11.66 1,412,460   4.19   1.25   to 1.90   (0.17)   to (0.82)  
    12/31/2023 140,457 12.97 to 11.76 1,732,492   3.59   1.25   to 1.90   3.37   to 2.70  
    12/31/2022 151,431 12.55 to 11.45 1,816,632   2.49   1.25   to 1.90   (13.86)   to (14.29)  
    12/31/2021 157,041 14.56 to 13.35 2,191,573   1.38   1.25   to 1.75   (2.22)   to (2.71)  
American Funds - The Growth Fund of America® Class A Shares                          
    12/31/2025 346,459 109.30 to 109.30 37,869,518   0.27   1.30   to 1.30   18.39   to 18.39  
    12/31/2024 410,138 92.33 to 92.33 37,867,539   0.39   1.30   to 1.30   26.76   to 26.76  
    12/31/2023 490,160 72.84 to 72.84 35,702,454   0.59   1.30   to 1.30   35.44   to 35.44  
    12/31/2022 563,340 53.78 to 53.78 30,296,769   0.27   1.30   to 1.30   (31.61)   to (31.61)  
    12/31/2021 620,931 78.64 to 78.64 48,831,813   0.08   1.30   to 1.30   17.80   to 17.80  
American Funds - The Income Fund of America® Class A Shares                          
    12/31/2025 150,142 49.52 to 49.52 7,435,482   3.69   1.30   to 1.30   16.24   to 16.24  
    12/31/2024 179,844 42.60 to 42.60 7,662,015   3.91   1.30   to 1.30   9.40   to 9.40  
    12/31/2023 216,435 38.94 to 38.94 8,428,765   3.72   1.30   to 1.30   6.20   to 6.20  
    12/31/2022 242,098 36.67 to 36.67 8,877,720   3.13   1.30   to 1.30   (7.62)   to (7.62)  
    12/31/2021 272,024 39.69 to 39.69 10,797,409   2.86   1.30   to 1.30   15.86   to 15.86  
American Funds - The Investment Company of America® Class A Shares                          
    12/31/2025 245,886 82.58 to 82.58 20,306,171   0.98   1.30   to 1.30   18.95   to 18.95  
    12/31/2024 285,545 69.43 to 69.43 19,824,688   1.07   1.30   to 1.30   23.33   to 23.33  
    12/31/2023 353,540 56.29 to 56.29 19,901,852   1.56   1.30   to 1.30   26.85   to 26.85  
    12/31/2022 396,820 44.38 to 44.38 17,610,195   1.38   1.30   to 1.30   (16.60)   to (16.60)  
    12/31/2021 444,617 53.21 to 53.21 23,660,007   1.23   1.30   to 1.30   23.41   to 23.41  
AMG Renaissance Large Cap Growth Class N Shares                              
    12/31/2025 1,029 27.15 to 25.90 27,104   -   1.25   to 1.90   8.74   to 8.03  
    12/31/2024 1,592 24.97 to 23.97 38,656   -   1.25   to 1.90   19.30   to 18.52  
    12/31/2023 3,030 20.93 to 20.22 61,857   0.06   1.25   to 1.90   23.49   to 22.70  
    12/31/2022 3,447 16.95 to 16.48 57,276   0.14   1.25   to 1.90   (18.14)   to (18.55)  
    12/31/2021 4,273 20.69 to 20.24 87,030   -   1.25   to 1.75   28.40   to 27.76  
BlackRock Advantage Global Investor A Shares                                
    12/31/2025 5,677 52.80 to 47.23 282,833   1.27   1.25   to 1.90   22.09   to 21.30  
    12/31/2024 6,869 43.24 to 38.94 282,800   1.09   1.25   to 1.90   17.13   to 16.37  
    12/31/2023 7,632 36.92 to 33.46 269,573   1.49   1.25   to 1.90   20.91   to 20.13  
    12/31/2022 9,185 30.53 to 27.85 269,227   1.59   1.25   to 1.90   (19.01)   to (19.42)  
    12/31/2021 9,735 37.67 to 34.57 352,963   1.09   1.25   to 1.75   16.16   to 15.58  
BlackRock Advantage International Investor A Shares                              
    12/31/2025 53,624 27.88 to 25.82 1,428,805   2.64   1.25   to 1.90   30.44   to 29.60  
    12/31/2024 64,589 21.38 to 19.93 1,320,305   2.48   1.25   to 1.90   5.20   to 4.51  
    12/31/2023 75,341 20.32 to 19.07 1,472,903   2.63   1.25   to 1.90   17.63   to 16.87  
    12/31/2022 81,044 17.27 to 16.31 1,352,356   2.89   1.25   to 1.90   (14.82)   to (15.25)  
    12/31/2021 98,008 20.27 to 19.25 1,926,866   2.97   1.25   to 1.75   11.37   to 10.82  
 
48
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
BlackRock Advantage Large Cap Core Investor A Shares                            
    12/31/2025 82,684 $61.42 to $54.95 $       4,812,098   0.45 % 1.25 % to 1.90 % 18.56 % to 17.79 %
    12/31/2024 95,341 51.80 to 46.65 4,698,284   0.61   1.25   to 1.90   23.76   to 22.96  
    12/31/2023 115,706 41.86 to 37.94 4,624,401   0.85   1.25   to 1.90   23.73   to 22.93  
    12/31/2022 138,155 33.83 to 30.86 4,469,776   0.89   1.25   to 1.90   (21.35)   to (21.74)  
    12/31/2021 150,330 42.98 to 39.44 6,202,571   0.55   1.25   to 1.75   26.70   to 26.07  
BlackRock Advantage Large Cap Value Investor A Shares                            
    12/31/2025 68,462 42.66 to 38.16 2,759,579   1.12   1.25   to 1.90   16.62   to 15.86  
    12/31/2024 80,636 36.58 to 32.94 2,793,306   1.28   1.25   to 1.90   13.72   to 12.98  
    12/31/2023 94,536 32.17 to 29.16 2,885,957   1.51   1.25   to 1.90   12.01   to 11.29  
    12/31/2022 106,203 28.72 to 26.20 2,903,078   1.43   1.25   to 1.90   (10.06)   to (10.50)  
    12/31/2021 114,334 31.90 to 29.27 3,481,864   1.15   1.25   to 1.75   24.90   to 24.28  
BlackRock Advantage SMID Investor A Shares                                
    12/31/2025 69,412 40.49 to 36.22 3,863,109   0.42   1.25   to 1.90   9.62   to 8.91  
    12/31/2024 79,141 36.94 to 33.26 4,005,848   0.63   1.25   to 1.90   10.49   to 9.77  
    12/31/2023 90,915 33.43 to 30.30 4,161,504   0.85   1.25   to 1.90   17.12   to 16.37  
    12/31/2022 107,072 28.54 to 26.04 4,156,263   0.81   1.25   to 1.90   (17.87)   to (18.30)  
    12/31/2021 115,972 34.74 to 31.87 5,461,476   1.19   1.25   to 1.75   12.05   to 11.49  
BlackRock Capital Appreciation Investor A Shares                                
    12/31/2025 369,843 73.53 to 65.78 27,738,800   -   1.25   to 1.90   11.15   to 10.43  
    12/31/2024 440,938 66.16 to 59.57 29,739,308   -   1.25   to 1.90   29.89   to 29.05  
    12/31/2023 612,088 50.93 to 46.16 31,719,431   -   1.25   to 1.90   47.01   to 46.06  
    12/31/2022 840,987 34.64 to 31.60 29,658,675   -   1.25   to 1.90   (38.64)   to (38.97)  
    12/31/2021 750,805 56.44 to 51.78 43,342,704   -   1.25   to 1.75   19.20   to 18.60  
BlackRock Global Allocation Investor A Shares                                
    12/31/2025 1,637,857 32.66 to 29.22 57,251,336   2.46   1.25   to 1.90   17.89   to 17.13  
    12/31/2024 1,970,092 27.70 to 24.95 58,456,215   1.05   1.25   to 1.90   7.64   to 6.94  
    12/31/2023 2,300,059 25.74 to 23.33 63,554,778   1.14   1.25   to 1.90   10.95   to 10.24  
    12/31/2022 2,646,832 23.20 to 21.16 66,245,918   -   1.25   to 1.90   (17.13)   to (17.56)  
    12/31/2021 3,104,226 27.98 to 25.67 93,766,818   0.92   1.25   to 1.75   5.13   to 4.60  
BlackRock High Yield Investor A Shares                                  
    12/31/2025 583,379 19.36 to 17.93 10,840,744   6.43   1.25   to 1.90   7.61   to 6.92  
    12/31/2024 679,646 17.99 to 16.77 11,781,346   6.71   1.25   to 1.90   6.74   to 6.05  
    12/31/2023 778,870 16.86 to 15.82 12,700,319   6.56   1.25   to 1.90   11.94   to 11.22  
    12/31/2022 894,900 15.06 to 14.22 13,091,390   5.14   1.25   to 1.90   (12.04)   to (12.48)  
    12/31/2021 1,097,933 17.11 to 16.25 18,309,702   4.39   1.25   to 1.75   4.22   to 3.70  
BlackRock International Investor A Shares                                
    12/31/2025 81,599 18.41 to 17.04 1,435,540   1.65   1.25   to 1.90   13.85   to 13.12  
    12/31/2024 94,281 16.17 to 15.07 1,463,871   0.65   1.25   to 1.90   (1.03)   to (1.68)  
    12/31/2023 102,116 16.34 to 15.32 1,610,288   0.88   1.25   to 1.90   17.90   to 17.13  
    12/31/2022 122,032 13.86 to 13.08 1,642,196   0.87   1.25   to 1.90   (25.43)   to (25.80)  
    12/31/2021 119,643 18.57 to 17.63 2,164,783   0.46   1.25   to 1.75   7.76   to 7.22  
BlackRock iShares MSCI EAFE International Index Investor A Shares                          
    12/31/2025 4,399 27.25 to 24.38 112,553   3.48   1.25   to 1.90   29.76   to 28.92  
    12/31/2024 5,088 21.00 to 18.91 100,673   2.87   1.25   to 1.90   2.10   to 1.43  
    12/31/2023 5,369 20.57 to 18.64 104,465   2.94   1.25   to 1.90   16.56   to 15.80  
    12/31/2022 6,266 17.65 to 16.10 104,818   2.22   1.25   to 1.90   (15.49)   to (15.91)  
    12/31/2021 6,815 20.87 to 19.15 135,222   2.63   1.25   to 1.75   9.63   to 9.08  
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares                          
    12/31/2025 973 40.67 to 36.39 37,194   1.05   1.25   to 1.90   11.10   to 10.39  
    12/31/2024 1,061 36.61 to 32.96 36,611   1.63   1.25   to 1.90   9.76   to 9.05  
    12/31/2023 1,115 33.35 to 30.23 35,200   1.34   1.25   to 1.90   15.16   to 14.41  
    12/31/2022 1,189 28.96 to 26.42 32,699   0.86   1.25   to 1.90   (21.62)   to (22.01)  
    12/31/2021 1,306 36.92 to 33.88 45,932   0.77   1.25   to 1.75   12.96   to 12.40  
 
49
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
BlackRock iShares S&P 500 Index Investor A Shares                              
    12/31/2025 456,569 $45.15 to $42.15 $     20,099,923   0.89 % 1.25 % to 1.90 % 16.00 % to 15.24 %
    12/31/2024 565,340 38.92 to 36.57 21,492,100   1.01   1.25   to 1.90   22.99   to 22.19  
    12/31/2023 725,529 31.65 to 29.93 22,484,689   1.27   1.25   to 1.90   24.28   to 23.48  
    12/31/2022 815,908 25.47 to 24.24 20,403,041   1.24   1.25   to 1.90   (19.44)   to (19.87)  
    12/31/2021 857,110 31.60 to 30.25 26,644,665   1.04   1.25   to 1.75   26.64   to 26.01  
BlackRock Large Cap Focus Growth Investor A Shares                              
    12/31/2025 128,960 22.79 to 21.99 2,881,913   -   1.25   to 1.90   11.12   to 10.40  
    12/31/2024 163,501 20.51 to 19.92 3,300,887   -   1.25   to 1.90   28.90   to 28.06  
    12/31/2023 197,165 15.91 to 15.55 3,098,794   -   1.25   to 1.90   50.77   to 49.79  
    12/31/2022 249,101 10.55 to 10.38 2,606,897   -   1.25   to 1.90   (39.06)   to (39.37)  
    12/31/2021 250,534 17.30 to 17.12 4,312,711   -   1.25   to 1.75   15.23   to 14.65  
BlackRock Large Cap Focus Value Investor A Shares                              
    12/31/2025 403,743 43.36 to 38.79 18,734,559   1.86   1.25   to 1.90   23.46   to 22.66  
    12/31/2024 514,185 35.12 to 31.62 19,223,194   1.99   1.25   to 1.90   8.70   to 8.00  
    12/31/2023 618,055 32.31 to 29.28 21,225,364   2.08   1.25   to 1.90   14.49   to 13.75  
    12/31/2022 726,717 28.22 to 25.74 21,808,215   1.27   1.25   to 1.90   (6.09)   to (6.58)  
    12/31/2021 885,788 30.03 to 27.55 28,096,823   1.13   1.25   to 1.75   20.72   to 20.12  
BlackRock Low Duration Bond Investor A Shares                                
    12/31/2025 3,732 11.19 to 10.35 39,985   4.36   1.25   to 1.90   4.63   to 3.95  
    12/31/2024 4,438 10.69 to 9.96 45,755   4.27   1.25   to 1.90   3.73   to 3.05  
    12/31/2023 5,764 10.31 to 9.67 57,567   3.80   1.25   to 1.90   4.08   to 3.41  
    12/31/2022 6,118 9.91 to 9.35 58,915   2.01   1.25   to 1.90   (6.21)   to (6.68)  
    12/31/2021 6,485 10.55 to 10.02 66,735   0.98   1.25   to 1.75   (1.74)   to (2.23)  
BlackRock Total Return Investor A Shares                                
    12/31/2025 2,643,950 14.54 to 13.01 37,724,857   4.46   1.25   to 1.90   6.53   to 5.84  
    12/31/2024 3,033,999 13.65 to 12.29 40,737,879   4.41   1.25   to 1.90   0.09   to (0.57)  
    12/31/2023 3,290,200 13.64 to 12.36 44,275,620   3.89   1.25   to 1.90   4.33   to 3.66  
    12/31/2022 3,575,452 13.07 to 11.92 46,187,301   2.47   1.25   to 1.90   (15.56)   to (16.01)  
    12/31/2021 4,111,709 15.47 to 14.20 62,986,969   1.68   1.25   to 1.75   (2.19)   to (2.68)  
BNY Mellon Appreciation Investor Shares                                
    12/31/2025 122,240 50.80 to 45.44 5,868,144   0.27   1.25   to 1.90   8.80   to 8.09  
    12/31/2024 143,918 46.69 to 42.04 6,374,185   0.33   1.25   to 1.90   11.01   to 10.29  
    12/31/2023 176,590 42.06 to 38.12 7,062,923   0.65   1.25   to 1.90   19.90   to 19.13  
    12/31/2022 211,913 35.08 to 32.00 7,104,483   0.54   1.25   to 1.90   (19.02)   to (19.42)  
    12/31/2021 239,998 43.28 to 39.71 9,945,695   0.35   1.25   to 1.75   25.45   to 24.82  
Cohen & Steers Real Estate Securities Class A Shares                              
    12/31/2025 9,315 36.12 to 32.31 316,088   2.95   1.25   to 1.90   2.71   to 2.04  
    12/31/2024 10,816 35.17 to 31.67 359,436   2.74   1.25   to 1.90   5.15   to 4.47  
    12/31/2023 12,120 33.44 to 30.31 383,868   3.05   1.25   to 1.90   11.39   to 10.67  
    12/31/2022 14,809 30.03 to 27.39 424,654   2.61   1.25   to 1.90   (27.46)   to (27.82)  
    12/31/2021 14,813 41.36 to 37.95 586,282   1.70   1.25   to 1.75   39.92   to 39.23  
Columbia Large Cap Growth Opportunity Class A Shares                            
    12/31/2025 144,957 33.07 to 31.42 4,654,645   -   1.25   to 1.90   13.87   to 13.13  
    12/31/2024 170,722 29.04 to 27.77 4,834,017   -   1.25   to 1.90   22.90   to 22.10  
    12/31/2023 204,811 23.63 to 22.74 4,737,463   -   1.25   to 1.90   29.64   to 28.80  
    12/31/2022 236,550 18.23 to 17.66 4,237,719   -   1.25   to 1.90   (30.61)   to (30.96)  
    12/31/2021 236,188 26.25 to 25.58 6,114,990   -   1.25   to 1.75   17.59   to 17.01  
Columbia Select Mid Cap Growth Class A Shares                                
    12/31/2025 11,781 35.89 to 33.17 407,597   -   1.25   to 1.90   13.38   to 12.65  
    12/31/2024 14,015 31.66 to 29.45 428,433   -   1.25   to 1.90   21.87   to 21.08  
    12/31/2023 18,574 25.98 to 24.32 466,349   -   1.25   to 1.90   23.40   to 22.60  
    12/31/2022 17,905 21.05 to 19.84 365,439   -   1.25   to 1.90   (32.34)   to (32.68)  
    12/31/2021 16,577 31.09 to 29.46 501,343   -   1.25   to 1.75   14.77   to 14.20  
 
50
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Columbia Select Small Cap Value Class A Shares                                
    12/31/2025 121,796 $61.08 to $61.08 $       7,439,659   0.81 % 1.30 % to 1.30 % 4.15 % to 4.15 %
    12/31/2024 134,153 58.65 to 58.65 7,867,920   0.53   1.30   to 1.30   10.98   to 10.98  
    12/31/2023 154,668 52.85 to 52.85 8,173,585   0.72   1.30   to 1.30   10.95   to 10.95  
    12/31/2022 169,654 47.63 to 47.63 8,080,415   0.73   1.30   to 1.30   (16.46)   to (16.46)  
    12/31/2021 190,559 57.01 to 57.01 10,864,550   0.04   1.30   to 1.30   29.48   to 29.48  
Davis New York Venture Class A Shares                                  
    12/31/2025 293,196 49.18 to 44.00 16,574,722   1.12   1.25   to 1.90   25.30   to 24.49  
    12/31/2024 379,490 39.25 to 35.34 17,084,434   1.59   1.25   to 1.90   16.04   to 15.29  
    12/31/2023 454,853 33.83 to 30.66 17,553,289   0.91   1.25   to 1.90   28.39   to 27.56  
    12/31/2022 533,227 26.35 to 24.03 16,000,186   1.48   1.25   to 1.90   (18.53)   to (18.96)  
    12/31/2021 580,708 32.32 to 29.66 21,474,771   0.14   1.25   to 1.75   11.11   to 10.56  
Eaton Vance Floating-Rate Class A Shares                                
    12/31/2025 147,052 17.73 to 15.87 2,451,522   7.19   1.25   to 1.90   2.31   to 1.65  
    12/31/2024 167,034 17.33 to 15.61 2,730,811   8.03   1.25   to 1.90   6.61   to 5.91  
    12/31/2023 186,021 16.26 to 14.74 2,863,813   8.39   1.25   to 1.90   10.44   to 9.73  
    12/31/2022 217,282 14.72 to 13.43 3,043,980   4.54   1.25   to 1.90   (3.87)   to (4.35)  
    12/31/2021 254,168 15.30 to 14.04 3,710,404   3.05   1.25   to 1.75   2.72   to 2.21  
Eaton Vance Large-Cap Value Class A Shares                                
    12/31/2025 98,141 29.02 to 26.28 2,682,192   0.91   1.25   to 1.90   10.72   to 10.01  
    12/31/2024 115,192 26.21 to 23.89 2,857,160   0.98   1.25   to 1.90   10.10   to 9.38  
    12/31/2023 135,231 23.81 to 21.84 3,068,945   1.01   1.25   to 1.90   6.58   to 5.89  
    12/31/2022 143,741 22.34 to 20.62 3,074,058   1.04   1.25   to 1.90   (4.06)   to (4.54)  
    12/31/2021 169,307 23.27 to 21.60 3,788,416   1.01   1.25   to 1.75   22.75   to 22.14  
Federated Hermes Kaufmann Class A Shares                                
    12/31/2025 55,874 49.12 to 43.94 2,611,890   -   1.25   to 1.90   10.15   to 9.44  
    12/31/2024 68,348 44.59 to 40.15 2,909,764   -   1.25   to 1.90   14.80   to 14.05  
    12/31/2023 88,802 38.84 to 35.21 3,303,203   -   1.25   to 1.90   13.48   to 12.75  
    12/31/2022 98,209 34.23 to 31.22 3,229,075   -   1.25   to 1.90   (31.16)   to (31.50)  
    12/31/2021 99,905 49.68 to 45.58 4,780,655   -   1.25   to 1.75   1.13   to 0.63  
Federated Hermes Strategic Dividend Growth Class A Shares                            
    12/31/2025 47,401 23.81 to 22.23 1,086,667   1.06   1.25   to 1.90   13.05   to 12.32  
    12/31/2024 46,406 21.06 to 19.79 945,741   0.87   1.25   to 1.90   11.45   to 10.72  
    12/31/2023 55,105 18.90 to 17.87 1,010,627   1.14   1.25   to 1.90   7.70   to 7.00  
    12/31/2022 58,673 17.55 to 16.71 1,003,439   1.18   1.25   to 1.90   (9.19)   to (9.64)  
    12/31/2021 73,177 19.31 to 18.49 1,380,093   0.87   1.25   to 1.75   19.40   to 18.81  
Fidelity Advisor® Equity Growth Class A Shares                                
    12/31/2025 24,313 86.61 to 77.48 2,623,701   -   1.25   to 1.90   12.85   to 12.12  
    12/31/2024 25,875 76.74 to 69.10 2,475,458   -   1.25   to 1.90   28.10   to 27.26  
    12/31/2023 29,482 59.91 to 54.30 2,204,482   -   1.25   to 1.90   33.57   to 32.71  
    12/31/2022 35,769 44.85 to 40.92 2,004,557   -   1.25   to 1.90   (25.63)   to (26.02)  
    12/31/2021 39,581 60.28 to 55.31 2,980,642   -   1.25   to 1.75   21.20   to 20.59  
Fidelity Advisor® Overseas Class A Shares                                
    12/31/2025(1) 46,028 10.46 to 10.46 481,403   0.09   1.30   to 1.30   -   to -  
Fidelity Advisor® Stock Selector Mid Cap Class A Shares                            
    12/31/2025 10,169 66.02 to 66.02 671,360   0.59   1.30   to 1.30   8.75   to 8.75  
    12/31/2024 11,412 60.71 to 60.71 692,812   0.34   1.30   to 1.30   10.72   to 10.72  
    12/31/2023 12,499 54.83 to 54.83 685,329   0.61   1.30   to 1.30   15.35   to 15.35  
    12/31/2022 14,135 47.53 to 47.53 671,885   0.45   1.30   to 1.30   (15.21)   to (15.21)  
    12/31/2021 15,146 56.06 to 56.06 849,127   0.45   1.30   to 1.30   21.34   to 21.34  
 
51
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Franklin Templeton Growth Class A Shares                                
    12/31/2025 79,152 $24.42 to $21.85 $       2,367,807   0.60 % 1.25 % to 1.90 % 22.05 % to 21.26 %
    12/31/2024 95,046 20.01 to 18.02 2,280,941   0.92   1.25   to 1.90   4.10   to 3.42  
    12/31/2023 123,880 19.22 to 17.42 2,758,842   1.12   1.25   to 1.90   19.48   to 18.71  
    12/31/2022 155,444 16.09 to 14.67 2,837,302   0.86   1.25   to 1.90   (12.85)   to (13.30)  
    12/31/2021 163,947 18.45 to 16.93 3,468,745   1.54   1.25   to 1.75   3.82   to 3.30  
Invesco American Franchise Fund Class A Shares                                
    12/31/2025 14,448 43.67 to 43.67 630,926   -   1.30   to 1.30   10.12   to 10.12  
    12/31/2024 14,774 39.66 to 39.66 585,882   -   1.30   to 1.30   32.98   to 32.98  
    12/31/2023 17,165 29.82 to 29.82 511,889   -   1.30   to 1.30   39.10   to 39.10  
    12/31/2022 19,323 21.44 to 21.44 414,252   -   1.30   to 1.30   (32.03)   to (32.03)  
    12/31/2021 18,345 31.54 to 31.54 578,621   -   1.30   to 1.30   10.40   to 10.40  
Invesco Charter Class A Shares                                  
    12/31/2025 7,577 41.13 to 41.13 311,651   0.21   1.30   to 1.30   14.45   to 14.45  
    12/31/2024 9,491 35.94 to 35.94 341,097   0.53   1.30   to 1.30   23.66   to 23.66  
    12/31/2023 10,056 29.06 to 29.06 292,246   0.49   1.30   to 1.30   21.45   to 21.45  
    12/31/2022 8,575 23.93 to 23.93 205,186   0.71   1.30   to 1.30   (21.74)   to (21.74)  
    12/31/2021 8,903 30.58 to 30.58 272,225   0.35   1.30   to 1.30   25.75   to 25.75  
Invesco Comstock Class A Shares                                  
    12/31/2025 424,527 47.58 to 42.56 22,037,333   1.62   1.25   to 1.90   15.70   to 14.95  
    12/31/2024 529,635 41.12 to 37.03 23,747,938   1.67   1.25   to 1.90   13.59   to 12.85  
    12/31/2023 659,692 36.20 to 32.81 26,149,898   1.72   1.25   to 1.90   10.85   to 10.13  
    12/31/2022 741,824 32.66 to 29.79 26,582,797   1.68   1.25   to 1.90   (0.49)   to (1.01)  
    12/31/2021 974,096 32.80 to 30.10 34,752,813   1.42   1.25   to 1.75   31.66   to 31.01  
Invesco Discovery Large Cap Class A Shares                                
    12/31/2025 14,194 57.58 to 51.52 780,028   -   1.25   to 1.90   11.22   to 10.50  
    12/31/2024 16,643 51.77 to 46.62 824,979   -   1.25   to 1.90   32.33   to 31.47  
    12/31/2023 22,710 39.12 to 35.46 851,928   -   1.25   to 1.90   33.83   to 32.97  
    12/31/2022 25,871 29.23 to 26.67 727,611   -   1.25   to 1.90   (32.01)   to (32.34)  
    12/31/2021 27,757 42.96 to 39.42 1,150,952   -   1.25   to 1.75   20.83   to 20.22  
Invesco Discovery Mid Cap Growth Class A Shares                                
    12/31/2025 60,720 17.41 to 17.41 1,056,937   -   1.30   to 1.30   3.43   to 3.43  
    12/31/2024 83,289 16.83 to 16.83 1,401,737   -   1.30   to 1.30   22.51   to 22.51  
    12/31/2023 91,137 13.74 to 13.74 1,252,004   -   1.30   to 1.30   11.51   to 11.51  
    12/31/2022 100,164 12.32 to 12.32 1,234,003   -   1.30   to 1.30   (31.98)   to (31.98)  
    12/31/2020(1) 106,532 18.11 to 18.11 1,929,642   -   1.30   to 1.30   17.33   to 17.33  
Invesco Equity and Income Class A Shares                                
    12/31/2025 29,915 47.65 to 47.65 1,425,316   1.77   1.30   to 1.30   11.35   to 11.35  
    12/31/2024 38,425 42.79 to 42.79 1,644,125   1.95   1.30   to 1.30   10.35   to 10.35  
    12/31/2023 48,142 38.77 to 38.77 1,866,618   1.99   1.30   to 1.30   8.57   to 8.57  
    12/31/2022 54,802 35.71 to 35.71 1,957,053   1.75   1.30   to 1.30   (8.91)   to (8.91)  
    12/31/2021 59,548 39.20 to 39.20 2,334,443   1.30   1.30   to 1.30   16.50   to 16.50  
Invesco Global Class A Shares                                  
    12/31/2025 36,999 71.69 to 71.69 2,652,314   -   1.30   to 1.30   13.76   to 13.76  
    12/31/2024 42,561 63.02 to 63.02 2,682,080   -   1.30   to 1.30   14.77   to 14.77  
    12/31/2023 47,861 54.91 to 54.91 2,627,939   -   1.30   to 1.30   32.31   to 32.31  
    12/31/2022 53,306 41.50 to 41.50 2,212,232   -   1.30   to 1.30   (33.02)   to (33.02)  
    12/31/2021 53,239 61.96 to 61.96 3,298,718   -   1.30   to 1.30   13.87   to 13.87  
Invesco Main Street Class A Shares                                  
    12/31/2025 33,481 54.60 to 48.85 1,955,190   0.34   1.25   to 1.90   14.49   to 13.75  
    12/31/2024 36,135 47.69 to 42.94 1,855,958   0.71   1.25   to 1.90   22.10   to 21.30  
    12/31/2023 38,878 39.06 to 35.40 1,647,210   0.15   1.25   to 1.90   21.55   to 20.76  
    12/31/2022 56,886 32.13 to 29.31 1,935,595   0.90   1.25   to 1.90   (21.20)   to (21.62)  
    12/31/2021 60,667 40.76 to 37.40 2,623,342   0.59   1.25   to 1.75   26.02   to 25.39  
 
52
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Invesco Main Street Mid Cap Class A Shares                                
    12/31/2025 46,564 $45.40 to $40.61 $       1,981,904   0.18 % 1.25 % to 1.90 % 7.56 % to 6.87 %
    12/31/2024 53,672 42.20 to 38.00 2,134,394   0.24   1.25   to 1.90   15.61   to 14.86  
    12/31/2023 63,190 36.51 to 33.09 2,181,634   -   1.25   to 1.90   13.06   to 12.33  
    12/31/2022 69,962 32.29 to 29.45 2,143,133   0.11   1.25   to 1.90   (15.48)   to (15.90)  
    12/31/2021 90,202 38.17 to 35.02 3,275,848   0.20   1.25   to 1.75   21.50   to 20.89  
Invesco Multi-Strategy Class A Shares                                  
    12/31/2025 22,713 16.50 to 16.50 374,868   -   1.30   to 1.30   (0.92)   to (0.92)  
    12/31/2024 23,387 16.66 to 16.66 389,546   1.30   1.30   to 1.30   4.34   to 4.34  
    12/31/2023 23,856 15.96 to 15.96 380,821   0.82   1.30   to 1.30   2.22   to 2.22  
    12/31/2022 26,240 15.62 to 15.62 409,805   -   1.30   to 1.30   (8.47)   to (8.47)  
    12/31/2021 28,973 17.06 to 17.06 494,370   2.71   1.30   to 1.30   1.16   to 1.16  
Invesco Value Opportunities Class A Shares                                
    12/31/2025 109,282 4.31 to 3.98 448,443   0.21   1.25   to 1.90   18.66   to 17.89  
    12/31/2024 116,779 3.63 to 3.38 405,469   0.41   1.25   to 1.90   28.47   to 27.64  
    12/31/2023 138,320 2.82 to 2.65 376,156   0.22   1.25   to 1.90   13.72   to 12.98  
    12/31/2022 147,533 2.48 to 2.34 354,532   0.67   1.25   to 1.90   0.02   to (0.48)  
    12/31/2021 131,334 2.48 to 2.35 316,717   0.57   1.25   to 1.75   33.91   to 33.24  
Janus Henderson Enterprise Class A Shares                                
    12/31/2025 264,111 71.98 to 65.94 18,158,886   0.18   1.25   to 1.90   5.94   to 5.26  
    12/31/2024 305,681 67.94 to 62.65 19,916,719   0.77   1.25   to 1.90   13.42   to 12.68  
    12/31/2023 378,689 59.90 to 55.60 21,840,743   -   1.25   to 1.90   16.12   to 15.37  
    12/31/2022 446,160 51.59 to 48.19 22,241,684   -   1.25   to 1.90   (17.43)   to (17.84)  
    12/31/2021 512,548 62.42 to 58.65 31,019,403   0.69   1.25   to 1.75   15.52   to 14.94  
Janus Henderson Forty Class A Shares                                  
    12/31/2025 64,300 72.58 to 65.72 4,425,333   -   1.25   to 1.90   16.59   to 15.84  
    12/31/2024 79,224 62.25 to 56.73 4,697,328   0.31   1.25   to 1.90   26.38   to 25.55  
    12/31/2023 98,566 49.26 to 45.19 4,647,156   0.01   1.25   to 1.90   37.81   to 36.92  
    12/31/2022 121,669 35.74 to 33.00 4,178,925   -   1.25   to 1.90   (34.58)   to (34.90)  
    12/31/2021 121,433 54.59 to 50.70 6,397,342   0.40   1.25   to 1.75   21.14   to 20.54  
JPMorgan Small Cap Growth Class A Shares                                
    12/31/2025 30,145 39.28 to 35.57 1,132,722   -   1.25   to 1.90   4.81   to 4.13  
    12/31/2024 33,670 37.48 to 34.16 1,209,750   0.56   1.25   to 1.90   11.04   to 10.32  
    12/31/2023 40,278 33.75 to 30.96 1,307,895   -   1.25   to 1.90   12.45   to 11.72  
    12/31/2022 49,681 30.02 to 27.71 1,435,440   -   1.25   to 1.90   (33.32)   to (33.65)  
    12/31/2021 49,048 44.98 to 41.77 2,129,822   -   1.25   to 1.75   (7.23)   to (7.69)  
Lord Abbett Affiliated Class A Shares                                  
    12/31/2025 36,277 37.19 to 33.27 1,285,301   1.11   1.25   to 1.90   14.32   to 13.58  
    12/31/2024 42,660 32.54 to 29.30 1,327,659   1.73   1.25   to 1.90   15.84   to 15.08  
    12/31/2023 50,177 28.09 to 25.46 1,350,694   1.81   1.25   to 1.90   9.12   to 8.41  
    12/31/2022 53,690 25.74 to 23.48 1,330,706   1.77   1.25   to 1.90   (11.04)   to (11.48)  
    12/31/2021 59,993 28.91 to 26.53 1,674,915   1.47   1.25   to 1.75   25.17   to 24.55  
Lord Abbett Bond-Debenture Class A Shares                                
    12/31/2025 284,574 23.98 to 21.45 7,347,384   6.01   1.25   to 1.90   7.05   to 6.35  
    12/31/2024 327,781 22.40 to 20.17 7,918,676   5.86   1.25   to 1.90   5.44   to 4.75  
    12/31/2023 371,258 21.25 to 19.26 8,547,443   5.22   1.25   to 1.90   5.53   to 4.85  
    12/31/2022 394,108 20.13 to 18.37 8,784,985   4.35   1.25   to 1.90   (13.81)   to (14.26)  
    12/31/2021 464,968 23.35 to 21.42 11,996,751   3.33   1.25   to 1.75   1.97   to 1.46  
Lord Abbett Mid Cap Stock Class A Shares                                
    12/31/2025 187,811 34.67 to 31.01 8,117,450   0.43   1.25   to 1.90   5.94   to 5.25  
    12/31/2024 226,711 32.72 to 29.47 9,239,067   0.53   1.25   to 1.90   13.61   to 12.87  
    12/31/2023 265,044 28.80 to 26.11 9,405,150   0.54   1.25   to 1.90   14.07   to 13.33  
    12/31/2022 306,153 25.25 to 23.03 9,442,562   0.95   1.25   to 1.90   (12.21)   to (12.67)  
    12/31/2021 330,573 28.75 to 26.38 11,656,273   0.73   1.25   to 1.75   27.28   to 26.65  
 
53
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
MFS® Growth Class A Shares                                  
    12/31/2025 142,421 $67.29 to $67.29 $       9,583,531   - % 1.30 % to 1.30 % 10.58 % to 10.58 %
    12/31/2024 175,545 60.85 to 60.85 10,681,952   -   1.30   to 1.30   29.63   to 29.63  
    12/31/2023 231,059 46.94 to 46.94 10,845,931   -   1.30   to 1.30   34.04   to 34.04  
    12/31/2022 293,959 35.02 to 35.02 10,294,364   -   1.30   to 1.30   (32.21)   to (32.21)  
    12/31/2021 283,077 51.66 to 51.66 14,623,140   -   1.30   to 1.30   21.74   to 21.74  
MFS® Mid Cap Growth Class A Shares                                  
    12/31/2025 127,124 62.35 to 62.35 7,926,231   -   1.30   to 1.30   2.05   to 2.05  
    12/31/2024 136,352 61.09 to 61.09 8,330,397   -   1.30   to 1.30   12.92   to 12.92  
    12/31/2023 160,419 54.10 to 54.10 8,679,035   -   1.30   to 1.30   19.44   to 19.44  
    12/31/2022 187,406 45.30 to 45.30 8,488,981   -   1.30   to 1.30   (29.45)   to (29.45)  
    12/31/2021 184,310 64.20 to 64.20 11,833,470   -   1.30   to 1.30   12.27   to 12.27  
MFS® Research International Class A Shares                                
    12/31/2025 111,304 39.56 to 39.56 4,402,714   1.60   1.30   to 1.30   20.76   to 20.76  
    12/31/2024 145,867 32.76 to 32.76 4,777,947   1.63   1.30   to 1.30   1.51   to 1.51  
    12/31/2023 159,672 32.27 to 32.27 5,152,248   1.49   1.30   to 1.30   11.65   to 11.65  
    12/31/2022 173,257 28.90 to 28.90 5,007,427   1.31   1.30   to 1.30   (18.58)   to (18.58)  
    12/31/2021 191,854 35.50 to 35.50 6,809,974   1.02   1.30   to 1.30   10.15   to 10.15  
Nomura Mid Cap Growth Class A Shares                                  
    12/31/2025 132,935 9.87 to 9.77 1,309,873   -   1.25   to 1.90   (0.42)   to (1.07)  
    12/31/2024(1) 153,595 9.91 to 9.88 1,521,542   -   1.25   to 1.90   -   to -  
PIMCO CommodityRealReturn Strategy Class A Shares                            
    12/31/2025 528,053 9.39 to 8.40 4,688,335   7.62   1.25   to 1.90   17.32   to 16.56  
    12/31/2024 667,300 8.01 to 7.21 5,068,621   2.80   1.25   to 1.90   2.92   to 2.25  
    12/31/2023 677,054 7.78 to 7.05 5,014,119   4.59   1.25   to 1.90   (9.02)   to (9.61)  
    12/31/2022 718,870 8.55 to 7.80 5,869,360   34.05   1.25   to 1.90   7.01   to 6.48  
    12/31/2021 1,022,118 7.98 to 7.33 7,817,094   21.83   1.25   to 1.75   31.15   to 30.50  
PIMCO Low Duration Class A Shares                                  
    12/31/2025 2,151,832 12.63 to 11.44 25,805,611   3.95   1.25   to 1.90   3.95   to 3.27  
    12/31/2024 2,415,014 12.15 to 11.07 27,974,198   3.88   1.25   to 1.90   3.21   to 2.54  
    12/31/2023 2,585,774 11.77 to 10.80 29,139,752   3.80   1.25   to 1.90   3.71   to 3.04  
    12/31/2022 2,963,159 11.35 to 10.48 32,321,610   1.68   1.25   to 1.90   (6.69)   to (7.16)  
    12/31/2021 3,696,998 12.16 to 11.29 43,322,116   0.54   1.25   to 1.75   (2.20)   to (2.69)  
PIMCO Real Return Class A Shares                                  
    12/31/2025 1,136,916 15.51 to 13.88 16,640,341   3.53   1.25   to 1.90   6.40   to 5.71  
    12/31/2024 1,312,209 14.58 to 13.13 18,121,313   2.78   1.25   to 1.90   0.90   to 0.24  
    12/31/2023 1,406,100 14.45 to 13.10 19,325,213   2.86   1.25   to 1.90   2.05   to 1.39  
    12/31/2022 1,572,441 14.16 to 12.92 21,259,835   7.50   1.25   to 1.90   (13.38)   to (13.81)  
    12/31/2021 1,865,697 16.33 to 14.99 29,197,941   4.74   1.25   to 1.75   3.95   to 3.43  
PIMCO Total Return Class A Shares                                  
    12/31/2025 2,765,766 16.62 to 14.87 45,125,897   4.23   1.25   to 1.90   7.61   to 6.91  
    12/31/2024 3,235,773 15.44 to 13.91 49,244,487   4.22   1.25   to 1.90   0.98   to 0.32  
    12/31/2023 3,539,220 15.29 to 13.86 53,516,295   3.55   1.25   to 1.90   4.63   to 3.95  
    12/31/2022 3,852,999 14.62 to 13.33 55,794,500   3.59   1.25   to 1.90   (15.49)   to (15.93)  
    12/31/2021 4,460,931 17.29 to 15.86 76,529,481   1.96   1.25   to 1.75   (2.41)   to (2.89)  
Putnam International Equity Class A Shares                                
    12/31/2025 230,479 37.26 to 37.26 8,587,095   2.15   1.30   to 1.30   35.45   to 35.45  
    12/31/2024 320,106 27.51 to 27.51 8,805,248   0.98   1.30   to 1.30   2.16   to 2.16  
    12/31/2023 344,591 26.93 to 26.93 9,278,635   1.88   1.30   to 1.30   17.09   to 17.09  
    12/31/2022 387,757 23.00 to 23.00 8,916,817   -   1.30   to 1.30   (15.94)   to (15.94)  
    12/31/2021 439,879 27.36 to 27.36 12,034,000   1.32   1.30   to 1.30   7.36   to 7.36  
 
54
 
5. Financial Highlights (continued)
 

 

      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Putnam Large Cap Growth Class A Shares                                
    12/31/2025 44,504 $42.48 to $42.48 $       1,890,441   - % 1.30 % to 1.30 % 12.77 % to 12.77 %
    12/31/2024 47,751 37.67 to 37.67 1,798,630   -   1.30   to 1.30   31.50   to 31.50  
    12/31/2023 63,716 28.64 to 28.64 1,825,043   -   1.30   to 1.30   42.37   to 42.37  
    12/31/2022 75,742 20.12 to 20.12 1,523,823   -   1.30   to 1.30   (31.24)   to (31.24)  
    12/31/2021 76,682 29.26 to 29.26 2,243,749   -   1.30   to 1.30   20.94   to 20.94  
Putnam Large Cap Value Class A Shares                                  
    12/31/2025 36,102 25.77 to 25.77 930,431   1.17   1.30   to 1.30   18.50   to 18.50  
    12/31/2024 40,203 21.75 to 21.75 874,346   1.11   1.30   to 1.30   17.46   to 17.46  
    12/31/2023 44,592 18.52 to 18.52 825,643   1.51   1.30   to 1.30   13.91   to 13.91  
    12/31/2022 48,838 16.25 to 16.25 793,831   1.80   1.30   to 1.30   (4.34)   to (4.34)  
    12/31/2021 40,213 16.99 to 16.99 683,288   1.19   1.30   to 1.30   25.20   to 25.20  
TA Aegon Sustainable Equity Income Service Class                              
    12/31/2025 148,138 14.53 to 13.86 2,141,638   1.42   1.25   to 1.90   9.61   to 8.90  
    12/31/2024 178,580 13.26 to 12.73 2,357,067   1.79   1.25   to 1.90   15.14   to 14.39  
    12/31/2023 223,808 11.52 to 11.13 2,567,186   1.91   1.25   to 1.90   4.69   to 4.01  
    12/31/2022 243,900 11.00 to 10.70 2,674,194   1.84   1.25   to 1.90   (12.98)   to (13.44)  
    12/31/2021 290,104 12.63 to 12.36 3,654,803   1.86   1.25   to 1.75   20.60   to 20.00  
TA Asset Allocation - Conservative Class A Shares                                
    12/31/2025 24,365 13.83 to 13.16 331,314   2.61   1.25   to 1.90   10.79   to 10.07  
    12/31/2024 25,797 12.48 to 11.96 317,472   2.42   1.25   to 1.90   5.96   to 5.27  
    12/31/2023 48,437 11.78 to 11.36 559,916   2.34   1.25   to 1.90   8.87   to 8.16  
    12/31/2022 76,427 10.82 to 10.50 817,555   1.68   1.25   to 1.90   (16.29)   to (16.73)  
    12/31/2021 89,073 12.92 to 12.61 1,141,030   2.11   1.25   to 1.75   4.11   to 3.59  
TA Asset Allocation - Moderate Class A Shares                                
    12/31/2025 94,660 15.47 to 14.73 1,446,745   2.24   1.25   to 1.90   13.44   to 12.71  
    12/31/2024 98,698 13.64 to 13.07 1,331,283   2.01   1.25   to 1.90   8.46   to 7.75  
    12/31/2023 105,950 12.57 to 12.13 1,316,550   2.18   1.25   to 1.90   11.27   to 10.55  
    12/31/2022 131,518 11.30 to 10.97 1,470,956   1.52   1.25   to 1.90   (17.13)   to (17.56)  
    12/31/2021 88,483 13.63 to 13.31 1,198,284   2.52   1.25   to 1.75   6.57   to 6.04  
TA Asset Allocation - Moderate Growth Class A Shares                            
    12/31/2025 96,021 17.82 to 16.97 1,680,433   1.59   1.25   to 1.90   16.52   to 15.77  
    12/31/2024 105,070 15.30 to 14.66 1,581,232   1.75   1.25   to 1.90   11.74   to 11.01  
    12/31/2023 128,051 13.69 to 13.20 1,731,302   1.84   1.25   to 1.90   14.27   to 13.53  
    12/31/2022 135,459 11.98 to 11.63 1,606,662   0.88   1.25   to 1.90   (18.46)   to (18.89)  
    12/31/2021 171,347 14.68 to 14.34 2,495,528   2.57   1.25   to 1.75   9.98   to 9.43  
TA BlackRock Government Money Market Initial Class                            
    12/31/2025 1,398,016 10.82 to 10.44 15,004,176   3.90   1.25   to 1.90   2.77   to 2.11  
    12/31/2024 518,482 10.52 to 10.22 5,404,769   4.93   1.25   to 1.90   3.73   to 3.05  
    12/31/2023 569,758 10.15 to 9.92 5,735,835   4.79   1.25   to 1.90   3.56   to 2.89  
    12/31/2022 466,406 9.80 to 9.64 4,551,231   1.48   1.25   to 1.90   0.10   to (0.43)  
    12/31/2021 411,733 9.78 to 9.68 4,017,112   -   1.25   to 1.75   (1.24)   to (1.73)  
TA Bond Class A Shares                                    
    12/31/2025 544,992 1.48 to 1.36 776,833   4.13   1.25   to 1.90   5.49   to 4.80  
    12/31/2024 623,953 1.40 to 1.30 846,116   4.11   1.25   to 1.90   0.49   to (0.17)  
    12/31/2023 650,360 1.40 to 1.30 880,191   3.69   1.25   to 1.90   4.65   to 3.97  
    12/31/2022 616,956 1.34 to 1.25 801,112   2.79   1.25   to 1.90   (14.58)   to (15.01)  
    12/31/2021 721,671 1.56 to 1.47 1,101,155   2.17   1.25   to 1.75   (1.36)   to (1.86)  
TA International Focus Initial Class                                  
    12/31/2025 4,385,857 12.77 to 12.18 54,739,174   1.63   1.25   to 1.90   5.15   to 4.47  
    12/31/2024 5,042,953 12.14 to 11.66 60,067,418   2.27   1.25   to 1.90   (2.29)   to (2.92)  
    12/31/2023 5,434,870 12.43 to 12.01 66,480,045   1.98   1.25   to 1.90   11.14   to 10.42  
    12/31/2022 6,194,561 11.18 to 10.88 68,406,004   3.02   1.25   to 1.90   (21.08)   to (21.49)  
    12/31/2021 6,800,730 14.16 to 13.85 95,378,126   1.21   1.25   to 1.75   9.44   to 8.90  
 
55
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
TA Multi-Managed Balanced Class A Shares                                
    12/31/2025 72,170 $19.71 to $18.76 $       1,411,472   1.52 % 1.25 % to 1.90 % 11.26 % to 10.54 %
    12/31/2024 82,688 17.71 to 16.97 1,454,063   1.59   1.25   to 1.90   13.07   to 12.34  
    12/31/2023 96,409 15.66 to 15.11 1,497,664   1.55   1.25   to 1.90   16.96   to 16.20  
    12/31/2022 92,381 13.39 to 13.00 1,228,872   1.00   1.25   to 1.90   (17.58)   to (18.01)  
    12/31/2021 94,670 16.24 to 15.86 1,528,612   0.59   1.25   to 1.75   15.12   to 14.55  
TA Small/Mid Cap Value Class A Shares                                  
    12/31/2025 558,916 35.58 to 32.37 18,928,625   0.99   1.25   to 1.90   8.14   to 7.44  
    12/31/2024 665,415 32.90 to 30.13 20,923,496   0.74   1.25   to 1.90   7.21   to 6.51  
    12/31/2023 783,326 30.69 to 28.29 23,067,157   0.85   1.25   to 1.90   10.57   to 9.86  
    12/31/2022 871,791 27.75 to 25.75 23,312,861   0.51   1.25   to 1.90   (9.71)   to (10.16)  
    12/31/2021 1,087,248 30.71 to 28.66 32,281,834   0.05   1.25   to 1.75   25.61   to 24.98  
TA Sustainable Equity Income Class A Shares                                
    12/31/2025 1,865,775 18.76 to 17.58 34,056,568   1.22   1.25   to 1.90   9.57   to 8.86  
    12/31/2024 2,212,261 17.12 to 16.15 36,960,876   1.30   1.25   to 1.90   14.80   to 14.05  
    12/31/2023 2,806,642 14.91 to 14.16 40,961,183   1.66   1.25   to 1.90   4.54   to 3.86  
    12/31/2022 2,940,434 14.26 to 13.63 41,175,403   1.78   1.25   to 1.90   (12.79)   to (13.24)  
    12/31/2021 3,512,199 16.35 to 15.71 56,508,169   1.10   1.25   to 1.75   20.47   to 19.87  
TA T. Rowe Price Small Cap Service Class                                
    12/31/2025 168,474 19.53 to 18.63 3,211,789   -   1.25   to 1.90   8.57   to 7.87  
    12/31/2024 187,807 17.99 to 17.27 3,308,731   -   1.25   to 1.90   11.20   to 10.48  
    12/31/2023 245,856 16.18 to 15.63 3,909,435   -   1.25   to 1.90   19.38   to 18.61  
    12/31/2022 275,948 13.55 to 13.18 3,688,820   -   1.25   to 1.90   (23.62)   to (24.00)  
    12/31/2021 304,452 17.73 to 17.34 5,339,069   -   1.25   to 1.75   9.70   to 9.15  
TA TSW International Equity Service Class                                
    12/31/2025 152,054 15.71 to 14.99 2,319,969   2.00   1.25   to 1.90   29.79   to 28.95  
    12/31/2024 197,761 12.11 to 11.62 2,334,366   2.67   1.25   to 1.90   1.83   to 1.16  
    12/31/2023 225,711 11.89 to 11.49 2,629,061   0.79   1.25   to 1.90   13.83   to 13.10  
    12/31/2022 281,562 10.44 to 10.16 2,896,637   3.07   1.25   to 1.90   (15.76)   to (16.18)  
    12/31/2021 325,419 12.39 to 12.12 3,985,217   1.64   1.25   to 1.75   11.80   to 11.24  
TA TSW Mid Cap Value Opportunities Service Class                              
    12/31/2025 89,247 16.57 to 15.81 1,472,070   1.03   1.25   to 1.90   8.00   to 7.30  
    12/31/2024 112,659 15.34 to 14.73 1,721,565   1.21   1.25   to 1.90   6.74   to 6.04  
    12/31/2023 120,149 14.37 to 13.89 1,720,797   1.24   1.25   to 1.90   9.20   to 8.49  
    12/31/2022 134,973 13.16 to 12.80 1,771,368   0.56   1.25   to 1.90   (9.61)   to (10.08)  
    12/31/2021 140,383 14.55 to 14.24 2,037,857   0.60   1.25   to 1.75   27.25   to 26.61  
TA US Growth Class A Shares                                  
    12/31/2025 366,197 57.70 to 53.55 20,318,204   -   1.25   to 1.90   15.74   to 14.99  
    12/31/2024 458,554 49.85 to 46.57 22,067,574   -   1.25   to 1.90   26.98   to 26.15  
    12/31/2023 653,778 39.26 to 36.91 24,874,322   -   1.25   to 1.90   39.64   to 38.74  
    12/31/2022 882,404 28.11 to 26.60 24,136,995   -   1.25   to 1.90   (32.55)   to (32.88)  
    12/31/2021 847,968 41.65 to 39.64 34,477,085   -   1.25   to 1.75   18.71   to 18.12  
TA WMC US Growth Service Class                                  
    12/31/2025 9,623 33.23 to 31.70 311,884   -   1.25   to 1.90   16.01   to 15.26  
    12/31/2024 11,073 28.65 to 27.51 309,287   -   1.25   to 1.90   27.09   to 26.26  
    12/31/2023 14,719 22.54 to 21.79 325,216   -   1.25   to 1.90   39.97   to 39.06  
    12/31/2022 300 16.10 to 15.67 4,771   -   1.25   to 1.90   (32.42)   to (32.76)  
    12/31/2021 625 23.81 to 23.30 14,660   -   1.25   to 1.75   18.88   to 18.28  
Victory Pioneer Class A Shares                                  
    12/31/2025 14,045 67.35 to 60.26 895,600   0.23   1.25   to 1.90   21.67   to 20.88  
    12/31/2024 19,822 55.36 to 49.85 1,039,740   0.52   1.25   to 1.90   21.05   to 20.27  
    12/31/2023 27,227 45.73 to 41.45 1,174,534   0.87   1.25   to 1.90   27.12   to 26.30  
    12/31/2022 29,740 35.97 to 32.82 1,022,519   0.54   1.25   to 1.90   (20.53)   to (20.93)  
    12/31/2021 24,046 45.24 to 41.50 1,040,778   0.11   1.25   to 1.75   26.22   to 25.59  
 
56
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Victory Pioneer High Yield Class A Shares                                
    12/31/2025 83,218 $23.58 to $21.10 $       1,842,405   5.73 % 1.25 % to 1.90 % 6.23 % to 5.54 %
    12/31/2024 93,273 22.20 to 19.99 1,950,060   5.83   1.25   to 1.90   6.99   to 6.30  
    12/31/2023 97,155 20.75 to 18.80 1,906,733   5.40   1.25   to 1.90   9.07   to 8.37  
    12/31/2022 95,275 19.02 to 17.35 1,725,211   5.07   1.25   to 1.90   (12.04)   to (12.47)  
    12/31/2021 110,682 21.61 to 19.83 2,286,681   4.25   1.25   to 1.75   4.44   to 3.92  
Victory Pioneer Select Mid Cap Growth Class A Shares                            
    12/31/2025 3,785 56.13 to 51.44 204,515   -   1.25   to 1.90   18.92   to 18.15  
    12/31/2024 4,643 47.20 to 43.54 211,183   -   1.25   to 1.90   22.29   to 21.50  
    12/31/2023 5,691 38.59 to 35.83 212,458   -   1.25   to 1.90   17.19   to 16.43  
    12/31/2022 6,639 32.93 to 30.78 211,789   -   1.25   to 1.90   (32.18)   to (32.52)  
    12/31/2021 8,630 48.52 to 45.61 406,330   -   1.25   to 1.75   6.62   to 6.09  
Virtus AllianzGI Dividend Value Class A Shares                                
    12/31/2025 103,964 22.23 to 20.13 2,183,444   2.12   1.25   to 1.90   6.87   to 6.18  
    12/31/2024 125,780 20.80 to 18.96 2,479,518   1.33   1.25   to 1.90   3.63   to 2.95  
    12/31/2023 141,020 20.07 to 18.41 2,694,623   3.57   1.25   to 1.90   17.67   to 16.91  
    12/31/2022 159,900 17.06 to 15.75 2,606,367   1.59   1.25   to 1.90   (14.84)   to (15.26)  
    12/31/2021 193,849 20.02 to 18.59 3,721,834   1.35   1.25   to 1.75   26.94   to 26.30  
Virtus AllianzGI Small-Cap Value Class A Shares                                
    12/31/2025 56,612 33.06 to 29.57 2,403,324   0.78   1.25   to 1.90   (0.19)   to (0.83)  
    12/31/2024 65,506 33.12 to 29.82 2,789,044   1.19   1.25   to 1.90   4.33   to 3.65  
    12/31/2023 75,835 31.75 to 28.77 3,120,429   2.13   1.25   to 1.90   21.47   to 20.69  
    12/31/2022 100,965 26.13 to 23.84 3,305,168   0.98   1.25   to 1.90   (17.30)   to (17.74)  
    12/31/2021 106,952 31.59 to 28.98 4,234,708   0.99   1.25   to 1.75   22.69   to 22.08  
                                         
 
(1) See Footnote 1
 
* These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Mutual Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.
 
** These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the Mutual Fund have been excluded.
 
*** These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.
 
57
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights
 
The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner's account balance. These charges are discussed in more detail in the individual's policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
AB Discovery Value Class A Shares                                  
    12/31/2025 42,327 $41.66 to $37.27 $       1,665,009   0.59 % 1.25 % to 1.90 % 1.27 % to 0.61 %
    12/31/2024 47,781 41.14 to 37.04 1,861,463   0.49   1.25   to 1.90   8.24   to 7.53  
    12/31/2023 56,372 38.01 to 34.45 2,032,511   0.48   1.25   to 1.90   15.25   to 14.50  
    12/31/2022 58,853 32.98 to 30.08 1,851,502   0.76   1.25   to 1.90   (17.45)   to (17.86)  
    12/31/2021 75,469 39.92 to 36.62 2,871,461   0.75   1.25   to 1.75   33.76   to 33.09  
AB International Value Class A Shares                                  
    12/31/2025 115,618 10.91 to 9.87 1,194,854   2.78   1.25   to 1.90   40.21   to 39.31  
    12/31/2024 152,806 7.78 to 7.09 1,130,376   8.51   1.25   to 1.90   3.49   to 2.82  
    12/31/2023 168,102 7.52 to 6.89 1,206,081   1.11   1.25   to 1.90   13.46   to 12.73  
    12/31/2022 204,086 6.62 to 6.12 1,297,199   1.16   1.25   to 1.90   (11.98)   to (12.42)  
    12/31/2021 237,594 7.52 to 6.98 1,720,918   2.51   1.25   to 1.75   9.39   to 8.84  
AB Large Cap Growth Class A Shares                                  
    12/31/2025 18,837 115.13 to 115.13 2,168,655   -   1.30   to 1.30   11.52   to 11.52  
    12/31/2024 21,792 103.24 to 103.24 2,249,692   -   1.30   to 1.30   23.52   to 23.52  
    12/31/2023 24,995 83.58 to 83.58 2,089,113   -   1.30   to 1.30   32.93   to 32.93  
    12/31/2022 30,680 62.88 to 62.88 1,929,080   -   1.30   to 1.30   (29.87)   to (29.87)  
    12/31/2021 32,293 89.66 to 89.66 2,895,325   -   1.30   to 1.30   26.92   to 26.92  
AB Large Cap Value Class A Shares                                  
    12/31/2025 17,901 29.64 to 26.51 496,182   1.19   1.25   to 1.90   15.28   to 14.53  
    12/31/2024 14,626 25.71 to 23.15 353,880   0.76   1.25   to 1.90   14.13   to 13.39  
    12/31/2023 23,456 22.53 to 20.42 495,763   1.18   1.25   to 1.90   17.03   to 16.28  
    12/31/2022 25,310 19.25 to 17.56 459,310   1.65   1.25   to 1.90   (8.23)   to (8.69)  
    12/31/2021 19,779 20.96 to 19.23 395,022   0.90   1.25   to 1.75   25.44   to 24.82  
AB Relative Value Class A Shares                                  
    12/31/2025 59,371 59.67 to 59.67 3,542,890   0.82   1.30   to 1.30   8.85   to 8.85  
    12/31/2024 68,845 54.82 to 54.82 3,774,052   0.91   1.30   to 1.30   11.22   to 11.22  
    12/31/2023 81,090 49.29 to 49.29 3,996,811   1.31   1.30   to 1.30   9.79   to 9.79  
    12/31/2022 86,814 44.89 to 44.89 3,897,442   1.12   1.30   to 1.30   (5.42)   to (5.42)  
    12/31/2021 101,781 47.47 to 47.47 4,831,075   0.62   1.30   to 1.30   25.74   to 25.74  
American Funds - EUPAC Class F -1 Shares                                
    12/31/2025 57,206 35.78 to 32.01 1,948,958   2.85   1.25   to 1.90   27.07   to 26.24  
    12/31/2024 70,575 28.16 to 25.36 1,894,898   1.02   1.25   to 1.90   3.35   to 2.67  
    12/31/2023 87,539 27.25 to 24.70 2,276,818   1.55   1.25   to 1.90   14.15   to 13.41  
    12/31/2022 110,649 23.87 to 21.78 2,537,626   1.07   1.25   to 1.90   (24.04)   to (24.42)  
    12/31/2021 116,376 31.40 to 28.81 3,514,077   1.17   1.25   to 1.75   1.19   to 0.68  
American Funds - Growth Fund of America® Class F -1 Shares                            
    12/31/2025 145,688 78.34 to 70.08 10,847,255   0.21   1.25   to 1.90   18.38   to 17.61  
    12/31/2024 190,931 66.18 to 59.59 12,055,840   0.33   1.25   to 1.90   26.76   to 25.94  
    12/31/2023 230,900 52.21 to 47.32 11,529,239   0.56   1.25   to 1.90   35.44   to 34.56  
    12/31/2022 263,846 38.55 to 35.16 9,766,315   0.22   1.25   to 1.90   (31.67)   to (32.01)  
    12/31/2021 293,858 56.36 to 51.71 15,935,427   -   1.25   to 1.75   17.78   to 17.20  
American Funds - Income Fund of America® Class F -1 Shares                            
    12/31/2025 72,716 35.62 to 31.87 2,476,133   3.63   1.25   to 1.90   16.24   to 15.49  
    12/31/2024 90,405 30.65 to 27.59 2,659,824   3.92   1.25   to 1.90   9.37   to 8.66  
    12/31/2023 101,096 28.02 to 25.40 2,729,505   3.64   1.25   to 1.90   6.21   to 5.52  
    12/31/2022 121,214 26.38 to 24.07 3,092,645   3.06   1.25   to 1.90   (7.72)   to (8.18)  
    12/31/2021 135,310 28.57 to 26.21 3,743,875   2.74   1.25   to 1.75   15.84   to 15.26  
 
58
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
American Funds - Investment Company of America® Class F -1 Shares                          
    12/31/2025 89,720 $61.10 to $54.66 $       5,245,573   0.92 % 1.25 % to 1.90 % 18.94 % to 18.17 %
    12/31/2024 106,279 51.37 to 46.26 5,236,555   1.00   1.25   to 1.90   23.32   to 22.51  
    12/31/2023 129,138 41.66 to 37.76 5,167,415   1.49   1.25   to 1.90   26.82   to 26.00  
    12/31/2022 148,708 32.85 to 29.97 4,700,716   1.28   1.25   to 1.90   (16.67)   to (17.09)  
    12/31/2021 170,977 39.39 to 36.14 6,485,322   1.16   1.25   to 1.75   23.38   to 22.76  
American Funds - The Bond Fund of America® Class A Shares                            
    12/31/2025 128,430 16.44 to 16.44 2,110,820   4.18   1.30   to 1.30   5.76   to 5.76  
    12/31/2024 157,786 15.54 to 15.54 2,452,128   4.23   1.30   to 1.30   (0.17)   to (0.17)  
    12/31/2023 183,839 15.57 to 15.57 2,861,968   3.62   1.30   to 1.30   3.35   to 3.35  
    12/31/2022 203,554 15.06 to 15.06 3,066,208   2.55   1.30   to 1.30   (13.81)   to (13.81)  
    12/31/2021 234,415 17.48 to 17.48 4,096,621   1.42   1.30   to 1.30   (2.23)   to (2.23)  
American Funds - The Bond Fund of America® Class F -1 Shares                          
    12/31/2025 97,319 13.70 to 12.25 1,256,493   4.13   1.25   to 1.90   5.76   to 5.08  
    12/31/2024 115,085 12.95 to 11.66 1,412,460   4.19   1.25   to 1.90   (0.17)   to (0.82)  
    12/31/2023 140,457 12.97 to 11.76 1,732,492   3.59   1.25   to 1.90   3.37   to 2.70  
    12/31/2022 151,431 12.55 to 11.45 1,816,632   2.49   1.25   to 1.90   (13.86)   to (14.29)  
    12/31/2021 157,041 14.56 to 13.35 2,191,573   1.38   1.25   to 1.75   (2.22)   to (2.71)  
American Funds - The Growth Fund of America® Class A Shares                          
    12/31/2025 346,459 109.30 to 109.30 37,869,518   0.27   1.30   to 1.30   18.39   to 18.39  
    12/31/2024 410,138 92.33 to 92.33 37,867,539   0.39   1.30   to 1.30   26.76   to 26.76  
    12/31/2023 490,160 72.84 to 72.84 35,702,454   0.59   1.30   to 1.30   35.44   to 35.44  
    12/31/2022 563,340 53.78 to 53.78 30,296,769   0.27   1.30   to 1.30   (31.61)   to (31.61)  
    12/31/2021 620,931 78.64 to 78.64 48,831,813   0.08   1.30   to 1.30   17.80   to 17.80  
American Funds - The Income Fund of America® Class A Shares                          
    12/31/2025 150,142 49.52 to 49.52 7,435,482   3.69   1.30   to 1.30   16.24   to 16.24  
    12/31/2024 179,844 42.60 to 42.60 7,662,015   3.91   1.30   to 1.30   9.40   to 9.40  
    12/31/2023 216,435 38.94 to 38.94 8,428,765   3.72   1.30   to 1.30   6.20   to 6.20  
    12/31/2022 242,098 36.67 to 36.67 8,877,720   3.13   1.30   to 1.30   (7.62)   to (7.62)  
    12/31/2021 272,024 39.69 to 39.69 10,797,409   2.86   1.30   to 1.30   15.86   to 15.86  
American Funds - The Investment Company of America® Class A Shares                          
    12/31/2025 245,886 82.58 to 82.58 20,306,171   0.98   1.30   to 1.30   18.95   to 18.95  
    12/31/2024 285,545 69.43 to 69.43 19,824,688   1.07   1.30   to 1.30   23.33   to 23.33  
    12/31/2023 353,540 56.29 to 56.29 19,901,852   1.56   1.30   to 1.30   26.85   to 26.85  
    12/31/2022 396,820 44.38 to 44.38 17,610,195   1.38   1.30   to 1.30   (16.60)   to (16.60)  
    12/31/2021 444,617 53.21 to 53.21 23,660,007   1.23   1.30   to 1.30   23.41   to 23.41  
AMG Renaissance Large Cap Growth Class N Shares                              
    12/31/2025 1,029 27.15 to 25.90 27,104   -   1.25   to 1.90   8.74   to 8.03  
    12/31/2024 1,592 24.97 to 23.97 38,656   -   1.25   to 1.90   19.30   to 18.52  
    12/31/2023 3,030 20.93 to 20.22 61,857   0.06   1.25   to 1.90   23.49   to 22.70  
    12/31/2022 3,447 16.95 to 16.48 57,276   0.14   1.25   to 1.90   (18.14)   to (18.55)  
    12/31/2021 4,273 20.69 to 20.24 87,030   -   1.25   to 1.75   28.40   to 27.76  
BlackRock Advantage Global Investor A Shares                                
    12/31/2025 5,677 52.80 to 47.23 282,833   1.27   1.25   to 1.90   22.09   to 21.30  
    12/31/2024 6,869 43.24 to 38.94 282,800   1.09   1.25   to 1.90   17.13   to 16.37  
    12/31/2023 7,632 36.92 to 33.46 269,573   1.49   1.25   to 1.90   20.91   to 20.13  
    12/31/2022 9,185 30.53 to 27.85 269,227   1.59   1.25   to 1.90   (19.01)   to (19.42)  
    12/31/2021 9,735 37.67 to 34.57 352,963   1.09   1.25   to 1.75   16.16   to 15.58  
BlackRock Advantage International Investor A Shares                              
    12/31/2025 53,624 27.88 to 25.82 1,428,805   2.64   1.25   to 1.90   30.44   to 29.60  
    12/31/2024 64,589 21.38 to 19.93 1,320,305   2.48   1.25   to 1.90   5.20   to 4.51  
    12/31/2023 75,341 20.32 to 19.07 1,472,903   2.63   1.25   to 1.90   17.63   to 16.87  
    12/31/2022 81,044 17.27 to 16.31 1,352,356   2.89   1.25   to 1.90   (14.82)   to (15.25)  
    12/31/2021 98,008 20.27 to 19.25 1,926,866   2.97   1.25   to 1.75   11.37   to 10.82  
 
59
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
BlackRock Advantage Large Cap Core Investor A Shares                            
    12/31/2025 82,684 $61.42 to $54.95 $       4,812,098   0.45 % 1.25 % to 1.90 % 18.56 % to 17.79 %
    12/31/2024 95,341 51.80 to 46.65 4,698,284   0.61   1.25   to 1.90   23.76   to 22.96  
    12/31/2023 115,706 41.86 to 37.94 4,624,401   0.85   1.25   to 1.90   23.73   to 22.93  
    12/31/2022 138,155 33.83 to 30.86 4,469,776   0.89   1.25   to 1.90   (21.35)   to (21.74)  
    12/31/2021 150,330 42.98 to 39.44 6,202,571   0.55   1.25   to 1.75   26.70   to 26.07  
BlackRock Advantage Large Cap Value Investor A Shares                            
    12/31/2025 68,462 42.66 to 38.16 2,759,579   1.12   1.25   to 1.90   16.62   to 15.86  
    12/31/2024 80,636 36.58 to 32.94 2,793,306   1.28   1.25   to 1.90   13.72   to 12.98  
    12/31/2023 94,536 32.17 to 29.16 2,885,957   1.51   1.25   to 1.90   12.01   to 11.29  
    12/31/2022 106,203 28.72 to 26.20 2,903,078   1.43   1.25   to 1.90   (10.06)   to (10.50)  
    12/31/2021 114,334 31.90 to 29.27 3,481,864   1.15   1.25   to 1.75   24.90   to 24.28  
BlackRock Advantage SMID Investor A Shares                                
    12/31/2025 69,412 40.49 to 36.22 3,863,109   0.42   1.25   to 1.90   9.62   to 8.91  
    12/31/2024 79,141 36.94 to 33.26 4,005,848   0.63   1.25   to 1.90   10.49   to 9.77  
    12/31/2023 90,915 33.43 to 30.30 4,161,504   0.85   1.25   to 1.90   17.12   to 16.37  
    12/31/2022 107,072 28.54 to 26.04 4,156,263   0.81   1.25   to 1.90   (17.87)   to (18.30)  
    12/31/2021 115,972 34.74 to 31.87 5,461,476   1.19   1.25   to 1.75   12.05   to 11.49  
BlackRock Capital Appreciation Investor A Shares                                
    12/31/2025 369,843 73.53 to 65.78 27,738,800   -   1.25   to 1.90   11.15   to 10.43  
    12/31/2024 440,938 66.16 to 59.57 29,739,308   -   1.25   to 1.90   29.89   to 29.05  
    12/31/2023 612,088 50.93 to 46.16 31,719,431   -   1.25   to 1.90   47.01   to 46.06  
    12/31/2022 840,987 34.64 to 31.60 29,658,675   -   1.25   to 1.90   (38.64)   to (38.97)  
    12/31/2021 750,805 56.44 to 51.78 43,342,704   -   1.25   to 1.75   19.20   to 18.60  
BlackRock Global Allocation Investor A Shares                                
    12/31/2025 1,637,857 32.66 to 29.22 57,251,336   2.46   1.25   to 1.90   17.89   to 17.13  
    12/31/2024 1,970,092 27.70 to 24.95 58,456,215   1.05   1.25   to 1.90   7.64   to 6.94  
    12/31/2023 2,300,059 25.74 to 23.33 63,554,778   1.14   1.25   to 1.90   10.95   to 10.24  
    12/31/2022 2,646,832 23.20 to 21.16 66,245,918   -   1.25   to 1.90   (17.13)   to (17.56)  
    12/31/2021 3,104,226 27.98 to 25.67 93,766,818   0.92   1.25   to 1.75   5.13   to 4.60  
BlackRock High Yield Investor A Shares                                  
    12/31/2025 583,379 19.36 to 17.93 10,840,744   6.43   1.25   to 1.90   7.61   to 6.92  
    12/31/2024 679,646 17.99 to 16.77 11,781,346   6.71   1.25   to 1.90   6.74   to 6.05  
    12/31/2023 778,870 16.86 to 15.82 12,700,319   6.56   1.25   to 1.90   11.94   to 11.22  
    12/31/2022 894,900 15.06 to 14.22 13,091,390   5.14   1.25   to 1.90   (12.04)   to (12.48)  
    12/31/2021 1,097,933 17.11 to 16.25 18,309,702   4.39   1.25   to 1.75   4.22   to 3.70  
BlackRock International Investor A Shares                                
    12/31/2025 81,599 18.41 to 17.04 1,435,540   1.65   1.25   to 1.90   13.85   to 13.12  
    12/31/2024 94,281 16.17 to 15.07 1,463,871   0.65   1.25   to 1.90   (1.03)   to (1.68)  
    12/31/2023 102,116 16.34 to 15.32 1,610,288   0.88   1.25   to 1.90   17.90   to 17.13  
    12/31/2022 122,032 13.86 to 13.08 1,642,196   0.87   1.25   to 1.90   (25.43)   to (25.80)  
    12/31/2021 119,643 18.57 to 17.63 2,164,783   0.46   1.25   to 1.75   7.76   to 7.22  
BlackRock iShares MSCI EAFE International Index Investor A Shares                          
    12/31/2025 4,399 27.25 to 24.38 112,553   3.48   1.25   to 1.90   29.76   to 28.92  
    12/31/2024 5,088 21.00 to 18.91 100,673   2.87   1.25   to 1.90   2.10   to 1.43  
    12/31/2023 5,369 20.57 to 18.64 104,465   2.94   1.25   to 1.90   16.56   to 15.80  
    12/31/2022 6,266 17.65 to 16.10 104,818   2.22   1.25   to 1.90   (15.49)   to (15.91)  
    12/31/2021 6,815 20.87 to 19.15 135,222   2.63   1.25   to 1.75   9.63   to 9.08  
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares                          
    12/31/2025 973 40.67 to 36.39 37,194   1.05   1.25   to 1.90   11.10   to 10.39  
    12/31/2024 1,061 36.61 to 32.96 36,611   1.63   1.25   to 1.90   9.76   to 9.05  
    12/31/2023 1,115 33.35 to 30.23 35,200   1.34   1.25   to 1.90   15.16   to 14.41  
    12/31/2022 1,189 28.96 to 26.42 32,699   0.86   1.25   to 1.90   (21.62)   to (22.01)  
    12/31/2021 1,306 36.92 to 33.88 45,932   0.77   1.25   to 1.75   12.96   to 12.40  
 
60
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
BlackRock iShares S&P 500 Index Investor A Shares                              
    12/31/2025 456,569 $45.15 to $42.15 $     20,099,923   0.89 % 1.25 % to 1.90 % 16.00 % to 15.24 %
    12/31/2024 565,340 38.92 to 36.57 21,492,100   1.01   1.25   to 1.90   22.99   to 22.19  
    12/31/2023 725,529 31.65 to 29.93 22,484,689   1.27   1.25   to 1.90   24.28   to 23.48  
    12/31/2022 815,908 25.47 to 24.24 20,403,041   1.24   1.25   to 1.90   (19.44)   to (19.87)  
    12/31/2021 857,110 31.60 to 30.25 26,644,665   1.04   1.25   to 1.75   26.64   to 26.01  
BlackRock Large Cap Focus Growth Investor A Shares                              
    12/31/2025 128,960 22.79 to 21.99 2,881,913   -   1.25   to 1.90   11.12   to 10.40  
    12/31/2024 163,501 20.51 to 19.92 3,300,887   -   1.25   to 1.90   28.90   to 28.06  
    12/31/2023 197,165 15.91 to 15.55 3,098,794   -   1.25   to 1.90   50.77   to 49.79  
    12/31/2022 249,101 10.55 to 10.38 2,606,897   -   1.25   to 1.90   (39.06)   to (39.37)  
    12/31/2021 250,534 17.30 to 17.12 4,312,711   -   1.25   to 1.75   15.23   to 14.65  
BlackRock Large Cap Focus Value Investor A Shares                              
    12/31/2025 403,743 43.36 to 38.79 18,734,559   1.86   1.25   to 1.90   23.46   to 22.66  
    12/31/2024 514,185 35.12 to 31.62 19,223,194   1.99   1.25   to 1.90   8.70   to 8.00  
    12/31/2023 618,055 32.31 to 29.28 21,225,364   2.08   1.25   to 1.90   14.49   to 13.75  
    12/31/2022 726,717 28.22 to 25.74 21,808,215   1.27   1.25   to 1.90   (6.09)   to (6.58)  
    12/31/2021 885,788 30.03 to 27.55 28,096,823   1.13   1.25   to 1.75   20.72   to 20.12  
BlackRock Low Duration Bond Investor A Shares                                
    12/31/2025 3,732 11.19 to 10.35 39,985   4.36   1.25   to 1.90   4.63   to 3.95  
    12/31/2024 4,438 10.69 to 9.96 45,755   4.27   1.25   to 1.90   3.73   to 3.05  
    12/31/2023 5,764 10.31 to 9.67 57,567   3.80   1.25   to 1.90   4.08   to 3.41  
    12/31/2022 6,118 9.91 to 9.35 58,915   2.01   1.25   to 1.90   (6.21)   to (6.68)  
    12/31/2021 6,485 10.55 to 10.02 66,735   0.98   1.25   to 1.75   (1.74)   to (2.23)  
BlackRock Total Return Investor A Shares                                
    12/31/2025 2,643,950 14.54 to 13.01 37,724,857   4.46   1.25   to 1.90   6.53   to 5.84  
    12/31/2024 3,033,999 13.65 to 12.29 40,737,879   4.41   1.25   to 1.90   0.09   to (0.57)  
    12/31/2023 3,290,200 13.64 to 12.36 44,275,620   3.89   1.25   to 1.90   4.33   to 3.66  
    12/31/2022 3,575,452 13.07 to 11.92 46,187,301   2.47   1.25   to 1.90   (15.56)   to (16.01)  
    12/31/2021 4,111,709 15.47 to 14.20 62,986,969   1.68   1.25   to 1.75   (2.19)   to (2.68)  
BNY Mellon Appreciation Investor Shares                                
    12/31/2025 122,240 50.80 to 45.44 5,868,144   0.27   1.25   to 1.90   8.80   to 8.09  
    12/31/2024 143,918 46.69 to 42.04 6,374,185   0.33   1.25   to 1.90   11.01   to 10.29  
    12/31/2023 176,590 42.06 to 38.12 7,062,923   0.65   1.25   to 1.90   19.90   to 19.13  
    12/31/2022 211,913 35.08 to 32.00 7,104,483   0.54   1.25   to 1.90   (19.02)   to (19.42)  
    12/31/2021 239,998 43.28 to 39.71 9,945,695   0.35   1.25   to 1.75   25.45   to 24.82  
Cohen & Steers Real Estate Securities Class A Shares                              
    12/31/2025 9,315 36.12 to 32.31 316,088   2.95   1.25   to 1.90   2.71   to 2.04  
    12/31/2024 10,816 35.17 to 31.67 359,436   2.74   1.25   to 1.90   5.15   to 4.47  
    12/31/2023 12,120 33.44 to 30.31 383,868   3.05   1.25   to 1.90   11.39   to 10.67  
    12/31/2022 14,809 30.03 to 27.39 424,654   2.61   1.25   to 1.90   (27.46)   to (27.82)  
    12/31/2021 14,813 41.36 to 37.95 586,282   1.70   1.25   to 1.75   39.92   to 39.23  
Columbia Large Cap Growth Opportunity Class A Shares                            
    12/31/2025 144,957 33.07 to 31.42 4,654,645   -   1.25   to 1.90   13.87   to 13.13  
    12/31/2024 170,722 29.04 to 27.77 4,834,017   -   1.25   to 1.90   22.90   to 22.10  
    12/31/2023 204,811 23.63 to 22.74 4,737,463   -   1.25   to 1.90   29.64   to 28.80  
    12/31/2022 236,550 18.23 to 17.66 4,237,719   -   1.25   to 1.90   (30.61)   to (30.96)  
    12/31/2021 236,188 26.25 to 25.58 6,114,990   -   1.25   to 1.75   17.59   to 17.01  
Columbia Select Mid Cap Growth Class A Shares                                
    12/31/2025 11,781 35.89 to 33.17 407,597   -   1.25   to 1.90   13.38   to 12.65  
    12/31/2024 14,015 31.66 to 29.45 428,433   -   1.25   to 1.90   21.87   to 21.08  
    12/31/2023 18,574 25.98 to 24.32 466,349   -   1.25   to 1.90   23.40   to 22.60  
    12/31/2022 17,905 21.05 to 19.84 365,439   -   1.25   to 1.90   (32.34)   to (32.68)  
    12/31/2021 16,577 31.09 to 29.46 501,343   -   1.25   to 1.75   14.77   to 14.20  
 
61
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Columbia Select Small Cap Value Class A Shares                                
    12/31/2025 121,796 $61.08 to $61.08 $       7,439,659   0.81 % 1.30 % to 1.30 % 4.15 % to 4.15 %
    12/31/2024 134,153 58.65 to 58.65 7,867,920   0.53   1.30   to 1.30   10.98   to 10.98  
    12/31/2023 154,668 52.85 to 52.85 8,173,585   0.72   1.30   to 1.30   10.95   to 10.95  
    12/31/2022 169,654 47.63 to 47.63 8,080,415   0.73   1.30   to 1.30   (16.46)   to (16.46)  
    12/31/2021 190,559 57.01 to 57.01 10,864,550   0.04   1.30   to 1.30   29.48   to 29.48  
Davis New York Venture Class A Shares                                  
    12/31/2025 293,196 49.18 to 44.00 16,574,722   1.12   1.25   to 1.90   25.30   to 24.49  
    12/31/2024 379,490 39.25 to 35.34 17,084,434   1.59   1.25   to 1.90   16.04   to 15.29  
    12/31/2023 454,853 33.83 to 30.66 17,553,289   0.91   1.25   to 1.90   28.39   to 27.56  
    12/31/2022 533,227 26.35 to 24.03 16,000,186   1.48   1.25   to 1.90   (18.53)   to (18.96)  
    12/31/2021 580,708 32.32 to 29.66 21,474,771   0.14   1.25   to 1.75   11.11   to 10.56  
Eaton Vance Floating-Rate Class A Shares                                
    12/31/2025 147,052 17.73 to 15.87 2,451,522   7.19   1.25   to 1.90   2.31   to 1.65  
    12/31/2024 167,034 17.33 to 15.61 2,730,811   8.03   1.25   to 1.90   6.61   to 5.91  
    12/31/2023 186,021 16.26 to 14.74 2,863,813   8.39   1.25   to 1.90   10.44   to 9.73  
    12/31/2022 217,282 14.72 to 13.43 3,043,980   4.54   1.25   to 1.90   (3.87)   to (4.35)  
    12/31/2021 254,168 15.30 to 14.04 3,710,404   3.05   1.25   to 1.75   2.72   to 2.21  
Eaton Vance Large-Cap Value Class A Shares                                
    12/31/2025 98,141 29.02 to 26.28 2,682,192   0.91   1.25   to 1.90   10.72   to 10.01  
    12/31/2024 115,192 26.21 to 23.89 2,857,160   0.98   1.25   to 1.90   10.10   to 9.38  
    12/31/2023 135,231 23.81 to 21.84 3,068,945   1.01   1.25   to 1.90   6.58   to 5.89  
    12/31/2022 143,741 22.34 to 20.62 3,074,058   1.04   1.25   to 1.90   (4.06)   to (4.54)  
    12/31/2021 169,307 23.27 to 21.60 3,788,416   1.01   1.25   to 1.75   22.75   to 22.14  
Federated Hermes Kaufmann Class A Shares                                
    12/31/2025 55,874 49.12 to 43.94 2,611,890   -   1.25   to 1.90   10.15   to 9.44  
    12/31/2024 68,348 44.59 to 40.15 2,909,764   -   1.25   to 1.90   14.80   to 14.05  
    12/31/2023 88,802 38.84 to 35.21 3,303,203   -   1.25   to 1.90   13.48   to 12.75  
    12/31/2022 98,209 34.23 to 31.22 3,229,075   -   1.25   to 1.90   (31.16)   to (31.50)  
    12/31/2021 99,905 49.68 to 45.58 4,780,655   -   1.25   to 1.75   1.13   to 0.63  
Federated Hermes Strategic Dividend Growth Class A Shares                            
    12/31/2025 47,401 23.81 to 22.23 1,086,667   1.06   1.25   to 1.90   13.05   to 12.32  
    12/31/2024 46,406 21.06 to 19.79 945,741   0.87   1.25   to 1.90   11.45   to 10.72  
    12/31/2023 55,105 18.90 to 17.87 1,010,627   1.14   1.25   to 1.90   7.70   to 7.00  
    12/31/2022 58,673 17.55 to 16.71 1,003,439   1.18   1.25   to 1.90   (9.19)   to (9.64)  
    12/31/2021 73,177 19.31 to 18.49 1,380,093   0.87   1.25   to 1.75   19.40   to 18.81  
Fidelity Advisor® Equity Growth Class A Shares                                
    12/31/2025 24,313 86.61 to 77.48 2,623,701   -   1.25   to 1.90   12.85   to 12.12  
    12/31/2024 25,875 76.74 to 69.10 2,475,458   -   1.25   to 1.90   28.10   to 27.26  
    12/31/2023 29,482 59.91 to 54.30 2,204,482   -   1.25   to 1.90   33.57   to 32.71  
    12/31/2022 35,769 44.85 to 40.92 2,004,557   -   1.25   to 1.90   (25.63)   to (26.02)  
    12/31/2021 39,581 60.28 to 55.31 2,980,642   -   1.25   to 1.75   21.20   to 20.59  
Fidelity Advisor® Overseas Class A Shares                                
    12/31/2025(1) 46,028 10.46 to 10.46 481,403   0.09   1.30   to 1.30   -   to -  
Fidelity Advisor® Stock Selector Mid Cap Class A Shares                            
    12/31/2025 10,169 66.02 to 66.02 671,360   0.59   1.30   to 1.30   8.75   to 8.75  
    12/31/2024 11,412 60.71 to 60.71 692,812   0.34   1.30   to 1.30   10.72   to 10.72  
    12/31/2023 12,499 54.83 to 54.83 685,329   0.61   1.30   to 1.30   15.35   to 15.35  
    12/31/2022 14,135 47.53 to 47.53 671,885   0.45   1.30   to 1.30   (15.21)   to (15.21)  
    12/31/2021 15,146 56.06 to 56.06 849,127   0.45   1.30   to 1.30   21.34   to 21.34  
 
62
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Franklin Templeton Growth Class A Shares                                
    12/31/2025 79,152 $24.42 to $21.85 $       2,367,807   0.60 % 1.25 % to 1.90 % 22.05 % to 21.26 %
    12/31/2024 95,046 20.01 to 18.02 2,280,941   0.92   1.25   to 1.90   4.10   to 3.42  
    12/31/2023 123,880 19.22 to 17.42 2,758,842   1.12   1.25   to 1.90   19.48   to 18.71  
    12/31/2022 155,444 16.09 to 14.67 2,837,302   0.86   1.25   to 1.90   (12.85)   to (13.30)  
    12/31/2021 163,947 18.45 to 16.93 3,468,745   1.54   1.25   to 1.75   3.82   to 3.30  
Invesco American Franchise Fund Class A Shares                                
    12/31/2025 14,448 43.67 to 43.67 630,926   -   1.30   to 1.30   10.12   to 10.12  
    12/31/2024 14,774 39.66 to 39.66 585,882   -   1.30   to 1.30   32.98   to 32.98  
    12/31/2023 17,165 29.82 to 29.82 511,889   -   1.30   to 1.30   39.10   to 39.10  
    12/31/2022 19,323 21.44 to 21.44 414,252   -   1.30   to 1.30   (32.03)   to (32.03)  
    12/31/2021 18,345 31.54 to 31.54 578,621   -   1.30   to 1.30   10.40   to 10.40  
Invesco Charter Class A Shares                                  
    12/31/2025 7,577 41.13 to 41.13 311,651   0.21   1.30   to 1.30   14.45   to 14.45  
    12/31/2024 9,491 35.94 to 35.94 341,097   0.53   1.30   to 1.30   23.66   to 23.66  
    12/31/2023 10,056 29.06 to 29.06 292,246   0.49   1.30   to 1.30   21.45   to 21.45  
    12/31/2022 8,575 23.93 to 23.93 205,186   0.71   1.30   to 1.30   (21.74)   to (21.74)  
    12/31/2021 8,903 30.58 to 30.58 272,225   0.35   1.30   to 1.30   25.75   to 25.75  
Invesco Comstock Class A Shares                                  
    12/31/2025 424,527 47.58 to 42.56 22,037,333   1.62   1.25   to 1.90   15.70   to 14.95  
    12/31/2024 529,635 41.12 to 37.03 23,747,938   1.67   1.25   to 1.90   13.59   to 12.85  
    12/31/2023 659,692 36.20 to 32.81 26,149,898   1.72   1.25   to 1.90   10.85   to 10.13  
    12/31/2022 741,824 32.66 to 29.79 26,582,797   1.68   1.25   to 1.90   (0.49)   to (1.01)  
    12/31/2021 974,096 32.80 to 30.10 34,752,813   1.42   1.25   to 1.75   31.66   to 31.01  
Invesco Discovery Large Cap Class A Shares                                
    12/31/2025 14,194 57.58 to 51.52 780,028   -   1.25   to 1.90   11.22   to 10.50  
    12/31/2024 16,643 51.77 to 46.62 824,979   -   1.25   to 1.90   32.33   to 31.47  
    12/31/2023 22,710 39.12 to 35.46 851,928   -   1.25   to 1.90   33.83   to 32.97  
    12/31/2022 25,871 29.23 to 26.67 727,611   -   1.25   to 1.90   (32.01)   to (32.34)  
    12/31/2021 27,757 42.96 to 39.42 1,150,952   -   1.25   to 1.75   20.83   to 20.22  
Invesco Discovery Mid Cap Growth Class A Shares                                
    12/31/2025 60,720 17.41 to 17.41 1,056,937   -   1.30   to 1.30   3.43   to 3.43  
    12/31/2024 83,289 16.83 to 16.83 1,401,737   -   1.30   to 1.30   22.51   to 22.51  
    12/31/2023 91,137 13.74 to 13.74 1,252,004   -   1.30   to 1.30   11.51   to 11.51  
    12/31/2022 100,164 12.32 to 12.32 1,234,003   -   1.30   to 1.30   (31.98)   to (31.98)  
    12/31/2020(1) 106,532 18.11 to 18.11 1,929,642   -   1.30   to 1.30   17.33   to 17.33  
Invesco Equity and Income Class A Shares                                
    12/31/2025 29,915 47.65 to 47.65 1,425,316   1.77   1.30   to 1.30   11.35   to 11.35  
    12/31/2024 38,425 42.79 to 42.79 1,644,125   1.95   1.30   to 1.30   10.35   to 10.35  
    12/31/2023 48,142 38.77 to 38.77 1,866,618   1.99   1.30   to 1.30   8.57   to 8.57  
    12/31/2022 54,802 35.71 to 35.71 1,957,053   1.75   1.30   to 1.30   (8.91)   to (8.91)  
    12/31/2021 59,548 39.20 to 39.20 2,334,443   1.30   1.30   to 1.30   16.50   to 16.50  
Invesco Global Class A Shares                                  
    12/31/2025 36,999 71.69 to 71.69 2,652,314   -   1.30   to 1.30   13.76   to 13.76  
    12/31/2024 42,561 63.02 to 63.02 2,682,080   -   1.30   to 1.30   14.77   to 14.77  
    12/31/2023 47,861 54.91 to 54.91 2,627,939   -   1.30   to 1.30   32.31   to 32.31  
    12/31/2022 53,306 41.50 to 41.50 2,212,232   -   1.30   to 1.30   (33.02)   to (33.02)  
    12/31/2021 53,239 61.96 to 61.96 3,298,718   -   1.30   to 1.30   13.87   to 13.87  
Invesco Main Street Class A Shares                                  
    12/31/2025 33,481 54.60 to 48.85 1,955,190   0.34   1.25   to 1.90   14.49   to 13.75  
    12/31/2024 36,135 47.69 to 42.94 1,855,958   0.71   1.25   to 1.90   22.10   to 21.30  
    12/31/2023 38,878 39.06 to 35.40 1,647,210   0.15   1.25   to 1.90   21.55   to 20.76  
    12/31/2022 56,886 32.13 to 29.31 1,935,595   0.90   1.25   to 1.90   (21.20)   to (21.62)  
    12/31/2021 60,667 40.76 to 37.40 2,623,342   0.59   1.25   to 1.75   26.02   to 25.39  
 
63
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Invesco Main Street Mid Cap Class A Shares                                
    12/31/2025 46,564 $45.40 to $40.61 $       1,981,904   0.18 % 1.25 % to 1.90 % 7.56 % to 6.87 %
    12/31/2024 53,672 42.20 to 38.00 2,134,394   0.24   1.25   to 1.90   15.61   to 14.86  
    12/31/2023 63,190 36.51 to 33.09 2,181,634   -   1.25   to 1.90   13.06   to 12.33  
    12/31/2022 69,962 32.29 to 29.45 2,143,133   0.11   1.25   to 1.90   (15.48)   to (15.90)  
    12/31/2021 90,202 38.17 to 35.02 3,275,848   0.20   1.25   to 1.75   21.50   to 20.89  
Invesco Multi-Strategy Class A Shares                                  
    12/31/2025 22,713 16.50 to 16.50 374,868   -   1.30   to 1.30   (0.92)   to (0.92)  
    12/31/2024 23,387 16.66 to 16.66 389,546   1.30   1.30   to 1.30   4.34   to 4.34  
    12/31/2023 23,856 15.96 to 15.96 380,821   0.82   1.30   to 1.30   2.22   to 2.22  
    12/31/2022 26,240 15.62 to 15.62 409,805   -   1.30   to 1.30   (8.47)   to (8.47)  
    12/31/2021 28,973 17.06 to 17.06 494,370   2.71   1.30   to 1.30   1.16   to 1.16  
Invesco Value Opportunities Class A Shares                                
    12/31/2025 109,282 4.31 to 3.98 448,443   0.21   1.25   to 1.90   18.66   to 17.89  
    12/31/2024 116,779 3.63 to 3.38 405,469   0.41   1.25   to 1.90   28.47   to 27.64  
    12/31/2023 138,320 2.82 to 2.65 376,156   0.22   1.25   to 1.90   13.72   to 12.98  
    12/31/2022 147,533 2.48 to 2.34 354,532   0.67   1.25   to 1.90   0.02   to (0.48)  
    12/31/2021 131,334 2.48 to 2.35 316,717   0.57   1.25   to 1.75   33.91   to 33.24  
Janus Henderson Enterprise Class A Shares                                
    12/31/2025 264,111 71.98 to 65.94 18,158,886   0.18   1.25   to 1.90   5.94   to 5.26  
    12/31/2024 305,681 67.94 to 62.65 19,916,719   0.77   1.25   to 1.90   13.42   to 12.68  
    12/31/2023 378,689 59.90 to 55.60 21,840,743   -   1.25   to 1.90   16.12   to 15.37  
    12/31/2022 446,160 51.59 to 48.19 22,241,684   -   1.25   to 1.90   (17.43)   to (17.84)  
    12/31/2021 512,548 62.42 to 58.65 31,019,403   0.69   1.25   to 1.75   15.52   to 14.94  
Janus Henderson Forty Class A Shares                                  
    12/31/2025 64,300 72.58 to 65.72 4,425,333   -   1.25   to 1.90   16.59   to 15.84  
    12/31/2024 79,224 62.25 to 56.73 4,697,328   0.31   1.25   to 1.90   26.38   to 25.55  
    12/31/2023 98,566 49.26 to 45.19 4,647,156   0.01   1.25   to 1.90   37.81   to 36.92  
    12/31/2022 121,669 35.74 to 33.00 4,178,925   -   1.25   to 1.90   (34.58)   to (34.90)  
    12/31/2021 121,433 54.59 to 50.70 6,397,342   0.40   1.25   to 1.75   21.14   to 20.54  
JPMorgan Small Cap Growth Class A Shares                                
    12/31/2025 30,145 39.28 to 35.57 1,132,722   -   1.25   to 1.90   4.81   to 4.13  
    12/31/2024 33,670 37.48 to 34.16 1,209,750   0.56   1.25   to 1.90   11.04   to 10.32  
    12/31/2023 40,278 33.75 to 30.96 1,307,895   -   1.25   to 1.90   12.45   to 11.72  
    12/31/2022 49,681 30.02 to 27.71 1,435,440   -   1.25   to 1.90   (33.32)   to (33.65)  
    12/31/2021 49,048 44.98 to 41.77 2,129,822   -   1.25   to 1.75   (7.23)   to (7.69)  
Lord Abbett Affiliated Class A Shares                                  
    12/31/2025 36,277 37.19 to 33.27 1,285,301   1.11   1.25   to 1.90   14.32   to 13.58  
    12/31/2024 42,660 32.54 to 29.30 1,327,659   1.73   1.25   to 1.90   15.84   to 15.08  
    12/31/2023 50,177 28.09 to 25.46 1,350,694   1.81   1.25   to 1.90   9.12   to 8.41  
    12/31/2022 53,690 25.74 to 23.48 1,330,706   1.77   1.25   to 1.90   (11.04)   to (11.48)  
    12/31/2021 59,993 28.91 to 26.53 1,674,915   1.47   1.25   to 1.75   25.17   to 24.55  
Lord Abbett Bond-Debenture Class A Shares                                
    12/31/2025 284,574 23.98 to 21.45 7,347,384   6.01   1.25   to 1.90   7.05   to 6.35  
    12/31/2024 327,781 22.40 to 20.17 7,918,676   5.86   1.25   to 1.90   5.44   to 4.75  
    12/31/2023 371,258 21.25 to 19.26 8,547,443   5.22   1.25   to 1.90   5.53   to 4.85  
    12/31/2022 394,108 20.13 to 18.37 8,784,985   4.35   1.25   to 1.90   (13.81)   to (14.26)  
    12/31/2021 464,968 23.35 to 21.42 11,996,751   3.33   1.25   to 1.75   1.97   to 1.46  
Lord Abbett Mid Cap Stock Class A Shares                                
    12/31/2025 187,811 34.67 to 31.01 8,117,450   0.43   1.25   to 1.90   5.94   to 5.25  
    12/31/2024 226,711 32.72 to 29.47 9,239,067   0.53   1.25   to 1.90   13.61   to 12.87  
    12/31/2023 265,044 28.80 to 26.11 9,405,150   0.54   1.25   to 1.90   14.07   to 13.33  
    12/31/2022 306,153 25.25 to 23.03 9,442,562   0.95   1.25   to 1.90   (12.21)   to (12.67)  
    12/31/2021 330,573 28.75 to 26.38 11,656,273   0.73   1.25   to 1.75   27.28   to 26.65  
 
64
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
MFS® Growth Class A Shares                                  
    12/31/2025 142,421 $67.29 to $67.29 $       9,583,531   - % 1.30 % to 1.30 % 10.58 % to 10.58 %
    12/31/2024 175,545 60.85 to 60.85 10,681,952   -   1.30   to 1.30   29.63   to 29.63  
    12/31/2023 231,059 46.94 to 46.94 10,845,931   -   1.30   to 1.30   34.04   to 34.04  
    12/31/2022 293,959 35.02 to 35.02 10,294,364   -   1.30   to 1.30   (32.21)   to (32.21)  
    12/31/2021 283,077 51.66 to 51.66 14,623,140   -   1.30   to 1.30   21.74   to 21.74  
MFS® Mid Cap Growth Class A Shares                                  
    12/31/2025 127,124 62.35 to 62.35 7,926,231   -   1.30   to 1.30   2.05   to 2.05  
    12/31/2024 136,352 61.09 to 61.09 8,330,397   -   1.30   to 1.30   12.92   to 12.92  
    12/31/2023 160,419 54.10 to 54.10 8,679,035   -   1.30   to 1.30   19.44   to 19.44  
    12/31/2022 187,406 45.30 to 45.30 8,488,981   -   1.30   to 1.30   (29.45)   to (29.45)  
    12/31/2021 184,310 64.20 to 64.20 11,833,470   -   1.30   to 1.30   12.27   to 12.27  
MFS® Research International Class A Shares                                
    12/31/2025 111,304 39.56 to 39.56 4,402,714   1.60   1.30   to 1.30   20.76   to 20.76  
    12/31/2024 145,867 32.76 to 32.76 4,777,947   1.63   1.30   to 1.30   1.51   to 1.51  
    12/31/2023 159,672 32.27 to 32.27 5,152,248   1.49   1.30   to 1.30   11.65   to 11.65  
    12/31/2022 173,257 28.90 to 28.90 5,007,427   1.31   1.30   to 1.30   (18.58)   to (18.58)  
    12/31/2021 191,854 35.50 to 35.50 6,809,974   1.02   1.30   to 1.30   10.15   to 10.15  
Nomura Mid Cap Growth Class A Shares                                  
    12/31/2025 132,935 9.87 to 9.77 1,309,873   -   1.25   to 1.90   (0.42)   to (1.07)  
    12/31/2024(1) 153,595 9.91 to 9.88 1,521,542   -   1.25   to 1.90   -   to -  
PIMCO CommodityRealReturn Strategy Class A Shares                            
    12/31/2025 528,053 9.39 to 8.40 4,688,335   7.62   1.25   to 1.90   17.32   to 16.56  
    12/31/2024 667,300 8.01 to 7.21 5,068,621   2.80   1.25   to 1.90   2.92   to 2.25  
    12/31/2023 677,054 7.78 to 7.05 5,014,119   4.59   1.25   to 1.90   (9.02)   to (9.61)  
    12/31/2022 718,870 8.55 to 7.80 5,869,360   34.05   1.25   to 1.90   7.01   to 6.48  
    12/31/2021 1,022,118 7.98 to 7.33 7,817,094   21.83   1.25   to 1.75   31.15   to 30.50  
PIMCO Low Duration Class A Shares                                  
    12/31/2025 2,151,832 12.63 to 11.44 25,805,611   3.95   1.25   to 1.90   3.95   to 3.27  
    12/31/2024 2,415,014 12.15 to 11.07 27,974,198   3.88   1.25   to 1.90   3.21   to 2.54  
    12/31/2023 2,585,774 11.77 to 10.80 29,139,752   3.80   1.25   to 1.90   3.71   to 3.04  
    12/31/2022 2,963,159 11.35 to 10.48 32,321,610   1.68   1.25   to 1.90   (6.69)   to (7.16)  
    12/31/2021 3,696,998 12.16 to 11.29 43,322,116   0.54   1.25   to 1.75   (2.20)   to (2.69)  
PIMCO Real Return Class A Shares                                  
    12/31/2025 1,136,916 15.51 to 13.88 16,640,341   3.53   1.25   to 1.90   6.40   to 5.71  
    12/31/2024 1,312,209 14.58 to 13.13 18,121,313   2.78   1.25   to 1.90   0.90   to 0.24  
    12/31/2023 1,406,100 14.45 to 13.10 19,325,213   2.86   1.25   to 1.90   2.05   to 1.39  
    12/31/2022 1,572,441 14.16 to 12.92 21,259,835   7.50   1.25   to 1.90   (13.38)   to (13.81)  
    12/31/2021 1,865,697 16.33 to 14.99 29,197,941   4.74   1.25   to 1.75   3.95   to 3.43  
PIMCO Total Return Class A Shares                                  
    12/31/2025 2,765,766 16.62 to 14.87 45,125,897   4.23   1.25   to 1.90   7.61   to 6.91  
    12/31/2024 3,235,773 15.44 to 13.91 49,244,487   4.22   1.25   to 1.90   0.98   to 0.32  
    12/31/2023 3,539,220 15.29 to 13.86 53,516,295   3.55   1.25   to 1.90   4.63   to 3.95  
    12/31/2022 3,852,999 14.62 to 13.33 55,794,500   3.59   1.25   to 1.90   (15.49)   to (15.93)  
    12/31/2021 4,460,931 17.29 to 15.86 76,529,481   1.96   1.25   to 1.75   (2.41)   to (2.89)  
Putnam International Equity Class A Shares                                
    12/31/2025 230,479 37.26 to 37.26 8,587,095   2.15   1.30   to 1.30   35.45   to 35.45  
    12/31/2024 320,106 27.51 to 27.51 8,805,248   0.98   1.30   to 1.30   2.16   to 2.16  
    12/31/2023 344,591 26.93 to 26.93 9,278,635   1.88   1.30   to 1.30   17.09   to 17.09  
    12/31/2022 387,757 23.00 to 23.00 8,916,817   -   1.30   to 1.30   (15.94)   to (15.94)  
    12/31/2021 439,879 27.36 to 27.36 12,034,000   1.32   1.30   to 1.30   7.36   to 7.36  
 
65
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Putnam Large Cap Growth Class A Shares                                
    12/31/2025 44,504 $42.48 to $42.48 $       1,890,441   - % 1.30 % to 1.30 % 12.77 % to 12.77 %
    12/31/2024 47,751 37.67 to 37.67 1,798,630   -   1.30   to 1.30   31.50   to 31.50  
    12/31/2023 63,716 28.64 to 28.64 1,825,043   -   1.30   to 1.30   42.37   to 42.37  
    12/31/2022 75,742 20.12 to 20.12 1,523,823   -   1.30   to 1.30   (31.24)   to (31.24)  
    12/31/2021 76,682 29.26 to 29.26 2,243,749   -   1.30   to 1.30   20.94   to 20.94  
Putnam Large Cap Value Class A Shares                                  
    12/31/2025 36,102 25.77 to 25.77 930,431   1.17   1.30   to 1.30   18.50   to 18.50  
    12/31/2024 40,203 21.75 to 21.75 874,346   1.11   1.30   to 1.30   17.46   to 17.46  
    12/31/2023 44,592 18.52 to 18.52 825,643   1.51   1.30   to 1.30   13.91   to 13.91  
    12/31/2022 48,838 16.25 to 16.25 793,831   1.80   1.30   to 1.30   (4.34)   to (4.34)  
    12/31/2021 40,213 16.99 to 16.99 683,288   1.19   1.30   to 1.30   25.20   to 25.20  
TA Aegon Sustainable Equity Income Service Class                              
    12/31/2025 148,138 14.53 to 13.86 2,141,638   1.42   1.25   to 1.90   9.61   to 8.90  
    12/31/2024 178,580 13.26 to 12.73 2,357,067   1.79   1.25   to 1.90   15.14   to 14.39  
    12/31/2023 223,808 11.52 to 11.13 2,567,186   1.91   1.25   to 1.90   4.69   to 4.01  
    12/31/2022 243,900 11.00 to 10.70 2,674,194   1.84   1.25   to 1.90   (12.98)   to (13.44)  
    12/31/2021 290,104 12.63 to 12.36 3,654,803   1.86   1.25   to 1.75   20.60   to 20.00  
TA Asset Allocation - Conservative Class A Shares                                
    12/31/2025 24,365 13.83 to 13.16 331,314   2.61   1.25   to 1.90   10.79   to 10.07  
    12/31/2024 25,797 12.48 to 11.96 317,472   2.42   1.25   to 1.90   5.96   to 5.27  
    12/31/2023 48,437 11.78 to 11.36 559,916   2.34   1.25   to 1.90   8.87   to 8.16  
    12/31/2022 76,427 10.82 to 10.50 817,555   1.68   1.25   to 1.90   (16.29)   to (16.73)  
    12/31/2021 89,073 12.92 to 12.61 1,141,030   2.11   1.25   to 1.75   4.11   to 3.59  
TA Asset Allocation - Moderate Class A Shares                                
    12/31/2025 94,660 15.47 to 14.73 1,446,745   2.24   1.25   to 1.90   13.44   to 12.71  
    12/31/2024 98,698 13.64 to 13.07 1,331,283   2.01   1.25   to 1.90   8.46   to 7.75  
    12/31/2023 105,950 12.57 to 12.13 1,316,550   2.18   1.25   to 1.90   11.27   to 10.55  
    12/31/2022 131,518 11.30 to 10.97 1,470,956   1.52   1.25   to 1.90   (17.13)   to (17.56)  
    12/31/2021 88,483 13.63 to 13.31 1,198,284   2.52   1.25   to 1.75   6.57   to 6.04  
TA Asset Allocation - Moderate Growth Class A Shares                            
    12/31/2025 96,021 17.82 to 16.97 1,680,433   1.59   1.25   to 1.90   16.52   to 15.77  
    12/31/2024 105,070 15.30 to 14.66 1,581,232   1.75   1.25   to 1.90   11.74   to 11.01  
    12/31/2023 128,051 13.69 to 13.20 1,731,302   1.84   1.25   to 1.90   14.27   to 13.53  
    12/31/2022 135,459 11.98 to 11.63 1,606,662   0.88   1.25   to 1.90   (18.46)   to (18.89)  
    12/31/2021 171,347 14.68 to 14.34 2,495,528   2.57   1.25   to 1.75   9.98   to 9.43  
TA BlackRock Government Money Market Initial Class                            
    12/31/2025 1,398,016 10.82 to 10.44 15,004,176   3.90   1.25   to 1.90   2.77   to 2.11  
    12/31/2024 518,482 10.52 to 10.22 5,404,769   4.93   1.25   to 1.90   3.73   to 3.05  
    12/31/2023 569,758 10.15 to 9.92 5,735,835   4.79   1.25   to 1.90   3.56   to 2.89  
    12/31/2022 466,406 9.80 to 9.64 4,551,231   1.48   1.25   to 1.90   0.10   to (0.43)  
    12/31/2021 411,733 9.78 to 9.68 4,017,112   -   1.25   to 1.75   (1.24)   to (1.73)  
TA Bond Class A Shares                                    
    12/31/2025 544,992 1.48 to 1.36 776,833   4.13   1.25   to 1.90   5.49   to 4.80  
    12/31/2024 623,953 1.40 to 1.30 846,116   4.11   1.25   to 1.90   0.49   to (0.17)  
    12/31/2023 650,360 1.40 to 1.30 880,191   3.69   1.25   to 1.90   4.65   to 3.97  
    12/31/2022 616,956 1.34 to 1.25 801,112   2.79   1.25   to 1.90   (14.58)   to (15.01)  
    12/31/2021 721,671 1.56 to 1.47 1,101,155   2.17   1.25   to 1.75   (1.36)   to (1.86)  
TA International Focus Initial Class                                  
    12/31/2025 4,385,857 12.77 to 12.18 54,739,174   1.63   1.25   to 1.90   5.15   to 4.47  
    12/31/2024 5,042,953 12.14 to 11.66 60,067,418   2.27   1.25   to 1.90   (2.29)   to (2.92)  
    12/31/2023 5,434,870 12.43 to 12.01 66,480,045   1.98   1.25   to 1.90   11.14   to 10.42  
    12/31/2022 6,194,561 11.18 to 10.88 68,406,004   3.02   1.25   to 1.90   (21.08)   to (21.49)  
    12/31/2021 6,800,730 14.16 to 13.85 95,378,126   1.21   1.25   to 1.75   9.44   to 8.90  
 
66
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
TA Multi-Managed Balanced Class A Shares                                
    12/31/2025 72,170 $19.71 to $18.76 $       1,411,472   1.52 % 1.25 % to 1.90 % 11.26 % to 10.54 %
    12/31/2024 82,688 17.71 to 16.97 1,454,063   1.59   1.25   to 1.90   13.07   to 12.34  
    12/31/2023 96,409 15.66 to 15.11 1,497,664   1.55   1.25   to 1.90   16.96   to 16.20  
    12/31/2022 92,381 13.39 to 13.00 1,228,872   1.00   1.25   to 1.90   (17.58)   to (18.01)  
    12/31/2021 94,670 16.24 to 15.86 1,528,612   0.59   1.25   to 1.75   15.12   to 14.55  
TA Small/Mid Cap Value Class A Shares                                  
    12/31/2025 558,916 35.58 to 32.37 18,928,625   0.99   1.25   to 1.90   8.14   to 7.44  
    12/31/2024 665,415 32.90 to 30.13 20,923,496   0.74   1.25   to 1.90   7.21   to 6.51  
    12/31/2023 783,326 30.69 to 28.29 23,067,157   0.85   1.25   to 1.90   10.57   to 9.86  
    12/31/2022 871,791 27.75 to 25.75 23,312,861   0.51   1.25   to 1.90   (9.71)   to (10.16)  
    12/31/2021 1,087,248 30.71 to 28.66 32,281,834   0.05   1.25   to 1.75   25.61   to 24.98  
TA Sustainable Equity Income Class A Shares                                
    12/31/2025 1,865,775 18.76 to 17.58 34,056,568   1.22   1.25   to 1.90   9.57   to 8.86  
    12/31/2024 2,212,261 17.12 to 16.15 36,960,876   1.30   1.25   to 1.90   14.80   to 14.05  
    12/31/2023 2,806,642 14.91 to 14.16 40,961,183   1.66   1.25   to 1.90   4.54   to 3.86  
    12/31/2022 2,940,434 14.26 to 13.63 41,175,403   1.78   1.25   to 1.90   (12.79)   to (13.24)  
    12/31/2021 3,512,199 16.35 to 15.71 56,508,169   1.10   1.25   to 1.75   20.47   to 19.87  
TA T. Rowe Price Small Cap Service Class                                
    12/31/2025 168,474 19.53 to 18.63 3,211,789   -   1.25   to 1.90   8.57   to 7.87  
    12/31/2024 187,807 17.99 to 17.27 3,308,731   -   1.25   to 1.90   11.20   to 10.48  
    12/31/2023 245,856 16.18 to 15.63 3,909,435   -   1.25   to 1.90   19.38   to 18.61  
    12/31/2022 275,948 13.55 to 13.18 3,688,820   -   1.25   to 1.90   (23.62)   to (24.00)  
    12/31/2021 304,452 17.73 to 17.34 5,339,069   -   1.25   to 1.75   9.70   to 9.15  
TA TSW International Equity Service Class                                
    12/31/2025 152,054 15.71 to 14.99 2,319,969   2.00   1.25   to 1.90   29.79   to 28.95  
    12/31/2024 197,761 12.11 to 11.62 2,334,366   2.67   1.25   to 1.90   1.83   to 1.16  
    12/31/2023 225,711 11.89 to 11.49 2,629,061   0.79   1.25   to 1.90   13.83   to 13.10  
    12/31/2022 281,562 10.44 to 10.16 2,896,637   3.07   1.25   to 1.90   (15.76)   to (16.18)  
    12/31/2021 325,419 12.39 to 12.12 3,985,217   1.64   1.25   to 1.75   11.80   to 11.24  
TA TSW Mid Cap Value Opportunities Service Class                              
    12/31/2025 89,247 16.57 to 15.81 1,472,070   1.03   1.25   to 1.90   8.00   to 7.30  
    12/31/2024 112,659 15.34 to 14.73 1,721,565   1.21   1.25   to 1.90   6.74   to 6.04  
    12/31/2023 120,149 14.37 to 13.89 1,720,797   1.24   1.25   to 1.90   9.20   to 8.49  
    12/31/2022 134,973 13.16 to 12.80 1,771,368   0.56   1.25   to 1.90   (9.61)   to (10.08)  
    12/31/2021 140,383 14.55 to 14.24 2,037,857   0.60   1.25   to 1.75   27.25   to 26.61  
TA US Growth Class A Shares                                  
    12/31/2025 366,197 57.70 to 53.55 20,318,204   -   1.25   to 1.90   15.74   to 14.99  
    12/31/2024 458,554 49.85 to 46.57 22,067,574   -   1.25   to 1.90   26.98   to 26.15  
    12/31/2023 653,778 39.26 to 36.91 24,874,322   -   1.25   to 1.90   39.64   to 38.74  
    12/31/2022 882,404 28.11 to 26.60 24,136,995   -   1.25   to 1.90   (32.55)   to (32.88)  
    12/31/2021 847,968 41.65 to 39.64 34,477,085   -   1.25   to 1.75   18.71   to 18.12  
TA WMC US Growth Service Class                                  
    12/31/2025 9,623 33.23 to 31.70 311,884   -   1.25   to 1.90   16.01   to 15.26  
    12/31/2024 11,073 28.65 to 27.51 309,287   -   1.25   to 1.90   27.09   to 26.26  
    12/31/2023 14,719 22.54 to 21.79 325,216   -   1.25   to 1.90   39.97   to 39.06  
    12/31/2022 300 16.10 to 15.67 4,771   -   1.25   to 1.90   (32.42)   to (32.76)  
    12/31/2021 625 23.81 to 23.30 14,660   -   1.25   to 1.75   18.88   to 18.28  
Victory Pioneer Class A Shares                                  
    12/31/2025 14,045 67.35 to 60.26 895,600   0.23   1.25   to 1.90   21.67   to 20.88  
    12/31/2024 19,822 55.36 to 49.85 1,039,740   0.52   1.25   to 1.90   21.05   to 20.27  
    12/31/2023 27,227 45.73 to 41.45 1,174,534   0.87   1.25   to 1.90   27.12   to 26.30  
    12/31/2022 29,740 35.97 to 32.82 1,022,519   0.54   1.25   to 1.90   (20.53)   to (20.93)  
    12/31/2021 24,046 45.24 to 41.50 1,040,778   0.11   1.25   to 1.75   26.22   to 25.59  
 
67
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
5. Financial Highlights (continued)
 
      At December 31   For the Year Ended December 31  
          Unit Fair Value           Expense Total Return***  
          Corresponding to       Investment Ratio**     Corresponding to    
          Lowest to Highest   Net   Income Lowest to     Lowest to Highest    
Subaccount Units   Expense Ratio   Assets   Ratio* Highest     Expense Ratio    
                                         
Victory Pioneer High Yield Class A Shares                                
    12/31/2025 83,218 $23.58 to $21.10 $       1,842,405   5.73 % 1.25 % to 1.90 % 6.23 % to 5.54 %
    12/31/2024 93,273 22.20 to 19.99 1,950,060   5.83   1.25   to 1.90   6.99   to 6.30  
    12/31/2023 97,155 20.75 to 18.80 1,906,733   5.40   1.25   to 1.90   9.07   to 8.37  
    12/31/2022 95,275 19.02 to 17.35 1,725,211   5.07   1.25   to 1.90   (12.04)   to (12.47)  
    12/31/2021 110,682 21.61 to 19.83 2,286,681   4.25   1.25   to 1.75   4.44   to 3.92  
Victory Pioneer Select Mid Cap Growth Class A Shares                            
    12/31/2025 3,785 56.13 to 51.44 204,515   -   1.25   to 1.90   18.92   to 18.15  
    12/31/2024 4,643 47.20 to 43.54 211,183   -   1.25   to 1.90   22.29   to 21.50  
    12/31/2023 5,691 38.59 to 35.83 212,458   -   1.25   to 1.90   17.19   to 16.43  
    12/31/2022 6,639 32.93 to 30.78 211,789   -   1.25   to 1.90   (32.18)   to (32.52)  
    12/31/2021 8,630 48.52 to 45.61 406,330   -   1.25   to 1.75   6.62   to 6.09  
Virtus AllianzGI Dividend Value Class A Shares                                
    12/31/2025 103,964 22.23 to 20.13 2,183,444   2.12   1.25   to 1.90   6.87   to 6.18  
    12/31/2024 125,780 20.80 to 18.96 2,479,518   1.33   1.25   to 1.90   3.63   to 2.95  
    12/31/2023 141,020 20.07 to 18.41 2,694,623   3.57   1.25   to 1.90   17.67   to 16.91  
    12/31/2022 159,900 17.06 to 15.75 2,606,367   1.59   1.25   to 1.90   (14.84)   to (15.26)  
    12/31/2021 193,849 20.02 to 18.59 3,721,834   1.35   1.25   to 1.75   26.94   to 26.30  
Virtus AllianzGI Small-Cap Value Class A Shares                                
    12/31/2025 56,612 33.06 to 29.57 2,403,324   0.78   1.25   to 1.90   (0.19)   to (0.83)  
    12/31/2024 65,506 33.12 to 29.82 2,789,044   1.19   1.25   to 1.90   4.33   to 3.65  
    12/31/2023 75,835 31.75 to 28.77 3,120,429   2.13   1.25   to 1.90   21.47   to 20.69  
    12/31/2022 100,965 26.13 to 23.84 3,305,168   0.98   1.25   to 1.90   (17.30)   to (17.74)  
    12/31/2021 106,952 31.59 to 28.98 4,234,708   0.99   1.25   to 1.75   22.69   to 22.08  
                                         
(1) See Footnote 1
 
* These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Mutual Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.
 
** These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the Mutual Fund have been excluded.
 
*** These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.
 
68
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
6. Administrative and Mortality and Expense Risk Charges
 
TLIC deducts an annual charge during the accumulation phase, not to exceed $40, proportionately from the subaccounts’ unit values.   An annual charge ranging from 1.25% to 1.90% is deducted (based on the death benefit selected) from the unit values of the subaccounts of the Separate Account for TLIC's assumption of certain mortality and expense risks incurred in connection with the contract.  The charge is assessed daily based on the net asset value of the Mutual Fund.  Charges for administrative and mortality and expense risk are an expense of the subaccount.  Charges reflected above are those currently assessed and may be subject to change.  Contract owners should see their actual policy and any related attachments to determine their specific charges.
 
7. Income Tax
 
Operations of the Separate Account form a part of TLIC, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The operations of the Separate Account are accounted for separately from other operations of TLIC for purposes of federal income taxation. The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from TLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TLIC, as long as earnings are credited under the variable annuity contracts.
 
69
 
 
Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
8. Subsequent Events
 
The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued.  During this period, there were no subsequent events requiring recognition in the financial statements.
 
9. Related Parties
 
Transamerica Capital, Inc. (TCI), a wholesaling broker-dealer, is an affiliated entity of TLIC and an indirect wholly owned subsidiary of Aegon Ltd. TCI distributes TLIC's products through broker-dealers and other financial intermediaries.
 
The subaccounts invest in the mutual funds listed in Footnote 1. These investments include funds managed by Transamerica Asset Management, Inc. (TAM). Transamerica Fund Services, Inc. (TFS) serves as a transfer agent to TAM, and Aegon USA Asset Management Holding, LLC (AAM) serves as a sub-advisor for certain funds managed by TAM. TAM, TFS and AAM are affiliated entities of TLIC and indirect wholly owned subsidiaries of Aegon Ltd. Funds managed by TAM are identified by their fund name, which includes reference to Aegon, Transamerica or both. The Separate Account pays management fees to the related funds as detailed in the fund prospectus.
 
No charges other than those disclosed in Footnote 6 are deducted for the service rendered by related parties.
 
Contract owners may transfer funds between available subaccount options within the Separate Account. These transfers are performed at unit value at the time of the transfer.
 
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Transamerica Life Insurance Company
Merrill Lynch Life Variable Annuity Separate Account D
Notes to Financial Statements
December 31, 2025
 
10. Segment Reporting
 
Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the Chief Operating Decision Maker (CODM) manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by TLIC to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer as the CODM as the Separate Account does not have employees and is not a separate legal entity.
 
The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the Summary of Significant Accounting Policies (see note 2). The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund’s operating segment and related footnotes for significant expenses principle and the existing segment requirements as of December 31, 2025 and for the year ended December 31, 2025 and December 31, 2024.
 
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