NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

A Separate Account of National Life Insurance Company

FINANCIAL STATEMENTS

December 31, 2025

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

Index

December 31, 2025

			Page(s)

Report of Independent Registered Public Accounting Firm			1 - 2
Statements of Net Assets			3 - 4
Statements of Operations			5 - 17
Statements of Changes in Net Assets			18 - 43
Notes to the Financial Statements			44 - 74

Report of Independent Registered Public Accounting Firm

To the Board of Directors of National Life Insurance Company and the Policyholders of National Variable Life Insurance Account

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts of National Variable Life Insurance Account indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below (other than AB VPS Sustainable International Thematic Portfolio, which only includes a statement of changes in net assets for the period January 1, 2024 to April 16, 2024 (date of liquidation), American Century VP Disciplined Core Value Fund, American Century VP Inflation Protection Portfolio, American Century VP Inflation Protection Portfolio II, American Century VP International Portfolio, American Century VP Ultra Portfolio, American Century VP Value Portfolio, and Invesco I.O.V.I Conservative Balance Fund, which only include a statement of changes in net assets for the period January 1, 2024 to April 26, 2024 (date of merger), DWS CROCI US VIP, which only includes a statement of changes in net assets for the period January 1, 2024 to June 17, 2024 (date of liquidation), and Morgan Stanley VIF U.S. Real Estate Portfolio, which only includes a statement of changes in net assets for the period January 1, 2024 to December 6, 2024 (date of liquidation)), including 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 of the subaccounts of National Variable Life Insurance Account (other than AB VPS Sustainable International Thematic Portfolio, American Century VP Disciplined Core Value Fund, American Century VP Inflation Protection Portfolio, American Century VP Inflation Protection Portfolio II, American Century VP International Portfolio, American Century VP Ultra Portfolio, American Century VP Value Portfolio, Invesco I.O.V.I Conservative Balance Fund, DWS CROCI US VIP, and Morgan Stanley VIF U.S. Real Estate Portfolio) as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

AB VPS Discovery Value Portfolio Class A (1)	Franklin Templeton VIP US Government (1)
AB VPS International Value Fund (1)	Invesco I.O.V.I Global Strategic Income Fund (1)
AB VPS Relative Value Portfolio (1)	Invesco I.O.V.I Main Street Small Cap Fund (1)
Alger Capital Appreciation Fund (1)	Invesco V.I. Discovery Mid Cap Growth Fund (1)
Alger Large Cap Growth Fund (1)	Invesco V.I. Health Care Fund (1)
Alger Small Cap Growth Fund (1)	Invesco V.I . Equity and Income Fund (1)
Allspring VT Discovery SMID Cap Growth Fund (1)	Invesco V.I. Technology Fund (1)
Allspring VT Opportunity Fund (1)	LVIP American Century Disciplined Core Value Fund (1)
BNY Mellon Appreciation Portfolio (1)	LVIP American Century Inflation Protection Fund (1)
BNY Mellon VIF Small Cap Portfolio (1)	LVIP American Century International Fund (1)
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (1)	LVIP American Century Ultra Fund (1)
DWS Equity 500 Index VIP Fund (1)	LVIP American Century Value Fund (1)
DWS Small Cap Index Fund (1)	LVIP JPMorgan Small Cap Core Fund - Standard Class (1)
DWS Small Mid Cap Value Portfolio (1)	Morgan Stanley VIF Emerging Markets Equity Portfolio (1)
Fidelity VIP Contrafund Class 2 Portfolio (1)	Neuberger Berman Trust Mid Cap Growth Class S (1)
Fidelity VIP Equity Income Portfolio (1)	Neuberger Berman Trust Mid Cap Growth Portfolio (1)
Fidelity VIP Government Money Market Portfolio (1)	Neuberger Berman Trust Short Duration Bond Portfolio (1)
Fidelity VIP Growth Portfolio (1)	Neuberger Berman Quality Equity Portfolio Class I (1)
Fidelity VIP High Income Portfolio (1)	T Rowe Price Blue Chip Growth Portfolio (1)
Fidelity VIP Index 500 II Portfolio (1)	T Rowe Price Equity Income Portfolio (1)
Fidelity VIP Investment Grade Bond Portfolio (1)	T Rowe Price Health Sciences Portfolio (1)
Fidelity VIP Mid Cap Class 2 Portfolio (1)	T Rowe Price Moderate Allocation (1)
Fidelity VIP Overseas Portfolio (1)	Touchstone TVST Balanced (1)
Fidelity VIP Value Strategies Portfolio (1)	Touchstone TVST Bond (1)
Franklin Templeton VIP Foreign Securities (1)	Touchstone TVST Common Stock (1)
Franklin Templeton VIP Global Real Estate (1)	Touchstone TVST Small Company (1)

-1-

Franklin Templeton VIP Mutual Global Discovery   Securities (1)	Van Eck VIPT Emerging Markets (1)
Franklin Templeton VIP Mutual Shares Securities (1)	Van Eck VIPT Global Resources Fund (1)
Franklin Templeton VIP Small Cap Value (1)	Van Eck VIPT Unconstrained Emerging Markets (1)
Franklin Templeton VIP Small-Midcap Growth II (1)	AB VPS Sustainable International Thematic Portfolio (2)
American Century VP Disciplined Core Value Fund (3)	American Century VP Inflation Protection Portfolio (3)
American Century VP Inflation Protection Portfolio II (3)	American Century VP International Portfolio (3)
American Century VP Ultra Portfolio (3)	American Century VP Value Portfolio (3)
DWS CROCI US VIP (4)	Invesco I.O.V.I Conservative Balance Fund (3)
Morgan Stanley VIF U.S. Real Estate Portfolio (5)

(1)

Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024

(2)

Statement of changes in net assets for the period January 1, 2024 to April 16, 2024 (date of liquidation)

(3)

Statement of changes in net assets for the period January 1, 2024 to April 26, 2024 (date of merger)

	(4)	Statement of changes in net assets for the period January 1, 2024 to June 17, 2024 (date of liquidation)
	(5)	Statement of changes in net assets for the period January 1, 2024 to December 6, 2024 (date of liquidation)

Basis for Opinions

These financial statements are the responsibility of the National Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of National Variable Life Insurance Account 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 each of the subaccounts of National Variable Life Insurance 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 of these financial statements 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 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. Our procedures included confirmation of investments owned as of December 31, 2025 by correspondence with the custodian or transfer agent of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Montpelier, Vermont

April 30, 2026

We have served as the auditor of one or more of the subaccounts of National Variable Life Insurance Account since 1996.

-2-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF NET ASSETS

DECEMBER 31, 2025

Total assets and net assets: Investments in shares of mutual fund portfolios at			VariTrak Product				Investor Select Product				Estate Provider Product				Benefit Provider Product
market value: (contractholder accumulation units and unit value)			Accumulation Units		Unit Value		Accumulation Units		Unit Value		Accumulation Units		Unit Value		Accumulation Units		Unit Value
AB VPS Discovery Value Portfolio Class A	$	1,974,585		27,232.49	$	59.18		3,229.45	$	68.98		2,033.41	$	68.98		—	$	—
AB VPS International Value Fund	$	3,484,544		101,989.61	$	26.43		18,461.05	$	30.81		7,129.65	$	30.81		—	$	—
AB VPS Relative Value Portfolio	$	116,717		5,561.80	$	18.27		779.28	$	19.40		—	$	—		—	$	—
Alger Capital Appreciation Fund	$	4,534,491		33,011.79	$	114.27		1,279.14	$	181.55		1,009.27	$	143.08		7,269.60	$	53.05
Alger Large Cap Growth Fund	$	28,494,430		170,716.30	$	147.17		6,361.57	$	132.58		14,567.52	$	84.65		2,661.90	$	485.70
Alger Small Cap Growth Fund	$	8,585,051		175,995.56	$	47.60		581.48	$	63.12		169.80	$	50.24		810.93	$	199.78
Allspring VT Discovery SMID Cap Growth Fund	$	8,652,022		113,580.66	$	70.05		—	$	—		7,011.97	$	91.66		436.51	$	120.27
Allspring VT Opportunity Fund	$	5,087,892		39,635.24	$	88.78		—	$	—		10,715.27	$	104.39		2,006.09	$	224.50
BNY Mellon Appreciation Portfolio	$	926,186		14,626.62	$	57.60		—	$	—		1,197.27	$	69.94		—	$	—
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.	$	489,268		11,353.14	$	42.98		—	$	—		24.83	$	53.82		—	$	—
BNY Mellon VIF Small Cap Portfolio (1)	$	290,681		9,793.83	$	29.68		—	$	—		—	$	—		—	$	—
DWS Equity 500 Index VIP Fund	$	1,914,574		—	$	—		—	$	—		—	$	—		18,624.22	$	102.80
DWS Small Cap Index Fund	$	1,056,047		15,835.06	$	54.60		1,292.73	$	63.63		—	$	—		1,483.74	$	73.63
DWS Small Mid Cap Value Portfolio	$	2,894,614		55,810.45	$	43.06		4,276.37	$	50.74		5,242.62	$	52.30		—	$	—
Fidelity VIP Contrafund Class 2 Portfolio	$	27,555,021		132,825.30	$	173.16		4,246.03	$	117.38		25,577.62	$	158.57		—	$	—
Fidelity VIP Equity Income Portfolio	$	15,447,531		83,877.22	$	182.86		602.27	$	72.45		1,053.79	$	63.08		—	$	—
Fidelity VIP Government Money Market Portfolio	$	8,783,514		448,463.49	$	14.68		19,683.98	$	12.14		92,851.07	$	17.18		232,659.59	$	1.58
Fidelity VIP Growth Portfolio	$	36,900,701		92,414.40	$	361.80		218.15	$	148.26		26,145.27	$	131.32		—	$	—
Fidelity VIP High Income Portfolio	$	5,049,444		63,797.47	$	69.50		1,000.44	$	35.66		19,724.75	$	29.41		—	$	—
Fidelity VIP Index 500 II Portfolio	$	97,872,446		359,268.87	$	207.79		37,949.30	$	104.49		196,882.36	$	97.80		—	$	—
Fidelity VIP Investment Grade Bond Portfolio	$	10,298,245		224,454.45	$	22.06		4,786.06	$	19.81		35,135.31	$	27.63		1,309,325.06	$	3.27
Fidelity VIP Mid Cap Class 2 Portfolio	$	6,208,672		74,975.39	$	68.86		3,552.44	$	75.62		9,299.44	$	83.62		—	$	—
Fidelity VIP Overseas Portfolio	$	13,254,703		156,116.70	$	68.15		11,690.58	$	40.72		14,067.51	$	36.28		235,055.76	$	6.93

(1)

On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

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

-3-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF NET ASSETS

DECEMBER 31, 2025

Total assets and net assets: Investments in shares of mutual fund portfolios at			VariTrak Product				Investor Select Product				Estate Provider Product				Benefit Provider Product
market value: (contractholder accumulation units and unit value)			Accumulation Units		Unit Value		Accumulation Units		Unit Value		Accumulation Units		Unit Value		Accumulation Units		Unit Value
Fidelity VIP Value Strategies Portfolio	$	690,302		6,163.53	$	79.68		660.39	$	92.87		1,484.75	$	92.87		—	$	—
Franklin Templeton VIP Foreign Securities	$	2,090,859		69,167.67	$	24.76		2,270.47	$	29.59		10,333.38	$	30.08		—	$	—
Franklin Templeton VIP Global Real Estate	$	1,068,707		54,210.33	$	19.44		—	$	—		621.61	$	23.61		—	$	—
Franklin Templeton VIP Mutual Global Discovery Securities	$	660,060		15,648.82	$	40.30		627.04	$	46.97		—	$	—		—	$	—
Franklin Templeton VIP Mutual Shares Securities	$	906,976		19,713.06	$	33.21		2,001.86	$	43.63		4,088.25	$	40.33		—	$	—
Franklin Templeton VIP Small Cap Value	$	1,212,312		18,391.65	$	50.68		1,533.90	$	64.60		2,943.69	$	61.55		—	$	—
Franklin Templeton VIP Small-Midcap Growth II	$	325,967		5,021.82	$	47.56		1,210.75	$	71.97		—	$	—		—	$	—
Franklin Templeton VIP US Government	$	322,031		22,284.44	$	12.14		1,647.44	$	14.16		1,983.24	$	14.16		—	$	—
Invesco I.O.V.I Global Strategic Income Fund	$	330,284		26,667.71	$	10.96		3,274.90	$	11.63		—	$	—		—	$	—
Invesco I.O.V.I Main Street Small Cap Fund	$	76,175		3,539.55	$	18.84		474.83	$	19.99		—	$	—		—	$	—
Invesco V.I. Equity and Income Fund	$	443,566		35,962.01	$	11.91		1,268.18	$	12.09		—	$	—		—	$	—
Invesco V.I. Discovery Mid Cap Growth Fund	$	1,389,684		82,620.82	$	16.79		—	$	—		—	$	—		162.65	$	17.59
Invesco V.I. Health Care Fund	$	3,164,230		76,076.77	$	38.66		—	$	—		3,664.32	$	48.41		4,999.64	$	9.15
Invesco V.I. Technology Fund	$	3,859,034		115,998.02	$	30.82		—	$	—		5,179.03	$	38.60		8,051.80	$	10.41
LVIP American Century Disciplined Core Value Fund	$	4,600,446		352,109.25	$	12.09		—	$	—		26,962.79	$	12.27		1,075.20	$	12.25
LVIP American Century Inflation Protection Fund	$	1,159,137		74,349.45	$	10.89		3,346.87	$	11.06		18,505.17	$	11.06		9,775.15	$	11.01
LVIP American Century International Fund	$	5,575,513		403,839.30	$	11.56		33,723.27	$	11.73		43,644.60	$	11.73		—	$	—
LVIP American Century Ultra Fund	$	379,743		21,758.52	$	13.53		—	$	—		6,220.49	$	13.73		—	$	—
LVIP American Century Value Fund	$	10,675,711		716,429.16	$	12.16		15,513.64	$	12.35		69,830.59	$	12.35		73,526.66	$	12.33
LVIP JPMorgan Small Cap Core Fund - Standard Class	$	1,521,491		87,817.78	$	13.76		—	$	—		22,182.85	$	14.10		—	$	—
Morgan Stanley VIF Emerging Markets Equity Portfolio	$	642,785		—	$	—		—	$	—		—	$	—		135,515.20	$	4.74
Neuberger Berman Quality Equity Portfolio Class I (2)	$	3,520,215		36,653.35	$	75.82		486.36	$	88.37		6,577.56	$	88.37		4,904.53	$	23.82
Neuberger Berman Trust Mid Cap Growth Class S	$	702,107		19,883.83	$	24.24		—	$	—		8,290.36	$	26.55		—	$	—

(2)

On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

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

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NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

Total assets and net assets: Investments in shares of mutual fund portfolios at			VariTrak Product				Investor Select Product				Estate Provider Product				Benefit Provider Product
market value: (contractholder accumulation units and unit value)			Accumulation Units		Unit Value		Accumulation Units		Unit Value		Accumulation Units		Unit Value		Accumulation Units		Unit Value
Neuberger Berman Trust Mid Cap Growth Portfolio	$	728,027		8,497.55	$	67.98		1,925.55	$	78.08		—	$	—		—	$	—
Neuberger Berman Trust Short Duration Bond Portfolio	$	2,529,645		168,978.28	$	12.66		4,065.07	$	16.43		21,028.50	$	15.38		—	$	—
T Rowe Price Blue Chip Growth Portfolio	$	3,659,125		32,326.88	$	92.19		2,314.68	$	141.17		3,144.13	$	111.96		—	$	—
T Rowe Price Equity Income Portfolio	$	5,918,171		109,930.08	$	42.72		5,389.74	$	57.27		17,594.28	$	51.88		—	$	—
T Rowe Price Health Sciences Portfolio	$	2,910,686		26,990.29	$	98.73		773.17	$	122.05		1,264.41	$	119.90		—	$	—
T Rowe Price Moderate Allocation	$	1,774,604		43,398.56	$	40.29		556.87	$	46.96		—	$	—		—	$	—
Touchstone TVST Balanced	$	8,271,873		109,734.27	$	69.60		2,104.22	$	52.37		8,241.93	$	63.59		—	$	—
Touchstone TVST Bond	$	5,899,745		190,370.23	$	25.95		5,201.97	$	17.63		29,678.77	$	29.24		—	$	—
Touchstone TVST Common Stock	$	48,848,040		283,679.60	$	137.97		8,297.97	$	96.60		17,540.78	$	111.23		66,613.29	$	104.44
Touchstone TVST Small Company	$	32,742,190		147,966.60	$	186.73		8,372.65	$	78.36		19,647.03	$	157.27		11,971.75	$	114.16
Van Eck VIPT Emerging Markets	$	2,206,069		40,825.95	$	38.46		9,322.15	$	44.83		4,862.12	$	44.83		—	$	—
Van Eck VIPT Global Resources Fund	$	1,714,030		73,824.26	$	19.87		6,453.14	$	23.17		4,204.03	$	23.17		—	$	—
Van Eck VIPT Unconstrained Emerging Markets	$	1,054,436		54,629.62	$	15.77		2,118.24	$	18.38		8,369.01	$	18.38		—	$	—

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

-5-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	AB VPS Discovery Value Portfolio Class A			AB VPS International Value Fund		AB VPS Relative Value Portfolio		Alger Capital Appreciation Fund			Alger Large Cap Growth Fund
Investment income:
Dividend income	$	15,817		$	79,512	$	1,129	$	—		$	—

Expenses:
Mortality and expense risk and administrative charges		13,937			23,206		786		31,879			212,028

Net investment gain (loss)		1,880			56,306		343		(31,879	)		(212,028	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		204,652			—		8,229		718,803			3,075,590

Net realized (loss) gain from shares sold		(12,992	)		137,305		301		403,948			1,883,665

Net unrealized (depreciation) appreciation on investments		(149,472	)		899,954		610		58,313			2,142,308

Net realized and unrealized gain on investments		42,188			1,037,259		9,140		1,181,064			7,101,563

Increase in net assets resulting from operations	$	44,068		$	1,093,565	$	9,483	$	1,149,185		$	6,889,535

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

-6-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Alger Small Cap Growth Fund			Allspring VT Discovery SMID Cap Growth Fund			Allspring VT Opportunity Fund			BNY Mellon Appreciation Portfolio			BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
Investment income:
Dividend income	$	—		$	—		$	2,551		$	3,514		$	1,165

Expenses:
Mortality and expense risk and administrative charges		68,984			72,500			33,576			7,935			4,073

Net investment loss		(68,984	)		(72,500	)		(31,025	)		(4,421	)		(2,908	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		99,124			60,448			514,010			147,031			37,233

Net realized (loss) gain from shares sold		(78,079	)		(73,020	)		8,261			(25,689	)		9,994

Net unrealized appreciation (depreciation) on investments		497,799			458,371			(201,689	)		(32,719	)		19,110

Net realized and unrealized gain on investments		518,844			445,799			320,582			88,623			66,337

Increase in net assets resulting from operations	$	449,860		$	373,299		$	289,557		$	84,202		$	63,429

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

-7-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	BNY Mellon VIF Small Cap Portfolio (1)			DWS Equity 500 Index VIP Fund		DWS Small Cap Index Fund			DWS Small Mid Cap Value Portfolio			Fidelity VIP Contrafund Class 2 Portfolio
Investment income:
Dividend income	$	1,668		$	21,207	$	13,599		$	14,916		$	35,953

Expenses:
Mortality and expense risk and administrative charges		2,367			1,344		7,107			20,141			200,594

Net investment (loss) gain		(699	)		19,863		6,492			(5,225	)		(164,641	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			175,456		58,074			293,825			4,108,734

Net realized gain (loss) from shares sold		773			41,036		(4,994	)		(41,878	)		870,938

Net unrealized appreciation on investments		27,211			75,824		60,084			195,915			8,663

Net realized and unrealized gain on investments		27,984			292,316		113,164			447,862			4,988,335

Increase in net assets resulting from operations	$	27,285		$	312,179	$	119,656		$	442,637		$	4,823,694

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

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

-8-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Fidelity VIP Equity Income Portfolio		Fidelity VIP Government Money Market Portfolio		Fidelity VIP Growth Portfolio			Fidelity VIP High Income Portfolio			Fidelity VIP Index 500 II Portfolio
Investment income:
Dividend income	$	262,272	$	341,968	$	101,533		$	317,202		$	1,061,648

Expenses:
Mortality and expense risk and administrative charges		126,560		71,698		290,835			39,037			666,953

Net investment gain (loss)		135,712		270,270		(189,302	)		278,165			394,695

Realized and unrealized gain (loss) on investments
Capital gains distributions		806,777		—		4,508,631			—			467,516

Net realized gain (loss) from shares sold		118,836		—		1,135,017			(35,832	)		5,219,153

Net unrealized appreciation (depreciation) on investments		1,286,475		—		(940,747	)		188,228			8,568,291

Net realized and unrealized gain on investments		2,212,088		—		4,702,901			152,396			14,254,960

Increase in net assets resulting from operations	$	2,347,800	$	270,270	$	4,513,599		$	430,561		$	14,649,655

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

-9-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Fidelity VIP Investment Grade Bond Portfolio			Fidelity VIP Mid Cap Class 2 Portfolio			Fidelity VIP Overseas Portfolio		Fidelity VIP Value Strategies Portfolio		Franklin Templeton VIP Foreign Securities
Investment income:
Dividend income	$	359,046		$	25,423		$	205,089	$	7,320	$	47,075

Expenses:
Mortality and expense risk and administrative charges		48,147			44,029			93,777		4,606		15,384

Net investment gain (loss)		310,899			(18,606	)		111,312		2,714		31,691

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			636,370			1,141,480		26,944		131,445

Net realized (loss) gain from shares sold		(61,364	)		14,364			462,338		10,302		27,699

Net unrealized appreciation (depreciation) on investments		393,492			(19,135	)		519,520		9,109		300,163

Net realized and unrealized gain on investments		332,128			631,599			2,123,338		46,355		459,307

Increase in net assets resulting from operations	$	643,027		$	612,993		$	2,234,650	$	49,069	$	490,998

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

-10-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Franklin Templeton VIP Global Real Estate			Franklin Templeton VIP Mutual Global Discovery Securities		Franklin Templeton VIP Mutual Shares Securities			Franklin Templeton VIP Small Cap Value			Franklin Templeton VIP Small- Midcap Growth II
Investment income:
Dividend income	$	14,275		$	13,299	$	17,480		$	12,147		$	—

Expenses:
Mortality and expense risk and administrative charges		9,034			5,232		5,922			8,186			2,230

Net investment gain (loss)		5,241			8,067		11,558			3,961			(2,230	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			64,970		86,122			94,734			20,511

Net realized (loss) gain from shares sold		(9,875	)		16,563		(5,912	)		(12,882	)		34,670

Net unrealized appreciation (depreciation) on investments		72,285			21,621		(3,874	)		(5,903	)		(45,400	)

Net realized and unrealized gain on investments		62,410			103,154		76,336			75,949			9,781

Increase in net assets resulting from operations	$	67,651		$	111,221	$	87,894		$	79,910		$	7,551

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

-11-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Franklin Templeton VIP US Government			Invesco I.O.V.I Global Strategic Income Fund			Invesco I.O.V.I Main Street Small Cap Fund			Invesco V.I . Equity and Income Fund		Invesco V.I. Discovery Mid Cap Growth Fund
Investment income:
Dividend income	$	10,696		$	17,009		$	165		$	8,238	$	—

Expenses:
Mortality and expense risk and administrative charges		2,437			2,502			573			3,417		11,720

Net investment gain (loss)		8,259			14,507			(408	)		4,821		(11,720	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			—			7,343			23,634		114,880

Net realized (loss) gain from shares sold		(20,307	)		(3,650	)		3,384			1,150		5,711

Net unrealized appreciation (depreciation) on investments		31,256			24,324			(5,467	)		8,185		(66,191	)

Net realized and unrealized gain on investments		10,949			20,674			5,260			32,969		54,400

Increase in net assets resulting from operations	$	19,208		$	35,181		$	4,852		$	37,790	$	42,680

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

-12-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Invesco V.I. Health Care Fund			Invesco V.I. Technology Fund			LVIP American Century Disciplined Core Value Fund		LVIP American Century Inflation Protection Fund			LVIP American Century International Fund
Investment income:
Dividend income	$	—		$	—		$	72,926	$	89,707		$	65,986

Expenses:
Mortality and expense risk and administrative charges		24,933			29,530			36,081		8,186			41,143

Net investment (loss) gain		(24,933	)		(29,530	)		36,845		81,521			24,843

Realized and unrealized gain (loss) on investments
Capital gains distributions		123,975			400,923			—		—			—

Net realized gain (loss) from shares sold		21,433			(45,537	)		19,914		8,306			42,698

Net unrealized appreciation (depreciation) on investments		281,528			311,893			506,251		(21,826	)		671,592

Net realized and unrealized gain (loss) on investments		426,936			667,279			526,165		(13,520	)		714,290

Increase in net assets resulting from operations	$	402,003		$	637,749		$	563,010	$	68,001		$	739,133

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

-13-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	LVIP American Century Ultra Fund			LVIP American Century Value Fund		LVIP JPMorgan Small Cap Core Fund - Standard Class			Morgan Stanley VIF Emerging Markets Equity Portfolio			Neuberger Berman Quality Equity Portfolio Class I (2)
Investment income:
Dividend income	$	—		$	164,686	$	9,179		$	2,400		$	—

Expenses:
Mortality and expense risk and administrative charges		2,470			76,531		11,082			402			24,509

Net investment (loss) gain		(2,470	)		88,155		(1,903	)		1,998			(24,509	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		30,551			773,846		119,632			19,929			198,431

Net realized gain (loss) from shares sold		4,367			133,141		36,962			(6,005	)		88,228

Net unrealized appreciation (depreciation) on investments		9,618			425,647		(14,588	)		149,032			145,641

Net realized and unrealized gain on investments		44,536			1,332,634		142,006			162,956			432,300

Increase in net assets resulting from operations	$	42,066		$	1,420,789	$	140,103		$	164,954		$	407,791

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

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

-14-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Neuberger Berman Trust Mid Cap Growth Class S			Neuberger Berman Trust Mid Cap Growth Portfolio			Neuberger Berman Trust Short Duration Bond Portfolio			T Rowe Price Blue Chip Growth Portfolio			T Rowe Price Equity Income Portfolio
Investment income:
Dividend income	$	—		$	—		$	131,302		$	—		$	78,763

Expenses:
Mortality and expense risk and administrative charges		5,334			5,389			19,098			27,302			40,674

Net investment (loss) gain		(5,334	)		(5,389	)		112,204			(27,302	)		38,089

Realized and unrealized gain (loss) on investments
Capital gains distributions		114,631			96,899			—			329,099			568,422

Net realized gain (loss) from shares sold		6,805			6,423			(21,453	)		310,490			2,074

Net unrealized (depreciation) appreciation on investments		(78,651	)		(58,641	)		24,223			(6,254	)		74,664

Net realized and unrealized gain on investments		42,785			44,681			2,770			633,335			645,160

Increase in net assets resulting from operations	$	37,451		$	39,292		$	114,974		$	606,033		$	683,249

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

-15-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	T Rowe Price Health Sciences Portfolio			T Rowe Price Moderate Allocation		Touchstone TVST Balanced		Touchstone TVST Bond			Touchstone TVST Common Stock
Investment income:
Dividend income	$	—		$	37,812	$	151,819	$	238,880		$	249,180

Expenses:
Mortality and expense risk and administrative charges		21,331			14,579		64,928		44,875			349,455

Net investment (loss) gain		(21,331	)		23,233		86,891		194,005			(100,275	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		106,587			75,796		214,706		—			6,702,439

Net realized gain (loss) from shares sold		54,198			2,490		18,752		(48,843	)		2,556,983

Net unrealized appreciation (depreciation) on investments		289,461			108,837		644,459		228,394			(1,668,793	)

Net realized and unrealized gain on investments		450,246			187,123		877,917		179,551			7,590,629

Increase in net assets resulting from operations	$	428,915		$	210,356	$	964,808	$	373,556		$	7,490,354

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

-16-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

	Touchstone TVST Small Company			Van Eck VIPT Emerging Markets			Van Eck VIPT Global Resources Fund		Van Eck VIPT Unconstrained Emerging Markets
Investment income:
Dividend income	$	65,935		$	14,660		$	37,315	$	51,894

Expenses:
Mortality and expense risk and administrative charges		243,893			13,440			11,735		7,702

Net investment (loss) gain		(177,958	)		1,220			25,580		44,192

Realized and unrealized gain (loss) on investments
Capital gains distributions		4,270,868			—			—		—

Net realized (loss) gain from shares sold		(16,179	)		(81,374	)		62,807		(13,376	)

Net unrealized (depreciation) appreciation on investments		(1,384,718	)		599,686			373,069		131,406

Net realized and unrealized gain on investments		2,869,971			518,312			435,876		118,030

Increase in net assets resulting from operations	$	2,692,013		$	519,532		$	461,456	$	162,222

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

-17-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	AB VPS Discovery Value Portfolio Class A			AB VPS International Value Fund			AB VPS Relative Value Portfolio			Alger Capital Appreciation Fund			Alger Large Cap Growth Fund
Net investment gain (loss)	$	1,880		$	56,306		$	343		$	(31,879	)	$	(212,028	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		204,652			—			8,229			718,803			3,075,590

Net realized (loss) gain from shares sold		(12,992	)		137,305			301			403,948			1,883,665

Net unrealized (depreciation) appreciation on investments		(149,472	)		899,954			610			58,313			2,142,308

Net realized and unrealized gain on investments		42,188			1,037,259			9,140			1,181,064			7,101,563

Increase in net assets resulting from operations		44,068			1,093,565			9,483			1,149,185			6,889,535

Accumulation unit transactions:
Participant deposits		58,078			96,039			14,788			115,048			619,829
Transfers between investment sub-accounts and general account, net		(3,119	)		(2,601	)		—			(3,589	)		3,463
Transfers between investment subaccounts, net		189,484			(309,515	)		6,117			(165,912	)		(2,207,116	)
Net surrenders and lapses		(83,262	)		(139,984	)		(1,084	)		(128,262	)		(1,020,278	)
Contract benefits		(9,976	)		(22,394	)		—			(255,911	)		(139,104	)
Loan collateral interest received		10,394			14,093			87			19,823			124,564
Transfers for policy loans		(20,728	)		(23,541	)		(2,651	)		(75,711	)		(277,585	)
Contract charges		(70,193	)		(111,437	)		(4,430	)		(107,753	)		(701,555	)
Other		8,920			12,591			428			(23,756	)		134,188

Total net accumulation unit transactions		79,598			(486,749	)		13,255			(626,023	)		(3,463,594	)

Increase in net assets		123,666			606,816			22,738			523,162			3,425,941

Net assets, beginning of period	$	1,850,919		$	2,877,728		$	93,979		$	4,011,329		$	25,068,489

Net assets, end of period	$	1,974,585		$	3,484,544		$	116,717		$	4,534,491		$	28,494,430

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

-18-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Alger Small Cap Growth Fund			Allspring VT Discovery SMID Cap Growth Fund			Allspring VT Opportunity Fund			BNY Mellon Appreciation Portfolio			BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
Net investment loss	$	(68,984	)	$	(72,500	)	$	(31,025	)	$	(4,421	)	$	(2,908	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		99,124			60,448			514,010			147,031			37,233

Net realized (loss) gain from shares sold		(78,079	)		(73,020	)		8,261			(25,689	)		9,994

Net unrealized appreciation (depreciation) on investments		497,799			458,371			(201,689	)		(32,719	)		19,110

Net realized and unrealized gain on investments		518,844			445,799			320,582			88,623			66,337

Increase in net assets resulting from operations		449,860			373,299			289,557			84,202			63,429

Accumulation unit transactions:
Participant deposits		262,545			207,600			92,662			39,302			9,919
Transfers between investment sub-accounts and general account, net		(8,263	)		(8,792	)		(548	)		(3,481	)		—
Transfers between investment subaccounts, net		242,954			(296,096	)		54,982			20,000			(5,799	)
Net surrenders and lapses		(157,193	)		(151,860	)		(119,021	)		(63,546	)		(10,979	)
Contract benefits		(23,153	)		(25,769	)		(18,089	)		(2,137	)		—
Loan collateral interest received		75,072			30,123			17,064			3,479			2,632
Transfers for policy loans		(58,447	)		(12,699	)		(31,061	)		(80,258	)		(2,537	)
Contract charges		(280,081	)		(289,799	)		(105,461	)		(31,747	)		(17,833	)
Other		36,025			41,859			21,743			4,836			2,252

Total net accumulation unit transactions		89,459			(505,433	)		(87,729	)		(113,552	)		(22,345	)

Increase (decrease) in net assets		539,319			(132,134	)		201,828			(29,350	)		41,084

Net assets, beginning of period	$	8,045,732		$	8,784,156		$	4,886,064		$	955,536		$	448,184

Net assets, end of period	$	8,585,051		$	8,652,022		$	5,087,892		$	926,186		$	489,268

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

-19-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	BNY Mellon VIF Small Cap Portfolio (1)			DWS Equity 500 Index VIP Fund			DWS Small Cap Index Fund			DWS Small Mid Cap Value Portfolio			Fidelity VIP Contrafund Class 2 Portfolio
Net investment (loss) gain	$	(699	)	$	19,863		$	6,492		$	(5,225	)	$	(164,641	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			175,456			58,074			293,825			4,108,734

Net realized gain (loss) from shares sold		773			41,036			(4,994	)		(41,878	)		870,938

Net unrealized appreciation on investments		27,211			75,824			60,084			195,915			8,663

Net realized and unrealized gain on investments		27,984			292,316			113,164			447,862			4,988,335

Increase in net assets resulting from operations		27,285			312,179			119,656			442,637			4,823,694

Accumulation unit transactions:
Participant deposits		12,665			4,562			16,867			94,130			451,965
Transfers between investment sub-accounts and general account, net		—			—			—			(6,675	)		(49,792	)
Transfers between investment subaccounts, net		9,995			(280,451	)		(29,330	)		35,924			(353,932	)
Net surrenders and lapses		(596	)		—			(5,863	)		(79,223	)		(601,122	)
Contract benefits		—			—			—			(10,005	)		(98,918	)
Loan collateral interest received		775			3,205			5,597			8,994			117,081
Transfers for policy loans		(798	)		(147,585	)		(29,795	)		(70,737	)		(271,659	)
Contract charges		(7,272	)		(13,406	)		(14,863	)		(84,393	)		(721,261	)
Other		1,309			(245	)		3,871			13,507			123,269

Total net accumulation unit transactions		16,078			(433,920	)		(53,516	)		(98,478	)		(1,404,369	)

Increase (decrease) in net assets		43,363			(121,741	)		66,140			344,159			3,419,325

Net assets, beginning of period	$	247,318		$	2,036,315		$	989,907		$	2,550,455		$	24,135,696

Net assets, end of period	$	290,681		$	1,914,574		$	1,056,047		$	2,894,614		$	27,555,021

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

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

-20-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Fidelity VIP Equity Income Portfolio			Fidelity VIP Government Money Market Portfolio			Fidelity VIP Growth Portfolio			Fidelity VIP High Income Portfolio			Fidelity VIP Index 500 II Portfolio
Net investment gain (loss)	$	135,712		$	270,270		$	(189,302	)	$	278,165		$	394,695

Realized and unrealized gain (loss) on investments
Capital gains distributions		806,777			—			4,508,631			—			467,516

Net realized gain (loss) from shares sold		118,836			—			1,135,017			(35,832	)		5,219,153

Net unrealized appreciation (depreciation) on investments		1,286,475			—			(940,747	)		188,228			8,568,291

Net realized and unrealized gain on investments		2,212,088			—			4,702,901			152,396			14,254,960

Increase in net assets resulting from operations		2,347,800			270,270			4,513,599			430,561			14,649,655

Accumulation unit transactions:
Participant deposits		290,707			735,409			486,446			151,939			1,348,588
Transfers between investment sub-accounts and general account, net		46,982			(3,052	)		(107,958	)		(1,145	)		(152,111	)
Transfers between investment subaccounts, net		303,194			440,155			(17,687	)		65,994			(264,138	)
Net surrenders and lapses		(241,388	)		(731,779	)		(965,992	)		(78,140	)		(3,316,564	)
Contract benefits		(229,911	)		(75,305	)		(404,903	)		(18,613	)		(475,642	)
Loan collateral interest received		50,098			55,168			161,154			32,579			359,791
Transfers for policy loans		(58,623	)		(404,957	)		(300,859	)		(46,609	)		578,770
Contract charges		(387,270	)		(1,134,468	)		(844,311	)		(168,193	)		(2,188,159	)
Other		65,280			39,935			176,241			22,740			335,100

Total net accumulation unit transactions		(160,931	)		(1,078,894	)		(1,817,869	)		(39,448	)		(3,774,365	)

Increase (decrease) in net assets		2,186,869			(808,624	)		2,695,730			391,113			10,875,290

Net assets, beginning of period	$	13,260,662		$	9,592,138		$	34,204,971		$	4,658,331		$	86,997,156

Net assets, end of period	$	15,447,531		$	8,783,514		$	36,900,701		$	5,049,444		$	97,872,446

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

-21-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Fidelity VIP Investment Grade Bond Portfolio			Fidelity VIP Mid Cap Class 2 Portfolio			Fidelity VIP Overseas Portfolio			Fidelity VIP Value Strategies Portfolio			Franklin Templeton VIP Foreign Securities
Net investment gain (loss)	$	310,899		$	(18,606	)	$	111,312		$	2,714		$	31,691

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			636,370			1,141,480			26,944			131,445

Net realized (loss) gain from shares sold		(61,364	)		14,364			462,338			10,302			27,699

Net unrealized appreciation (depreciation) on investments		393,492			(19,135	)		519,520			9,109			300,163

Net realized and unrealized gain on investments		332,128			631,599			2,123,338			46,355			459,307

Increase in net assets resulting from operations		643,027			612,993			2,234,650			49,069			490,998

Accumulation unit transactions:
Participant deposits		439,519			152,797			295,735			16,135			67,175
Transfers between investment sub-accounts and general account, net		(6,478	)		(4,717	)		(496	)		—			(3,419	)
Transfers between investment subaccounts, net		580,713			355,567			(102,177	)		(26,897	)		(50,286	)
Net surrenders and lapses		(298,246	)		(124,197	)		(311,417	)		—			(60,725	)
Contract benefits		(14,959	)		(20,594	)		(33,452	)		—			(2,806	)
Loan collateral interest received		38,618			25,815			68,746			716			12,662
Transfers for policy loans		(98,194	)		(85,556	)		(123,748	)		(629	)		(96,288	)
Contract charges		(411,529	)		(162,630	)		(346,308	)		(26,932	)		(60,564	)
Other		28,151			28,384			50,697			3,044			9,743

Total net accumulation unit transactions		257,595			164,869			(502,420	)		(34,563	)		(184,508	)

Increase in net assets		900,622			777,862			1,732,230			14,506			306,490

Net assets, beginning of period	$	9,397,623		$	5,430,810		$	11,522,473		$	675,796		$	1,784,369

Net assets, end of period	$	10,298,245		$	6,208,672		$	13,254,703		$	690,302		$	2,090,859

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

-22-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Franklin Templeton VIP Global Real Estate			Franklin Templeton VIP Mutual Global Discovery Securities			Franklin Templeton VIP Mutual Shares Securities			Franklin Templeton VIP Small Cap Value			Franklin Templeton VIP Small- Midcap Growth II
Net investment gain (loss)	$	5,241		$	8,067		$	11,558		$	3,961		$	(2,230	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			64,970			86,122			94,734			20,511

Net realized (loss) gain from shares sold		(9,875	)		16,563			(5,912	)		(12,882	)		34,670

Net unrealized appreciation (depreciation) on investments		72,285			21,621			(3,874	)		(5,903	)		(45,400	)

Net realized and unrealized gain on investments		62,410			103,154			76,336			75,949			9,781

Increase in net assets resulting from operations		67,651			111,221			87,894			79,910			7,551

Accumulation unit transactions:
Participant deposits		41,339			9,293			24,166			43,064			13,656
Transfers between investment sub-accounts and general account, net		(479	)		(2,468	)		—			(2,611	)		—
Transfers between investment subaccounts, net		61,003			233,221			10,764			31,932			14,638
Net surrenders and lapses		(13,078	)		(4,308	)		(53	)		(3,161	)		(46,845	)
Contract benefits		(7,600	)		—			(11,265	)		(170	)		(5,950	)
Loan collateral interest received		4,991			986			2,788			4,572			3,005
Transfers for policy loans		(8,146	)		(36,050	)		(1,506	)		(7,990	)		(22,072	)
Contract charges		(45,277	)		(21,745	)		(30,434	)		(46,568	)		(8,972	)
Other		5,067			2,874			3,613			5,224			1,553

Total net accumulation unit transactions		37,820			181,803			(1,927	)		24,292			(50,987	)

Increase (decrease) in net assets		105,471			293,024			85,967			104,202			(43,436	)

Net assets, beginning of period	$	963,236		$	367,036		$	821,009		$	1,108,110		$	369,403

Net assets, end of period	$	1,068,707		$	660,060		$	906,976		$	1,212,312		$	325,967

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

-23-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Franklin Templeton VIP US Government			Invesco I.O.V.I Global Strategic Income Fund			Invesco I.O.V.I Main Street Small Cap Fund			Invesco V.I. Equity and Income Fund			Invesco V.I. Discovery Mid Cap Growth Fund
Net investment gain (loss)	$	8,259		$	14,507		$	(408	)	$	4,821		$	(11,720	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			—			7,343			23,634			114,880

Net realized (loss) gain from shares sold		(20,307	)		(3,650	)		3,384			1,150			5,711

Net unrealized appreciation (depreciation) on investments		31,256			24,324			(5,467	)		8,185			(66,191	)

Net realized and unrealized gain on investments		10,949			20,674			5,260			32,969			54,400

Increase in net assets resulting from operations		19,208			35,181			4,852			37,790			42,680

Accumulation unit transactions:
Participant deposits		24,053			10,406			4,925			11,290			29,943
Transfers between investment sub-accounts and general account, net		(450	)		(2,319	)		20,175			—			(804	)
Transfers between investment subaccounts, net		92,137			4,039			(5,371	)		243,449			268,710
Net surrenders and lapses		(48,283	)		(1,357	)		(1,937	)		(19,934	)		(36,625	)
Contract benefits		—			(3,278	)		—			—			(3,979	)
Loan collateral interest received		—			5,858			1,965			20			8,729
Transfers for policy loans		(35,000	)		(9,045	)		(10,669	)		(20	)		(6,975	)
Contract charges		(43,704	)		(18,159	)		(4,938	)		(13,307	)		(41,624	)
Other		1,492			1,416			3,676			1,814			7,324

Total net accumulation unit transactions		(9,755	)		(12,439	)		7,826			223,312			224,699

Increase in net assets		9,453			22,742			12,678			261,102			267,379

Net assets, beginning of period	$	312,578		$	307,542		$	63,497		$	182,464		$	1,122,305

Net assets, end of period	$	322,031		$	330,284		$	76,175		$	443,566		$	1,389,684

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

-24-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Invesco V.I. Health Care Fund			Invesco V.I. Technology Fund			LVIP American Century Disciplined Core Value Fund			LVIP American Century Inflation Protection Fund			LVIP American Century International Fund
Net investment (loss) gain	$	(24,933	)	$	(29,530	)	$	36,845		$	81,521		$	24,843

Realized and unrealized gain (loss) on investments
Capital gains distributions		123,975			400,923			—			—			—

Net realized gain (loss) from shares sold		21,433			(45,537	)		19,914			8,306			42,698

Net unrealized appreciation (depreciation) on investments		281,528			311,893			506,251			(21,826	)		671,592

Net realized and unrealized gain (loss) on investments		426,936			667,279			526,165			(13,520	)		714,290

Increase in net assets resulting from operations		402,003			637,749			563,010			68,001			739,133

Accumulation unit transactions:
Participant deposits		84,634			67,548			123,253			68,790			160,271
Transfers between investment sub-accounts and general account, net		(28,587	)		1,160			—			(4,341	)		(21	)
Transfers between investment subaccounts, net		160,274			(102,932	)		40,568			29,866			182,324
Net surrenders and lapses		(79,348	)		(94,785	)		(145,409	)		(121,632	)		(198,210	)
Contract benefits		(315	)		(25,673	)		(6,094	)		(4,977	)		(22,330	)
Loan collateral interest received		17,074			13,042			16,776			3,458			22,662
Transfers for policy loans		(77,342	)		(58,242	)		(28,036	)		(4,731	)		(101,867	)
Contract charges		(102,332	)		(93,696	)		(136,669	)		(58,708	)		(152,839	)
Other		13,356			18,178			21,002			5,284			25,998

Total net accumulation unit transactions		(12,586	)		(275,400	)		(114,609	)		(86,991	)		(84,012	)

Increase (decrease) in net assets		389,417			362,349			448,401			(18,990	)		655,121

Net assets, beginning of period	$	2,774,813		$	3,496,685		$	4,152,045		$	1,178,127		$	4,920,392

Net assets, end of period	$	3,164,230		$	3,859,034		$	4,600,446		$	1,159,137		$	5,575,513

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

-25-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	LVIP American Century Ultra Fund			LVIP American Century Value Fund			LVIP JPMorgan Small Cap Core Fund - Standard Class			Morgan Stanley VIF Emerging Markets Equity Portfolio			Neuberger Berman Quality Equity Portfolio Class I (2)
Net investment (loss) gain	$	(2,470	)	$	88,155		$	(1,903	)	$	1,998		$	(24,509	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		30,551			773,846			119,632			19,929			198,431

Net realized gain (loss) from shares sold		4,367			133,141			36,962			(6,005	)		88,228

Net unrealized appreciation (depreciation) on investments		9,618			425,647			(14,588	)		149,032			145,641

Net realized and unrealized gain on investments		44,536			1,332,634			142,006			162,956			432,300

Increase in net assets resulting from operations		42,066			1,420,789			140,103			164,954			407,791

Accumulation unit transactions:
Participant deposits		7,339			337,397			35,221			7,583			67,703
Transfers between investment sub-accounts and general account, net		—			4,649			(9,419	)		—			—
Transfers between investment subaccounts, net		(12,032	)		(3,320	)		23,711			(19,054	)		(10,255	)
Net surrenders and lapses		—			(388,391	)		(33,958	)		(13,511	)		(111,801	)
Contract benefits		—			(23,467	)		—			—			(8,332	)
Loan collateral interest received		1,297			28,830			7,441			117			9,058
Transfers for policy loans		(1,356	)		(19,761	)		(24,330	)		(124	)		(13,104	)
Contract charges		(12,044	)		(274,202	)		(65,533	)		(6,255	)		(95,588	)
Other		1,744			44,059			9,634			(4	)		15,805

Total net accumulation unit transactions		(15,052	)		(294,206	)		(57,233	)		(31,248	)		(146,514	)

Increase in net assets		27,014			1,126,583			82,870			133,706			261,277

Net assets, beginning of period	$	352,729		$	9,549,128		$	1,438,621		$	509,079		$	3,258,938

Net assets, end of period	$	379,743		$	10,675,711		$	1,521,491		$	642,785		$	3,520,215

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

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

-26-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Neuberger Berman Trust Mid Cap Growth Class S			Neuberger Berman Trust Mid Cap Growth Portfolio			Neuberger Berman Trust Short Duration Bond Portfolio			T Rowe Price Blue Chip Growth Portfolio			T Rowe Price Equity Income Portfolio
Net investment (loss) gain	$	(5,334	)	$	(5,389	)	$	112,204		$	(27,302	)	$	38,089

Realized and unrealized gain (loss) on investments
Capital gains distributions		114,631			96,899			—			329,099			568,422

Net realized gain (loss) from shares sold		6,805			6,423			(21,453	)		310,490			2,074

Net unrealized (depreciation) appreciation on investments		(78,651	)		(58,641	)		24,223			(6,254	)		74,664

Net realized and unrealized gain on investments		42,785			44,681			2,770			633,335			645,160

Increase in net assets resulting from operations		37,451			39,292			114,974			606,033			683,249

Accumulation unit transactions:
Participant deposits		23,294			18,679			89,940			109,558			165,871
Transfers between investment sub-accounts and general account, net		(409	)		—			(3,153	)		11,300			(1,220	)
Transfers between investment subaccounts, net		(39,963	)		(12,812	)		169,168			(254,105	)		281,169
Net surrenders and lapses		(21,294	)		(32,579	)		(136,458	)		(169,436	)		(201,022	)
Contract benefits		(3,488	)		—			(2,613	)		(9,248	)		(29,163	)
Loan collateral interest received		2,362			2,273			14,337			12,087			28,180
Transfers for policy loans		(50,166	)		(37,184	)		(44,150	)		(115,795	)		(72,359	)
Contract charges		(22,484	)		(17,323	)		(123,807	)		(104,394	)		(196,864	)
Other		3,520			2,992			11,551			17,437			25,276

Total net accumulation unit transactions		(108,628	)		(75,954	)		(25,185	)		(502,596	)		(132	)

(Decrease) increase in net assets		(71,177	)		(36,662	)		89,789			103,437			683,117

Net assets, beginning of period	$	773,284		$	764,689		$	2,439,856		$	3,555,688		$	5,235,054

Net assets, end of period	$	702,107		$	728,027		$	2,529,645		$	3,659,125		$	5,918,171

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

-27-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	T Rowe Price Health Sciences Portfolio			T Rowe Price Moderate Allocation			Touchstone TVST Balanced			Touchstone TVST Bond			Touchstone TVST Common Stock
Net investment (loss) gain	$	(21,331	)	$	23,233		$	86,891		$	194,005		$	(100,275	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		106,587			75,796			214,706			—			6,702,439

Net realized gain (loss) from shares sold		54,198			2,490			18,752			(48,843	)		2,556,983

Net unrealized appreciation (depreciation) on investments		289,461			108,837			644,459			228,394			(1,668,793	)

Net realized and unrealized gain on investments		450,246			187,123			877,917			179,551			7,590,629

Increase in net assets resulting from operations		428,915			210,356			964,808			373,556			7,490,354

Accumulation unit transactions:
Participant deposits		75,253			68,693			178,045			204,758			1,004,412
Transfers between investment sub-accounts and general account, net		(8,864	)		—			(58,720	)		(6,071	)		(64,696	)
Transfers between investment subaccounts, net		116,097			5,714			126,974			306,611			(690,826	)
Net surrenders and lapses		(25,042	)		(625	)		(196,422	)		(316,254	)		(3,240,228	)
Contract benefits		(12,749	)		—			(85,134	)		(20,134	)		(603,136	)
Loan collateral interest received		7,374			—			22,339			30,485			168,901
Transfers for policy loans		(50,837	)		—			(21,839	)		(82,218	)		(694,645	)
Contract charges		(90,244	)		(58,695	)		(271,746	)		(281,551	)		(1,465,638	)
Other		12,298			8,042			36,614			27,661			189,749

Total net accumulation unit transactions		23,286			23,129			(269,889	)		(136,713	)		(5,396,107	)

Increase in net assets		452,201			233,485			694,919			236,843			2,094,247

Net assets, beginning of period	$	2,458,485		$	1,541,119		$	7,576,954		$	5,662,902		$	46,753,793

Net assets, end of period	$	2,910,686		$	1,774,604		$	8,271,873		$	5,899,745		$	48,848,040

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

-28-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

DECEMBER 31, 2025

	Touchstone TVST Small Company			Van Eck VIPT Emerging Markets			Van Eck VIPT Global Resources Fund			Van Eck VIPT Unconstrained Emerging Markets
Net investment (loss) gain	$	(177,958	)	$	1,220		$	25,580		$	44,192

Realized and unrealized gain (loss) on investments
Capital gains distributions		4,270,868			—			—			—

Net realized (loss) gain from shares sold		(16,179	)		(81,374	)		62,807			(13,376	)

Net unrealized (depreciation) appreciation on investments		(1,384,718	)		599,686			373,069			131,406

Net realized and unrealized gain on investments		2,869,971			518,312			435,876			118,030

Increase in net assets resulting from operations		2,692,013			519,532			461,456			162,222

Accumulation unit transactions:
Participant deposits		815,268			57,552			56,512			37,418
Transfers between investment sub-accounts and general account, net		(23,364	)		(11	)		(2,856	)		(3,479	)
Transfers between investment subaccounts, net		527,032			(14,667	)		26,558			13,635
Net surrenders and lapses		(783,287	)		(61,477	)		(69,710	)		(55,680	)
Contract benefits		(302,751	)		(12,044	)		(11,702	)		(4,996	)
Loan collateral interest received		128,485			8,199			5,243			6,059
Transfers for policy loans		(372,867	)		(24,563	)		(14,853	)		(26,942	)
Contract charges		(1,073,990	)		(69,087	)		(75,570	)		(58,940	)
Other		145,507			8,667			6,027			4,633

Total net accumulation unit transactions		(939,967	)		(107,431	)		(80,351	)		(88,292	)

Increase in net assets		1,752,046			412,101			381,105			73,930

Net assets, beginning of period	$	30,990,144		$	1,793,968		$	1,332,925		$	980,506

Net assets, end of period	$	32,742,190		$	2,206,069		$	1,714,030		$	1,054,436

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

-29-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	AB VPS Discovery Value Portfolio Class A			AB VPS International Value Fund			AB VPS Relative Value Portfolio			AB VPS Sustainable International Thematic Portfolio (1)			Alger Capital Appreciation Fund
Net investment gain (loss)	$	1,779		$	57,377		$	636		$	(468	)	$	(28,817	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		90,136			—			3,164			—			—

Net realized (loss) gain from shares sold		(35,528	)		21,369			216			(57,695	)		123,632

Net unrealized appreciation on investments		100,971			39,485			5,848			56,099			1,291,765

Net realized and unrealized gain (loss) on investments		155,579			60,854			9,228			(1,596	)		1,415,397

Increase (decrease) in net assets resulting from operations		157,358			118,231			9,864			(2,064	)		1,386,580

Accumulation unit transactions:
Participant deposits		63,601			103,571			4,740			2,534			92,730
Transfers between investment sub-accounts and general account, net		(28,174	)		46,035			—			(401	)		(565	)
Transfers between investment subaccounts, net		(18,413	)		151,451			2,879			(303,683	)		(221,899	)
Net surrenders and lapses		(30,813	)		(53,514	)		(1,046	)		(1,072	)		(239,102	)
Contract benefits		(337	)		(673	)		—			—			(1,448	)
Loan collateral interest received		9,518			12,871			104			—			18,796
Transfers for policy loans		(28,166	)		(38,924	)		388			11			(37,717	)
Contract charges		(72,322	)		(107,387	)		(4,157	)		(1,996	)		(105,061	)
Other		10,019			13,081			368			(189	)		14,520

Total net accumulation unit transactions		(95,087	)		126,511			3,276			(304,796	)		(479,746	)

Increase (decrease) in net assets		62,271			244,742			13,140			(306,860	)		906,834

Net assets, beginning of period	$	1,788,648		$	2,632,986		$	80,839		$	306,860		$	3,104,495

Net assets, end of period	$	1,850,919		$	2,877,728		$	93,979		$	—		$	4,011,329

(1) On April 16, 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated.

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

-30-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Alger Large Cap Growth Fund			Alger Small Cap Growth Fund			Allspring VT Discovery SMID Cap Growth Fund			Allspring VT Opportunity Fund			American Century VP Disciplined Core Value Fund (2)
Net investment (loss) gain	$	(184,497	)	$	(39,837	)	$	(73,030	)	$	(31,208	)	$	3,508

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			—			—			581,929			—

Net realized gain (loss) from shares sold		712,238			(119,643	)		(206,954	)		75,015			(434,119	)

Net unrealized appreciation on investments		7,263,794			714,763			1,613,813			71,781			659,348

Net realized and unrealized gain on investments		7,976,032			595,120			1,406,859			728,725			225,229

Increase in net assets resulting from operations		7,791,535			555,283			1,333,829			697,517			228,737

Accumulation unit transactions:
Participant deposits		569,768			251,665			216,543			104,333			40,907
Transfers between investment sub-accounts and general account, net		(69,396	)		(56,002	)		(61,710	)		(507	)		—
Transfers between investment subaccounts, net		(1,336,743	)		108,988			(41,499	)		(1,159,385	)		(4,074,390	)
Net surrenders and lapses		(479,368	)		(239,811	)		(232,418	)		(365,612	)		(93,212	)
Contract benefits		(133,057	)		(69,859	)		(147,686	)		(3,305	)		—
Loan collateral interest received		113,699			76,326			30,611			14,972			6,335
Transfers for policy loans		(254,786	)		(68,026	)		28,840			(81,521	)		(38,169	)
Contract charges		(680,451	)		(287,329	)		(294,608	)		(123,120	)		(46,716	)
Other		89,551			35,939			34,315			20,638			6,158

Total net accumulation unit transactions		(2,180,783	)		(248,109	)		(467,612	)		(1,593,507	)		(4,199,087	)

Increase (decrease) in net assets		5,610,752			307,174			866,217			(895,990	)		(3,970,350	)

Net assets, beginning of period	$	19,457,737		$	7,738,558		$	7,917,939		$	5,782,054		$	3,970,350

Net assets, end of period	$	25,068,489		$	8,045,732		$	8,784,156		$	4,886,064		$	—

(2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund.

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

-31-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	American Century VP Inflation Protection Portfolio (3)			American Century VP Inflation Protection Portfolio II (3)			American Century VP International Portfolio (4)			American Century VP Ultra Portfolio (5)			American Century VP Value Portfolio (6)
Net investment gain (loss)	$	2,726		$	423		$	34,984		$	(646	)	$	41,007

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			—			—			23,012			451,970

Net realized (loss) gain from shares sold		(132,843	)		(4,035	)		(27,728	)		35,919			1,085,807

Net unrealized appreciation (depreciation) on investments		111,091			1,865			94,138			(39,709	)		(1,358,190	)

Net realized and unrealized (loss) gain on investments		(21,752	)		(2,170	)		66,410			19,222			179,587

Decrease (increase) in net assets resulting from operations		(19,026	)		(1,747	)		101,394			18,576			220,594

Accumulation unit transactions:
Participant deposits		19,000			—			56,901			1,717			76,825
Transfers between investment sub-accounts and general account, net		(2,333	)		—			(57,997	)		46,063			(719	)
Transfers between investment subaccounts, net		(1,043,236	)		(99,542	)		(4,790,834	)		(305,429	)		(9,235,921	)
Net surrenders and lapses		(13,479	)		—			(10,555	)		—			(115,103	)
Contract benefits		(1,932	)		—			—			—			(6,398	)
Loan collateral interest received		795			—			2,295			778			9,755
Transfers for policy loans		(1,102	)		—			(8,469	)		(802	)		(38,499	)
Contract charges		(18,253	)		(355	)		(49,891	)		(3,295	)		(89,653	)
Other		1,633			1			7,113			3,058			13,122

Total net accumulation unit transactions		(1,058,907	)		(99,896	)		(4,851,437	)		(257,910	)		(9,386,591	)

Decrease in net assets		(1,077,933	)		(101,643	)		(4,750,043	)		(239,334	)		(9,165,997	)

Net assets, beginning of period	$	1,077,933		$	101,643		$	4,750,043		$	239,334		$	9,165,997

Net assets, end of period	$	—		$	—		$	—		$	—		$	—

(3) On April 26, 2024, the American Century VP Inflation Protection Portfolio I and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund.

(4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund.

(5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund.

(6) On April 26, 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.

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

-32-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	BNY Mellon Appreciation Portfolio			BNY Mellon Sustainable U.S. Equity Portfolio, Inc.			BNY Mellon VIF Small Cap Portfolio (7)			DWS CROCI® US VIP (8)			DWS Equity 500 Index VIP Fund
Net investment (loss) gain	$	(3,828	)	$	(1,596	)	$	(555	)	$	2,984		$	21,144

Realized and unrealized gain (loss) on investments
Capital gains distributions		65,790			2,661			—			—			107,120

Net realized (loss) gain from shares sold		(6,599	)		8,260			(4,574	)		71,466			(86	)

Net unrealized appreciation (depreciation) on investments		46,997			78,599			14,812			(42,028	)		271,927

Net realized and unrealized gain on investments		106,188			89,520			10,238			29,438			378,961

Increase in net assets resulting from operations		102,360			87,924			9,683			32,422			400,105

Accumulation unit transactions:
Participant deposits		39,394			12,164			13,892			2,661			10,488
Transfers between investment sub-accounts and general account, net		(1,001	)		—			—			(338	)		—
Transfers between investment subaccounts, net		831			(7,165	)		9,379			(392,913	)		(3,343	)
Net surrenders and lapses		(25,543	)		(387	)		(4,561	)		(2,858	)		—
Contract benefits		—			(2,058	)		—			—			—
Loan collateral interest received		4,030			2,486			309			149			3,174
Transfers for policy loans		(12,143	)		(2,947	)		(10,665	)		(159	)		18,688
Contract charges		(31,423	)		(17,327	)		(7,204	)		(3,477	)		(12,673	)
Other		4,626			2,136			1,180			832			261

Total net accumulation unit transactions		(21,229	)		(13,098	)		2,330			(396,103	)		16,595

Increase (decrease) in net assets		81,131			74,826			12,013			(363,681	)		416,700

Net assets, beginning of period	$	874,405		$	373,358		$	235,305		$	363,681		$	1,619,615

Net assets, end of period	$	955,536		$	448,184		$	247,318		$	—		$	2,036,315

(7) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

(8) On June 17, 2024, the DWS CROCI® US VIP was liquidated.

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

-33-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	DWS Small Cap Index Fund			DWS Small Mid Cap Value Portfolio			Fidelity VIP Contrafund Class 2 Portfolio			Fidelity VIP Equity Income Portfolio			Fidelity VIP Government Money Market Portfolio
Net investment gain (loss)	$	6,131		$	1,051		$	(139,437	)	$	114,688		$	450,173

Realized and unrealized gain (loss) on investments
Capital gains distributions		30,053			121,952			2,724,717			759,298			—

Net realized (loss) gain from shares sold		(14,155	)		(11,849	)		907,964			166,176			—

Net unrealized appreciation on investments		75,668			12,722			2,768,803			684,607			—

Net realized and unrealized gain on investments		91,566			122,825			6,401,484			1,610,081			—

Increase in net assets resulting from operations		97,697			123,876			6,262,047			1,724,769			450,173

Accumulation unit transactions:
Participant deposits		20,490			100,550			469,580			307,017			659,582
Transfers between investment sub-accounts and general account, net		—			(928	)		(21,484	)		32,263			(150,880	)
Transfers between investment subaccounts, net		(145,187	)		25,359			(579,474	)		62,905			(452,425	)
Net surrenders and lapses		(9,753	)		(68,133	)		(721,490	)		(479,807	)		(1,225,818	)
Contract benefits		—			(336	)		(281,504	)		(50,024	)		(1,893	)
Loan collateral interest received		5,254			8,246			108,957			53,460			48,898
Transfers for policy loans		(4,943	)		(31,932	)		(151,277	)		(76,852	)		(79,616	)
Contract charges		(16,284	)		(84,979	)		(720,821	)		(392,098	)		(1,150,644	)
Other		3,364			11,060			101,775			64,552			41,640

Total net accumulation unit transactions		(147,059	)		(41,093	)		(1,795,738	)		(478,584	)		(2,311,156	)

(Decrease) increase in net assets		(49,362	)		82,783			4,466,309			1,246,185			(1,860,983	)

Net assets, beginning of period	$	1,039,269		$	2,467,672		$	19,669,387		$	12,014,477		$	11,453,121

Net assets, end of period	$	989,907		$	2,550,455		$	24,135,696		$	13,260,662		$	9,592,138

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

-34-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Fidelity VIP Growth Portfolio			Fidelity VIP High Income Portfolio			Fidelity VIP Index 500 II Portfolio			Fidelity VIP Investment Grade Bond Portfolio			Fidelity VIP Mid Cap Class 2 Portfolio
Net investment (loss) gain	$	(279,332	)	$	241,937		$	438,316		$	261,697		$	(13,336	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		7,191,455			—			50,291			—			677,123

Net realized gain (loss) from shares sold		1,633,254			(75,428	)		3,301,101			(55,010	)		154,168

Net unrealized (depreciation) appreciation on investments		(338,531	)		183,907			13,425,186			(196,208	)		(20,791	)

Net realized and unrealized gain (loss) on investments		8,486,178			108,479			16,776,578			(251,218	)		810,500

Increase in net assets resulting from operations		8,206,846			350,416			17,214,894			10,479			797,164

Accumulation unit transactions:
Participant deposits		525,673			159,243			1,495,896			395,595			163,200
Transfers between investment sub-accounts and general account, net		(17,021	)		(55,065	)		(19,813	)		(6,463	)		(57,290	)
Transfers between investment subaccounts, net		(706,994	)		239,856			(237,367	)		3,932,141			(24,641	)
Net surrenders and lapses		(1,349,877	)		(205,581	)		(1,766,769	)		(110,007	)		(235,127	)
Contract benefits		(187,788	)		(9,583	)		(185,777	)		(16,535	)		(8,775	)
Loan collateral interest received		148,796			30,721			341,732			42,342			23,691
Transfers for policy loans		(349,335	)		(71,118	)		(834,825	)		(67,314	)		(39,472	)
Contract charges		(906,850	)		(167,944	)		(2,162,832	)		(365,276	)		(158,526	)
Other		171,747			21,411			376,991			27,716			24,143

Total net accumulation unit transactions		(2,671,649	)		(58,060	)		(2,992,764	)		3,832,199			(312,797	)

Increase in net assets		5,535,197			292,356			14,222,130			3,842,678			484,367

Net assets, beginning of period	$	28,669,774		$	4,365,975		$	72,775,026		$	5,554,945		$	4,946,443

Net assets, end of period	$	34,204,971		$	4,658,331		$	86,997,156		$	9,397,623		$	5,430,810

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

-35-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Fidelity VIP Overseas Portfolio			Fidelity VIP Value Strategies Portfolio			Franklin Templeton VIP Foreign Securities			Franklin Templeton VIP Global Real Estate			Franklin Templeton VIP Mutual Global Discovery Securities
Net investment gain	$	109,941		$	2,286		$	29,608		$	9,163		$	3,930

Realized and unrealized gain (loss) on investments
Capital gains distributions		544,031			94,834			—			—			25,988

Net realized gain (loss) from shares sold		468,934			9,909			12,060			(10,561	)		2,566

Net unrealized depreciation on investments		(587,521	)		(50,964	)		(71,292	)		(7,563	)		(17,932	)

Net realized and unrealized gain (loss) on investments		425,444			53,779			(59,232	)		(18,124	)		10,622

Increase (decrease) in net assets resulting from operations		535,385			56,065			(29,624	)		(8,961	)		14,552

Accumulation unit transactions:
Participant deposits		319,125			20,500			69,988			46,345			9,838
Transfers between investment sub-accounts and general account, net		(45,665	)		—			46,488			(500	)		(4,200	)
Transfers between investment subaccounts, net		(607,117	)		23,774			88,932			35,482			7,307
Net surrenders and lapses		(407,907	)		—			(69,119	)		(19,863	)		(143	)
Contract benefits		(35,462	)		—			(1,223	)		(1,311	)		—
Loan collateral interest received		67,940			650			12,236			5,118			938
Transfers for policy loans		(82,440	)		(3,415	)		(13,551	)		(6,444	)		(624	)
Contract charges		(357,891	)		(29,288	)		(57,799	)		(44,768	)		(14,223	)
Other		46,958			3,033			8,129			4,510			1,711

Total net accumulation unit transactions		(1,102,459	)		15,254			84,081			18,569			604

(Decrease) increase in net assets		(567,074	)		71,319			54,457			9,608			15,156

Net assets, beginning of period	$	12,089,547		$	604,477		$	1,729,912		$	953,628		$	351,880

Net assets, end of period	$	11,522,473		$	675,796		$	1,784,369		$	963,236		$	367,036

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

-36-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Franklin Templeton VIP Mutual Shares Securities			Franklin Templeton VIP Small Cap Value			Franklin Templeton VIP Small- Midcap Growth II			Franklin Templeton VIP US Government			Invesco I.O.V.I Conservative Balanced Fund (9)
Net investment gain (loss)	$	10,482		$	2,068		$	(2,504	)	$	7,789		$	3,730

Realized and unrealized gain (loss) on investments
Capital gains distributions		16,886			24,917			—			—			—

Net realized loss from shares sold		(7,867	)		(22,574	)		(11,603	)		(9,169	)		(8,923	)

Net unrealized appreciation on investments		60,101			109,788			52,898			3,995			8,109

Net realized and unrealized gain (loss) on investments		69,120			112,131			41,295			(5,174	)		(814	)

Increase in net assets resulting from operations		79,602			114,199			38,791			2,615			2,916

Accumulation unit transactions:
Participant deposits		24,922			43,274			19,460			28,592			542
Transfers between investment sub-accounts and general account, net		—			—			—			(447	)		—
Transfers between investment subaccounts, net		(6,746	)		10,749			(9,187	)		20,364			(149,087	)
Net surrenders and lapses		(10,260	)		(19,564	)		(22,704	)		(3,849	)		—
Contract benefits		(85	)		—			—			—			—
Loan collateral interest received		2,564			3,582			2,765			1,341			—
Transfers for policy loans		(3,105	)		(23,889	)		(8,254	)		(1,436	)		—
Contract charges		(29,699	)		(45,409	)		(13,867	)		(44,581	)		(1,796	)
Other		3,633			4,725			1,468			1,342			236

Total net accumulation unit transactions		(18,776	)		(26,532	)		(30,319	)		1,326			(150,105	)

Increase (decrease) in net assets		60,826			87,667			8,472			3,941			(147,189	)

Net assets, beginning of period	$	760,183		$	1,020,443		$	360,931		$	308,637		$	147,189

Net assets, end of period	$	821,009		$	1,108,110		$	369,403		$	312,578		$	—

(9) On April 26, 2024, the Invesco I.O.V.I Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund.

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

-37-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Invesco I.O.V.I Global Strategic Income Fund			Invesco I.O.V.I Main Street Small Cap Fund			Invesco V.I. Equity and Income Fund (9)			Invesco V.I. Discovery Mid Cap Growth Fund			Invesco V.I. Health Care Fund
Net investment gain (loss)	$	5,910		$	(439	)	$	1,823		$	(9,656	)	$	(25,322	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		—			2,328			6,954			—			—

Net realized (loss) gain from shares sold		(2,678	)		3,723			134			(1,795	)		12,263

Net unrealized appreciation on investments		2,582			1,081			2,367			232,067			103,751

Net realized and unrealized (loss) gain on investments		(96	)		7,132			9,455			230,272			116,014

Increase in net assets resulting from operations		5,814			6,693			11,278			220,616			90,692

Accumulation unit transactions:
Participant deposits		10,460			4,036			1,866			32,306			89,925
Transfers between investment sub-accounts and general account, net		(4,175	)		—			—			(776	)		(377	)
Transfers between investment subaccounts, net		20,564			5,429			172,875			(22,331	)		41,089
Net surrenders and lapses		(4,938	)		—			—			(57,320	)		(67,021	)
Contract benefits		—			—			—			—			(727	)
Loan collateral interest received		6,144			1,624			19			8,136			15,115
Transfers for policy loans		(5,915	)		715			(19	)		(16,607	)		(24,245	)
Contract charges		(17,505	)		(4,416	)		(4,104	)		(37,984	)		(104,037	)
Other		1,348			(3,157	)		549			5,067			15,343

Total net accumulation unit transactions		5,983			4,231			171,186			(89,509	)		(34,935	)

Increase in net assets		11,797			10,924			182,464			131,107			55,757

Net assets, beginning of period	$	295,745		$	52,573		$	—		$	991,198		$	2,719,056

Net assets, end of period	$	307,542		$	63,497		$	182,464		$	1,122,305		$	2,774,813

(9) On April 26, 2024, the Invesco I.O.V.I Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund.

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

-38-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Invesco V.I. Technology Fund			LVIP American Century Disciplined Core Value Fund (2)			LVIP American Century Inflation Protection Fund (3)			LVIP American Century International Fund (4)			LVIP American Century Ultra Fund (5)
Net investment (loss) gain	$	(26,741	)	$	15,039		$	35,036		$	6,666		$	(1,606	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		138,828			—			—			—			3,886

Net realized (loss) gain from shares sold		(59,338	)		15,243			2,471			9,489			2,889

Net unrealized appreciation (depreciation) on investments		846,462			214,210			(3,743	)		(34,970	)		52,904

Net realized and unrealized gain (loss) on investments		925,952			229,453			(1,272	)		(25,481	)		59,679

Increase (decrease) in net assets resulting from operations		899,211			244,492			33,764			(18,815	)		58,073

Accumulation unit transactions:
Participant deposits		70,936			85,612			46,862			114,620			5,599
Transfers between investment sub-accounts and general account, net		91,742			(15,686	)		(1,399	)		(373	)		—
Transfers between investment subaccounts, net		(92,774	)		4,114,020			1,159,678			5,015,293			295,667
Net surrenders and lapses		(104,087	)		(131,296	)		(19,941	)		(78,590	)		—
Contract benefits		—			(38,718	)		—			(679	)		—
Loan collateral interest received		10,294			8,298			5,206			19,031			396
Transfers for policy loans		(64,887	)		(28,353	)		(7,928	)		(44,109	)		(444	)
Contract charges		(90,906	)		(100,472	)		(41,773	)		(100,858	)		(7,692	)
Other		23,186			14,148			3,658			14,872			1,130

Total net accumulation unit transactions		(156,496	)		3,907,553			1,144,363			4,939,207			294,656

Increase in net assets		742,715			4,152,045			1,178,127			4,920,392			352,729

Net assets, beginning of period	$	2,753,970		$	—		$	—		$	—		$	—

Net assets, end of period	$	3,496,685		$	4,152,045		$	1,178,127		$	4,920,392		$	352,729

(2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund.

(4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund.

(5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund.

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

-39-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	LVIP American Century Value Fund (6)			LVIP JPMorgan Small Cap Core Fund - Standard Class			Morgan Stanley VIF Emerging Markets Equity Portfolio			Morgan Stanley VIF U.S. Real Estate Portfolio (10)			Neuberger Berman Quality Equity Portfolio Class I (11)
Net investment gain (loss)	$	164,250		$	367		$	11,467		$	2,099		$	(16,519	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		87,415			21,942			—			—			152,629

Net realized gain (loss) from shares sold		32,933			34,005			(45,921	)		15,814			126,371

Net unrealized appreciation (depreciation) on investments		284,452			93,298			99,229			(6,079	)		430,122

Net realized and unrealized gain on investments		404,800			149,245			53,308			9,735			709,122

Increase in net assets resulting from operations		569,050			149,612			64,775			11,834			692,603

Accumulation unit transactions:
Participant deposits		158,300			39,979			6,077			—			67,677
Transfers between investment sub-accounts and general account, net		(17,106	)		—			—			—			(15,792	)
Transfers between investment subaccounts, net		9,391,190			10,669			(345,817	)		(88,932	)		(69,915	)
Net surrenders and lapses		(370,065	)		(86,810	)		(21,014	)		—			(111,308	)
Contract benefits		(2,562	)		—			—			—			—
Loan collateral interest received		15,987			6,532			113			—			6,293
Transfers for policy loans		(37,489	)		(21,811	)		(120	)		—			(71,876	)
Contract charges		(187,509	)		(66,951	)		(8,036	)		(206	)		(91,663	)
Other		29,332			3,750			(8	)		(1	)		13,493

Total net accumulation unit transactions		8,980,078			(114,642	)		(368,805	)		(89,139	)		(273,091	)

Increase (decrease) in net assets		9,549,128			34,970			(304,030	)		(77,305	)		419,512

Net assets, beginning of period	$	—		$	1,403,651		$	813,109		$	77,305		$	2,839,426

Net assets, end of period	$	9,549,128		$	1,438,621		$	509,079		$	—		$	3,258,938

(6)	On April 26, 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.

(10)	On December 6, 2024, the Morgan Stanley VIF U.S. Real Estate Portfolio was liquidated.

(11)	On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

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

-40-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Neuberger Berman Trust Mid Cap Growth Class S			Neuberger Berman Trust Mid Cap Growth Portfolio			Neuberger Berman Trust Short Duration Bond Portfolio			T Rowe Price Blue Chip Growth Portfolio			T Rowe Price Equity Income Portfolio
Net investment (loss) gain	$	(5,203	)	$	(5,121	)	$	114,308		$	(25,812	)	$	44,658

Realized and unrealized gain (loss) on investments
Capital gains distributions		47,568			41,667			—			154,348			342,237

Net realized gain (loss) from shares sold		11,683			32,651			(19,814	)		319,434			2,140

Net unrealized appreciation on investments		96,797			84,620			26,660			527,162			119,855

Net realized and unrealized gain on investments		156,048			158,938			6,846			1,000,944			464,232

Increase in net assets resulting from operations		150,845			153,817			121,154			975,132			508,890

Accumulation unit transactions:
Participant deposits		23,055			26,096			94,642			120,820			171,979
Transfers between investment sub-accounts and general account, net		(437	)		(61,639	)		(3,200	)		89,148			(38,260	)
Transfers between investment subaccounts, net		(31,298	)		(26,807	)		125,507			(228,994	)		(55,620	)
Net surrenders and lapses		(23,236	)		(14,644	)		(88,376	)		(248,388	)		(74,035	)
Contract benefits		—			—			(3,868	)		(11,687	)		(935	)
Loan collateral interest received		2,806			2,096			17,778			10,999			25,837
Transfers for policy loans		(2,462	)		(9,644	)		(30,190	)		(32,934	)		(57,283	)
Contract charges		(19,948	)		(17,044	)		(113,942	)		(105,326	)		(193,986	)
Other		3,643			2,490			11,531			23,516			25,611

Total net accumulation unit transactions		(47,877	)		(99,096	)		9,882			(382,846	)		(196,692	)

Increase in net assets		102,968			54,721			131,036			592,286			312,198

Net assets, beginning of period	$	670,316		$	709,968		$	2,308,820		$	2,963,402		$	4,922,856

Net assets, end of period	$	773,284		$	764,689		$	2,439,856		$	3,555,688		$	5,235,054

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

-41-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	T Rowe Price Health Sciences Portfolio			T Rowe Price Moderate Allocation			Touchstone TVST Balanced			Touchstone TVST Bond			Touchstone TVST Common Stock
Net investment (loss) gain	$	(22,146	)	$	21,503		$	73,152		$	260,003		$	(54,457	)

Realized and unrealized gain (loss) on investments
Capital gains distributions		230,635			42,241			—			—			3,202,903

Net realized gain (loss) from shares sold		60,280			(660	)		(65,353	)		(46,685	)		1,463,597

Net unrealized (depreciation) appreciation on investments		(251,439	)		67,553			835,525			(133,230	)		3,652,630

Net realized and unrealized gain (loss) on investments		39,476			109,134			770,172			(179,915	)		8,319,130

Increase in net assets resulting from operations		17,330			130,637			843,324			80,088			8,264,673

Accumulation unit transactions:
Participant deposits		79,809			52,408			198,755			234,992			1,120,758
Transfers between investment sub-accounts and general account, net		(1,608	)		(18,925	)		(1,556	)		(58,155	)		(389,741	)
Transfers between investment subaccounts, net		23,990			5,310			438,998			299,080			797,484
Net surrenders and lapses		(57,114	)		—			(124,447	)		(340,641	)		(2,070,845	)
Contract benefits		(990	)		—			(67,072	)		(18,290	)		(331,893	)
Loan collateral interest received		6,754			10			19,904			39,396			174,630
Transfers for policy loans		(17,992	)		287			(162,535	)		44,700			(367,415	)
Contract charges		(91,820	)		(49,645	)		(264,114	)		(275,665	)		(1,467,475	)
Other		12,152			7,333			29,891			28,207			187,743

Total net accumulation unit transactions		(46,819	)		(3,222	)		67,824			(46,376	)		(2,346,754	)

(Decrease) increase in net assets		(29,489	)		127,415			911,148			33,712			5,917,919

Net assets, beginning of period	$	2,487,974		$	1,413,704		$	6,665,806		$	5,629,190		$	40,835,874

Net assets, end of period	$	2,458,485		$	1,541,119		$	7,576,954		$	5,662,902		$	46,753,793

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

-42-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS PY

DECEMBER 31, 2024

	Touchstone TVST Small Company			Van Eck VIPT Emerging Markets			Van Eck VIPT Global Resources Fund			Van Eck VIPT Unconstrained Emerging Markets
Net investment (loss) gain	$	(111,353	)	$	18,394		$	24,755		$	63,954

Realized and unrealized gain (loss) on investments
Capital gains distributions		1,031,290			—			—			—

Net realized (loss) gain from shares sold		(58,551	)		(28,569	)		18,048			(9,697	)

Net unrealized appreciation (depreciation) on investments		2,795,776			18,220			(94,524	)		(35,185	)

Net realized and unrealized gain (loss) on investments		3,768,515			(10,349	)		(76,476	)		(44,882	)

Increase (decrease) in net assets resulting from operations		3,657,162			8,045			(51,721	)		19,072

Accumulation unit transactions:
Participant deposits		887,366			60,313			58,889			37,418
Transfers between investment sub-accounts and general account, net		(53,711	)		24,336			(23,187	)		(28,021	)
Transfers between investment subaccounts, net		35,430			93,617			132,228			16,592
Net surrenders and lapses		(1,458,733	)		(23,576	)		(25,842	)		(20,829	)
Contract benefits		(89,205	)		(268	)		(270	)		—
Loan collateral interest received		126,399			7,260			4,785			8,124
Transfers for policy loans		(160,408	)		(19,040	)		(15,423	)		(12,943	)
Contract charges		(1,111,407	)		(65,156	)		(70,289	)		(55,137	)
Other		131,171			7,808			6,363			4,915

Total net accumulation unit transactions		(1,693,098	)		85,294			67,254			(49,881	)

Increase (decrease) in net assets		1,964,064			93,339			15,533			(30,809	)

Net assets, beginning of period	$	29,026,080		$	1,700,629		$	1,317,392		$	1,011,315

Net assets, end of period	$	30,990,144		$	1,793,968		$	1,332,925		$	980,506

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

-43-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 1 – NATURE OF OPERATIONS

National Variable Life Insurance Account (the “Variable” Account) began operations on March 11, 1996 and is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The operations of the Variable Account are part of National Life Insurance Company (“National Life”). The Variable Account was established by National Life as a separate investment account to invest the net premiums received from the sale of certain variable life insurance products. Equity Services, Inc., a controlled affiliate of National Life, is the principal underwriter for the variable life insurance policies issued by National Life.

National Life maintains four products within the Variable Account. The VariTrak product was established on March 11, 1996 and is used exclusively for National Life’s flexible premium variable universal life insurance products known collectively as VariTrak. On May 1, 1998, National Life established the Estate Provider product to be used exclusively for National Life’s flexible premium variable universal life insurance products known collectively as Estate Provider. On February 12, 1999, National Life established the Benefit Provider product to be used exclusively for National Life’s flexible premium variable universal life insurance products known collectively as Benefit Provider. On December 23, 2008, National Life established the Investor Select product to be used exclusively for National Life’s flexible premium variable universal life insurance products known collectively as Investor Select. Effective January 1, 2009, National Life no longer offers new issues of VariTrak, Estate Provider, Investor Select and Benefit Provider products.

The Company's variable life insurance products provide life insurance protection while allowing policyholders the ability to accumulate value through a variety of investment options. These products include a death benefit payable to designated beneficiaries, subject to policy terms. The Company no longer issues these products, and they are not available to new purchasers.

The Variable Account invests the accumulated policyholder policy values in shares of mutual fund portfolios within AB VPS, Alger, Allspring VT, BNY Mellon, DWS, Fidelity VIP, Franklin Templeton VIP, Invesco I.O.V.I., Invesco V.I., Lincoln LVIP American Century, Lincoln LVIP JPMorgan, Morgan Stanley Variable Insurance Fund, Neuberger Berman Trust,T. Rowe Price, Touchstone TVST, and Van Eck VIPT. Net premiums received by the Variable Account are deposited in the portfolios as designated by the policyholder. Policyholders may also direct the allocations of their policy value to a declared interest account (within the General Account of National Life) and may transfer policy value between the portfolios within the Variable Account and the declared interest account.

There are 59 active sub-accounts within the Variable Account as of December 31, 2025. Each sub-account, which invests exclusively in the shares of the corresponding portfolio, comprises the accumulated policyholder policy values of the underlying variable universal life insurance policies investing in the sub-account. The portfolios consist of the following:

AB VPS Discovery Value Portfolio Class A	Franklin Templeton VIP US Government
AB VPS International Value Fund	Invesco I.O.V.I Global Strategic Income Fund
AB VPS Relative Value Portfolio	Invesco I.O.V.I Main Street Small Cap Fund
Alger Capital Appreciation Fund	Invesco V.I. Discovery Mid Cap Growth Fund
Alger Large Cap Growth Fund	Invesco V.I. Health Care Fund
Alger Small Cap Growth Fund	Invesco V.I . Equity and Income Fund
Allspring VT Discovery SMID Cap Growth Fund	Invesco V.I. Technology Fund
Allspring VT Opportunity Fund	LVIP American Century Disciplined Core Value Fund
BNY Mellon Appreciation Portfolio	LVIP American Century Inflation Protection Fund
BNY Mellon VIF Small Cap Portfolio	LVIP American Century International Fund
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.	LVIP American Century Ultra Fund
DWS Equity 500 Index VIP Fund	LVIP American Century Value Fund

-44-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

DWS Small Cap Index Fund	LVIP JPMorgan Small Cap Core Fund - Standard Class
DWS Small Mid Cap Value Portfolio	Morgan Stanley VIF Emerging Markets Equity Portfolio
Fidelity VIP Contrafund Class 2 Portfolio	Neuberger Berman Trust Mid Cap Growth Class S
Fidelity VIP Equity Income Portfolio	Neuberger Berman Trust Mid Cap Growth Portfolio
Fidelity VIP Government Money Market Portfolio	Neuberger Berman Trust Short Duration Bond Portfolio
Fidelity VIP Growth Portfolio	Neuberger Berman Quality Equity Portfolio Class I
Fidelity VIP High Income Portfolio	T Rowe Price Blue Chip Growth Portfolio
Fidelity VIP Index 500 II Portfolio	T Rowe Price Equity Income Portfolio
Fidelity VIP Investment Grade Bond Portfolio	T Rowe Price Health Sciences Portfolio
Fidelity VIP Mid Cap Class 2 Portfolio	T Rowe Price Moderate Allocation
Fidelity VIP Overseas Portfolio	Touchstone TVST Balanced
Fidelity VIP Value Strategies Portfolio	Touchstone TVST Bond
Franklin Templeton VIP Foreign Securities	Touchstone TVST Common Stock
Franklin Templeton VIP Global Real Estate	Touchstone TVST Small Company
Franklin Templeton VIP Mutual Global Discovery Securities	Van Eck VIPT Emerging Markets
Franklin Templeton VIP Mutual Shares Securities	Van Eck VIPT Global Resources Fund
Franklin Templeton VIP Small Cap Value	Van Eck VIPT Unconstrained Emerging Markets
Franklin Templeton VIP Small-Midcap Growth II

The assets of each portfolio are held separate from the assets of the other portfolios and each has different investment objectives and policies. Each portfolio operates separately and the gains or losses in one portfolio have no effect on the investment performance of the other portfolios.

On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I. On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

On April 16, 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated. On April 26, 2024, the Invesco I.O. V.I. Conservative Balanced Fund was merged into Invesco V.I. Equity and Income Fund. On April 26, 2024, the American Century VP Disciplined Core Value Fund was merged into Lincoln LVIP American Century Disciplined Core Value Fund. On April 26, 2024, the American Century VP Inflation Protection I Portfolio and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund. On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund. On April 26, 2024, the American Century VP Ultra Fund was merged into Lincoln LVIP American Century Ultra Fund. On April 26, 2024, the American Century VP Value Fund was merged into Lincoln LVIP American Century Value Fund. On June 17, 2024, the DWS CROCI U.S. VIP Fund was liquidated. On December 6, 2024, the Morgan Stanley VIF U.S. Real Estate Portfolio was liquidated.

-45-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed in the preparation of the Variable Account’s financial statements:

Investment Valuation

The statement classifies all assets and liabilities carried or disclosed at fair value in one of the following three categories:

Level 1 – inputs are unadjusted quoted market prices available in active markets for identical assets on the reporting date. Assets in this category generally include actively traded registered mutual funds.

Level 2 – inputs are quoted prices for similar instruments in active markets, or quoted prices for identical or similar instruments in markets that are not active.

Level 3 – inputs are unobservable where there is little or no market activity and assumptions are based on internally derived information. Assets in this category generally include all other types of investments that do not meet the criteria of Level 1 or 2. As of December 31, 2025, none of the Variable Account investments are considered Level 3.

The Variable Account invests in registered mutual funds managed by unaffiliated third parties. The fair value of the registered mutual funds is based upon the reported net asset values as provided by the fund manager. The Fair Value Hierarchy level of the Variable Account net assets is based on observable market inputs of the registered mutual funds as published on recognized market exchanges. National Life's management reviews each mutual fund’s liquidity in order to determine the level at which those investments should be reported.

Investments in the portfolios are valued at the closing net asset value per share as determined by each portfolio’s administrator, and are classified under Level 1 of the three-tier hierarchy established in Accounting Standards Codification (“ASC”) 820 – Fair Value Measurement. During 2025, there were no transfers between levels. The change in the difference between cost and market value during 2025, is reflected as unrealized appreciation (depreciation) in the Statements of Operations.

-46-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions

Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income and capital gain distributions are recorded on the ex-dividend date. The cost of investments sold was determined using the first in, first out method.

Loans

Policyholders may obtain loans after the first policy year as outlined in the variable life insurance policy and variable universal life insurance policy. At the time a loan is granted, accumulated value equal to the amount of the loan is designated as collateral and transferred from the Variable Account to the General Account of National Life. Interest is credited by National Life at predetermined rates on collateral held in the General Account. This interest is periodically transferred to the Variable Account.

Policyholder Transactions

Policyholders may allocate amounts in their policy value to the Variable Account and to the guaranteed interest account of National Life’s General Account. Participant deposits are reduced by applicable deductions, charges and state premium taxes. Transfers between the Variable Account and the guaranteed interest account, net, are amounts that policyholders have directed to be moved among investment options, including permitted transfers to and from the guaranteed interest account.

Surrenders, lapses and contract benefits are payments to policyholders and beneficiaries made under the terms of the policies and amounts that policyholders have requested to be withdrawn and paid to them. Withdrawal charges, if applicable, are included in transfers for policy benefits and terminations. Included in policy charges are administrative, cost of insurance, and other variable charges deducted monthly from the policies. Other policyholder transactions represent miscellaneous items not separately presented, which may include amounts such as bonus interest, settlement related market adjustments, and other de minimis policyholder activity.

Federal Income Taxes

The operations of the Variable Account are part of and taxed with, the total operations of National Life, under Subchapter L of the Internal Revenue Code (IRC). Under the current provisions of the IRC, National Life does not expect to incur federal income taxes on the earnings or realized capital gains attributable to the Variable Account. Based on this, no Federal income tax provision is required. National Life will review periodically the status of this policy in the event of changes in the tax law.

Subsequent Events

National Life considers events occurring after the balance sheet date through the date of this report to be subsequent events requiring disclosure.

-47-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 3 – CHARGES AND EXPENSES

The following tables describe the fees and expenses assessed when buying, owning and surrendering a Policy within each product of the Variable Account. Such charges reimburse National Life for the insurance, other benefits provided, policy administration and its assumption of mortality and expense risks. The mortality risk assumed is that the insured under the policies may die sooner than anticipated. The expense risk assumed is that expenses incurred in issuing and administering the policies may exceed expected levels.

Charges and Deductions – VariTrak Product
Description of Charge	When Charge is Deducted	Amount Deducted	How Deducted
Premium Tax Charge	Upon receipt of premium payment	3.25% of each premium payment (2.0% for qualified employee benefit plans)	Deducted from Premium Payment
Surrender Charge	Upon surrender or lapse of the Policy during the first 15 Policy Years, or 15 Policy Years following an increase in Face Amount	$0 - $2 per $1000 of initial or increased Face Amount	Deducted from Accumulated Value upon Surrender or Lapse
Deferred Sales Charge	Upon surrender or lapse of the Policy during the first 15 Policy Years or following an increase in Face Amount	$1.10 to $37.75 per $1000 of initial or increased Face Amount	Deducted from Accumulated Value upon Surrender or Lapse
Withdrawal Fees	Upon making a withdrawal	Lesser of 2% of amount withdrawn or $25	Deducted from Withdrawal Amount
Transfer Fees	Upon making a transfer	$25 per transfer in excess of 5 transfers in any one Policy Year	Deducted from Transfer Amount
Loan Interest Spread	At the end of each Policy Year, or upon death, surrender, or lapse, if earlier	1.3% - 2% annually of amount held as Collateral	Unit Liquidation from Policy Value
Projection Report Charge	At the time Report is requested	$25 maximum in New York, no maximum elsewhere	Unit Liquidation from Policy Value
Cost of Insurance	On the Date of Issue of the Policy and on each Monthly Policy Date	Varies based on age of Insured and Duration of Policy	Unit liquidation from Policy Value
Mortality and Expense Risk Fees	Deducted Daily	Annual rate of 0.90% of the average daily net assets of each subaccount of the Variable Account	Deducted from sub-accounts as a Reduction in Unit Value
Administrative Fees	On the Date of Issue of the Policy and on each Monthly Policy Date	$7.50 per month, plus $0.07 per $1000 of Face Amount	Unit liquidation from Policy Value
Riders	On the Date of Issue of the Policy and on each Monthly Policy Date	Amount varies depending on the specifics of the Policy	Unit liquidation from Policy Value

-48-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 3 – CHARGES AND EXPENSES

Charges and Deductions – Investor Select Product
Description of Charge	When Charge is Deducted	Amount Deducted	How Deducted
Premium Expense Charge	Upon receipt of Premium Payment	6.00% of each premium payment	Deducted from Premium Payment
Surrender Charge	Upon surrender or lapse of the Policy during the first 10 Policy Years or following an increase in Face Amount	Varies based on the characteristics of the insureds	Deducted from Accumulated Value upon Surrender or Lapse
Cost of Insurance Charge	On the Date of Issue of the Policy and on each Monthly Policy Date until the Insured reaches Attained Age 121	Varies based on Net amount at Risk, age of the insureds and other factors	Unit Liquidation from Policy Value
Policy Value Charge	On the Date of Issue of the Policy and on each Monthly Policy Date	0.04% of Accumulated Value	Unit Liquidation from Policy Value
Policy Fee	On the Date of Issue of the Policy and on each Monthly Policy Date until the Insured reaches Attained Age 121	$7.50 per month	Unit Liquidation from Policy Value
Expense Charge	On the Date of Issue of the Policy and on each Monthly Policy Date during the first 10 Policy Years, and for 10 years, following an increase in the Face Amount	Varies based on the face amount of the policy at issue, age of the insureds and other factors	Unit Liquidation from Policy Value
Withdrawal Charge	Upon making a Withdrawal	$25 per withdrawal	Deducted from the Withdrawal amount
Transfer Charge	Upon making a Transfer	$25 per transfer	Deducted from the Transfer amount
Loan Interest Spread	At the end of each Policy Year, or upon death, surrender or lapse, if earlier	0% - 2% annually of amount held as Collateral	Unit Liquidation from Policy Value
Projection Report Charge	At the time Report is requested	$25 per report	Pro-Rata Unit Liquidation from Policy Value
Riders	On the Date of Issue of the Policy and on each Monthly Policy Date	Amount varies depending on the specifics of the Policy	Unit Liquidation from Policy Value

-49-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 3 – CHARGES AND EXPENSES

Charges and Deductions – Estate Provider Product
Description of Charge	When Charge is Deducted	Amount Deducted	How Deducted
Premium Expense Charge	Upon receipt of Premium Payment	7.40% - 10.40% depending on Policy Year	Deducted from Premium Payment
Surrender Charge	Upon surrender or lapse before the end of Policy Year 10, or the ten years after an increase in the Basic Coverage	Based on Joint Age at issue or time of increase; Level up to 5 years, declines thereafter each month by 1/60 of initial surrender charge	Deducted from Accumulated Value upon Surrender or Lapse
Cost of Insurance Charge	On the Date of Issue of the Policy and on each Monthly Policy Date	Varies based on Net amount at Risk, age of the insureds and other factors	Unit Liquidation from Policy Value
Variable Account Charge	On the Date of Issue of the Policy and on each Monthly Policy Date	0.75% - 0.90% in Policy Years 1 - 10	Unit Liquidation from Policy Value
Administrative Charge	On the Date of Issue of the Policy and on each Monthly Policy Date	$7.50 - $15.00 per month plus $0.08 to $0.09 per $1000 of basic coverage	Unit Liquidation from Policy Value
Withdrawal Charge	Upon making a Withdrawal	The lesser of 2% of the Withdrawal amount or $25	Deducted from the Withdrawal amount
Transfer Charge	Upon making a Transfer	$25 per transfer in excess of 12 transfers in any one Policy Year	Deducted from the Transfer amount
Loan Interest Spread	At the end of each Policy Year, or upon death, surrender or lapse, if earlier	1.3% - 2% annually of amount held as Collateral	Unit Liquidation from Policy Value
Projection Report Charge	At the time Report is requested	$25 maximum in New York, no maximum elsewhere	Pro-Rata Unit Liquidation from Policy Value
Riders	On the Date of Issue of the Policy and on each Monthly Policy Date	Amount varies depending on the specifics of the Policy	Unit Liquidation from Policy Value

-50-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 3 – CHARGES AND EXPENSES

Charges and Deductions – Benefit Provider Product
Description of Charge	When Charge is Deducted	Amount Deducted	How Deducted
Distribution Charge	Upon receipt of Premium Payment	5% - 15% of Premiums paid during the Policy Year up to the Target Premium, plus 0.5% - 2.5% of Premiums paid in excess of the Target Premium, depending on the Policy Year	Deducted from Premium Payment
Premium Tax Charge	Upon receipt of Premium Payment	Amount varies by State, and may range from 2% to as high as 12% in certain jurisdictions in Kentucky	Deducted from Premium Payment
Cost of Insurance	On the Date of Issue of the Policy and on each Monthly Policy Date	Varies based on age of Insured and Duration of the Policy	Unit liquidation from Policy Value
Policy Administration Charge	On the Date of Issue of the Policy and on each Monthly Policy Date	Currently $5.50 per month; Guaranteed not to exceed $8.00 per month	Unit liquidation from Policy Value
Underwriting Charge	On the Date of Issue of the Policy and on each Monthly Policy Date	$1.67 per month in Policy Year 1, and $3.75 per month in Policy Years 2 – 5	Unit liquidation from Policy Value
Mortality and Expense Risk Charge	Deducted Daily	Annual rate of 0% - 0.22% of the average daily net assets of each sub-account of the Variable Account; Guaranteed not to exceed Annual rate of 0.60%	Deducted from sub-accounts as a reduction in Unit Value
Variable Account Administration Charge	Deducted Daily	Annual Rate of 0.10% during the first 20 Policy Years, and annual rate of 0.07% thereafter	Deducted from sub-accounts as a reduction in Unit Value
Transfer Charge	Upon making a Transfer	$25 per Transfer in excess of 12 transfers in any one Policy Year	Deducted from Transfer amount
Riders	On the Date of Issue of the Policy and on each Monthly Policy Date	Amount varies depending on the specifics of the Policy	Unit liquidation from Policy Value

-51-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 4 – INVESTMENTS

The number of shares held and cost for each of the portfolios at December 31, 2025 are set forth below:

Portfolio	Shares		Cost
AB VPS Discovery Value Portfolio Class A		119,023	$	1,938,174
AB VPS International Value Fund		166,565	$	2,357,279
AB VPS Relative Value Portfolio		3,677	$	109,415
Alger Capital Appreciation Fund		35,192	$	3,336,433
Alger Large Cap Growth Fund		276,189	$	20,198,565
Alger Small Cap Growth Fund		460,571	$	10,403,941
Allspring VT Discovery SMID Cap Growth Fund		342,112	$	8,811,471
Allspring VT Opportunity Fund		197,973	$	4,954,021
BNY Mellon Appreciation Portfolio		27,508	$	964,261
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.		8,364	$	330,470
BNY Mellon VIF Small Cap Portfolio (1)		6,056	$	251,070
DWS Equity 500 Index VIP Fund		58,819	$	1,579,164
DWS Small Cap Index Fund		70,309	$	981,893
DWS Small Mid Cap Value Portfolio		205,001	$	2,435,325
Fidelity VIP Contrafund Class 2 Portfolio		460,094	$	20,084,614
Fidelity VIP Equity Income Portfolio		524,891	$	12,356,807
Fidelity VIP Government Money Market Portfolio		8,783,514	$	8,783,514
Fidelity VIP Growth Portfolio		377,617	$	32,467,261
Fidelity VIP High Income Portfolio		1,034,722	$	5,250,552
Fidelity VIP Index 500 II Portfolio		148,262	$	38,871,002
Fidelity VIP Investment Grade Bond Portfolio		906,536	$	10,849,123
Fidelity VIP Mid Cap Class 2 Portfolio		165,520	$	5,988,281
Fidelity VIP Overseas Portfolio		481,639	$	11,105,010
Fidelity VIP Value Strategies Portfolio		43,333	$	642,835
Franklin Templeton VIP Foreign Securities		128,906	$	1,733,028
Franklin Templeton VIP Global Real Estate		81,831	$	1,115,988
Franklin Templeton VIP Mutual Global Discovery Securities		32,872	$	614,053
Franklin Templeton VIP Mutual Shares Securities		56,334	$	905,136
Franklin Templeton VIP Small Cap Value		87,405	$	1,157,315
Franklin Templeton VIP Small-Midcap Growth II		22,779	$	287,956
Franklin Templeton VIP US Government		29,901	$	320,420
Invesco I.O.V.I Global Strategic Income Fund		69,975	$	331,437
Invesco I.O.V.I Main Street Small Cap Fund		2,749	$	77,803
Invesco V.I . Equity and Income Fund		24,479	$	433,015
Invesco V.I. Discovery Mid Cap Growth Fund		18,477	$	1,370,894
Invesco V.I. Health Care Fund		105,863	$	2,962,929
Invesco V.I. Technology Fund		150,215	$	2,990,973
LVIP American Century Disciplined Core Value Fund		475,253	$	3,879,987
LVIP American Century Inflation Protection Fund		128,396	$	1,184,705
LVIP American Century International Fund		455,330	$	4,938,892

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

-52-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 4 – INVESTMENTS

Portfolio	Shares		Cost
LVIP American Century Ultra Fund		12,057	$	317,221
LVIP American Century Value Fund		826,357	$	9,965,611
LVIP JPMorgan Small Cap Core Fund - Standard Class		69,329	$	1,290,896
Morgan Stanley VIF Emerging Markets Equity Portfolio		36,584	$	456,174
Neuberger Berman Quality Equity Portfolio Class I (2)		82,325	$	2,369,499
Neuberger Berman Trust Mid Cap Growth Class S		29,230	$	734,790
Neuberger Berman Trust Mid Cap Growth Portfolio		25,113	$	732,641
Neuberger Berman Trust Short Duration Bond Portfolio		261,597	$	2,663,427
T Rowe Price Blue Chip Growth Portfolio		60,262	$	2,555,744
T Rowe Price Equity Income Portfolio		206,496	$	5,527,267
T Rowe Price Health Sciences Portfolio		53,872	$	2,618,949
T Rowe Price Moderate Allocation		79,117	$	1,642,590
Touchstone TVST Balanced		583,348	$	7,056,526
Touchstone TVST Bond		673,487	$	6,411,996
Touchstone TVST Common Stock		3,783,737	$	39,235,770
Touchstone TVST Small Company		2,309,040	$	31,662,235
Van Eck VIPT Emerging Markets		186,481	$	2,114,633
Van Eck VIPT Global Resources Fund		51,150	$	1,141,446
Van Eck VIPT Unconstrained Emerging Markets		128,904	$	1,023,204

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

-53-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 5 – PURCHASES AND SALES OF PORTFOLIO SHARES

Purchases and proceeds from sales of shares in the portfolios for the year ended December 31, 2025 are set forth below:

			Sales
Portfolio	Purchases		Proceeds
AB VPS Discovery Value Portfolio Class A	$	508,856	$	222,725
AB VPS International Value Fund	$	290,671	$	721,114
AB VPS Relative Value Portfolio	$	31,758	$	9,930
Alger Capital Appreciation Fund	$	1,187,074	$	1,126,173
Alger Large Cap Growth Fund	$	4,826,180	$	5,426,211
Alger Small Cap Growth Fund	$	1,055,856	$	936,257
Allspring VT Discovery SMID Cap Growth Fund	$	584,554	$	1,102,038
Allspring VT Opportunity Fund	$	742,995	$	347,735
BNY Mellon Appreciation Portfolio	$	231,856	$	202,798
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.	$	57,412	$	45,432
BNY Mellon VIF Small Cap Portfolio (1)	$	32,132	$	16,753
DWS Equity 500 Index VIP Fund	$	272,558	$	511,159
DWS Small Cap Index Fund	$	128,067	$	117,016
DWS Small Mid Cap Value Portfolio	$	622,429	$	432,307
Fidelity VIP Contrafund Class 2 Portfolio	$	5,250,275	$	2,710,551
Fidelity VIP Equity Income Portfolio	$	2,137,733	$	1,356,176
Fidelity VIP Government Money Market Portfolio	$	34,463,047	$	35,271,671
Fidelity VIP Growth Portfolio	$	6,087,291	$	3,585,832
Fidelity VIP High Income Portfolio	$	743,439	$	504,723
Fidelity VIP Index 500 II Portfolio	$	5,950,774	$	8,862,928
Fidelity VIP Investment Grade Bond Portfolio	$	1,565,786	$	997,292
Fidelity VIP Mid Cap Class 2 Portfolio	$	1,423,249	$	640,616
Fidelity VIP Overseas Portfolio	$	2,384,663	$	1,634,292
Fidelity VIP Value Strategies Portfolio	$	100,513	$	105,419
Franklin Templeton VIP Foreign Securities	$	345,229	$	366,601
Franklin Templeton VIP Global Real Estate	$	138,186	$	95,125
Franklin Templeton VIP Mutual Global Discovery Securities	$	347,414	$	92,573
Franklin Templeton VIP Mutual Shares Securities	$	155,850	$	60,097
Franklin Templeton VIP Small Cap Value	$	224,042	$	101,055
Franklin Templeton VIP Small-Midcap Growth II	$	165,709	$	198,414
Franklin Templeton VIP US Government	$	134,113	$	135,609
Invesco I.O.V.I Global Strategic Income Fund	$	58,307	$	56,239
Invesco I.O.V.I Main Street Small Cap Fund	$	60,063	$	40,855
Invesco V.I . Equity and Income Fund	$	289,385	$	37,618
Invesco V.I. Discovery Mid Cap Growth Fund	$	467,836	$	139,976
Invesco V.I. Health Care Fund	$	456,465	$	370,009
Invesco V.I. Technology Fund	$	656,388	$	560,396
LVIP American Century Disciplined Core Value Fund	$	315,210	$	392,973
LVIP American Century Inflation Protection Fund	$	226,821	$	232,292
LVIP American Century International Fund	$	662,862	$	722,031

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

-54-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 5 – PURCHASES AND SALES OF PORTFOLIO SHARES

			Sales
Portfolio	Purchases		Proceeds
LVIP American Century Ultra Fund	$	43,983	$	30,953
LVIP American Century Value Fund	$	2,328,622	$	1,760,827
LVIP JPMorgan Small Cap Core Fund - Standard Class	$	317,791	$	249,053
Morgan Stanley VIF Emerging Markets Equity Portfolio	$	51,649	$	60,971
Neuberger Berman Quality Equity Portfolio Class I (2)	$	342,726	$	315,319
Neuberger Berman Trust Mid Cap Growth Class S	$	167,440	$	166,771
Neuberger Berman Trust Mid Cap Growth Portfolio	$	204,982	$	189,424
Neuberger Berman Trust Short Duration Bond Portfolio	$	480,476	$	393,457
T Rowe Price Blue Chip Growth Portfolio	$	625,455	$	826,256
T Rowe Price Equity Income Portfolio	$	1,220,760	$	614,379
T Rowe Price Health Sciences Portfolio	$	373,837	$	265,294
T Rowe Price Moderate Allocation	$	200,693	$	78,536
Touchstone TVST Balanced	$	974,332	$	942,625
Touchstone TVST Bond	$	926,274	$	868,982
Touchstone TVST Common Stock	$	9,090,464	$	7,884,407
Touchstone TVST Small Company	$	6,598,954	$	3,435,427
Van Eck VIPT Emerging Markets	$	186,818	$	293,029
Van Eck VIPT Global Resources Fund	$	223,971	$	278,742
Van Eck VIPT Unconstrained Emerging Markets	$	159,087	$	203,187

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

-55-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 6 – CHANGES IN UNITS

Changes in units in the portfolios for the year ended December 31, 2025 are set forth below:

VT = VariTrak Product

V2 = Investor Select Product

EP = Estate Provider Product

BP = Benefit Provider Product

Units Issued, Transferred and Redeemed:	Beginning balance:				Units Issued				Units Transferred				Units redeemed				Ending balance
	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP
AB VPS Discovery Value Portfolio Class A	26,468.60	2,845.83	1,849.70	—	869.93	131.78	26.51	—	2,801.15	279.82	215.01	—	(2,907.19)	(27.98)	(57.81)	—	27,232.49	3,229.45	2,033.41	—
AB VPS International Value Fund	120,915.77	19,575.56	8,093.06	—	3,327.39	645.34	104.81	—	(10,989.51)	(1,473.96)	(826.57)	—	(11,264.04)	(285.89)	(241.65)	—	101,989.61	18,461.05	7,129.65	—
AB VPS Relative Value Portfolio	4,784.29	806.08	—	—	744.11	84.75	—	—	288.97	52.61	—	—	(255.57)	(164.16)	—	—	5,561.80	779.28	—	—
Alger Capital Appreciation Fund	39,424.63	1,491.89	1,012.03	6,950.84	741.63	213.26	6.44	343.02	(1,666.01)	(78.35)	—	—	(5,488.46)	(347.66)	(9.20)	(24.26)	33,011.79	1,279.14	1,009.27	7,269.60
Alger Large Cap Growth Fund	195,343.06	7,005.72	16,193.80	2,778.28	3,810.61	400.74	201.62	101.45	(15,067.15)	(979.98)	(1,647.19)	—	(13,370.22)	(64.91)	(180.71)	(217.83)	170,716.30	6,361.57	14,567.52	2,661.90
Alger Small Cap Growth Fund	173,644.54	410.80	169.73	734.09	8,547.95	185.88	0.57	82.31	8,496.31	5.02	—	—	(14,693.24)	(20.22)	(0.50)	(5.47)	175,995.56	581.48	169.80	810.93
Allspring VT Discovery SMID Cap Growth Fund	120,881.77	—	7,214.73	428.66	3,026.52	—	39.77	9.78	(4,537.12)	—	—	—	(5,790.51)	—	(242.53)	(1.93)	113,580.66	—	7,011.97	436.51
Allspring VT Opportunity Fund	40,773.94	—	10,575.08	2,036.36	914.65	—	118.34	—	576.50	—	41.02	—	(2,629.85)	—	(19.17)	(30.27)	39,635.24	—	10,715.27	2,006.09
BNY Mellon Appreciation Portfolio	16,702.25	—	1,160.02	—	703.16	—	—	—	258.39	—	31.43	—	(3,037.18)	—	5.82	—	14,626.62	—	1,197.27	—
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.	11,951.82	—	27.50	—	267.26	—	—	—	(156.25)	—	—	—	(709.69)	—	(2.67)	—	11,353.14	—	24.83	—
BNY Mellon VIF Small Cap Portfolio (1)	9,165.78	—	—	—	494.72	—	—	—	390.43	—	—	—	(257.10)	—	—	—	9,793.83	—	—	—
DWS Equity 500 Index VIP Fund	—	—	—	23,286.22	—	—	—	49.02	—	—	—	(3,013.15)	—	—	—	(1,697.87)	—	—	—	18,624.22
DWS Small Cap Index Fund	15,571.88	1,586.21	—	2,120.37	356.49	41.62	—	—	259.26	48.54	—	(631.67)	(352.57)	(383.64)	—	(4.96)	15,835.06	1,292.73	—	1,483.74
DWS Small Mid Cap Value Portfolio	57,473.41	4,726.14	5,133.88	—	1,722.12	201.14	78.10	—	644.14	(94.78)	126.67	—	(4,029.22)	(556.13)	(96.03)	—	55,810.45	4,276.37	5,242.62	—
Fidelity VIP Contrafund Class 2 Portfolio	140,812.77	4,453.53	26,450.66	—	2,581.95	101.36	236.81	—	(2,004.62)	26.48	(668.83)	—	(8,564.80)	(335.34)	(441.02)	—	132,825.30	4,246.03	25,577.62	—
Fidelity VIP Equity Income Portfolio	85,000.51	436.01	1,087.55	—	1,904.31	28.45	17.54	—	2,253.92	156.56	(14.16)	—	(5,281.52)	(18.75)	(37.14)	—	83,877.22	602.27	1,053.79	—
Fidelity VIP Government Money Market Portfolio	542,457.53	19,037.01	89,831.33	108,153.32	47,149.36	2,023.74	1,741.94	—	(20,449.89)	9,519.96	5,646.54	318,940.59	(120,693.51)	(10,896.73)	(4,368.74)	(194,434.32)	448,463.49	19,683.98	92,851.07	232,659.59
Fidelity VIP Growth Portfolio	97,932.59	507.07	26,468.51	—	1,437.48	14.37	277.53	—	(367.36)	(4.32)	(82.37)	—	(6,588.31)	(298.97)	(518.40)	—	92,414.40	218.15	26,145.27	—
Fidelity VIP High Income Portfolio	64,738.90	975.38	19,268.36	—	2,403.70	58.56	245.50	—	854.72	5.92	429.71	—	(4,199.85)	(39.42)	(218.82)	—	63,797.47	1,000.44	19,724.75	—
Fidelity VIP Index 500 II Portfolio	375,669.98	38,757.38	200,919.38	—	5,769.62	382.29	1,490.13	—	(1,175.21)	(81.54)	(1,184.37)	—	(20,995.52)	(1,108.83)	(4,342.78)	—	359,268.87	37,949.30	196,882.36	—
Fidelity VIP Investment Grade Bond Portfolio	224,705.16	4,416.86	33,306.59	1,242,993.37	32,066.14	125.80	892.19	15,140.58	19,193.11	480.10	1,517.24	99,634.93	(51,509.96)	(236.70)	(580.71)	(48,443.82)	224,454.45	4,786.06	35,135.31	1,309,325.06
Fidelity VIP Mid Cap Class 2 Portfolio	75,466.79	3,591.67	6,631.04	—	1,724.88	67.07	102.44	—	1,584.11	81.77	2,736.29	—	(3,800.39)	(188.07)	(170.33)	—	74,975.39	3,552.44	9,299.44	—
Fidelity VIP Overseas Portfolio	160,486.35	11,970.79	14,382.40	263,478.66	4,031.55	253.58	99.25	2,582.85	964.59	(57.01)	(59.64)	(23,592.19)	(9,365.79)	(476.78)	(354.50)	(7,413.56)	156,116.70	11,690.58	14,067.51	235,055.76
Fidelity VIP Value Strategies Portfolio	6,615.72	584.34	1,546.69	—	93.16	45.15	68.74	—	(381.99)	42.64	—	—	(163.36)	(11.74)	(130.68)	—	6,163.53	660.39	1,484.75	—
Franklin Templeton VIP Foreign Securities	77,178.44	2,222.73	10,342.90	—	2,606.58	86.07	133.18	—	(2,281.99)	4.27	35.81	—	(8,335.36)	(42.60)	(178.51)	—	69,167.67	2,270.47	10,333.38	—
Franklin Templeton VIP Global Real Estate	52,345.38	—	537.10	—	2,147.61	—	—	—	3,044.31	—	84.61	—	(3,326.97)	—	(0.10)	—	54,210.33	—	621.61	—
Franklin Templeton VIP Mutual Global Discovery Securities	10,473.69	593.17	—	—	218.68	36.30	—	—	6,617.26	6.23	—	—	(1,660.81)	(8.66)	—	—	15,648.82	627.04	—	—
Franklin Templeton VIP Mutual Shares Securities	19,897.22	1,915.37	4,096.07	—	677.39	62.56	25.15	—	321.00	18.77	—	—	(1,182.55)	5.16	(32.97)	—	19,713.06	2,001.86	4,088.25	—

(1)

On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

-56-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 6 – CHANGES IN UNITS

VT = VariTrak Product

V2 = Investor Select Product

EP = Estate Provider Product

BP = Benefit Provider Product

Units Issued, Transferred and Redeemed:	Beginning balance:				Units Issued				Units Transferred				Units redeemed				Ending balance
	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP
Franklin Templeton VIP Small Cap Value	18,048.87	1,379.48	2,939.29	—	838.45	107.75	9.42	—	575.70	57.72	10.80	—	(1,071.37)	(11.05)	(15.82)	—	18,391.65	1,533.90	2,943.69	—
Franklin Templeton VIP Small-Midcap Growth II	5,786.18	1,403.90	—	—	199.95	54.79	—	—	256.45	31.76	—	—	(1,220.76)	(279.70)	—	—	5,021.82	1,210.75	—	—
Franklin Templeton VIP US Government	23,071.24	1,620.14	2,037.26	—	1,745.65	56.33	159.96	—	7,488.89	62.90	52.82	—	(10,021.34)	(91.93)	(266.80)	—	22,284.44	1,647.44	1,983.24	—
Invesco I.O.V.I Global Strategic Income Fund	28,110.17	3,094.66	—	—	897.97	123.93	—	—	72.87	87.71	—	—	(2,413.30)	(31.40)	—	—	26,667.71	3,274.90	—	—
Invesco I.O.V.I Main Street Small Cap Fund	2,763.45	575.38	—	—	334.30	56.35	—	—	1,174.62	37.52	—	—	(732.82)	(194.42)	—	—	3,539.55	474.83	—	—
Invesco V.I . Equity and Income Fund	15,932.81	1,147.23	—	—	934.51	80.35	—	—	21,916.93	54.21	—	—	(2,822.24)	(13.61)	—	—	35,962.01	1,268.18	—	—
Invesco V.I. Discovery Mid Cap Growth Fund	69,269.66	—	—	163.74	1,779.02	—	—	—	15,917.33	—	—	—	(4,345.19)	—	—	(1.09)	82,620.82	—	—	162.65
Invesco V.I. Health Care Fund	76,213.64	—	3,744.21	5,017.88	1,238.58	—	62.73	—	2,015.78	—	(41.27)	—	(3,391.23)	—	(101.35)	(18.24)	76,076.77	—	3,664.32	4,999.64
Invesco V.I. Technology Fund	123,722.69	—	5,257.65	15,524.13	2,544.83	—	38.19	—	(1,015.99)	—	(100.47)	(7,436.94)	(9,253.51)	—	(16.34)	(35.39)	115,998.02	—	5,179.03	8,051.80
LVIP American Century Disciplined Core Value Fund	362,133.72	—	27,951.31	733.93	10,945.91	—	87.77	346.29	3,681.91	—	69.68	—	(24,652.29)	—	(1,145.97)	(5.02)	352,109.25	—	26,962.79	1,075.20
LVIP American Century Inflation Protection Fund	82,989.29	3,023.56	18,217.95	9,859.58	5,521.22	319.23	433.64	—	2,050.46	176.32	108.79	—	(16,211.52)	(172.24)	(255.21)	(84.43)	74,349.45	3,346.87	18,505.17	9,775.15
LVIP American Century International Fund	409,961.91	36,737.69	42,164.04	—	12,433.08	1,396.46	554.74	—	13,303.79	1,516.49	1,485.84	—	(31,859.48)	(5,927.37)	(560.02)	—	403,839.30	33,723.27	43,644.60	—
LVIP American Century Ultra Fund	22,634.01	—	6,489.15	—	551.00	—	—	—	(619.91)	—	(299.11)	—	(806.58)	—	30.45	—	21,758.52	—	6,220.49	—
LVIP American Century Value Fund	741,356.91	13,502.41	77,069.23	69,790.79	19,135.80	2,240.76	529.80	8,868.37	6,150.10	6.38	(6,070.00)	(12.15)	(50,213.65)	(235.91)	(1,698.44)	(5,120.35)	716,429.16	15,513.64	69,830.59	73,526.66
LVIP JPMorgan Small Cap Core Fund - Standard Class	90,702.67	—	22,522.74	—	1,746.38	—	257.40	—	49.97	—	1,198.52	—	(4,681.24)	—	(1,795.81)	—	87,817.78	—	22,182.85	—
Morgan Stanley VIF Emerging Markets Equity Portfolio	—	—	—	142,609.40	—	—	—	1,721.47	—	—	—	(4,325.79)	—	—	—	(4,489.88)	—	—	—	135,515.20
Neuberger Berman Quality Equity Portfolio Class I (2)	38,482.57	479.89	6,849.12	4,825.11	827.88	32.38	62.97	101.00	20.46	(1.50)	(156.13)	—	(2,677.56)	(24.41)	(178.40)	(21.58)	36,653.35	486.36	6,577.56	4,904.53
Neuberger Berman Trust Mid Cap Growth Class S	23,852.67	—	8,675.54	—	840.78	—	92.46	—	(1,238.91)	—	(369.37)	—	(3,570.71)	—	(108.27)	—	19,883.83	—	8,290.36	—
Neuberger Berman Trust Mid Cap Growth Portfolio	9,094.61	2,337.71	—	—	124.80	120.20	—	—	(106.04)	(64.97)	—	—	(615.82)	(467.39)	—	—	8,497.55	1,925.55	—	—
Neuberger Berman Trust Short Duration Bond Portfolio	172,250.04	3,825.49	20,538.49	—	6,328.02	157.07	919.80	—	12,423.20	315.87	1,162.88	—	(22,022.98)	(233.36)	(1,592.67)	—	168,978.28	4,065.07	21,028.50	—
T Rowe Price Blue Chip Growth Portfolio	37,018.83	2,854.66	3,256.15	—	941.45	162.31	37.66	—	(2,136.36)	(327.42)	(82.91)	—	(3,497.04)	(374.87)	(66.77)	—	32,326.88	2,314.68	3,144.13	—
T Rowe Price Equity Income Portfolio	111,236.71	5,001.98	17,157.10	—	3,937.74	247.91	247.24	—	6,647.61	207.94	627.84	—	(11,891.98)	(68.09)	(437.90)	—	109,930.08	5,389.74	17,594.28	—
T Rowe Price Health Sciences Portfolio	26,699.68	719.11	1,240.18	—	1,322.21	27.21	13.65	—	1,807.63	44.36	59.38	—	(2,839.23)	(17.51)	(48.80)	—	26,990.29	773.17	1,264.41	—
T Rowe Price Moderate Allocation	42,819.03	510.96	—	—	1,872.70	23.33	—	—	122.25	26.96	—	—	(1,415.42)	(4.38)	—	—	43,398.56	556.87	—	—
Touchstone TVST Balanced	113,245.88	3,264.49	8,268.11	—	2,654.62	153.09	733.29	—	1,239.89	(104.30)	(158.13)	—	(7,406.12)	(1,209.06)	(601.34)	—	109,734.27	2,104.22	8,241.93	—
Touchstone TVST Bond	197,436.57	4,802.99	28,753.08	—	7,570.41	228.55	518.13	—	10,548.72	403.67	1,165.15	—	(25,185.47)	(233.24)	(757.59)	—	190,370.23	5,201.97	29,678.77	—
Touchstone TVST Common Stock	320,408.34	8,309.82	18,085.67	73,406.97	7,091.83	175.56	246.57	383.41	(3,812.88)	(59.32)	(320.12)	(2,451.86)	(40,007.69)	(128.09)	(471.34)	(4,725.23)	283,679.60	8,297.97	17,540.78	66,613.29
Touchstone TVST Small Company	152,764.48	7,825.30	19,675.16	13,141.12	4,280.98	275.73	535.25	—	2,473.87	303.42	(324.15)	0.92	(11,552.73)	(31.80)	(239.23)	(1,170.29)	147,966.60	8,372.65	19,647.03	11,971.75
Van Eck VIPT Emerging Markets	43,390.57	9,353.04	5,078.42	—	1,213.00	85.14	93.46	—	(299.87)	12.83	(116.09)	—	(3,477.75)	(128.86)	(193.67)	—	40,825.95	9,322.15	4,862.12	—
Van Eck VIPT Global Resources Fund	78,617.30	6,147.70	4,331.00	—	2,687.36	568.88	57.54	—	1,607.09	(126.66)	(83.25)	—	(9,087.49)	(136.78)	(101.26)	—	73,824.26	6,453.14	4,204.03	—
Van Eck VIPT Unconstrained Emerging Markets	60,960.31	2,008.46	8,418.17	—	2,362.18	102.85	215.20	—	594.25	107.05	(14.76)	—	(9,287.12)	(100.12)	(249.60)	—	54,629.62	2,118.24	8,369.01	—

(2)

On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio Class I was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

-57-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 6 – CHANGES IN UNITS

Changes in units in the portfolios for the year ended December 31, 2024 are set forth below:

VT = VariTrak Product

V2 = Investor Select Product

EP = Estate Provider Product

BP = Benefit Provider Product

Units Issued, Transferred and Redeemed:	Beginning balance:				Units Issued				Units Transferred				Units redeemed				Ending balance
	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP
AB VPS Discovery Value Portfolio Class A	28,332.99	2,719.24	1,884.27	—	963.51	138.45	45.19	—	(874.40)	24.44	(11.44)	—	(1,953.50)	(36.30)	(68.32)	—	26,468.60	2,845.83	1,849.70	—
AB VPS International Value Fund	115,925.10	18,260.33	7,697.24	—	4,515.04	897.49	157.39	—	9,538.42	759.43	473.18	—	(9,062.79)	(341.69)	(234.75)	—	120,915.77	19,575.56	8,093.06	—
AB VPS Relative Value Portfolio	4,617.29	776.26	—	—	192.68	81.78	—	—	143.52	28.78	—	—	(169.20)	(80.74)	—	—	4,784.29	806.08	—	—
AB VPS Sustainable International Thematic Portfolio (1)	7,379.87	3,130.19	1,620.91	—	56.37	33.04	10.78	—	(7,369.19)	(3,108.95)	(1,625.38)	—	(67.05)	(54.28)	(6.31)	—	—	—	—	—
Alger Capital Appreciation Fund	45,620.93	1,595.10	1,015.43	6,930.58	1,105.92	59.18	76.29	53.60	(2,764.16)	(117.14)	—	—	(4,538.06)	(45.25)	(79.69)	(33.34)	39,424.63	1,491.89	1,012.03	6,950.84
Alger Large Cap Growth Fund	216,163.54	7,109.25	17,988.29	2,802.85	5,282.82	247.06	319.34	0.98	(12,833.23)	(271.58)	(1,885.25)	—	(13,270.07)	(79.01)	(228.58)	(25.55)	195,343.06	7,005.72	16,193.80	2,778.28
Alger Small Cap Growth Fund	179,098.18	439.59	169.66	729.83	5,489.56	13.65	0.52	10.27	1,164.95	3.09	—	—	(12,108.15)	(45.53)	(0.45)	(6.01)	173,644.54	410.80	169.73	734.09
Allspring VT Discovery SMID Cap Growth Fund	127,538.05	—	7,744.39	423.35	3,311.06	—	41.32	7.23	(1,540.05)	—	(56.15)	—	(8,427.29)	—	(514.83)	(1.92)	120,881.77	—	7,214.73	428.66
Allspring VT Opportunity Fund	46,720.61	—	10,816.85	7,767.16	1,143.60	—	188.53	—	(1,108.65)	—	(82.59)	(5,525.48)	(5,981.62)	—	(347.71)	(205.32)	40,773.94	—	10,575.08	2,036.36
American Century VP Disciplined Core Value Fund (2)	96,048.93	—	6,349.84	249.41	1,014.02	—	0.64	—	(93,728.55)	—	(5,731.75)	(248.73)	(3,334.40)	—	(618.73)	(0.68)	—	—	—	—
American Century VP Inflation Protection Portfolio I (3)	53,880.64	1,974.22	9,708.91	—	1,144.15	53.62	9.77	—	(53,064.58)	(1,996.93)	(9,659.48)	—	(1,960.21)	(30.91)	(59.20)	—	—	—	—	—
American Century VP Inflation Protection Portfolio II (3)	—	—	—	55,313.52	—	—	—	—	—	—	—	(55,117.41)	—	—	—	(196.11)	—	—	—	—
American Century VP International Portfolio (4)	155,092.12	10,318.64	12,981.92	—	1,814.45	154.50	122.38	—	(154,766.87)	(10,441.06)	(13,048.41)	—	(2,139.70)	(32.08)	(55.89)	—	—	—	—	—
American Century VP Ultra Portfolio (5)	2,759.12	—	948.30	—	25.89	—	—	—	(2,779.35)	—	(949.75)	—	(5.66)	—	1.45	—	—	—	—	—
American Century VP Value Portfolio (6)	131,055.75	2,684.19	11,164.57	16,868.20	1,231.07	32.51	37.68	—	(129,423.19)	(2,686.53)	(10,716.48)	(16,347.93)	(2,863.63)	(30.17)	(485.77)	(520.27)	—	—	—	—
BNY Mellon Appreciation Portfolio	17,116.86	—	1,171.99	—	797.47	—	—	—	18.83	—	(17.61)	—	(1,230.91)	—	5.64	—	16,702.25	—	1,160.02	—
BNY Mellon Opportunistic Small Cap Portfolio (7)	9,041.17	—	—	—	742.79	—	—	—	501.50	—	—	—	(1,119.68)	—	—	—	9,165.78	—	—	—
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.	12,319.82	—	30.96	—	345.36	—	—	—	(203.43)	—	—	—	(509.93)	—	(3.46)	—	11,951.82	—	27.50	—
DWS CROCI® US VIP (8)	17,714.07	—	203.34	—	117.69	—	2.46	—	(17,582.49)	—	(205.23)	—	(249.27)	—	(0.57)	—	—	—	—	—
DWS Equity 500 Index VIP Fund	—	—	—	23,065.50	—	—	—	139.49	—	—	—	(44.46)	—	—	—	125.69	—	—	—	23,286.22
DWS Small Cap Index Fund	15,264.55	1,535.97	—	4,812.84	372.08	97.08	—	—	290.87	(22.90)	—	(2,596.94)	(355.62)	(23.94)	—	(95.53)	15,571.88	1,586.21	—	2,120.37
DWS Small Mid Cap Value Portfolio	58,876.08	4,603.77	4,999.07	—	2,199.50	398.98	85.01	—	626.31	(105.89)	121.12	—	(4,228.48)	(170.72)	(71.32)	—	57,473.41	4,726.14	5,133.88	—
Fidelity VIP Contrafund Class 2 Portfolio	153,690.27	4,189.57	27,623.84	—	3,271.00	140.05	260.77	—	(3,941.21)	181.40	(900.07)	—	(12,207.29)	(57.49)	(533.88)	—	140,812.77	4,453.53	26,450.66	—
Fidelity VIP Equity Income Portfolio	88,047.56	441.67	1,112.00	—	1,947.44	20.14	19.00	—	613.11	(7.57)	(8.48)	—	(5,607.60)	(18.23)	(34.97)	—	85,000.51	436.01	1,087.55	—
Fidelity VIP Government Money Market Portfolio	521,128.80	13,074.79	81,922.12	1,999,035.90	43,339.32	1,932.42	1,780.39	—	115,248.46	14,560.97	10,665.73	(1,724,409.16)	(137,259.05)	(10,531.17)	(4,536.91)	(166,473.42)	542,457.53	19,037.01	89,831.33	108,153.32
Fidelity VIP Growth Portfolio	106,456.45	534.57	27,860.81	—	1,653.50	28.52	318.57	—	(2,164.80)	(45.57)	(777.40)	—	(8,012.56)	(10.45)	(933.47)	—	97,932.59	507.07	26,468.51	—
Fidelity VIP High Income Portfolio	65,879.90	1,053.49	18,756.93	—	2,411.96	67.45	303.68	—	2,539.80	(191.66)	1,178.91	—	(6,092.76)	46.10	(971.16)	—	64,738.90	975.38	19,268.36	—
Fidelity VIP Index 500 II Portfolio	391,623.93	39,508.96	205,239.75	—	7,356.36	504.64	3,569.84	—	(960.98)	(147.24)	(1,310.49)	—	(22,349.33)	(1,108.98)	(6,579.72)	—	375,669.98	38,757.38	200,919.38	—

(1) On April 16, 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated. (2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund.

(4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund.

(5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund.

(6) On April 26, 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.

(7) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

(8) On June 17, 2024, the DWS CROCI® US VIP was liquidated.

-58-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 6 – CHANGES IN UNITS

VT = VariTrak Product

V2 = Investor Select Product

EP = Estate Provider Product

BP = Benefit Provider Product

Units Issued, Transferred and Redeemed:	Beginning balance:				Units Issued				Units Transferred				Units redeemed				Ending balance
	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP
Fidelity VIP Investment Grade Bond Portfolio	219,157.33	3,740.21	30,586.21	67,481.33	16,562.73	132.40	892.91	12,159.44	11,601.51	761.37	2,361.64	1,169,006.47	(22,616.41)	(217.12)	(534.17)	(5,653.87)	224,705.16	4,416.86	33,306.59	1,242,993.37
Fidelity VIP Mid Cap Class 2 Portfolio	80,643.66	3,615.95	6,790.42	—	2,529.40	195.25	70.29	—	(1,168.73)	(157.44)	(74.39)	—	(6,537.54)	(62.09)	(155.28)	—	75,466.79	3,591.67	6,631.04	—
Fidelity VIP Overseas Portfolio	163,696.04	11,725.67	14,980.23	419,389.70	5,119.62	386.00	120.80	2,412.77	3,373.26	95.04	244.10	(145,636.93)	(11,702.57)	(235.92)	(962.73)	(12,686.88)	160,486.35	11,970.79	14,382.40	263,478.66
Fidelity VIP Value Strategies Portfolio	6,250.30	572.54	1,657.30	—	127.41	41.46	102.79	—	481.41	(16.76)	(70.09)	—	(243.40)	(12.90)	(143.31)	—	6,615.72	584.34	1,546.69	—
Franklin Templeton VIP Foreign Securities	74,310.48	1,277.62	10,014.51	—	3,487.89	105.62	114.40	—	5,758.45	869.83	312.84	—	(6,378.38)	(30.34)	(98.85)	—	77,178.44	2,222.73	10,342.90	—
Franklin Templeton VIP Global Real Estate	51,192.68	—	531.38	—	2,881.97	—	—	—	2,173.37	—	5.67	—	(3,902.64)	—	0.05	—	52,345.38	—	537.10	—
Franklin Templeton VIP Mutual Global Discovery Securities	10,403.79	518.60	116.08	—	290.20	36.34	—	—	187.47	48.70	(114.72)	—	(407.77)	(10.47)	(1.36)	—	10,473.69	593.17	—	—
Franklin Templeton VIP Mutual Shares Securities	20,708.18	1,777.54	4,102.55	—	733.93	70.63	12.30	—	(314.48)	69.22	—	—	(1,230.41)	(2.02)	(18.78)	—	19,897.22	1,915.37	4,096.07	—
Franklin Templeton VIP Small Cap Value	18,623.77	1,311.49	2,948.56	—	699.60	127.70	47.70	—	232.03	(54.47)	98.79	—	(1,506.53)	(5.24)	(155.76)	—	18,048.87	1,379.48	2,939.29	—
Franklin Templeton VIP Small-Midcap Growth II	6,443.43	1,373.42	—	—	248.17	224.00	—	—	(123.39)	(97.01)	—	—	(782.03)	(96.51)	—	—	5,786.18	1,403.90	—	—
Franklin Templeton VIP US Government	22,585.64	1,793.64	2,159.49	—	2,217.39	69.71	291.95	—	2,120.38	(144.63)	(70.21)	—	(3,852.17)	(98.58)	(343.97)	—	23,071.24	1,620.14	2,037.26	—
Invesco I.O.V.I Conservative Balanced Fund (9)	11,268.17	776.60	—	—	18.50	23.99	—	—	(11,167.39)	(794.67)	—	—	(119.28)	(5.92)	—	—	—	—	—	—
Invesco I.O.V.I Global Strategic Income Fund	27,343.98	2,817.28	426.17	—	943.46	134.38	—	—	1,958.84	165.92	(421.08)	—	(2,136.11)	(22.92)	(5.09)	—	28,110.17	3,094.66	—	—
Invesco I.O.V.I Main Street Small Cap Fund	2,760.79	556.55	—	—	2.14	55.21	—	—	3.57	8.93	—	—	(3.05)	(45.31)	—	—	2,763.45	575.38	—	—
Invesco V.I. Discovery Mid Cap Growth Fund	75,334.10	—	—	164.50	2,189.16	—	—	—	(1,565.82)	—	—	—	(6,687.78)	—	—	(0.76)	69,269.66	—	—	163.74
Invesco V.I . Equity and Income Fund (9)	—	—	—	—	123.94	62.05	—	—	16,150.20	1,098.57	—	—	(341.33)	(13.39)	—	—	15,932.81	1,147.23	—	—
Invesco V.I. Health Care Fund	77,034.54	—	3,886.57	5,039.19	2,457.98	—	101.04	—	1,201.87	—	(25.49)	—	(4,480.75)	—	(217.91)	(21.31)	76,213.64	—	3,744.21	5,017.88
Invesco V.I. Technology Fund	129,880.93	—	5,605.98	15,572.43	2,901.80	—	59.26	—	148.38	—	(182.19)	—	(9,208.42)	—	(225.40)	(48.30)	123,722.69	—	5,257.65	15,524.13
LVIP American Century Disciplined Core Value Fund (2)	—	—	—	—	8,445.06	—	118.62	—	380,679.10	—	28,485.03	737.75	(26,990.44)	—	(652.34)	(3.82)	362,133.72	—	27,951.31	733.93
LVIP American Century Inflation Protection Fund (3)	—	—	—	—	4,142.75	259.56	271.01	—	84,541.08	2,881.12	18,132.96	9,924.12	(5,694.54)	(117.12)	(186.02)	(64.54)	82,989.29	3,023.56	18,217.95	9,859.58
LVIP American Century International Fund (4)	—	—	—	—	9,639.89	1,292.01	411.06	—	418,478.45	35,767.03	42,125.09	—	(18,156.43)	(321.35)	(372.11)	—	409,961.91	36,737.69	42,164.04	—
LVIP American Century Ultra Fund (5)	—	—	—	—	553.48	—	—	—	22,758.67	—	6,464.48	—	(678.14)	—	24.67	—	22,634.01	—	6,489.15	—
LVIP American Century Value Fund (6)	—	—	—	—	14,936.81	418.56	519.78	20.25	775,372.04	13,019.25	77,827.69	75,095.80	(48,951.94)	64.60	(1,278.24)	(5,325.26)	741,356.91	13,502.41	77,069.23	69,790.79
LVIP JPMorgan Small Cap Core Fund - Standard Class	99,653.56	—	23,583.46	—	3,248.73	—	245.53	—	754.94	—	175.03	—	(12,954.56)	—	(1,481.28)	—	90,702.67	—	22,522.74	—
Morgan Stanley VIF Emerging Markets Equity Portfolio	—	—	—	245,409.67	—	—	—	1,693.96	—	—	—	(96,392.51)	—	—	—	(8,101.72)	—	—	—	142,609.40
Morgan Stanley VIF U.S. Real Estate Portfolio (10)	—	—	—	12,397.86	—	—	—	—	—	—	—	(12,369.17)	—	—	—	(28.69)	—	—	—	—
Neuberger Berman Trust Mid Cap Growth Class S	25,898.98	—	8,805.43	—	935.54	—	122.81	—	(1,317.97)	—	(132.54)	—	(1,663.88)	—	(120.16)	—	23,852.67	—	8,675.54	—
Neuberger Berman Trust Mid Cap Growth Portfolio	10,564.70	2,452.16	70.02	—	161.25	185.51	—	—	(1,107.06)	(225.00)	(69.28)	—	(524.28)	(74.96)	(0.74)	—	9,094.61	2,337.71	—	—

(2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund.

(4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund.

(5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund.

(6) On April 26, 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.

(9) On April 26, 2024, the Invesco I.O.V.I Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund.

(10) On December 6, 2024, the Morgan Stanley VIF U.S. Real Estate Portfolio was liquidated.

-59-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 6 – CHANGES IN UNITS

VT = VariTrak Product

V2 = Investor Select Product

EP = Estate Provider Product

BP = Benefit Provider Product

Units Issued, Transferred and Redeemed:	Beginning balance:				Units Issued				Units Transferred				Units redeemed				Ending balance
	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP	VT	V2	EP	BP
Neuberger Berman Trust Short Duration Bond Portfolio	172,851.17	4,611.39	18,563.67	—	7,008.27	176.25	769.92	—	8,661.07	(730.34)	2,296.13	—	(16,270.47)	(231.81)	(1,091.23)	—	172,250.04	3,825.49	20,538.49	—
Neuberger Berman Trust Sustainable Equity Portfolio (11)	42,153.63	485.76	7,394.19	4,766.87	934.27	15.61	71.94	79.52	(827.17)	(16.39)	(453.29)	—	(3,778.16)	(5.09)	(163.72)	(21.28)	38,482.57	479.89	6,849.12	4,825.11
T Rowe Price Blue Chip Growth Portfolio	41,321.74	3,304.25	3,562.59	—	1,267.06	236.26	38.24	—	(721.06)	(594.30)	(279.10)	—	(4,848.91)	(91.55)	(65.58)	—	37,018.83	2,854.66	3,256.15	—
T Rowe Price Equity Income Portfolio	116,273.12	4,967.68	17,586.01	—	3,996.73	266.43	347.64	—	(2,163.02)	(144.22)	(209.70)	—	(6,870.12)	(87.91)	(566.85)	—	111,236.71	5,001.98	17,157.10	—
T Rowe Price Health Sciences Portfolio	27,235.86	696.25	1,249.03	—	845.13	23.41	7.55	—	204.97	13.64	26.13	—	(1,586.28)	(14.19)	(42.53)	—	26,699.68	719.11	1,240.18	—
T Rowe Price Moderate Allocation	42,349.74	945.40	—	—	1,688.68	28.05	—	—	155.19	(455.69)	—	—	(1,374.58)	(6.80)	—	—	42,819.03	510.96	—	—
Touchstone TVST Balanced	112,219.89	3,120.83	8,304.74	—	2,894.10	271.03	255.28	—	7,040.54	44.49	78.22	—	(8,908.65)	(171.86)	(370.13)	—	113,245.88	3,264.49	8,268.11	—
Touchstone TVST Bond	201,225.61	5,535.17	26,583.43	—	8,700.38	254.80	518.98	—	7,716.92	(733.31)	2,197.22	—	(20,206.34)	(253.67)	(546.55)	—	197,436.57	4,802.99	28,753.08	—
Touchstone TVST Common Stock	354,463.81	8,524.47	18,691.39	55,049.48	9,090.11	442.11	399.86	605.69	(8,782.96)	(579.26)	(489.15)	18,112.64	(34,362.62)	(77.50)	(516.43)	(360.84)	320,408.34	8,309.82	18,085.67	73,406.97
Touchstone TVST Small Company	163,035.67	7,577.74	19,977.65	12,946.80	4,986.30	323.55	305.68	108.89	(102.22)	(30.49)	6.12	(0.95)	(15,155.27)	(45.50)	(614.29)	86.38	152,764.48	7,825.30	19,675.16	13,141.12
Van Eck VIPT Emerging Markets	40,696.26	9,467.05	4,867.28	—	1,437.59	272.88	105.90	—	3,816.50	(205.92)	277.26	—	(2,559.78)	(180.97)	(172.02)	—	43,390.57	9,353.04	5,078.42	—
Van Eck VIPT Global Resources Fund	75,715.25	5,465.28	3,817.67	—	3,029.13	511.01	91.51	—	5,908.32	304.67	535.54	—	(6,035.40)	(133.26)	(113.72)	—	78,617.30	6,147.70	4,331.00	—
Van Eck VIPT Unconstrained Emerging Markets	64,787.76	2,441.86	7,955.46	—	2,503.25	120.53	153.38	—	(894.87)	(447.44)	451.29	—	(5,435.83)	(106.49)	(141.96)	—	60,960.31	2,008.46	8,418.17	—

(11) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

-60-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

A summary of units outstanding and unit values for the Variable Account, the investment income ratios, the expense ratios, excluding expenses of the underlying funds, and total return for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 are shown below. Information for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 reflects the adoption of AICPA Statement of Position 03-5, Financial Highlights of Separate Accounts. Certain ratios presented for the prior years reflect the presentation used in the current year.

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
AB VPS Discovery Value Portfolio Class A (f)
2025	$	1,974,585		0.85	%		27,232.49		3,229.45		2,033.41		—	$	59.18	$	68.98	$	68.98	$	—		0.90	%		0.32	%		—		1.97	%	2.89	%		2.89	%		—
2024	$	1,850,919		0.86	%		26,468.60		2,845.83		1,849.70		—	$	58.04	$	67.04	$	67.04	$	—		0.90	%		0.32	%		—		9.03	%	10.02	%		10.02	%		—
2023	$	1,788,648		1.07	%		28,332.99		2,719.24		1,884.27		—	$	53.23	$	60.94	$	60.94	$	—		0.90	%		0.32	%		—		16.14	%	17.18	%		17.18	%		—
2022	$	1,601,006		1.15	%		29,199.83		2,520.27		2,531.50		—	$	45.83	$	52.00	$	52.00	$	—		0.90	%		0.32	%		—		(16.38	)%	(15.63	)%		(15.63	)%		—
2021	$	2,097,309		0.74	%		32,079.33		2,791.61		2,708.86		—	$	54.81	$	61.63	$	61.63	$	—		0.90	%		0.32	%		—		34.74	%	35.95	%		35.95	%		—
AB VPS International Value Fund
2025	$	3,484,544		2.39	%		101,989.61		18,461.05		7,129.65		—	$	26.43	$	30.81	$	30.81	$	—		0.90	%		0.32	%		—		40.43	%	41.70	%		41.70	%		—
2024	$	2,877,728		2.69	%		120,915.77		19,575.56		8,093.06		—	$	18.82	$	21.75	$	21.75	$	—		0.90	%		0.32	%		—		4.12	%	5.07	%		5.07	%		—
2023	$	2,632,986		0.79	%		115,925.10		18,260.33		7,697.24		—	$	18.08	$	20.70	$	20.70	$	—		0.90	%		0.32	%		—		14.12	%	15.15	%		15.15	%		—
2022	$	2,622,367		4.83	%		131,664.25		18,986.15		10,871.46		—	$	15.84	$	17.97	$	17.97	$	—		0.90	%		0.32	%		—		(14.38	)%	(13.61	)%		(13.61	)%		—
2021	$	3,197,713		2.04	%		138,598.64		19,939.70		10,504.25		—	$	18.50	$	20.81	$	20.81	$	—		0.90	%		0.32	%		—		10.09	%	11.08	%		11.08	%		—
AB VPS Relative Value Portfolio (f)
2025	$	116,717		1.07	%		5,561.80		779.28		—		—	$	18.27	$	19.40	$	—	$	—		0.90	%		—			—		9.49	%	10.47	%		—			—
2024	$	93,979		1.45	%		4,784.29		806.08		—		—	$	16.69	$	17.56	$	—	$	—		0.90	%		—			—		12.01	%	13.02	%		—			—
2023	$	80,839		1.48	%		4,617.29		776.26		—		—	$	14.90	$	15.53	$	—	$	—		0.90	%		—			—		11.03	%	12.03	%		—			—
2022	$	73,060		1.42	%		4,613.95		804.60		—		—	$	13.42	$	13.87	$	—	$	—		0.90	%		—			—		(5.04	)%	(4.19	)%		—			—
2021	$	77,298		0.80	%		4,607.39		842.88		—		—	$	14.13	$	14.47	$	—	$	—		0.90	%		—			—		27.01	%	28.16	%		—			—
AB VPS Sustainable International Thematic Portfolio (g)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	306,860		—			7,379.87		3,130.19		1,620.91		—	$	23.94	$	27.40	$	27.40	$	—		0.90	%		0.32	%		—		11.63	%	12.63	%		12.63	%		—
2022	$	272,626		—			7,427.69		3,081.32		1,577.43		—	$	21.44	$	24.33	$	24.33	$	—		0.90	%		0.32	%		—		(28.26	)%	(27.61	)%		(27.61	)%		—
2021	$	350,753		—			6,701.81		3,111.73		1,364.13		—	$	29.89	$	33.61	$	33.61	$	—		0.90	%		0.32	%		—		7.28	%	8.25	%		8.25	%		—
Alger Capital Appreciation Fund
2025	$	4,534,491		—			33,011.79		1,279.14		1,009.27		7,269.60	$	114.27	$	181.55	$	143.08	$	53.05		0.90	%		0.32	%		0.12% or 0.07%		31.69	%	32.87	%		32.87	%		32.88	%
2024	$	4,011,329		—			39,424.63		1,491.89		1,012.03		6,950.84	$	86.77	$	136.64	$	107.69	$	39.92		0.90	%		0.32	%		0.12% or 0.07%		46.80	%	48.13	%		48.13	%		48.00	%
2023	$	3,104,495		—			45,620.93		1,595.10		1,015.43		6,930.58	$	59.11	$	92.24	$	72.70	$	26.97		0.90	%		0.32	%		0.12% or 0.07%		41.86	%	43.13	%		43.13	%		43.00	%
2022	$	2,428,734		—			51,361.11		1,651.22		1,044.40		6,848.31	$	41.67	$	64.45	$	50.79	$	18.86		0.90	%		0.32	%		0.12% or 0.07%		(37.09	)%	(36.52	)%		(36.52	)%		(36.57	)%
2021	$	3,707,288		—			48,015.59		1,523.45		1,068.84		9,648.84	$	66.23	$	101.52	$	80.01	$	29.74		0.90	%		0.32	%		0.12% or 0.07%		18.06	%	19.13	%		19.13	%		19.01	%
Alger Large Cap Growth Fund
2025	$	28,494,430		—			170,716.30		6,361.57		14,567.52		2,661.90	$	147.17	$	132.58	$	84.65	$	485.70		0.90	%		0.32	%		0.12% or 0.07%		29.11	%	30.27	%		30.27	%		30.29	%
2024	$	25,068,489		—			195,343.06		7,005.72		16,193.80		2,778.28	$	113.99	$	101.77	$	64.98	$	372.77		0.90	%		0.32	%		0.12% or 0.07%		41.60	%	42.89	%		42.89	%		42.75	%
2023	$	19,457,737		—			216,163.54		7,109.25		17,988.29		2,802.85	$	80.50	$	71.23	$	45.48	$	261.13		0.90	%		0.32	%		0.12% or 0.07%		31.49	%	32.67	%		32.67	%		32.54	%
2022	$	15,695,849		—			229,185.17		7,069.41		20,912.20		2,883.70	$	61.22	$	53.69	$	34.28	$	197.01		0.90	%		0.32	%		0.12% or 0.07%		(39.20	)%	(38.65	)%		(38.65	)%		(38.69	)%
2021	$	24,520,895		—			217,716.45		6,144.95		18,170.91		3,249.98	$	100.70	$	87.52	$	55.88	$	321.34		0.90	%		0.32	%		0.12% or 0.07%		10.84	%	11.84	%		11.84	%		11.71	%
2021	$	24,520,895		—			217,716.45		6,144.95		18,170.91		3,249.98	$	100.70	$	87.52	$	55.88	$	321.34		0.90	%		0.32	%		0.12% or 0.07%		10.84	%	11.84	%		11.84	%		11.71	%

-61-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
Alger Small Cap Growth Fund
2025	$	8,585,051		—			175,995.56		581.48		169.80		810.93	$	47.60	$	63.12	$	50.24	$	199.78		0.90	%		0.32	%		0.12% or 0.07%		4.97	%	5.91	%		5.91	%		5.92	%
2024	$	8,045,732		0.38	%		173,644.54		410.80		169.73		734.09	$	45.35	$	59.59	$	47.44	$	188.61		0.90	%		0.32	%		0.12% or 0.07%		7.16	%	8.13	%		8.13	%		8.03	%
2023	$	7,738,558		—			179,098.18		439.59		169.66		729.83	$	42.32	$	55.11	$	43.87	$	174.59		0.90	%		0.32	%		0.12% or 0.07%		15.46	%	16.49	%		16.49	%		16.38	%
2022	$	6,717,813		—			179,570.78		436.09		168.97		724.17	$	36.66	$	47.31	$	37.66	$	150.01		0.90	%		0.32	%		0.12% or 0.07%		(38.57	)%	(38.01	)%		(38.01	)%		(38.06	)%
2021	$	11,104,845		—			178,533.67		435.87		167.98		1,688.59	$	59.67	$	76.32	$	60.76	$	242.18		0.90	%		0.32	%		0.12% or 0.07%		(6.90	)%	(6.06	)%		(6.06	)%		(6.16	)%
Allspring VT Discovery SMID Cap Growth Fund (f) (h)
2025	$	8,652,022		—			113,580.66		—		7,011.97		436.51	$	70.05	$	—	$	91.66	$	120.27		0.90	%		0.32	%		0.12% or 0.07%		4.45	%	—			5.39	%		5.31	%
2024	$	8,784,156		—			120,881.77		—		7,214.73		428.66	$	67.07	$	—	$	86.97	$	114.20		0.90	%		0.32	%		0.12% or 0.07%		17.07	%	—			18.13	%		18.05	%
2023	$	7,917,939		—			127,538.05		—		7,744.39		423.35	$	57.29	$	—	$	73.62	$	96.74		0.90	%		0.32	%		0.12% or 0.07%		19.07	%	—			20.14	%		20.06	%
2022	$	7,037,773		—			135,254.85		—		8,104.49		415.01	$	48.11	$	—	$	61.28	$	80.58		0.90	%		0.32	%		0.12% or 0.07%		(38.40	)%	—			(37.85	)%		(37.89	)%
2021	$	11,198,120		—			132,216.33		—		8,290.80		409.51	$	78.11	$	—	$	98.60	$	129.74		0.90	%		0.32	%		0.12% or 0.07%		(5.89	)%	—			(5.04	)%		(5.11	)%
Allspring VT Opportunity Fund (h)
2025	$	5,087,892		0.05	%		39,635.24		—		10,715.27		2,006.09	$	88.78	$	—	$	104.39	$	224.50		0.90	%		0.32	%		0.12% or 0.07%		5.76	%	—			6.71	%		6.64	%
2024	$	4,886,064		0.05	%		40,773.94		—		10,575.08		2,036.36	$	83.95	$	—	$	97.82	$	210.52		0.90	%		0.32	%		0.12% or 0.07%		14.01	%	—			15.05	%		14.97	%
2023	$	5,782,054		—			46,720.61		—		10,816.85		7,767.16	$	73.63	$	—	$	85.03	$	183.12		0.90	%		0.32	%		0.12% or 0.07%		25.37	%	—			26.50	%		26.41	%
2022	$	4,845,705		—			49,410.28		—		10,749.41		8,431.75	$	58.73	$	—	$	67.22	$	144.86		0.90	%		0.32	%		0.12% or 0.07%		(21.51	)%	—			(20.81	)%		(20.84	)%
2021	$	6,449,225		0.04	%		51,492.67		—		10,561.71		9,289.00	$	74.82	$	—	$	84.88	$	183.00		0.90	%		0.32	%		0.12% or 0.07%		23.66	%	—			24.78	%		24.67	%
American Century VP Disciplined Core Value Fund (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		1.37	%		—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	3,970,350		1.54	%		96,048.93		—		6,349.84		249.41	$	38.13	$	—	$	47.42	$	28.03		0.90	%		0.32	%		0.12% or 0.07%		7.69	%	—			8.65	%		8.52	%
2022	$	3,919,806		1.84	%		102,536.39		—		6,482.39		246.26	$	35.41	$	—	$	43.64	$	25.83		0.90	%		0.32	%		0.12% or 0.07%		(13.51	)%	—			(12.74	)%		(12.85	)%
2021	$	4,728,641		1.07	%		105,710.26		—		6,624.81		2,349.87	$	40.94	$	—	$	50.01	$	29.63		0.90	%		0.32	%		0.12% or 0.07%		22.55	%	—			23.65	%		23.52	%
American Century VP Inflation Protection Portfolio (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		2.02	%		—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	1,077,933		3.62	%		53,880.64		1,974.22		9,708.91		—	$	15.96	$	16.79	$	19.04	$	—		0.90	%		0.32	%		—		2.68	%	3.60	%		3.60	%		—
2022	$	1,094,224		5.30	%		57,005.53		1,774.15		9,761.67		—	$	15.54	$	16.21	$	18.38	$	—		0.90	%		0.32	%		—		(13.65	)%	(12.88	)%		(12.88	)%		—
2021	$	1,264,886		3.38	%		57,617.65		972.69		9,937.19		—	$	18.00	$	18.60	$	21.09	$	—		0.90	%		0.32	%		—		5.66	%	6.61	%		6.61	%		—
American Century VP Inflation Protection Portfolio II (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		1.76	%		—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	101,643		3.31	%		—		—		—		55,313.52	$	—	$	—	$	—	$	1.84		—			—			0.12% or 0.07%		—		—			—			3.33	%
2022	$	99,525		5.16	%		—		—		—		55,963.06	$	—	$	—	$	—	$	1.78		—			—			0.12% or 0.07%		—		—			—			(13.08	)%
2021	$	115,805		3.14	%		—		—		—		56,601.49	$	—	$	—	$	—	$	2.05		—			—			0.12% or 0.07%		—		—			—			6.14	%

-62-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
American Century VP International Portfolio (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		3.73	%		—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	4,750,043		1.39	%		155,092.12		10,318.64		12,981.92		—	$	25.96	$	31.14	$	30.97	$	—		0.90	%		0.32	%		—		11.57	%	12.57	%		12.57	%		—
2022	$	4,440,226		1.47	%		163,112.98		9,772.78		13,600.08		—	$	23.27	$	27.66	$	27.51	$	—		0.90	%		0.32	%		—		(25.42	)%	(24.75	)%		(24.75	)%		—
2021	$	5,514,271		0.16	%		152,123.09		8,689.60		12,251.58		—	$	31.20	$	36.76	$	36.56	$	—		0.90	%		0.32	%		—		7.78	%	8.75	%		8.75	%		—
American Century VP Ultra Portfolio (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	239,334		—			2,759.12		—		948.30		—	$	61.52	$	—	$	73.38	$	—		0.90	%		0.32	%		—		42.23	%	—			43.51	%		—
2022	$	195,969		—			3,385.53		—		968.66		—	$	43.25	$	—	$	51.13	$	—		0.90	%		0.32	%		—		(32.98	)%	—			(32.38	)%		—
2021	$	295,396		—			3,487.90		—		929.71		—	$	64.54	$	—	$	75.61	$	—		0.90	%		0.32	%		—		22.06	%	—			23.16	%		—
American Century VP Value Portfolio (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		2.67	%		—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	9,165,997		2.37	%		131,055.75		2,684.19		11,164.57		16,868.20	$	57.71	$	47.48	$	65.08	$	44.39		0.90	%		0.32	%		0.12% or 0.07%		8.13	%	9.10	%		9.10	%		8.99	%
2022	$	8,876,856		2.15	%		138,324.83		2,883.75		10,714.36		17,913.16	$	53.37	$	43.52	$	59.65	$	40.73		0.90	%		0.32	%		0.12% or 0.07%		(0.35	)%	0.54	%		0.54	%		0.45	%
2021	$	9,370,958		1.72	%		150,358.53		2,689.16		12,106.94		11,910.26	$	53.56	$	43.29	$	59.33	$	40.54		0.90	%		0.32	%		0.12% or 0.07%		23.40	%	24.51	%		24.51	%		24.37	%
BNY Mellon Appreciation Portfolio
2025	$	926,186		0.37	%		14,626.62		—		1,197.27		—	$	57.60	$	—	$	69.94	$	—		0.90	%		0.32	%		—		9.09	%	—			10.07	%		—
2024	$	955,536		0.42	%		16,702.25		—		1,160.02		—	$	52.80	$	—	$	63.54	$	—		0.90	%		0.32	%		—		11.79	%	—			12.81	%		—
2023	$	874,405		0.70	%		17,116.86		—		1,171.99		—	$	47.23	$	—	$	56.33	$	—		0.90	%		0.32	%		—		19.89	%	—			20.97	%		—
2022	$	781,647		0.70	%		18,419.97		—		1,203.92		—	$	39.39	$	—	$	46.57	$	—		0.90	%		0.32	%		—		(18.79	)%	—			(18.06	)%		—
2021	$	980,294		0.44	%		18,739.25		—		1,254.35		—	$	48.51	$	—	$	56.83	$	—		0.90	%		0.32	%		—		26.00	%	—			27.13	%		—
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
2025	$	489,268		0.25	%		11,353.14		—		24.83		—	$	42.98	$	—	$	53.82	$	—		0.90	%		0.32	%		—		14.94	%	—			15.97	%		—
2024	$	448,184		0.51	%		11,951.82		—		27.50		—	$	37.39	$	—	$	46.41	$	—		0.90	%		0.32	%		—		23.77	%	—			24.89	%		—
2023	$	373,358		0.72	%		12,319.82		—		30.96		—	$	30.21	$	—	$	37.16	$	—		0.90	%		0.32	%		—		22.72	%	—			23.82	%		—
2022	$	318,253		0.55	%		12,883.82		—		35.69		—	$	24.62	$	—	$	30.01	$	—		0.90	%		0.32	%		—		(23.56	)%	—			(22.87	)%		—
2021	$	441,218		0.74	%		13,649.75		—		41.41		—	$	32.21	$	—	$	38.91	$	—		0.90	%		0.32	%		—		25.86	%	—			27.00	%		—
BNY Mellon VIF Small Cap Portfolio (d)
2025	$	290,681		0.62	%		9,793.83		—		—		—	$	29.68	$	—	$	—	$	—		0.90	%		—			—		10.00	%	—			—			—
2024	$	247,318		0.67	%		9,165.78		—		—		—	$	26.98	$	—	$	—	$	—		0.90	%		—			—		3.68	%	—			—			—
2023	$	235,305		0.31	%		9,041.17		—		—		—	$	26.03	$	—	$	—	$	—		0.90	%		—			—		8.31	%	—			—			—
2022	$	198,474		—			8,259.73		—		—		—	$	24.03	$	—	$	—	$	—		0.90	%		—			—		(17.36	)%	—			—			—
2021	$	235,062		0.11	%		8,083.89		—		—		—	$	29.08	$	—	$	—	$	—		0.90	%		—			—		15.42	%	—			—			—

-63-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
DWS CROCI® US VIP (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		4.53	%		—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	363,681		1.34	%		17,714.07		—		203.34		—	$	20.25	$	—	$	24.16	$	—		0.90	%		0.32	%		—		19.30	%	—			20.37	%		—
2022	$	315,103		1.54	%		18,319.09		—		204.32		—	$	16.98	$	—	$	20.07	$	—		0.90	%		0.32	%		—		(16.42	)%	—			(15.67	)%		—
2021	$	393,347		1.56	%		19,103.84		—		222.80		—	$	20.31	$	—	$	23.80	$	—		0.90	%		0.32	%		—		25.14	%	—			26.27	%		—
DWS Equity 500 Index VIP Fund
2025	$	1,914,574		1.12	%		—		—		—		18,624.22	$	—	$	—	$	—	$	102.80		—			—			0.12% or 0.07%		—		—			—			17.56	%
2024	$	2,036,315		1.16	%		—		—		—		23,286.22	$	—	$	—	$	—	$	87.45		—			—			0.12% or 0.07%		—		—			—			24.54	%
2023	$	1,619,615		1.29	%		—		—		—		23,065.50	$	—	$	—	$	—	$	70.22		—			—			0.12% or 0.07%		—		—			—			25.91	%
2022	$	1,249,147		1.29	%		—		—		—		22,399.42	$	—	$	—	$	—	$	55.77		—			—			0.12% or 0.07%		—		—			—			(18.35	)%
2021	$	1,521,352		1.44	%		—		—		—		22,275.59	$	—	$	—	$	—	$	68.30		—			—			0.12% or 0.07%		—		—			—			28.25	%
DWS Small Cap Index Fund
2025	$	1,056,047		1.35	%		15,835.06		1,292.73		—		1,483.74	$	54.60	$	63.63	$	—	$	73.63		0.90	%		—			0.12% or 0.07%		11.63	%	12.64	%		—			12.56	%
2024	$	989,907		1.23	%		15,571.88		1,586.21		—		2,120.37	$	48.91	$	56.50	$	—	$	65.42		0.90	%		—			0.12% or 0.07%		10.15	%	11.15	%		—			11.07	%
2023	$	1,039,269		1.10	%		15,264.55		1,535.97		—		4,812.84	$	44.40	$	50.83	$	—	$	58.90		0.90	%		—			0.12% or 0.07%		15.72	%	16.76	%		—			16.68	%
2022	$	896,828		0.95	%		15,273.02		1,444.38		—		4,912.01	$	38.37	$	43.53	$	—	$	50.48		0.90	%		—			0.12% or 0.07%		(21.34	)%	(20.64	)%		—			(20.67	)%
2021	$	1,211,037		0.82	%		17,069.54		1,417.79		—		4,724.75	$	48.78	$	54.85	$	—	$	63.63		0.90	%		—			0.12% or 0.07%		13.48	%	14.50	%		—			14.40	%
DWS Small Mid Cap Value Portfolio
2025	$	2,894,614		0.55	%		55,810.45		4,276.37		5,242.62		—	$	43.06	$	50.74	$	52.30	$	—		0.90	%		0.32	%		—		16.80	%	17.85	%		17.85	%		—
2024	$	2,550,455		0.80	%		57,473.41		4,726.14		5,133.88		—	$	36.87	$	43.06	$	44.38	$	—		0.90	%		0.32	%		—		4.84	%	5.79	%		5.79	%		—
2023	$	2,467,672		0.77	%		58,876.08		4,603.77		4,999.07		—	$	35.17	$	40.70	$	41.95	$	—		0.90	%		0.32	%		—		13.57	%	14.59	%		14.59	%		—
2022	$	2,167,179		0.49	%		58,549.77		4,507.85		5,298.16		—	$	30.97	$	35.52	$	36.61	$	—		0.90	%		0.32	%		—		(16.89	)%	(16.14	)%		(16.14	)%		—
2021	$	2,804,942		0.87	%		62,928.02		5,022.85		5,672.46		—	$	37.26	$	42.36	$	43.65	$	—		0.90	%		0.32	%		—		28.88	%	30.04	%		30.04	%		—
Fidelity VIP Contrafund Class 2 Portfolio
2025	$	27,555,021		0.14	%		132,825.30		4,246.03		25,577.62		—	$	173.16	$	117.38	$	158.57	$	—		0.90	%		0.32	%		—		20.40	%	21.48	%		21.48	%		—
2024	$	24,135,696		0.18	%		140,812.77		4,453.53		26,450.66		—	$	143.83	$	96.62	$	130.53	$	—		0.90	%		0.32	%		—		32.59	%	33.79	%		33.79	%		—
2023	$	19,669,387		0.47	%		153,690.27		4,189.57		27,623.84		—	$	108.48	$	72.22	$	97.57	$	—		0.90	%		0.32	%		—		32.27	%	33.45	%		33.45	%		—
2022	$	15,841,171		0.53	%		164,102.41		4,158.12		29,510.43		—	$	82.01	$	54.12	$	73.11	$	—		0.90	%		0.32	%		—		(26.97	)%	(26.31	)%		(26.31	)%		—
2021	$	22,435,122		0.06	%		171,589.06		4,125.53		28,852.75		—	$	112.30	$	73.44	$	99.22	$	—		0.90	%		0.32	%		—		26.70	%	27.83	%		27.83	%		—
Fidelity VIP Equity Income Portfolio
2025	$	15,447,531		1.80	%		83,877.22		602.27		1,053.79		—	$	182.86	$	72.45	$	63.08	$	—		0.90	%		0.32	%		—		17.96	%	19.02	%		19.02	%		—
2024	$	13,260,662		1.75	%		85,000.51		436.01		1,087.55		—	$	155.02	$	60.87	$	53.00	$	—		0.90	%		0.32	%		—		14.31	%	15.35	%		15.35	%		—
2023	$	12,014,477		1.88	%		88,047.56		441.67		1,112.00		—	$	135.61	$	52.77	$	45.95	$	—		0.90	%		0.32	%		—		9.66	%	10.65	%		10.65	%		—
2022	$	11,663,477		1.94	%		93,401.87		430.85		2,238.14		—	$	123.66	$	47.69	$	41.53	$	—		0.90	%		0.32	%		—		(5.80	)%	(4.96	)%		(4.96	)%		—
2021	$	13,344,788		1.89	%		100,653.96		459.06		2,473.67		—	$	131.28	$	50.18	$	43.69	$	—		0.90	%		0.32	%		—		23.78	%	24.89	%		24.89	%		—

-64-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
Fidelity VIP Government Money Market Portfolio
2025	$	8,783,514		3.98	%		448,463.49		19,683.98		92,851.07		232,659.59	$	14.68	$	12.14	$	17.18	$	1.58		0.90	%		0.32	%		0.12% or 0.07%		3.10	%	4.03	%		4.03	%		3.99	%
2024	$	9,592,138		5.00	%		542,457.53		19,037.01		89,831.33		108,153.32	$	14.24	$	11.67	$	16.51	$	1.52		0.90	%		0.32	%		0.12% or 0.07%		4.06	%	5.00	%		5.00	%		4.90	%
2023	$	11,453,121		4.60	%		521,128.80		13,074.79		81,922.12		1,999,035.90	$	13.68	$	11.12	$	15.73	$	1.45		0.90	%		0.32	%		0.12% or 0.07%		3.86	%	4.79	%		4.79	%		4.82	%
2022	$	8,261,219		1.29	%		510,429.88		12,820.54		82,997.17		113,025.55	$	13.17	$	10.61	$	15.01	$	1.38		0.90	%		0.32	%		0.12% or 0.07%		0.46	%	1.36	%		1.36	%		1.24	%
2021	$	9,450,899		0.01	%		574,805.74		13,868.08		87,964.97		342,275.43	$	13.11	$	10.47	$	14.81	$	1.36		0.90	%		0.32	%		0.12% or 0.07%		(0.88	)%	0.01	%		0.01	%		(0.10	)%
Fidelity VIP Growth Portfolio
2025	$	36,900,701		0.29	%		92,414.40		218.15		26,145.27		—	$	361.80	$	148.26	$	131.32	$	—		0.90	%		0.32	%		—		13.87	%	14.90	%		14.90	%		—
2024	$	34,204,971		0.00	%		97,932.59		507.07		26,468.51		—	$	317.71	$	129.04	$	114.29	$	—		0.90	%		0.32	%		—		29.22	%	30.39	%		30.39	%		—
2023	$	28,669,774		0.13	%		106,456.45		534.57		27,860.81		—	$	245.87	$	98.96	$	87.65	$	—		0.90	%		0.32	%		—		35.03	%	36.24	%		36.24	%		—
2022	$	22,697,440		0.64	%		114,635.23		546.19		27,719.96		—	$	182.09	$	72.64	$	64.34	$	—		0.90	%		0.32	%		—		(25.13	)%	(24.46	)%		(24.46	)%		—
2021	$	31,671,834		—			120,402.84		519.03		27,460.47		—	$	243.21	$	96.16	$	85.17	$	—		0.90	%		0.32	%		—		22.12	%	23.21	%		23.21	%		—
Fidelity VIP High Income Portfolio
2025	$	5,049,444		6.58	%		63,797.47		1,000.44		19,724.75		—	$	69.50	$	35.66	$	29.41	$	—		0.90	%		0.32	%		—		9.38	%	10.36	%		10.36	%		—
2024	$	4,658,331		6.16	%		64,738.90		975.38		19,268.36		—	$	63.54	$	32.31	$	26.65	$	—		0.90	%		0.32	%		—		7.99	%	8.97	%		8.97	%		—
2023	$	4,365,975		5.66	%		65,879.90		1,053.49		18,756.93		—	$	58.83	$	29.65	$	24.46	$	—		0.90	%		0.32	%		—		9.49	%	10.48	%		10.48	%		—
2022	$	4,058,952		5.19	%		69,332.69		1,046.81		13,795.91		—	$	53.73	$	26.84	$	22.14	$	—		0.90	%		0.32	%		—		(12.16	)%	(11.37	)%		(11.37	)%		—
2021	$	4,947,101		5.36	%		74,246.14		1,227.19		14,732.36		—	$	61.17	$	30.28	$	24.98	$	—		0.90	%		0.32	%		—		3.48	%	4.41	%		4.41	%		—
Fidelity VIP Index 500 II Portfolio
2025	$	97,872,446		1.15	%		359,268.87		37,949.30		196,882.36		—	$	207.79	$	104.49	$	97.80	$	—		0.90	%		0.32	%		—		16.73	%	17.78	%		17.78	%		—
2024	$	86,997,156		1.25	%		375,669.98		38,757.38		200,919.38		—	$	178.01	$	88.72	$	83.04	$	—		0.90	%		0.32	%		—		23.78	%	24.90	%		24.90	%		—
2023	$	72,775,026		1.43	%		391,623.93		39,508.96		205,239.75		—	$	143.82	$	71.03	$	66.49	$	—		0.90	%		0.32	%		—		25.07	%	26.19	%		26.19	%		—
2022	$	60,477,492		1.53	%		407,565.31		40,381.43		215,215.24		—	$	114.99	$	56.29	$	52.69	$	—		0.90	%		0.32	%		—		(18.94	)%	(18.21	)%		(18.21	)%		—
2021	$	78,318,438		1.24	%		425,930.29		41,413.64		233,574.05		—	$	141.86	$	68.82	$	64.42	$	—		0.90	%		0.32	%		—		27.43	%	28.58	%		28.58	%		—
Fidelity VIP Investment Grade Bond Portfolio
2025	$	10,298,245		3.56	%		224,454.45		4,786.06		35,135.31		1,309,325.06	$	22.06	$	19.81	$	27.63	$	3.27		0.90	%		0.32	%		0.12% or 0.07%		6.27	%	7.22	%		7.22	%		7.15	%
2024	$	9,397,623		4.02	%		224,705.16		4,416.86		33,306.59		1,242,993.37	$	20.76	$	18.47	$	25.76	$	3.05		0.90	%		0.32	%		0.12% or 0.07%		0.87	%	1.79	%		1.79	%		1.72	%
2023	$	5,554,945		2.65	%		219,157.33		3,740.21		30,586.21		67,481.33	$	20.58	$	18.15	$	25.31	$	3.00		0.90	%		0.32	%		0.12% or 0.07%		5.26	%	6.20	%		6.20	%		6.13	%
2022	$	5,074,342		2.29	%		216,921.96		3,517.28		24,434.43		67,385.47	$	19.55	$	17.09	$	23.83	$	2.83		0.90	%		0.32	%		0.12% or 0.07%		(13.73	)%	(12.96	)%		(12.96	)%		(12.98	)%
2021	$	6,138,071		2.05	%		226,891.90		3,643.06		24,541.17		77,533.80	$	22.67	$	19.63	$	27.38	$	3.25		0.90	%		0.32	%		0.12% or 0.07%		(1.49	)%	(0.61	)%		(0.61	)%		(0.70	)%
Fidelity VIP Mid Cap Class 2 Portfolio
2025	$	6,208,672		0.45	%		74,975.39		3,552.44		9,299.44		—	$	68.86	$	75.62	$	83.62	$	—		0.90	%		0.32	%		—		10.76	%	11.75	%		11.75	%		—
2024	$	5,430,810		0.54	%		75,466.79		3,591.67		6,631.04		—	$	62.17	$	67.66	$	74.82	$	—		0.90	%		0.32	%		—		16.44	%	17.49	%		17.49	%		—
2023	$	4,946,443		0.59	%		80,643.66		3,615.95		6,790.42		—	$	53.39	$	57.59	$	63.68	$	—		0.90	%		0.32	%		—		14.05	%	15.08	%		15.08	%		—
2022	$	4,487,918		0.52	%		83,912.52		3,367.26		7,067.70		—	$	46.81	$	50.05	$	55.34	$	—		0.90	%		0.32	%		—		(15.50	)%	(14.74	)%		(14.74	)%		—
2021	$	5,741,918		0.60	%		91,193.89		3,637.72		7,332.95		—	$	55.40	$	58.70	$	64.91	$	—		0.90	%		0.32	%		—		24.48	%	25.60	%		25.60	%		—

-65-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
Fidelity VIP Overseas Portfolio
2025	$	13,254,703		1.58	%		156,116.70		11,690.58		14,067.51		235,055.76	$	68.15	$	40.72	$	36.28	$	6.93		0.90	%		0.32	%		0.12% or 0.07%		19.32	%	20.39	%		20.39	%		20.31	%
2024	$	11,522,473		1.60	%		160,486.35		11,970.79		14,382.40		263,478.66	$	57.11	$	33.83	$	30.13	$	5.76		0.90	%		0.32	%		0.12% or 0.07%		4.11	%	5.05	%		5.05	%		4.98	%
2023	$	12,089,547		1.02	%		163,696.04		11,725.67		14,980.23		419,389.70	$	54.86	$	32.20	$	28.68	$	5.49		0.90	%		0.32	%		0.12% or 0.07%		19.43	%	20.51	%		20.51	%		20.42	%
2022	$	10,933,787		1.15	%		175,711.70		11,837.62		17,688.48		466,322.54	$	45.93	$	26.72	$	23.80	$	4.56		0.90	%		0.32	%		0.12% or 0.07%		(25.16	)%	(24.48	)%		(24.48	)%		(24.52	)%
2021	$	14,543,264		0.52	%		176,702.46		11,879.48		17,457.62		451,724.79	$	61.37	$	35.38	$	31.52	$	6.04		0.90	%		0.32	%		0.12% or 0.07%		18.63	%	19.70	%		19.70	%		19.60	%
Fidelity VIP Value Strategies Portfolio
2025	$	690,302		1.09	%		6,163.53		660.39		1,484.75		—	$	79.68	$	92.87	$	92.87	$	—		0.90	%		0.32	%		—		7.02	%	7.99	%		7.99	%		—
2024	$	675,796		1.03	%		6,615.72		584.34		1,546.69		—	$	74.45	$	86.00	$	86.00	$	—		0.90	%		0.32	%		—		8.42	%	9.40	%		9.40	%		—
2023	$	604,477		1.20	%		6,250.30		572.54		1,657.30		—	$	68.67	$	78.61	$	78.61	$	—		0.90	%		0.32	%		—		19.77	%	20.85	%		20.85	%		—
2022	$	485,620		1.19	%		6,027.36		551.76		1,601.58		—	$	57.33	$	65.05	$	65.05	$	—		0.90	%		0.32	%		—		(7.85	)%	(7.03	)%		(7.03	)%		—
2021	$	515,126		1.58	%		5,915.67		424.59		1,677.49		—	$	62.22	$	69.96	$	69.96	$	—		0.90	%		0.32	%		—		32.41	%	33.60	%		33.60	%		—
Franklin Templeton VIP Foreign Securities
2025	$	2,090,859		2.32	%		69,167.67		2,270.47		10,333.38		—	$	24.76	$	29.59	$	30.08	$	—		0.90	%		0.32	%		—		28.04	%	29.19	%		29.19	%		—
2024	$	1,784,369		2.38	%		77,178.44		2,222.73		10,342.90		—	$	19.34	$	22.90	$	23.28	$	—		0.90	%		0.32	%		—		(1.89	)%	(1.00	)%		(1.00	)%		—
2023	$	1,729,912		3.16	%		74,310.48		1,277.62		10,014.51		—	$	19.71	$	23.13	$	23.51	$	—		0.90	%		0.32	%		—		19.68	%	20.76	%		20.76	%		—
2022	$	1,653,132		3.14	%		86,128.30		1,355.44		10,710.33		—	$	16.47	$	19.15	$	19.47	$	—		0.90	%		0.32	%		—		(8.43	)%	(7.61	)%		(7.61	)%		—
2021	$	1,784,915		1.81	%		85,370.87		1,393.50		10,460.92		—	$	17.99	$	20.73	$	21.07	$	—		0.90	%		0.32	%		—		3.23	%	4.16	%		4.16	%		—
Franklin Templeton VIP Global Real Estate
2025	$	1,068,707		1.38	%		54,210.33		—		621.61		—	$	19.44	$	—	$	23.61	$	—		0.90	%		0.32	%		—		6.97	%	—			7.93	%		—
2024	$	963,236		1.82	%		52,345.38		—		537.10		—	$	18.18	$	—	$	21.88	$	—		0.90	%		0.32	%		—		(1.21	)%	—			(0.32	)%		—
2023	$	953,628		2.82	%		51,192.68		—		531.38		—	$	18.40	$	—	$	21.95	$	—		0.90	%		0.32	%		—		10.44	%	—			11.43	%		—
2022	$	844,038		2.48	%		50,124.87		—		452.50		—	$	16.66	$	—	$	19.70	$	—		0.90	%		0.32	%		—		(26.72	)%	—			(26.06	)%		—
2021	$	1,122,532		0.89	%		48,875.66		—		424.72		—	$	22.74	$	—	$	26.64	$	—		0.90	%		0.32	%		—		25.66	%	—			26.79	%		—
Franklin Templeton VIP Mutual Global Discovery Securities
2025	$	660,060		2.03	%		15,648.82		627.04		—		—	$	40.30	$	46.97	$	—	$	—		0.90	%		—			—		22.52	%	23.62	%		—			—
2024	$	367,036		1.88	%		10,473.69		593.17		—		—	$	32.89	$	38.00	$	—	$	—		0.90	%		—			—		4.04	%	4.98	%		—			—
2023	$	351,880		2.68	%		10,403.79		518.60		116.08		—	$	31.61	$	36.19	$	36.19	$	—		0.90	%		0.32	%		—		19.48	%	20.55	%		20.55	%		—
2022	$	404,030		1.69	%		14,531.09		517.42		133.17		—	$	26.46	$	30.02	$	30.02	$	—		0.90	%		0.32	%		—		(5.37	)%	(4.52	)%		(4.52	)%		—
2021	$	464,242		2.73	%		15,838.47		531.74		147.65		—	$	27.96	$	31.44	$	31.44	$	—		0.90	%		0.32	%		—		18.37	%	19.43	%		19.43	%		—
Franklin Templeton VIP Mutual Shares Securities
2025	$	906,976		2.01	%		19,713.06		2,001.86		4,088.25		—	$	33.21	$	43.63	$	40.33	$	—		0.90	%		0.32	%		—		10.52	%	11.52	%		11.52	%		—
2024	$	821,009		1.98	%		19,897.22		1,915.37		4,096.07		—	$	30.05	$	39.12	$	36.17	$	—		0.90	%		0.32	%		—		10.27	%	11.27	%		11.27	%		—
2023	$	760,183		1.90	%		20,708.18		1,777.54		4,102.55		—	$	27.25	$	35.16	$	32.50	$	—		0.90	%		0.32	%		—		12.45	%	13.46	%		13.46	%		—
2022	$	680,549		1.97	%		21,083.78		1,674.67		4,109.28		—	$	24.23	$	30.99	$	28.65	$	—		0.90	%		0.32	%		—		(8.26	)%	(7.43	)%		(7.43	)%		—
2021	$	866,135		2.72	%		25,802.73		1,715.31		4,108.96		—	$	26.41	$	33.48	$	30.95	$	—		0.90	%		0.32	%		—		18.11	%	19.17	%		19.17	%		—

-66-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
Franklin Templeton VIP Small Cap Value
2025	$	1,212,312		1.07	%		18,391.65		1,533.90		2,943.69		—	$	50.68	$	64.60	$	61.55	$	—		0.90	%		0.32	%		—		6.69	%	7.65	%		7.65	%		—
2024	$	1,108,110		0.92	%		18,048.87		1,379.48		2,939.29		—	$	47.50	$	60.01	$	57.17	$	—		0.90	%		0.32	%		—		10.70	%	11.71	%		11.71	%		—
2023	$	1,020,443		0.51	%		18,623.77		1,311.49		2,948.56		—	$	42.91	$	53.72	$	51.18	$	—		0.90	%		0.32	%		—		11.74	%	12.75	%		12.75	%		—
2022	$	911,493		1.04	%		18,611.86		1,227.96		3,047.30		—	$	38.40	$	47.65	$	45.39	$	—		0.90	%		0.32	%		—		(10.87	)%	(10.06	)%		(10.06	)%		—
2021	$	1,021,396		0.97	%		18,364.19		1,332.69		3,163.80		—	$	43.08	$	52.98	$	50.47	$	—		0.90	%		0.32	%		—		24.25	%	25.37	%		25.37	%		—
Franklin Templeton VIP Small-Midcap Growth II
2025	$	325,967		—			5,021.82		1,210.75		—		—	$	47.56	$	71.97	$	—	$	—		0.90	%		—			—		1.60	%	2.52	%		—			—
2024	$	369,403		—			5,786.18		1,403.90		—		—	$	46.81	$	70.20	$	—	$	—		0.90	%		—			—		10.04	%	11.04	%		—			—
2023	$	360,931		—			6,443.43		1,373.42		—		—	$	42.54	$	63.23	$	—	$	—		0.90	%		—			—		25.61	%	26.74	%		—			—
2022	$	327,849		—			6,548.60		1,507.14		771.53		—	$	33.87	$	49.89	$	40.04	$	—		0.90	%		0.32	%		—		(34.28	)%	(33.69	)%		(33.69	)%		—
2021	$	456,078		—			6,202.95		1,313.26		623.19		—	$	51.53	$	75.24	$	60.38	$	—		0.90	%		0.32	%		—		9.03	%	10.01	%		10.01	%		—
Franklin Templeton VIP US Government
2025	$	322,031		3.31	%		22,284.44		1,647.44		1,983.24		—	$	12.14	$	14.16	$	14.16	$	—		0.90	%		0.32	%		—		6.05	%	7.01	%		7.01	%		—
2024	$	312,578		3.30	%		23,071.24		1,620.14		2,037.26		—	$	11.45	$	13.23	$	13.23	$	—		0.90	%		0.32	%		—		0.59	%	1.50	%		1.50	%		—
2023	$	308,637		2.92	%		22,585.64		1,793.64		2,159.49		—	$	11.38	$	13.03	$	13.03	$	—		0.90	%		0.32	%		—		3.83	%	4.76	%		4.76	%		—
2022	$	298,356		2.64	%		23,361.97		1,733.36		1,658.86		—	$	10.96	$	12.44	$	12.44	$	—		0.90	%		0.32	%		—		(10.31	)%	(9.50	)%		(9.50	)%		—
2021	$	431,060		2.68	%		31,278.25		1,821.78		1,720.69		—	$	12.22	$	13.75	$	13.75	$	—		0.90	%		0.32	%		—		(2.49	)%	(1.62	)%		(1.62	)%		—
Invesco I.O.V.I Conservative Balanced Fund (e)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		9.45	%		—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	147,189		1.75	%		11,268.17		776.60		—		—	$	12.19	$	12.70	$	—	$	—		0.90	%		—			—		11.31	%	12.31	%		—			—
2022	$	133,947		1.18	%		11,547.26		664.73		—		—	$	10.95	$	11.31	$	—	$	—		0.90	%		—			—		(17.76	)%	(17.02	)%		—			—
2021	$	166,812		1.31	%		11,873.71		641.12		—		—	$	13.31	$	13.63	$	—	$	—		0.90	%		—			—		9.32	%	10.30	%		—			—
Invesco I.O.V.I Global Strategic Income Fund
2025	$	330,284		5.36	%		26,667.71		3,274.90		—		—	$	10.96	$	11.63	$	—	$	—		0.90	%		—			—		11.75	%	12.75	%		—			—
2024	$	307,542		2.76	%		28,110.17		3,094.66		—		—	$	9.81	$	10.31	$	—	$	—		0.90	%		—			—		1.87	%	2.79	%		—			—
2023	$	295,745		—			27,343.98		2,817.28		426.17		—	$	9.63	$	10.03	$	10.03	$	—		0.90	%		0.32	%		—		7.63	%	8.60	%		8.60	%		—
2022	$	326,550		—			33,326.34		2,597.34		488.89		—	$	8.94	$	9.24	$	9.24	$	—		0.90	%		0.32	%		—		(12.50	)%	(11.71	)%		(11.71	)%		—
2021	$	392,541		4.26	%		35,360.58		2,433.35		542.06		—	$	10.22	$	10.46	$	10.46	$	—		0.90	%		0.32	%		—		(4.42	)%	(3.56	)%		(3.56	)%		—
Invesco I.O.V.I Main Street Small Cap Fund
2025	$	76,175		0.22	%		3,539.55		474.83		—		—	$	18.84	$	19.99	$	—	$	—		0.90	%		—			—		7.47	%	8.44	%		—			—
2024	$	63,497		—			2,763.45		575.38		—		—	$	17.53	$	18.43	$	—	$	—		0.90	%		—			—		11.39	%	12.41	%		—			—
2023	$	52,573		0.83	%		2,760.79		556.55		—		—	$	15.74	$	16.40	$	—	$	—		0.90	%		—			—		16.77	%	17.82	%		—			—
2022	$	89,574		0.27	%		5,596.35		1,016.98		—		—	$	13.48	$	13.92	$	—	$	—		0.90	%		—			—		(16.79	)%	(16.04	)%		—			—
2021	$	106,247		0.18	%		5,559.52		977.58		—		—	$	16.20	$	16.58	$	—	$	—		0.90	%		—			—		21.17	%	22.26	%		—			—

-67-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
Invesco V.I . Equity and Income Fund (e)
2025	$	443,566		1.90	%		35,962.01		1,268.18		—		—	$	11.91	$	12.09	$	—	$	—		0.90	%		—			—		11.51	%	12.52	%		—			—
2024	$	182,464		2.12	%		15,932.81		1,147.23		—		—	$	10.68	$	10.74	$	—	$	—		0.90	%		—			—		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2021	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
Invesco V.I. Discovery Mid Cap Growth Fund
2025	$	1,389,684		—			82,620.82		—		—		162.65	$	16.79	$	—	$	—	$	17.59		0.90	%		—			0.12% or 0.07%		3.85	%	—			—			4.95	%
2024	$	1,122,305		—			69,269.66		—		—		163.74	$	16.16	$	—	$	—	$	16.76		0.90	%		—			0.12% or 0.07%		23.11	%	—			—			24.08	%
2023	$	991,198		—			75,334.10		—		—		164.50	$	13.13	$	—	$	—	$	13.51		0.90	%		—			0.12% or 0.07%		12.15	%	—			—			13.02	%
2022	$	964,638		—			82,235.63		—		—		165.38	$	11.71	$	—	$	—	$	11.95		0.90	%		—			0.12% or 0.07%		(31.60	)%	—			—			(31.06	)%
2021	$	1,349,258		—			78,100.18		—		—		732.30	$	17.11	$	—	$	—	$	17.34		0.90	%		—			0.12% or 0.07%		18.04	%	—			—			18.96	%
Invesco V.I. Health Care Fund
2025	$	3,164,230		—			76,076.77		—		3,664.32		4,999.64	$	38.66	$	—	$	48.41	$	9.15		0.90	%		0.32	%		0.12% or 0.07%		14.30	%	—			15.33	%		15.25	%
2024	$	2,774,813		—			76,213.64		—		3,744.21		5,017.88	$	33.82	$	—	$	41.98	$	7.94		0.90	%		0.32	%		0.12% or 0.07%		3.23	%	—			4.17	%		4.09	%
2023	$	2,719,056		—			77,034.54		—		3,886.57		5,039.19	$	32.76	$	—	$	40.30	$	7.63		0.90	%		0.32	%		0.12% or 0.07%		2.11	%	—			3.02	%		2.95	%
2022	$	3,218,662		—			94,087.32		—		4,141.08		5,065.60	$	32.09	$	—	$	39.11	$	7.41		0.90	%		0.32	%		0.12% or 0.07%		(14.09	)%	—			(13.32	)%		(13.32	)%
2021	$	3,868,295		0.21	%		97,041.44		—		4,434.25		5,100.90	$	37.35	$	—	$	45.12	$	8.55		0.90	%		0.32	%		0.12% or 0.07%		11.30	%	—			12.30	%		12.16	%
Invesco V.I. Technology Fund
2025	$	3,859,034		—			115,998.02		—		5,179.03		8,051.80	$	30.82	$	—	$	38.60	$	10.41		0.90	%		0.32	%		0.12% or 0.07%		19.39	%	—			20.47	%		20.38	%
2024	$	3,496,685		—			123,722.69		—		5,257.65		15,524.13	$	25.82	$	—	$	32.04	$	8.65		0.90	%		0.32	%		0.12% or 0.07%		33.06	%	—			34.27	%		34.18	%
2023	$	2,753,970		—			129,880.93		—		5,605.98		15,572.43	$	19.40	$	—	$	23.86	$	6.44		0.90	%		0.32	%		0.12% or 0.07%		45.64	%	—			46.94	%		46.84	%
2022	$	2,095,411		—			144,178.72		—		6,534.36		15,634.52	$	13.32	$	—	$	16.24	$	4.39		0.90	%		0.32	%		0.12% or 0.07%		(40.48	)%	—			(39.95	)%		(39.95	)%
2021	$	3,287,471		—			136,327.98		—		6,508.63		8,205.16	$	22.38	$	—	$	27.04	$	7.31		0.90	%		0.32	%		0.12% or 0.07%		13.39	%	—			14.41	%		14.27	%
JP Morgan Insurance Trust Small Cap Core Portfolio (f)
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	1,287,309		0.47	%		24,029.49		—		5,302.62		—	$	43.59	$	—	$	45.23	$	—		0.90	%		0.32	%		—		(20.07	)%	—			(19.35	)%		—
2021	$	1,635,186		0.50	%		24,492.49		—		5,339.29		—	$	54.54	$	—	$	56.08	$	—		0.90	%		0.32	%		—		20.30	%	—			21.38	%		—
LVIP American Century Disciplined Core Value Fund (e)
2025	$	4,600,446		1.69	%		352,109.25		—		26,962.79		1,075.20	$	12.09	$	—	$	12.27	$	12.25		0.90	%		0.32	%		0.12% or 0.07%		13.83	%	—			14.86	%		14.72	%
2024	$	4,152,045		1.26	%		362,133.72		—		27,951.31		733.93	$	10.62	$	—	$	10.68	$	10.68		0.90	%		0.32	%		0.12% or 0.07%		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2021	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—

-68-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
LVIP American Century Inflation Protection Fund (e)
2025	$	1,159,137		7.49	%		74,349.45		3,346.87		18,505.17		9,775.15	$	10.89	$	11.06	$	11.06	$	11.01		0.90	%		0.32	%		0.12% or 0.07%		5.65	%	6.60	%		6.60	%		6.26	%
2024	$	1,178,127		4.56	%		82,989.29		3,023.56		18,217.95		9,859.58	$	10.31	$	10.37	$	10.37	$	10.36		0.90	%		0.32	%		0.12% or 0.07%		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2021	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
LVIP American Century International Fund (e)																															—		—			—			—
2025	$	5,575,513		1.22	%		403,839.30		33,723.27		43,644.60		—	$	11.56	$	11.73	$	11.73	$	—		0.90	%		0.32	%		—		14.95	%	15.98	%		15.98	%		—
2024	$	4,920,392		0.88	%		409,961.91		36,737.69		42,164.04		—	$	10.05	$	10.12	$	10.12	$	—		0.90	%		0.32	%		—		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2021	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
LVIP American Century Ultra Fund (e)																															—		—			—			—
2025	$	379,743		—			21,758.52		—		6,220.49		—	$	13.53	$	—	$	13.73	$	—		0.90	%		0.32	%		—		11.84	%	—			12.84	%		—
2024	$	352,729		—			22,634.01		—		6,489.15		—	$	12.10	$	—	$	12.17	$	—		0.90	%		0.32	%		—		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2021	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
LVIP American Century Value Fund (e)																															—		—			—			—
2025	$	10,675,711		1.61	%		716,429.16		15,513.64		69,830.59		73,526.66	$	12.16	$	12.35	$	12.35	$	12.33		0.90	%		0.32	%		0.12% or 0.07%		14.99	%	16.02	%		16.02	%		15.96	%
2024	$	9,549,128		2.98	%		741,356.91		13,502.41		77,069.23		69,790.79	$	10.58	$	10.64	$	10.64	$	10.64		0.90	%		0.32	%		0.12% or 0.07%		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2021	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
LVIP JPMorgan Small Cap Core Fund - Standard Class (f)																															—		—			—			—
2025	$	1,521,491		0.64	%		87,817.78		—		22,182.85		—	$	13.76	$	—	$	14.10	$	—		0.90	%		0.32	%		—		9.29	%	—			10.27	%		—
2024	$	1,438,621		0.80	%		90,702.67		—		22,522.74		—	$	12.59	$	—	$	12.79	$	—		0.90	%		0.32	%		—		10.71	%	—			11.71	%		—
2023	$	1,403,651		1.08	%		99,653.56		—		23,583.46		—	$	11.38	$	—	$	11.45	$	—		0.90	%		0.32	%		—		—		—			—			—
2022	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2021	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
Morgan Stanley Investment Funds Core Plus Fixed Income Portfolio (f)																															—		—			—			—
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2022	$	2,641,117		4.09	%		—		—		—		1,132,436.73	$	—	$	—	$	—	$	2.33		—			—			0.12% or 0.07%		—		—			—			(14.38	)%
2021	$	3,265,750		3.83	%		—		—		—		1,198,910.18	$	—	$	—	$	—	$	2.72		—			—			0.12% or 0.07%		—		—			—			(0.40	)%

-69-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
Morgan Stanley VIF Emerging Markets Equity Portfolio
2025	$	642,785		0.41	%		—		—		—		135,515.20	$	—	$	—	$	—	$	4.74		—			—			0.12% or 0.07%		—		—			—			32.87	%
2024	$	509,079		1.70	%		—		—		—		142,609.40	$	—	$	—	$	—	$	3.57		—			—			0.12% or 0.07%		—		—			—			7.74	%
2023	$	813,109		1.54	%		—		—		—		245,409.67	$	—	$	—	$	—	$	3.31		—			—			0.12% or 0.07%		—		—			—			11.89	%
2022	$	770,509		0.43	%		—		—		—		260,213.63	$	—	$	—	$	—	$	2.96		—			—			0.12% or 0.07%		—		—			—			(25.13	)%
2021	$	916,563		0.80	%		—		—		—		231,760.92	$	—	$	—	$	—	$	3.95		—			—			0.12% or 0.07%		—		—			—			2.91	%
Morgan Stanley VIF U.S. Real Estate Portfolio
2025	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2024	$	—		—			—		—		—		—	$	—	$	—	$	—	$	—		—			—			—		—		—			—			—
2023	$	77,305		2.21	%		—		—		—		12,397.86	$	—	$	—	$	—	$	6.24		—			—			0.12% or 0.07%		—		—			—			14.44	%
2022	$	67,786		1.29	%		—		—		—		12,440.79	$	—	$	—	$	—	$	5.45		—			—			0.12% or 0.07%		—		—			—			(27.05	)%
2021	$	96,130		2.01	%		—		—		—		12,869.29	$	—	$	—	$	—	$	7.47		—			—			0.12% or 0.07%		—		—			—			39.63	%
Neuberger Berman Quality Equity Portfolio Class I (d)
2025	$	3,520,215		—			36,653.35		486.36		6,577.56		4,904.53	$	75.82	$	88.37	$	88.37	$	23.82		0.90	%		0.32	%		0.12% or 0.07%		12.73	%	13.74	%		13.74	%		13.66	%
2024	$	3,258,938		0.22	%		38,482.57		479.89		6,849.12		4,825.11	$	67.26	$	77.70	$	77.70	$	20.96		0.90	%		0.32	%		0.12% or 0.07%		24.71	%	25.84	%		25.84	%		25.75	%
2023	$	2,839,426		0.33	%		42,153.63		485.76		7,394.19		4,766.87	$	53.93	$	61.74	$	61.74	$	16.67		0.90	%		0.32	%		0.12% or 0.07%		25.77	%	26.90	%		26.90	%		26.81	%
2022	$	2,318,957		0.46	%		43,184.48		480.82		7,860.76		4,662.35	$	42.88	$	48.65	$	48.65	$	13.14		0.90	%		0.32	%		0.12% or 0.07%		(19.18	)%	(18.45	)%		(18.45	)%		(18.47	)%
2021	$	3,019,205		0.38	%		43,806.71		486.10		8,034.71		11,572.38	$	53.06	$	59.66	$	59.66	$	16.12		0.90	%		0.32	%		0.12% or 0.07%		22.38	%	23.48	%		23.48	%		23.35	%
Neuberger Berman Trust Mid Cap Growth Class S																													—
2025	$	702,107		—			19,883.83		—		8,290.36		—	$	24.24	$	—	$	26.55	$	—		0.90	%		0.32	%		—		4.29	%	—			5.23	%		—
2024	$	773,284		—			23,852.67		—		8,675.54		—	$	23.24	$	—	$	25.23	$	—		0.90	%		0.32	%		—		22.65	%	—			23.76	%		—
2023	$	670,316		—			25,898.98		—		8,805.43		—	$	18.95	$	—	$	20.39	$	—		0.90	%		0.32	%		—		16.91	%	—			17.96	%		—
2022	$	651,263		—			29,380.52		—		10,127.77		—	$	16.21	$	—	$	17.28	$	—		0.90	%		0.32	%		—		(29.46	)%	—			(28.83	)%		—
2021	$	850,775		—			26,708.58		—		9,761.77		—	$	22.98	$	—	$	24.28	$	—		0.90	%		0.32	%		—		11.72	%	—			12.72	%		—
Neuberger Berman Trust Mid Cap Growth Portfolio
2025	$	728,027		—			8,497.55		1,925.55		—		—	$	67.98	$	78.08	$	—	$	—		0.90	%		—			—		4.51	%	5.45	%		—			—
2024	$	764,689		—			9,094.61		2,337.71		—		—	$	65.05	$	74.05	$	—	$	—		0.90	%		—			—		22.91	%	24.02	%		—			—
2023	$	709,968		—			10,564.70		2,452.16		70.02		—	$	52.93	$	59.70	$	63.13	$	—		0.90	%		0.32	%		—		17.10	%	18.15	%		18.15	%		—
2022	$	604,745		—			10,339.97		2,633.86		80.33		—	$	45.20	$	50.53	$	53.43	$	—		0.90	%		0.32	%		—		(29.37	)%	(28.73	)%		(28.73	)%		—
2021	$	853,507		—			10,430.77		2,529.12		89.06		—	$	63.99	$	70.91	$	74.98	$	—		0.90	%		0.32	%		—		11.98	%	12.99	%		12.99	%		—
Neuberger Berman Trust Short Duration Bond Portfolio
2025	$	2,529,645		5.40	%		168,978.28		4,065.07		21,028.50		—	$	12.66	$	16.43	$	15.38	$	—		0.90	%		0.32	%		—		4.77	%	5.71	%		5.71	%		—
2024	$	2,439,856		5.60	%		172,250.04		3,825.49		20,538.49		—	$	12.09	$	15.54	$	14.55	$	—		0.90	%		0.32	%		—		5.14	%	6.10	%		6.10	%		—
2023	$	2,308,820		4.64	%		172,851.17		4,611.39		18,563.67		—	$	11.49	$	14.65	$	13.71	$	—		0.90	%		0.32	%		—		4.96	%	5.90	%		5.90	%		—
2022	$	2,313,185		3.77	%		179,629.07		4,479.03		21,945.64		—	$	10.95	$	13.83	$	12.95	$	—		0.90	%		0.32	%		—		(6.03	)%	(5.19	)%		(5.19	)%		—
2021	$	2,864,119		2.65	%		209,616.46		6,180.72		24,252.58		—	$	11.65	$	14.59	$	13.65	$	—		0.90	%		0.32	%		—		(0.16	)%	0.74	%		0.74	%		—

-70-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
T Rowe Price Blue Chip Growth Portfolio
2025	$	3,659,125		—			32,326.88		2,314.68		3,144.13		—	$	92.19	$	141.17	$	111.96	$	—		0.90	%		0.32	%		—		17.38	%	18.43	%		18.43	%		—
2024	$	3,555,688		—			37,018.83		2,854.66		3,256.15		—	$	78.54	$	119.20	$	94.53	$	—		0.90	%		0.32	%		—		33.96	%	35.17	%		35.17	%		—
2023	$	2,963,402		—			41,321.74		3,304.25		3,562.59		—	$	58.63	$	88.18	$	69.94	$	—		0.90	%		0.32	%		—		47.63	%	48.96	%		48.96	%		—
2022	$	2,376,967		—			48,776.41		4,245.96		4,012.78		—	$	39.72	$	59.20	$	46.95	$	—		0.90	%		0.32	%		—		(39.21	)%	(38.66	)%		(38.66	)%		—
2021	$	3,513,901		—			43,817.69		3,642.91		3,913.77		—	$	65.33	$	96.51	$	76.55	$	—		0.90	%		0.32	%		—		16.28	%	17.33	%		17.33	%		—
T Rowe Price Equity Income Portfolio
2025	$	5,918,171		1.41	%		109,930.08		5,389.74		17,594.28		—	$	42.72	$	57.27	$	51.88	$	—		0.90	%		0.32	%		—		13.06	%	14.07	%		14.07	%		—
2024	$	5,235,054		1.60	%		111,236.71		5,001.98		17,157.10		—	$	37.79	$	50.20	$	45.48	$	—		0.90	%		0.32	%		—		10.38	%	11.38	%		11.38	%		—
2023	$	4,922,856		1.88	%		116,273.12		4,967.68		17,586.01		—	$	34.24	$	45.07	$	40.84	$	—		0.90	%		0.32	%		—		8.34	%	9.31	%		9.31	%		—
2022	$	4,703,067		1.71	%		120,313.55		4,557.79		19,089.38		—	$	31.60	$	41.23	$	37.36	$	—		0.90	%		0.32	%		—		(4.44	)%	(3.59	)%		(3.59	)%		—
2021	$	5,837,090		1.36	%		144,361.17		5,509.17		21,354.14		—	$	33.07	$	42.77	$	38.75	$	—		0.90	%		0.32	%		—		24.10	%	25.22	%		25.22	%		—
T Rowe Price Health Sciences Portfolio
2025	$	2,910,686		—			26,990.29		773.17		1,264.41		—	$	98.73	$	122.05	$	119.90	$	—		0.90	%		0.32	%		—		16.75	%	17.80	%		17.80	%		—
2024	$	2,458,485		—			26,699.68		719.11		1,240.18		—	$	84.56	$	103.61	$	101.78	$	—		0.90	%		0.32	%		—		0.51	%	1.42	%		1.42	%		—
2023	$	2,487,974		—			27,235.86		696.25		1,249.03		—	$	84.14	$	102.16	$	100.35	$	—		0.90	%		0.32	%		—		1.77	%	2.68	%		2.68	%		—
2022	$	2,552,792		—			28,528.87		685.52		1,290.13		—	$	82.67	$	99.49	$	97.73	$	—		0.90	%		0.32	%		—		(13.46	)%	(12.69	)%		(12.69	)%		—
2021	$	3,069,946		—			29,770.97		687.62		1,317.39		—	$	95.53	$	113.94	$	111.93	$	—		0.90	%		0.32	%		—		11.82	%	12.83	%		12.83	%		—
T Rowe Price Moderate Allocation
2025	$	1,774,604		2.25	%		43,398.56		556.87		—		—	$	40.29	$	46.96	$	—	$	—		0.90	%		—			—		13.48	%	14.50	%		—			—
2024	$	1,541,119		2.27	%		42,819.03		510.96		—		—	$	35.50	$	41.01	$	—	$	—		0.90	%		—			—		9.07	%	10.06	%		—			—
2023	$	1,413,704		2.29	%		42,349.74		945.40		—		—	$	32.55	$	37.26	$	—	$	—		0.90	%		—			—		14.32	%	15.35	%		—			—
2022	$	1,251,209		1.62	%		42,955.33		872.42		—		—	$	28.47	$	32.30	$	—	$	—		0.90	%		—			—		(19.04	)%	(18.31	)%		—			—
2021	$	1,526,244		0.98	%		42,245.52		1,024.40		—		—	$	35.17	$	39.55	$	—	$	—		0.90	%		—			—		9.08	%	10.06	%		—			—
Touchstone TVST Balanced
2025	$	8,271,873		1.94	%		109,734.27		2,104.22		8,241.93		—	$	69.60	$	52.37	$	63.59	$	—		0.90	%		0.32	%		—		13.14	%	14.16	%		14.16	%		—
2024	$	7,576,954		1.83	%		113,245.88		3,264.49		8,268.11		—	$	61.52	$	45.88	$	55.71	$	—		0.90	%		0.32	%		—		12.57	%	13.59	%		13.59	%		—
2023	$	6,665,806		1.34	%		112,219.89		3,120.83		8,304.74		—	$	54.65	$	40.39	$	49.04	$	—		0.90	%		0.32	%		—		17.56	%	18.61	%		18.61	%		—
2022	$	6,004,326		0.50	%		119,840.19		4,690.41		6,619.95		—	$	46.49	$	34.05	$	41.35	$	—		0.90	%		0.32	%		—		(16.72	)%	(15.97	)%		(15.97	)%		—
2021	$	7,387,172		0.23	%		122,867.19		4,740.40		6,850.95		—	$	55.82	$	40.52	$	49.20	$	—		0.90	%		0.32	%		—		16.03	%	17.07	%		17.07	%		—
Touchstone TVST Bond
2025	$	5,899,745		4.14	%		190,370.23		5,201.97		29,678.77		—	$	25.95	$	17.63	$	29.24	$	—		0.90	%		0.32	%		—		6.67	%	7.63	%		7.63	%		—
2024	$	5,662,902		5.38	%		197,436.57		4,802.99		28,753.08		—	$	24.33	$	16.38	$	27.17	$	—		0.90	%		0.32	%		—		1.27	%	2.19	%		2.19	%		—
2023	$	5,629,190		4.64	%		201,225.61		5,535.17		26,583.43		—	$	24.02	$	16.03	$	26.58	$	—		0.90	%		0.32	%		—		5.13	%	6.07	%		6.07	%		—
2022	$	5,473,544		2.08	%		204,785.51		5,205.93		28,557.34		—	$	22.85	$	15.11	$	25.06	$	—		0.90	%		0.32	%		—		(14.61	)%	(13.85	)%		(13.85	)%		—
2021	$	6,685,049		2.49	%		213,842.41		6,898.75		28,931.78		0.78	$	26.76	$	17.54	$	29.09	$	28.69		0.90	%		0.32	%		0.12% or 0.07%		(2.09	)%	(1.21	)%		(1.21	)%		(1.32	)%

-71-

NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

			For the
VT = VariTrak Product	At		Year Ended
V2 = Investor Select Product	December 31,		December 31,			At December 31,																For the Year Ended December 31,
EP = Estate Provider Product			Investment
BP = Benefit Provider Product			Income
	Net Assets		Ratio (a)			Units								Unit Fair Value								Expense Ratio (b)								Total Return (c)
						VT		V2		EP		BP		VT		V2		EP		BP		VT			EP			BP		VT			V2		EP			BP
Touchstone TVST Common Stock
2025	$	48,848,040		0.53	%		283,679.60		8,297.97		17,540.78		66,613.29	$	137.97	$	96.60	$	111.23	$	104.44		0.90	%		0.32	%		0.12% or 0.07%		16.78	%	17.83	%		17.83	%		17.75	%
2024	$	46,753,793		0.64	%		320,408.34		8,309.82		18,085.67		73,406.97	$	118.14	$	81.98	$	94.40	$	88.70		0.90	%		0.32	%		0.12% or 0.07%		20.39	%	21.48	%		21.48	%		21.39	%
2023	$	40,835,874		0.42	%		354,463.81		8,524.47		18,691.39		55,049.48	$	98.14	$	67.49	$	77.71	$	73.07		0.90	%		0.32	%		0.12% or 0.07%		25.53	%	26.65	%		26.65	%		26.57	%
2022	$	35,150,450		0.43	%		386,199.68		8,802.08		20,170.39		56,323.60	$	78.18	$	53.29	$	61.36	$	57.73		0.90	%		0.32	%		0.12% or 0.07%		(18.39	)%	(17.66	)%		(17.66	)%		(17.68	)%
2021	$	45,548,330		0.53	%		410,235.18		9,446.71		20,958.05		58,137.81	$	95.79	$	64.71	$	74.51	$	70.13		0.90	%		0.32	%		0.12% or 0.07%		26.71	%	27.85	%		27.85	%		27.71	%
Touchstone TVST Small Company
2025	$	32,742,190		0.21	%		147,966.60		8,372.65		19,647.03		11,971.75	$	186.73	$	78.36	$	157.27	$	114.16		0.90	%		0.32	%		0.12% or 0.07%		8.74	%	9.72	%		9.72	%		9.64	%
2024	$	30,990,144		0.43	%		152,764.48		7,825.30		19,675.16		13,141.12	$	171.72	$	71.42	$	143.34	$	104.12		0.90	%		0.32	%		0.12% or 0.07%		12.68	%	13.70	%		13.70	%		13.62	%
2023	$	29,026,080		0.22	%		163,035.67		7,577.74		19,977.65		12,946.80	$	152.39	$	62.81	$	126.06	$	91.64		0.90	%		0.32	%		0.12% or 0.07%		15.56	%	16.60	%		16.60	%		16.52	%
2022	$	26,554,008		0.04	%		173,520.97		7,397.26		21,194.32		12,489.65	$	131.87	$	53.87	$	108.11	$	78.64		0.90	%		0.32	%		0.12% or 0.07%		(15.21	)%	(14.44	)%		(14.44	)%		(14.45	)%
2021	$	32,821,797		0.07	%		182,722.12		7,778.77		21,857.59		12,551.70	$	155.52	$	62.96	$	126.37	$	91.92		0.90	%		0.32	%		0.12% or 0.07%		23.07	%	24.18	%		24.18	%		24.03	%
Van Eck VIPT Emerging Markets
2025	$	2,206,069		0.70	%		40,825.95		9,322.15		4,862.12		—	$	38.46	$	44.83	$	44.83	$	—		0.90	%		0.32	%		—		28.77	%	29.92	%		29.92	%		—
2024	$	1,793,968		1.65	%		43,390.57		9,353.04		5,078.42		—	$	29.87	$	34.50	$	34.50	$	—		0.90	%		0.32	%		—		0.30	%	1.21	%		1.21	%		—
2023	$	1,700,629		3.64	%		40,696.26		9,467.05		4,867.28		—	$	29.78	$	34.09	$	34.09	$	—		0.90	%		0.32	%		—		8.80	%	9.77	%		9.77	%		—
2022	$	1,670,330		0.30	%		44,227.15		9,342.09		5,460.53		—	$	27.37	$	31.06	$	31.06	$	—		0.90	%		0.32	%		—		(25.05	)%	(24.37	)%		(24.37	)%		—
2021	$	1,954,446		0.95	%		38,595.50		9,122.94		4,146.72		—	$	36.52	$	41.07	$	41.07	$	—		0.90	%		0.32	%		—		(12.66	)%	(11.87	)%		(11.87	)%		—
Van Eck VIPT Global Resources Fund (h)
2025	$	1,714,030		2.39	%		73,824.26		6,453.14		4,204.03		—	$	19.87	$	23.17	$	23.17	$	—		0.90	%		0.32	%		—		35.27	%	36.48	%		36.48	%		—
2024	$	1,332,925		2.59	%		78,617.30		6,147.70		4,331.00		—	$	14.69	$	16.97	$	16.97	$	—		0.90	%		0.32	%		—		(3.71	)%	(2.83	)%		(2.83	)%		—
2023	$	1,317,392		2.91	%		75,715.25		5,465.28		3,817.67		—	$	15.26	$	17.47	$	17.47	$	—		0.90	%		0.32	%		—		(4.44	)%	(3.58	)%		(3.58	)%		—
2022	$	1,340,937		1.61	%		73,326.13		4,781.47		4,609.80		—	$	15.97	$	18.12	$	18.12	$	—		0.90	%		0.32	%		—		7.43	%	8.39	%		8.39	%		—
2021	$	1,613,509		0.43	%		96,318.65		5,436.40		5,449.15		—	$	14.86	$	16.71	$	16.71	$	—		0.90	%		0.32	%		—		17.86	%	18.92	%		18.92	%		—
Van Eck VIPT Unconstrained Emerging Markets
2025	$	1,054,436		5.12	%		54,629.62		2,118.24		8,369.01		—	$	15.77	$	18.38	$	18.38	$	—		0.90	%		0.32	%		—		17.44	%	18.49	%		18.49	%		—
2024	$	980,506		7.23	%		60,960.31		2,008.46		8,418.17		—	$	13.43	$	15.51	$	15.51	$	—		0.90	%		0.32	%		—		1.85	%	2.77	%		2.77	%		—
2023	$	1,011,315		4.18	%		64,787.76		2,441.86		7,955.46		—	$	13.19	$	15.10	$	15.10	$	—		0.90	%		0.32	%		—		10.41	%	11.40	%		11.40	%		—
2022	$	1,033,298		4.59	%		72,494.22		2,492.64		9,864.57		—	$	11.94	$	13.55	$	13.55	$	—		0.90	%		0.32	%		—		(7.76	)%	(6.93	)%		(6.93	)%		—
2021	$	1,184,731		5.20	%		75,835.28		3,844.52		10,086.04		—	$	12.95	$	14.56	$	14.56	$	—		0.90	%		0.32	%		—		(4.91	)%	(4.05	)%		(4.05	)%		—

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NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 7 – FINANCIAL HIGHLIGHTS

*The Benefit Provider product has a band Mortality and Expense Ratio that changes over the life of the product, therefore decreasing the Mortality and Expense ratio over time.

Band 3: 0.12%

Band 4: 0.07%

(a)

These amounts represent dividends, excluding distributions of capital gains, received by the sub-account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract value either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests.

(b)

These amounts represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract value through the redemption of units and expenses of the underlying fund have been excluded.

(c)

These amounts represent the total return for the periods indicated, including changes in the value of the underlying 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 the period indicated or from the effective date through the end of the reporting period.

(d)

During 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio and the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

(e)

During 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated. During 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund. During 2024, the American Century VP Inflation Protection Portfolio I and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund. During 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund. During 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund. During 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund. During 2024, the DWS CROCI® US VIP was liquidated. During 2024, the Invesco I.O.V.I Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund. During 2024, the Morgan Stanley VIF U.S. Real Estate Portfolio was liquidated.

(f)

During 2023, the AB VPS Small Midcap Value Fund, AB VPS Growth and Income Fund, and Allspring VT Discovery Fund was renamed to AB VPS Discovery Value Portfolio Class A, AB VPS Relative Value Portfolio and Allspring VT Discovery SMID Cap Growth Fund, respectively. During 2023, the JP Morgan Insurance Trust Small Cap Core Portfolio merged into Lincoln LVIP JPMorgan Small Cap Core Fund – Standard Class. During 2023, Morgan Stanley Investment Funds Core Plus Fixed Income Portfolio was liquidated.

(g)

During 2022, the AB VPS International Growth Fund was renamed AB VPS Sustainable International Thematic Portfolio.

(h)

During 2021, the Van Eck VIPT Global Hard Assets was renamed Van Eck VIPT Global Resources Fund. During 2021, the Well Fargo VT Discovery Fund and Wells Fargo VT Opportunity Fund were renamed Allspring VT Discovery Fund and Allspring VT Opportunity Fund, respectively.

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NATIONAL VARIABLE LIFE INSURANCE ACCOUNT

(A Separate Account of National Life Insurance Company)

NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2025

NOTE 8 – DISTRIBUTION OF NET INCOME

The Variable Account does not declare dividends to policyholders from accumulated net income. The Variable Account purchases and redeems shares of the subaccounts at net asset value. Any dividend and capital gain distributions are reinvested at net asset value in shares of the subaccounts.

NOTE 9 – DIVERSIFICATION REQUIREMENTS

Under the provisions of Section 817(h) of the Internal Revenue Code (“IRC”), a variable universal life insurance contract, other than a contract issued in connection with certain types of employee benefit plans, will not be treated as a variable universal life insurance contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The IRC provides that the adequately diversified requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury.

National Life believes that the Variable Account satisfies the current requirements of the regulations, and it intends that the Variable Account will continue to meet such requirements.

NOTE 10 – SEGMENT REPORTING

The Account’s chief operating decision maker (“CODM”) is a group of executives and business leaders within product actuarial, finance, legal and compliance associated with the Account. The CODM assesses performance and makes decisions about resource allocation. Each subaccount of the Account constitutes a single reportable segment because its separate financial information is available, regularly evaluated and used by the CODM to measure the segment’s performance, and to assess the allocation of resources across the segments. The measure of segment profit or loss is reported on the Statement of Operations as “Increase (Decrease) in Net Assets Resulting from Operations” and the measure of segment assets is reported as “Net Assets” on the Statements of Net Assets. Due to the nature of the business, the segment’s significant expenses are changes for mortality and expense risk and charges for administration charges which are reported separately on the Statements of Operations and/or Statements of Changes in Net Assets. The financial information provided to and reviewed by the CODM is consistent with that presented within the Account’s Portfolio of Investments, Statements of Changes in Net Assets and Financial Highlights.

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