UNITED OF OMAHA SEPARATE ACCOUNT C

United of Omaha Separate Account C

Financial Statements as of December 31, 2023, and for each of the Periods Presented in the Years Ended December 31, 2023 and 2022, and Report of Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of

United of Omaha Life Insurance Company

Omaha, Nebraska

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of net assets of each of the subaccounts of United of Omaha Separate Account C (the “Account”) listed in Note 2 as of December 31, 2023; the related statements of operations and changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended for each of the subaccounts, except for the subaccounts indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts listed in Note 2 constituting the Account as of December 31, 2023, and the results of their operations and the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.


Individual Subaccounts Comprising the United of Omaha Separate Account C		Financial Highlights
MFS – Income Series II SC		For the period May 23, 2023 to June 26, 2023, for the period January 1, 2021 to December 20, 2021, for the years ended December 31, 2022, 2020, and 2019

Pioneer – Real Estate Shares VCT		For the period January 1, 2023 to April 28, 2023 and for the years ended December 31, 2022, 2021, 2020, and 2019.

Pioneer – Real Estate Shares VCT II		For the period January 1, 2023 to April 28, 2023 and for the years ended December 31, 2022, 2021, 2020, and 2019.

DWS – Bond		For the period January 1, 2021 to October 28, 2021 and for the years ended December 31, 2023, 2022, 2020, and 2019.

Morgan Stanley – VIF Core Plus Fixed Income		For the period January 1, 2023 to July 28, 2023 and for the years ended December 31, 2022, 2021, 2020, and 2019

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Account’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2023, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

LOGO

Omaha, Nebraska

March 20, 2024

We have served as the auditor of the Account since 1996.

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENT OF NET ASSETS

DECEMBER 31, 2023


			Fair Value
			Contracts in Accumulation		Contracts in Payout
			(Deferred)		(Annuitization)
	Cost		Period		Period		Net Assets		Shares
NET ASSETS
Investments:

Alger:
American Growth	$	4,529,056	$	4,613,675	$	39,888	$	4,653,563		74,552
American Small Capitalization		3,530,457		2,443,129		41,511		2,484,639		150,311

Federated:
Government Money Fund II		3,359,394		3,299,427		59,968		3,359,395		3,359,394
Fund for U.S. Government Securities II		1,672,787		1,439,462		653		1,440,115		154,023

Fidelity:
VIP Asset Manager		30,323		31,331		—		31,331		2,003
VIP Asset Manager: Growth		2,607,040		3,262,658		5,335		3,267,993		152,639
VIP Contrafund		6,669,149		9,546,185		92,375		9,638,560		198,202
VIP Contrafund SVC CL 2		55,896		83,889		—		83,889		1,791
VIP Equity Income		3,788,320		4,096,498		41,313		4,137,811		166,511
VIP Equity Income SVC CL 2		9,793		10,857		—		10,857		454
VIP Growth		123,858		179,614		—		179,614		1,929
VIP Index 500		3,122,620		7,336,914		133,618		7,470,532		16,177
VIP Index 500 SVC CL 2		158,618		287,383		—		287,383		631
VIP Mid Cap SVC CL 2		300,702		303,939		—		303,939		8,762

MFS:
Core Equity Portfolio		2,236,077		2,385,457		150,346		2,535,803		91,644
Core Equity Portfolio SC		60,702		68,638		—		68,638		2,528
Emerging Growth Series		5,162,386		6,898,161		86,933		6,985,094		115,858
High Yield Series		1,094,662		942,221		13,146		955,367		191,074
High Yield Series SC		13,015		11,267		—		11,267		2,281
Research Series		3,035,295		3,847,183		3,105		3,850,288		120,434
Income Series II		1,104,764		948,884		—		948,884		113,367

Pioneer:
Equity Income VCT		457,702		363,805		—		363,805		24,125
Fund VCT		158,841		159,089		—		159,089		9,826
Mid Cap Value VCT		3,683,790		2,887,136		70,893		2,958,029		264,110
Mid Cap Value VCT II		197,075		161,009		—		161,009		14,584

DWS:
Global Opportunities		679,351		594,374		—		594,374		59,917
Core Equity VIP		1,096,562		1,271,335		—		1,271,335		103,952
International		1,558,645		1,489,267		4,629		1,493,895		199,986
International B		3,919		3,458		—		3,458		462
Money Market		24,364		24,363		—		24,363		24,364
Small Cap Index VIP		377,897		373,932		—		373,932		27,434

T. Rowe Price
Equity Income		7,258,504		8,163,270		129,790		8,293,060		298,741
International Stock		3,475,329		3,502,212		143,839		3,646,051		242,908
Limited-Term Bond		1,554,617		1,429,662		50,288		1,479,950		317,586
All-Cap Opportunities Portfolio		4,322,734		5,007,733		86,046		5,093,779		148,075
Moderate Allocation		3,520,410		3,733,838		13,254		3,747,092		187,167

Morgan Stanley
VIF Emerging Markets Equity		479,729		438,425		11,512		449,937		34,879

See notes to these financial statements.

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UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Alger												Federated
	American Growth						American Small Capitalization						Government Money Fund II
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	—		$	—		$	—		$	—		$	102,533		$	11,869
Expenses:
Mortality & expense risk		(44,500	)		(47,829	)		(23,482	)		(27,447	)		(22,968	)		(8,869	)
Administrative charges		(11,455	)		(12,181	)		(4,754	)		(5,641	)		(5,900	)		(2,230	)

Net investment income (expense)		(55,955	)		(60,010	)		(28,236	)		(33,088	)		73,665			770

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(24,440	)		(11,861	)		(147,659	)		(144,973	)		—			—
Net realized gain distributions		—			218,940			—			422,219			—			—

Net realized gains (losses)		(24,440	)		207,079			(147,659	)		277,246			—			—

Change in unrealized appreciation (depreciation) during the year		1,250,276			(2,713,556	)		508,515			(1,732,612	)		—			—

Increase (decrease) in net assets from operations		1,169,881			(2,566,487	)		332,620			(1,488,454	)		73,665			770

Contract transactions:
Payments received from contract owners		98,897			11,132			3,698			32,822			36,067			5,306
Transfers between subaccounts (including fixed account), net		1,020			169,861			31,088			196,438			2,901,796			360,253
Transfers for contract benefits and terminations		(500,777	)		(350,944	)		(192,441	)		(305,216	)		(549,754	)		(100,013	)
Contract maintenance charges		(3,512	)		(3,508	)		(2,433	)		(2,602	)		(2,932	)		(1,515	)
Adjustments to net assets allocated to contracts in payout year		—			24,962			—			25,484			—			7,061

Net increase (decrease) in net assets from contract transactions		(404,372	)		(148,497	)		(160,088	)		(53,074	)		2,385,177			271,092

Total increase (decrease) in net assets		765,509			(2,714,984	)		172,532			(1,541,528	)		2,458,842			271,862
Net assets at beginning of year		3,888,054			6,603,038			2,312,107			3,853,635			900,553			628,691

Net assets at end of year	$	4,653,563		$	3,888,054		$	2,484,639		$	2,312,107		$	3,359,395		$	900,553

Accumulation units:
Purchases		4,937			3,614			1,938			8,136			2,515,522			572,215
Withdrawals		(10,424	)		(4,772	)		(6,051	)		(9,140	)		(444,923	)		(365,427	)

Net increase (decrease) in units outstanding		(5,487	)		(1,158	)		(4,113	)		(1,004	)		2,070,599			206,788
Units outstanding at beginning of year		68,691			69,849			56,359			57,363			753,250			546,462

Units outstanding at end of year		63,204			68,691			52,246			56,359			2,823,849			753,250

See notes to these financial statements.

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UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Federated (continued)						Fidelity
	Fund for U.S. Government Securities II						VIP Asset Manager						VIP Asset Manager: Growth
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	37,142		$	31,809		$	706		$	625		$	56,378		$	60,715
Expenses:
Mortality & expense risk		(15,392	)		(17,491	)		(371	)		(376	)		(31,763	)		(34,356	)
Administrative charges		(3,194	)		(3,660	)		(44	)		(45	)		(6,434	)		(6,968	)

Net investment income (expense)		18,556			10,658			291			204			18,181			19,391

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(57,764	)		(27,879	)		(6	)		10			67,632			57,579
Net realized gain distributions		—			—			316			1,989			—			223,737

Net realized gains (losses)		(57,764	)		(27,879	)		310			1,999			67,632			281,316

Change in unrealized appreciation (depreciation) during the year		77,425			(235,291	)		2,610			(7,706	)		357,142			(1,020,914	)

Increase (decrease) in net assets from operations		38,217			(252,512	)		3,211			(5,503	)		442,955			(720,207	)

Contract transactions:
Payments received from contract owners		37,671			4,432			—			—			60,911			40,926
Transfers between subaccounts (including fixed account), net		72,745			(3,630	)		—			—			7,953			(47,145	)
Transfers for contract benefits and terminations		(212,602	)		(139,649	)		(242	)		(364	)		(352,624	)		(266,069	)
Contract maintenance charges		(1,010	)		(1,091	)		(1	)		(1	)		(3,879	)		(4,470	)
Adjustments to net assets allocated to contracts in payout year		—			37			—			—			—			1,326

Net increase (decrease) in net assets from contract transactions		(103,196	)		(139,901	)		(243	)		(365	)		(287,639	)		(275,432	)

Total increase (decrease) in net assets		(64,979	)		(392,413	)		2,968			(5,868	)		155,316			(995,639	)
Net assets at beginning of year		1,505,094			1,897,507			28,363			34,231			3,112,677			4,108,316

Net assets at end of year	$	1,440,115		$	1,505,094		$	31,331		$	28,363		$	3,267,993		$	3,112,677

Accumulation units:
Purchases		9,819			1,421			—			—			1,970			1,004
Withdrawals		(15,568	)		(8,744	)		(6	)		(9	)		(8,442	)		(7,370	)

Net increase (decrease) in units outstanding		(5,749	)		(7,323	)		(6	)		(9	)		(6,472	)		(6,366	)
Units outstanding at beginning of year		86,689			94,012			779			788			75,068			81,434

Units outstanding at end of year		80,940			86,689			773			779			68,596			75,068

See notes to these financial statements.

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UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Fidelity (continued)
	VIP Contrafund						VIP Contrafund SVC CL 2						VIP Equity Income
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	42,909		$	46,481		$	200		$	196		$	75,139		$	83,853
Expenses:
Mortality & expense risk		(90,863	)		(94,133	)		(963	)		(940	)		(40,907	)		(45,412	)
Administrative charges		(18,547	)		(19,339	)		(499	)		(487	)		(8,328	)		(9,309	)

Net investment income (expense)		(66,501	)		(66,991	)		(1,262	)		(1,231	)		25,904			29,132

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		326,394			248,825			1,712			775			40,786			51,833
Net realized gain distributions		315,114			443,410			2,821			3,687			112,786			147,379

Net realized gains (losses)		641,508			692,235			4,533			4,462			153,572			199,212

Change in unrealized appreciation (depreciation) during the year		1,931,010			(3,899,247	)		17,174			(29,424	)		177,750			(535,308	)

Increase (decrease) in net assets from operations		2,506,017			(3,274,003	)		20,445			(26,193	)		357,226			(306,964	)

Contract transactions:
Payments received from contract owners		39,370			22,791			—			—			70,834			18,102
Transfers between subaccounts (including fixed account), net		(35,361	)		(15,273	)		(1,684	)		1,266			44,835			(71,083	)
Transfers for contract benefits and terminations		(1,115,808	)		(827,174	)		(2,518	)		(1,637	)		(611,368	)		(475,664	)
Contract maintenance charges		(7,250	)		(7,746	)		(6	)		(5	)		(2,783	)		(2,724	)
Adjustments to net assets allocated to contracts in payout year		—			23,634			—			—			—			20,332

Net increase (decrease) in net assets from contract transactions		(1,119,049	)		(803,768	)		(4,208	)		(376	)		(498,482	)		(511,037	)

Total increase (decrease) in net assets		1,386,968			(4,077,771	)		16,237			(26,569	)		(141,256	)		(818,001	)
Net assets at beginning of year		8,251,592			12,329,363			67,652			94,221			4,279,067			5,097,068

Net assets at end of year	$	9,638,560		$	8,251,592		$	83,889		$	67,652		$	4,137,811		$	4,279,067

Accumulation units:
Purchases		466			858			—			34			1,865			776
Withdrawals		(9,442	)		(8,061	)		(91	)		(42	)		(10,185	)		(8,995	)

Net increase (decrease) in units outstanding		(8,976	)		(7,203	)		(91	)		(8	)		(8,320	)		(8,219	)
Units outstanding at beginning of year		78,542			85,745			1,790			1,798			69,255			77,474

Units outstanding at end of year		69,566			78,542			1,699			1,790			60,935			69,255

See notes to these financial statements.

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UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Fidelity (continued)
	VIP Equity Income SVC CL 2						VIP Growth						VIP Index 500
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	182		$	192		$	224		$	1,033		$	102,470		$	108,465
Expenses:
Mortality & expense risk		(130	)		(145	)		(2,122	)		(2,104	)		(72,429	)		(76,242	)
Administrative charges		(66	)		(69	)		(253	)		(251	)		(15,565	)		(16,392	)

Net investment income (expense)		(14	)		(22	)		(2,151	)		(1,322	)		14,476			15,831

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		62			75			5,981			2,182			590,416			513,298
Net realized gain distributions		312			385			8,053			12,449			66,385			60,494

Net realized gains (losses)		374			460			14,034			14,631			656,801			573,792

Change in unrealized appreciation (depreciation) during the year		446			(1,396	)		38,149			(65,852	)		910,310			(2,294,252	)

Increase (decrease) in net assets from operations		806			(958	)		50,032			(52,543	)		1,581,587			(1,704,629	)

Contract transactions:
Payments received from contract owners		—			—			—			—			57,679			14,133
Transfers between subaccounts (including fixed account), net		284			(942	)		(158	)		—			16,836			(31,209	)
Transfers for contract benefits and terminations		(1,200	)		(75	)		(18,811	)		(7,376	)		(933,500	)		(774,683	)
Contract maintenance charges		—			—			(49	)		(48	)		(5,476	)		(5,524	)
Adjustments to net assets allocated to contracts in payout year		—			—			—			—			—			25,683

Net increase (decrease) in net assets from contract transactions		(916	)		(1,017	)		(19,018	)		(7,424	)		(864,461	)		(771,600	)

Total increase (decrease) in net assets		(110	)		(1,975	)		31,014			(59,967	)		717,126			(2,476,229	)
Net assets at beginning of year		10,967			12,942			148,600			208,567			6,753,406			9,229,635

Net assets at end of year	$	10,857		$	10,967		$	179,614		$	148,600		$	7,470,532		$	6,753,406

Accumulation units:
Purchases		12			—			—			—			2,440			1,146
Withdrawals		(45	)		(43	)		(149	)		(67	)		(16,231	)		(14,409	)

Net increase (decrease) in units outstanding		(33	)		(43	)		(149	)		(67	)		(13,791	)		(13,263	)
Units outstanding at beginning of year		441			484			1,482			1,549			125,248			138,511

Units outstanding at end of year		408			441			1,333			1,482			111,457			125,248

See notes to these financial statements.

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UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Fidelity (continued)												MFS
	VIP Index 500 SVC CL 2						VIP Mid Cap SVC CL 2						Core Equity Portfolio
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	3,412		$	3,473		$	1,106		$	784		$	13,231		$	8,451
Expenses:
Mortality & expense risk		(3,474	)		(3,607	)		(2,933	)		(3,062	)		(24,613	)		(27,206	)
Administrative charges		(1,505	)		(1,589	)		(666	)		(694	)		(5,481	)		(6,042	)

Net investment income (expense)		(1,567	)		(1,723	)		(2,493	)		(2,972	)		(16,863	)		(24,797	)

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		86,799			10,927			(812	)		(5,661	)		14,837			58,221
Net realized gain distributions		2,725			2,225			8,252			20,103			118,013			297,027

Net realized gains (losses)		89,524			13,152			7,440			14,442			132,850			355,248

Change in unrealized appreciation (depreciation) during the year		(28,958	)		(78,161	)		31,814			(70,622	)		363,348			(927,684	)

Increase (decrease) in net assets from operations		58,999			(66,732	)		36,761			(59,152	)		479,335			(597,233	)

Contract transactions:
Payments received from contract owners		105			180			—			—			51,648			7,703
Transfers between subaccounts (including fixed account), net		(12,427	)		(5,028	)		(715	)		39,006			(87,397	)		(34,848	)
Transfers for contract benefits and terminations		(27,546	)		(1,229	)		(10,244	)		(46,195	)		(333,603	)		(391,470	)
Contract maintenance charges		46			(68	)		(115	)		(125	)		(1,765	)		(1,864	)
Adjustments to net assets allocated to contracts in payout year		—			—			—			—			—			40,972

Net increase (decrease) in net assets from contract transactions		(39,822	)		(6,145	)		(11,074	)		(7,314	)		(371,117	)		(379,507	)

Total increase (decrease) in net assets		19,177			(72,877	)		25,687			(66,466	)		108,218			(976,740	)
Net assets at beginning of year		268,206			341,083			278,252			344,718			2,427,585			3,404,325

Net assets at end of year	$	287,383		$	268,206		$	303,939		$	278,252		$	2,535,803		$	2,427,585

Accumulation units:
Purchases		2,563			199			80			628			585			2,192
Withdrawals		(3,824	)		(367	)		(253	)		(818	)		(6,661	)		(8,361	)

Net increase (decrease) in units outstanding		(1,261	)		(168	)		(173	)		(190	)		(6,076	)		(6,169	)
Units outstanding at beginning of year		9,174			9,342			4,711			4,901			43,749			49,918

Units outstanding at end of year		7,913			9,174			4,538			4,711			37,673			43,749

See notes to these financial statements.

- 8 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MFS (continued)
	Core Equity Portfolio SC						Emerging Growth Series						High Yield Series
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	208		$	58		$	—		$	—		$	52,400		$	54,451
Expenses:
Mortality & expense risk		(818	)		(836	)		(65,333	)		(69,156	)		(9,243	)		(10,032	)
Administrative charges		(442	)		(451	)		(13,422	)		(14,261	)		(1,855	)		(2,016	)

Net investment income (expense)		(1,052	)		(1,229	)		(78,755	)		(83,417	)		41,302			42,403

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		449			476			201,576			255,185			(18,458	)		(23,763	)
Net realized gain distributions		3,137			7,608			497,660			779,479			—			—

Net realized gains (losses)		3,586			8,084			699,236			1,034,664			(18,458	)		(23,763	)

Change in unrealized appreciation (depreciation) during the year		9,691			(21,503	)		1,292,090			(3,940,718	)		74,517			(149,805	)

Increase (decrease) in net assets from operations		12,225			(14,648	)		1,912,571			(2,989,471	)		97,361			(131,165	)

Contract transactions:
Payments received from contract owners		119			120			55,026			42,436			527			7,479
Transfers between subaccounts (including fixed account), net		(3,705	)		1,566			(124,543	)		75,698			8,405			(67,552	)
Transfers for contract benefits and terminations		(3,170	)		(1,742	)		(763,797	)		(711,179	)		(65,720	)		(56,516	)
Contract maintenance charges		(16	)		(19	)		(4,595	)		(5,189	)		(904	)		(1,019	)
Adjustments to net assets allocated to contracts in payout year		—			—			—			1,497			—			11,107

Net increase (decrease) in net assets from contract transactions		(6,772	)		(75	)		(837,909	)		(596,737	)		(57,692	)		(106,501	)

Total increase (decrease) in net assets		5,453			(14,723	)		1,074,662			(3,586,208	)		39,669			(237,666	)
Net assets at beginning of year		63,185			77,908			5,910,432			9,496,640			915,698			1,153,364

Net assets at end of year	$	68,638		$	63,185		$	6,985,094		$	5,910,432		$	955,367		$	915,698

Accumulation units:
Purchases		7			79			317			2,764			1,048			628
Withdrawals		(269	)		(67	)		(9,073	)		(8,774	)		(2,992	)		(4,222	)

Net increase (decrease) in units outstanding		(262	)		12			(8,756	)		(6,010	)		(1,944	)		(3,594	)
Units outstanding at beginning of year		2,629			2,617			72,308			78,318			31,730			35,324

Units outstanding at end of year		2,367			2,629			63,552			72,308			29,786			31,730

See notes to these financial statements.

- 9 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MFS (continued)
	High Yield Series SC						Research Series						Income Series II
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	587		$	625		$	18,261		$	18,322		$	33,674		$	34,598
Expenses:
Mortality & expense risk		(134	)		(148	)		(36,338	)		(38,468	)		(9,158	)		(10,333	)
Administrative charges		(39	)		(41	)		(7,506	)		(7,929	)		(1,920	)		(2,169	)

Net investment income (expense)		414			436			(25,583	)		(28,075	)		22,596			22,096

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(233	)		(267	)		70,245			97,554			(15,320	)		(21,577	)
Net realized gain distributions		—			—			192,991			478,194			—			9,712

Net realized gains (losses)		(233	)		(267	)		263,236			575,748			(15,320	)		(11,865	)

Change in unrealized appreciation (depreciation) during the year		905			(1,785	)		459,466			(1,379,525	)		49,457			(183,521	)

Increase (decrease) in net assets from operations		1,086			(1,616	)		697,119			(831,852	)		56,733			(173,290	)

Contract transactions:
Payments received from contract owners		—			—			30,024			42,092			2,816			8,039
Transfers between subaccounts (including fixed account), net		364			(257	)		(36,830	)		(36,792	)		45,468			(26,026	)
Transfers for contract benefits and terminations		(899	)		(919	)		(336,417	)		(326,069	)		(72,089	)		(108,085	)
Contract maintenance charges		(5	)		(5	)		(2,956	)		(3,450	)		(1,060	)		(1,203	)
Adjustments to net assets allocated to contracts in payout year		—			—			—			709			—			—

Net increase (decrease) in net assets from contract transactions		(540	)		(1,181	)		(346,179	)		(323,510	)		(24,865	)		(127,275	)

Total increase (decrease) in net assets		546			(2,797	)		350,940			(1,155,362	)		31,868			(300,565	)
Net assets at beginning of year		10,721			13,518			3,499,348			4,654,710			917,016			1,217,581

Net assets at end of year	$	11,267		$	10,721		$	3,850,288		$	3,499,348		$	948,884		$	917,016

Accumulation units:
Purchases		19			—			442			642			1,969			726
Withdrawals		(43	)		(58	)		(5,176	)		(5,263	)		(3,101	)		(6,263	)

Net increase (decrease) in units outstanding		(24	)		(58	)		(4,734	)		(4,621	)		(1,132	)		(5,537	)
Units outstanding at beginning of year		551			609			53,282			57,903			42,055			47,592

Units outstanding at end of year		527			551			48,548			53,282			40,923			42,055

See notes to these financial statements.

- 10 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MFS (continued)					Pioneer
	Income Series II SC					Equity Income VCT						Fund VCT
	2023			2022		2023			2022			2023			2022
Income:
Dividends	$	—		$	—	$	5,876		$	5,976		$	894		$	693
Expenses:
Mortality & expense risk		(93	)		—		(3,568	)		(4,069	)		(1,662	)		(1,857	)
Administrative charges		(70	)		—		(758	)		(864	)		(270	)		(296	)

Net investment income (expense)		(163	)		—		1,550			1,043			(1,038	)		(1,460	)

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		577			—		(6,106	)		(20,932	)		(3,348	)		(1,439	)
Net realized gain distributions		—			—		26,830			44,497			6,804			27,621

Net realized gains (losses)		577			—		20,724			23,565			3,456			26,182

Change in unrealized appreciation (depreciation) during the year		—			—		(2,408	)		(71,177	)		35,547			(66,822	)

Increase (decrease) in net assets from operations		414			—		19,866			(46,569	)		37,965			(42,100	)

Contract transactions:
Payments received from contract owners		—			—		—			303			—			500
Transfers between subaccounts (including fixed account), net		(414	)		—		6,371			(68,104	)		(38	)		(311	)
Transfers for contract benefits and terminations		—			—		(12,788	)		(43,953	)		(33,315	)		(9,509	)
Contract maintenance charges		—			—		(317	)		(298	)		(166	)		(189	)
Adjustments to net assets allocated to contracts in payout year		—			—		—			1,519			—			—

Net increase (decrease) in net assets from contract transactions		(414	)		—		(6,734	)		(110,533	)		(33,519	)		(9,509	)

Total increase (decrease) in net assets		—			—		13,132			(157,102	)		4,446			(51,609	)
Net assets at beginning of year		—			—		350,673			507,775			154,643			206,252

Net assets at end of year	$	—		$	—	$	363,805		$	350,673		$	159,089		$	154,643

Accumulation units:
Purchases		5,110			—		185			47			—			36
Withdrawals		(5,110	)		—		(378	)		(3,092	)		(967	)		(331	)

Net increase (decrease) in units outstanding		—			—		(193	)		(3,045	)		(967	)		(295	)
Units outstanding at beginning of year		—			—		9,673			12,718			5,090			5,385

Units outstanding at end of year		—			—		9,480			9,673			4,123			5,090

See notes to these financial statements.

- 11 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Pioneer (continued)
	Mid Cap Value VCT						Mid Cap Value VCT II						Real Estate Shares VCT
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	56,993		$	63,540		$	2,821		$	2,448		$	5,085		$	20,335
Expenses:
Mortality & expense risk		(28,793	)		(30,661	)		(2,007	)		(2,197	)		(2,586	)		(10,681	)
Administrative charges		(6,037	)		(6,371	)		(1,013	)		(1,123	)		(530	)		(2,187	)

Net investment income (expense)		22,163			26,508			(199	)		(872	)		1,969			7,467

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(101,985	)		(917	)		(6,104	)		(2,728	)		(713,507	)		(160,458	)
Net realized gain distributions		331,116			1,228,736			18,988			72,341			45,627			64,721

Net realized gains (losses)		229,131			1,227,819			12,884			69,613			(667,880	)		(95,737	)

Change in unrealized appreciation (depreciation) during the year		53,832			(1,484,417	)		2,984			(83,357	)		653,720			(355,314	)

Increase (decrease) in net assets from operations		305,126			(230,090	)		15,669			(14,616	)		(12,191	)		(443,584	)

Contract transactions:
Payments received from contract owners		18,799			9,244			120			120			300			7,460
Transfers between subaccounts (including fixed account), net		34,624			(156,120	)		(242	)		(6,479	)		(790,806	)		(39,659	)
Transfers for contract benefits and terminations		(289,740	)		(227,540	)		(17,128	)		(9,153	)		(21,343	)		(305,888	)
Contract maintenance charges		(2,280	)		(2,394	)		(49	)		(46	)		(130	)		(890	)
Adjustments to net assets allocated to contracts in payout year		—			16,838			—			—			—			—

Net increase (decrease) in net assets from contract transactions		(238,597	)		(359,972	)		(17,299	)		(15,558	)		(811,979	)		(338,977	)

Total increase (decrease) in net assets		66,529			(590,062	)		(1,630	)		(30,174	)		(824,170	)		(782,561	)
Net assets at beginning of year		2,891,500			3,481,562			162,639			192,813			824,170			1,606,731

Net assets at end of year	$	2,958,029		$	2,891,500		$	161,009		$	162,639		$	—		$	824,170

Accumulation units:
Purchases		1,466			672			66			4			226			432
Withdrawals		(5,350	)		(6,867	)		(615	)		(525	)		(16,150	)		(5,697	)

Net increase (decrease) in units outstanding		(3,884	)		(6,195	)		(549	)		(521	)		(15,924	)		(5,265	)
Units outstanding at beginning of year		50,810			57,005			5,417			5,938			15,924			21,189

Units outstanding at end of year		46,926			50,810			4,868			5,417			—			15,924

See notes to these financial statements.

- 12 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Pioneer (continued)						DWS
	Real Estate Shares VCT II						Global Opportunities						Core Equity VIP
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	352		$	1,407		$	3,740		$	1,771		$	6,716		$	5,334
Expenses:
Mortality & expense risk		(298	)		(1,124	)		(6,039	)		(7,067	)		(11,800	)		(11,667	)
Administrative charges		(100	)		(399	)		(1,290	)		(1,492	)		(2,801	)		(2,623	)

Net investment income (expense)		(46	)		(116	)		(3,589	)		(6,788	)		(7,885	)		(8,956	)

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(64,078	)		(7,074	)		(25,449	)		(35,679	)		21,544			12,986
Net realized gain distributions		5,558			5,637			3,818			129,471			61,615			162,416

Net realized gains (losses)		(58,520	)		(1,437	)		(21,631	)		93,792			83,159			175,402

Change in unrealized appreciation (depreciation) during the year		57,461			(34,562	)		150,490			(324,614	)		166,159			(385,889	)

Increase (decrease) in net assets from operations		(1,105	)		(36,115	)		125,270			(237,610	)		241,433			(219,443	)

Contract transactions:
Payments received from contract owners		—			—			475			6,900			19,083			2,654
Transfers between subaccounts (including fixed account), net		(68,219	)		3,065			(2,239	)		(32,023	)		68,334			(48,099	)
Transfers for contract benefits and terminations		(2,536	)		(10,616	)		(105,398	)		(226,426	)		(83,622	)		(53,637	)
Contract maintenance charges		—			—			(794	)		(647	)		(1,201	)		(1,467	)
Adjustments to net assets allocated to contracts in payout year		—			—			—			—			—			—

Net increase (decrease) in net assets from contract transactions		(70,755	)		(7,551	)		(107,956	)		(252,196	)		2,594			(100,549	)

Total increase (decrease) in net assets		(71,860	)		(43,666	)		17,314			(489,806	)		244,027			(319,992	)
Net assets at beginning of year		71,860			115,526			577,060			1,066,866			1,027,308			1,347,300

Net assets at end of year	$	—		$	71,860		$	594,374		$	577,060		$	1,271,335		$	1,027,308

Accumulation units:
Purchases		5			77			61			189			14,862			75
Withdrawals		(1,963	)		(267	)		(2,410	)		(5,729	)		(13,974	)		(2,538	)

Net increase (decrease) in units outstanding		(1,958	)		(190	)		(2,349	)		(5,540	)		888			(2,463	)
Units outstanding at beginning of year		1,958			2,148			15,058			20,598			27,575			30,038

Units outstanding at end of year		—			1,958			12,709			15,058			28,463			27,575

See notes to these financial statements.

- 13 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	DWS (continued)
	International						International B						Money Market
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	46,854		$	48,103		$	343		$	327		$	1,111		$	265
Expenses:
Mortality & expense risk		(14,363	)		(15,009	)		(108	)		(139	)		(302	)		(300	)
Administrative charges		(2,861	)		(2,990	)		(7	)		(11	)		(36	)		(36	)

Net investment income (expense)		29,630			30,104			228			177			773			(71	)

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(21,552	)		(42,634	)		(1,794	)		(140	)		—			—
Net realized gain distributions		—			—			—			—			—			—

Net realized gains (losses)		(21,552	)		(42,634	)		(1,794	)		(140	)		—			—

Change in unrealized appreciation (depreciation) during the year		224,299			(240,613	)		2,841			(1,914	)		—			—

Increase (decrease) in net assets from operations		232,377			(253,143	)		1,275			(1,877	)		773			(71	)

Contract transactions:
Payments received from contract owners		26,290			17,807			—			—			—			—
Transfers between subaccounts (including fixed account), net		(34,521	)		(61,169	)		(1	)		—			—			—
Transfers for contract benefits and terminations		(124,300	)		(271,286	)		(8,431	)		(335	)		(213	)		(316	)
Contract maintenance charges		(1,756	)		(1,846	)		—			—			(8	)		(7	)
Adjustments to net assets allocated to contracts in payout year		—			3,180			—			—			—			—

Net increase (decrease) in net assets from contract transactions		(134,287	)		(313,314	)		(8,432	)		(335	)		(221	)		(323	)

Total increase (decrease) in net assets		98,090			(566,457	)		(7,157	)		(2,212	)		552			(394	)
Net assets at beginning of year		1,395,805			1,962,262			10,615			12,827			23,811			24,205

Net assets at end of year	$	1,493,895		$	1,395,805		$	3,458		$	10,615		$	24,363		$	23,811

Accumulation units:
Purchases		1,724			2,021			—			—			—			—
Withdrawals		(8,920	)		(18,605	)		(728	)		(30	)		(177	)		(262	)

Net increase (decrease) in units outstanding		(7,196	)		(16,584	)		(728	)		(30	)		(177	)		(262	)
Units outstanding at beginning of year		80,906			97,490			1,000			1,030			19,323			19,585

Units outstanding at end of year		73,710			80,906			272			1,000			19,146			19,323

See notes to these financial statements.

- 14 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	DWS (continued)						T. Rowe Price
	Small Cap Index VIP						Equity Income						International Stock
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	3,872		$	3,748		$	167,526		$	160,372		$	34,645		$	29,487
Expenses:
Mortality & expense risk		(3,539	)		(3,979	)		(81,590	)		(88,378	)		(36,815	)		(39,147	)
Administrative charges		(851	)		(950	)		(17,356	)		(18,813	)		(8,055	)		(8,539	)

Net investment income (expense)		(518	)		(1,181	)		68,580			53,181			(10,225	)		(18,199	)

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(2,263	)		(3,335	)		115,481			220,852			(9,202	)		(7,555	)
Net realized gain distributions		8,301			70,494			337,670			426,903			—			89,082

Net realized gains (losses)		6,038			67,159			453,151			647,755			(9,202	)		81,527

Change in unrealized appreciation (depreciation) during the year		44,289			(175,860	)		117,418			(1,116,682	)		524,902			(843,165	)

Increase (decrease) in net assets from operations		49,809			(109,882	)		639,149			(415,746	)		505,475			(779,837	)

Contract transactions:
Payments received from contract owners		—			10,480			71,082			56,149			115,969			43,506
Transfers between subaccounts (including fixed account), net		770			(35,285	)		41,354			(151,485	)		(69,360	)		152,583
Transfers for contract benefits and terminations		(11,414	)		(48,036	)		(688,837	)		(802,816	)		(557,437	)		(566,110	)
Contract maintenance charges		(357	)		(330	)		(4,418	)		(4,662	)		(3,060	)		(3,101	)
Adjustments to net assets allocated to contracts in payout year		—			—			—			21,403			—			17,203

Net increase (decrease) in net assets from contract transactions		(11,001	)		(73,171	)		(580,819	)		(881,411	)		(513,888	)		(355,919	)

Total increase (decrease) in net assets		38,808			(183,053	)		58,330			(1,297,157	)		(8,413	)		(1,135,756	)
Net assets at beginning of year		335,124			518,177			8,234,730			9,531,887			3,654,464			4,790,220

Net assets at end of year	$	373,932		$	335,124		$	8,293,060		$	8,234,730		$	3,646,051		$	3,654,464

Accumulation units:
Purchases		35			290			6,855			3,116			2,471			8,421
Withdrawals		(374	)		(2,483	)		(15,644	)		(15,650	)		(22,585	)		(21,852	)

Net increase (decrease) in units outstanding		(339	)		(2,193	)		(8,789	)		(12,534	)		(20,114	)		(13,431	)
Units outstanding at beginning of year		10,475			12,668			123,202			135,736			154,235			167,666

Units outstanding at end of year		10,136			10,475			114,413			123,202			134,121			154,235

See notes to these financial statements.

- 15 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	T. Rowe Price (continued)
	Limited-Term Bond						All-Cap Opportunities Portfolio						Moderate Allocation
	2023			2022			2023			2022			2023			2022
Income:
Dividends	$	50,264		$	35,206		$	11,685		$	—		$	83,314		$	60,136
Expenses:
Mortality & expense risk		(15,415	)		(18,715	)		(50,093	)		(54,074	)		(36,363	)		(38,998	)
Administrative charges		(3,465	)		(4,401	)		(10,052	)		(10,939	)		(7,605	)		(8,170	)

Net investment income (expense)		31,384			12,090			(48,460	)		(65,013	)		39,346			12,968

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(21,635	)		(19,763	)		115,102			49,571			1,445			9,958
Net realized gain distributions		—			2,593			335,775			266,358			10,163			72,963

Net realized gains (losses)		(21,635	)		(17,170	)		450,877			315,929			11,608			82,921

Change in unrealized appreciation (depreciation) during the year		43,941			(109,391	)		804,036			(1,718,835	)		423,704			(978,073	)

Increase (decrease) in net assets from operations		53,690			(114,471	)		1,206,453			(1,467,919	)		474,658			(882,184	)

Contract transactions:
Payments received from contract owners		121,437			6,754			2,516			21,074			7,202			25,247
Transfers between subaccounts (including fixed account), net		32,663			(87,361	)		(91,168	)		(50,692	)		10,304			3,696
Transfers for contract benefits and terminations		(355,740	)		(256,377	)		(814,104	)		(378,015	)		(286,508	)		(246,367	)
Contract maintenance charges		(1,155	)		(1,528	)		(2,867	)		(2,891	)		(3,375	)		(3,734	)
Adjustments to net assets allocated to contracts in payout year		—			38			—			53,743			—			871

Net increase (decrease) in net assets from contract transactions		(202,795	)		(338,474	)		(905,623	)		(356,781	)		(272,377	)		(220,287	)

Total increase (decrease) in net assets		(149,105	)		(452,945	)		300,830			(1,824,700	)		202,284			(1,102,471	)
Net assets at beginning of year		1,629,055			2,082,000			4,792,949			6,617,649			3,544,808			4,647,279

Net assets at end of year	$	1,479,950		$	1,629,055		$	5,093,779		$	4,792,949		$	3,747,092		$	3,544,808

Accumulation units:
Purchases		6,127			1,356			95			1,896			516			763
Withdrawals		(19,105	)		(21,848	)		(8,290	)		(5,348	)		(6,066	)		(4,900	)

Net increase (decrease) in units outstanding		(12,978	)		(20,492	)		(8,195	)		(3,452	)		(5,550	)		(4,137	)
Units outstanding at beginning of year		99,458			119,950			49,134			52,586			72,054			76,191

Units outstanding at end of year		86,480			99,458			40,939			49,134			66,504			72,054

See notes to these financial statements.

- 16 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Morgan Stanley
	VIF Emerging Markets Equity						VIF Core Plus Fixed Income
	2023			2022			2023			2022
Income:
Dividends	$	7,273		$	2,005		$	89,403		$	92,626
Expenses:
Mortality & expense risk		(4,491	)		(4,630	)		(12,607	)		(24,647	)
Administrative charges		(1,074	)		(1,080	)		(3,431	)		(6,746	)

Net investment income (expense)		1,708			(3,705	)		73,365			61,233

Realized gains (losses) on investments:
Net realized gains (losses) on sale of fund shares		(5,708	)		(934	)		(575,192	)		(70,650	)
Net realized gain distributions		7,873			48,433			—			41,357

Net realized gains (losses)		2,165			47,499			(575,192	)		(29,293	)

Change in unrealized appreciation (depreciation) during the year		40,084			(191,694	)		540,970			(451,623	)

Increase (decrease) in net assets from operations		43,957			(147,900	)		39,143			(419,683	)

Contract transactions:
Payments received from contract owners		5,809			600			26,227			9,031
Transfers between subaccounts (including fixed account), net		5,876			42,732			(2,022,010	)		38,505
Transfers for contract benefits and terminations		(31,911	)		(44,607	)		(136,375	)		(387,251	)
Contract maintenance charges		(320	)		(268	)		(558	)		(1,759	)
Adjustments to net assets allocated to contracts in payout year		—			3,025			—			11,478

Net increase (decrease) in net assets from contract transactions		(20,546	)		1,482			(2,132,716	)		(329,996	)

Total increase (decrease) in net assets		23,411			(146,418	)		(2,093,573	)		(749,679	)
Net assets at beginning of year		426,526			572,944			2,093,573			2,843,252

Net assets at end of year	$	449,937		$	426,526		$	—		$	2,093,573

Accumulation units:
Purchases		721			1,765			11,093			5,187
Withdrawals		(1,550	)		(1,652	)		(130,304	)		(21,935	)

Net increase (decrease) in units outstanding		(829	)		113			(119,211	)		(16,748	)
Units outstanding at beginning of year		18,495			18,382			119,211			135,959

Units outstanding at end of year		17,666			18,495			—			119,211

See notes to these financial statements.

- 17 -

UNITED OF OMAHA SEPARATE ACCOUNT C

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

1.	NATURE OF OPERATIONS

United of Omaha Separate Account C (the “Separate Account”) was established by United of Omaha Life Insurance Company (“United”) on December 1, 1993, under procedures established by Nebraska law, and is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The Separate Account is a funding vehicle for individual variable annuity contracts. The assets of the Separate Account are owned by United, however, the net assets of the Separate Account are clearly identified and distinguished from United’s other assets and liabilities. The portion of the Separate Account’s assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business United may conduct.

A contract owner of the Separate Account may allocate funds to the fixed income account, which is part of United’s general account, in addition to those subaccounts detailed below. Interests in the fixed income account have not been registered under the Securities Act of 1933 and United has not been registered as an investment company under the Investment Company Act of 1940, due to exemptive and exclusionary provisions under such acts.

2.	SUBACCOUNTS

The Separate Account is divided into subaccounts for which accumulation units are separately maintained. Each subaccount invests exclusively in shares of a corresponding mutual fund portfolio. The available subaccounts with activity during 2023 or 2022 are:

Alger

Alger American Fund

Alger American LargeCap Growth Portfolio Class O (“American Growth”)

Alger American SmallCap Growth Portfolio Class O (“American Small Capitalization”)

Federated

Federated Insurance Series

Federated Hermes Government Money Fund II (“Government Money Fund II”)

Federated Hermes Fund for U.S. Government Securities II (“Fund for U.S. Government Securities II”)

Fidelity

Fidelity Variable Insurance Products Fund

Fidelity VIP Equity-Income Portfolio Initial Class (“VIP Equity Income”)

Fidelity VIP Equity-Income Portfolio Service Class 2 (“VIP Equity Income SVC CL 2”)

Fidelity VIP Growth Portfolio Initial Class (“VIP Growth”)

Fidelity VIP Mid Cap Portfolio Service Class 2 (“VIP Mid Cap SVC CL 2”)

Fidelity Variable Insurance Products

Fidelity VIP Asset Manager Portfolio Initial Class (“VIP Asset Manager”)

Fidelity VIP Asset Manager: Growth Portfolio Initial Class (“VIP Asset Manager: Growth”)

Fidelity VIP Contrafund Portfolio Service Class (“VIP Contrafund”)

Fidelity VIP Contrafund Portfolio Service Class 2 (“VIP Contrafund SVC CL 2”)

Fidelity VIP Index 500 Portfolio Initial Class (“VIP Index 500”)

Fidelity VIP Index 500 Portfolio Service Class 2 (“VIP Index 500 SVC CL 2”)

MFS

MFS Variable Insurance Trust

MFS Core Equity Portfolio (“Core Equity Portfolio”)

MFS Core Equity Portfolio (“Core Equity Portfolio SC”)

MFS Growth Series Portfolio Initial Class (“Emerging Growth Series”)

MFS High Yield Initial Class (“High Yield Series”)

MFS High Yield Service Class (“High Yield Series SC”)

MFS Research Series Portfolio Initial Class (“Research Series”)

MFS VIT II Income Initial Class (“Income Series II”)

MFS VIT II Income Service Class (“Income Series II SC”)

Pioneer

Pioneer Variable Contracts Trust

Pioneer Equity Income VCT Portfolio Class II (“Equity Income VCT”)

Pioneer Fund VCT Portfolio Class II (“Fund VCT”)

Pioneer Mid Cap Value VCT Portfolio Class I (“Mid Cap Value VCT”)

Pioneer Mid Cap Value VCT Portfolio Class II (“Mid Cap Value VCT II”)

Pioneer Real Estate Shares VCT Portfolio Class I (“Real Estate Shares VCT”) Pioneer Real Estate Shares VCT Portfolio Class II (“Real Estate Shares VCT II”)

DWS

DWS Variable Series I

DWS Global Opportunities VIP Class B (“Global Opportunities”)

DWS Core Equity VIP Class B (“Core Equity VIP”)

DWS CROCI International VIP Class A (“International”)

DWS CROCI International VIP Class B (“International B”)

DWS Government Money Market VIP Class A (“Money Market”)

DWS Investments VIT Funds

DWS Small Cap Index VIP Class A (“Small Cap Index VIP”)

T. Rowe Price

T. Rowe Price Equity Series, Inc.

T. Rowe Price Equity Income Portfolio (“Equity Income”)

T. Rowe Price All-Cap Opportunities Portfolio (“All-Cap Opportunities Portfolio”)

T. Rowe Price Moderate Allocation Portfolio (“Moderate Allocation”)

T. Rowe Price International Series, Inc.

T. Rowe Price International Stock Portfolio (“International Stock”)

T. Rowe Price Fixed Income Series, Inc.

T. Rowe Price Limited-Term Bond Portfolio (“Limited-Term Bond”)

Morgan Stanley

Morgan Stanley Variable Insurance Funds

Morgan Stanley VIF Emerging Markets Equity Portfolio Class I (“VIF Emerging Markets Equity”)

Morgan Stanley VIF Core Plus Fixed Income Portfolio Class I (“VIF Core Plus Fixed Income”)

- 18 -

The availability of some subaccounts is dependent upon the product under which each contract was written.

The following subaccounts are available but are not shown on the statements due to not having had any activity in 2023 or 2022:

Fidelity VIP Asset Manager: Growth Portfolio Service Class 2 (“VIP Asset Manager: Growth SVC CL 2”)

Morgan Stanley VIF Core Plus Fixed Income Portfolio Class II (“UIF Core Plus Fixed Income II”)

MFS Growth Series Portfolio Service Class (“Emerging Growth Series SC”)

DWS Bond VIP Class A (“Bond”)

Effective April 28, 2023, “Pioneer Real Estate Shares VCT Portfolio - Class I” was no longer available for investment. Assets were transferred to Federated Hermes Government Money Fund II (“Government Money Fund II”)

Effective April 28, 2023, “Pioneer Real Estate Shares VCT Portfolio - Class II” was no longer available for investment. Assets were transferred to Federated Hermes Government Money Fund II (“Government Money Fund II”)

Effective July 28, 2023, “Morgan Stanley VIF Core Plus Fixed Income Portfolio Class I” was no longer available for investment. Assets were transferred to Federated Hermes Government Money Fund II (“Government Money Fund II”)

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and disclosures of assets at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting year. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in investment valuation in the absence of quoted market prices.

Security Valuation and Related Investment Income - Investments are made in the portfolios of the Separate Account and are valued at the reported net asset values of such portfolios, which value their investment securities at fair value. Transactions are recorded on a trade date basis. Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments are determined based on the average cost of investments sold.

The investments of the Separate Account and United of Omaha Separate Account B are jointly held in accounts with the investment managers.

Contracts in Payout (Annuitization) period - Net assets allocated to contracts in the payout period are computed according to the 1983 Individual Annuitant Mortality Table. The assumed investment return is 4.0%. The mortality risk is fully borne by United and may result in additional amounts being transferred into the subaccounts of the Separate Account by United to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to United. These items are included in the adjustment to net assets allocated to contracts in payout year.

Federal Income Taxes - Net taxable income or loss of the subaccounts of the Separate Account are included in the federal taxable income of United, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). Under current provisions of the IRC, United does not expect to incur federal income taxes on the earnings of the subaccounts of the Separate Account to the extent that earnings are credited under the contracts. Based on this, no charge is being made currently to the subaccounts of the Separate Account for federal income taxes. A charge may be made in future years for any federal income taxes that would be attributable to the contracts in the event of changes in the tax law.

As of December 31, 2023, there were no positions for which management believes it is reasonably possible that the total amounts of tax contingencies will significantly increase or decrease within 12 months of the reporting date.

Fair Value Measurements - Current fair value guidance requires financial instruments measured at fair value to be categorized into a three-level classification. The lowest level input that is significant to the fair value measurement of a financial instrument is used to categorize the instrument and reflects the judgment of management. The valuation criteria is summarized as follows:

Level 1 -

Inputs are unadjusted and represent quoted prices in active markets for identical assets at the measurement date.

Level 2 -

Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset through correlation with market data at the measurement date.

Level 3 -

Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. Financial assets presented at fair value and categorized as Level 3 are generally those that are valued using unobservable inputs.

Each subaccount invests in shares of mutual funds, which calculate a daily net asset value based on the value of the underlying securities in the portfolio. As such, the investments held in the Separate Account were valued using Level 2 inputs as defined by the applicable fair value guidance.

Payments Received from Contract Owners - In the Statement of Operations and Changes in Net Assets, the line item “Payments received from contract owners” includes both deposits received from policyholders and net gains and losses resulting from the timing of executed trades.

Subsequent Events - Subsequent events have been evaluated through March 20, 2024, the date these financial statements were issued.

4.	ACCOUNT CHARGES

Mortality & Expense Risk Charge:

United deducts a daily charge as compensation for the mortality and expense risks assumed by United. The nominal annual rate is a percentage of the net asset value of each subaccount based on the following products:


Series I	1.25	%	Series V	1.00	%
Ultra-Access	1.40	%	Ultra-Rewards	1.25	%
Ultra-Select	1.50	%

These charges are assessed through reduction of unit values. United guarantees that the mortality and expense charge will not increase above these levels.

Administrative Charges:

United deducts a daily administrative expense charge from the net assets of the Separate Account. The annual rate is a percentage of the net asset value of each subaccount based on the following products:


Series I	0.15	%
Series V	0.20	%
Ultra-Rewards and Ultra-Select	0.15	%	(0% for accumulation value of $100,000 or more)
Ultra-Access	0.20	%

The daily administrative expense charges for Ultra-Rewards and Ultra-Select products are reflected in the Statement of Operations and Changes in Net Assets within the “Mortality & expense risk” financial statement line item aggregated with the mortality and expense risk charges for those products. For the remaining products, the daily administrative expense charges are broken out separately in the Statement of Operations and Changes in Net Assets within the “Administrative charges” financial statement line item.

These charges are assessed through reduction of unit values. United guarantees that the administrative charge will not increase above these levels.

Enhanced Death Benefit - The Series V, Ultra-Rewards, and Ultra-Select variable annuity products include a feature which provides the contract owner an option to purchase an enhanced death benefit. For Ultra-Rewards and Ultra-Select, a daily charge equivalent to an annual rate of 0.30% of the accumulation value is deducted from each contract with this feature. For Series V, a daily charge equivalent to an annual rate of 0.35% of the accumulation value is deducted from each contract issued prior to May 1, 2003. A daily charge equal to an annual rate of 0.30% of accumulation value is deducted from each contract issued after May 1, 2003. These charges are assessed through a reduction of unit values. Series V contracts issued prior to May 1, 1998 are assessed a daily charge of 0.35% of the accumulation value through a reduction of unit value for each contract with this feature.

- 19 -

Enhanced Credit Rider - Ultra-Rewards contract owners can elect the enhanced credit rider. A daily charge equivalent to an annual rate of 0.50% of the accumulation value is deducted from each contract for this charge for the first eight contract years. These charges are assessed through the reduction of unit values.

Enhanced Earnings Death Benefit Charge - Ultra-Select and Ultra-Rewards contract owners can elect the enhanced earnings death benefit rider. A daily charge equivalent to an annual charge of 0.30% of the accumulation value is deducted from each contract for this charge. These charges are assessed through the reduction of unit values.

Return Benefits Charge - Series V, Ultra-Select and Ultra-Access contract owners can elect the returns benefit rider. An annual charge is calculated and assessed on the contract anniversary. The charge equivalent to an annual charge of 0.40% of the accumulation value is deducted from each contract for this charge. These charges are assessed through the reduction of unit values.

Contract Maintenance Charges:

Withdrawal Charge - United may deduct a withdrawal charge, expressed as a percentage of accumulation value (accumulated units times unit value) surrendered or withdrawn. The withdrawal charge percentage varies depending upon the number of years elapsed since the date the purchase payment was made. The amount of the withdrawal requested plus the withdrawal charge is deducted from the accumulation value on the date the request is received as a redemption of units.

Transfer fees - A transfer fee of $10 ($20 for Ultra Select contract owners) may be imposed for any non-systematic transfer in excess of twelve per contract year. The transfer fee is deducted from the amount transferred on the date of the transfer as a redemption of units.

Contract Fee - There is an annual contract fee of $30 for Series I, Series V and Ultra-Access and $40 for Ultra-Rewards and Ultra-Select that is deducted from the accumulated value on the last valuation date of each contract year or at complete surrender. The annual contract fee is waived if the accumulated value is $50,000 or more on the last valuation date of the applicable contract year. This charge is assessed through the redemption of units. United guarantees the annual contract fee will not increase.

5.	PURCHASES AND SALES OF INVESTMENTS

The aggregate cost of daily net purchases and proceeds from daily net sales of investments for the year ended December 31, 2023, were as follows:


	*Purchases*		*Sales*
Alger
American Growth	$	226,384	$	686,711
American Small Capitalization		76,860		265,184

Federated
Government Money Fund II		2,917,705		561,396
Fund for U.S. Government Securities II		148,414		270,196

Fidelity
VIP Asset Manager		—		658
VIP Asset Manager: Growth		87,711		413,547
VIP Contrafund		48,709		1,277,168
VIP Contrafund SVC CL 2		—		5,670
VIP Equity Income		118,698		666,415
VIP Equity Income SVC CL 2		297		1,409
VIP Growth		—		21,393
VIP Index 500		128,549		1,081,004
VIP Index 500 SVC CL 2		90,164		134,965
VIP Mid Cap SVC CL 2		4,691		19,364

MFS
Core Equity Portfolio		22,527		423,738
Core Equity Portfolio SC		140		8,172
Emerging Growth Series		24,598		941,262
High Yield Series		29,510		98,300
High Yield Series SC		363		1,076
Research Series		29,110		419,133
Income Series II		40,999		76,942
Income Series II SC		79,129		79,706

Pioneer
Equity Income VCT		6,365		17,425
Fund VCT		2		35,453
Mid Cap Value VCT		71,079		344,506
Mid Cap Value VCT II		1,844		22,163
Real Estate Shares VCT		11,101		826,196
Real Estate Shares VCT II		212		71,365

DWS
Global Opportunities		1,918		117,203
Core Equity VIP		492,012		504,019
International		31,845		183,356
International B		—		8,547
Money Market		—		559
Small Cap Index VIP		1,039		16,430

T. Rowe Price
Equity Income		258,202		937,967
International Stock		48,143		606,901
Limited-Term Bond		101,862		323,537
All-Cap Opportunities Portfolio		9,535		975,303
Moderate Allocation		24,563		340,908

Morgan Stanley
VIF Emerging Markets Equity		15,559		41,670
VIF Core Plus Fixed Income		165,402		2,314,156

6.	ADMINISTRATION OF THE SEPARATE ACCOUNT

United has an administrative services agreement with Security Benefit Life Insurance Company (“Security Benefit”), whose affiliate Zinnia Corporate Holdings, LLC (“Zinnia”) performs administrative functions on behalf of United with respect to the contracts comprising the Separate Account.

7.	REINSURANCE ARRANGEMENTS

United has a reinsurance agreement to cede to Security Benefit, on a modified coinsurance basis, certain United rights, liabilities and obligations in the Separate Account. The ceding of this business does not discharge United from its primary legal liability to a contract owner.

- 20 -

8.	FINANCIAL HIGHLIGHTS

A summary of units, unit values, and net assets at December 31 and investment income ratio, expense ratio and total return for the years ended December 31 follows:


	At December 31								For the years ended December 31****
	Units		Unit Value lowest to highest				Net Assets		Investment Income Ratio*		Expense Ratio lowest to highest**				Total Return lowest to highest***
Alger
American Growth - 2023		63,204	$	29.60	to	90.51	$	4,653,563		0.00%		1.20%	to	2.20%		30.17%	to	31.10%
American Growth - 2022		68,691		22.74	to	69.04		3,888,054		0.00%		1.20%	to	2.20%		-39.81%	to	-39.39%
American Growth - 2021		69,849		37.78	to	113.91		6,603,038		0.00%		1.20%	to	2.20%		9.73%	to	10.50%
American Growth - 2020		79,130		34.43	to	103.09		6,857,953		0.17%		1.20%	to	2.20%		65.02%	to	73.36%
American Growth - 2019		93,324		19.86	to	62.47		4,982,002		0.00%		1.20%	to	2.20%		24.59%	to	26.69%

American Small Capitalization - 2023		52,246		28.80	to	48.20		2,484,639		0.00%		1.20%	to	2.20%		14.70%	to	15.09%
American Small Capitalization - 2022		56,359		25.11	to	41.88		2,312,107		0.00%		1.20%	to	2.20%		-38.98%	to	-38.75%
American Small Capitalization - 2021		57,363		41.15	to	68.38		3,853,635		0.00%		1.20%	to	2.20%		-7.51%	to	-7.18%
American Small Capitalization - 2020		63,286		44.49	to	73.67		4,588,563		0.97%		1.20%	to	2.20%		41.32%	to	64.59%
American Small Capitalization - 2019		75,382		27.03	to	52.13		3,313,819		0.00%		1.20%	to	2.20%		26.49%	to	28.57%

Federated
Government Money Fund II - 2023		2,823,849		0.80	to	1.26		3,359,395		4.81%		1.20%	to	2.20%		-1.23%	to	3.28%
Government Money Fund II - 2022		753,250		0.81	to	1.22		900,553		1.55%		1.20%	to	2.20%		-1.22%	to	0.00%
Government Money Fund II - 2021		546,462		0.82	to	1.22		628,691		0.00%		1.20%	to	2.20%		-2.38%	to	-1.61%
Government Money Fund II - 2020		551,916		0.84	to	1.24		642,751		0.20%		1.20%	to	2.20%		-0.80%	to	1.20%
Government Money Fund II - 2019		643,399		0.83	to	1.25		762,499		1.60%		1.20%	to	2.20%		-1.16%	to	1.65%

Fund for U.S. Government Securities II - 2023		80,940		11.42	to	18.97		1,440,115		2.52%		1.20%	to	2.20%		2.15%	to	2.93%
Fund for U.S. Government Securities II - 2022		86,689		11.18	to	18.43		1,505,094		1.87%		1.20%	to	2.20%		-14.33%	to	-13.60%
Fund for U.S. Government Securities II - 2021		94,012		13.05	to	21.33		1,897,507		2.05%		1.20%	to	2.20%		-4.04%	to	-3.22%
Fund for U.S. Government Securities II - 2020		97,545		13.60	to	22.04		2,043,436		2.42%		1.20%	to	2.20%		3.96%	to	6.00%
Fund for U.S. Government Securities II - 2019		100,640		12.83	to	21.20		2,032,843		2.48%		1.20%	to	2.20%		3.55%	to	5.29%

Fidelity
VIP Asset Manager - 2023		773		40.56	to	40.56		31,331		2.37%		1.40%	to	1.40%		11.37%	to	11.37%
VIP Asset Manager - 2022		779		36.42	to	36.42		28,363		2.00%		1.40%	to	1.40%		-16.12%to		-16.12%
VIP Asset Manager - 2021		788		43.42	to	43.42		34,231		1.65%		1.40%	to	1.40%		8.39%	to	8.39%
VIP Asset Manager - 2020		798		40.06	to	40.06		31,967		1.45%		1.40%	to	1.40%		13.26%	to	13.26%
VIP Asset Manager - 2019		808		35.37	to	35.37		28,564		1.83%		1.40%	to	1.40%		16.58%	to	16.58%

VIP Asset Manager: Growth - 2023		68,596		24.28	to	48.12		3,267,993		1.77%		1.20%	to	1.60%		14.58%	to	14.98%
VIP Asset Manager: Growth - 2022		75,068		21.19	to	41.85		3,112,677		1.68%		1.20%	to	1.60%		-18.15%	to	-17.88%
VIP Asset Manager: Growth - 2021		81,434		25.89	to	50.96		4,108,316		1.39%		1.20%	to	1.60%		12.18%	to	12.59%
VIP Asset Manager: Growth - 2020		89,757		23.08	to	45.26		4,021,321		1.09%		1.20%	to	1.60%		15.46%	to	15.87%
VIP Asset Manager: Growth - 2019		99,611		19.99	to	39.06		3,851,686		1.54%		1.20%	to	1.60%		20.86%	to	22.08%

VIP Contrafund - 2023		69,566		65.58	to	140.91		9,638,560		0.48%		1.20%	to	1.60%		31.40%	to	31.85%
VIP Contrafund - 2022		78,542		49.91	to	106.87		8,251,592		0.45%		1.20%	to	1.60%		-27.45%to		-27.20%
VIP Contrafund - 2021		85,745		68.79	to	146.79		12,329,363		0.06%		1.20%	to	1.60%		25.85%	to	26.30%
VIP Contrafund - 2020		95,843		54.66	to	116.22		10,919,583		0.24%		1.20%	to	1.60%		28.55%	to	29.00%
VIP Contrafund - 2019		114,522		42.52	to	90.09		10,100,012		0.47%		1.20%	to	1.60%		29.49%	to	30.78%

VIP Contrafund SVC CL 2 - 2023		1,699		49.37	to	49.37		83,889		0.26%		1.25%	to	2.20%		30.61%	to	30.61%
VIP Contrafund SVC CL 2 - 2022		1,790		37.80	to	37.80		67,652		0.24%		1.25%	to	2.20%		-27.88%	to	-27.88%
VIP Contrafund SVC CL 2 - 2021		1,798		52.41	to	52.41		94,221		0.02%		1.25%	to	2.20%		21.46%	to	25.11%
VIP Contrafund SVC CL 2 - 2020		2,654		41.89	to	43.15		112,230		0.07%		1.25%	to	2.20%		9.16%	to	35.13%
VIP Contrafund SVC CL 2 - 2019		2,829		31.00	to	39.53		93,591		0.22%		1.25%	to	2.20%		28.42%	to	29.63%

VIP Equity Income - 2023		60,935		33.89	to	68.70		4,137,811		1.79%		1.20%	to	1.60%		8.97%	to	9.33%
VIP Equity Income - 2022		69,255		31.10	to	62.84		4,279,067		1.79%		1.20%	to	1.60%		-6.44%	to	-6.08%
VIP Equity Income - 2021		77,474		33.24	to	66.91		5,097,068		1.91%		1.20%	to	1.60%		22.97%	to	23.38%
VIP Equity Income - 2020		85,873		27.03	to	54.23		4,568,557		1.63%		1.20%	to	1.60%		5.05%	to	5.42%
VIP Equity Income - 2019		92,800		25.73	to	51.44		4,686,052		1.95%		1.20%	to	1.60%		25.41%	to	26.67%

VIP Equity Income SVC CL 2 -2023		408		26.65	to	26.65		10,857		1.67%		1.25%	to	2.20%		8.29%	to	-2.81%
VIP Equity Income SVC CL 2 -2022		441		24.61	to	27.42		10,967		1.61%		1.25%	to	2.20%		-7.03%	to	-6.58%
VIP Equity Income SVC CL 2 -2021		484		26.47	to	29.35		12,942		0.90%		1.25%	to	2.20%		22.26%	to	22.85%
VIP Equity Income SVC CL 2 -2020		1,451		21.65	to	23.89		32,143		1.46%		1.25%	to	2.20%		-18.66%	to	10.46%
VIP Equity Income SVC CL 2 -2019		1,511		19.60	to	29.37		32,054		1.83%		1.25%	to	2.20%		24.29%	to	25.47%

VIP Growth - 2023		1,333		134.75	to	134.75		179,614		0.14%		1.40%	to	1.40%		34.33%	to	34.33%
VIP Growth - 2022		1,482		100.31	to	100.31		148,600		0.58%		1.40%	to	1.40%		-25.51%	to	-25.51%
VIP Growth - 2021		1,549		134.66	to	134.66		208,567		0.00%		1.40%	to	1.40%		21.49%	to	21.49%
VIP Growth - 2020		1,616		110.84	to	110.84		179,147		0.07%		1.40%	to	1.40%		41.88%	to	41.88%
VIP Growth - 2019		1,684		78.12	to	78.12		131,555		0.27%		1.40%	to	1.40%		32.43%	to	32.43%

- 21 -


	At December 31									For the years ended December 31****
	Units		Unit Value lowest to highest					Net Assets		Investment Income Ratio*		Expense Ratio lowest to highest**				Total Return lowest to highest***
Fidelity (cont’d)
VIP Index 500 - 2023		111,457	$	44.62	to $		116.12	$	7,470,532		1.44%		1.20%	to	1.60%		24.26%	to	24.43%
VIP Index 500 - 2022		125,248		35.91		to	93.32		6,753,406		1.36%		1.20%	to	1.60%		-19.48% to		-19.35%
VIP Index 500 - 2021		138,511		44.60		to	115.71		9,229,635		1.24%		1.20%	to	1.60%		26.60%	to	26.78%
VIP Index 500 - 2020		155,889		35.23		to	91.27		8,150,744		1.60%		1.20%	to	1.60%		16.42%	to	16.58%
VIP Index 500 - 2019		184,104		30.26		to	78.29		8,247,689		1.98%		1.20%	to	1.60%		29.27%	to	30.57%

VIP Index 500 SVC CL 2 - 2023		7,913		33.04		to	39.62		287,383		1.23%		1.25%	to	2.20%		23.10%	to	24.12%
VIP Index 500 SVC CL 2 - 2022		9,174		26.84		to	31.92		268,206		1.14%		1.25%	to	2.20%		-20.19% to		-19.56%
VIP Index 500 SVC CL 2 - 2021		9,342		33.63		to	39.68		341,083		1.02%		1.25%	to	2.20%		25.44%	to	26.45%
VIP Index 500 SVC CL 2 - 2020		11,492		26.81		to	31.38		330,481		1.43%		1.25%	to	2.20%		-14.77% to		15.36%
VIP Index 500 SVC CL 2 - 2019		12,242		23.24		to	36.82		303,730		1.71%		1.25%	to	2.20%		28.19%	to	29.38%

VIP Mid Cap SVC CL 2 - 2023		4,538		58.38		to	67.54		303,939		0.38%		1.20%	to	2.20%		12.64%	to	13.44%
VIP Mid Cap SVC CL 2 - 2022		4,711		51.83		to	59.54		278,252		0.25%		1.20%	to	2.20%		-16.58% to		-15.99%
VIP Mid Cap SVC CL 2 - 2021		4,901		62.13		to	70.87		344,718		0.37%		1.20%	to	2.20%		22.96%	to	23.81%
VIP Mid Cap SVC CL 2 - 2020		4,803		50.53		to	57.24		272,688		0.34%		1.20%	to	2.20%		5.45%	to	20.83%
VIP Mid Cap SVC CL 2 - 2019		6,043		41.82		to	54.28		293,852		0.68%		1.20%	to	2.20%		20.48%	to	22.45%
MFS

Core Equity Portfolio - 2023		37,673		43.67		to	70.87		2,535,803		0.53%		1.20%	to	1.60%		21.24%	to	21.69%
Core Equity Portfolio - 2022		43,749		36.02		to	58.24		2,427,585		0.29%		1.20%	to	1.60%		-18.54% to		-18.26%
Core Equity Portfolio - 2021		49,918		44.22		to	71.25		3,404,325		0.42%		1.20%	to	1.60%		23.38%	to	23.81%
Core Equity Portfolio - 2020		57,139		35.84		to	57.55		3,136,281		0.66%		1.20%	to	1.60%		16.86%	to	17.28%
Core Equity Portfolio - 2019		62,414		30.67		to	49.07		2,939,632		0.79%		1.20%	to	1.60%		31.18%	to	32.37%

Core Equity Portfolio SC - 2023		2,367		27.28		to	32.72		68,638		0.32%		1.25%	to	2.20%		20.12%	to	21.10%
Core Equity Portfolio SC - 2022		2,629		22.71		to	27.02		63,185		0.08%		1.25%	to	2.20%		-19.30% to		-18.64%
Core Equity Portfolio SC - 2021		2,617		28.14		to	33.21		77,908		0.23%		1.25%	to	2.20%		22.29%	to	23.32%
Core Equity Portfolio SC - 2020		4,142		23.01		to	26.93		99,470		0.45%		1.25%	to	2.20%		-31.32% to		15.80%
Core Equity Portfolio SC - 2019		4,655		19.87		to	39.21		96,121		0.72%		1.25%	to	2.20%		29.95%	to	31.19%

Emerging Growth Series - 2023		63,552		53.36		to	112.71		6,985,094		0.00%		1.20%	to	1.60%		33.77%	to	34.24%
Emerging Growth Series - 2022		72,308		39.89		to	83.96		5,910,432		0.00%		1.20%	to	1.60%		-32.69% to		-32.45%
Emerging Growth Series - 2021		78,318		59.26		to	124.30		9,496,640		0.00%		1.20%	to	1.60%		21.61%	to	22.05%
Emerging Growth Series - 2020		89,047		48.73		to	101.84		8,817,185		0.00%		1.20%	to	1.60%		29.81%	to	30.28%
Emerging Growth Series - 2019		104,509		37.54		to	78.17		7,962,159		0.00%		1.20%	to	1.60%		35.96%	to	37.33%

High Yield Series - 2023		29,786		21.81		to	32.14		955,367		5.60%		1.20%	to	1.60%		10.65%	to	11.06%
High Yield Series - 2022		31,730		19.71		to	28.94		915,698		5.26%		1.20%	to	1.60%		-11.89% to		-11.58%
High Yield Series - 2021		35,324		22.37		to	32.73		1,153,364		4.56%		1.20%	to	1.60%		1.91%	to	2.25%
High Yield Series - 2020		37,434		21.95		to	32.01		1,194,581		5.17%		1.20%	to	1.60%		3.83%	to	3.93%
High Yield Series - 2019		42,757		21.12		to	30.83		1,314,228		5.89%		1.20%	to	1.60%		12.94%	to	14.13%
High Yield Series SC - 2023		527		20.12		to	22.53		11,267		5.34%		1.25%	to	2.20%		10.37%	to	10.93%
High Yield Series SC - 2022		551		18.23		to	20.31		10,721		5.16%		1.25%	to	2.20%		-12.44% to		-12.04%
High Yield Series SC - 2021		609		20.82		to	23.09		13,518		4.42%		1.25%	to	2.20%		1.12%	to	1.63%
High Yield Series SC - 2020		684		20.59		to	22.72		14,952		5.08%		1.25%	to	2.20%		0.04%	to	8.83%
High Yield Series SC - 2019		722		18.92		to	22.71		15,347		5.49%		1.25%	to	2.20%		11.89%	to	13.01%

Research Series - 2023		48,548		40.10		to	81.10		3,850,288		0.50%		1.20%	to	1.60%		20.53%	to	20.95%
Research Series - 2022		53,282		33.27		to	67.05		3,499,348		0.45%		1.20%	to	1.60%		-18.48% to		-18.20%
Research Series - 2021		57,903		40.81		to	81.97		4,654,710		0.54%		1.20%	to	1.60%		22.85%	to	23.32%
Research Series - 2020		65,326		33.22		to	66.47		4,224,787		0.65%		1.20%	to	1.60%		14.79%	to	15.18%
Research Series - 2019		73,196		28.94		to	57.71		4,120,765		0.79%		1.20%	to	1.60%		30.83%	to	32.16%

Income Series II - 2023		40,923		20.41		to	23.28		948,884		3.61%		1.20%	to	1.60%		5.92%	to	6.30%
Income Series II - 2022		42,055		19.27		to	21.90		917,016		3.24%		1.20%	to	1.60%		-15.04% to		-14.72%
Income Series II - 2021		47,592		22.68		to	25.68		1,217,581		3.09%		1.20%	to	1.60%		-1.09% to		-0.73%
Income Series II - 2020		46,658		22.93		to	25.87		1,202,074		3.59%		1.20%	to	1.60%		1.53%	to	8.11%
Income Series II - 2019		49,755		21.21		to	25.48		1,186,672		3.56%		1.20%	to	1.60%		9.84%	to	10.93%

Income Series II SC - May 23, 2023 - June 26, 2023		—		15.57		to	15.57		—		0.00%		2.20%	to	2.20%		0.58%	to	0.58%
Income Series II SC - 2022		—		—		to	- —		—		0.00%		0.00%	to	0.00%		0.00%	to	0.00%
Income Series II SC - January 1, 2021- December 20, 2021		—		19.28		to	19.28		—		0.06%		1.20%	to	1.60%		-1.73% to		-1.73%
Income Series II SC - 2020		180		19.62		to	19.62		3,524		3.40%		1.20%	to	1.60%		-5.17% to		13.21%
Income Series II SC - 2019		186		17.33		to	20.69		3,414		0.00%		1.20%	to	1.60%		8.86%	to	9.88%

Pioneer
Equity Income VCT - 2023		9,480		32.93		to	38.70		363,805		1.64%		1.20%	to	2.20%		5.68%	to	5.91%
Equity Income VCT - 2022		9,673		31.16		to	36.54		350,673		1.39%		1.20%	to	2.20%		-9.23% to		-9.06%
Equity Income VCT - 2021		12,718		34.33		to	40.18		507,775		1.25%		1.20%	to	2.20%		23.58%	to	23.86%
Equity Income VCT - 2020		13,124		27.78		to	32.44		423,259		2.05%		1.20%	to	2.20%		-11.17% to		14.18%
Equity Income VCT - 2019		15,160		24.33		to	36.52		496,724		2.49%		1.20%	to	2.20%		22.51%	to	24.47%

- 22 -


	At December 31									For the years ended December 31****
	Units		Unit Value lowest to highest					Net Assets		Investment Income Ratio*		Expense Ratio lowest to highest**				Total Return lowest to highest***
Pioneer (cont’d)
Fund VCT - 2023		4,123	$	35.35	to $		39.91	$	159,089		0.57%		1.20%	to	2.20%		26.61%	to	26.98%
Fund VCT - 2022		5,090		27.92		to	31.43		154,643		0.38%		1.20%	to	2.20%		-20.91%	to	-20.67%
Fund VCT - 2021		5,385		35.30		to	39.62		206,252		0.09%		1.20%	to	2.20%		25.67%	to	26.06%
Fund VCT - 2020		5,947		28.09		to	31.43		180,629		0.46%		1.20%	to	2.20%		-5.98% to		27.45%
Fund VCT - 2019		6,718		22.04		to	33.43		166,593		0.71%		1.20%	to	2.20%		28.14%	to	30.22%

Mid Cap Value VCT - 2023		46,926		44.02		to	63.98		2,958,029		1.95%		1.20%	to	1.60%		10.74%	to	11.11%
Mid Cap Value VCT - 2022		50,810		39.75		to	57.58		2,891,500		1.99%		1.20%	to	1.60%		-7.10% to		-6.77%
Mid Cap Value VCT - 2021		57,005		42.79		to	61.76		3,481,562		0.97%		1.20%	to	1.60%		27.66%	to	28.11%
Mid Cap Value VCT - 2020		60,915		33.52		to	48.21		2,903,315		1.06%		1.20%	to	1.60%		0.57%	to	0.90%
Mid Cap Value VCT - 2019		60,108		33.33		to	47.78		2,838,759		1.38%		1.20%	to	1.60%		26.38%	to	27.68%

Mid Cap Value VCT II - 2023		4,868		30.80		to	36.94		161,009		1.74%		1.25%	to	2.20%		9.73%	to	10.63%
Mid Cap Value VCT II - 2022		5,417		28.07		to	33.39		162,639		1.38%		1.25%	to	2.20%		-7.94% to		-7.20%
Mid Cap Value VCT II - 2021		5,938		30.49		to	35.98		192,813		0.70%		1.25%	to	2.20%		26.57%	to	27.59%
Mid Cap Value VCT II - 2020		8,228		24.09		to	28.20		209,674		0.86%		1.25%	to	2.20%		-0.37% to		-13.39%
Mid Cap Value VCT II - 2019		8,184		24.18		to	32.56		208,755		1.25%		1.25%	to	2.20%		25.28%	to	26.46%

Real Estate Shares VCT - January 1, 2023 - April 28, 2023		—		39.40		to	54.59		—		1.23%		1.20%	to	1.60%		-1.52% to		4.94%
Real Estate Shares VCT - 2022		15,924		40.01		to	52.02		824,170		1.67%		1.20%	to	1.60%		-31.91% to		-31.67%
Real Estate Shares VCT - 2021		21,189		58.76		to	76.13		1,606,731		1.08%		1.20%	to	1.60%		38.88%	to	39.36%
Real Estate Shares VCT - 2020		22,772		42.31		to	54.63		1,238,346		1.54%		1.20%	to	1.60%		-8.78% to		-12.24%
Real Estate Shares VCT - 2019		23,064		46.38		to	62.25		1,370,444		2.37%		1.20%	to	1.60%		26.11%	to	27.40%
Real Estate Shares VCT II - January 1, 2023 - April 28, 2023		—		32.16		to	39.63		—		0.98%		1.25%	to	2.20%		-4.94% to		1.72%
Real Estate Shares VCT II - 2022		1,958		33.83		to	38.96		71,860		1.50%		1.25%	to	2.20%		-32.43% to		-31.98%
Real Estate Shares VCT II - 2021		2,148		50.07		to	57.28		115,526		1.00%		1.25%	to	2.20%		37.86%	to	38.79%
Real Estate Shares VCT II - 2020		2,276		36.32		to	41.27		88,499		1.41%		1.25%	to	2.20%		-6.92% to		-11.42%
Real Estate Shares VCT II - 2019		2,327		39.02		to	46.59		99,565		2.01%		1.25%	to	2.20%		25.10%	to	26.29%

DWS
Bond - 2023		—		—		to	—		—		0.00%		0.00%	to	0.00%		0.00%	to	0.00%
Bond - 2022		—		—		to	—		—		0.00%		0.00%	to	0.00%		0.00%	to	0.00%
Bond - January 1, 2021- October 28, 2021		-		22.51		to	22.51		—		4.07%		1.40%	to	1.40%		-1.44% to		-1.44%
Bond - 2020		837		22.84		to	22.84		19,117		2.76%		1.40%	to	1.40%		7.53%	to	7.53%
Bond - 2019		846		21.24		to	21.24		17,970		3.14%		1.40%	to	1.40%		9.09%	to	9.09%

Global Opportunities - 2023		12,709		24.00		to	49.09		594,374		0.64%		1.20%	to	2.20%		21.89%	to	22.73%
Global Opportunities - 2022		15,058		19.69		to	40.00		577,060		0.22%		1.20%	to	2.20%		-25.67% to		-25.14%
Global Opportunities - 2021		20,598		26.49		to	53.43		1,066,866		0.07%		1.20%	to	2.20%		12.48%	to	13.27%
Global Opportunities - 2020		21,685		23.55		to	47.17		991,789		0.49%		1.20%	to	2.20%		15.53%	to	18.40%
Global Opportunities - 2019		22,149		19.89		to	40.83		877,252		0.00%		1.20%	to	2.20%		18.46%	to	20.35%

Core Equity VIP - 2023		28,463		32.41		to	48.53		1,271,335		0.58%		1.20%	to	2.20%		23.23%	to	23.67%
Core Equity VIP - 2022		27,575		26.30		to	39.24		1,027,308		0.45%		1.20%	to	2.20%		-17.01% to		-16.72%
Core Equity VIP - 2021		30,038		31.69		to	47.12		1,347,300		0.42%		1.20%	to	2.20%		23.02%	to	23.45%
Core Equity VIP - 2020		32,614		25.76		to	38.17		1,187,662		0.99%		1.20%	to	2.20%		11.02%	to	13.88%
Core Equity VIP - 2019		33,414		22.62		to	34.38		1,064,462		0.79%		1.20%	to	2.20%		27.08%	to	29.13%

International - 2023		73,710		12.21		to	20.36		1,493,895		3.24%		1.20%	to	1.60%		17.07%	to	17.55%
International - 2022		80,906		10.43		to	17.32		1,395,805		2.86%		1.20%	to	1.60%		-14.51% to		-14.26%
International - 2021		97,490		12.20		to	20.20		1,962,262		2.47%		1.20%	to	1.60%		7.58%	to	7.96%
International - 2020		101,912		11.34		to	18.71		1,899,136		3.14%		1.20%	to	1.60%		0.98%	to	1.35%
International - 2019		108,085		11.23		to	18.46		1,986,726		2.91%		1.20%	to	1.60%		19.79%	to	21.10%

International B - 2023		272		12.71		to	12.71		3,458		4.87%		1.25%	to	2.20%		20.93%	to	17.03%
International B - 2022		1,000		10.51		to	10.86		10,615		2.79%		1.25%	to	2.20%		-14.69%	to	-14.56%
International B - 2021		1,030		12.32		to	12.71		12,827		1.80%		1.25%	to	2.20%		7.53%	to	15.03%
International B - 2020		1,624		10.71		to	11.82		18,331		2.91%		1.25%	to	2.20%		-27.66% to		9.51%
International B - 2019		1,705		9.78		to	16.34		19,042		2.75%		1.25%	to	2.20%		18.55%	to	19.69%

Money Market - 2023		19,146		1.28		to	1.28		24,363		4.61%		1.40%	to	1.40%		4.07%	to	4.07%
Money Market - 2022		19,323		1.23		to	1.23		23,811		1.10%		1.40%	to	1.40%		-0.81% to		-0.81%
Money Market - 2021		19,585		1.24		to	1.24		24,205		0.01%		1.40%	to	1.40%		-0.80% to		-0.80%
Money Market - 2020		4,640		1.25		to	1.25		5,815		0.24%		1.40%	to	1.40%		-1.57% to		-1.57%
Money Market - 2019		4,739		1.27		to	1.27		6,005		1.77%		1.40%	to	1.40%		0.79%	to	0.79%

Small Cap Index VIP - 2023		10,136		32.86		to	37.38		373,932		1.09%		1.20%	to	2.20%		14.57%	to	15.37%
Small Cap Index VIP - 2022		10,475		28.68		to	32.40		335,124		0.88%		1.20%	to	2.20%		-22.15% to		-21.59%
Small Cap Index VIP - 2021		12,668		36.84		to	41.32		518,177		0.89%		1.20%	to	2.20%		12.35%	to	13.11%
Small Cap Index VIP - 2020		13,177		32.79		to	36.53		476,791		0.94%		1.20%	to	2.20%		-11.16% to		23.92%
Small Cap Index VIP - 2019		13,665		26.46		to	41.12		419,324		1.08%		1.20%	to	2.20%		22.50%	to	24.47%

T. Rowe Price
Equity Income - 2023		114,413		28.04		to	87.14		8,293,060		2.03%		1.20%	to	2.20%		7.15%	to	8.01%
Equity Income - 2022		123,202		26.17		to	80.68		8,234,730		1.81%		1.20%	to	2.20%		-5.46% to		-4.69%
Equity Income - 2021		135,736		27.68		to	84.65		9,531,887		1.59%		1.20%	to	2.20%		22.80%	to	23.79%
Equity Income - 2020		149,300		22.54		to	68.38		8,436,499		2.02%		1.20%	to	2.20%		-0.23% to		-1.05%
Equity Income - 2019		161,828		22.78		to	68.54		9,219,434		2.34%		1.20%	to	2.20%		23.67%	to	25.63%

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	At December 31									For the years ended December 31****
	Units		Unit Value lowest to highest					Net Assets		Investment Income Ratio*		Expense Ratio lowest to highest**				Total Return lowest to highest***
T. Rowe Price (cont’d)
International Stock - 2023		134,121	$	17.30	to $		27.94	$	3,646,051		0.95%		1.20%	to	2.20%		13.74%	to	14.84%
International Stock - 2022		154,235		15.21		to	24.33		3,654,464		0.70%		1.20%	to	2.20%		-17.65% to		-16.82%
International Stock - 2021		167,666		18.47		to	29.25		4,790,220		0.59%		1.20%	to	2.20%		-0.91% to		0.10%
International Stock - 2020		177,401		18.64		to	29.22		5,045,369		0.53%		1.20%	to	2.20%		11.31%	to	11.95%
International Stock - 2019		194,003		16.65		to	26.25		4,884,746		2.36%		1.20%	to	2.20%		25.00%	to	27.01%

Limited-Term Bond - 2023		86,480		11.40		to	17.59		1,479,950		3.23%		1.20%	to	2.20%		9.93%	to	3.11%
Limited-Term Bond - 2022		99,458		10.37		to	17.06		1,629,055		1.90%		1.20%	to	2.20%		-6.58% to		-5.85%
Limited-Term Bond - 2021		119,950		11.10		to	18.12		2,082,000		1.36%		1.20%	to	2.20%		-2.12% to		-1.25%
Limited-Term Bond - 2020		122,851		11.34		to	18.35		2,157,154		1.95%		1.20%	to	2.20%		2.44%	to	3.26%
Limited-Term Bond - 2019		124,291		11.07		to	17.77		2,108,222		2.42%		1.20%	to	2.20%		2.03%	to	3.70%

All-Cap Opportunities Portfolio - 2023		40,939		55.93		to	140.83		5,093,779		0.24%		1.20%	to	2.20%		27.00%	to	27.16%
All-Cap Opportunities Portfolio - 2022		49,134		44.04		to	110.75		4,792,949		0.00%		1.20%	to	2.20%		-22.72% to		-22.61%
All-Cap Opportunities Portfolio - 2021		52,586		56.99		to	143.10		6,617,649		0.00%		1.20%	to	2.20%		18.93%	to	19.11%
All-Cap Opportunities Portfolio - 2020		58,668		47.92		to	120.14		6,206,356		0.00%		1.20%	to	2.20%		42.35%	to	51.60%
All-Cap Opportunities Portfolio - 2019		67,924		31.61		to	84.40		5,059,898		0.41%		1.20%	to	2.20%		31.98%	to	34.12%

Moderate Allocation - 2023		66,504		29.01		to	58.17		3,747,092		2.29%		1.20%	to	2.20%		13.54%	to	13.97%
Moderate Allocation - 2022		72,054		25.55		to	51.04		3,544,808		1.47%		1.20%	to	2.20%		-19.55% to		-19.29%
Moderate Allocation - 2021		76,191		31.76		to	63.24		4,647,279		0.98%		1.20%	to	2.20%		8.75%	to	16.08%
Moderate Allocation - 2020		82,170		27.36		to	58.15		4,613,257		1.29%		1.20%	to	2.20%		13.15%	to	18.85%
Moderate Allocation - 2019		87,074		23.02		to	51.39		4,324,380		1.97%		1.20%	to	2.20%		17.15%	to	19.08%

Morgan Stanley
VIF Emerging Markets Equity - 2023		17,666		23.28		to	37.39		449,937		1.66%		1.20%	to	2.20%		10.28%	to	11.31%
VIF Emerging Markets Equity - 2022		18,495		21.11		to	33.59		426,526		0.40%		1.20%	to	2.20%		-26.24% to		-25.54%
VIF Emerging Markets Equity - 2021		18,382		28.62		to	45.11		572,944		0.86%		1.20%	to	2.20%		1.38%	to	2.36%
VIF Emerging Markets Equity - 2020		19,621		28.23		to	44.07		601,356		1.21%		1.20%	to	2.20%		12.65%	to	13.76%
VIF Emerging Markets Equity - 2019		20,185		25.06		to	38.74		547,411		0.99%		1.20%	to	2.20%		16.99%	to	18.87%

VIF Core Plus Fixed Income - January 1, 2023 - July 28, 2023		—		13.07		to	21.01		—		8.54%		1.20%	to	2.20%		1.32%	to	12.84%
VIF Core Plus Fixed Income - 2022		119,211		12.90		to	18.62		2,093,573		3.75%		1.20%	to	2.20%		-16.18% to		-15.36%
VIF Core Plus Fixed Income - 2021		135,959		15.39		to	22.00		2,843,252		3.95%		1.20%	to	2.20%		-1.48% to		-2.53%
VIF Core Plus Fixed Income - 2020		132,617		15.79		to	22.33		2,804,406		2.75%		1.20%	to	2.20%		-1.72% to		5.48%
VIF Core Plus Fixed Income - 2019		139,096		14.97		to	22.72		2,770,296		4.21%		1.20%	to	2.20%		8.40%	to	10.24%

These ratios represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the distribution of dividends by the underlying portfolio in which the subaccount invests.

These ratios represent the annualized contract expenses of the Separate Account for each year indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying portfolio are excluded.

***

These ratios represent the total return for the period indicated, including changes in the value of the underlying portfolio, 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 Separate Account. The total return is calculated for each year indicated or from the effective date through the end of the reporting year or liquidation date.

****	Funds listed with date ranges represent partial year investments in funds. Unit values displayed represent unit value at disposition date.

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