Merrill Lynch Life Variable Annuity Separate Account D

FINANCIAL STATEMENTS

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Years Ended December 31, 2023 and 2022

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Financial Statements

Years Ended December 31, 2023 and 2022

Contents


Report of Independent Registered Public Accounting Firm		1

Financial Statements

Statements of Assets and Liabilities		2
Statements of Operations and Changes in Net Assets		5
Notes to Financial Statements		29

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Life Insurance Company and the Contract Owners of Merrill Lynch Life Variable Annuity Separate Account D

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Merrill Lynch Life Variable Annuity Separate Account D indicated in the table below as of December 31, 2023, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2023, 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 Merrill Lynch Life Variable Annuity Separate Account D as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.


AB Discovery Value Class A Shares		Invesco American Franchise Fund Class A Shares
AB International Value Class A Shares		Invesco Capital Appreciation Class A Shares
AB Large Cap Growth Class A Shares		Invesco Charter Class A Shares
AB Relative Value Class A Shares		Invesco Comstock Class A Shares
AB Value Class A Shares		Invesco Discovery Mid Cap Growth Class A Shares
American Funds - EuroPacific Growth Fund® Class F -1 Shares		Invesco Equity and Income Class A Shares
American Funds - Growth Fund of America® Class F -1 Shares		Invesco Fundamental Alternatives Class A Shares
American Funds - Income Fund of America® Class F -1 Shares		Invesco Global Class A Shares
American Funds - Investment Company of America® Class F -1 Shares		Invesco Main Street Class A Shares
American Funds - The Bond Fund of America® Class A Shares		Invesco Main Street Mid Cap Class A Shares
American Funds - The Bond Fund of America® Class F -1 Shares		Invesco Value Opportunities Class A Shares
American Funds - The Growth Fund of America® Class A Shares		Janus Henderson Enterprise Class A Shares
American Funds - The Income Fund of America® Class A Shares		Janus Henderson Forty Class A Shares
American Funds - The Investment Company of America® Class A Shares		JPMorgan Small Cap Growth Class A Shares
AMG Renaissance Large Cap Growth Class N Shares		Lord Abbett Affiliated Class A Shares
BlackRock Advantage Global Investor A Shares		Lord Abbett Bond-Debenture Class A Shares
BlackRock Advantage International Investor A Shares		Lord Abbett Mid Cap Stock Class A Shares
BlackRock Advantage Large Cap Core Investor A Shares		MFS® Growth Class A Shares
BlackRock Advantage Large Cap Value Investor A Shares		MFS® Mid Cap Growth Class A Shares
BlackRock Advantage SMID Investor A Shares		MFS® Research International Class A Shares


BlackRock Capital Appreciation Investor A Shares		PIMCO CommodityRealReturn Strategy Class A Shares
BlackRock Global Allocation Investor A Shares		PIMCO Low Duration Class A Shares
BlackRock High Yield Bond Investor A Shares		PIMCO Real Return Class A Shares
BlackRock Impact Mortgage Investor A Shares		PIMCO Total Return Class A Shares
BlackRock International Investor A Shares		Pioneer Class A Shares
BlackRock iShares MSCI EAFE International Index Investor A Shares		Pioneer High Yield Class A Shares
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares		Pioneer Select Mid Cap Growth Class A Shares
BlackRock iShares S&P 500 Index Investor A Shares		Putnam International Equity Class A Shares
BlackRock Large Cap Focus Growth Investor A Shares		Putnam Large Cap Growth Class A Shares
BlackRock Large Cap Focus Value Investor A Shares		Putnam Large Cap Value Class A Shares
BlackRock Low Duration Bond Investor A Shares		TA Aegon Sustainable Equity Income Service Class
BlackRock Total Return Investor A Shares		TA Asset Allocation - Conservative Class A Shares
BNY Mellon Appreciation Investor Shares		TA Asset Allocation - Moderate Class A Shares
Cohen & Steers Real Estate Securities Class A Shares		TA Asset Allocation - Moderate Growth Class A Shares
Columbia Large Cap Growth Opportunity Class A Shares		TA BlackRock Government Money Market Initial Class
Columbia Select Mid Cap Growth Class A Shares		TA Bond Class A Shares
Columbia Select Small Cap Value Class A Shares		TA International Focus Initial Class
Davis New York Venture Class A Shares		TA JPMorgan Mid Cap Value Service Class
Delaware Mid Cap Growth Equity Class A Shares		TA Multi-Managed Balanced Class A Shares
Eaton Vance Floating-Rate Class A Shares		TA Small/Mid Cap Value Class A Shares
Eaton Vance Large-Cap Value Class A Shares		TA Sustainable Equity Income Class A Shares
Federated Hermes Equity Income Class A Shares		TA T. Rowe Price Small Cap Service Class
Federated Hermes Kaufmann Class A Shares		TA TS&W International Equity Service Class
Fidelity Advisor® Equity Growth Class A Shares		TA US Growth Class A Shares
Fidelity Advisor® Overseas Class A Shares		TA WMC US Growth Service Class
Fidelity Advisor® Stock Selector Mid Cap Class A Shares		Virtus AllianzGI Dividend Value Class A Shares
Franklin Templeton Growth Class A Shares		Virtus AllianzGI Small-Cap Value Class A Shares

Basis for Opinions

These financial statements are the responsibility of the Transamerica Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Merrill Lynch Life Variable Annuity Separate Account D 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 Merrill Lynch Life Variable Annuity Separate Account D 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, 2023 by correspondence with the custodian, the transfer agents, or the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 19, 2024

We have served as the auditor of one or more of the subaccounts of Merrill Lynch Life Variable Annuity Separate Account D since 2014.

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Assets and Liabilities

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account		Net Assets		Units Outstanding		Range of Unit Values
AB Discovery Value Class A Shares		94,579.402	$	1,832,493	$	2,032,511	$	-	$	2,032,511		56,372	$	34.446360	$	38.005419
AB International Value Class A Shares		84,047.158		1,023,816		1,206,077		4		1,206,081		168,102		6.894306		7.515931
AB Large Cap Growth Class A Shares		25,411.922		1,504,347		2,089,114		(1)		2,089,113		24,995		83.581876		83.581876
AB Relative Value Class A Shares		655,215.459		3,520,038		3,996,814		(3)		3,996,811		81,090		49.288579		49.288579
AB Value Class A Shares		30,229.323		447,343		495,761		2		495,763		23,456		20.415595		22.525218
American Funds - EuroPacific Growth Fund^® Class F -1 Shares		41,830.245		2,259,725		2,276,820		(2)		2,276,818		87,539		24.697247		27.249901
American Funds - Growth Fund of America^® Class F -1 Shares		184,143.721		9,754,785		11,529,238		1		11,529,239		230,900		47.315898		52.205967
American Funds - Income Fund of America^® Class F -1 Shares		116,845.749		2,506,210		2,729,517		(12)		2,729,505		101,096		25.395449		28.019995
American Funds - Investment Company of America^® Class F -1 Shares		102,879.286		4,114,667		5,167,627		(212)		5,167,415		129,138		37.757507		41.659675
American Funds - The Bond Fund of America^® Class A Shares		249,088.870		3,121,150		2,862,031		(63)		2,861,968		183,839		15.567785		15.567785
American Funds - The Bond Fund of America^® Class F -1 Shares		150,798.257		1,902,812		1,732,672		(180)		1,732,492		140,457		11.755756		12.970710
American Funds - The Growth Fund of America^® Class A Shares		565,270.003		28,146,617		35,702,453		1		35,702,454		490,160		72.838328		72.838328
American Funds - The Income Fund of America^® Class A Shares		359,588.789		7,855,156		8,428,761		4		8,428,765		216,435		38.943661		38.943661
American Funds - The Investment Company of America^® Class A Shares		394,877.969		15,214,590		19,901,850		2		19,901,852		353,540		56.293145		56.293145
AMG Renaissance Large Cap Growth Class N Shares		3,724.077		51,194		61,857		-		61,857		3,030		20.224005		20.931984
BlackRock Advantage Global Investor A Shares		11,447.033		244,371		269,578		(5)		269,573		7,632		33.460344		36.917471
BlackRock Advantage International Investor A Shares		82,654.385		1,359,866		1,472,901		2		1,472,903		75,341		19.065035		20.320433
BlackRock Advantage Large Cap Core Investor A Shares		244,418.606		4,064,073		4,624,400		1		4,624,401		115,706		37.938252		41.857362
BlackRock Advantage Large Cap Value Investor A Shares		99,241.468		2,706,784		2,885,942		15		2,885,957		94,536		29.156168		32.168360
BlackRock Advantage SMID Investor A Shares		167,465.109		4,414,257		4,161,508		(4)		4,161,504		90,915		30.299130		52.857197
BlackRock Capital Appreciation Investor A Shares		994,652.259		29,137,934		31,719,461		(30)		31,719,431		612,088		46.161135		61.531638
BlackRock Global Allocation Investor A Shares		3,476,738.781		66,101,262		63,554,785		(7)		63,554,778		2,300,059		23.327567		38.897589
BlackRock High Yield Bond Investor A Shares		1,804,037.075		13,435,892		12,700,421		(102)		12,700,319		778,870		15.816450		16.857797
BlackRock Impact Mortgage Investor A Shares		1,202,417.442		12,581,346		11,110,337		(138)		11,110,199		1,153,649		9.136854		9.745882
BlackRock International Investor A Shares		84,175.991		1,440,402		1,610,287		1		1,610,288		102,116		15.323187		16.338527
BlackRock iShares MSCI EAFE International Index Investor A Shares		6,927.414		86,700		104,465		-		104,465		5,369		18.644878		20.571587
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares		1,535.066		28,786		35,199		1		35,200		1,115		30.229802		33.353345
BlackRock iShares S&P 500 Index Investor A Shares		40,244.002		14,247,299		22,484,726		(37)		22,484,689		725,529		29.932879		31.648854
BlackRock Large Cap Focus Growth Investor A Shares		499,814.434		2,572,758		3,098,849		(55)		3,098,794		197,165		15.552013		15.907731
BlackRock Large Cap Focus Value Investor A Shares		1,178,533.585		20,886,191		21,225,390		(26)		21,225,364		618,055		29.279704		46.307648
BlackRock Low Duration Bond Investor A Shares		6,396.795		61,435		57,571		(4)		57,567		5,764		9.665902		10.310151
BlackRock Total Return Investor A Shares		4,409,959.961		50,756,307		44,275,998		(378)		44,275,620		3,290,200		12.359947		14.495627
BNY Mellon Appreciation Investor Shares		173,280.463		6,271,742		7,062,912		11		7,062,923		176,590		38.119582		42.058130
Cohen & Steers Real Estate Securities Class A Shares		24,797.021		375,004		383,858		10		383,868		12,120		30.312176		33.444244
Columbia Large Cap Growth Opportunity Class A Shares		334,802.656		5,516,436		4,737,458		5		4,737,463		204,811		22.744512		23.628988
Columbia Select Mid Cap Growth Class A Shares		21,550.833		490,422		466,360		(11)		466,349		18,574		24.320105		25.975567
Columbia Select Small Cap Value Class A Shares		439,913.194		6,607,303		8,173,587		(2)		8,173,585		154,668		52.846130		52.846130
Davis New York Venture Class A Shares		661,139.482		18,682,342		17,553,253		36		17,553,289		454,853		30.658160		47.703579


See accompanying notes.		2

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Assets and Liabilities

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account		Net Assets		Units Outstanding		Range of Unit Values
Delaware Mid Cap Growth Equity Class A Shares		106,494.914	$	2,348,224	$	1,691,139	$	1	$	1,691,140		47,143	$	33.869170	$	36.263553
Eaton Vance Floating-Rate Class A Shares		329,230.026		2,916,149		2,864,301		(488)		2,863,813		186,021		14.736469		16.259436
Eaton Vance Large-Cap Value Class A Shares		129,546.776		2,721,389		3,068,963		(18)		3,068,945		135,231		21.839705		23.808062
Federated Hermes Equity Income Class A Shares		45,631.512		968,010		1,010,738		(111)		1,010,627		55,105		17.874906		18.899834
Federated Hermes Kaufmann Class A Shares		629,169.909		3,729,585		3,303,142		61		3,303,203		88,802		35.205361		38.843463
Fidelity Advisor^® Equity Growth Class A Shares		129,068.918		1,681,955		2,204,497		(15)		2,204,482		29,482		54.300112		75.552571
Fidelity Advisor^® Overseas Class A Shares		19,507.597		366,983		590,495		(3)		590,492		17,700		33.360601		33.360601
Fidelity Advisor^® Stock Selector Mid Cap Class A Shares		17,810.014		580,405		685,329		-		685,329		12,499		54.830182		54.830182
Franklin Templeton Growth Class A Shares		107,978.095		2,385,624		2,758,840		2		2,758,842		123,880		17.420508		27.428072
Invesco American Franchise Fund Class A Shares		22,690.121		479,071		511,889		-		511,889		17,165		29.820863		29.820863
Invesco Capital Appreciation Class A Shares		13,249.580		809,443		851,948		(20)		851,928		22,710		35.459965		39.123697
Invesco Charter Class A Shares		17,211.183		292,740		292,246		-		292,246		10,056		29.062268		29.062268
Invesco Comstock Class A Shares		957,171.134		22,297,531		26,149,915		(17)		26,149,898		659,692		32.810286		55.762880
Invesco Discovery Mid Cap Growth Class A Shares		53,208.944		1,229,743		1,252,006		(2)		1,252,004		91,137		13.737537		13.737537
Invesco Equity and Income Class A Shares		185,180.400		1,916,317		1,866,618		-		1,866,618		48,142		38.773197		38.773197
Invesco Fundamental Alternatives Class A Shares		15,913.961		418,311		380,821		-		380,821		23,856		15.963472		15.963472
Invesco Global Class A Shares		29,267.525		2,594,893		2,627,931		8		2,627,939		47,861		54.908256		54.908256
Invesco Main Street Class A Shares		33,142.591		1,635,616		1,647,187		23		1,647,210		38,878		35.398889		49.580048
Invesco Main Street Mid Cap Class A Shares		81,647.818		1,922,979		2,181,630		4		2,181,634		63,190		33.087274		36.505631
Invesco Value Opportunities Class A Shares		21,227.997		313,864		376,160		(4)		376,156		138,320		2.646084		2.824591
Janus Henderson Enterprise Class A Shares		175,950.739		21,767,837		21,840,765		(22)		21,840,743		378,689		55.596561		59.900944
Janus Henderson Forty Class A Shares		101,754.853		4,094,578		4,647,144		12		4,647,156		98,566		45.187407		49.259528
JPMorgan Small Cap Growth Class A Shares		82,465.099		1,489,589		1,307,896		(1)		1,307,895		40,278		30.960961		33.751822
Lord Abbett Affiliated Class A Shares		80,158.902		1,214,992		1,350,677		17		1,350,694		50,177		25.457265		28.087904
Lord Abbett Bond-Debenture Class A Shares		1,207,305.187		9,442,528		8,547,721		(278)		8,547,443		371,258		19.257686		27.485161
Lord Abbett Mid Cap Stock Class A Shares		292,903.632		7,883,877		9,405,136		14		9,405,150		265,044		26.105310		41.785968
MFS^® Growth Class A Shares		68,727.847		7,683,919		10,845,942		(11)		10,845,931		231,059		46.940147		46.940147
MFS^® Mid Cap Growth Class A Shares		324,571.189		5,998,908		8,679,034		1		8,679,035		160,419		54.102374		54.102374
MFS^® Research International Class A Shares		232,502.595		3,910,100		5,152,258		(10)		5,152,248		159,672		32.267757		32.267757
PIMCO CommodityRealReturn Strategy Class A Shares		410,321.845		6,648,617		5,014,133		(14)		5,014,119		677,054		7.050719		7.779740
PIMCO Low Duration Class A Shares		3,167,378.498		30,696,644		29,139,882		(130)		29,139,752		2,585,774		10.798294		11.771445
PIMCO Real Return Class A Shares		1,926,780.894		21,733,737		19,325,612		(399)		19,325,213		1,406,100		13.095826		14.449411
PIMCO Total Return Class A Shares		6,186,903.411		61,970,839		53,516,715		(420)		53,516,295		3,539,220		13.861465		16.536349
Pioneer Class A Shares		32,195.090		1,021,088		1,174,477		57		1,174,534		27,227		41.448053		45.730285
Pioneer High Yield Class A Shares		223,564.010		1,991,966		1,907,001		(268)		1,906,733		97,155		18.804640		20.747816
Pioneer Select Mid Cap Growth Class A Shares		5,023.824		231,096		212,458		-		212,458		5,691		35.833376		38.592445
Putnam International Equity Class A Shares		369,516.963		8,428,856		9,278,571		64		9,278,635		344,591		26.926544		26.926544
Putnam Large Cap Growth Class A Shares		33,480.900		1,315,373		1,825,044		(1)		1,825,043		63,716		28.643466		28.643466
Putnam Large Cap Value Class A Shares		26,754.484		765,803		825,643		-		825,643		44,592		18.515548		18.515548
TA Aegon Sustainable Equity Income Service Class		140,207.087		2,697,178		2,567,192		(6)		2,567,186		223,808		11.129643		11.516256
TA Asset Allocation - Conservative Class A Shares		55,437.197		564,888		559,916		-		559,916		48,437		11.360823		11.778626
TA Asset Allocation - Moderate Class A Shares		119,686.381		1,349,915		1,316,550		-		1,316,550		105,950		12.126820		12.572750
TA Asset Allocation - Moderate Growth Class A Shares		144,034.816		1,723,393		1,731,298		4		1,731,302		128,051		13.203227		13.688700


See accompanying notes.		3

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Assets and Liabilities

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account		Net Assets		Units Outstanding		Range of Unit Values
TA BlackRock Government Money Market Initial Class		5,736,022.250	$	5,736,022	$	5,736,022	$	(187)	$	5,735,835		569,758	$	9.918372	$	10.146359
TA Bond Class A Shares		108,280.921		981,860		880,324		(133)		880,191		650,360		1.299546		1.397625
TA International Focus Initial Class		7,667,836.695		60,907,062		66,480,144		(99)		66,480,045		5,434,870		12.009141		12.426284
TA JPMorgan Mid Cap Value Service Class		122,302.569		1,830,206		1,720,797		-		1,720,797		120,149		13.890468		14.372914
TA Multi-Managed Balanced Class A Shares		46,904.569		1,422,651		1,497,663		1		1,497,664		96,409		15.108557		15.664073
TA Small/Mid Cap Value Class A Shares		853,075.199		19,354,836		23,067,153		4		23,067,157		783,326		28.291509		30.687420
TA Sustainable Equity Income Class A Shares		5,527,825.330		41,354,029		40,961,186		(3)		40,961,183		2,806,642		14.158472		14.910811
TA T. Rowe Price Small Cap Service Class		398,922.404		4,741,538		3,909,440		(5)		3,909,435		245,856		15.632231		16.175213
TA TS&W International Equity Service Class		183,722.219		2,358,291		2,629,065		(4)		2,629,061		225,711		11.489612		11.888711
TA US Growth Class A Shares		964,497.665		22,611,250		24,874,395		(73)		24,874,322		653,778		36.911508		39.259638
TA WMC US Growth Service Class		9,565.184		277,672		325,216		-		325,216		14,719		21.785164		22.541608
Virtus AllianzGI Dividend Value Class A Shares		264,698.092		2,822,915		2,694,627		(4)		2,694,623		141,020		18.413237		20.072944
Virtus AllianzGI Small-Cap Value Class A Shares		263,327.791		3,680,993		3,120,434		(5)		3,120,429		75,835		28.773679		47.515504


See accompanying notes.		4

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	AB Discovery Value Class A Shares Subaccount			AB International Value Class A Shares Subaccount			AB Large Cap Growth Class A Shares Subaccount			AB Relative Value Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	2,871,461		$	1,720,918		$	2,895,325		$	4,831,075


Investment Income:
Reinvested Dividends		17,201			16,237			-			47,352
Investment Expense:
Mortality and Expense Risk and Administrative Charges		35,557			22,034			28,141			54,906

Net Investment Income (Loss)		(18,356	)		(5,797	)		(28,141	)		(7,554)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		114,566			-			18,568			248,235
Realized Gain (Loss) on Investments		49,972			(20,548	)		51,019			25,098

Net Realized Capital Gains (Losses) on Investments		164,538			(20,548	)		69,587			273,333
Net Change in Unrealized Appreciation (Depreciation)		(639,686	)		(178,399	)		(883,499	)		(533,294)

Net Gain (Loss) on Investment		(475,148	)		(198,947	)		(813,912	)		(259,961)

Net Increase (Decrease) in Net Assets Resulting from Operations		(493,504	)		(204,744	)		(842,053	)		(267,515)


Increase (Decrease) in Net Assets from Contract Transactions		(526,455	)		(218,975	)		(124,192	)		(666,118)


Total Increase (Decrease) in Net Assets		(1,019,959	)		(423,719	)		(966,245	)		(933,633)


Net Assets as of December 31, 2022:	$	1,851,502		$	1,297,199		$	1,929,080		$	3,897,442


Investment Income:
Reinvested Dividends		9,019			13,816			-			50,761
Investment Expense:
Mortality and Expense Risk and Administrative Charges		31,270			20,579			27,729			50,298

Net Investment Income (Loss)		(22,251	)		(6,763	)		(27,729	)		463

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		110,607			-			39,359			193,980
Realized Gain (Loss) on Investments		45,160			15,390			164,268			28,091

Net Realized Capital Gains (Losses) on Investments		155,767			15,390			203,627			222,071
Net Change in Unrealized Appreciation (Depreciation)		145,405			151,214			430,965			137,583

Net Gain (Loss) on Investment		301,172			166,604			634,592			359,654

Net Increase (Decrease) in Net Assets Resulting from Operations		278,921			159,841			606,863			360,117


Increase (Decrease) in Net Assets from Contract Transactions		(97,912	)		(250,959	)		(446,830	)		(260,748)


Total Increase (Decrease) in Net Assets		181,009			(91,118	)		160,033			99,369


Net Assets as of December 31, 2023:	$	2,032,511		$	1,206,081		$	2,089,113		$	3,996,811

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	AB Value Class A Shares Subaccount			American Funds - EuroPacific Growth Fund^® Class F -1 Shares Subaccount			American Funds - Growth Fund of America^® Class F -1 Shares Subaccount			American Funds - Income Fund of America^® Class F -1 Shares Subaccount

Net Assets as of December 31, 2021:	$	395,022		$	3,514,077		$	15,935,427		$	3,743,875


Investment Income:
Reinvested Dividends		6,437			28,519			25,730			103,241
Investment Expense:
Mortality and Expense Risk and Administrative Charges		6,303			40,043			176,707			50,407

Net Investment Income (Loss)		134			(11,524	)		(150,977	)		52,834

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		48,600			13,387			359,394			107,632
Realized Gain (Loss) on Investments		9,568			47,940			939,172			119,976

Net Realized Capital Gains (Losses) on Investments		58,168			61,327			1,298,566			227,608
Net Change in Unrealized Appreciation (Depreciation)		(78,817	)		(880,493	)		(6,040,125	)		(580,760)

Net Gain (Loss) on Investment		(20,649	)		(819,166	)		(4,741,559	)		(353,152)

Net Increase (Decrease) in Net Assets Resulting from Operations		(20,515	)		(830,690	)		(4,892,536	)		(300,318)


Increase (Decrease) in Net Assets from Contract Transactions		84,803			(145,761	)		(1,276,576	)		(350,912)


Total Increase (Decrease) in Net Assets		64,288			(976,451	)		(6,169,112	)		(651,230)


Net Assets as of December 31, 2022:	$	459,310		$	2,537,626		$	9,766,315		$	3,092,645


Investment Income:
Reinvested Dividends		5,630			34,762			58,961			106,019
Investment Expense:
Mortality and Expense Risk and Administrative Charges		8,153			36,164			169,892			45,929

Net Investment Income (Loss)		(2,523	)		(1,402	)		(110,931	)		60,090

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		16,805			41,470			746,514			-
Realized Gain (Loss) on Investments		4,904			32,620			390,371			162,870

Net Realized Capital Gains (Losses) on Investments		21,709			74,090			1,136,885			162,870
Net Change in Unrealized Appreciation (Depreciation)		53,911			233,858			2,162,027			(67,918)

Net Gain (Loss) on Investment		75,620			307,948			3,298,912			94,952

Net Increase (Decrease) in Net Assets Resulting from Operations		73,097			306,546			3,187,981			155,042


Increase (Decrease) in Net Assets from Contract Transactions		(36,644	)		(567,354	)		(1,425,057	)		(518,182)


Total Increase (Decrease) in Net Assets		36,453			(260,808	)		1,762,924			(363,140)


Net Assets as of December 31, 2023:	$	495,763		$	2,276,818		$	11,529,239		$	2,729,505

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	American Funds - Investment Company of America^® Class F -1 Shares Subaccount			American Funds - The Bond Fund of America^® Class A Shares Subaccount			American Funds - The Bond Fund of America^® Class F -1 Shares Subaccount			American Funds - The Growth Fund of America^® Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	6,485,322		$	4,096,621		$	2,191,573		$	48,831,813


Investment Income:
Reinvested Dividends		67,445			86,879			48,723			98,559
Investment Expense:
Mortality and Expense Risk and Administrative Charges		78,534			44,327			30,186			473,194

Net Investment Income (Loss)		(11,089	)		42,552			18,537			(374,635)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		213,954			4,189			2,385			1,099,678
Realized Gain (Loss) on Investments		285,964			8,245			(24,846	)		1,032,001

Net Realized Capital Gains (Losses) on Investments		499,918			12,434			(22,461	)		2,131,679
Net Change in Unrealized Appreciation (Depreciation)		(1,540,340	)		(589,732	)		(299,785	)		(16,838,482)

Net Gain (Loss) on Investment		(1,040,422	)		(577,298	)		(322,246	)		(14,706,803)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,051,511	)		(534,746	)		(303,709	)		(15,081,438)


Increase (Decrease) in Net Assets from Contract Transactions		(733,095	)		(495,667	)		(71,232	)		(3,453,606)


Total Increase (Decrease) in Net Assets		(1,784,606	)		(1,030,413	)		(374,941	)		(18,535,044)


Net Assets as of December 31, 2022:	$	4,700,716		$	3,066,208		$	1,816,632		$	30,296,769


Investment Income:
Reinvested Dividends		73,059			106,366			61,214			196,259
Investment Expense:
Mortality and Expense Risk and Administrative Charges		77,771			38,111			27,906			430,369

Net Investment Income (Loss)		(4,712	)		68,255			33,308			(234,110)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		177,754			-			-			2,281,375
Realized Gain (Loss) on Investments		149,277			(21,555	)		(32,616	)		1,543,385

Net Realized Capital Gains (Losses) on Investments		327,031			(21,555	)		(32,616	)		3,824,760
Net Change in Unrealized Appreciation (Depreciation)		823,935			48,192			51,635			6,547,289

Net Gain (Loss) on Investment		1,150,966			26,637			19,019			10,372,049

Net Increase (Decrease) in Net Assets Resulting from Operations		1,146,254			94,892			52,327			10,137,939


Increase (Decrease) in Net Assets from Contract Transactions		(679,555	)		(299,132	)		(136,467	)		(4,732,254)


Total Increase (Decrease) in Net Assets		466,699			(204,240	)		(84,140	)		5,405,685


Net Assets as of December 31, 2023:	$	5,167,415		$	2,861,968		$	1,732,492		$	35,702,454

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	American Funds - The Income Fund of America^® Class A Shares Subaccount			American Funds - The Investment Company of America^® Class A Shares Subaccount			AMG Renaissance Large Cap Growth Class N Shares Subaccount			BlackRock Advantage Global Investor A Shares Subaccount

Net Assets as of December 31, 2021:	$	10,797,409		$	23,660,007		$	87,030		$	352,963


Investment Income:
Reinvested Dividends		298,677			265,998			90			4,705
Investment Expense:
Mortality and Expense Risk and Administrative Charges		123,878			250,791			1,117			4,531

Net Investment Income (Loss)		174,799			15,207			(1,027	)		174

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		307,106			799,214			3,676			-
Realized Gain (Loss) on Investments		374,422			431,406			2,181			(3,361)

Net Realized Capital Gains (Losses) on Investments		681,528			1,230,620			5,857			(3,361)
Net Change in Unrealized Appreciation (Depreciation)		(1,663,756	)		(5,058,571	)		(20,681	)		(64,153)

Net Gain (Loss) on Investment		(982,228	)		(3,827,951	)		(14,824	)		(67,514)

Net Increase (Decrease) in Net Assets Resulting from Operations		(807,429	)		(3,812,744	)		(15,851	)		(67,340)


Increase (Decrease) in Net Assets from Contract Transactions		(1,112,260	)		(2,237,068	)		(13,903	)		(16,396)


Total Increase (Decrease) in Net Assets		(1,919,689	)		(6,049,812	)		(29,754	)		(83,736)


Net Assets as of December 31, 2022:	$	8,877,720		$	17,610,195		$	57,276		$	269,227


Investment Income:
Reinvested Dividends		315,061			288,668			35			4,033
Investment Expense:
Mortality and Expense Risk and Administrative Charges		109,864			240,443			1,046			4,325

Net Investment Income (Loss)		205,197			48,225			(1,011	)		(292)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			678,309			4,237			-
Realized Gain (Loss) on Investments		281,587			486,013			1,523			112

Net Realized Capital Gains (Losses) on Investments		281,587			1,164,322			5,760			112
Net Change in Unrealized Appreciation (Depreciation)		15,818			3,262,633			7,497			50,223

Net Gain (Loss) on Investment		297,405			4,426,955			13,257			50,335

Net Increase (Decrease) in Net Assets Resulting from Operations		502,602			4,475,180			12,246			50,043


Increase (Decrease) in Net Assets from Contract Transactions		(951,557	)		(2,183,523	)		(7,665	)		(49,697)


Total Increase (Decrease) in Net Assets		(448,955	)		2,291,657			4,581			346


Net Assets as of December 31, 2023:	$	8,428,765		$	19,901,852		$	61,857		$	269,573

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	BlackRock Advantage International Investor A Shares Subaccount			BlackRock Advantage Large Cap Core Investor A Shares Subaccount			BlackRock Advantage Large Cap Value Investor A Shares Subaccount			BlackRock Advantage SMID Investor A Shares Subaccount

Net Assets as of December 31, 2021:	$	1,926,866		$	6,202,571		$	3,481,864		$	5,461,476


Investment Income:
Reinvested Dividends		45,800			45,376			43,500			37,020
Investment Expense:
Mortality and Expense Risk and Administrative Charges		25,642			78,268			47,827			62,603

Net Investment Income (Loss)		20,158			(32,892	)		(4,327	)		(25,583)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			248,880			118,786			-
Realized Gain (Loss) on Investments		8,893			(15,444	)		109,336			(188,004)

Net Realized Capital Gains (Losses) on Investments		8,893			233,436			228,122			(188,004)
Net Change in Unrealized Appreciation (Depreciation)		(337,982	)		(1,505,216	)		(560,238	)		(752,957)

Net Gain (Loss) on Investment		(329,089	)		(1,271,780	)		(332,116	)		(940,961)

Net Increase (Decrease) in Net Assets Resulting from Operations		(308,931	)		(1,304,672	)		(336,443	)		(966,544)


Increase (Decrease) in Net Assets from Contract Transactions		(265,579	)		(428,123	)		(242,343	)		(338,669)


Total Increase (Decrease) in Net Assets		(574,510	)		(1,732,795	)		(578,786	)		(1,305,213)


Net Assets as of December 31, 2022:	$	1,352,356		$	4,469,776		$	2,903,078		$	4,156,263


Investment Income:
Reinvested Dividends		36,869			39,444			45,509			34,252
Investment Expense:
Mortality and Expense Risk and Administrative Charges		23,740			75,213			49,902			55,535

Net Investment Income (Loss)		13,129			(35,769	)		(4,393	)		(21,283)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			37,104			-
Realized Gain (Loss) on Investments		15,456			37,628			23,407			(251,825)

Net Realized Capital Gains (Losses) on Investments		15,456			37,628			60,511			(251,825)
Net Change in Unrealized Appreciation (Depreciation)		193,242			953,100			260,936			909,283

Net Gain (Loss) on Investment		208,698			990,728			321,447			657,458

Net Increase (Decrease) in Net Assets Resulting from Operations		221,827			954,959			317,054			636,175


Increase (Decrease) in Net Assets from Contract Transactions		(101,280	)		(800,334	)		(334,175	)		(630,934)


Total Increase (Decrease) in Net Assets		120,547			154,625			(17,121	)		5,241


Net Assets as of December 31, 2023:	$	1,472,903		$	4,624,401		$	2,885,957		$	4,161,504

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	BlackRock Capital Appreciation Investor A Shares Subaccount			BlackRock Global Allocation Investor A Shares Subaccount			BlackRock High Yield Bond Investor A Shares Subaccount			BlackRock Impact Mortgage Investor A Shares Subaccount

Net Assets as of December 31, 2021:	$	43,342,704		$	93,766,818		$	18,309,702		$	15,305,841


Investment Income:
Reinvested Dividends		-			-			772,391			272,261
Investment Expense:
Mortality and Expense Risk and Administrative Charges		487,518			1,132,047			234,022			172,588

Net Investment Income (Loss)		(487,518	)		(1,132,047	)		538,369			99,673

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,565,818			4,040,096			-			-
Realized Gain (Loss) on Investments		447,767			(1,585,241	)		(459,439	)		(218,989)

Net Realized Capital Gains (Losses) on Investments		3,013,585			2,454,855			(459,439	)		(218,989)
Net Change in Unrealized Appreciation (Depreciation)		(19,590,801	)		(17,010,898	)		(2,239,595	)		(1,994,770)

Net Gain (Loss) on Investment		(16,577,216	)		(14,556,043	)		(2,699,034	)		(2,213,759)

Net Increase (Decrease) in Net Assets Resulting from Operations		(17,064,734	)		(15,688,090	)		(2,160,665	)		(2,114,086)


Increase (Decrease) in Net Assets from Contract Transactions		3,380,705			(11,832,810	)		(3,057,647	)		(1,770,435)


Total Increase (Decrease) in Net Assets		(13,684,029	)		(27,520,900	)		(5,218,312	)		(3,884,521)


Net Assets as of December 31, 2022:	$	29,658,675		$	66,245,918		$	13,091,390		$	11,421,320


Investment Income:
Reinvested Dividends		-			731,321			855,561			363,127
Investment Expense:
Mortality and Expense Risk and Administrative Charges		477,147			991,440			214,650			151,666

Net Investment Income (Loss)		(477,147	)		(260,119	)		640,911			211,461

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,168,564			-			-			-
Realized Gain (Loss) on Investments		959,702			(1,346,988	)		(270,629	)		(242,165)

Net Realized Capital Gains (Losses) on Investments		2,128,266			(1,346,988	)		(270,629	)		(242,165)
Net Change in Unrealized Appreciation (Depreciation)		10,405,105			8,096,251			1,026,137			351,864

Net Gain (Loss) on Investment		12,533,371			6,749,263			755,508			109,699

Net Increase (Decrease) in Net Assets Resulting from Operations		12,056,224			6,489,144			1,396,419			321,160


Increase (Decrease) in Net Assets from Contract Transactions		(9,995,468	)		(9,180,284	)		(1,787,490	)		(632,281)


Total Increase (Decrease) in Net Assets		2,060,756			(2,691,140	)		(391,071	)		(311,121)


Net Assets as of December 31, 2023:	$	31,719,431		$	63,554,778		$	12,700,319		$	11,110,199

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	BlackRock International Investor A Shares Subaccount			BlackRock iShares MSCI EAFE International Index Investor A Shares Subaccount			BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares Subaccount			BlackRock iShares S&P 500 Index Investor A Shares Subaccount

Net Assets as of December 31, 2021:	$	2,164,783		$	135,222		$	45,932		$	26,644,665


Investment Income:
Reinvested Dividends		15,072			2,631			377			281,732
Investment Expense:
Mortality and Expense Risk and Administrative Charges		27,349			1,797			591			335,502

Net Investment Income (Loss)		(12,277	)		834			(214	)		(53,770)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			107			69,275
Realized Gain (Loss) on Investments		19,302			1,520			7,519			1,300,166

Net Realized Capital Gains (Losses) on Investments		19,302			1,520			7,626			1,369,441
Net Change in Unrealized Appreciation (Depreciation)		(547,025	)		(23,671	)		(17,242	)		(6,477,846)

Net Gain (Loss) on Investment		(527,723	)		(22,151	)		(9,616	)		(5,108,405)

Net Increase (Decrease) in Net Assets Resulting from Operations		(540,000	)		(21,317	)		(9,830	)		(5,162,175)


Increase (Decrease) in Net Assets from Contract Transactions		17,413			(9,087	)		(3,403	)		(1,079,449)


Total Increase (Decrease) in Net Assets		(522,587	)		(30,404	)		(13,233	)		(6,241,624)


Net Assets as of December 31, 2022:	$	1,642,196		$	104,818		$	32,699		$	20,403,041


Investment Income:
Reinvested Dividends		14,016			2,999			448			271,555
Investment Expense:
Mortality and Expense Risk and Administrative Charges		26,258			1,698			545			328,216

Net Investment Income (Loss)		(12,242	)		1,301			(97	)		(56,661)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			473			14,451
Realized Gain (Loss) on Investments		29,085			2,360			670			1,439,292

Net Realized Capital Gains (Losses) on Investments		29,085			2,360			1,143			1,453,743
Net Change in Unrealized Appreciation (Depreciation)		249,203			11,504			3,562			3,207,660

Net Gain (Loss) on Investment		278,288			13,864			4,705			4,661,403

Net Increase (Decrease) in Net Assets Resulting from Operations		266,046			15,165			4,608			4,604,742


Increase (Decrease) in Net Assets from Contract Transactions		(297,954	)		(15,518	)		(2,107	)		(2,523,094)


Total Increase (Decrease) in Net Assets		(31,908	)		(353	)		2,501			2,081,648


Net Assets as of December 31, 2023:	$	1,610,288		$	104,465		$	35,200		$	22,484,689

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	BlackRock Large Cap Focus Growth Investor A Shares Subaccount			BlackRock Large Cap Focus Value Investor A Shares Subaccount			BlackRock Low Duration Bond Investor A Shares Subaccount			BlackRock Total Return Investor A Shares Subaccount

Net Assets as of December 31, 2021:	$	4,312,711		$	28,096,823		$	66,735		$	62,986,969


Investment Income:
Reinvested Dividends		-			312,269			1,280			1,275,156
Investment Expense:
Mortality and Expense Risk and Administrative Charges		50,370			362,858			974			759,791

Net Investment Income (Loss)		(50,370	)		(50,589	)		306			515,365

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		59,922			2,105,417			556			-
Realized Gain (Loss) on Investments		55,296			(1,408,477	)		(568	)		(1,576,076)

Net Realized Capital Gains (Losses) on Investments		115,218			696,940			(12	)		(1,576,076)
Net Change in Unrealized Appreciation (Depreciation)		(1,781,000	)		(2,225,713	)		(4,573	)		(8,392,303)

Net Gain (Loss) on Investment		(1,665,782	)		(1,528,773	)		(4,585	)		(9,968,379)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,716,152	)		(1,579,362	)		(4,279	)		(9,453,014)


Increase (Decrease) in Net Assets from Contract Transactions		10,338			(4,709,246	)		(3,541	)		(7,346,654)


Total Increase (Decrease) in Net Assets		(1,705,814	)		(6,288,608	)		(7,820	)		(16,799,668)


Net Assets as of December 31, 2022:	$	2,606,897		$	21,808,215		$	58,915		$	46,187,301


Investment Income:
Reinvested Dividends		-			439,801			2,214			1,744,206
Investment Expense:
Mortality and Expense Risk and Administrative Charges		48,202			322,787			952			684,890

Net Investment Income (Loss)		(48,202	)		117,014			1,262			1,059,316

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		107,499			555,932			-			-
Realized Gain (Loss) on Investments		127,670			(1,003,587	)		(387	)		(1,291,048)

Net Realized Capital Gains (Losses) on Investments		235,169			(447,655	)		(387	)		(1,291,048)
Net Change in Unrealized Appreciation (Depreciation)		1,001,430			3,153,074			1,214			1,963,518

Net Gain (Loss) on Investment		1,236,599			2,705,419			827			672,470

Net Increase (Decrease) in Net Assets Resulting from Operations		1,188,397			2,822,433			2,089			1,731,786


Increase (Decrease) in Net Assets from Contract Transactions		(696,500	)		(3,405,284	)		(3,437	)		(3,643,467)


Total Increase (Decrease) in Net Assets		491,897			(582,851	)		(1,348	)		(1,911,681)


Net Assets as of December 31, 2023:	$	3,098,794		$	21,225,364		$	57,567		$	44,275,620

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	BNY Mellon Appreciation Investor Shares Subaccount			Cohen & Steers Real Estate Securities Class A Shares Subaccount			Columbia Large Cap Growth Opportunity Class A Shares Subaccount			Columbia Select Mid Cap Growth Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	9,945,695		$	586,282		$	6,114,990		$	501,343


Investment Income:
Reinvested Dividends		42,886			12,779			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		124,051			7,554			75,795			6,380

Net Investment Income (Loss)		(81,165	)		5,225			(75,795	)		(6,380)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		579,833			19,536			832,664			-
Realized Gain (Loss) on Investments		401,829			16,779			(110,135	)		(14,339)

Net Realized Capital Gains (Losses) on Investments		981,662			36,315			722,529			(14,339)
Net Change in Unrealized Appreciation (Depreciation)		(2,805,125	)		(202,859	)		(2,527,433	)		(148,941)

Net Gain (Loss) on Investment		(1,823,463	)		(166,544	)		(1,804,904	)		(163,280)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,904,628	)		(161,319	)		(1,880,699	)		(169,660)


Increase (Decrease) in Net Assets from Contract Transactions		(936,584	)		(309	)		3,428			33,756


Total Increase (Decrease) in Net Assets		(2,841,212	)		(161,628	)		(1,877,271	)		(135,904)


Net Assets as of December 31, 2022:	$	7,104,483		$	424,654		$	4,237,719		$	365,439


Investment Income:
Reinvested Dividends		45,160			11,208			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		114,732			6,062			73,289			6,525

Net Investment Income (Loss)		(69,572	)		5,146			(73,289	)		(6,525)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		469,711			-			-			-
Realized Gain (Loss) on Investments		459,797			(8,072	)		(315,521	)		(8,491)

Net Realized Capital Gains (Losses) on Investments		929,508			(8,072	)		(315,521	)		(8,491)
Net Change in Unrealized Appreciation (Depreciation)		395,237			47,247			1,523,997			102,871

Net Gain (Loss) on Investment		1,324,745			39,175			1,208,476			94,380

Net Increase (Decrease) in Net Assets Resulting from Operations		1,255,173			44,321			1,135,187			87,855


Increase (Decrease) in Net Assets from Contract Transactions		(1,296,733	)		(85,107	)		(635,443	)		13,055


Total Increase (Decrease) in Net Assets		(41,560	)		(40,786	)		499,744			100,910


Net Assets as of December 31, 2023:	$	7,062,923		$	383,868		$	4,737,463		$	466,349

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Columbia Select Small Cap Value Class A Shares Subaccount			Davis New York Venture Class A Shares Subaccount			Delaware Mid Cap Growth Equity Class A Shares Subaccount			Eaton Vance Floating-Rate Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	10,864,550		$	21,474,771		$	3,394,719		$	3,710,404


Investment Income:
Reinvested Dividends		66,119			263,376			-			149,894
Investment Expense:
Mortality and Expense Risk and Administrative Charges		118,061			255,481			29,996			52,145

Net Investment Income (Loss)		(51,942	)		7,895			(29,996	)		97,749

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		298,598			918,386			379,119			-
Realized Gain (Loss) on Investments		76,887			(750,621	)		(72,617	)		(83,229)

Net Realized Capital Gains (Losses) on Investments		375,485			167,765			306,502			(83,229)
Net Change in Unrealized Appreciation (Depreciation)		(2,045,220	)		(4,092,130	)		(1,847,003	)		(165,668)

Net Gain (Loss) on Investment		(1,669,735	)		(3,924,365	)		(1,540,501	)		(248,897)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,721,677	)		(3,916,470	)		(1,570,497	)		(151,148)


Increase (Decrease) in Net Assets from Contract Transactions		(1,062,458	)		(1,558,115	)		(110,367	)		(515,276)


Total Increase (Decrease) in Net Assets		(2,784,135	)		(5,474,585	)		(1,680,864	)		(666,424)


Net Assets as of December 31, 2022:	$	8,080,415		$	16,000,186		$	1,713,855		$	3,043,980


Investment Income:
Reinvested Dividends		58,675			152,917			-			253,599
Investment Expense:
Mortality and Expense Risk and Administrative Charges		105,245			245,283			23,110			50,344

Net Investment Income (Loss)		(46,570	)		(92,366	)		(23,110	)		203,255

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		449,586			1,208,754			-			-
Realized Gain (Loss) on Investments		111,041			(743,839	)		(164,952	)		(44,040)

Net Realized Capital Gains (Losses) on Investments		560,627			464,915			(164,952	)		(44,040)
Net Change in Unrealized Appreciation (Depreciation)		328,568			3,788,529			482,044			127,728

Net Gain (Loss) on Investment		889,195			4,253,444			317,092			83,688

Net Increase (Decrease) in Net Assets Resulting from Operations		842,625			4,161,078			293,982			286,943


Increase (Decrease) in Net Assets from Contract Transactions		(749,455	)		(2,607,975	)		(316,697	)		(467,110)


Total Increase (Decrease) in Net Assets		93,170			1,553,103			(22,715	)		(180,167)


Net Assets as of December 31, 2023:	$	8,173,585		$	17,553,289		$	1,691,140		$	2,863,813

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Eaton Vance Large-Cap Value Class A Shares Subaccount			Federated Hermes Equity Income Class A Shares Subaccount			Federated Hermes Kaufmann Class A Shares Subaccount			Fidelity Advisor^® Equity Growth Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	3,788,416		$	1,380,093		$	4,780,655		$	2,980,642


Investment Income:
Reinvested Dividends		33,961			13,570			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		51,567			18,227			55,972			30,588

Net Investment Income (Loss)		(17,606	)		(4,657	)		(55,972	)		(30,588)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		94,893			59,210			-			43,630
Realized Gain (Loss) on Investments		280,555			(4,506	)		(68,044	)		98,007

Net Realized Capital Gains (Losses) on Investments		375,448			54,704			(68,044	)		141,637
Net Change in Unrealized Appreciation (Depreciation)		(501,818	)		(176,690	)		(1,401,849	)		(854,371)

Net Gain (Loss) on Investment		(126,370	)		(121,986	)		(1,469,893	)		(712,734)

Net Increase (Decrease) in Net Assets Resulting from Operations		(143,976	)		(126,643	)		(1,525,865	)		(743,322)


Increase (Decrease) in Net Assets from Contract Transactions		(570,382	)		(250,011	)		(25,715	)		(232,763)


Total Increase (Decrease) in Net Assets		(714,358	)		(376,654	)		(1,551,580	)		(976,085)


Net Assets as of December 31, 2022:	$	3,074,058		$	1,003,439		$	3,229,075		$	2,004,557


Investment Income:
Reinvested Dividends		30,093			11,334			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		49,855			16,411			51,653			27,989

Net Investment Income (Loss)		(19,762	)		(5,077	)		(51,653	)		(27,989)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		58,770			2,086			61,668			12,420
Realized Gain (Loss) on Investments		66,517			(9,618	)		(70,004	)		110,718

Net Realized Capital Gains (Losses) on Investments		125,287			(7,532	)		(8,336	)		123,138
Net Change in Unrealized Appreciation (Depreciation)		83,947			82,427			455,470			517,285

Net Gain (Loss) on Investment		209,234			74,895			447,134			640,423

Net Increase (Decrease) in Net Assets Resulting from Operations		189,472			69,818			395,481			612,434


Increase (Decrease) in Net Assets from Contract Transactions		(194,585	)		(62,630	)		(321,353	)		(412,509)


Total Increase (Decrease) in Net Assets		(5,113	)		7,188			74,128			199,925


Net Assets as of December 31, 2023:	$	3,068,945		$	1,010,627		$	3,303,203		$	2,204,482

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Fidelity Advisor^® Overseas Class A Shares Subaccount			Fidelity Advisor^® Stock Selector Mid Cap Class A Shares Subaccount			Franklin Templeton Growth Class A Shares Subaccount			Invesco American Franchise Fund Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	719,006		$	849,127		$	3,468,745		$	578,621


Investment Income:
Reinvested Dividends		1,991			3,245			25,817			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		7,168			9,268			42,706			5,781

Net Investment Income (Loss)		(5,177	)		(6,023	)		(16,889	)		(5,781)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			58,661			-			30,161
Realized Gain (Loss) on Investments		10,242			24,043			5,703			9,483

Net Realized Capital Gains (Losses) on Investments		10,242			82,704			5,703			39,644
Net Change in Unrealized Appreciation (Depreciation)		(188,183	)		(201,560	)		(412,426	)		(214,852)

Net Gain (Loss) on Investment		(177,941	)		(118,856	)		(406,723	)		(175,208)

Net Increase (Decrease) in Net Assets Resulting from Operations		(183,118	)		(124,879	)		(423,612	)		(180,989)


Increase (Decrease) in Net Assets from Contract Transactions		(16,087	)		(52,363	)		(207,831	)		16,620


Total Increase (Decrease) in Net Assets		(199,205	)		(177,242	)		(631,443	)		(164,369)


Net Assets as of December 31, 2022:	$	519,801		$	671,885		$	2,837,302		$	414,252


Investment Income:
Reinvested Dividends		4,381			4,183			30,939			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		7,228			8,852			40,208			6,103

Net Investment Income (Loss)		(2,847	)		(4,669	)		(9,269	)		(6,103)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-
Realized Gain (Loss) on Investments		14,911			30,627			56,947			6,282

Net Realized Capital Gains (Losses) on Investments		14,911			30,627			56,947			6,282
Net Change in Unrealized Appreciation (Depreciation)		82,580			70,685			447,990			156,318

Net Gain (Loss) on Investment		97,491			101,312			504,937			162,600

Net Increase (Decrease) in Net Assets Resulting from Operations		94,644			96,643			495,668			156,497


Increase (Decrease) in Net Assets from Contract Transactions		(23,953	)		(83,199	)		(574,128	)		(58,860)


Total Increase (Decrease) in Net Assets		70,691			13,444			(78,460	)		97,637


Net Assets as of December 31, 2023:	$	590,492		$	685,329		$	2,758,842		$	511,889

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Invesco Capital Appreciation Class A Shares Subaccount			Invesco Charter Class A Shares Subaccount			Invesco Comstock Class A Shares Subaccount			Invesco Discovery Mid Cap Growth Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	1,150,952		$	272,225		$	34,752,813		$	1,929,642


Investment Income:
Reinvested Dividends		-			1,599			508,130			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		12,749			2,912			444,914			17,931

Net Investment Income (Loss)		(12,749	)		(1,313	)		63,216			(17,931)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,313			6,764			2,785,024			-
Realized Gain (Loss) on Investments		(9,934	)		(805	)		1,609,006			11,744

Net Realized Capital Gains (Losses) on Investments		(3,621	)		5,959			4,394,030			11,744
Net Change in Unrealized Appreciation (Depreciation)		(332,456	)		(63,156	)		(4,644,139	)		(598,241)

Net Gain (Loss) on Investment		(336,077	)		(57,197	)		(250,109	)		(586,497)

Net Increase (Decrease) in Net Assets Resulting from Operations		(348,826	)		(58,510	)		(186,893	)		(604,428)


Increase (Decrease) in Net Assets from Contract Transactions		(74,515	)		(8,529	)		(7,983,123	)		(91,211)


Total Increase (Decrease) in Net Assets		(423,341	)		(67,039	)		(8,170,016	)		(695,639)


Net Assets as of December 31, 2022:	$	727,611		$	205,186		$	26,582,797		$	1,234,003


Investment Income:
Reinvested Dividends		-			1,006			449,360			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		12,695			2,666			398,321			15,859

Net Investment Income (Loss)		(12,695	)		(1,660	)		51,039			(15,859)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			16,190			1,640,987			-
Realized Gain (Loss) on Investments		(18,812	)		(4,586	)		776,855			3,900

Net Realized Capital Gains (Losses) on Investments		(18,812	)		11,604			2,417,842			3,900
Net Change in Unrealized Appreciation (Depreciation)		260,932			34,039			155,525			144,976

Net Gain (Loss) on Investment		242,120			45,643			2,573,367			148,876

Net Increase (Decrease) in Net Assets Resulting from Operations		229,425			43,983			2,624,406			133,017


Increase (Decrease) in Net Assets from Contract Transactions		(105,108	)		43,077			(3,057,305	)		(115,016)


Total Increase (Decrease) in Net Assets		124,317			87,060			(432,899	)		18,001


Net Assets as of December 31, 2023:	$	851,928		$	292,246		$	26,149,898		$	1,252,004

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Invesco Equity and Income Class A Shares Subaccount			Invesco Fundamental Alternatives Class A Shares Subaccount			Invesco Global Class A Shares Subaccount			Invesco Main Street Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	2,334,443		$	494,370		$	3,298,718		$	2,623,342


Investment Income:
Reinvested Dividends		36,670			-			-			20,041
Investment Expense:
Mortality and Expense Risk and Administrative Charges		27,174			5,826			31,365			32,416

Net Investment Income (Loss)		9,496			(5,826	)		(31,365	)		(12,375)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		88,826			10,504			271,775			67,068
Realized Gain (Loss) on Investments		8,241			(6,058	)		38,513			(8,755)

Net Realized Capital Gains (Losses) on Investments		97,067			4,446			310,288			58,313
Net Change in Unrealized Appreciation (Depreciation)		(309,779	)		(39,664	)		(1,352,419	)		(603,225)

Net Gain (Loss) on Investment		(212,712	)		(35,218	)		(1,042,131	)		(544,912)

Net Increase (Decrease) in Net Assets Resulting from Operations		(203,216	)		(41,044	)		(1,073,496	)		(557,287)


Increase (Decrease) in Net Assets from Contract Transactions		(174,174	)		(43,521	)		(12,990	)		(130,460)


Total Increase (Decrease) in Net Assets		(377,390	)		(84,565	)		(1,086,486	)		(687,747)


Net Assets as of December 31, 2022:	$	1,957,053		$	409,805		$	2,212,232		$	1,935,595


Investment Income:
Reinvested Dividends		38,217			3,132			-			2,538
Investment Expense:
Mortality and Expense Risk and Administrative Charges		24,968			4,981			32,268			25,329

Net Investment Income (Loss)		13,249			(1,849	)		(32,268	)		(22,791)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		86,622			13,425			264,858			111,130
Realized Gain (Loss) on Investments		(10,911	)		(5,464	)		33,298			(699)

Net Realized Capital Gains (Losses) on Investments		75,711			7,961			298,156			110,431
Net Change in Unrealized Appreciation (Depreciation)		61,742			2,336			428,385			242,853

Net Gain (Loss) on Investment		137,453			10,297			726,541			353,284

Net Increase (Decrease) in Net Assets Resulting from Operations		150,702			8,448			694,273			330,493


Increase (Decrease) in Net Assets from Contract Transactions		(241,137	)		(37,432	)		(278,566	)		(618,878)


Total Increase (Decrease) in Net Assets		(90,435	)		(28,984	)		415,707			(288,385)


Net Assets as of December 31, 2023:	$	1,866,618		$	380,821		$	2,627,939		$	1,647,210

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Invesco Main Street Mid Cap Class A Shares Subaccount			Invesco Value Opportunities Class A Shares Subaccount			Janus Henderson Enterprise Class A Shares Subaccount			Janus Henderson Forty Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	3,275,848		$	316,717		$	31,019,403		$	6,397,342


Investment Income:
Reinvested Dividends		2,817			2,435			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		40,376			4,854			395,508			75,995

Net Investment Income (Loss)		(37,559	)		(2,419	)		(395,508	)		(75,995)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		76,750			29,421			2,232,507			2,617
Realized Gain (Loss) on Investments		158,145			50,037			1,393,787			21,838

Net Realized Capital Gains (Losses) on Investments		234,895			79,458			3,626,294			24,455
Net Change in Unrealized Appreciation (Depreciation)		(682,742	)		(76,942	)		(8,614,517	)		(2,202,362)

Net Gain (Loss) on Investment		(447,847	)		2,516			(4,988,223	)		(2,177,907)

Net Increase (Decrease) in Net Assets Resulting from Operations		(485,406	)		97			(5,383,731	)		(2,253,902)


Increase (Decrease) in Net Assets from Contract Transactions		(647,309	)		37,718			(3,393,988	)		35,485


Total Increase (Decrease) in Net Assets		(1,132,715	)		37,815			(8,777,719	)		(2,218,417)


Net Assets as of December 31, 2022:	$	2,143,133		$	354,532		$	22,241,684		$	4,178,925


Investment Income:
Reinvested Dividends		-			765			-			628
Investment Expense:
Mortality and Expense Risk and Administrative Charges		35,271			5,766			357,829			73,022

Net Investment Income (Loss)		(35,271	)		(5,001	)		(357,829	)		(72,394)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			7,589			1,613,452			366,430
Realized Gain (Loss) on Investments		57,194			6,578			1,042,462			277,389

Net Realized Capital Gains (Losses) on Investments		57,194			14,167			2,655,914			643,819
Net Change in Unrealized Appreciation (Depreciation)		232,824			36,030			927,592			850,693

Net Gain (Loss) on Investment		290,018			50,197			3,583,506			1,494,512

Net Increase (Decrease) in Net Assets Resulting from Operations		254,747			45,196			3,225,677			1,422,118


Increase (Decrease) in Net Assets from Contract Transactions		(216,246	)		(23,572	)		(3,626,618	)		(953,887)


Total Increase (Decrease) in Net Assets		38,501			21,624			(400,941	)		468,231


Net Assets as of December 31, 2023:	$	2,181,634		$	376,156		$	21,840,743		$	4,647,156

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	JPMorgan Small Cap Growth Class A Shares Subaccount			Lord Abbett Affiliated Class A Shares Subaccount			Lord Abbett Bond-Debenture Class A Shares Subaccount			Lord Abbett Mid Cap Stock Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	2,129,822		$	1,674,915		$	11,996,751		$	11,656,273


Investment Income:
Reinvested Dividends		-			25,080			435,063			95,945
Investment Expense:
Mortality and Expense Risk and Administrative Charges		25,937			21,372			142,837			140,251

Net Investment Income (Loss)		(25,937	)		3,708			292,226			(44,306)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,760			76,072			17,140			656,723
Realized Gain (Loss) on Investments		(2,119	)		27,520			(183,240	)		555,050

Net Realized Capital Gains (Losses) on Investments		4,641			103,592			(166,100	)		1,211,773
Net Change in Unrealized Appreciation (Depreciation)		(701,782	)		(290,332	)		(1,742,831	)		(2,568,881)

Net Gain (Loss) on Investment		(697,141	)		(186,740	)		(1,908,931	)		(1,357,108)

Net Increase (Decrease) in Net Assets Resulting from Operations		(723,078	)		(183,032	)		(1,616,705	)		(1,401,414)


Increase (Decrease) in Net Assets from Contract Transactions		28,696			(161,177	)		(1,595,061	)		(812,297)


Total Increase (Decrease) in Net Assets		(694,382	)		(344,209	)		(3,211,766	)		(2,213,711)


Net Assets as of December 31, 2022:	$	1,435,440		$	1,330,706		$	8,784,985		$	9,442,562


Investment Income:
Reinvested Dividends		-			22,982			450,606			49,920
Investment Expense:
Mortality and Expense Risk and Administrative Charges		21,582			20,295			128,159			130,484

Net Investment Income (Loss)		(21,582	)		2,687			322,447			(80,564)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			67,407
Realized Gain (Loss) on Investments		(50,606	)		10,112			(247,952	)		367,060

Net Realized Capital Gains (Losses) on Investments		(50,606	)		10,112			(247,952	)		434,467
Net Change in Unrealized Appreciation (Depreciation)		241,719			99,152			358,536			841,442

Net Gain (Loss) on Investment		191,113			109,264			110,584			1,275,909

Net Increase (Decrease) in Net Assets Resulting from Operations		169,531			111,951			433,031			1,195,345


Increase (Decrease) in Net Assets from Contract Transactions		(297,076	)		(91,963	)		(670,573	)		(1,232,757)


Total Increase (Decrease) in Net Assets		(127,545	)		19,988			(237,542	)		(37,412)


Net Assets as of December 31, 2023:	$	1,307,895		$	1,350,694		$	8,547,443		$	9,405,150

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	MFS^® Growth Class A Shares Subaccount			MFS^® Mid Cap Growth Class A Shares Subaccount			MFS^® Research International Class A Shares Subaccount			PIMCO CommodityRealReturn Strategy Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	14,623,140		$	11,833,470		$	6,809,974		$	7,817,094


Investment Income:
Reinvested Dividends		-			-			72,059			2,391,986
Investment Expense:
Mortality and Expense Risk and Administrative Charges		146,683			119,547			71,703			109,335

Net Investment Income (Loss)		(146,683	)		(119,547	)		356			2,282,651

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		113,130			-			-			-
Realized Gain (Loss) on Investments		610,848			393,715			125,778			287,836

Net Realized Capital Gains (Losses) on Investments		723,978			393,715			125,778			287,836
Net Change in Unrealized Appreciation (Depreciation)		(5,294,525	)		(3,814,837	)		(1,365,499	)		(1,660,327)

Net Gain (Loss) on Investment		(4,570,547	)		(3,421,122	)		(1,239,721	)		(1,372,491)

Net Increase (Decrease) in Net Assets Resulting from Operations		(4,717,230	)		(3,540,669	)		(1,239,365	)		910,160


Increase (Decrease) in Net Assets from Contract Transactions		388,454			196,180			(563,182	)		(2,857,894)


Total Increase (Decrease) in Net Assets		(4,328,776	)		(3,344,489	)		(1,802,547	)		(1,947,734)


Net Assets as of December 31, 2022:	$	10,294,364		$	8,488,981		$	5,007,427		$	5,869,360


Investment Income:
Reinvested Dividends		-			-			75,820			253,842
Investment Expense:
Mortality and Expense Risk and Administrative Charges		139,773			111,111			65,874			90,884

Net Investment Income (Loss)		(139,773	)		(111,111	)		9,946			162,958

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		566,355			-			-			-
Realized Gain (Loss) on Investments		1,311,076			662,649			136,122			(181,992)

Net Realized Capital Gains (Losses) on Investments		1,877,431			662,649			136,122			(181,992)
Net Change in Unrealized Appreciation (Depreciation)		1,449,677			992,624			417,802			(515,366)

Net Gain (Loss) on Investment		3,327,108			1,655,273			553,924			(697,358)

Net Increase (Decrease) in Net Assets Resulting from Operations		3,187,335			1,544,162			563,870			(534,400)


Increase (Decrease) in Net Assets from Contract Transactions		(2,635,768	)		(1,354,108	)		(419,049	)		(320,841)


Total Increase (Decrease) in Net Assets		551,567			190,054			144,821			(855,241)


Net Assets as of December 31, 2023:	$	10,845,931		$	8,679,035		$	5,152,248		$	5,014,119

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	PIMCO Low Duration Class A Shares Subaccount			PIMCO Real Return Class A Shares Subaccount			PIMCO Total Return Class A Shares Subaccount			Pioneer Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	43,322,116		$	29,197,941		$	76,529,481		$	1,040,778


Investment Income:
Reinvested Dividends		612,571			1,805,424			2,248,205			4,636
Investment Expense:
Mortality and Expense Risk and Administrative Charges		565,414			374,618			927,512			13,495

Net Investment Income (Loss)		47,157			1,430,806			1,320,693			(8,859)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			85,088			-			30,926
Realized Gain (Loss) on Investments		(745,691	)		46,111			(1,858,535	)		(7,563)

Net Realized Capital Gains (Losses) on Investments		(745,691	)		131,199			(1,858,535	)		23,363
Net Change in Unrealized Appreciation (Depreciation)		(2,088,638	)		(5,205,632	)		(10,844,999	)		(220,190)

Net Gain (Loss) on Investment		(2,834,329	)		(5,074,433	)		(12,703,534	)		(196,827)

Net Increase (Decrease) in Net Assets Resulting from Operations		(2,787,172	)		(3,643,627	)		(11,382,841	)		(205,686)


Increase (Decrease) in Net Assets from Contract Transactions		(8,213,334	)		(4,294,479	)		(9,352,140	)		187,427


Total Increase (Decrease) in Net Assets		(11,000,506	)		(7,938,106	)		(20,734,981	)		(18,259)


Net Assets as of December 31, 2022:	$	32,321,610		$	21,259,835		$	55,794,500		$	1,022,519


Investment Income:
Reinvested Dividends		1,178,335			579,662			1,924,266			7,817
Investment Expense:
Mortality and Expense Risk and Administrative Charges		509,036			332,724			831,180			14,907

Net Investment Income (Loss)		669,299			246,938			1,093,086			(7,090)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			23,421
Realized Gain (Loss) on Investments		(516,936	)		(390,379	)		(1,707,591	)		1,029

Net Realized Capital Gains (Losses) on Investments		(516,936	)		(390,379	)		(1,707,591	)		24,450
Net Change in Unrealized Appreciation (Depreciation)		825,843			452,072			2,844,056			210,039

Net Gain (Loss) on Investment		308,907			61,693			1,136,465			234,489

Net Increase (Decrease) in Net Assets Resulting from Operations		978,206			308,631			2,229,551			227,399


Increase (Decrease) in Net Assets from Contract Transactions		(4,160,064	)		(2,243,253	)		(4,507,756	)		(75,384)


Total Increase (Decrease) in Net Assets		(3,181,858	)		(1,934,622	)		(2,278,205	)		152,015


Net Assets as of December 31, 2023:	$	29,139,752		$	19,325,213		$	53,516,295		$	1,174,534

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Pioneer High Yield Class A Shares Subaccount			Pioneer Select Mid Cap Growth Class A Shares Subaccount			Putnam International Equity Class A Shares Subaccount			Putnam Large Cap Growth Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	2,286,681		$	406,330		$	12,034,000		$	2,243,749


Investment Income:
Reinvested Dividends		101,439			-			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		30,590			4,514			127,268			22,718

Net Investment Income (Loss)		70,849			(4,514	)		(127,268	)		(22,718)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			3,885			-			110,959
Realized Gain (Loss) on Investments		(70,915	)		(10,493	)		10,968			80,930

Net Realized Capital Gains (Losses) on Investments		(70,915	)		(6,608	)		10,968			191,889
Net Change in Unrealized Appreciation (Depreciation)		(271,038	)		(111,745	)		(1,763,601	)		(871,011)

Net Gain (Loss) on Investment		(341,953	)		(118,353	)		(1,752,633	)		(679,122)

Net Increase (Decrease) in Net Assets Resulting from Operations		(271,104	)		(122,867	)		(1,879,901	)		(701,840)


Increase (Decrease) in Net Assets from Contract Transactions		(290,366	)		(71,674	)		(1,237,282	)		(18,086)


Total Increase (Decrease) in Net Assets		(561,470	)		(194,541	)		(3,117,183	)		(719,926)


Net Assets as of December 31, 2022:	$	1,725,211		$	211,789		$	8,916,817		$	1,523,823


Investment Income:
Reinvested Dividends		102,070			-			171,050			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		31,522			3,447			118,122			22,690

Net Investment Income (Loss)		70,548			(3,447	)		52,928			(22,690)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			9,959
Realized Gain (Loss) on Investments		(66,586	)		(3,444	)		66,200			227,692

Net Realized Capital Gains (Losses) on Investments		(66,586	)		(3,444	)		66,200			237,651
Net Change in Unrealized Appreciation (Depreciation)		153,679			39,360			1,323,357			400,047

Net Gain (Loss) on Investment		87,093			35,916			1,389,557			637,698

Net Increase (Decrease) in Net Assets Resulting from Operations		157,641			32,469			1,442,485			615,008


Increase (Decrease) in Net Assets from Contract Transactions		23,881			(31,800	)		(1,080,667	)		(313,788)


Total Increase (Decrease) in Net Assets		181,522			669			361,818			301,220


Net Assets as of December 31, 2023:	$	1,906,733		$	212,458		$	9,278,635		$	1,825,043

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Putnam Large Cap Value Class A Shares Subaccount			TA Aegon Sustainable Equity Income Service Class Subaccount			TA Asset Allocation - Conservative Class A Shares Subaccount			TA Asset Allocation - Moderate Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	683,288		$	3,654,803		$	1,141,030		$	1,198,284


Investment Income:
Reinvested Dividends		14,332			54,970			14,660			22,459
Investment Expense:
Mortality and Expense Risk and Administrative Charges		10,301			39,372			12,845			21,521

Net Investment Income (Loss)		4,031			15,598			1,815			938

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		39,038			103,828			-			-
Realized Gain (Loss) on Investments		33,175			(154,808	)		(38,056	)		(70,058)

Net Realized Capital Gains (Losses) on Investments		72,213			(50,980	)		(38,056	)		(70,058)
Net Change in Unrealized Appreciation (Depreciation)		(114,935	)		(432,028	)		(139,508	)		(195,388)

Net Gain (Loss) on Investment		(42,722	)		(483,008	)		(177,564	)		(265,446)

Net Increase (Decrease) in Net Assets Resulting from Operations		(38,691	)		(467,410	)		(175,749	)		(264,508)


Increase (Decrease) in Net Assets from Contract Transactions		149,234			(513,199	)		(147,726	)		537,180


Total Increase (Decrease) in Net Assets		110,543			(980,609	)		(323,475	)		272,672


Net Assets as of December 31, 2022:	$	793,831		$	2,674,194		$	817,555		$	1,470,956


Investment Income:
Reinvested Dividends		12,237			47,428			15,396			29,353
Investment Expense:
Mortality and Expense Risk and Administrative Charges		10,532			32,679			10,440			20,121

Net Investment Income (Loss)		1,705			14,749			4,956			9,232

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		33,243			-			-			17,080
Realized Gain (Loss) on Investments		41,228			(110,411	)		(64,680	)		(37,246)

Net Realized Capital Gains (Losses) on Investments		74,471			(110,411	)		(64,680	)		(20,166)
Net Change in Unrealized Appreciation (Depreciation)		31,970			209,466			109,766			150,153

Net Gain (Loss) on Investment		106,441			99,055			45,086			129,987

Net Increase (Decrease) in Net Assets Resulting from Operations		108,146			113,804			50,042			139,219


Increase (Decrease) in Net Assets from Contract Transactions		(76,334	)		(220,812	)		(307,681	)		(293,625)


Total Increase (Decrease) in Net Assets		31,812			(107,008	)		(257,639	)		(154,406)


Net Assets as of December 31, 2023:	$	825,643		$	2,567,186		$	559,916		$	1,316,550

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	TA Asset Allocation - Moderate Growth Class A Shares Subaccount			TA BlackRock Government Money Market Initial Class Subaccount		TA Bond Class A Shares Subaccount			TA International Focus Initial Class Subaccount

Net Assets as of December 31, 2021:	$	2,495,528		$	4,017,112	$	1,101,155		$	95,378,126


Investment Income:
Reinvested Dividends		17,353			61,739		25,966			2,324,418
Investment Expense:
Mortality and Expense Risk and Administrative Charges		28,699			58,221		14,126			1,171,083

Net Investment Income (Loss)		(11,346	)		3,518		11,840			1,153,335

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		38,781			-		-			4,070,341
Realized Gain (Loss) on Investments		(115,082	)		-		(26,662	)		(2,103,298)

Net Realized Capital Gains (Losses) on Investments		(76,301	)		-		(26,662	)		1,967,043
Net Change in Unrealized Appreciation (Depreciation)		(369,047	)		-		(144,616	)		(22,834,424)

Net Gain (Loss) on Investment		(445,348	)		-		(171,278	)		(20,867,381)

Net Increase (Decrease) in Net Assets Resulting from Operations		(456,694	)		3,518		(159,438	)		(19,714,046)


Increase (Decrease) in Net Assets from Contract Transactions		(432,172	)		530,601		(140,605	)		(7,258,076)


Total Increase (Decrease) in Net Assets		(888,866	)		534,119		(300,043	)		(26,972,122)


Net Assets as of December 31, 2022:	$	1,606,662		$	4,551,231	$	801,112		$	68,406,004


Investment Income:
Reinvested Dividends		30,477			260,364		31,285			1,325,736
Investment Expense:
Mortality and Expense Risk and Administrative Charges		24,843			79,791		13,642			1,066,869

Net Investment Income (Loss)		5,634			180,573		17,643			258,867

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		26,267			-		-			-
Realized Gain (Loss) on Investments		(68,124	)		-		(14,567	)		(1,437,500)

Net Realized Capital Gains (Losses) on Investments		(41,857	)		-		(14,567	)		(1,437,500)
Net Change in Unrealized Appreciation (Depreciation)		256,864			-		31,584			8,071,802

Net Gain (Loss) on Investment		215,007			-		17,017			6,634,302

Net Increase (Decrease) in Net Assets Resulting from Operations		220,641			180,573		34,660			6,893,169


Increase (Decrease) in Net Assets from Contract Transactions		(96,001	)		1,004,031		44,419			(8,819,128)


Total Increase (Decrease) in Net Assets		124,640			1,184,604		79,079			(1,925,959)


Net Assets as of December 31, 2023:	$	1,731,302		$	5,735,835	$	880,191		$	66,480,045

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	TA JPMorgan Mid Cap Value Service Class Subaccount			TA Multi-Managed Balanced Class A Shares Subaccount			TA Small/Mid Cap Value Class A Shares Subaccount			TA Sustainable Equity Income Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	2,037,857		$	1,528,612		$	32,281,834		$	56,508,169


Investment Income:
Reinvested Dividends		10,483			13,123			137,858			832,501
Investment Expense:
Mortality and Expense Risk and Administrative Charges		24,352			18,190			420,439			700,735

Net Investment Income (Loss)		(13,869	)		(5,067	)		(282,581	)		131,766

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		353,485			24,154			1,977,506			-
Realized Gain (Loss) on Investments		11,822			11,228			248,519			(5,361,980)

Net Realized Capital Gains (Losses) on Investments		365,307			35,382			2,226,025			(5,361,980)
Net Change in Unrealized Appreciation (Depreciation)		(546,931	)		(294,254	)		(4,880,930	)		(1,875,253)

Net Gain (Loss) on Investment		(181,624	)		(258,872	)		(2,654,905	)		(7,237,233)

Net Increase (Decrease) in Net Assets Resulting from Operations		(195,493	)		(263,939	)		(2,937,486	)		(7,105,467)


Increase (Decrease) in Net Assets from Contract Transactions		(70,996	)		(35,801	)		(6,031,487	)		(8,227,299)


Total Increase (Decrease) in Net Assets		(266,489	)		(299,740	)		(8,968,973	)		(15,332,766)


Net Assets as of December 31, 2022:	$	1,771,368		$	1,228,872		$	23,312,861		$	41,175,403


Investment Income:
Reinvested Dividends		21,244			20,579			195,460			667,391
Investment Expense:
Mortality and Expense Risk and Administrative Charges		22,347			18,548			377,707			625,090

Net Investment Income (Loss)		(1,103	)		2,031			(182,247	)		42,301

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		160,142			38,077			871,650			-
Realized Gain (Loss) on Investments		(29,553	)		928			519,732			(1,352,790)

Net Realized Capital Gains (Losses) on Investments		130,589			39,005			1,391,382			(1,352,790)
Net Change in Unrealized Appreciation (Depreciation)		15,018			167,001			1,004,360			2,989,296

Net Gain (Loss) on Investment		145,607			206,006			2,395,742			1,636,506

Net Increase (Decrease) in Net Assets Resulting from Operations		144,504			208,037			2,213,495			1,678,807


Increase (Decrease) in Net Assets from Contract Transactions		(195,075	)		60,755			(2,459,199	)		(1,893,027)


Total Increase (Decrease) in Net Assets		(50,571	)		268,792			(245,704	)		(214,220)


Net Assets as of December 31, 2023:	$	1,720,797		$	1,497,664		$	23,067,157		$	40,961,183

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	TA T. Rowe Price Small Cap Service Class Subaccount			TA TS&W International Equity Service Class Subaccount			TA US Growth Class A Shares Subaccount			TA WMC US Growth Service Class Subaccount

Net Assets as of December 31, 2021:	$	5,339,069		$	3,985,217		$	34,477,085		$	14,660


Investment Income:
Reinvested Dividends		-			97,321			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		64,780			50,058			419,829			156

Net Investment Income (Loss)		(64,780	)		47,263			(419,829	)		(156)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,541,044			125,903			1,006,468			1,977
Realized Gain (Loss) on Investments		(99,789	)		11,012			882,886			(2,324)

Net Realized Capital Gains (Losses) on Investments		1,441,255			136,915			1,889,354			(347)
Net Change in Unrealized Appreciation (Depreciation)		(2,638,129	)		(786,376	)		(12,637,891	)		(3,713)

Net Gain (Loss) on Investment		(1,196,874	)		(649,461	)		(10,748,537	)		(4,060)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,261,654	)		(602,198	)		(11,168,366	)		(4,216)


Increase (Decrease) in Net Assets from Contract Transactions		(388,595	)		(486,382	)		828,276			(5,673)


Total Increase (Decrease) in Net Assets		(1,650,249	)		(1,088,580	)		(10,340,090	)		(9,889)


Net Assets as of December 31, 2022:	$	3,688,820		$	2,896,637		$	24,136,995		$	4,771


Investment Income:
Reinvested Dividends		-			21,037			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		60,841			44,649			402,167			3,029

Net Investment Income (Loss)		(60,841	)		(23,612	)		(402,167	)		(3,029)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		169,816			-			882,588			7,211
Realized Gain (Loss) on Investments		(326,523	)		9,979			1,963,706			1,298

Net Realized Capital Gains (Losses) on Investments		(156,707	)		9,979			2,846,294			8,509
Net Change in Unrealized Appreciation (Depreciation)		869,487			368,835			5,840,329			49,409

Net Gain (Loss) on Investment		712,780			378,814			8,686,623			57,918

Net Increase (Decrease) in Net Assets Resulting from Operations		651,939			355,202			8,284,456			54,889


Increase (Decrease) in Net Assets from Contract Transactions		(431,324	)		(622,778	)		(7,547,129	)		265,556


Total Increase (Decrease) in Net Assets		220,615			(267,576	)		737,327			320,445


Net Assets as of December 31, 2023:	$	3,909,435		$	2,629,061		$	24,874,322		$	325,216

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Virtus AllianzGI Dividend Value Class A Shares Subaccount			Virtus AllianzGI Small-Cap Value Class A Shares Subaccount

Net Assets as of December 31, 2021:	$	3,721,834		$	4,234,708


Investment Income:
Reinvested Dividends		48,080			35,473
Investment Expense:
Mortality and Expense Risk and Administrative Charges		48,244			50,717

Net Investment Income (Loss)		(164	)		(15,244)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		379,213			505,617
Realized Gain (Loss) on Investments		(120,195	)		(166,036)

Net Realized Capital Gains (Losses) on Investments		259,018			339,581
Net Change in Unrealized Appreciation (Depreciation)		(786,411	)		(1,048,380)

Net Gain (Loss) on Investment		(527,393	)		(708,799)

Net Increase (Decrease) in Net Assets Resulting from Operations		(527,557	)		(724,043)


Increase (Decrease) in Net Assets from Contract Transactions		(587,910	)		(205,497)


Total Increase (Decrease) in Net Assets		(1,115,467	)		(929,540)


Net Assets as of December 31, 2022:	$	2,606,367		$	3,305,168


Investment Income:
Reinvested Dividends		90,832			65,932
Investment Expense:
Mortality and Expense Risk and Administrative Charges		42,628			43,400

Net Investment Income (Loss)		48,204			22,532

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		247,622			257,839
Realized Gain (Loss) on Investments		(69,778	)		(601,444)

Net Realized Capital Gains (Losses) on Investments		177,844			(343,605)
Net Change in Unrealized Appreciation (Depreciation)		184,923			922,824

Net Gain (Loss) on Investment		362,767			579,219

Net Increase (Decrease) in Net Assets Resulting from Operations		410,971			601,751


Increase (Decrease) in Net Assets from Contract Transactions		(322,715	)		(786,490)


Total Increase (Decrease) in Net Assets		88,256			(184,739)


Net Assets as of December 31, 2023:	$	2,694,623			$3,120,429

See Accompanying Notes.

⁽¹⁾See Footnote 1

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

1. Organization

Organization

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

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

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
The AB Trust		The AB Trust
AB Discovery Value Class A Shares		AB Discovery Value Portfolio Class A Shares
AB International Value Class A Shares		AB International Value Portfolio Class A Shares
AB Large Cap Growth Class A Shares		AB Large Cap Growth Portfolio Class A Shares
AB Relative Value Class A Shares		AB Relative Value Portfolio Class A Shares
AB Value Class A Shares		AB Value Portfolio Class A Shares
American Funds		American Funds
American Funds - EuroPacific Growth Fund^® Class F -1 Shares		American Funds - EuroPacific Growth Fund^® Class F -1 Shares
American Funds - Growth Fund of America^® Class F -1 Shares		American Funds - Growth Fund of America^® Fund Class F -1 Shares
American Funds - Income Fund of America^® Class F -1 Shares		American Funds - Income Fund of America^® Fund Class F -1 Shares
American Funds - Investment Company of America^® Class F -1 Shares		American Funds - Investment Company of America^® Fund Class F -1 Shares
American Funds - The Bond Fund of America^® Class A Shares		American Funds - The Bond Fund of America^® Fund Class A Shares
American Funds - The Bond Fund of America^® Class F -1 Shares		American Funds - The Bond Fund of America^® Fund Class F -1 Shares
American Funds - The Growth Fund of America^® Class A Shares		American Funds - The Growth Fund of America^® Fund Class A Shares
American Funds - The Income Fund of America^® Class A Shares		American Funds - The Income Fund of America^® Fund Class A Shares
American Funds - The Investment Company of America^® Class A Shares		American Funds - The Investment Company of America^® Fund Class A Shares
The Managers Fund		The Managers Fund
AMG Renaissance Large Cap Growth Class N Shares		AMG Renaissance Large Cap Growth Class N Shares
BlackRock Series, Inc.		BlackRock Series, Inc.
BlackRock Advantage Global Investor A Shares		BlackRock Advantage Global Fund Investor A Shares
BlackRock Advantage International Investor A Shares		BlackRock Advantage International Investor A Shares
BlackRock Advantage Large Cap Core Investor A Shares		BlackRock Advantage Large Cap Core Fund Investor A Shares
BlackRock Advantage Large Cap Value Investor A Shares		BlackRock Advantage Large Cap Value Fund Investor A Shares
BlackRock Advantage SMID Investor A Shares		BlackRock Advantage SMID Fund Investor A Shares
BlackRock Capital Appreciation Investor A Shares		BlackRock Capital Appreciation Fund Investor A Shares

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

1. Organization (continued)

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
BlackRock Series, Inc.		BlackRock Series, Inc.
BlackRock Global Allocation Investor A Shares		BlackRock Global Allocation Fund Investor A Shares
BlackRock High Yield Bond Investor A Shares		BlackRock High Yield Bond Portfolio Investor A Shares
BlackRock Impact Mortgage Investor A Shares		BlackRock Impact Mortgage Investor A Shares
BlackRock International Investor A Shares		BlackRock International Fund Investor A Shares
BlackRock iShares MSCI EAFE International Index Investor A Shares		BlackRock iShares MSCI EAFE International Index Fund Investor A Shares
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares		BlackRock iShares Russell 2000 Small-Cap Index Fund Investor A Shares
BlackRock iShares S&P 500 Index Investor A Shares		BlackRock iShares S&P 500 Index Fund Investor A Shares
BlackRock Large Cap Focus Growth Investor A Shares		BlackRock Large Cap Growth Fund Investor A Shares
BlackRock Large Cap Focus Value Investor A Shares		BlackRock Large Cap Focus Value Fund Investor A Shares
BlackRock Low Duration Bond Investor A Shares		BlackRock Low Duration Bond Portfolio Investor A Shares
BlackRock Total Return Investor A Shares		BlackRock Total Return Investor A Shares
BNY Mellon Fund		BNY Mellon Fund
BNY Mellon Appreciation Investor Shares		BNY Mellon Appreciation Investor Shares
Cohen & Steers Capital Management, Inc.		Cohen & Steers Capital Management, Inc.
Cohen & Steers Real Estate Securities Class A Shares		Cohen & Steers Real Estate Securities Class Fund A Shares
Columbia Funds Series Trust		Columbia Funds Series Trust
Columbia Large Cap Growth Opportunity Class A Shares		Columbia Large Cap Growth Opportunity Fund Class A Shares
Columbia Select Mid Cap Growth Class A Shares		Columbia Select Mid Cap Growth Class A Shares
Columbia Select Small Cap Value Class A Shares		Columbia Select Small Cap Value Fund Class A Shares
Davis New York Venture Fund, Inc.		Davis New York Venture Fund, Inc.
Davis New York Venture Class A Shares		Davis New York Venture Class A Shares
Delaware Group Equity Funds IV		Delaware Group Equity Funds IV
Delaware Mid Cap Growth Equity Class A Shares		Delaware Mid Cap Growth Equity Fund Class A Shares
Eaton Vance Mutual Funds Trust		Eaton Vance Mutual Funds Trust
Eaton Vance Floating-Rate Class A Shares		Eaton Vance Floating-Rate Fund Class A Shares
Eaton Vance Special Investment Trust		Eaton Vance Special Investment Trust
Eaton Vance Large-Cap Value Class A Shares		Eaton Vance Large-Cap Value Fund Class A Shares
Federated Equity Funds		Federated Equity Funds
Federated Hermes Equity Income Class A Shares		Federated Hermes Equity Income Fund Class A Shares
Federated Hermes Kaufmann Class A Shares		Federated Hermes Kaufmann Fund Class A Shares
Fidelity Advisor Series		Fidelity Advisor Series
Fidelity Advisor^® Equity Growth Class A Shares		Fidelity Advisor^® Equity Growth Fund Class A Shares
Fidelity Advisor^® Overseas Class A Shares		Fidelity Advisor^® Overseas Fund Class A Shares
Fidelity Advisor^® Stock Selector Mid Cap Class A Shares		Fidelity Advisor^® Stock Selector Mid Cap Fund Class A Shares
Templeton Funds		Templeton Funds
Franklin Templeton Growth Class A Shares		Franklin Templeton Growth Fund Class A Shares
AIM Series Trust (Invesco Series Trust)		AIM Series Trust (Invesco Series Trust)
Invesco American Franchise Fund Class A Shares		Invesco American Franchise Fund Class A Shares
Invesco Capital Appreciation Class A Shares		Invesco Capital Appreciation Fund Class A Shares
Invesco Charter Class A Shares		Invesco Charter Fund Class A Shares

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

1. Organization (continued)

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
AIM Series Trust (Invesco Series Trust)		AIM Series Trust (Invesco Series Trust)
Invesco Comstock Class A Shares		Invesco Comstock Fund Class A Shares
Invesco Discovery Mid Cap Growth Class A Shares		Invesco Discovery Mid Cap Growth Fund Class A Shares
Invesco Equity and Income Class A Shares		Invesco Equity and Income Fund Class A Shares
Invesco Fundamental Alternatives Class A Shares		Invesco Fundamental Alternatives Fund Class A Shares
Invesco Global Class A Shares		Invesco Global Fund Class A Shares
Invesco Main Street Class A Shares		Invesco Main Street Fund Class A Shares
Invesco Main Street Mid Cap Class A Shares		Invesco Main Street Mid Cap Fund Class A Shares
Invesco Value Opportunities Class A Shares		Invesco Value Opportunities Fund Class A Shares
Janus Advisor Series		Janus Advisor Series
Janus Henderson Enterprise Class A Shares		Janus Henderson Enterprise Portfolio Class A Shares
Janus Henderson Forty Class A Shares		Janus Henderson Forty Portfolio Class A Shares
JPMorgan Trust II		JPMorgan Trust II
JPMorgan Small Cap Growth Class A Shares		JPMorgan Small Cap Growth Fund Class A Shares
Lord Abbett Funds, Inc.		Lord Abbett Funds, Inc.
Lord Abbett Affiliated Class A Shares		Lord Abbett Affiliated Class A Shares
Lord Abbett Bond-Debenture Class A Shares		Lord Abbett Bond-Debenture Class A Shares
Lord Abbett Mid Cap Stock Class A Shares		Lord Abbett Mid Cap Stock Class A Shares
MFS Series Trust		MFS Series Trust
MFS^® Growth Class A Shares		MFS^® Growth Fund Class A Shares
MFS^® Mid Cap Growth Class A Shares		MFS^® Mid Cap Growth Fund Class A Shares
MFS^® Research International Class A Shares		MFS^® Research International Fund Class A Shares
PIMCO Funds		PIMCO Funds
PIMCO CommodityRealReturn Strategy Class A Shares		PIMCO CommodityRealReturn Strategy Fund Class A Shares
PIMCO Low Duration Class A Shares		PIMCO Low Duration Fund Class A Shares
PIMCO Real Return Class A Shares		PIMCO Real Return Fund Class A Shares
PIMCO Total Return Class A Shares		PIMCO Total Return Fund Class A Shares
Pioneer Funds		Pioneer Funds
Pioneer Class A Shares		Pioneer Class A Shares
Pioneer High Yield Class A Shares		Pioneer High Yield Class A Shares
Pioneer Select Mid Cap Growth Class A Shares		Pioneer Select Mid Cap Growth Class A Shares
Putnam Funds		Putnam Funds
Putnam International Equity Class A Shares		Putnam International Equity Class A Shares
Putnam Large Cap Growth Class A Shares		Putnam Large Cap Growth Class A Shares
Putnam Large Cap Value Class A Shares		Putnam Large Cap Value Class A Shares
Transamerica Funds		Transamerica Funds
TA Aegon Sustainable Equity Income Service Class		Transamerica Aegon Sustainable Equity Income VP Service Class
TA Asset Allocation - Conservative Class A Shares		Transamerica Asset Allocation - Conservative Class A Shares
TA Asset Allocation - Moderate Class A Shares		Transamerica Asset Allocation - Moderate Class A Shares
TA Asset Allocation - Moderate Growth Class A Shares		Transamerica Asset Allocation - Moderate Growth Class A Shares
TA BlackRock Government Money Market Initial Class		Transamerica BlackRock Government Money Market VP Initial Class
TA Bond Class A Shares		Transamerica Bond Class A Shares

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

1. Organization (continued)

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
Transamerica Funds		Transamerica Funds
TA International Focus Initial Class		Transamerica International Focus VP Initial Class
TA JPMorgan Mid Cap Value Service Class		Transamerica JPMorgan Mid Cap Value VP Service Class
TA Multi-Managed Balanced Class A Shares		Transamerica Multi-Managed Balanced Class A Shares
TA Small/Mid Cap Value Class A Shares		Transamerica Small/Mid Cap Value Class A Shares
TA Sustainable Equity Income Class A Shares		Transamerica Sustainable Equity Income Class A Shares
TA T. Rowe Price Small Cap Service Class		Transamerica T. Rowe Price Small Cap VP Service Class
TA TS&W International Equity Service Class		Transamerica TS&W International Equity VP Service Class
TA US Growth Class A Shares		Transamerica US Growth Class A Shares
TA WMC US Growth Service Class		Transamerica WMC US Growth VP Service Class
Virtus Funds		Allianz Funds
Virtus AllianzGI Dividend Value Class A Shares		Virtus AllianzGI Dividend Value Fund Class A Shares
Virtus AllianzGI Small-Cap Value Class A Shares		Virtus AllianzGI Small-Cap Value Fund Class A Shares

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


Subaccount		Inception Date
Invesco Discovery Mid Cap Growth Class A Shares		April 17, 2020
BlackRock Large Cap Focus Growth Investor A Shares		December 6, 2019
TA BlackRock Government Money Market Initial Class		November 29, 2019

The following subaccount name changes were made effective during the fiscal year ended December 31, 2023:

Subaccount		Formerly
Delaware Mid Cap Growth Equity Class A Shares		Delaware Smid Cap Growth Class A Shares
Putnam Large Cap Growth Class A Shares		Putnam Growth Opportunities Class A Shares

During the current year the following subaccounts were removed as available investment options to contract owners and subsequently replaced and reinvested:


Reinvested Subaccount		Removed Subaccount
TA WMC US Growth Service Class		TA Morgan Stanley Capital Growth Service Class

The transfers from the removed and liquidated subaccounts to the reinvested subaccounts for the period ended December 31, 2023 are reflected in the Statements of Changes in Net Assets within Increase (Decrease) in Net Assets from Contract Transactions and purchases and sales in Footnote 3.

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

2. Summary of Significant Accounting Policies

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

Investments

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2023.

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

Dividend Income

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

Fair Value Measurements and Fair Value Hierarchy

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

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

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

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

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

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

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

c) Inputs other than quoted market prices that are observable

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

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

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2023.

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

3. Investments

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



Subaccount	Purchases		Sales

AB Discovery Value Class A Shares	$	439,987	$	449,543

AB International Value Class A Shares		66,173		323,894

AB Large Cap Growth Class A Shares		71,578		506,777

AB Relative Value Class A Shares		611,690		677,994

AB Value Class A Shares		24,217		46,580

American Funds - EuroPacific Growth Fund^® Class F -1 Shares		511,686		1,038,974

American Funds - Growth Fund of America^® Class F -1 Shares		1,130,085		1,919,558

American Funds - Income Fund of America^® Class F -1 Shares		106,020		564,111

American Funds - Investment Company of America^® Class F -1 Shares		250,813		757,282

American Funds - The Bond Fund of America^® Class A Shares		108,883		339,698

American Funds - The Bond Fund of America^® Class F -1 Shares		172,784		275,899

American Funds - The Growth Fund of America^® Class A Shares		2,479,927		5,164,916

American Funds - The Income Fund of America^® Class A Shares		328,750		1,075,111

American Funds - The Investment Company of America^® Class A Shares		983,463		2,440,456

AMG Renaissance Large Cap Growth Class N Shares		4,554		8,993

BlackRock Advantage Global Investor A Shares		4,033		54,019

BlackRock Advantage International Investor A Shares		180,499		268,650

BlackRock Advantage Large Cap Core Investor A Shares		78,566		914,668

BlackRock Advantage Large Cap Value Investor A Shares		526,908		828,373

BlackRock Advantage SMID Investor A Shares		99,789		752,004

BlackRock Capital Appreciation Investor A Shares		1,727,697		11,031,738

BlackRock Global Allocation Investor A Shares		1,365,105		10,805,498

BlackRock High Yield Bond Investor A Shares		1,548,223		2,694,923

BlackRock Impact Mortgage Investor A Shares		1,141,389		1,562,280

BlackRock International Investor A Shares		75,777		385,974

BlackRock iShares MSCI EAFE International Index Investor A Shares		3,000		17,216

BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares		921		2,653

BlackRock iShares S&P 500 Index Investor A Shares		638,253		3,203,551

BlackRock Large Cap Focus Growth Investor A Shares		141,912		779,097

BlackRock Large Cap Focus Value Investor A Shares		1,792,948		4,525,283

BlackRock Low Duration Bond Investor A Shares		2,214		4,386

BlackRock Total Return Investor A Shares		4,586,599		7,170,600

BNY Mellon Appreciation Investor Shares		1,170,912		2,067,504

Cohen & Steers Real Estate Securities Class A Shares		31,948		111,910

Columbia Large Cap Growth Opportunity Class A Shares		93,639		802,374

Columbia Select Mid Cap Growth Class A Shares		59,693		53,161

Columbia Select Small Cap Value Class A Shares		797,643		1,144,082

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

3. Investments (continued)


Subaccount	Purchases		Sales

Davis New York Venture Class A Shares	$	1,794,091	$	3,285,685

Delaware Mid Cap Growth Equity Class A Shares		35,823		375,627

Eaton Vance Floating-Rate Class A Shares		494,016		757,892

Eaton Vance Large-Cap Value Class A Shares		719,753		875,327

Federated Hermes Equity Income Class A Shares		66,881		132,497

Federated Hermes Kaufmann Class A Shares		219,670		531,015

Fidelity Advisor^® Equity Growth Class A Shares		12,420		440,494

Fidelity Advisor^® Overseas Class A Shares		4,382		31,181

Fidelity Advisor^® Stock Selector Mid Cap Class A Shares		4,183		92,050

Franklin Templeton Growth Class A Shares		113,510		696,908

Invesco American Franchise Fund Class A Shares		-		64,963

Invesco Capital Appreciation Class A Shares		15,577		133,376

Invesco Charter Class A Shares		103,296		45,689

Invesco Comstock Class A Shares		3,687,999		5,053,274

Invesco Discovery Mid Cap Growth Class A Shares		1,830		132,703

Invesco Equity and Income Class A Shares		155,075		296,341

Invesco Fundamental Alternatives Class A Shares		22,320		48,176

Invesco Global Class A Shares		264,858		310,837

Invesco Main Street Class A Shares		238,279		768,824

Invesco Main Street Mid Cap Class A Shares		94,438		345,956

Invesco Value Opportunities Class A Shares		15,829		36,812

Janus Henderson Enterprise Class A Shares		2,271,659		4,642,648

Janus Henderson Forty Class A Shares		717,867		1,377,721

JPMorgan Small Cap Growth Class A Shares		126,454		445,112

Lord Abbett Affiliated Class A Shares		173,847		263,126

Lord Abbett Bond-Debenture Class A Shares		1,421,174		1,769,290

Lord Abbett Mid Cap Stock Class A Shares		196,514		1,442,430

MFS^® Growth Class A Shares		578,427		2,787,611

MFS^® Mid Cap Growth Class A Shares		108,037		1,573,257

MFS^® Research International Class A Shares		164,448		573,550

PIMCO CommodityRealReturn Strategy Class A Shares		1,032,485		1,190,367

PIMCO Low Duration Class A Shares		3,296,867		6,787,949

PIMCO Real Return Class A Shares		1,732,633		3,728,706

PIMCO Total Return Class A Shares		5,051,004		8,465,480

Pioneer Class A Shares		557,357		616,422

Pioneer High Yield Class A Shares		515,287		420,736

Pioneer Select Mid Cap Growth Class A Shares		8,593		43,839

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

3. Investments (continued)


Subaccount	Purchases		Sales

Putnam International Equity Class A Shares	$	222,824	$	1,250,575

Putnam Large Cap Growth Class A Shares		114,635		441,154

Putnam Large Cap Value Class A Shares		136,796		178,181

TA Aegon Sustainable Equity Income Service Class		159,012		365,073

TA Asset Allocation - Conservative Class A Shares		110,188		412,912

TA Asset Allocation - Moderate Class A Shares		265,602		532,915

TA Asset Allocation - Moderate Growth Class A Shares		366,651		430,753

TA BlackRock Government Money Market Initial Class		2,646,885		1,462,132

TA Bond Class A Shares		149,832		87,747

TA International Focus Initial Class		3,014,456		11,574,707

TA JPMorgan Mid Cap Value Service Class		216,984		253,020

TA Multi-Managed Balanced Class A Shares		195,275		94,412

TA Small/Mid Cap Value Class A Shares		2,112,812		3,882,606

TA Sustainable Equity Income Class A Shares		4,239,896		6,090,618

TA T. Rowe Price Small Cap Service Class		287,614		609,961

TA TS&W International Equity Service Class		118,358		764,747

TA US Growth Class A Shares		1,403,175		8,469,863

TA WMC US Growth Service Class		303,056		33,319

Virtus AllianzGI Dividend Value Class A Shares		439,421		466,309

Virtus AllianzGI Small-Cap Value Class A Shares		323,771		829,890

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

AB Discovery Value Class A Shares		10,597		(13,078	)		(2,481	)		10,161		(26,777	)		(16,616	)

AB International Value Class A Shares		7,655		(43,639	)		(35,984	)		14,100		(47,608	)		(33,508	)

AB Large Cap Growth Class A Shares		428		(6,113	)		(5,685	)		967		(2,580	)		(1,613	)

AB Relative Value Class A Shares		7,978		(13,702	)		(5,724	)		1,393		(16,360	)		(14,967	)

AB Value Class A Shares		96		(1,950	)		(1,854	)		8,109		(2,578	)		5,531

American Funds - EuroPacific Growth Fund^® Class F -1 Shares		18,028		(41,138	)		(23,110	)		31,946		(37,673	)		(5,727	)

American Funds - Growth Fund of America^® Class F -1 Shares		8,140		(41,086	)		(32,946	)		53,917		(83,929	)		(30,012	)

American Funds - Income Fund of America^® Class F -1 Shares		-		(20,118	)		(20,118	)		2,573		(16,669	)		(14,096	)

American Funds - Investment Company of America^® Class F -1 Shares		-		(19,570	)		(19,570	)		20,751		(43,020	)		(22,269	)

American Funds - The Bond Fund of America^® Class A Shares		193		(19,908	)		(19,715	)		-		(30,861	)		(30,861	)

American Funds - The Bond Fund of America^® Class F -1 Shares		9,492		(20,466	)		(10,974	)		22,499		(28,109	)		(5,610	)

American Funds - The Growth Fund of America^® Class A Shares		75		(73,255	)		(73,180	)		-		(57,591	)		(57,591	)

American Funds - The Income Fund of America^® Class A Shares		387		(26,050	)		(25,663	)		-		(29,926	)		(29,926	)

American Funds - The Investment Company of America^® Class A Shares		373		(43,653	)		(43,280	)		-		(47,797	)		(47,797	)

AMG Renaissance Large Cap Growth Class N Shares		16		(433	)		(417	)		8		(834	)		(826	)

BlackRock Advantage Global Investor A Shares		-		(1,553	)		(1,553	)		242		(792	)		(550	)

BlackRock Advantage International Investor A Shares		7,792		(13,495	)		(5,703	)		17,352		(34,316	)		(16,964	)

BlackRock Advantage Large Cap Core Investor A Shares		1,166		(23,615	)		(22,449	)		7,799		(19,974	)		(12,175	)

BlackRock Advantage Large Cap Value Investor A Shares		15,879		(27,546	)		(11,667	)		23,898		(32,029	)		(8,131	)

BlackRock Advantage SMID Investor A Shares		2,306		(18,463	)		(16,157	)		4,875		(13,775	)		(8,900	)

BlackRock Capital Appreciation Investor A Shares		14,276		(243,175	)		(228,899	)		224,122		(133,940	)		90,182

BlackRock Global Allocation Investor A Shares		26,993		(373,766	)		(346,773	)		110,165		(567,559	)		(457,394	)

BlackRock High Yield Bond Investor A Shares		46,510		(162,540	)		(116,030	)		48,451		(251,484	)		(203,033	)

BlackRock Impact Mortgage Investor A Shares		82,385		(150,613	)		(68,228	)		73,550		(250,463	)		(176,913	)

BlackRock International Investor A Shares		4,421		(24,337	)		(19,916	)		19,698		(17,309	)		2,389

BlackRock iShares MSCI EAFE International Index Investor A Shares		-		(897	)		(897	)		1,038		(1,587	)		(549	)

BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares		-		(74	)		(74	)		538		(655	)		(117	)

BlackRock iShares S&P 500 Index Investor A Shares		13,148		(103,527	)		(90,379	)		58,081		(99,283	)		(41,202	)

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Units (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

BlackRock Large Cap Focus Growth Investor A Shares		3,088		(55,024	)		(51,936	)		55,429		(56,862	)		(1,433	)

BlackRock Large Cap Focus Value Investor A Shares		28,322		(136,984	)		(108,662	)		36,584		(195,655	)		(159,071	)

BlackRock Low Duration Bond Investor A Shares		-		(354	)		(354	)		407		(774	)		(367	)

BlackRock Total Return Investor A Shares		217,606		(502,858	)		(285,252	)		282,790		(819,047	)		(536,257	)

BNY Mellon Appreciation Investor Shares		18,393		(53,716	)		(35,323	)		41,815		(69,900	)		(28,085	)

Cohen & Steers Real Estate Securities Class A Shares		822		(3,511	)		(2,689	)		5,463		(5,467	)		(4	)

Columbia Large Cap Growth Opportunity Class A Shares		4,538		(36,277	)		(31,739	)		27,929		(27,567	)		362

Columbia Select Mid Cap Growth Class A Shares		2,687		(2,018	)		669			3,120		(1,792	)		1,328

Columbia Select Small Cap Value Class A Shares		6,013		(20,999	)		(14,986	)		7,633		(28,538	)		(20,905	)

Davis New York Venture Class A Shares		15,447		(93,821	)		(78,374	)		29,401		(76,882	)		(47,481	)

Delaware Mid Cap Growth Equity Class A Shares		1,167		(10,731	)		(9,564	)		6,240		(9,903	)		(3,663	)

Eaton Vance Floating-Rate Class A Shares		17,071		(48,332	)		(31,261	)		37,121		(74,007	)		(36,886	)

Eaton Vance Large-Cap Value Class A Shares		29,533		(38,043	)		(8,510	)		41,189		(66,755	)		(25,566	)

Federated Hermes Equity Income Class A Shares		3,191		(6,759	)		(3,568	)		3,634		(18,138	)		(14,504	)

Federated Hermes Kaufmann Class A Shares		4,863		(14,270	)		(9,407	)		13,721		(15,417	)		(1,696	)

Fidelity Advisor^® Equity Growth Class A Shares		-		(6,287	)		(6,287	)		1,984		(5,796	)		(3,812	)

Fidelity Advisor^® Overseas Class A Shares		1		(759	)		(758	)		-		(543	)		(543	)

Fidelity Advisor^® Stock Selector Mid Cap Class A Shares		-		(1,636	)		(1,636	)		-		(1,011	)		(1,011	)

Franklin Templeton Growth Class A Shares		4,739		(36,303	)		(31,564	)		13,588		(22,091	)		(8,503	)

Invesco American Franchise Fund Class A Shares		-		(2,158	)		(2,158	)		3,041		(2,063	)		978

Invesco Capital Appreciation Class A Shares		550		(3,711	)		(3,161	)		1,936		(3,822	)		(1,886	)

Invesco Charter Class A Shares		3,136		(1,655	)		1,481			24		(352	)		(328	)

Invesco Comstock Class A Shares		48,146		(130,278	)		(82,132	)		27,955		(260,227	)		(232,272	)

Invesco Discovery Mid Cap Growth Class A Shares		144		(9,171	)		(9,027	)		1,308		(7,676	)		(6,368	)

Invesco Equity and Income Class A Shares		821		(7,481	)		(6,660	)		-		(4,746	)		(4,746	)

Invesco Fundamental Alternatives Class A Shares		362		(2,746	)		(2,384	)		2,490		(5,223	)		(2,733	)

Invesco Global Class A Shares		-		(5,445	)		(5,445	)		3,093		(3,026	)		67

Invesco Main Street Class A Shares		3,596		(21,604	)		(18,008	)		5,853		(9,634	)		(3,781	)

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Units (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

Invesco Main Street Mid Cap Class A Shares		3,108		(9,880	)		(6,772	)		7,572		(27,812	)		(20,240	)

Invesco Value Opportunities Class A Shares		3,254		(12,467	)		(9,213	)		92,531		(76,332	)		16,199

Janus Henderson Enterprise Class A Shares		12,557		(80,028	)		(67,471	)		32,615		(99,003	)		(66,388	)

Janus Henderson Forty Class A Shares		9,540		(32,643	)		(23,103	)		41,922		(41,686	)		236

JPMorgan Small Cap Growth Class A Shares		4,406		(13,809	)		(9,403	)		10,151		(9,518	)		633

Lord Abbett Affiliated Class A Shares		6,254		(9,767	)		(3,513	)		8,484		(14,787	)		(6,303	)

Lord Abbett Bond-Debenture Class A Shares		49,427		(72,277	)		(22,850	)		23,586		(94,446	)		(70,860	)

Lord Abbett Mid Cap Stock Class A Shares		3,161		(44,270	)		(41,109	)		13,253		(37,673	)		(24,420	)

MFS^® Growth Class A Shares		311		(63,211	)		(62,900	)		42,624		(31,742	)		10,882

MFS^® Mid Cap Growth Class A Shares		2,275		(29,262	)		(26,987	)		23,569		(20,473	)		3,096

MFS^® Research International Class A Shares		2,960		(16,545	)		(13,585	)		8,290		(26,887	)		(18,597	)

PIMCO CommodityRealReturn Strategy Class A Shares		104,246		(146,062	)		(41,816	)		69,331		(372,579	)		(303,248	)

PIMCO Low Duration Class A Shares		195,063		(572,448	)		(377,385	)		340,498		(1,074,337	)		(733,839	)

PIMCO Real Return Class A Shares		85,844		(252,185	)		(166,341	)		114,423		(407,679	)		(293,256	)

PIMCO Total Return Class A Shares		216,679		(530,458	)		(313,779	)		276,695		(884,627	)		(607,932	)

Pioneer Class A Shares		13,800		(16,313	)		(2,513	)		30,702		(25,008	)		5,694

Pioneer High Yield Class A Shares		23,024		(21,144	)		1,880			13,498		(28,905	)		(15,407	)

Pioneer Select Mid Cap Growth Class A Shares		263		(1,211	)		(948	)		1,590		(3,581	)		(1,991	)

Putnam International Equity Class A Shares		2,077		(45,243	)		(43,166	)		16,590		(68,712	)		(52,122	)

Putnam Large Cap Growth Class A Shares		3,881		(15,907	)		(12,026	)		6,079		(7,019	)		(940	)

Putnam Large Cap Value Class A Shares		5,320		(9,566	)		(4,246	)		17,451		(8,826	)		8,625

TA Aegon Sustainable Equity Income Service Class		9,943		(30,035	)		(20,092	)		4,534		(50,738	)		(46,204	)

TA Asset Allocation - Conservative Class A Shares		8,630		(36,620	)		(27,990	)		18,921		(31,567	)		(12,646	)

TA Asset Allocation - Moderate Class A Shares		19,322		(44,890	)		(25,568	)		70,272		(27,237	)		43,035

TA Asset Allocation - Moderate Growth Class A Shares		25,837		(33,245	)		(7,408	)		14,263		(50,151	)		(35,888	)

TA BlackRock Government Money Market Initial Class		243,834		(140,482	)		103,352			229,063		(174,390	)		54,673

TA Bond Class A Shares		90,443		(57,039	)		33,404			39,408		(144,123	)		(104,715	)

TA International Focus Initial Class		147,780		(907,471	)		(759,691	)		921,369		(1,527,538	)		(606,169	)

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Units (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)
TA JPMorgan Mid Cap Value Service Class		2,612		(17,436	)		(14,824	)		4,262		(9,672	)		(5,410	)
TA Multi-Managed Balanced Class A Shares		9,379		(5,351	)		4,028			6,699		(8,988	)		(2,289	)
TA Small/Mid Cap Value Class A Shares		39,525		(127,990	)		(88,465	)		31,589		(247,046	)		(215,457	)
TA Sustainable Equity Income Class A Shares		262,493		(396,285	)		(133,792	)		150,357		(722,122	)		(571,765	)
TA T. Rowe Price Small Cap Service Class		8,518		(38,610	)		(30,092	)		34,386		(62,890	)		(28,504	)
TA TS&W International Equity Service Class		9,401		(65,252	)		(55,851	)		22,719		(66,576	)		(43,857	)
TA US Growth Class A Shares		16,937		(245,563	)		(228,626	)		224,023		(189,587	)		34,436
TA WMC US Growth Service Class		15,958		(1,539	)		14,419			36		(361	)		(325	)
Virtus AllianzGI Dividend Value Class A Shares		6,125		(25,005	)		(18,880	)		10,094		(44,043	)		(33,949	)
Virtus AllianzGI Small-Cap Value Class A Shares		-		(25,130	)		(25,130	)		-		(5,987	)		(5,987	)

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
AB Discovery Value Class A Shares	$	322,721	$	(420,633	)	$	(97,912	)	$	334,918	$	(861,373	)	$	(526,455	)
AB International Value Class A Shares		53,276		(304,235	)		(250,959	)		79,330		(298,305	)		(218,975	)
AB Large Cap Growth Class A Shares		32,296		(479,126	)		(446,830	)		61,067		(185,259	)		(124,192	)
AB Relative Value Class A Shares		368,349		(629,097	)		(260,748	)		60,314		(726,432	)		(666,118	)
AB Value Class A Shares		1,823		(38,467	)		(36,644	)		132,812		(48,009	)		84,803
American Funds - EuroPacific Growth Fund^® Class F -1 Shares		435,931		(1,003,285	)		(567,354	)		753,407		(899,168	)		(145,761	)
American Funds - Growth Fund of America^® Class F -1 Shares		325,556		(1,750,613	)		(1,425,057	)		2,187,430		(3,464,006	)		(1,276,576	)
American Funds - Income Fund of America^® Class F -1 Shares		-		(518,182	)		(518,182	)		65,874		(416,786	)		(350,912	)
American Funds - Investment Company of America^® Class F -1 Shares		-		(679,555	)		(679,555	)		677,348		(1,410,443	)		(733,095	)
American Funds - The Bond Fund of America^® Class A Shares		2,968		(302,100	)		(299,132	)		-		(495,667	)		(495,667	)
American Funds - The Bond Fund of America^® Class F -1 Shares		111,818		(248,285	)		(136,467	)		282,561		(353,793	)		(71,232	)
American Funds - The Growth Fund of America^® Class A Shares		4,600		(4,736,854	)		(4,732,254	)		-		(3,453,606	)		(3,453,606	)
American Funds - The Income Fund of America^® Class A Shares		13,987		(965,544	)		(951,557	)		-		(1,112,260	)		(1,112,260	)
American Funds - The Investment Company of America^® Class A Shares		17,978		(2,201,501	)		(2,183,523	)		-		(2,237,068	)		(2,237,068	)
AMG Renaissance Large Cap Growth Class N Shares		284		(7,949	)		(7,665	)		147		(14,050	)		(13,903	)
BlackRock Advantage Global Investor A Shares		-		(49,697	)		(49,697	)		6,865		(23,261	)		(16,396	)
BlackRock Advantage International Investor A Shares		144,499		(245,779	)		(101,280	)		300,345		(565,924	)		(265,579	)
BlackRock Advantage Large Cap Core Investor A Shares		39,918		(840,252	)		(800,334	)		257,687		(685,810	)		(428,123	)
BlackRock Advantage Large Cap Value Investor A Shares		446,984		(781,159	)		(334,175	)		643,861		(886,204	)		(242,343	)
BlackRock Advantage SMID Investor A Shares		66,573		(697,507	)		(630,934	)		135,466		(474,135	)		(338,669	)
BlackRock Capital Appreciation Investor A Shares		570,012		(10,565,480	)		(9,995,468	)		8,720,721		(5,340,016	)		3,380,705
BlackRock Global Allocation Investor A Shares		694,355		(9,874,639	)		(9,180,284	)		2,510,251		(14,343,061	)		(11,832,810	)

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
BlackRock High Yield Bond Investor A Shares	$	699,738	$	(2,487,228	)	$	(1,787,490	)	$	708,122	$	(3,765,769	)	$	(3,057,647	)
BlackRock Impact Mortgage Investor A Shares		782,552		(1,414,833	)		(632,281	)		712,417		(2,482,852	)		(1,770,435	)
BlackRock International Investor A Shares		62,886		(360,840	)		(297,954	)		264,747		(247,334	)		17,413
BlackRock iShares MSCI EAFE International Index Investor A Shares		-		(15,518	)		(15,518	)		16,869		(25,956	)		(9,087	)
BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares		-		(2,107	)		(2,107	)		14,764		(18,167	)		(3,403	)
BlackRock iShares S&P 500 Index Investor A Shares		359,963		(2,883,057	)		(2,523,094	)		1,570,751		(2,650,200	)		(1,079,449	)
BlackRock Large Cap Focus Growth Investor A Shares		35,221		(731,721	)		(696,500	)		689,617		(679,279	)		10,338
BlackRock Large Cap Focus Value Investor A Shares		809,344		(4,214,628	)		(3,405,284	)		997,034		(5,706,280	)		(4,709,246	)
BlackRock Low Duration Bond Investor A Shares		-		(3,437	)		(3,437	)		3,884		(7,425	)		(3,541	)
BlackRock Total Return Investor A Shares		2,872,317		(6,515,784	)		(3,643,467	)		3,688,698		(11,035,352	)		(7,346,654	)
BNY Mellon Appreciation Investor Shares		659,017		(1,955,750	)		(1,296,733	)		1,406,815		(2,343,399	)		(936,584	)
Cohen & Steers Real Estate Securities Class A Shares		20,757		(105,864	)		(85,107	)		172,203		(172,512	)		(309	)
Columbia Large Cap Growth Opportunity Class A Shares		96,052		(731,495	)		(635,443	)		554,981		(551,553	)		3,428
Columbia Select Mid Cap Growth Class A Shares		59,863		(46,808	)		13,055			71,818		(38,062	)		33,756
Columbia Select Small Cap Value Class A Shares		291,132		(1,040,587	)		(749,455	)		350,368		(1,412,826	)		(1,062,458	)
Davis New York Venture Class A Shares		439,156		(3,047,131	)		(2,607,975	)		745,823		(2,303,938	)		(1,558,115	)
Delaware Mid Cap Growth Equity Class A Shares		36,069		(352,766	)		(316,697	)		228,191		(338,558	)		(110,367	)
Eaton Vance Floating-Rate Class A Shares		244,845		(711,955	)		(467,110	)		530,413		(1,045,689	)		(515,276	)
Eaton Vance Large-Cap Value Class A Shares		636,329		(830,914	)		(194,585	)		848,522		(1,418,904	)		(570,382	)
Federated Hermes Equity Income Class A Shares		54,253		(116,883	)		(62,630	)		63,391		(313,402	)		(250,011	)
Federated Hermes Kaufmann Class A Shares		163,422		(484,775	)		(321,353	)		507,896		(533,611	)		(25,715	)
Fidelity Advisor^® Equity Growth Class A Shares		-		(412,509	)		(412,509	)		95,141		(327,904	)		(232,763	)
Fidelity Advisor^® Overseas Class A Shares		37		(23,990	)		(23,953	)		-		(16,087	)		(16,087	)
Fidelity Advisor^® Stock Selector Mid Cap Class A Shares		-		(83,199	)		(83,199	)		-		(52,363	)		(52,363	)
Franklin Templeton Growth Class A Shares		83,098		(657,226	)		(574,128	)		184,398		(392,229	)		(207,831	)
Invesco American Franchise Fund Class A Shares		-		(58,860	)		(58,860	)		67,843		(51,223	)		16,620
Invesco Capital Appreciation Class A Shares		15,755		(120,863	)		(105,108	)		60,586		(135,101	)		(74,515	)

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
Invesco Charter Class A Shares	$	86,121	$	(43,044	)	$	43,077		$	618	$	(9,147	)	$	(8,529	)
Invesco Comstock Class A Shares		1,610,707		(4,668,012	)		(3,057,305	)		839,057		(8,822,180	)		(7,983,123	)
Invesco Discovery Mid Cap Growth Class A Shares		1,915		(116,931	)		(115,016	)		15,713		(106,924	)		(91,211	)
Invesco Equity and Income Class A Shares		30,375		(271,512	)		(241,137	)		-		(174,174	)		(174,174	)
Invesco Fundamental Alternatives Class A Shares		5,776		(43,208	)		(37,432	)		40,229		(83,750	)		(43,521	)
Invesco Global Class A Shares		-		(278,566	)		(278,566	)		140,140		(153,130	)		(12,990	)
Invesco Main Street Class A Shares		124,844		(743,722	)		(618,878	)		190,448		(320,908	)		(130,460	)
Invesco Main Street Mid Cap Class A Shares		96,934		(313,180	)		(216,246	)		238,529		(885,838	)		(647,309	)
Invesco Value Opportunities Class A Shares		7,521		(31,093	)		(23,572	)		208,397		(170,679	)		37,718
Janus Henderson Enterprise Class A Shares		672,527		(4,299,145	)		(3,626,618	)		1,626,889		(5,020,877	)		(3,393,988	)
Janus Henderson Forty Class A Shares		352,084		(1,305,971	)		(953,887	)		1,580,986		(1,545,501	)		35,485
JPMorgan Small Cap Growth Class A Shares		127,720		(424,796	)		(297,076	)		328,547		(299,851	)		28,696
Lord Abbett Affiliated Class A Shares		151,539		(243,502	)		(91,963	)		208,619		(369,796	)		(161,177	)
Lord Abbett Bond-Debenture Class A Shares		979,841		(1,650,414	)		(670,573	)		479,149		(2,074,210	)		(1,595,061	)
Lord Abbett Mid Cap Stock Class A Shares		81,899		(1,314,656	)		(1,232,757	)		321,124		(1,133,421	)		(812,297	)
MFS^® Growth Class A Shares		13,633		(2,649,401	)		(2,635,768	)		1,639,115		(1,250,661	)		388,454
MFS^® Mid Cap Growth Class A Shares		109,883		(1,463,991	)		(1,354,108	)		1,172,923		(976,743	)		196,180
MFS^® Research International Class A Shares		90,034		(509,083	)		(419,049	)		229,382		(792,564	)		(563,182	)
PIMCO CommodityRealReturn Strategy Class A Shares		791,625		(1,112,466	)		(320,841	)		590,903		(3,448,797	)		(2,857,894	)
PIMCO Low Duration Class A Shares		2,144,087		(6,304,151	)		(4,160,064	)		3,760,204		(11,973,538	)		(8,213,334	)
PIMCO Real Return Class A Shares		1,172,256		(3,415,509	)		(2,243,253	)		1,578,380		(5,872,859	)		(4,294,479	)
PIMCO Total Return Class A Shares		3,184,769		(7,692,525	)		(4,507,756	)		4,058,123		(13,410,263	)		(9,352,140	)
Pioneer Class A Shares		526,453		(601,837	)		(75,384	)		1,106,377		(918,950	)		187,427
Pioneer High Yield Class A Shares		415,984		(392,103	)		23,881			250,257		(540,623	)		(290,366	)
Pioneer Select Mid Cap Growth Class A Shares		8,680		(40,480	)		(31,800	)		56,799		(128,473	)		(71,674	)
Putnam International Equity Class A Shares		53,263		(1,133,930	)		(1,080,667	)		344,940		(1,582,222	)		(1,237,282	)
Putnam Large Cap Growth Class A Shares		104,858		(418,646	)		(313,788	)		136,819		(154,905	)		(18,086	)
Putnam Large Cap Value Class A Shares		91,371		(167,705	)		(76,334	)		288,649		(139,415	)		149,234

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)
TA Aegon Sustainable Equity Income Service Class	$	111,870	$	(332,682	)	$	(220,812	)	$	51,571	$	(564,770	)	$	(513,199	)
TA Asset Allocation - Conservative Class A Shares		94,897		(402,578	)		(307,681	)		204,909		(352,635	)		(147,726	)
TA Asset Allocation - Moderate Class A Shares		219,194		(512,819	)		(293,625	)		846,047		(308,867	)		537,180
TA Asset Allocation - Moderate Growth Class A Shares		310,057		(406,058	)		(96,001	)		167,223		(599,395	)		(432,172	)
TA BlackRock Government Money Market Initial Class		2,390,983		(1,386,952	)		1,004,031			2,229,330		(1,698,729	)		530,601
TA Bond Class A Shares		119,212		(74,793	)		44,419			53,710		(194,315	)		(140,605	)
TA International Focus Initial Class		1,721,650		(10,540,778	)		(8,819,128	)		9,946,942		(17,205,018	)		(7,258,076	)
TA JPMorgan Mid Cap Value Service Class		35,723		(230,798	)		(195,075	)		56,926		(127,922	)		(70,996	)
TA Multi-Managed Balanced Class A Shares		136,672		(75,917	)		60,755			96,592		(132,393	)		(35,801	)
TA Small/Mid Cap Value Class A Shares		1,061,820		(3,521,019	)		(2,459,199	)		821,567		(6,853,054	)		(6,031,487	)
TA Sustainable Equity Income Class A Shares		3,592,817		(5,485,844	)		(1,893,027	)		1,951,318		(10,178,617	)		(8,227,299	)
TA T. Rowe Price Small Cap Service Class		121,484		(552,808	)		(431,324	)		498,646		(887,241	)		(388,595	)
TA TS&W International Equity Service Class		100,881		(723,659	)		(622,778	)		225,603		(711,985	)		(486,382	)
TA US Growth Class A Shares		531,712		(8,078,841	)		(7,547,129	)		6,639,689		(5,811,413	)		828,276
TA WMC US Growth Service Class		295,891		(30,335	)		265,556			666		(6,339	)		(5,673	)
Virtus AllianzGI Dividend Value Class A Shares		103,190		(425,905	)		(322,715	)		159,909		(747,819	)		(587,910	)
Virtus AllianzGI Small-Cap Value Class A Shares		-		(786,490	)		(786,490	)		-		(205,497	)		(205,497	)

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights

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


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


AB Discovery Value Class A Shares

		12/31/2023		56,372	$	38.01	to	$	34.45	$	2,032,511		0.48	%		1.25	%	to	1.90	%		15.25	%	to	14.50	%

		12/31/2022		58,853		32.98	to		30.08		1,851,502		0.76			1.25		to	1.90			(17.45	)	to	(17.86	)

		12/31/2021		75,469		39.92	to		36.62		2,871,461		0.75			1.25		to	1.75			33.76		to	33.09

		12/31/2020		106,623		29.84	to		27.52		3,031,626		0.63			1.25		to	1.75			1.83		to	1.32

		12/31/2019		112,293		29.30	to		27.16		3,146,897		0.77			1.25		to	1.75			18.25		to	17.66

AB International Value Class A Shares

		12/31/2023		168,102		7.52	to		6.89		1,206,081		1.11			1.25		to	1.90			13.46		to	12.73

		12/31/2022		204,086		6.62	to		6.12		1,297,199		1.16			1.25		to	1.90			(11.98	)	to	(12.42	)

		12/31/2021		237,594		7.52	to		6.98		1,720,918		2.51			1.25		to	1.75			9.39		to	8.84

		12/31/2020		255,012		6.87	to		6.42		1,691,142		0.84			1.25		to	1.75			0.75		to	0.25

		12/31/2019		244,901		6.82	to		6.40		1,614,846		1.13			1.25		to	1.75			15.03		to	14.46

AB Large Cap Growth Class A Shares

		12/31/2023		24,995		83.58	to		83.58		2,089,113		-			1.30		to	1.30			32.93		to	32.93

		12/31/2022		30,680		62.88	to		62.88		1,929,080		-			1.30		to	1.30			(29.87	)	to	(29.87	)

		12/31/2021		32,293		89.66	to		89.66		2,895,325		-			1.30		to	1.30			26.92		to	26.92

		12/31/2020		49,261		70.64	to		70.64		3,479,916		-			1.30		to	1.30			32.30		to	32.30

		12/31/2019		55,598		53.39	to		53.39		2,968,603		-			1.30		to	1.30			32.04		to	32.04

AB Relative Value Class A Shares

		12/31/2023		81,090		49.29	to		49.29		3,996,811		1.31			1.30		to	1.30			9.79		to	9.79

		12/31/2022		86,814		44.89	to		44.89		3,897,442		1.12			1.30		to	1.30			(5.42	)	to	(5.42	)

		12/31/2021		101,781		47.47	to		47.47		4,831,075		0.62			1.30		to	1.30			25.74		to	25.74

		12/31/2020		128,119		37.75	to		37.75		4,836,196		1.27			1.30		to	1.30			1.48		to	1.48

		12/31/2019		140,053		37.20	to		37.20		5,209,386		1.20			1.30		to	1.30			21.50		to	21.50

AB Value Class A Shares

		12/31/2023		23,456		22.53	to		20.42		495,763		1.18			1.25		to	1.90			17.03		to	16.28

		12/31/2022		25,310		19.25	to		17.56		459,310		1.65			1.25		to	1.90			(8.23	)	to	(8.69	)

		12/31/2021		19,779		20.96	to		19.23		395,022		0.90			1.25		to	1.75			25.44		to	24.82

		12/31/2020		24,132		16.71	to		15.41		385,772		1.30			1.25		to	1.75			(0.35	)	to	(0.84	)

		12/31/2019		24,309		16.77	to		15.54		390,924		1.29			1.25		to	1.75			18.39		to	17.80

American Funds - EuroPacific Growth Fund^® Class F -1 Shares

		12/31/2023		87,539		27.25	to		24.70		2,276,818		1.55			1.25		to	1.90			14.15		to	13.41

		12/31/2022		110,649		23.87	to		21.78		2,537,626		1.07			1.25		to	1.90			(24.04	)	to	(24.42	)

		12/31/2021		116,376		31.40	to		28.81		3,514,077		1.17			1.25		to	1.75			1.19		to	0.68

		12/31/2020		138,262		31.03	to		28.62		4,133,057		0.18			1.25		to	1.75			23.22		to	22.61

		12/31/2019		155,728		25.19	to		23.34		3,787,682		0.99			1.25		to	1.75			25.37		to	24.74

American Funds - Growth Fund of America^® Class F -1 Shares

		12/31/2023		230,900		52.21	to		47.32		11,529,239		0.56			1.25		to	1.90			35.44		to	34.56

		12/31/2022		263,846		38.55	to		35.16		9,766,315		0.22			1.25		to	1.90			(31.67	)	to	(32.01	)

		12/31/2021		293,858		56.36	to		51.71		15,935,427		-			1.25		to	1.75			17.78		to	17.20

		12/31/2020		351,366		47.85	to		44.13		16,200,323		0.22			1.25		to	1.75			36.05		to	35.37

		12/31/2019		382,796		35.17	to		32.60		13,012,196		0.66			1.25		to	1.75			26.47		to	25.84

American Funds - Income Fund of America^® Class F -1 Shares

		12/31/2023		101,096		28.02	to		25.40		2,729,505		3.64			1.25		to	1.90			6.21		to	5.52

		12/31/2022		121,214		26.38	to		24.07		3,092,645		3.06			1.25		to	1.90			(7.72	)	to	(8.18	)

		12/31/2021		135,310		28.57	to		26.21		3,743,875		2.74			1.25		to	1.75			15.84		to	15.26

		12/31/2020		171,828		24.66	to		22.74		4,100,848		3.34			1.25		to	1.75			3.57		to	3.05

		12/31/2019		192,508		23.81	to		22.07		4,446,467		3.22			1.25		to	1.75			17.36		to	16.78

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


American Funds - Investment Company of America^® Class F -1 Shares

		12/31/2023		129,138	$	41.66	to	$	37.76	$	5,167,415		1.49	%		1.25	%	to	1.90	%		26.82	%	to	26.00	%

		12/31/2022		148,708		32.85	to		29.97		4,700,716		1.28			1.25		to	1.90			(16.67	)	to	(17.09	)

		12/31/2021		170,977		39.39	to		36.14		6,485,322		1.16			1.25		to	1.75			23.38		to	22.76

		12/31/2020		199,180		31.93	to		29.44		6,139,119		1.51			1.25		to	1.75			13.01		to	12.45

		12/31/2019		224,503		28.25	to		26.18		6,140,737		1.92			1.25		to	1.75			22.88		to	22.27

American Funds - The Bond Fund of America^® Class A Shares

		12/31/2023		183,839		15.57	to		15.57		2,861,968		3.62			1.30		to	1.30			3.35		to	3.35

		12/31/2022		203,554		15.06	to		15.06		3,066,208		2.55			1.30		to	1.30			(13.81	)	to	(13.81	)

		12/31/2021		234,415		17.48	to		17.48		4,096,621		1.42			1.30		to	1.30			(2.23	)	to	(2.23	)

		12/31/2020		269,890		17.87	to		17.87		4,824,044		1.87			1.30		to	1.30			9.28		to	9.28

		12/31/2019		323,345		16.36	to		16.36		5,288,522		2.33			1.30		to	1.30			6.62		to	6.62

American Funds - The Bond Fund of America^® Class F -1 Shares

		12/31/2023		140,457		12.97	to		11.76		1,732,492		3.59			1.25		to	1.90			3.37		to	2.70

		12/31/2022		151,431		12.55	to		11.45		1,816,632		2.49			1.25		to	1.90			(13.86	)	to	(14.29	)

		12/31/2021		157,041		14.56	to		13.35		2,191,573		1.38			1.25		to	1.75			(2.22	)	to	(2.71	)

		12/31/2020		174,795		14.89	to		13.73		2,501,419		1.84			1.25		to	1.75			9.31		to	8.76

		12/31/2019		196,533		13.62	to		12.62		2,580,830		2.29			1.25		to	1.75			6.63		to	6.10

American Funds - The Growth Fund of America^® Class A Shares

		12/31/2023		490,160		72.84	to		72.84		35,702,454		0.59			1.30		to	1.30			35.44		to	35.44

		12/31/2022		563,340		53.78	to		53.78		30,296,769		0.27			1.30		to	1.30			(31.61	)	to	(31.61	)

		12/31/2021		620,931		78.64	to		78.64		48,831,813		0.08			1.30		to	1.30			17.80		to	17.80

		12/31/2020		691,859		66.76	to		66.76		46,189,947		0.29			1.30		to	1.30			36.03		to	36.03

		12/31/2019		784,278		49.08	to		49.08		38,491,273		0.72			1.30		to	1.30			26.47		to	26.47

American Funds - The Income Fund of America^® Class A Shares

		12/31/2023		216,435		38.94	to		38.94		8,428,765		3.72			1.30		to	1.30			6.20		to	6.20

		12/31/2022		242,098		36.67	to		36.67		8,877,720		3.13			1.30		to	1.30			(7.62	)	to	(7.62	)

		12/31/2021		272,024		39.69	to		39.69		10,797,409		2.86			1.30		to	1.30			15.86		to	15.86

		12/31/2020		297,789		34.26	to		34.26		10,201,793		3.35			1.30		to	1.30			3.61		to	3.61

		12/31/2019		367,681		33.07	to		33.07		12,157,868		3.27			1.30		to	1.30			17.39		to	17.39

American Funds - The Investment Company of America^® Class A Shares

		12/31/2023		353,540		56.29	to		56.29		19,901,852		1.56			1.30		to	1.30			26.85		to	26.85

		12/31/2022		396,820		44.38	to		44.38		17,610,195		1.38			1.30		to	1.30			(16.60	)	to	(16.60	)

		12/31/2021		444,617		53.21	to		53.21		23,660,007		1.23			1.30		to	1.30			23.41		to	23.41

		12/31/2020		493,659		43.12	to		43.12		21,287,232		1.58			1.30		to	1.30			13.01		to	13.01

		12/31/2019		573,585		38.16	to		38.16		21,885,504		1.97			1.30		to	1.30			22.93		to	22.93

AMG Renaissance Large Cap Growth Class N Shares

		12/31/2023		3,030		20.93	to		20.22		61,857		0.06			1.25		to	1.90			23.49		to	22.70

		12/31/2022		3,447		16.95	to		16.48		57,276		0.14			1.25		to	1.90			(18.14	)	to	(18.55	)

		12/31/2021		4,273		20.69	to		20.24		87,030		0.00			1.25		to	1.75			28.40		to	27.76

		12/31/2020		6,300		16.11	to		15.84		100,242		0.11			1.25		to	1.75			22.01		to	21.40

		12/31/2019		6,758		13.21	to		13.05		88,463		0.84			1.25		to	1.75			33.48		to	32.82

BlackRock Advantage Global Investor A Shares

		12/31/2023		7,632		36.92	to		33.46		269,573		1.49			1.25		to	1.90			20.91		to	20.13

		12/31/2022		9,185		30.53	to		27.85		269,227		1.59			1.25		to	1.90			(19.01	)	to	(19.42	)

		12/31/2021		9,735		37.67	to		34.57		352,963		1.09			1.25		to	1.75			16.16		to	15.58

		12/31/2020		10,558		32.43	to		29.91		329,846		1.32			1.25		to	1.75			14.11		to	13.54

		12/31/2019		12,835		28.42	to		26.34		352,258		1.88			1.25		to	1.75			23.98		to	23.36

BlackRock Advantage International Investor A Shares

		12/31/2023		75,341		20.32	to		19.07		1,472,903		2.63			1.25		to	1.90			17.63		to	16.87

		12/31/2022		81,044		17.27	to		16.31		1,352,356		2.89			1.25		to	1.90			(14.82	)	to	(15.25	)

		12/31/2021		98,008		20.27	to		19.25		1,926,866		2.97			1.25		to	1.75			11.37		to	10.82

		12/31/2020		104,528		18.20	to		17.37		1,852,073		1.71			1.25		to	1.75			5.73		to	5.20

		12/31/2019		108,295		17.21	to		16.51		1,819,872		2.52			1.25		to	1.75			19.86		to	19.26

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


BlackRock Advantage Large Cap Core Investor A Shares

		12/31/2023		115,706	$	41.86	to	$	37.94	$	4,624,401		0.85	%		1.25	%	to	1.90	%		23.73	%	to	22.93	%

		12/31/2022		138,155		33.83	to		30.86		4,469,776		0.89			1.25		to	1.90			(21.35	)	to	(21.74	)

		12/31/2021		150,330		42.98	to		39.44		6,202,571		0.55			1.25		to	1.75			26.70		to	26.07

		12/31/2020		183,352		33.92	to		31.28		5,989,790		0.96			1.25		to	1.75			18.06		to	17.47

		12/31/2019		204,995		28.73	to		26.63		5,682,081		1.37			1.25		to	1.75			27.22		to	26.58

BlackRock Advantage Large Cap Value Investor A Shares

		12/31/2023		94,536		32.17	to		29.16		2,885,957		1.51			1.25		to	1.90			12.01		to	11.29

		12/31/2022		106,203		28.72	to		26.20		2,903,078		1.43			1.25		to	1.90			(10.06	)	to	(10.50	)

		12/31/2021		114,334		31.90	to		29.27		3,481,864		1.15			1.25		to	1.75			24.90		to	24.28

		12/31/2020		146,388		25.54	to		23.55		3,577,915		1.69			1.25		to	1.75			2.33		to	1.82

		12/31/2019		146,745		24.96	to		23.13		3,516,766		1.83			1.25		to	1.75			22.84		to	22.23

BlackRock Advantage SMID Investor A Shares

		12/31/2023		90,915		33.43	to		30.30		4,161,504		0.85			1.25		to	1.90			17.12		to	16.37

		12/31/2022		107,072		28.54	to		26.04		4,156,263		0.81			1.25		to	1.90			(17.87	)	to	(18.30	)

		12/31/2021		115,972		34.74	to		31.87		5,461,476		1.19			1.25		to	1.75			12.05		to	11.49

		12/31/2020		134,100		31.00	to		28.59		5,598,415		0.67			1.25		to	1.75			18.01		to	17.42

		12/31/2019		152,663		26.27	to		24.35		5,409,406		1.49			1.25		to	1.75			26.98		to	26.34

BlackRock Capital Appreciation Investor A Shares

		12/31/2023		612,088		50.93	to		46.16		31,719,431		-			1.25		to	1.90			47.01		to	46.06

		12/31/2022		840,987		34.64	to		31.60		29,658,675		-			1.25		to	1.90			(38.64	)	to	(38.97	)

		12/31/2021		750,805		56.44	to		51.78		43,342,704		-			1.25		to	1.75			19.20		to	18.60

		12/31/2020		924,583		47.35	to		43.66		44,721,433		-			1.25		to	1.75			38.35		to	37.66

		12/31/2019		1,232,479		34.22	to		31.72		43,075,892		-			1.25		to	1.75			30.21		to	29.56

BlackRock Global Allocation Investor A Shares

		12/31/2023		2,300,059		25.74	to		23.33		63,554,778		1.14			1.25		to	1.90			10.95		to	10.24

		12/31/2022		2,646,832		23.20	to		21.16		66,245,918		-			1.25		to	1.90			(17.13	)	to	(17.56	)

		12/31/2021		3,104,226		27.98	to		25.67		93,766,818		0.92			1.25		to	1.75			5.13		to	4.60

		12/31/2020		3,485,383		26.61	to		24.54		100,777,175		0.47			1.25		to	1.75			19.29		to	18.70

		12/31/2019		3,955,476		22.31	to		20.68		96,008,512		1.12			1.25		to	1.75			15.76		to	15.18

BlackRock High Yield Bond Investor A Shares

		12/31/2023		778,870		16.86	to		15.82		12,700,319		6.56			1.25		to	1.90			11.94		to	11.22

		12/31/2022		894,900		15.06	to		14.22		13,091,390		5.14			1.25		to	1.90			(12.04	)	to	(12.48	)

		12/31/2021		1,097,933		17.11	to		16.25		18,309,702		4.39			1.25		to	1.75			4.22		to	3.70

		12/31/2020		1,198,318		16.42	to		15.67		19,217,440		5.08			1.25		to	1.75			4.18		to	3.66

		12/31/2019		1,249,911		15.76	to		15.12		19,290,934		5.38			1.25		to	1.75			13.67		to	13.10

BlackRock Impact Mortgage Investor A Shares

		12/31/2023		1,153,649		9.75	to		9.14		11,110,199		3.27			1.25		to	1.90			3.16		to	2.49

		12/31/2022		1,221,877		9.45	to		8.91		11,421,320		2.14			1.25		to	1.90			(14.50	)	to	(14.95	)

		12/31/2021		1,398,790		11.04	to		10.48		15,305,841		1.21			1.25		to	1.75			(2.74	)	to	(3.23	)

		12/31/2020		1,436,979		11.36	to		10.83		16,181,959		1.54			1.25		to	1.75			5.08		to	4.56

		12/31/2019		1,446,049		10.81	to		10.36		15,509,828		2.31			1.25		to	1.75			5.13		to	4.60

BlackRock International Investor A Shares

		12/31/2023		102,116		16.34	to		15.32		1,610,288		0.88			1.25		to	1.90			17.90		to	17.13

		12/31/2022		122,032		13.86	to		13.08		1,642,196		0.87			1.25		to	1.90			(25.43	)	to	(25.80	)

		12/31/2021		119,643		18.57	to		17.63		2,164,783		0.46			1.25		to	1.75			7.76		to	7.22

		12/31/2020		141,275		17.23	to		16.44		2,374,222		0.22			1.25		to	1.75			19.96		to	19.36

		12/31/2019		149,044		14.37	to		13.78		2,091,897		1.01			1.25		to	1.75			29.82		to	29.18

BlackRock iShares MSCI EAFE International Index Investor A Shares

		12/31/2023		5,369		20.57	to		18.64		104,465		2.94			1.25		to	1.90			16.56		to	15.80

		12/31/2022		6,266		17.65	to		16.10		104,818		2.22			1.25		to	1.90			(15.49	)	to	(15.91	)

		12/31/2021		6,815		20.87	to		19.15		135,222		2.63			1.25		to	1.75			9.63		to	9.08

		12/31/2020		7,916		19.03	to		17.55		143,729		1.91			1.25		to	1.75			6.34		to	5.81

		12/31/2019		9,031		17.90	to		16.59		154,389		3.05			1.25		to	1.75			20.02		to	19.42

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31												For the Year Ended December 31
Subaccount				Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


BlackRock iShares Russell 2000 Small-Cap Index Investor A Shares

		12/31/2023			1,115	$	33.35	to	$	30.23	$	35,200		1.34	%		1.25	%	to	1.90	%		15.16	%	to	14.41	%

		12/31/2022			1,189		28.96	to		26.42		32,699		0.86			1.25		to	1.90			(21.62	)	to	(22.01	)

		12/31/2021			1,306		36.92	to		33.88		45,932		0.77			1.25		to	1.75			12.96		to	12.40

		12/31/2020			1,349		32.68	to		30.14		42,145		0.87			1.25		to	1.75			18.18		to	17.59

		12/31/2019			2,410		27.66	to		25.63		64,994		1.15			1.25		to	1.75			23.65		to	23.03

BlackRock iShares S&P 500 Index Investor A Shares

		12/31/2023			725,529		31.65	to		29.93		22,484,689		1.27			1.25		to	1.90			24.28		to	23.48

		12/31/2022			815,908		25.47	to		24.24		20,403,041		1.24			1.25		to	1.90			(19.44	)	to	(19.87	)

		12/31/2021			857,110		31.60	to		30.25		26,644,665		1.04			1.25		to	1.75			26.64		to	26.01

		12/31/2020			1,013,943		24.95	to		24.01		24,929,322		1.46			1.25		to	1.75			16.58		to	16.00

		12/31/2019			1,099,064		21.40	to		20.70		23,218,000		1.87			1.25		to	1.75			29.39		to	28.74

BlackRock Large Cap Focus Growth Investor A Shares

		12/31/2023			197,165		15.91	to		15.55		3,098,794		-			1.25		to	1.90			50.77		to	49.79

		12/31/2022			249,101		10.55	to		10.38		2,606,897		-			1.25		to	1.90			(39.06	)	to	(39.37	)

		12/31/2021			250,534		17.30	to		17.12		4,312,711		-			1.25		to	1.75			15.23		to	14.65

		12/31/2020			311,393		15.01	to		14.93		4,662,905		-			1.25		to	1.75			44.62		to	43.90

		12/31/2019	⁽¹⁾		410,429		10.38	to		10.38		4,260,293		-			1.25		to	1.75			-		to	-

BlackRock Large Cap Focus Value Investor A Shares

		12/31/2023			618,055		32.31	to		29.28		21,225,364		2.08			1.25		to	1.90			14.49		to	13.75

		12/31/2022			726,717		28.22	to		25.74		21,808,215		1.27			1.25		to	1.90			(6.09	)	to	(6.58	)

		12/31/2021			885,788		30.03	to		27.55		28,096,823		1.13			1.25		to	1.75			20.72		to	20.12

		12/31/2020			1,107,228		24.88	to		22.94		28,961,254		2.01			1.25		to	1.75			1.70		to	1.19

		12/31/2019			1,140,554		24.46	to		22.67		29,523,202		2.24			1.25		to	1.75			22.32		to	21.71

BlackRock Low Duration Bond Investor A Shares

		12/31/2023			5,764		10.31	to		9.67		57,567		3.80			1.25		to	1.90			4.08		to	3.41

		12/31/2022			6,118		9.91	to		9.35		58,915		2.01			1.25		to	1.90			(6.21	)	to	(6.68	)

		12/31/2021			6,485		10.55	to		10.02		66,735		0.98			1.25		to	1.75			(1.74	)	to	(2.23	)

		12/31/2020			6,932		10.74	to		10.24		72,757		1.83			1.25		to	1.75			1.92		to	1.42

		12/31/2019			8,581		10.54	to		10.10		88,419		2.39			1.25		to	1.75			3.17		to	2.66

BlackRock Total Return Investor A Shares

		12/31/2023			3,290,200		13.64	to		12.36		44,275,620		3.89			1.25		to	1.90			4.33		to	3.66

		12/31/2022			3,575,452		13.07	to		11.92		46,187,301		2.47			1.25		to	1.90			(15.56	)	to	(16.01	)

		12/31/2021			4,111,709		15.47	to		14.20		62,986,969		1.68			1.25		to	1.75			(2.19	)	to	(2.68	)

		12/31/2020			4,240,037		15.82	to		14.59		66,543,677		2.07			1.25		to	1.75			7.23		to	6.69

		12/31/2019			4,443,835		14.75	to		13.67		65,084,669		2.91			1.25		to	1.75			8.18		to	7.64

BNY Mellon Appreciation Investor Shares

		12/31/2023			176,590		42.06	to		38.12		7,062,923		0.65			1.25		to	1.90			19.90		to	19.13

		12/31/2022			211,913		35.08	to		32.00		7,104,483		0.54			1.25		to	1.90			(19.02	)	to	(19.42	)

		12/31/2021			239,998		43.28	to		39.71		9,945,695		0.35			1.25		to	1.75			25.45		to	24.82

		12/31/2020			307,193		34.50	to		31.82		10,165,712		0.67			1.25		to	1.75			22.47		to	21.86

		12/31/2019			374,611		28.17	to		26.11		10,144,384		1.01			1.25		to	1.75			33.46		to	32.80

Cohen & Steers Real Estate Securities Class A Shares

		12/31/2023			12,120		33.44	to		30.31		383,868		3.05			1.25		to	1.90			11.39		to	10.67

		12/31/2022			14,809		30.03	to		27.39		424,654		2.61			1.25		to	1.90			(27.46	)	to	(27.82	)

		12/31/2021			14,813		41.36	to		37.95		586,282		1.70			1.25		to	1.75			39.92		to	39.23

		12/31/2020			17,010		29.56	to		27.26		482,310		3.09			1.25		to	1.75			(3.22	)	to	(3.71	)

		12/31/2019			20,197		30.54	to		28.31		593,902		2.53			1.25		to	1.75			29.54		to	28.90

Columbia Large Cap Growth Opportunity Class A Shares

		12/31/2023			204,811		23.63	to		22.74		4,737,463		-			1.25		to	1.90			29.64		to	28.80

		12/31/2022			236,550		18.23	to		17.66		4,237,719		-			1.25		to	1.90			(30.61	)	to	(30.96	)

		12/31/2021			236,188		26.25	to		25.58		6,114,990		-			1.25		to	1.75			17.59		to	17.01

		12/31/2020			274,442		22.32	to		21.86		6,057,841		-			1.25		to	1.75			38.75		to	38.06

		12/31/2019			343,691		16.09	to		15.83		5,482,080		-			1.25		to	1.75			34.25		to	33.58

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


Columbia Select Mid Cap Growth Class A Shares

		12/31/2023		18,574	$	25.98	to	$	24.32	$	466,349		-	%		1.25	%	to	1.90	%		23.40	%	to	22.60	%

		12/31/2022		17,905		21.05	to		19.84		365,439		-			1.25		to	1.90			(32.34	)	to	(32.68	)

		12/31/2021		16,577		31.09	to		29.46		501,343		-			1.25		to	1.75			14.77		to	14.20

		12/31/2020		18,923		27.09	to		25.80		500,412		-			1.25		to	1.75			33.22		to	32.55

		12/31/2019		19,177		20.33	to		19.47		380,975		-			1.25		to	1.75			33.12		to	32.46

Columbia Select Small Cap Value Class A Shares

		12/31/2023		154,668		52.85	to		52.85		8,173,585		0.72			1.30		to	1.30			10.95		to	10.95

		12/31/2022		169,654		47.63	to		47.63		8,080,415		0.73			1.30		to	1.30			(16.46	)	to	(16.46	)

		12/31/2021		190,559		57.01	to		57.01		10,864,550		0.04			1.30		to	1.30			29.48		to	29.48

		12/31/2020		246,935		44.03	to		44.03		10,873,757		0.02			1.30		to	1.30			8.16		to	8.16

		12/31/2019		263,611		40.71	to		40.71		10,732,528		0.10			1.30		to	1.30			17.23		to	17.23

Davis New York Venture Class A Shares

		12/31/2023		454,853		33.83	to		30.66		17,553,289		0.91			1.25		to	1.90			28.39		to	27.56

		12/31/2022		533,227		26.35	to		24.03		16,000,186		1.48			1.25		to	1.90			(18.53	)	to	(18.96	)

		12/31/2021		580,708		32.32	to		29.66		21,474,771		0.14			1.25		to	1.75			11.11		to	10.56

		12/31/2020		659,474		29.09	to		26.82		21,890,888		0.56			1.25		to	1.75			10.03		to	9.48

		12/31/2019		728,164		26.44	to		24.50		22,089,526		1.53			1.25		to	1.75			29.28		to	28.64

Delaware Mid Cap Growth Equity Class A Shares

		12/31/2023		47,143		36.26	to		33.87		1,691,140		-			1.25		to	1.90			18.72		to	17.96

		12/31/2022		56,707		30.54	to		28.71		1,713,855		-			1.25		to	1.90			(46.18	)	to	(46.47	)

		12/31/2021		60,370		56.73	to		53.63		3,394,719		-			1.25		to	1.75			(9.54	)	to	(9.99	)

		12/31/2020		68,821		62.71	to		59.59		4,281,251		-			1.25		to	1.75			91.51		to	90.56

		12/31/2019		90,186		32.74	to		31.27		2,927,538		-			1.25		to	1.75			33.64		to	32.98

Eaton Vance Floating-Rate Class A Shares

		12/31/2023		186,021		16.26	to		14.74		2,863,813		8.39			1.25		to	1.90			10.44		to	9.73

		12/31/2022		217,282		14.72	to		13.43		3,043,980		4.54			1.25		to	1.90			(3.87	)	to	(4.35	)

		12/31/2021		254,168		15.30	to		14.04		3,710,404		3.05			1.25		to	1.75			2.72		to	2.21

		12/31/2020		245,523		14.90	to		13.74		3,498,398		3.58			1.25		to	1.75			0.89		to	0.39

		12/31/2019		278,106		14.77	to		13.68		3,943,113		4.75			1.25		to	1.75			5.51		to	4.98

Eaton Vance Large-Cap Value Class A Shares

		12/31/2023		135,231		23.81	to		21.84		3,068,945		1.01			1.25		to	1.90			6.58		to	5.89

		12/31/2022		143,741		22.34	to		20.62		3,074,058		1.04			1.25		to	1.90			(4.06	)	to	(4.54	)

		12/31/2021		169,307		23.27	to		21.60		3,788,416		1.01			1.25		to	1.75			22.75		to	22.14

		12/31/2020		192,402		18.95	to		17.69		3,513,218		1.39			1.25		to	1.75			1.01		to	0.51

		12/31/2019		186,566		18.76	to		17.60		3,381,664		1.28			1.25		to	1.75			28.18		to	27.54

Federated Hermes Equity Income Class A Shares

		12/31/2023		55,105		18.90	to		17.87		1,010,627		1.14			1.25		to	1.90			7.70		to	7.00

		12/31/2022		58,673		17.55	to		16.71		1,003,439		1.18			1.25		to	1.90			(9.19	)	to	(9.64	)

		12/31/2021		73,177		19.31	to		18.49		1,380,093		0.87			1.25		to	1.75			19.40		to	18.81

		12/31/2020		85,513		16.17	to		15.56		1,353,769		1.35			1.25		to	1.75			5.09		to	4.57

		12/31/2019		89,882		15.39	to		14.88		1,357,749		2.15			1.25		to	1.75			19.76		to	19.16

Federated Hermes Kaufmann Class A Shares

		12/31/2023		88,802		38.84	to		35.21		3,303,203		-			1.25		to	1.90			13.48		to	12.75

		12/31/2022		98,209		34.23	to		31.22		3,229,075		-			1.25		to	1.90			(31.16	)	to	(31.50	)

		12/31/2021		99,905		49.68	to		45.58		4,780,655		-			1.25		to	1.75			1.13		to	0.63

		12/31/2020		113,118		49.13	to		45.30		5,365,023		-			1.25		to	1.75			26.98		to	26.35

		12/31/2019		136,064		38.69	to		35.85		5,093,109		-			1.25		to	1.75			31.29		to	30.64

Fidelity Advisor^® Equity Growth Class A Shares

		12/31/2023		29,482		59.91	to		54.30		2,204,482		-			1.25		to	1.90			33.57		to	32.71

		12/31/2022		35,769		44.85	to		40.92		2,004,557		-			1.25		to	1.90			(25.63	)	to	(26.02	)

		12/31/2021		39,581		60.28	to		55.31		2,980,642		-			1.25		to	1.75			21.20		to	20.59

		12/31/2020		41,562		49.74	to		45.87		2,582,960		-			1.25		to	1.75			41.64		to	40.94

		12/31/2019		49,786		35.12	to		32.54		2,186,705		-			1.25		to	1.75			32.02		to	31.36

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31												For the Year Ended December 31
Subaccount				Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


Fidelity Advisor^® Overseas Class A Shares

		12/31/2023			17,700	$	33.36	to	$	33.36	$	590,492		0.79	%		1.30	%	to	1.30	%		18.46	%	to	18.46	%

		12/31/2022			18,458		28.16	to		28.16		519,801		0.36			1.30		to	1.30			(25.58	)	to	(25.58	)

		12/31/2021			19,001		37.84	to		37.84		719,006		-			1.30		to	1.30			17.39		to	17.39

		12/31/2020			19,695		32.24	to		32.24		634,884		-			1.30		to	1.30			13.23		to	13.23

		12/31/2019			25,111		28.47	to		28.47		714,929		0.80			1.30		to	1.30			25.73		to	25.73

Fidelity Advisor^® Stock Selector Mid Cap Class A Shares

		12/31/2023			12,499		54.83	to		54.83		685,329		0.61			1.30		to	1.30			15.35		to	15.35

		12/31/2022			14,135		47.53	to		47.53		671,885		0.45			1.30		to	1.30			(15.21	)	to	(15.21	)

		12/31/2021			15,146		56.06	to		56.06		849,127		0.45			1.30		to	1.30			21.34		to	21.34

		12/31/2020			16,260		46.20	to		46.20		751,262		0.96			1.30		to	1.30			11.34		to	11.34

		12/31/2019			19,123		41.50	to		41.50		793,586		0.54			1.30		to	1.30			27.61		to	27.61

Franklin Templeton Growth Class A Shares

		12/31/2023			123,880		19.22	to		17.42		2,758,842		1.12			1.25		to	1.90			19.48		to	18.71

		12/31/2022			155,444		16.09	to		14.67		2,837,302		0.86			1.25		to	1.90			(12.85	)	to	(13.30	)

		12/31/2021			163,947		18.45	to		16.93		3,468,745		1.54			1.25		to	1.75			3.82		to	3.30

		12/31/2020			191,463		17.77	to		16.39		3,839,615		1.07			1.25		to	1.75			4.43		to	3.91

		12/31/2019			204,478		17.02	to		15.77		3,937,179		1.90			1.25		to	1.75			13.40		to	12.84

Invesco American Franchise Fund Class A Shares

		12/31/2023			17,165		29.82	to		29.82		511,889		-			1.30		to	1.30			39.10		to	39.10

		12/31/2022			19,323		21.44	to		21.44		414,252		-			1.30		to	1.30			(32.03	)	to	(32.03	)

		12/31/2021			18,345		31.54	to		31.54		578,621		-			1.30		to	1.30			10.40		to	10.40

		12/31/2020			19,291		28.57	to		28.57		551,117		-			1.30		to	1.30			40.34		to	40.34

		12/31/2019			27,443		20.36	to		20.36		558,653		-			1.30		to	1.30			34.75		to	34.75

Invesco Capital Appreciation Class A Shares

		12/31/2023			22,710		39.12	to		35.46		851,928		-			1.25		to	1.90			33.83		to	32.97

		12/31/2022			25,871		29.23	to		26.67		727,611		-			1.25		to	1.90			(32.01	)	to	(32.34	)

		12/31/2021			27,757		42.96	to		39.42		1,150,952		-			1.25		to	1.75			20.83		to	20.22

		12/31/2020			29,073		35.56	to		32.79		997,840		-			1.25		to	1.75			34.59		to	33.92

		12/31/2019			29,804		26.42	to		24.48		760,094		-			1.25		to	1.75			34.37		to	33.70

Invesco Charter Class A Shares

		12/31/2023			10,056		29.06	to		29.06		292,246		0.49			1.30		to	1.30			21.45		to	21.45

		12/31/2022			8,575		23.93	to		23.93		205,186		0.71			1.30		to	1.30			(21.74	)	to	(21.74	)

		12/31/2021			8,903		30.58	to		30.58		272,225		0.35			1.30		to	1.30			25.75		to	25.75

		12/31/2020			10,141		24.32	to		24.32		246,596		0.52			1.30		to	1.30			12.03		to	12.03

		12/31/2019			13,583		21.70	to		21.70		294,809		0.79			1.30		to	1.30			27.34		to	27.34

Invesco Comstock Class A Shares

		12/31/2023			659,692		36.20	to		32.81		26,149,898		1.72			1.25		to	1.90			10.85		to	10.13

		12/31/2022			741,824		32.66	to		29.79		26,582,797		1.68			1.25		to	1.90			(0.49	)	to	(1.01	)

		12/31/2021			974,096		32.80	to		30.10		34,752,813		1.42			1.25		to	1.75			31.66		to	31.01

		12/31/2020			1,308,740		24.91	to		22.97		35,157,014		2.35			1.25		to	1.75			(2.02	)	to	(2.51	)

		12/31/2019			1,309,519		25.43	to		23.56		36,241,728		2.08			1.25		to	1.75			23.79		to	23.17

Invesco Discovery Mid Cap Growth Class A Shares

		12/31/2023			91,137		13.74	to		13.74		1,252,004		-			1.30		to	1.30			11.51		to	11.51

		12/31/2022			100,164		12.32	to		12.32		1,234,003		-			1.30		to	1.30			(31.98	)	to	(31.98	)

		12/31/2021			106,532		18.11	to		18.11		1,929,642		-			1.30		to	1.30			17.33		to	17.33

		12/31/2020	⁽¹⁾		121,933		15.44	to		15.44		1,882,373		-			1.30		to	1.30			-		to	-

Invesco Equity and Income Class A Shares

		12/31/2023			48,142		38.77	to		38.77		1,866,618		1.99			1.30		to	1.30			8.57		to	8.57

		12/31/2022			54,802		35.71	to		35.71		1,957,053		1.75			1.30		to	1.30			(8.91	)	to	(8.91	)

		12/31/2021			59,548		39.20	to		39.20		2,334,443		1.30			1.30		to	1.30			16.50		to	16.50

		12/31/2020			64,784		33.65	to		33.65		2,180,041		1.80			1.30		to	1.30			8.55		to	8.55

		12/31/2019			77,383		31.00	to		31.00		2,398,841		1.85			1.30		to	1.30			18.52		to	18.52

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


Invesco Fundamental Alternatives Class A Shares

		12/31/2023		23,856	$	15.96	to	$	15.96	$	380,821		0.82	%		1.30	%	to	1.30	%		2.22	%	to	2.22	%

		12/31/2022		26,240		15.62	to		15.62		409,805		-			1.30		to	1.30			(8.47	)	to	(8.47	)

		12/31/2021		28,973		17.06	to		17.06		494,370		2.71			1.30		to	1.30			1.16		to	1.16

		12/31/2020		30,309		16.87	to		16.87		511,217		1.66			1.30		to	1.30			0.15		to	0.15

		12/31/2019		36,949		16.84	to		16.84		622,263		2.01			1.30		to	1.30			5.20		to	5.20

Invesco Global Class A Shares

		12/31/2023		47,861		54.91	to		54.91		2,627,939		-			1.30		to	1.30			32.31		to	32.31

		12/31/2022		53,306		41.50	to		41.50		2,212,232		-			1.30		to	1.30			(33.02	)	to	(33.02	)

		12/31/2021		53,239		61.96	to		61.96		3,298,718		-			1.30		to	1.30			13.87		to	13.87

		12/31/2020		57,730		54.41	to		54.41		3,141,210		-			1.30		to	1.30			25.97		to	25.97

		12/31/2019		65,159		43.19	to		43.19		2,814,484		0.57			1.30		to	1.30			29.87		to	29.87

Invesco Main Street Class A Shares

		12/31/2023		38,878		39.06	to		35.40		1,647,210		0.15			1.25		to	1.90			21.55		to	20.76

		12/31/2022		56,886		32.13	to		29.31		1,935,595		0.90			1.25		to	1.90			(21.20	)	to	(21.62	)

		12/31/2021		60,667		40.76	to		37.40		2,623,342		0.59			1.25		to	1.75			26.02		to	25.39

		12/31/2020		66,220		32.34	to		29.83		2,289,129		0.88			1.25		to	1.75			12.94		to	12.38

		12/31/2019		71,899		28.64	to		26.54		2,213,899		0.86			1.25		to	1.75			30.30		to	29.65

Invesco Main Street Mid Cap Class A Shares

		12/31/2023		63,190		36.51	to		33.09		2,181,634		-			1.25		to	1.90			13.06		to	12.33

		12/31/2022		69,962		32.29	to		29.45		2,143,133		0.11			1.25		to	1.90			(15.48	)	to	(15.90	)

		12/31/2021		90,202		38.17	to		35.02		3,275,848		0.20			1.25		to	1.75			21.50		to	20.89

		12/31/2020		110,563		31.42	to		28.97		3,317,940		-			1.25		to	1.75			7.78		to	7.24

		12/31/2019		34,601		29.15	to		27.01		974,834		-			1.25		to	1.75			30.50		to	29.85

Invesco Value Opportunities Class A Shares

		12/31/2023		138,320		2.82	to		2.65		376,156		0.22			1.25		to	1.90			13.72		to	12.98

		12/31/2022		147,533		2.48	to		2.34		354,532		0.67			1.25		to	1.90			0.02		to	(0.48	)

		12/31/2021		131,334		2.48	to		2.35		316,717		0.57			1.25		to	1.75			33.91		to	33.24

		12/31/2020		157,303		1.85	to		1.77		284,549		0.30			1.25		to	1.75			4.17		to	3.65

		12/31/2019		163,682		1.78	to		1.70		284,733		-			1.25		to	1.75			28.26		to	27.63

Janus Henderson Enterprise Class A Shares

		12/31/2023		378,689		59.90	to		55.60		21,840,743		-			1.25		to	1.90			16.12		to	15.37

		12/31/2022		446,160		51.59	to		48.19		22,241,684		-			1.25		to	1.90			(17.43	)	to	(17.84	)

		12/31/2021		512,548		62.42	to		58.65		31,019,403		0.69			1.25		to	1.75			15.52		to	14.94

		12/31/2020		614,864		54.04	to		51.03		32,290,410		-			1.25		to	1.75			18.40		to	17.81

		12/31/2019		716,203		45.64	to		43.31		31,848,368		0.09			1.25		to	1.75			33.12		to	32.45

Janus Henderson Forty Class A Shares

		12/31/2023		98,566		49.26	to		45.19		4,647,156		0.01			1.25		to	1.90			37.81		to	36.92

		12/31/2022		121,669		35.74	to		33.00		4,178,925		-			1.25		to	1.90			(34.58	)	to	(34.90	)

		12/31/2021		121,433		54.59	to		50.70		6,397,342		0.40			1.25		to	1.75			21.14		to	20.54

		12/31/2020		155,943		45.07	to		42.06		6,792,692		0.17			1.25		to	1.75			37.09		to	36.41

		12/31/2019		207,711		32.87	to		30.83		6,621,794		0.09			1.25		to	1.75			34.76		to	34.09

JPMorgan Small Cap Growth Class A Shares

		12/31/2023		40,278		33.75	to		30.96		1,307,895		-			1.25		to	1.90			12.45		to	11.72

		12/31/2022		49,681		30.02	to		27.71		1,435,440		-			1.25		to	1.90			(33.32	)	to	(33.65	)

		12/31/2021		49,048		44.98	to		41.77		2,129,822		-			1.25		to	1.75			(7.23	)	to	(7.69	)

		12/31/2020		53,337		48.49	to		45.25		2,505,302		0.06			1.25		to	1.75			57.23		to	56.45

		12/31/2019		69,592		30.84	to		28.92		2,082,211		-			1.25		to	1.75			35.40		to	34.72

Lord Abbett Affiliated Class A Shares

		12/31/2023		50,177		28.09	to		25.46		1,350,694		1.81			1.25		to	1.90			9.12		to	8.41

		12/31/2022		53,690		25.74	to		23.48		1,330,706		1.77			1.25		to	1.90			(11.04	)	to	(11.48	)

		12/31/2021		59,993		28.91	to		26.53		1,674,915		1.47			1.25		to	1.75			25.17		to	24.55

		12/31/2020		79,395		23.10	to		21.30		1,769,808		2.11			1.25		to	1.75			(2.50	)	to	(2.98	)

		12/31/2019		78,580		23.69	to		21.95		1,800,322		2.29			1.25		to	1.75			23.69		to	23.07

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


Lord Abbett Bond-Debenture Class A Shares

		12/31/2023		371,258	$	21.25	to	$	19.26	$	8,547,443		5.22	%		1.25	%	to	1.90	%		5.53	%	to	4.85	%

		12/31/2022		394,108		20.13	to		18.37		8,784,985		4.35			1.25		to	1.90			(13.81	)	to	(14.26	)

		12/31/2021		464,968		23.35	to		21.42		11,996,751		3.33			1.25		to	1.75			1.97		to	1.46

		12/31/2020		536,369		22.90	to		21.11		13,700,430		3.93			1.25		to	1.75			6.26		to	5.73

		12/31/2019		555,689		21.55	to		19.97		13,314,534		4.11			1.25		to	1.75			11.96		to	11.41

Lord Abbett Mid Cap Stock Class A Shares

		12/31/2023		265,044		28.80	to		26.11		9,405,150		0.54			1.25		to	1.90			14.07		to	13.33

		12/31/2022		306,153		25.25	to		23.03		9,442,562		0.95			1.25		to	1.90			(12.21	)	to	(12.67	)

		12/31/2021		330,573		28.75	to		26.38		11,656,273		0.73			1.25		to	1.75			27.28		to	26.65

		12/31/2020		375,979		22.59	to		20.83		10,340,030		1.33			1.25		to	1.75			1.46		to	0.95

		12/31/2019		409,041		22.26	to		20.63		11,136,761		0.85			1.25		to	1.75			21.38		to	20.78

MFS^® Growth Class A Shares

		12/31/2023		231,059		46.94	to		46.94		10,845,931		-			1.30		to	1.30			34.04		to	34.04

		12/31/2022		293,959		35.02	to		35.02		10,294,364		-			1.30		to	1.30			(32.21	)	to	(32.21	)

		12/31/2021		283,077		51.66	to		51.66		14,623,140		-			1.30		to	1.30			21.74		to	21.74

		12/31/2020		348,978		42.43	to		42.43		14,807,655		-			1.30		to	1.30			29.60		to	29.60

		12/31/2019		431,574		32.74	to		32.74		14,129,662		-			1.30		to	1.30			35.58		to	35.58

MFS^® Mid Cap Growth Class A Shares

		12/31/2023		160,419		54.10	to		54.10		8,679,035		-			1.30		to	1.30			19.44		to	19.44

		12/31/2022		187,406		45.30	to		45.30		8,488,981		-			1.30		to	1.30			(29.45	)	to	(29.45	)

		12/31/2021		184,310		64.20	to		64.20		11,833,470		-			1.30		to	1.30			12.27		to	12.27

		12/31/2020		215,077		57.19	to		57.19		12,299,401		-			1.30		to	1.30			33.58		to	33.58

		12/31/2019		269,458		42.81	to		42.81		11,535,422		-			1.30		to	1.30			35.65		to	35.65

MFS^® Research International Class A Shares

		12/31/2023		159,672		32.27	to		32.27		5,152,248		1.49			1.30		to	1.30			11.65		to	11.65

		12/31/2022		173,257		28.90	to		28.90		5,007,427		1.31			1.30		to	1.30			(18.58	)	to	(18.58	)

		12/31/2021		191,854		35.50	to		35.50		6,809,974		1.02			1.30		to	1.30			10.15		to	10.15

		12/31/2020		212,238		32.22	to		32.22		6,839,050		0.81			1.30		to	1.30			11.44		to	11.44

		12/31/2019		237,612		28.92	to		28.92		6,870,604		1.60			1.30		to	1.30			26.03		to	26.03

PIMCO CommodityRealReturn Strategy Class A Shares

		12/31/2023		677,054		7.78	to		7.05		5,014,119		4.59			1.25		to	1.90			(9.02	)	to	(9.61	)

		12/31/2022		718,870		8.55	to		7.80		5,869,360		34.05			1.25		to	1.90			7.01		to	6.48

		12/31/2021		1,022,118		7.98	to		7.33		7,817,094		21.83			1.25		to	1.75			31.15		to	30.50

		12/31/2020		1,412,865		6.09	to		5.61		8,259,524		1.43			1.25		to	1.75			(0.83	)	to	(1.33	)

		12/31/2019		1,393,501		6.14	to		5.69		8,237,484		3.72			1.25		to	1.75			10.36		to	9.81

PIMCO Low Duration Class A Shares

		12/31/2023		2,585,774		11.77	to		10.80		29,139,752		3.80			1.25		to	1.90			3.71		to	3.04

		12/31/2022		2,963,159		11.35	to		10.48		32,321,610		1.68			1.25		to	1.90			(6.69	)	to	(7.16	)

		12/31/2021		3,696,998		12.16	to		11.29		43,322,116		0.54			1.25		to	1.75			(2.20	)	to	(2.69	)

		12/31/2020		3,764,611		12.43	to		11.60		45,208,636		1.56			1.25		to	1.75			1.83		to	1.32

		12/31/2019		3,837,849		12.21	to		11.45		45,371,507		3.07			1.25		to	1.75			2.88		to	2.37

PIMCO Real Return Class A Shares

		12/31/2023		1,406,100		14.45	to		13.10		19,325,213		2.86			1.25		to	1.90			2.05		to	1.39

		12/31/2022		1,572,441		14.16	to		12.92		21,259,835		7.50			1.25		to	1.90			(13.38	)	to	(13.81	)

		12/31/2021		1,865,697		16.33	to		14.99		29,197,941		4.74			1.25		to	1.75			3.95		to	3.43

		12/31/2020		2,021,251		15.71	to		14.49		30,502,494		2.23			1.25		to	1.75			10.25		to	9.70

		12/31/2019		2,228,130		14.25	to		13.21		30,569,591		1.56			1.25		to	1.75			6.75		to	6.21

PIMCO Total Return Class A Shares

		12/31/2023		3,539,220		15.29	to		13.86		53,516,295		3.55			1.25		to	1.90			4.63		to	3.95

		12/31/2022		3,852,999		14.62	to		13.33		55,794,500		3.59			1.25		to	1.90			(15.49	)	to	(15.93	)

		12/31/2021		4,460,931		17.29	to		15.86		76,529,481		1.96			1.25		to	1.75			(2.41	)	to	(2.89	)

		12/31/2020		4,659,009		17.71	to		16.33		82,185,522		2.17			1.25		to	1.75			7.16		to	6.63

		12/31/2019		4,966,726		16.53	to		15.32		81,835,812		3.46			1.25		to	1.75			6.55		to	6.02

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**					Total Return* Corresponding to Lowest to Highest Expense Ratio**


Pioneer Class A Shares

		12/31/2023		27,227	$	45.73	to	$	41.45	$	1,174,534		0.87	%		1.25	%	to	1.90%		27.12	%	to	26.30	%

		12/31/2022		29,740		35.97	to		32.82		1,022,519		0.54			1.25		to	1.90		(20.53	)	to	(20.93	)

		12/31/2021		24,046		45.24	to		41.50		1,040,778		0.11			1.25		to	1.75		26.22		to	25.59

		12/31/2020		31,780		35.84	to		33.05		1,092,028		0.49			1.25		to	1.75		22.36		to	21.75

		12/31/2019		30,962		29.29	to		27.14		873,144		0.79			1.25		to	1.75		29.37		to	28.73

Pioneer High Yield Class A Shares

		12/31/2023		97,155		20.75	to		18.80		1,906,733		5.40			1.25		to	1.90		9.07		to	8.37

		12/31/2022		95,275		19.02	to		17.35		1,725,211		5.07			1.25		to	1.90		(12.04	)	to	(12.47	)

		12/31/2021		110,682		21.61	to		19.83		2,286,681		4.25			1.25		to	1.75		4.44		to	3.92

		12/31/2020		116,741		20.69	to		19.08		2,313,263		5.29			1.25		to	1.75		1.79		to	1.28

		12/31/2019		122,977		20.33	to		18.84		2,399,281		5.08			1.25		to	1.75		12.67		to	12.11

Pioneer Select Mid Cap Growth Class A Shares

		12/31/2023		5,691		38.59	to		35.83		212,458		-			1.25		to	1.90		17.19		to	16.43

		12/31/2022		6,639		32.93	to		30.78		211,789		-			1.25		to	1.90		(32.18	)	to	(32.52	)

		12/31/2021		8,630		48.52	to		45.61		406,330		-			1.25		to	1.75		6.62		to	6.09

		12/31/2020		8,413		45.51	to		42.99		371,623		-			1.25		to	1.75		37.22		to	36.53

		12/31/2019		12,127		33.16	to		31.49		390,291		-			1.25		to	1.75		31.08		to	30.43

Putnam International Equity Class A Shares

		12/31/2023		344,591		26.93	to		26.93		9,278,635		1.88			1.30		to	1.30		17.09		to	17.09

		12/31/2022		387,757		23.00	to		23.00		8,916,817		-			1.30		to	1.30		(15.94	)	to	(15.94	)

		12/31/2021		439,879		27.36	to		27.36		12,034,000		1.32			1.30		to	1.30		7.36		to	7.36

		12/31/2020		486,489		25.48	to		25.48		12,396,804		1.25			1.30		to	1.30		10.30		to	10.30

		12/31/2019		533,646		23.10	to		23.10		12,328,992		1.63			1.30		to	1.30		23.88		to	23.88

Putnam Large Cap Growth Class A Shares

		12/31/2023		63,716		28.64	to		28.64		1,825,043		-			1.30		to	1.30		42.37		to	42.37

		12/31/2022		75,742		20.12	to		20.12		1,523,823		-			1.30		to	1.30		(31.24	)	to	(31.24	)

		12/31/2021		76,682		29.26	to		29.26		2,243,749		-			1.30		to	1.30		20.94		to	20.94

		12/31/2020		84,284		24.19	to		24.19		2,039,130		-			1.30		to	1.30		36.62		to	36.62

		12/31/2019		82,437		17.71	to		17.71		1,459,856		-			1.30		to	1.30		34.66		to	34.66

Putnam Large Cap Value Class A Shares

		12/31/2023		44,592		18.52	to		18.52		825,643		1.51			1.30		to	1.30		13.91		to	13.91

		12/31/2022		48,838		16.25	to		16.25		793,831		1.80			1.30		to	1.30		(4.34	)	to	(4.34	)

		12/31/2021		40,213		16.99	to		16.99		683,288		1.19			1.30		to	1.30		25.20		to	25.20

		12/31/2020		45,036		13.57	to		13.57		611,188		1.67			1.30		to	1.30		4.47		to	4.47

		12/31/2019		37,608		12.99	to		12.99		488,571		1.35			1.30		to	1.30		28.25		to	28.25

TA Aegon Sustainable Equity Income Service Class

		12/31/2023		223,808		11.52	to		11.13		2,567,186		1.91			1.25		to	1.90		4.69		to	4.01

		12/31/2022		243,900		11.00	to		10.70		2,674,194		1.84			1.25		to	1.90		(12.98	)	to	(13.44	)

		12/31/2021		290,104		12.63	to		12.36		3,654,803		1.86			1.25		to	1.75		20.60		to	20.00

		12/31/2020		355,775		10.48	to		10.30		3,719,030		2.78			1.25		to	1.75		(8.74	)	to	(9.19	)

		12/31/2019		389,049		11.48	to		11.34		4,459,313		2.19			1.25		to	1.75		22.04		to	21.43

TA Asset Allocation - Conservative Class A Shares

		12/31/2023		48,437		11.78	to		11.36		559,916		2.34			1.25		to	1.90		8.87		to	8.16

		12/31/2022		76,427		10.82	to		10.50		817,555		1.68			1.25		to	1.90		(16.29	)	to	(16.73	)

		12/31/2021		89,073		12.92	to		12.61		1,141,030		2.11			1.25		to	1.75		4.11		to	3.59

		12/31/2020		102,861		12.41	to		12.18		1,267,053		2.95			1.25		to	1.75		11.75		to	11.20

		12/31/2019		60,886		11.10	to		10.95		672,140		3.73			1.25		to	1.75		10.94		to	10.39

TA Asset Allocation - Moderate Class A Shares

		12/31/2023		105,950		12.57	to		12.13		1,316,550		2.18			1.25		to	1.90		11.27		to	10.55

		12/31/2022		131,518		11.30	to		10.97		1,470,956		1.52			1.25		to	1.90		(17.13	)	to	(17.56	)

		12/31/2021		88,483		13.63	to		13.31		1,198,284		2.52			1.25		to	1.75		6.57		to	6.04

		12/31/2020		75,470		12.79	to		12.55		961,085		2.23			1.25		to	1.75		13.22		to	12.66

		12/31/2019		60,062		11.29	to		11.14		676,723		2.22			1.25		to	1.75		13.28		to	12.72

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31												For the Year Ended December 31
	Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


TA Asset Allocation - Moderate Growth Class A Shares

		12/31/2023			128,051	$	13.69	to	$	13.20	$	1,731,302		1.84	%		1.25	%	to	1.90	%		14.27	%	to	13.53	%

		12/31/2022			135,459		11.98	to		11.63		1,606,662		0.88			1.25		to	1.90			(18.46	)	to	(18.89	)

		12/31/2021			171,347		14.68	to		14.34		2,495,528		2.57			1.25		to	1.75			9.98		to	9.43

		12/31/2020			224,165		13.35	to		13.10		2,966,903		1.18			1.25		to	1.75			15.45		to	14.88

		12/31/2019			245,782		11.56	to		11.40		2,826,050		1.83			1.25		to	1.75			16.39		to	15.81

TA BlackRock Government Money Market Initial Class

		12/31/2023			569,758		10.15	to		9.92		5,735,835		4.79			1.25		to	1.90			3.56		to	2.89

		12/31/2022			466,406		9.80	to		9.64		4,551,231		1.48			1.25		to	1.90			0.10		to	(0.43	)

		12/31/2021			411,733		9.78	to		9.68		4,017,112		0.00			1.25		to	1.75			(1.24	)	to	(1.73	)

		12/31/2020			377,342		9.91	to		9.85		3,730,601		0.06			1.25		to	1.75			(0.96	)	to	(1.45	)

		12/31/2019	⁽¹⁾		4,662		10.00	to		10.00		46,621		0.14			1.25		to	1.75			-		to	-

TA Bond Class A Shares

		12/31/2023			650,360		1.40	to		1.30		880,191		3.69			1.25		to	1.90			4.65		to	3.97

		12/31/2022			616,956		1.34	to		1.25		801,112		2.79			1.25		to	1.90			(14.58	)	to	(15.01	)

		12/31/2021			721,671		1.56	to		1.47		1,101,155		2.17			1.25		to	1.75			(1.36	)	to	(1.86	)

		12/31/2020			628,110		1.58	to		1.50		974,770		2.36			1.25		to	1.75			5.26		to	4.73

		12/31/2019			650,680		1.50	to		1.43		960,900		3.13			1.25		to	1.75			7.72		to	7.18

TA International Focus Initial Class

		12/31/2023			5,434,870		12.43	to		12.01		66,480,045		1.98			1.25		to	1.90			11.14		to	10.42

		12/31/2022			6,194,561		11.18	to		10.88		68,406,004		3.02			1.25		to	1.90			(21.08	)	to	(21.49	)

		12/31/2021			6,800,730		14.16	to		13.85		95,378,126		1.21			1.25		to	1.75			9.44		to	8.90

		12/31/2020			7,730,565		12.94	to		12.72		99,279,440		2.26			1.25		to	1.75			19.40		to	18.80

		12/31/2019			9,181,186		10.84	to		10.71		98,971,470		1.62			1.25		to	1.75			26.10		to	25.47

TA JPMorgan Mid Cap Value Service Class

		12/31/2023			120,149		14.37	to		13.89		1,720,797		1.24			1.25		to	1.90			9.20		to	8.49

		12/31/2022			134,973		13.16	to		12.80		1,771,368		0.56			1.25		to	1.90			(9.61	)	to	(10.08	)

		12/31/2021			140,383		14.55	to		14.24		2,037,857		0.60			1.25		to	1.75			27.25		to	26.61

		12/31/2020			144,775		11.44	to		11.25		1,652,582		1.01			1.25		to	1.75			(0.22	)	to	(0.72	)

		12/31/2019			163,355		11.46	to		11.33		1,869,934		1.10			1.25		to	1.75			24.43		to	23.81

TA Multi-Managed Balanced Class A Shares

		12/31/2023			96,409		15.66	to		15.11		1,497,664		1.55			1.25		to	1.90			16.96		to	16.20

		12/31/2022			92,381		13.39	to		13.00		1,228,872		1.00			1.25		to	1.90			(17.58	)	to	(18.01	)

		12/31/2021			94,670		16.24	to		15.86		1,528,612		0.59			1.25		to	1.75			15.12		to	14.55

		12/31/2020			113,892		14.11	to		13.84		1,599,096		1.10			1.25		to	1.75			14.12		to	13.55

		12/31/2019			45,711		12.36	to		12.19		563,282		1.42			1.25		to	1.75			19.81		to	19.21

TA Small/Mid Cap Value Class A Shares

		12/31/2023			783,326		30.69	to		28.29		23,067,157		0.85			1.25		to	1.90			10.57		to	9.86

		12/31/2022			871,791		27.75	to		25.75		23,312,861		0.51			1.25		to	1.90			(9.71	)	to	(10.16	)

		12/31/2021			1,087,248		30.71	to		28.66		32,281,834		0.05			1.25		to	1.75			25.61		to	24.98

		12/31/2020			1,414,551		24.45	to		22.94		33,516,522		0.58			1.25		to	1.75			1.97		to	1.46

		12/31/2019			1,436,186		23.98	to		22.61		33,454,606		0.48			1.25		to	1.75			23.06		to	22.45

TA Sustainable Equity Income Class A Shares

		12/31/2023			2,806,642		14.91	to		14.16		40,961,183		1.66			1.25		to	1.90			4.54		to	3.86

		12/31/2022			2,940,434		14.26	to		13.63		41,175,403		1.78			1.25		to	1.90			(12.79	)	to	(13.24	)

		12/31/2021			3,512,199		16.35	to		15.71		56,508,169		1.10			1.25		to	1.75			20.47		to	19.87

		12/31/2020			4,409,162		13.57	to		13.11		58,994,566		2.06			1.25		to	1.75			(9.08	)	to	(9.53	)

		12/31/2019			3,998,302		14.92	to		14.49		58,954,153		2.08			1.25		to	1.75			21.70		to	21.09

TA T. Rowe Price Small Cap Service Class

		12/31/2023			245,856		16.18	to		15.63		3,909,435		-			1.25		to	1.90			19.38		to	18.61

		12/31/2022			275,948		13.55	to		13.18		3,688,820		-			1.25		to	1.90			(23.62	)	to	(24.00	)

		12/31/2021			304,452		17.73	to		17.34		5,339,069		-			1.25		to	1.75			9.70		to	9.15

		12/31/2020			342,938		16.16	to		15.89		5,494,625		-			1.25		to	1.75			21.77		to	21.16

		12/31/2019			401,768		13.27	to		13.11		5,299,872		-			1.25		to	1.75			30.75		to	30.09

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


	At December 31											For the Year Ended December 31
Subaccount			Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**


TA TS&W International Equity Service Class

		12/31/2023		225,711	$	11.89	to	$	11.49	$	2,629,061		0.79	%		1.25	%	to	1.90	%		13.83	%	to	13.10	%

		12/31/2022		281,562		10.44	to		10.16		2,896,637		3.07			1.25		to	1.90			(15.76	)	to	(16.18	)

		12/31/2021		325,419		12.39	to		12.12		3,985,217		1.64			1.25		to	1.75			11.80		to	11.24

		12/31/2020		360,971		11.08	to		10.90		3,964,397		2.97			1.25		to	1.75			4.88		to	4.36

		12/31/2019		370,379		10.57	to		10.44		3,888,418		1.17			1.25		to	1.75			19.24		to	18.64

TA US Growth Class A Shares

		12/31/2023		653,778		39.26	to		36.91		24,874,322		-			1.25		to	1.90			39.64		to	38.74

		12/31/2022		882,404		28.11	to		26.60		24,136,995		-			1.25		to	1.90			(32.55	)	to	(32.88	)

		12/31/2021		847,968		41.65	to		39.64		34,477,085		-			1.25		to	1.75			18.71		to	18.12

		12/31/2020		1,053,497		35.08	to		33.56		36,164,951		-			1.25		to	1.75			34.20		to	33.53

		12/31/2019		1,402,979		26.14	to		25.13		35,973,537		-			1.25		to	1.75			37.62		to	36.93

TA WMC US Growth Service Class

		12/31/2023		14,719		22.54	to		21.79		325,216		-			1.25		to	1.90			39.97		to	39.06

		12/31/2022		300		16.10	to		15.67		4,771		-			1.25		to	1.90			(32.42	)	to	(32.76	)

		12/31/2021		625		23.81	to		23.30		14,660		-			1.25		to	1.75			18.88		to	18.28

		12/31/2020		1,342		20.03	to		19.70		26,530		-			1.25		to	1.75			35.24		to	34.56

		12/31/2019		705		14.81	to		14.64		10,348		-			1.25		to	1.75			37.94		to	37.26

Virtus AllianzGI Dividend Value Class A Shares

		12/31/2023		141,020		20.07	to		18.41		2,694,623		3.57			1.25		to	1.90			17.67		to	16.91

		12/31/2022		159,900		17.06	to		15.75		2,606,367		1.59			1.25		to	1.90			(14.84	)	to	(15.26	)

		12/31/2021		193,849		20.02	to		18.59		3,721,834		1.35			1.25		to	1.75			26.94		to	26.30

		12/31/2020		254,088		15.77	to		14.72		3,853,830		1.80			1.25		to	1.75			(3.71	)	to	(4.19	)

		12/31/2019		262,812		16.37	to		15.36		4,149,849		1.76			1.25		to	1.75			23.11		to	22.49

Virtus AllianzGI Small-Cap Value Class A Shares

		12/31/2023		75,835		31.75	to		28.77		3,120,429		2.13			1.25		to	1.90			21.47		to	20.69

		12/31/2022		100,965		26.13	to		23.84		3,305,168		0.98			1.25		to	1.90			(17.30	)	to	(17.74	)

		12/31/2021		106,952		31.59	to		28.98		4,234,708		0.99			1.25		to	1.75			22.69		to	22.08

		12/31/2020		127,664		25.75	to		23.74		4,079,987		1.91			1.25		to	1.75			(5.79	)	to	(6.26	)

		12/31/2019		142,897		27.33	to		25.33		4,894,390		0.42			1.25		to	1.75			22.74		to	22.13

⁽¹⁾

See Footnote 1

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

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)

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

***

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

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

6. Administrative and Mortality and Expense Risk Charges

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

7. Income Tax

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

Transamerica Life Insurance Company

Merrill Lynch Life Variable Annuity Separate Account D

Notes to Financial Statements

December 31, 2023

8. Subsequent Events

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

9. Related Parties

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

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

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

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