JN Life Annuity Account F (811-08483)

KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Jefferson National Life Insurance Company and Contract Owners of Jefferson National Life Annuity Account F:

Opinion on the Financial Statements

We have audited the accompanying statements of assets, liabilities and contract owners’ equity of the subaccounts listed in the Appendix that comprise the Jefferson National Life Annuity Account F (the Subaccounts), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in contract owners’ equity for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year or period listed in the Appendix, and the changes in their contract owners’ equity for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Jefferson National Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Jefferson National Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 1, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

Appendix

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)

ALGER AMERICAN FUNDS

Alger Small Cap Growth Portfolio: Class I-2 Shares (AASCO)

Alger Capital Appreciation Portfolio - Class I2 Shares (ALCAI2)

Alger Large Cap Growth Portfolio: Class I-2 Shares (ALCGI2)

Alger Mid Cap Growth Portfolio: Class I-2 Shares (ALMGI2)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2 (SVDF)

Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

COLUMBIA FUNDS MANAGEMENT COMPANY

Columbia Funds Variable Insurance Trust II - Columbia Variable Portfolio - Seligman Global Technology: Class 2 (CLVGT2)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes High Income Bond Fund II: Primary Shares (FHIB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - U.S. Government Money Market Fund (GVRUGM)

Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)

Rydex Variable Trust - Biotechnology Fund (RBF)

Rydex Variable Trust - Banking Fund (RBKF)

Rydex Variable Trust - Basic Materials Fund (RBMF)

Rydex Variable Trust - Consumer Products Fund (RCPF)

Rydex Variable Trust - Electronics Fund (RELF)

Rydex Variable Trust - Energy Fund (RENF)

Rydex Variable Trust - Energy Services Fund (RESF)

Rydex Variable Trust - Financial Services Fund (RFSF)

Rydex Variable Trust - Health Care Fund (RHCF)

Rydex Variable Trust - Internet Fund (RINF)

Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)

Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)

Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)

Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)

Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)

Rydex Variable Trust - Nova Fund (RNF)

Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)

Rydex Variable Trust - Precious Metals Fund (RPMF)

Rydex Variable Trust - Real Estate Fund (RREF)

Rydex Variable Trust - Retailing Fund (RRF)

Rydex Variable Trust - Technology Fund (RTEC)

Rydex Variable Trust - Telecommunications Fund (RTEL)

Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)

Rydex Variable Trust - Transportation Fund (RTRF)

Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)

Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)

Rydex Variable Trust - Utilities Fund (RUTL)

Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)

Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)

Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)

Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)

Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)

Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)

Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)

Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)

Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)

Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)

INVESCO INVESTMENTS

Invesco - Invesco V.I. Core Equity Fund: Series I Shares (AVGI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. Diversified Dividend Fund: Series I Shares (IVDDI)

Invesco - Invesco V.I. Government Money Market Fund: Series I Shares (IVGMMI)

Invesco - Invesco V.I. Health Care Fund: Series I Shares (IVHS)

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series II Shares (IVMCC2)

Invesco - Invesco V.I. Global Real Estate Fund: Series I Shares (IVRE)

Invesco - Invesco V.I. Technology Fund: Series I Shares (IVT)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Global Research Portfolio: Institutional Shares (JAGRIN)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Institutional Shares (JAIG)

Janus Aspen Series - Janus Henderson Research Portfolio: Institutional Shares (JARIN)

LAZARD FUNDS

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

Lazard Retirement Series, Inc. - Lazard Retirement International Equity Portfolio: Service Shares (LZRIES)

Lazard Retirement Series, Inc. - Lazard Retirement US Small Cap Equity Select Portfolio: Service Shares (LZRUSM)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Growth Portfolio: Class I (LPVCAI)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy Portfolio: Class I (LPVCII)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Large Cap Growth Portfolio: Class I (LVCLGI)

Western Asset Variable Global High Yield Bond Portfolio: Class I (SBVHY)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Dividend Growth Portfolio: Class VC (LOVCDG)

Lord Abbett Series Fund, Inc. - Growth and Income Portfolio: Class VC (LOVGI)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class Y (GVEXD)

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class I Shares (AMRI)

Neuberger Berman Advisers Management Trust - Quality Equity Portfolio: Class I Shares (AMSRS)¹

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - Donoghue Forlines Dividend VIT Fund: Class 1 (NOVPDI)

Northern Lights Variable Trust - Donoghue Forlines Momentum VIT Fund: Class 1 (NOVPM)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - Emerging Markets Bond Portfolio: Administrative Class (PMVEBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

Royce Capital Fund - Royce Small-Cap Portfolio: Investment Class (ROCSC)

THIRD AVENUE FUNDS

Third Avenue Variable Series Trust - Third Avenue Value Portfolio (TAVV)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (VWBF)

VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)

VICTORY FUNDS

Victory Variable Insurance Funds II - Victory Pioneer High Yield VCT Portfolio: Class II (PIHYB2)¹

Victory Variable Insurance Funds II - Victory Pioneer Equity Income VCT Portfolio: Class II (PIVEI2)¹

Victory Variable Insurance Funds II - Victory Pioneer Fund VCT Portfolio: Class II (PIVF2)¹

Victory Variable Insurance Funds II - Victory Pioneer Mid Cap Value VCT Portfolio: Class II (PIVMV2)¹

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

1 Year Account (JNMVA1)

5 Year Account (JNMVA5)

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares***			Cost			Investments, at fair value			Accounts Receivable			Total Assets			Accounts Payable			Contract Owners’ Equity			Accumulation Units			Contracts in Payout			Contract Owners’ Equity
ALVGIA		17,687	$		556,657	$		561,377	$		1	$		561,378	$		-	$		561,378	$		561,378	$		-	$		561,378
AASCO		46,831			1,069,124			872,925			-			872,925			1			872,924			872,924			-			872,924
ALCAI2		109,479			10,319,487			14,106,406			-			14,106,406			-			14,106,406			14,106,406			-			14,106,406
ALCGI2		59,536			4,883,846			6,142,364			-			6,142,364			1			6,142,363			6,142,363			-			6,142,363
ALMGI2		106,350			2,323,133			2,533,265			-			2,533,265			-			2,533,265			2,530,570			2,695			2,533,265
SVDF		110,944			2,831,240			2,805,763			1			2,805,764			-			2,805,764			2,805,764			-			2,805,764
SVOF		99,524			2,551,957			2,557,779			-			2,557,779			1			2,557,778			2,557,778			-			2,557,778
DSIF		98,442			6,147,777			8,579,244			-			8,579,244			1			8,579,243			8,575,735			3,508			8,579,243
DVSCS		40,736			774,549			733,654			1			733,655			-			733,655			733,655			-			733,655
CLVGT2		95,730			2,184,146			3,251,941			1			3,251,942			-			3,251,942			3,251,942			-			3,251,942
FHIB		52,659			307,639			304,368			-			304,368			1			304,367			304,367			-			304,367
FVU2		58,879			568,100			612,345			-			612,345			-			612,345			612,345			-			612,345
GVRUGM		243,123			243,123			243,123			-			243,123			-			243,123			242,946			177			243,123
RAF		1			1,068			63			-			63			1			62			62			-			62
RBF		8,594			806,586			796,443			-			796,443			1			796,442			796,442			-			796,442
RBKF		497			56,292			71,086			-			71,086			1			71,085			71,085			-			71,085
RBMF		748			76,918			88,271			-			88,271			-			88,271			88,271			-			88,271
RCPF		1,065			75,497			65,438			-			65,438			-			65,438			65,438			-			65,438
RELF		416			90,468			89,231			-			89,231			-			89,231			89,231			-			89,231
RENF		905			224,107			228,730			-			228,730			1			228,729			228,729			-			228,729
RESF		340			96,995			104,555			2			104,557			-			104,557			104,557			-			104,557
RFSF		625			74,403			77,687			-			77,687			1			77,686			77,686			-			77,686
RHCF		1,787			143,294			142,721			-			142,721			1			142,720			142,720			-			142,720
RINF		279			20,466			31,002			-			31,002			1			31,001			31,001			-			31,001
RLCE		30			3,755			4,799			-			4,799			1			4,798			4,798			-			4,798
RLCJ		358			33,612			39,434			-			39,434			-			39,434			39,434			-			39,434
RMED		1,375			255,158			339,185			-			339,185			2			339,183			339,183			-			339,183
RMEK		658			52,361			55,674			1			55,675			-			55,675			55,675			-			55,675
RNF		5,926			785,106			1,524,928			1			1,524,929			-			1,524,929			1,524,929			-			1,524,929
ROF		25,196			1,649,871			2,437,252			-			2,437,252			-			2,437,252			2,437,252			-			2,437,252
RPMF		8,515			455,900			826,553			1			826,554			-			826,554			826,554			-			826,554
RREF		1,736			61,451			66,235			-			66,235			-			66,235			66,235			-			66,235
RTEC		1,927			324,623			468,708			1			468,709			-			468,709			468,709			-			468,709
RTEL		596			35,433			49,592			1			49,593			-			49,593			49,593			-			49,593
RTF		5,565			1,976,794			3,368,538			-			3,368,538			2			3,368,536			3,368,536			-			3,368,536
RTRF		738			64,772			74,220			-			74,220			-			74,220			74,220			-			74,220
RUF		27			3,242			2,487			-			2,487			-			2,487			2,487			-			2,487

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares***		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity		Accumulation Units		Contracts in Payout		Contract Owners’ Equity
RUGB		153		28,944		27,293		-		27,293		-		27,293		27,293		-		27,293
RUTL		4,798		167,873		207,300		1		207,301		-		207,301		207,301		-		207,301
RVF		9,574		1,295,530		2,141,150		1		2,141,151		-		2,141,151		2,141,151		-		2,141,151
RVIDD		-		934		14		-		14		1		13		13		-		13
RVISC		-		177		26		-		26		2		24		24		-		24
RVLCG		6,773		361,190		377,928		-		377,928		-		377,928		377,928		-		377,928
RVLCV		3,316		177,883		218,294		-		218,294		-		218,294		218,294		-		218,294
RVLDD		626		76,874		170,041		-		170,041		-		170,041		170,041		-		170,041
RVMCG		5,535		190,922		214,360		-		214,360		-		214,360		214,360		-		214,360
RVMCV		2,697		111,750		130,010		-		130,010		1		130,009		130,009		-		130,009
RVSCG		1,316		74,936		75,522		-		75,522		1		75,521		75,521		-		75,521
RVSCV		2,146		158,247		188,226		1		188,227		-		188,227		188,227		-		188,227
AVGI		23,002		704,175		828,761		-		828,761		-		828,761		828,761		-		828,761
AVHY1		167,641		828,919		794,618		-		794,618		-		794,618		794,618		-		794,618
IVGMMI		6,880,249		6,880,249		6,880,249		-		6,880,249		-		6,880,249		6,880,249		-		6,880,249
IVHS		10,880		307,110		325,200		-		325,200		-		325,200		325,200		-		325,200
IVMCC2		35,313		347,600		370,787		1		370,788		-		370,788		370,788		-		370,788
IVRE		20,055		315,800		283,980		-		283,980		-		283,980		283,980		-		283,980
IVT		6,526		130,869		167,642		-		167,642		-		167,642		167,642		-		167,642
JAEI		107,458		8,017,919		8,981,377		1		8,981,378		-		8,981,378		8,981,378		-		8,981,378
JAGRIN		70,725		3,977,616		5,634,694		-		5,634,694		-		5,634,694		5,634,694		-		5,634,694
JAIG		10,685		407,071		596,431		-		596,431		1		596,430		596,430		-		596,430
JARIN		152,668		6,198,855		9,908,125		-		9,908,125		1		9,908,124		9,904,879		3,245		9,908,124
LZREMS		11,546		236,780		344,994		-		344,994		-		344,994		344,994		-		344,994
LZRUSM		55,430		738,387		717,818		-		717,818		-		717,818		717,818		-		717,818
LPVCAI		7,572		150,277		106,388		-		106,388		-		106,388		106,388		-		106,388
LPVCII		10,703		235,000		216,734		-		216,734		-		216,734		216,734		-		216,734
LVCLGI		27,871		977,637		1,340,590		-		1,340,590		-		1,340,590		1,340,590		-		1,340,590
SBVHY		18		107		111		-		111		-		111		111		-		111
LACB2		215,675		1,702,039		1,950,778		1		1,950,779		-		1,950,779		1,950,779		-		1,950,779
LACI2		38,715		418,128		474,060		-		474,060		-		474,060		474,060		-		474,060
LACIPS		15,876		145,510		143,452		-		143,452		-		143,452		143,452		-		143,452
LACV2		182,550		2,181,185		2,358,364		1		2,358,365		-		2,358,365		2,358,365		-		2,358,365

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares***		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity		Accumulation Units		Contracts in Payout		Contract Owners’ Equity
LOVCDG		11,307		187,577		224,328		1		224,329		-		224,329		224,329		-		224,329
LOVGI		61,240		2,260,804		2,569,620		-		2,569,620		-		2,569,620		2,569,620		-		2,569,620
GIG		20,818		310,319		321,848		-		321,848		-		321,848		321,848		-		321,848
GVEXD		77,572		861,273		1,032,487		1		1,032,488		-		1,032,488		1,032,488		-		1,032,488
NVAMVX		123,308		2,213,756		2,282,426		-		2,282,426		-		2,282,426		2,282,426		-		2,282,426
NVCBDY		24,121		222,644		223,604		-		223,604		-		223,604		223,604		-		223,604
NVOLG1		44,710		1,321,233		1,330,563		-		1,330,563		-		1,330,563		1,330,563		-		1,330,563
AMCG		13,742		411,666		398,374		1		398,375		-		398,375		398,375		-		398,375
AMRI		113,913		1,747,945		1,869,314		-		1,869,314		1		1,869,313		1,869,313		-		1,869,313
AMSRS		25,788		762,636		1,102,700		-		1,102,700		-		1,102,700		1,102,700		-		1,102,700
AMTB		98,779		1,018,860		955,196		-		955,196		-		955,196		955,196		-		955,196
NOVPDI		89,900		1,348,245		1,652,353		-		1,652,353		1		1,652,352		1,652,352		-		1,652,352
NOVPM		76,618		1,987,779		2,369,791		-		2,369,791		-		2,369,791		2,367,417		2,374		2,369,791
PMVAAA		29,797		299,304		285,457		-		285,457		-		285,457		285,457		-		285,457
PMVEBA		478		5,798		5,456		-		5,456		1		5,455		5,455		-		5,455
PMVFHA		342		3,685		3,438		-		3,438		-		3,438		3,438		-		3,438
PMVGBA		24,878		269,741		247,788		-		247,788		1		247,787		247,787		-		247,787
PMVHYA		67		512		498		-		498		-		498		498		-		498
PMVRRA		78,221		987,149		939,431		-		939,431		-		939,431		939,431		-		939,431
PMVRSA		2,413		17,993		15,178		-		15,178		-		15,178		15,178		-		15,178
PMVTRA		258,426		2,681,173		2,442,128		-		2,442,128		-		2,442,128		2,442,128		-		2,442,128
PVSTA		94,638		969,720		977,611		1		977,612		-		977,612		977,612		-		977,612
ROCMC		33,502		339,593		318,605		-		318,605		-		318,605		318,605		-		318,605
ROCSC		57,140		483,772		538,262		-		538,262		-		538,262		538,262		-		538,262
TAVV		23,277		524,092		582,868		-		582,868		-		582,868		582,868		-		582,868
VWBF		15,727		118,634		128,648		-		128,648		-		128,648		128,648		-		128,648
VWEM		67,014		757,033		792,778		-		792,778		-		792,778		792,778		-		792,778
VWHA		11,746		328,979		393,594		-		393,594		-		393,594		393,594		-		393,594
PIHYB2		2,544		22,756		21,777		-		21,777		1		21,776		21,776		-		21,776
PIVEI2		58,471		842,288		723,285		1		723,286		-		723,286		723,286		-		723,286
PIVF2		10,574		176,372		210,624		1		210,625		-		210,625		210,625		-		210,625
PIVMV2		14,987		165,381		167,710		-		167,710		-		167,710		167,710		-		167,710

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		ALVGIA			AASCO			ALCAI2			ALCGI2			ALMGI2			SVDF			SVOF			DSIF

Reinvested dividends	$		5,425			-			-			-			-			-			1,313			84,010


Mortality and expense risk charges (note 2)			(5,976	)		(10,611	)		(162,888	)		(73,509	)		(31,756	)		(35,229	)		(31,594	)		(102,531	)


Net investment income (loss)			(551	)		(10,611	)		(162,888	)		(73,509	)		(31,756	)		(35,229	)		(30,281	)		(18,521	)


Realized gain (loss) on investments			(6	)		(84,339	)		1,323,435			758,427			(129,504	)		(116,474	)		5,496			447,793

Change in unrealized gain (loss) on investments			2,308			118,783			127,788			124,478			530,842			230,031			(103,031	)		303,329


Net gain (loss) on investments			2,302			34,444			1,451,223			882,905			401,338			113,557			(97,535	)		751,122


Reinvested capital gains			39,529			10,120			2,230,402			660,921			-			20,117			264,599			472,160


Net increase (decrease) in contract owners’ equity resulting from operations	$		41,280			33,953			3,518,737			1,470,317			369,582			98,445			136,783			1,204,761


*Investment Activity:**		DSRG			DVSCS			CLVGT2			FHIB			FVU2			GVRUGM			RAF			RBF

Reinvested dividends	$		3,164			8,680			-			18,358			17,224			6,954			3			-


Mortality and expense risk charges (note 2)			(13,423	)		(8,593	)		(35,672	)		(3,893	)		(7,443	)		(3,104	)		(1	)		(8,355	)


Net investment income (loss)			(10,259	)		87			(35,672	)		14,465			9,781			3,850			2			(8,355	)


Realized gain (loss) on investments			495,901			6,623			(34,516	)		(2,420	)		568			-			(188	)		1,232

Change in unrealized gain (loss) on investments			(431,692	)		(43,148	)		608,140			8,692			11,880			-			172			154,154


Net gain (loss) on investments			64,209			(36,525	)		573,624			6,272			12,448			-			(16	)		155,386


Reinvested capital gains			101,092			66,072			294,769			-			10,508			-			-			30,856


Net increase (decrease) in contract owners’ equity resulting from operations	$		155,042			29,634			832,721			20,737			32,737			3,850			(14	)		177,887

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		RBKF			RBMF			RCPF			RELF			RENF			RESF			RFSF			RHCF

Reinvested dividends	$		265			1,171			1,063			-			6,251			70			425			-


Mortality and expense risk charges (note 2)			(606	)		(1,053	)		(935	)		(881	)		(3,748	)		(1,239	)		(950	)		(1,970	)


Net investment income (loss)			(341	)		118			128			(881	)		2,503			(1,169	)		(525	)		(1,970	)


Realized gain (loss) on investments			2,621			4,142			(1,707	)		(218	)		(1,533	)		140			16,748			(2,575	)

Change in unrealized gain (loss) on investments			7,068			12,240			(8,775	)		(321	)		15,154			1,124			(11,037	)		5,701


Net gain (loss) on investments			9,689			16,382			(10,482	)		(539	)		13,621			1,264			5,711			3,126


Reinvested capital gains			-			6,514			5,952			25,873			-			-			1,701			15,111


Net increase (decrease) in contract owners’ equity resulting from operations	$		9,348			23,014			(4,402	)		24,453			16,124			95			6,887			16,267


*Investment Activity:**		RINF			RLCE			RLCJ			RMED			RMEK			RNF			ROF			RPMF

Reinvested dividends	$		-			58			1,318			1,543			892			-			694			9,711


Mortality and expense risk charges (note 2)			(385	)		(62	)		(395	)		(4,012	)		(667	)		(17,815	)		(28,002	)		(5,960	)


Net investment income (loss)			(385	)		(4	)		923			(2,469	)		225			(17,815	)		(27,308	)		3,751


Realized gain (loss) on investments			1,211			187			(167	)		923			(1,284	)		76,256			124,243			49,525

Change in unrealized gain (loss) on investments			632			1,288			12,408			12,652			5,679			201,594			133,897			364,084


Net gain (loss) on investments			1,843			1,475			12,241			13,575			4,395			277,850			258,140			413,609


Reinvested capital gains			3,336			-			-			1,062			-			-			126,130			-


Net increase (decrease) in contract owners’ equity resulting from operations	$		4,794			1,471			13,164			12,168			4,620			260,035			356,962			417,360

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		RREF			RRF			RTEC			RTEL			RTF			RTRF			RUF			RUGB

Reinvested dividends	$		1,037			-			-			95			2,945			-			250			1,085


Mortality and expense risk charges (note 2)			(841	)		(3	)		(5,178	)		(534	)		(36,724	)		(928	)		(44	)		(414	)


Net investment income (loss)			196			(3	)		(5,178	)		(439	)		(33,779	)		(928	)		206			671


Realized gain (loss) on investments			(2,229	)		92			6,209			230			69,910			(582	)		(1,200	)		(5,860	)

Change in unrealized gain (loss) on investments			2,698			-			50,450			11,584			637,586			9,410			706			4,786


Net gain (loss) on investments			469			92			56,659			11,814			707,496			8,828			(494	)		(1,074	)


Reinvested capital gains			-			-			38,315			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations	$		665			89			89,796			11,375			673,717			7,900			(288	)		(403	)


*Investment Activity:**		RUTL			RVF			RVIDD			RVISC			RVLCG			RVLCV			RVLDD			RVMCG

Reinvested dividends	$		2,843			-			1			1			-			2,552			1,422			-


Mortality and expense risk charges (note 2)			(2,523	)		(24,102	)		-			-			(6,530	)		(2,609	)		(1,873	)		(2,727	)


Net investment income (loss)			320			(24,102	)		1			1			(6,530	)		(57	)		(451	)		(2,727	)


Realized gain (loss) on investments			2,157			322,397			(90	)		-			15,194			10,954			1,884			(11,469	)

Change in unrealized gain (loss) on investments			26,086			77,793			85			(4	)		(13,190	)		6,712			24,526			9,675


Net gain (loss) on investments			28,243			400,190			(5	)		(4	)		2,004			17,666			26,410			(1,794	)


Reinvested capital gains			-			140,633			-			-			60,933			10,001			-			11,299


Net increase (decrease) in contract owners’ equity resulting from operations	$		28,563			516,721			(4	)		(3	)		56,407			27,610			25,959			6,778

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		RVMCV			RVSCG			RVSCV			AVGI			AVHY1			IVDDI			IVGMMI			IVHS

Reinvested dividends	$		160			-			-			5,115			54,252			7,449			268,391			-


Mortality and expense risk charges (note 2)			(1,615	)		(1,009	)		(2,290	)		(9,733	)		(9,948	)		(4,827	)		(85,149	)		(3,748	)


Net investment income (loss)			(1,455	)		(1,009	)		(2,290	)		(4,618	)		44,304			2,622			183,242			(3,748	)


Realized gain (loss) on investments			2,518			(13,533	)		17,829			89			(14,415	)		15,481			-			2,442

Change in unrealized gain (loss) on investments			(9,301	)		17,550			(12,141	)		53,367			10,328			(8,815	)		-			28,358


Net gain (loss) on investments			(6,783	)		4,017			5,688			53,456			(4,087	)		6,666			-			30,800


Reinvested capital gains			13,073			-			5,680			58,885			-			35,618			-			12,615


Net increase (decrease) in contract owners’ equity resulting from operations	$		4,835			3,008			9,078			107,723			40,217			44,906			183,242			39,667


*Investment Activity:**		IVMCC2			IVRE			IVT			JAEI			JAGRIN			JAIG			JARIN			LZREMS

Reinvested dividends	$		377			5,683			-			28,607			39,973			8,070			11,657			8,150


Mortality and expense risk charges (note 2)			(4,441	)		(3,349	)		(2,030	)		(113,492	)		(68,070	)		(7,078	)		(119,255	)		(3,706	)


Net investment income (loss)			(4,064	)		2,334			(2,030	)		(84,885	)		(28,097	)		992			(107,598	)		4,444


Realized gain (loss) on investments			(4,663	)		(10,036	)		20,669			453,732			656,745			38,293			906,386			11

Change in unrealized gain (loss) on investments			(874	)		24,073			(11,143	)		(497,999	)		(124,317	)		97,502			(8,690	)		95,633


Net gain (loss) on investments			(5,537	)		14,037			9,526			(44,267	)		532,428			135,795			897,696			95,644


Reinvested capital gains			36,129			-			17,651			676,912			462,143			-			716,836			-


Net increase (decrease) in contract owners’ equity resulting from operations	$		26,528			16,371			25,147			547,760			966,474			136,787			1,506,934			100,088

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		LZRIES			LZRUSM			LPVCAI			LPVCII			LVCLGI			SBVHY			LACB2			LACDV2

Reinvested dividends	$		5,869			-			-			4,550			-			7			35,167			62


Mortality and expense risk charges (note 2)			(3,156	)		(9,386	)		(1,279	)		(2,603	)		(16,405	)		(1	)		(25,268	)		(18,638	)


Net investment income (loss)			2,713			(9,386	)		(1,279	)		1,947			(16,405	)		6			9,899			(18,576	)


Realized gain (loss) on investments			56,770			(43,810	)		(4,416	)		(1,220	)		42,880			-			41,331			268,246

Change in unrealized gain (loss) on investments			(393	)		(39,486	)		1,183			(7,292	)		(25,816	)		3			110,647			(90,078	)


Net gain (loss) on investments			56,377			(83,296	)		(3,233	)		(8,512	)		17,064			3			151,978			178,168


Reinvested capital gains			10,722			94,150			16,012			28,826			89,943			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations	$		69,812			1,468			11,500			22,261			90,602			9			161,877			159,592


*Investment Activity:**		LACI2			LACIPS			LACV2			LOVCDG			LOVGI			GIG			GVEXD			NVAMVX

Reinvested dividends	$		5,583			10,420			36,531			1,259			13,852			635			9,049			18,899


Mortality and expense risk charges (note 2)			(5,984	)		(1,780	)		(31,376	)		(2,598	)		(30,749	)		(506	)		(10,585	)		(3,845	)


Net investment income (loss)			(401	)		8,640			5,155			(1,339	)		(16,897	)		129			(1,536	)		15,054


Realized gain (loss) on investments			4,209			159			44,663			9,535			38,359			32			5,659			1,062

Change in unrealized gain (loss) on investments			59,295			(1,886	)		101,457			3,903			81,578			11,529			124,732			68,670


Net gain (loss) on investments			63,504			(1,727	)		146,120			13,438			119,937			11,561			130,391			69,732


Reinvested capital gains			-			-			189,669			16,657			258,160			-			1,348			3,354


Net increase (decrease) in contract owners’ equity resulting from operations	$		63,103			6,913			340,944			28,756			361,200			11,690			130,203			88,140

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		NVCBDY			NVOLG1			AMCG			AMRI			AMSRS			AMTB			NOVPDI			NOVPM

Reinvested dividends	$		7,705			10,442			-			7,996			-			50,029			20,102			-

Mortality and expense risk charges (note 2)			(2,267	)		(2,139	)		(5,185	)		(21,280	)		(13,060	)		(11,605	)		(20,271	)		(27,360	)


Net investment income (loss)			5,438			8,303			(5,185	)		(13,284	)		(13,060	)		38,424			(169	)		(27,360	)


Realized gain (loss) on investments			(147	)		44			8,069			7,072			29,923			(4,120	)		12,582			49,490

Change in unrealized gain (loss) on investments			960			9,330			(40,333	)		(8,723	)		42,256			5,665			220,048			29,716


Net gain (loss) on investments			813			9,374			(32,264	)		(1,651	)		72,179			1,545			232,630			79,206


Reinvested capital gains			-			-			51,606			187,633			63,019			-			-			386,939


Net increase (decrease) in contract owners’ equity resulting from operations	$		6,251			17,677			14,157			172,698			122,138			39,969			232,461			438,785


*Investment Activity:**		PMVAAA			PMVEBA			PMVFHA			PMVGBA			PMVHYA			PMVRRA			PMVRSA			PMVTRA

Reinvested dividends	$		12,707			360			118			10,536			30			30,536			427			95,623

Mortality and expense risk charges (note 2)			(3,375	)		(65	)		(43	)		(2,914	)		(7	)		(11,466	)		(181	)		(29,171	)


Net investment income (loss)			9,332			295			75			7,622			23			19,070			246			66,452


Realized gain (loss) on investments			(1,506	)		(33	)		(4	)		(3,583	)		-			(2,682	)		(2,324	)		(34,274	)

Change in unrealized gain (loss) on investments			24,758			407			18			20,791			11			40,624			4,391			136,878


Net gain (loss) on investments			23,252			374			14			17,208			11			37,942			2,067			102,604



Reinvested capital gains			-			-			-			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations	$		32,584			669			89			24,830			34			57,012			2,313			169,056

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		PVSTA			ROCMC			ROCSC			TAVV			VWBF			VWEM			VWHA			PIHYB2

Reinvested dividends	$		48,882			-			9,517			11,636			6,599			5,225			8,641			1,212

Mortality and expense risk charges (note 2)			(13,634	)		(3,573	)		(6,201	)		(6,400	)		(1,535	)		(9,007	)		(4,292	)		(264	)


Net investment income (loss)			35,248			(3,573	)		3,316			5,236			5,064			(3,782	)		4,349			948


Realized gain (loss) on investments			(3,621	)		489			(5,237	)		(2,172	)		467			(11,688	)		(310	)		(38	)

Change in unrealized gain (loss) on investments			4,325			(7,517	)		1,400			108,693			13,787			195,344			100,088			439


Net gain (loss) on investments			704			(7,028	)		(3,837	)		106,521			14,254			183,656			99,778			401


Reinvested capital gains			-			47,623			36,574			37,772			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			35,952			37,022			36,053			149,529			19,318			179,874			104,127			1,349


*Investment Activity:**		PIVEI2			PIVF2			PIVMV2
Reinvested dividends	$		14,571			416			2,910
Mortality and expense risk charges (note 2)			(9,228	)		(2,376	)		(1,994	)

Net investment income (loss)			5,343			(1,960	)		916

Realized gain (loss) on investments			(32,806	)		1,175			(1,691	)
Change in unrealized gain (loss) on investments			(11,309	)		12,978			(259	)

Net gain (loss) on investments			(44,115	)		14,153			(1,950	)

Reinvested capital gains			108,594			24,770			12,952

Net increase (decrease) in contract owners’ equity resulting from operations	$		69,822			36,963			11,918

*	For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		ALVGIA						AASCO						ALCAI2						ALCGI2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(551	)		1,220			(10,611	)		(8,808	)		(162,888	)		(142,882	)		(73,509	)		(65,770	)

Realized gain (loss) on investments			(6	)		19,111			(84,339	)		(16,970	)		1,323,435			353,082			758,427			170,486

Change in unrealized gain (loss) on investments			2,308			24,568			118,783			92,765			127,788			4,057,585			124,478			1,678,773

Reinvested capital gains			39,529			19,572			10,120			-			2,230,402			-			660,921			-


Net increase (decrease) in contract owners’ equity resulting from operations			41,280			64,471			33,953			66,987			3,518,737			4,267,785			1,470,317			1,783,489


Equity transactions:

Purchase payments received from contract owners (note 4)			-			43			609			3,659			974,161			29,341			11,789			9,119

Transfers between subaccounts, net			79,770			(52,518	)		13,006			11,149			(472,008	)		(15,807	)		(306,826	)		(5,968	)

Redemptions (notes 2, 3, and 4)			(9,114	)		(16,215	)		(120,230	)		(129,975	)		(2,618,531	)		(1,128,475	)		(878,631	)		(466,611	)

Adjustments to maintain reserves			-			-			-			-			(2	)		-			-			-


Net equity transactions			70,656			(68,690	)		(106,615	)		(115,167	)		(2,116,380	)		(1,114,941	)		(1,173,668	)		(463,460	)


Net change in contract owners’ equity			111,936			(4,219	)		(72,662	)		(48,180	)		1,402,357			3,152,844			296,649			1,320,029

Contract owners’ equity at beginning of period			449,442			453,661			945,586			993,766			12,704,049			9,551,205			5,845,714			4,525,685


Contract owners’ equity at end of period	$		561,378			449,442			872,924			945,586			14,106,406			12,704,049			6,142,363			5,845,714


CHANGE IN UNITS:

Beginning units			10,881			12,228			27,266			30,521			86,473			94,865			83,058			90,505

Units purchased			1,789			12,758			1,428			2,526			11,276			7,906			9,232			5,453

Units redeemed			(181	)		(14,105	)		(4,569	)		(5,781	)		(24,393	)		(16,298	)		(24,285	)		(12,900	)


Ending units			12,489			10,881			24,125			27,266			73,356			86,473			68,005			83,058

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		ALMGI2						SVDF						SVOF						DSIF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(31,756	)		(32,545	)		(35,229	)		(37,375	)		(30,281	)		(32,561	)		(18,521	)		(8,801	)

Realized gain (loss) on investments			(129,504	)		(48,194	)		(116,474	)		(136,465	)		5,496			32,155			447,793			567,592

Change in unrealized gain (loss) on investments			530,842			544,305			230,031			634,002			(103,031	)		67,370			303,329			620,126

Reinvested capital gains			-			-			20,117			-			264,599			274,152			472,160			527,610


Net increase (decrease) in contract owners’ equity resulting from operations			369,582			463,566			98,445			460,162			136,783			341,116			1,204,761			1,706,527


Equity transactions:

Purchase payments received from contract owners (note 4)			82,733			877			90,417			(8,081	)		3,138			5,216			125,765			32,184

Transfers between subaccounts, net			(12,029	)		(37,513	)		(3,996	)		(145,188	)		8,319			(80,690	)		(20,069	)		(319,261	)

Redemptions (notes 2, 3, and 4)			(471,506	)		(381,152	)		(357,552	)		(181,960	)		(241,390	)		(322,553	)		(1,141,820	)		(730,899	)

Adjustments to maintain reserves			-			1			2			-			-			(1	)		(1	)		(2	)


Net equity transactions			(400,802	)		(417,787	)		(271,129	)		(335,229	)		(229,933	)		(398,028	)		(1,036,125	)		(1,017,978	)


Net change in contract owners’ equity			(31,220	)		45,779			(172,684	)		124,933			(93,150	)		(56,912	)		168,636			688,549

Contract owners’ equity at beginning of period			2,564,485			2,518,706			2,978,448			2,853,515			2,650,928			2,707,840			8,410,607			7,722,058


Contract owners’ equity at end of period	$		2,533,265			2,564,485			2,805,764			2,978,448			2,557,778			2,650,928			8,579,243			8,410,607


CHANGE IN UNITS:

Beginning units			39,811			46,629			56,663			63,170			34,823			40,311			139,319			157,073

Units purchased			3,783			3,427			3,059			2,285			1,443			1,221			6,169			10,722

Units redeemed			(9,406	)		(10,245	)		(8,307	)		(8,792	)		(4,304	)		(6,709	)		(22,748	)		(28,476	)


Ending units			34,188			39,811			51,415			56,663			31,962			34,823			122,740			139,319

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		DSRG						DVSCS						CLVGT2						FHIB
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(10,259	)		(9,329	)		87			(561	)		(35,672	)		(35,847	)		14,465			14,384

Realized gain (loss) on investments			495,901			53,348			6,623			41,034			(34,516	)		(54,678	)		(2,420	)		(7,482	)

Change in unrealized gain (loss) on investments			(431,692	)		214,725			(43,148	)		(9,520	)		608,140			508,333			8,692			9,240

Reinvested capital gains			101,092			8,272			66,072			17,001			294,769			217,031			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			155,042			267,016			29,634			47,954			832,721			634,839			20,737			16,142


Equity transactions:

Purchase payments received from contract owners (note 4)			77,444			7,721			6,443			1,420			2,736			(1,974	)		-			(193	)

Transfers between subaccounts, net			(1,318,619	)		(41,006	)		6,333			(21,550	)		(2,188	)		(66,656	)		-			(18,117	)

Redemptions (notes 2, 3, and 4)			(187,829	)		(111,164	)		(20,361	)		(48,822	)		(518,756	)		(323,146	)		(20,776	)		(28,776	)

Adjustments to maintain reserves			(1	)		-			1			1			3			(2	)		-			(1	)


Net equity transactions			(1,429,005	)		(144,449	)		(7,584	)		(68,951	)		(518,205	)		(391,778	)		(20,776	)		(47,087	)


Net change in contract owners’ equity			(1,273,963	)		122,567			22,050			(20,997	)		314,516			243,061			(39	)		(30,945	)

Contract owners’ equity at beginning of period			1,273,963			1,151,396			711,605			732,602			2,937,426			2,694,365			304,406			335,351


Contract owners’ equity at end of period	$		-			1,273,963			733,655			711,605			3,251,942			2,937,426			304,367			304,406


CHANGE IN UNITS:

Beginning units			28,178			31,330			17,255			18,891			50,661			57,941			11,033			12,724

Units purchased			2,280			1,600			832			2,553			8,700			1,906			28			711

Units redeemed			(30,458	)		(4,752	)		(947	)		(4,189	)		(16,991	)		(9,186	)		(714	)		(2,402	)


Ending units			-			28,178			17,140			17,255			42,370			50,661			10,347			11,033

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FVU2						GVRUGM						RAF						RBF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		9,781			5,447			3,850			6,890			2			10			(8,355	)		(9,856	)

Realized gain (loss) on investments			568			(928	)		-			-			(188	)		(170	)		1,232			(4,420	)

Change in unrealized gain (loss) on investments			11,880			71,142			-			-			172			140			154,154			(64,388	)

Reinvested capital gains			10,508			-			-			66			-			-			30,856			70,548


Net increase (decrease) in contract owners’ equity resulting from operations			32,737			75,661			3,850			6,956			(14	)		(20	)		177,887			(8,116	)


Equity transactions:

Purchase payments received from contract owners (note 4)			39			4			866			3,489			(2	)		-			200			280

Transfers between subaccounts, net			9,174			11,999			-			-			-			-			(1,543	)		(141,759	)

Redemptions (notes 2, 3, and 4)			(25,770	)		(34,862	)		(19,451	)		(50,830	)		(8	)		(10	)		(9,076	)		(58,112	)

Adjustments to maintain reserves			-			(1	)		-			(1	)		2			1			-			-


Net equity transactions			(16,557	)		(22,860	)		(18,585	)		(47,342	)		(8	)		(9	)		(10,419	)		(199,591	)


Net change in contract owners’ equity			16,180			52,801			(14,735	)		(40,386	)		(22	)		(29	)		167,468			(207,707	)

Contract owners’ equity at beginning of period			596,165			543,364			257,858			298,244			84			113			628,974			836,681


Contract owners’ equity at end of period	$		612,345			596,165			243,123			257,858			62			84			796,442			628,974


CHANGE IN UNITS:

Beginning units			25,590			26,548			28,979			34,303			337			375			16,196			20,924

Units purchased			982			3,018			3,934			4,767			-			-			34			750

Units redeemed			(1,644	)		(3,976	)		(5,942	)		(10,091	)		(37	)		(38	)		(231	)		(5,478	)


Ending units			24,928			25,590			26,971			28,979			300			337			15,999			16,196

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RBKF						RBMF						RCPF						RELF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(341	)		671			118			(337	)		128			(190	)		(881	)		(888	)

Realized gain (loss) on investments			2,621			3,346			4,142			1,826			(1,707	)		(3,428	)		(218	)		12,549

Change in unrealized gain (loss) on investments			7,068			5,565			12,240			(5,565	)		(8,775	)		9,910			(321	)		(10,709	)

Reinvested capital gains			-			-			6,514			-			5,952			-			25,873			781


Net increase (decrease) in contract owners’ equity resulting from operations			9,348			9,582			23,014			(4,076	)		(4,402	)		6,292			24,453			1,733


Equity transactions:

Purchase payments received from contract owners (note 4)			1			-			4,389			(4,800	)		-			-			(2	)		6

Transfers between subaccounts, net			19,668			(9,397	)		(3,583	)		11,020			(3,042	)		(66,707	)		13,564			7,643

Redemptions (notes 2, 3, and 4)			(3,192	)		(548	)		(14,101	)		(6,482	)		(52,617	)		(4,607	)		(874	)		(1,085	)

Adjustments to maintain reserves			(1	)		-			-			1			(1	)		-			-			(1	)


Net equity transactions			16,476			(9,945	)		(13,295	)		(261	)		(55,660	)		(71,314	)		12,688			6,563


Net change in contract owners’ equity			25,824			(363	)		9,719			(4,337	)		(60,062	)		(65,022	)		37,141			8,296

Contract owners’ equity at beginning of period			45,261			45,624			78,552			82,889			125,500			190,522			52,090			43,794


Contract owners’ equity at end of period	$		71,085			45,261			88,271			78,552			65,438			125,500			89,231			52,090


CHANGE IN UNITS:

Beginning units			4,403			5,383			2,706			2,743			4,051			6,325			923			888

Units purchased			3,025			2,964			497			1,282			2,301			1,964			223			3,697

Units redeemed			(1,755	)		(3,944	)		(880	)		(1,319	)		(4,130	)		(4,238	)		(12	)		(3,662	)


Ending units			5,673			4,403			2,323			2,706			2,222			4,051			1,134			923

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RENF						RESF						RFSF						RHCF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		2,503			3,730			(1,169	)		(1,585	)		(525	)		(308	)		(1,970	)		(2,649	)

Realized gain (loss) on investments			(1,533	)		4,427			140			1,311			16,748			3,492			(2,575	)		4,164

Change in unrealized gain (loss) on investments			15,154			(6,690	)		1,124			(10,896	)		(11,037	)		8,922			5,701			(7,574	)

Reinvested capital gains			-			-			-			-			1,701			260			15,111			5,393


Net increase (decrease) in contract owners’ equity resulting from operations			16,124			1,467			95			(11,170	)		6,887			12,366			16,267			(666	)


Equity transactions:

Purchase payments received from contract owners (note 4)			135,286			823			3,600			(702	)		199			200			490			443

Transfers between subaccounts, net			24,129			(21,998	)		(1,075	)		782			(1,263	)		(10,148	)		(49,583	)		(18,182	)

Redemptions (notes 2, 3, and 4)			(264,244	)		(61,114	)		(9,026	)		(7,554	)		(2,551	)		(1,531	)		(8,283	)		(18,956	)

Adjustments to maintain reserves			1			-			3			-			1			1			(2	)		-


Net equity transactions			(104,828	)		(82,289	)		(6,498	)		(7,474	)		(3,614	)		(11,478	)		(57,378	)		(36,695	)


Net change in contract owners’ equity			(88,704	)		(80,822	)		(6,403	)		(18,644	)		3,273			888			(41,111	)		(37,361	)

Contract owners’ equity at beginning of period			317,433			398,255			110,960			129,604			74,413			73,525			183,831			221,192


Contract owners’ equity at end of period	$		228,729			317,433			104,557			110,960			77,686			74,413			142,720			183,831


CHANGE IN UNITS:

Beginning units			19,302			23,870			20,954			22,203			3,734			4,443			4,867			5,777

Units purchased			9,604			705			1,452			150			2,965			531			188			1,979

Units redeemed			(15,773	)		(5,273	)		(2,706	)		(1,399	)		(3,126	)		(1,240	)		(1,692	)		(2,889	)


Ending units			13,133			19,302			19,700			20,954			3,573			3,734			3,363			4,867

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$		$			$			$			$			$
		RINF						RJNF					RLCE						RLCJ
		2025			2024			2025		2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(385	)		(614	)		-		3			(4	)		361			923			630

Realized gain (loss) on investments			1,211			(5,160	)		-		(48	)		187			535			(167	)		(1,672	)

Change in unrealized gain (loss) on investments			632			13,328			-		49			1,288			(1,048	)		12,408			2,115

Reinvested capital gains			3,336			-			-		-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			4,794			7,554			-		4			1,471			(152	)		13,164			1,073


Equity transactions:

Purchase payments received from contract owners (note 4)			-			-			-		(3	)		4			(4	)		2			-

Transfers between subaccounts, net			-			(44,875	)		-		-			-			(1,532	)		-			(6,413	)

Redemptions (notes 2, 3, and 4)			(2,618	)		(1,269	)		-		(61	)		(1,496	)		(934	)		(306	)		(1,185	)

Adjustments to maintain reserves			-			-			-		1			(1	)		1			-			-


Net equity transactions			(2,618	)		(46,144	)		-		(63	)		(1,493	)		(2,469	)		(304	)		(7,598	)


Net change in contract owners’ equity			2,176			(38,590	)		-		(59	)		(22	)		(2,621	)		12,860			(6,525	)

Contract owners’ equity at beginning of period			28,825			67,415			-		59			4,820			7,441			26,574			33,099


Contract owners’ equity at end of period	$		31,001			28,825			-		-			4,798			4,820			39,434			26,574


CHANGE IN UNITS:

Beginning units			571			1,624			-		23			398			587			1,548			1,918

Units purchased			-			-			-		112			8			2,140			5			-

Units redeemed			(45	)		(1,053	)		-		(135	)		(111	)		(2,329	)		(15	)		(370	)


Ending units			526			571			-		-			295			398			1,538			1,548

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RMED						RMEK						RNF						ROF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(2,469	)		(2,100	)		225			(208	)		(17,815	)		(16,639	)		(27,308	)		(22,062	)

Realized gain (loss) on investments			923			4,845			(1,284	)		(11,660	)		76,256			67,905			124,243			130,419

Change in unrealized gain (loss) on investments			12,652			39,514			5,679			(8,051	)		201,594			300,097			133,897			270,297

Reinvested capital gains			1,062			-			-			-			-			-			126,130			39,910


Net increase (decrease) in contract owners’ equity resulting from operations			12,168			42,259			4,620			(19,919	)		260,035			351,363			356,962			418,564


Equity transactions:

Purchase payments received from contract owners (note 4)			1			-			1			-			3			241			1,114			(442	)

Transfers between subaccounts, net			-			(24,328	)		-			25,134			(14	)		(24,629	)		(14,094	)		(7,176	)

Redemptions (notes 2, 3, and 4)			(1,083	)		(2,223	)		(8,158	)		(310	)		(133,723	)		(77,070	)		(122,770	)		(120,979	)

Adjustments to maintain reserves			(2	)		(1	)		1			-			-			3			-			(1	)


Net equity transactions			(1,084	)		(26,552	)		(8,156	)		24,824			(133,734	)		(101,455	)		(135,750	)		(128,598	)


Net change in contract owners’ equity			11,084			15,707			(3,536	)		4,905			126,301			249,908			221,212			289,966

Contract owners’ equity at beginning of period			328,099			312,392			59,211			54,306			1,398,628			1,148,720			2,216,040			1,926,074


Contract owners’ equity at end of period	$		339,183			328,099			55,675			59,211			1,524,929			1,398,628			2,437,252			2,216,040


CHANGE IN UNITS:

Beginning units			3,971			4,292			1,116			1,119			20,031			21,514			18,403			19,522

Units purchased			-			-			-			3,821			3,604			536			1,172			1,668

Units redeemed			(4	)		(321	)		(169	)		(3,824	)		(5,293	)		(2,019	)		(2,315	)		(2,787	)


Ending units			3,967			3,971			947			1,116			18,342			20,031			17,260			18,403

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$		$			$
		RPMF						RREF						RRF					RTEC
		2025			2024			2025			2024			2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		3,751			189			196			91			(3	)		-		(5,178	)		(4,556	)

Realized gain (loss) on investments			49,525			(824	)		(2,229	)		(4,520	)		92			-		6,209			23,924

Change in unrealized gain (loss) on investments			364,084			5,443			2,698			7,996			-			-		50,450			38,905

Reinvested capital gains			-			-			-			-			-			-		38,315			15,474


Net increase (decrease) in contract owners’ equity resulting from operations			417,360			4,808			665			3,567			89			-		89,796			73,747


Equity transactions:

Purchase payments received from contract owners (note 4)			25			357			160			160			-			-		12,760			3,489

Transfers between subaccounts, net			347,210			985			-			(9,625	)		(89	)		-		19,902			(18,580	)

Redemptions (notes 2, 3, and 4)			(22,494	)		(5,283	)		(18,621	)		(2,064	)		(1	)		-		(29,926	)		(33,977	)

Adjustments to maintain reserves			-			(1	)		-			1			1			-		1			-


Net equity transactions			324,741			(3,942	)		(18,461	)		(11,528	)		(89	)		-		2,737			(49,068	)


Net change in contract owners’ equity			742,101			866			(17,796	)		(7,961	)		-			-		92,533			24,679

Contract owners’ equity at beginning of period			84,453			83,587			84,031			91,992			-			-		376,176			351,497


Contract owners’ equity at end of period	$		826,554			84,453			66,235			84,031			-			-		468,709			376,176


CHANGE IN UNITS:

Beginning units			7,183			7,571			3,805			4,310			-			-		6,359			7,256

Units purchased			47,923			711			2,313			1,374			253			-		607			749

Units redeemed			(26,260	)		(1,099	)		(3,158	)		(1,879	)		(253	)		-		(567	)		(1,646	)


Ending units			28,846			7,183			2,960			3,805			-			-		6,399			6,359

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RTEL						RTF						RTRF						RUF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(439	)		(112	)		(33,779	)		(15,038	)		(928	)		(555	)		206			384

Realized gain (loss) on investments			230			61			69,910			248,311			(582	)		(367	)		(1,200	)		(369	)

Change in unrealized gain (loss) on investments			11,584			4,622			637,586			576,279			9,410			3,048			706			(684	)

Reinvested capital gains			-			-			-			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			11,375			4,571			673,717			809,552			7,900			2,126			(288	)		(669	)


Equity transactions:

Purchase payments received from contract owners (note 4)			14			-			3			-			(1	)		2			2			-

Transfers between subaccounts, net			-			4,152			(133,230	)		(46,765	)		(5,029	)		27,572			(22	)		(1,432	)

Redemptions (notes 2, 3, and 4)			(533	)		(1,491	)		(34,958	)		(24,606	)		(4,238	)		(482	)		(530	)		(70	)

Adjustments to maintain reserves			-			1			(2	)		-			2			(3	)		(1	)		1


Net equity transactions			(519	)		2,662			(168,187	)		(71,371	)		(9,266	)		27,089			(551	)		(1,501	)


Net change in contract owners’ equity			10,856			7,233			505,530			738,181			(1,366	)		29,215			(839	)		(2,170	)

Contract owners’ equity at beginning of period			38,737			31,504			2,863,006			2,124,825			75,586			46,371			3,326			5,496


Contract owners’ equity at end of period	$		49,593			38,737			3,368,536			2,863,006			74,220			75,586			2,487			3,326


CHANGE IN UNITS:

Beginning units			3,073			2,849			30,872			32,106			2,154			1,322			6,260			8,855

Units purchased			1			601			3,934			7,256			221			1,179			41,767			-

Units redeemed			(29	)		(377	)		(5,374	)		(8,490	)		(454	)		(347	)		(42,642	)		(2,595	)


Ending units			3,045			3,073			29,432			30,872			1,921			2,154			5,385			6,260

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RUGB						RUTL						RVF						RVIDD
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		671			1,085			320			165			(24,102	)		(27,875	)		1			2

Realized gain (loss) on investments			(5,860	)		(11,578	)		2,157			3,814			322,397			728,462			(90	)		(92	)

Change in unrealized gain (loss) on investments			4,786			3,706			26,086			23,751			77,793			3,350			85			86

Reinvested capital gains			-			-			-			-			140,633			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			(403	)		(6,787	)		28,563			27,730			516,721			703,937			(4	)		(4	)


Equity transactions:

Purchase payments received from contract owners (note 4)			69			-			-			(137	)		(1	)		1,579			-			-

Transfers between subaccounts, net			562			(26,128	)		(5,978	)		16,447			(133,077	)		(682,100	)		-			-

Redemptions (notes 2, 3, and 4)			(1,833	)		(2,332	)		(3,645	)		(3,979	)		(195,772	)		(45,671	)		(1	)		(1	)

Adjustments to maintain reserves			2			1			1			1			1			-			(1	)		-


Net equity transactions			(1,200	)		(28,459	)		(9,622	)		12,332			(328,849	)		(726,192	)		(2	)		(1	)


Net change in contract owners’ equity			(1,603	)		(35,246	)		18,941			40,062			187,872			(22,255	)		(6	)		(5	)

Contract owners’ equity at beginning of period			28,896			64,142			188,360			148,298			1,953,279			1,975,534			19			24


Contract owners’ equity at end of period	$		27,293			28,896			207,301			188,360			2,141,151			1,953,279			13			19


CHANGE IN UNITS:

Beginning units			2,807			5,373			5,699			5,297			5,171			7,311			397			430

Units purchased			3,448			-			653			2,480			667			1,757			-			-

Units redeemed			(3,608	)		(2,566	)		(914	)		(2,078	)		(1,386	)		(3,897	)		(33	)		(33	)


Ending units			2,647			2,807			5,438			5,699			4,452			5,171			364			397

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVISC						RVLCG						RVLCV						RVLDD
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		1			2			(6,530	)		(6,087	)		(57	)		72			(451	)		(168	)

Realized gain (loss) on investments			-			-			15,194			993			10,954			19,101			1,884			1,690

Change in unrealized gain (loss) on investments			(4	)		(4	)		(13,190	)		116,990			6,712			1,778			24,526			21,890

Reinvested capital gains			-			-			60,933			2,182			10,001			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			(3	)		(2	)		56,407			114,078			27,610			20,951			25,959			23,412


Equity transactions:

Purchase payments received from contract owners (note 4)			-			-			32,054			3,708			40,363			3,581			38			-

Transfers between subaccounts, net			-			-			(194,500	)		(6,489	)		(1,917	)		(3,482	)		-			-

Redemptions (notes 2, 3, and 4)			-			-			(60,074	)		(25,898	)		(64,139	)		(33,485	)		(1,225	)		(1,260	)

Adjustments to maintain reserves			-			-			-			1			(1	)		(2	)		-			(2	)


Net equity transactions			-			-			(222,520	)		(28,678	)		(25,694	)		(33,388	)		(1,187	)		(1,262	)


Net change in contract owners’ equity			(3	)		(2	)		(166,113	)		85,400			1,916			(12,437	)		24,772			22,150

Contract owners’ equity at beginning of period			27			29			544,041			458,641			216,378			228,815			145,269			123,119


Contract owners’ equity at end of period	$		24			27			377,928			544,041			218,294			216,378			170,041			145,269


CHANGE IN UNITS:

Beginning units			49			49			12,918			13,589			7,003			8,086			1,921			1,934

Units purchased			-			-			1,054			1,362			1,570			2,038			1			-

Units redeemed			-			-			(5,820	)		(2,033	)		(2,392	)		(3,121	)		(12	)		(13	)


Ending units			49			49			8,152			12,918			6,181			7,003			1,910			1,921

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVMCG						RVMCV						RVSCG						RVSCV
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(2,727	)		(3,291	)		(1,455	)		(1,794	)		(1,009	)		(1,406	)		(2,290	)		(2,595	)

Realized gain (loss) on investments			(11,469	)		6,646			2,518			7,255			(13,533	)		2,947			17,829			7,374

Change in unrealized gain (loss) on investments			9,675			31,772			(9,301	)		(6,822	)		17,550			7,085			(12,141	)		932

Reinvested capital gains			11,299			20			13,073			7,302			-			-			5,680			-


Net increase (decrease) in contract owners’ equity resulting from operations			6,778			35,147			4,835			5,941			3,008			8,626			9,078			5,711


Equity transactions:

Purchase payments received from contract owners (note 4)			14,787			1,375			17,034			2,026			41,358			1,086			23,381			1,374

Transfers between subaccounts, net			(15,351	)		14,408			(1,556	)		(4,584	)		(10,552	)		(3,930	)		(2,521	)		1,785

Redemptions (notes 2, 3, and 4)			(38,154	)		(46,361	)		(28,838	)		(24,404	)		(56,623	)		(15,898	)		(47,875	)		(17,105	)

Adjustments to maintain reserves			-			-			(1	)		(1	)		(2	)		-			2			(1	)


Net equity transactions			(38,718	)		(30,578	)		(13,361	)		(26,963	)		(25,819	)		(18,742	)		(27,013	)		(13,947	)


Net change in contract owners’ equity			(31,940	)		4,569			(8,526	)		(21,022	)		(22,811	)		(10,116	)		(17,935	)		(8,236	)

Contract owners’ equity at beginning of period			246,300			241,731			138,535			159,557			98,332			108,448			206,162			214,398


Contract owners’ equity at end of period	$		214,360			246,300			130,009			138,535			75,521			98,332			188,227			206,162


CHANGE IN UNITS:

Beginning units			6,452			7,245			3,603			4,268			3,236			3,803			7,962			8,462

Units purchased			1,055			1,992			604			369			1,736			448			1,145			670

Units redeemed			(2,189	)		(2,785	)		(973	)		(1,034	)		(2,649	)		(1,015	)		(2,196	)		(1,170	)


Ending units			5,318			6,452			3,234			3,603			2,323			3,236			6,911			7,962

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		AVGI						AVHY1						IVDDI						IVGMMI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(4,618	)		(3,967	)		44,304			36,219			2,622			2,685			183,242			240,818

Realized gain (loss) on investments			89			(2,392	)		(14,415	)		(11,030	)		15,481			(313	)		-			-

Change in unrealized gain (loss) on investments			53,367			97,556			10,328			25,598			(8,815	)		22,969			-			-

Reinvested capital gains			58,885			58,428			-			-			35,618			16,094			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			107,723			149,625			40,217			50,787			44,906			41,435			183,242			240,818


Equity transactions:

Purchase payments received from contract owners (note 4)			12,577			(227	)		5,475			58			5,433			-			23,940			176,165

Transfers between subaccounts, net			19,358			(2,290	)		6,470			35,971			(444,008	)		31,466			749,412			1,551,068

Redemptions (notes 2, 3, and 4)			(44,442	)		(54,652	)		(78,470	)		(52,238	)		(32,113	)		(13,092	)		(905,300	)		(1,471,887	)

Adjustments to maintain reserves			1			(1	)		-			(1	)		1			(1	)		(1	)		-


Net equity transactions			(12,506	)		(57,170	)		(66,525	)		(16,210	)		(470,687	)		18,373			(131,949	)		255,346


Net change in contract owners’ equity			95,217			92,455			(26,308	)		34,577			(425,781	)		59,808			51,293			496,164

Contract owners’ equity at beginning of period			733,544			641,089			820,926			786,349			425,781			365,973			6,828,956			6,332,792


Contract owners’ equity at end of period	$		828,761			733,544			794,618			820,926			-			425,781			6,880,249			6,828,956


CHANGE IN UNITS:

Beginning units			21,140			22,859			36,670			37,274			15,138			14,511			705,757			676,785

Units purchased			1,092			424			5,217			5,951			2,039			2,061			292,378			362,532

Units redeemed			(1,362	)		(2,143	)		(8,126	)		(6,555	)		(17,177	)		(1,434	)		(304,185	)		(333,560	)


Ending units			20,870			21,140			33,761			36,670			-			15,138			693,950			705,757

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		IVHS						IVMCC2						IVRE						IVT
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(3,748	)		(4,694	)		(4,064	)		(3,791	)		2,334			3,755			(2,030	)		(2,063	)

Realized gain (loss) on investments			2,442			4,875			(4,663	)		(4,022	)		(10,036	)		(8,056	)		20,669			(26,259	)

Change in unrealized gain (loss) on investments			28,358			13,686			(874	)		46,769			24,073			(4,875	)		(11,143	)		65,355

Reinvested capital gains			12,615			-			36,129			8,527			-			-			17,651			8,700


Net increase (decrease) in contract owners’ equity resulting from operations			39,667			13,867			26,528			47,483			16,371			(9,176	)		25,147			45,733


Equity transactions:

Purchase payments received from contract owners (note 4)			2,737			174			605			513			4,110			1,363			(1	)		-

Transfers between subaccounts, net			11,249			(11,129	)		(513	)		(3,442	)		27,660			(17,494	)		(11,923	)		38,609

Redemptions (notes 2, 3, and 4)			(38,660	)		(64,541	)		(9,427	)		(3,008	)		(41,571	)		(11,230	)		(24,953	)		(24,447	)

Adjustments to maintain reserves			-			-			-			-			-			-			2			(1	)


Net equity transactions			(24,674	)		(75,496	)		(9,335	)		(5,937	)		(9,801	)		(27,361	)		(36,875	)		14,161


Net change in contract owners’ equity			14,993			(61,629	)		17,193			41,546			6,570			(36,537	)		(11,728	)		59,894

Contract owners’ equity at beginning of period			310,207			371,836			353,595			312,049			277,410			313,947			179,370			119,476


Contract owners’ equity at end of period	$		325,200			310,207			370,788			353,595			283,980			277,410			167,642			179,370


CHANGE IN UNITS:

Beginning units			9,329			11,475			8,562			8,693			8,794			9,626			5,893			5,192

Units purchased			1,366			1,840			333			79			2,966			149			269			3,208

Units redeemed			(2,086	)		(3,986	)		(531	)		(210	)		(3,287	)		(981	)		(1,521	)		(2,507	)


Ending units			8,609			9,329			8,364			8,562			8,473			8,794			4,641			5,893

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		JAEI						JAGRIN						JAIG						JARIN
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(84,885	)		(48,796	)		(28,097	)		(28,096	)		992			889			(107,598	)		(112,227	)

Realized gain (loss) on investments			453,732			274,863			656,745			486,654			38,293			10,629			906,386			492,482

Change in unrealized gain (loss) on investments			(497,999	)		640,423			(124,317	)		436,119			97,502			7,528			(8,690	)		1,955,027

Reinvested capital gains			676,912			370,665			462,143			172,671			-			-			716,836			260,713


Net increase (decrease) in contract owners’ equity resulting from operations			547,760			1,237,155			966,474			1,067,348			136,787			19,046			1,506,934			2,595,995


Equity transactions:

Purchase payments received from contract owners (note 4)			26,668			8,419			13,267			10,157			119,670			(7,780	)		372,214			11,150

Transfers between subaccounts, net			17,095			(4,643	)		20,232			(58,489	)		25,197			71,729			(94,242	)		(77,519	)

Redemptions (notes 2, 3, and 4)			(1,205,557	)		(598,892	)		(789,163	)		(613,374	)		(196,316	)		(21,719	)		(1,598,465	)		(827,833	)

Adjustments to maintain reserves			3			2			-			(3	)		1			(2	)		(3	)		-


Net equity transactions			(1,161,791	)		(595,114	)		(755,664	)		(661,709	)		(51,448	)		42,228			(1,320,496	)		(894,202	)


Net change in contract owners’ equity			(614,031	)		642,041			210,810			405,639			85,339			61,274			186,438			1,701,793

Contract owners’ equity at beginning of period			9,595,409			8,953,368			5,423,884			5,018,245			511,091			449,817			9,721,686			8,019,893


Contract owners’ equity at end of period	$		8,981,378			9,595,409			5,634,694			5,423,884			596,430			511,091			9,908,124			9,721,686


CHANGE IN UNITS:

Beginning units			112,028			119,037			135,146			152,214			11,256			10,328			147,438			162,117

Units purchased			7,460			6,143			15,045			7,941			3,598			1,639			12,825			8,761

Units redeemed			(20,629	)		(13,152	)		(32,326	)		(25,009	)		(4,508	)		(711	)		(31,419	)		(23,440	)


Ending units			98,859			112,028			117,865			135,146			10,346			11,256			128,844			147,438

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		LZREMS						LZRIES						LZRUSM						LPVCAI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		4,444			5,874			2,713			3,981			(9,386	)		(10,853	)		(1,279	)		(1,103	)

Realized gain (loss) on investments			11			(5,238	)		56,770			(6,073	)		(43,810	)		(8,717	)		(4,416	)		(4,417	)

Change in unrealized gain (loss) on investments			95,633			17,235			(393	)		14,296			(39,486	)		68,770			1,183			(10,342	)

Reinvested capital gains			-			-			10,722			608			94,150			31,174			16,012			26,169


Net increase (decrease) in contract owners’ equity resulting from operations			100,088			17,871			69,812			12,812			1,468			80,374			11,500			10,307


Equity transactions:

Purchase payments received from contract owners (note 4)			3,500			1,396			428			(267	)		7,935			(10,949	)		-			-

Transfers between subaccounts, net			(3,544	)		(24,285	)		(322,802	)		(4,841	)		1,602			1,342			-			(1,214	)

Redemptions (notes 2, 3, and 4)			(11,395	)		(21,437	)		(5,415	)		(29,694	)		(137,251	)		(93,265	)		(3,535	)		(5,185	)

Adjustments to maintain reserves			1			(1	)		(1	)		(1	)		(1	)		1			(1	)		1


Net equity transactions			(11,438	)		(44,327	)		(327,790	)		(34,803	)		(127,715	)		(102,871	)		(3,536	)		(6,398	)


Net change in contract owners’ equity			88,650			(26,456	)		(257,978	)		(21,991	)		(126,247	)		(22,497	)		7,964			3,909

Contract owners’ equity at beginning of period			256,344			282,800			257,978			279,969			844,065			866,562			98,424			94,515


Contract owners’ equity at end of period	$		344,994			256,344			-			257,978			717,818			844,065			106,388			98,424


CHANGE IN UNITS:

Beginning units			8,000			9,340			12,967			14,642			17,334			19,478			3,414			3,643

Units purchased			223			355			286			1,634			731			641			-			-

Units redeemed			(514	)		(1,695	)		(13,253	)		(3,309	)		(3,421	)		(2,785	)		(108	)		(229	)


Ending units			7,709			8,000			-			12,967			14,644			17,334			3,306			3,414

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		LPVCII						LVCLGI						SBVHY						LACB2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		1,947			102			(16,405	)		(16,305	)		6			6			9,899			13,786

Realized gain (loss) on investments			(1,220	)		2,345			42,880			81,639			-			-			41,331			10,901

Change in unrealized gain (loss) on investments			(7,292	)		4,678			(25,816	)		174,070			3			-			110,647			138,092

Reinvested capital gains			28,826			21,374			89,943			55,697			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			22,261			28,499			90,602			295,101			9			6			161,877			162,779


Equity transactions:

Purchase payments received from contract owners (note 4)			-			1			6,828			-			(2	)		-			64,963			(1	)

Transfers between subaccounts, net			(2,541	)		8,905			38,913			(68,572	)		-			-			(6,749	)		2,098,034

Redemptions (notes 2, 3, and 4)			(8,248	)		(6,176	)		(94,994	)		(106,306	)		-			-			(399,067	)		(131,058	)

Adjustments to maintain reserves			-			-			-			1			2			(1	)		-			1


Net equity transactions			(10,789	)		2,730			(49,253	)		(174,877	)		-			(1	)		(340,853	)		1,966,976


Net change in contract owners’ equity			11,472			31,229			41,349			120,224			9			5			(178,976	)		2,129,755

Contract owners’ equity at beginning of period			205,262			174,033			1,299,241			1,179,017			102			97			2,129,755			-


Contract owners’ equity at end of period	$		216,734			205,262			1,340,590			1,299,241			111			102			1,950,779			2,129,755


CHANGE IN UNITS:

Beginning units			6,050			5,904			23,370			26,716			5			5			197,823			-

Units purchased			8			470			2,539			522			-			-			8,674			214,121

Units redeemed			(300	)		(324	)		(3,373	)		(3,868	)		-			-			(38,696	)		(16,298	)


Ending units			5,758			6,050			22,536			23,370			5			5			167,801			197,823

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		LACDV2						LACI2						LACIPS						LACV2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(18,576	)		1,247			(401	)		(1,307	)		8,640			3,311			5,155			34,577

Realized gain (loss) on investments			268,246			10,843			4,209			6,504			159			812			44,663			22,589

Change in unrealized gain (loss) on investments			(90,078	)		90,078			59,295			(3,363	)		(1,886	)		(172	)		101,457			75,722

Reinvested capital gains			-			-			-			-			-			-			189,669			23,477


Net increase (decrease) in contract owners’ equity resulting from operations			159,592			102,168			63,103			1,834			6,913			3,951			340,944			156,365


Equity transactions:

Purchase payments received from contract owners (note 4)			943			27,569			6,067			21,718			859			537			1,496			11,032

Transfers between subaccounts, net			(1,747,472	)		1,813,109			865			543,612			-			142,045			(12,312	)		2,622,075

Redemptions (notes 2, 3, and 4)			(162,887	)		(193,020	)		(65,286	)		(97,854	)		(2,110	)		(8,743	)		(484,700	)		(276,535	)

Adjustments to maintain reserves			-			(2	)		-			1			1			(1	)		2			(2	)


Net equity transactions			(1,909,416	)		1,647,656			(58,354	)		467,477			(1,250	)		133,838			(495,514	)		2,356,570


Net change in contract owners’ equity			(1,749,824	)		1,749,824			4,749			469,311			5,663			137,789			(154,570	)		2,512,935

Contract owners’ equity at beginning of period			1,749,824			-			469,311			-			137,789			-			2,512,935			-


Contract owners’ equity at end of period	$		-			1,749,824			474,060			469,311			143,452			137,789			2,358,365			2,512,935


CHANGE IN UNITS:

Beginning units			165,860			-			47,306			-			13,476			-			238,108			-

Units purchased			3,554			187,898			1,553			60,577			81			15,355			34,958			281,949

Units redeemed			(169,414	)		(22,038	)		(7,038	)		(13,271	)		(163	)		(1,879	)		(77,552	)		(43,841	)


Ending units			-			165,860			41,821			47,306			13,394			13,476			195,514			238,108

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$		$			$
		LOVCDG						LOVGI						GIG					GVEXD
		2025			2024			2025			2024			2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		(1,339	)		(1,360	)		(16,897	)		(9,707	)		129			-		(1,536	)		2,736

Realized gain (loss) on investments			9,535			1,722			38,359			27,131			32			-		5,659			1,507

Change in unrealized gain (loss) on investments			3,903			24,285			81,578			218,002			11,529			-		124,732			43,006

Reinvested capital gains			16,657			11,469			258,160			181,675			-			-		1,348			362


Net increase (decrease) in contract owners’ equity resulting from operations			28,756			36,116			361,200			417,101			11,690			-		130,203			47,611


Equity transactions:

Purchase payments received from contract owners (note 4)			54			-			30,968			(5,898	)		538			-		-			-

Transfers between subaccounts, net			-			-			(39,423	)		(31,338	)		311,137			-		195,802			618,458

Redemptions (notes 2, 3, and 4)			(9,761	)		(10,738	)		(249,766	)		(157,622	)		(1,516	)		-		(13,788	)		(3,590	)

Adjustments to maintain reserves			-			-			(17,048	)		(4	)		(1	)		-		-			1


Net equity transactions			(9,707	)		(10,738	)		(275,269	)		(194,862	)		310,158			-		182,014			614,869


Net change in contract owners’ equity			19,049			25,378			85,931			222,239			321,848			-		312,217			662,480

Contract owners’ equity at beginning of period			205,280			179,902			2,483,689			2,261,450			-			-		720,271			57,791


Contract owners’ equity at end of period	$		224,329			205,280			2,569,620			2,483,689			321,848			-		1,032,488			720,271


CHANGE IN UNITS:

Beginning units			3,295			3,475			53,827			58,225			-			-		51,167			5,050

Units purchased			365			-			2,166			3,075			26,077			-		14,106			46,385

Units redeemed			(508	)		(180	)		(7,794	)		(7,473	)		(158	)		-		(2,016	)		(268	)


Ending units			3,152			3,295			48,199			53,827			25,919			-		63,257			51,167

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$		$			$		$			$		$			$
		NVAMVX					NVCBDY					NVOLG1					AMCG
		2025			2024		2025			2024		2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		15,054			-		5,438			-		8,303			-		(5,185	)		(5,096	)

Realized gain (loss) on investments			1,062			-		(147	)		-		44			-		8,069			(2,089	)

Change in unrealized gain (loss) on investments			68,670			-		960			-		9,330			-		(40,333	)		62,961

Reinvested capital gains			3,354			-		-			-		-			-		51,606			23,820


Net increase (decrease) in contract owners’ equity resulting from operations			88,140			-		6,251			-		17,677			-		14,157			79,596


Equity transactions:

Purchase payments received from contract owners (note 4)			156			-		-			-		218			-		1,645			1,193

Transfers between subaccounts, net			2,225,951			-		226,293			-		1,317,657			-		(2,590	)		64,941

Redemptions (notes 2, 3, and 4)			(31,820	)		-		(8,939	)		-		(4,989	)		-		(64,006	)		(29,627	)

Adjustments to maintain reserves			(1	)		-		(1	)		-		-			-		(1	)		-


Net equity transactions			2,194,286			-		217,353			-		1,312,886			-		(64,952	)		36,507


Net change in contract owners’ equity			2,282,426			-		223,604			-		1,330,563			-		(50,795	)		116,103

Contract owners’ equity at beginning of period			-			-		-			-		-			-		449,170			333,067


Contract owners’ equity at end of period	$		2,282,426			-		223,604			-		1,330,563			-		398,375			449,170


CHANGE IN UNITS:

Beginning units			-			-		-			-		-			-		10,262			9,296

Units purchased			200,465			-		26,074			-		110,472			-		247			2,186

Units redeemed			(7,085	)		-		(4,340	)		-		(528	)		-		(1,747	)		(1,220	)


Ending units			193,380			-		21,734			-		109,944			-		8,762			10,262

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		AMRI						AMSRS						AMTB						NOVPDI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(13,284	)		(8,777	)		(13,060	)		(10,337	)		38,424			37,628			(169	)		4,812

Realized gain (loss) on investments			7,072			7,589			29,923			46,087			(4,120	)		(12,527	)		12,582			(24,386	)

Change in unrealized gain (loss) on investments			(8,723	)		65,669			42,256			129,699			5,665			18,669			220,048			194,802

Reinvested capital gains			187,633			53,901			63,019			47,209			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			172,698			118,382			122,138			212,658			39,969			43,770			232,461			175,228


Equity transactions:

Purchase payments received from contract owners (note 4)			1,031			1,027			213			(10,280	)		6,973			69			9,709			389

Transfers between subaccounts, net			72			5,445			(1,144	)		(10,374	)		38,812			(37,876	)		(1,089	)		(2,767	)

Redemptions (notes 2, 3, and 4)			(5,899	)		(6,370	)		(35,274	)		(91,505	)		(31,838	)		(71,341	)		(214,410	)		(118,178	)

Adjustments to maintain reserves			(1	)		2			-			(1	)		-			-			(1	)		1


Net equity transactions			(4,797	)		104			(36,205	)		(112,160	)		13,947			(109,148	)		(205,791	)		(120,555	)


Net change in contract owners’ equity			167,901			118,486			85,933			100,498			53,916			(65,378	)		26,670			54,673

Contract owners’ equity at beginning of period			1,701,412			1,582,926			1,016,767			916,269			901,280			966,658			1,625,682			1,571,009


Contract owners’ equity at end of period	$		1,869,313			1,701,412			1,102,700			1,016,767			955,196			901,280			1,652,352			1,625,682


CHANGE IN UNITS:

Beginning units			38,437			38,332			19,505			21,789			69,173			77,535			117,638			126,267

Units purchased			25			188			677			722			6,472			10,855			6,366			3,442

Units redeemed			(35	)		(83	)		(1,303	)		(3,006	)		(5,247	)		(19,217	)		(20,437	)		(12,071	)


Ending units			38,427			38,437			18,879			19,505			70,398			69,173			103,567			117,638

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NOVPM						PMVAAA						PMVEBA						PMVFHA
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(27,360	)		(27,215	)		9,332			14,166			295			264			75			77

Realized gain (loss) on investments			49,490			39,044			(1,506	)		(17,398	)		(33	)		(92	)		(4	)		(4	)

Change in unrealized gain (loss) on investments			29,716			402,122			24,758			7,814			407			146			18			61

Reinvested capital gains			386,939			-			-			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			438,785			413,951			32,584			4,582			669			318			89			134


Equity transactions:

Purchase payments received from contract owners (note 4)			12,857			(2,521	)		(18	)		2,003			-			-			-			-

Transfers between subaccounts, net			(26,260	)		(13,076	)		-			(19,624	)		-			-			-			-

Redemptions (notes 2, 3, and 4)			(172,478	)		(245,888	)		(3,605	)		(4,273	)		(162	)		(426	)		(8	)		(8	)

Adjustments to maintain reserves			1			(1	)		(1	)		-			-			1			-			(1	)


Net equity transactions			(185,880	)		(261,486	)		(3,624	)		(21,894	)		(162	)		(425	)		(8	)		(9	)


Net change in contract owners’ equity			252,905			152,465			28,960			(17,312	)		507			(107	)		81			125

Contract owners’ equity at beginning of period			2,116,886			1,964,421			256,497			273,809			4,948			5,055			3,357			3,232


Contract owners’ equity at end of period	$		2,369,791			2,116,886			285,457			256,497			5,455			4,948			3,438			3,357


CHANGE IN UNITS:

Beginning units			92,290			103,789			14,153			15,440			275			297			198			198

Units purchased			8,273			4,493			77			4,213			-			74			-			-

Units redeemed			(15,656	)		(15,992	)		(229	)		(5,500	)		(8	)		(96	)		-			-


Ending units			84,907			92,290			14,001			14,153			267			275			198			198

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PMVGBA						PMVHYA						PMVRRA						PMVRSA
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		7,622			5,337			23			19			19,070			12,433			246			130

Realized gain (loss) on investments			(3,583	)		(11,678	)		-			-			(2,682	)		(10,298	)		(2,324	)		(1,392	)

Change in unrealized gain (loss) on investments			20,791			2,620			11			4			40,624			6,212			4,391			1,686

Reinvested capital gains			-			-			-			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			24,830			(3,721	)		34			23			57,012			8,347			2,313			424


Equity transactions:

Purchase payments received from contract owners (note 4)			3,580			3,347			-			-			13,061			1,318			1,657			-

Transfers between subaccounts, net			6,235			(20,372	)		-			-			67,165			(34,870	)		-			-

Redemptions (notes 2, 3, and 4)			(3,085	)		(22,585	)		(1	)		(1	)		(37,114	)		(71,116	)		(2,472	)		(726	)

Adjustments to maintain reserves			-			-			1			1			(2	)		-			(1	)		-


Net equity transactions			6,730			(39,610	)		-			-			43,110			(104,668	)		(816	)		(726	)


Net change in contract owners’ equity			31,560			(43,331	)		34			23			100,122			(96,321	)		1,497			(302	)

Contract owners’ equity at beginning of period			216,227			259,558			464			441			839,309			935,630			13,681			13,983


Contract owners’ equity at end of period	$		247,787			216,227			498			464			939,431			839,309			15,178			13,681


CHANGE IN UNITS:

Beginning units			16,698			19,645			23			22			52,212			58,553			1,918			2,011

Units purchased			1,395			1,132			-			1			6,252			3,597			218			-

Units redeemed			(865	)		(4,079	)		-			-			(3,455	)		(9,938	)		(318	)		(93	)


Ending units			17,228			16,698			23			23			55,009			52,212			1,818			1,918

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PMVTRA						PVSTA						ROCMC						ROCSC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		66,452			66,589			35,248			43,385			(3,573	)		(3,442	)		3,316			(661	)

Realized gain (loss) on investments			(34,274	)		(92,931	)		(3,621	)		(3,037	)		489			(1,605	)		(5,237	)		13,792

Change in unrealized gain (loss) on investments			136,878			58,484			4,325			13,262			(7,517	)		18,000			1,400			(26,224	)

Reinvested capital gains			-			-			-			-			47,623			19,370			36,574			20,504


Net increase (decrease) in contract owners’ equity resulting from operations			169,056			32,142			35,952			53,610			37,022			32,323			36,053			7,411


Equity transactions:

Purchase payments received from contract owners (note 4)			17,705			14,799			4,779			6,358			-			1,492			17,076			(4,324	)

Transfers between subaccounts, net			93,169			10,382			(267,273	)		225,946			4,975			(1,064	)		29,820			5,369

Redemptions (notes 2, 3, and 4)			(109,143	)		(271,995	)		(41,241	)		(172,981	)		(12,251	)		(12,235	)		(46,694	)		(111,938	)

Adjustments to maintain reserves			1			(1	)		1			-			(1	)		1			1			1


Net equity transactions			1,732			(246,815	)		(303,734	)		59,323			(7,277	)		(11,806	)		203			(110,892	)


Net change in contract owners’ equity			170,788			(214,673	)		(267,782	)		112,933			29,745			20,517			36,256			(103,481	)

Contract owners’ equity at beginning of period			2,271,340			2,486,013			1,245,394			1,132,461			288,860			268,343			502,006			605,487


Contract owners’ equity at end of period	$		2,442,128			2,271,340			977,612			1,245,394			318,605			288,860			538,262			502,006


CHANGE IN UNITS:

Beginning units			143,775			158,932			102,358			97,233			6,391			6,647			10,257			12,601

Units purchased			10,573			25,687			4,933			32,840			241			147			1,456			1,885

Units redeemed			(10,236	)		(40,844	)		(29,369	)		(27,715	)		(350	)		(403	)		(1,464	)		(4,229	)


Ending units			144,112			143,775			77,922			102,358			6,282			6,391			10,249			10,257

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		TAVV						VWBF						VWEM						VWHA
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		5,236			8,474			5,064			7,788			(3,782	)		2,906			4,349			4,410

Realized gain (loss) on investments			(2,172	)		(9,760	)		467			(715	)		(11,688	)		(32,866	)		(310	)		(1,863	)

Change in unrealized gain (loss) on investments			108,693			(60,851	)		13,787			(5,224	)		195,344			32,120			100,088			(14,923	)

Reinvested capital gains			37,772			50,170			-			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			149,529			(11,967	)		19,318			1,849			179,874			2,160			104,127			(12,376	)


Equity transactions:

Purchase payments received from contract owners (note 4)			18,061			4,208			1,593			3,496			-			1,823			26,462			(529	)

Transfers between subaccounts, net			(26,398	)		(95,800	)		1,118			902			-			(13,817	)		(1,188	)		(14,101	)

Redemptions (notes 2, 3, and 4)			(46,381	)		(47,194	)		(11,264	)		(21,998	)		(47,599	)		(56,430	)		(48,740	)		(22,618	)

Adjustments to maintain reserves			-			-			-			(1	)		-			1			-			1


Net equity transactions			(54,718	)		(138,786	)		(8,553	)		(17,601	)		(47,599	)		(68,423	)		(23,466	)		(37,247	)


Net change in contract owners’ equity			94,811			(150,753	)		10,765			(15,752	)		132,275			(66,263	)		80,661			(49,623	)

Contract owners’ equity at beginning of period			488,057			638,810			117,883			133,635			660,503			726,766			312,933			362,556


Contract owners’ equity at end of period	$		582,868			488,057			128,648			117,883			792,778			660,503			393,594			312,933


CHANGE IN UNITS:

Beginning units			16,095			20,280			6,511			7,472			22,618			24,811			12,117			13,437

Units purchased			751			732			643			1,501			-			511			1,112			527

Units redeemed			(2,376	)		(4,917	)		(1,067	)		(2,462	)		(1,407	)		(2,704	)		(1,894	)		(1,847	)


Ending units			14,470			16,095			6,087			6,511			21,211			22,618			11,335			12,117

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PIHYB2						PIVEI2						PIVF2						PIVMV2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		948			845			5,343			5,120			(1,960	)		(1,631	)		916			831

Realized gain (loss) on investments			(38	)		(35	)		(32,806	)		(3,554	)		1,175			4,219			(1,691	)		3,886

Change in unrealized gain (loss) on investments			439			558			(11,309	)		(69,662	)		12,978			23,982			(259	)		935

Reinvested capital gains			-			-			108,594			138,743			24,770			9,256			12,952			10,466


Net increase (decrease) in contract owners’ equity resulting from operations			1,349			1,368			69,822			70,647			36,963			35,826			11,918			16,118


Equity transactions:

Purchase payments received from contract owners (note 4)			-			-			1,348			1,373			-			-			-			-

Transfers between subaccounts, net			-			-			(16,649	)		(1,283	)		(8,798	)		11,214			2,734			(27,197	)

Redemptions (notes 2, 3, and 4)			(113	)		(50	)		(79,223	)		(51,893	)		(3,807	)		(30,286	)		(3,750	)		(3,630	)

Adjustments to maintain reserves			1			(1	)		-			(1	)		-			-			-			-


Net equity transactions			(112	)		(51	)		(94,524	)		(51,804	)		(12,605	)		(19,072	)		(1,016	)		(30,827	)


Net change in contract owners’ equity			1,237			1,317			(24,702	)		18,843			24,358			16,754			10,902			(14,709	)

Contract owners’ equity at beginning of period			20,539			19,222			747,988			729,145			186,267			169,513			156,808			171,517


Contract owners’ equity at end of period	$		21,776			20,539			723,286			747,988			210,625			186,267			167,710			156,808


CHANGE IN UNITS:

Beginning units			1,009			1,009			21,455			22,862			4,148			4,548			5,284			6,299

Units purchased			-			-			1,073			245			148			373			779			123

Units redeemed			(2	)		-			(3,578	)		(1,652	)		(428	)		(773	)		(888	)		(1,138	)


Ending units			1,007			1,009			18,950			21,455			3,868			4,148			5,175			5,284

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$
		JNMVA1						JNMVA5
		2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			-			-

Realized gain (loss) on investments			-			-			-			-

Change in unrealized gain (loss) on investments			-			-			-			-

Reinvested capital gains			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			-			-			-			-


Equity transactions:

Purchase payments received from contract owners (note 4)			-			260,655			-			-

Transfers between subaccounts, net			-			(303,145	)		-			935,377

Redemptions (notes 2, 3, and 4)			(119,435	)		(424,209	)		(22,023	)		(13,711	)

Adjustments to maintain reserves			-			(1	)		-			-


Net equity transactions			(119,435	)		(466,700	)		(22,023	)		921,666


Net change in contract owners’ equity			(119,435	)		(466,700	)		(22,023	)		921,666

Contract owners’ equity at beginning of period			1,439,010			1,905,710			1,205,000			283,334


Contract owners’ equity at end of period	$		1,319,575			1,439,010			1,182,977			1,205,000


CHANGE IN UNITS:

Beginning units			-			-			-			-

Units purchased			-			-			-			-

Units redeemed			-			-			-			-


Ending units			-			-			-			-

*	For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

(1)

Background and Summary of Significant Accounting Policies

(a)

Organization and Nature of Operations

The Jefferson National Life Annuity Account F (the Separate Account) was established pursuant to a resolution of the Board of Directors of Jefferson National Life Insurance Company (f/k/a Conseco Variable Insurance Company f/k/a Great American Reserve Insurance Company) (the Company) in 1997. The Separate Account comprises two separate accounts. One account, also named Jefferson National Life Annuity Account F, services the variable annuity portion of the contract and is registered under the Investment Company Act of 1940 as a unit investment trust. The other account, Jefferson National Life Interest Adjustment Account (IAA), offers interest adjustment account investment options that pay fixed rates of interest as declared by the Company for specified periods (one, three and five years) from the date the amounts are allocated to the IAA. The IAA is not registered as an investment company under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers tax qualified and non-tax qualified Individual Deferred Variable Annuity Contracts through the Separate Account.

(b)

The Contracts

The Separate Account offers variable annuity insurance benefits intended to serve the long-term saving needs of investors. The primary distribution for the contracts is through the brokerage community; however, other distributors are utilized. Contract features are described in the applicable prospectus.

A contract owner may choose from among a number of different underlying mutual fund options or the interest adjustment option. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

With certain exceptions, contract owners in either the accumulation or payout phase may invest in any of the following:

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)

ALGER AMERICAN FUNDS

Alger Small Cap Growth Portfolio: Class I-2 Shares (AASCO)

Alger Capital Appreciation Portfolio - Class I2 Shares (ALCAI2)

Alger Large Cap Growth Portfolio: Class I-2 Shares (ALCGI2)

Alger Mid Cap Growth Portfolio: Class I-2 Shares (ALMGI2)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2 (SVDF)

Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)*

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

COLUMBIA FUNDS MANAGEMENT COMPANY

Columbia Funds Variable Insurance Trust II - Columbia Variable Portfolio - Seligman Global Technology: Class 2 (CLVGT2)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes High Income Bond Fund II: Primary Shares (FHIB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - U.S. Government Money Market Fund (GVRUGM)

Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)

Rydex Variable Trust - Biotechnology Fund (RBF)

Rydex Variable Trust - Banking Fund (RBKF)

Rydex Variable Trust - Basic Materials Fund (RBMF)

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

Rydex Variable Trust - Consumer Products Fund (RCPF)

Rydex Variable Trust - Electronics Fund (RELF)

Rydex Variable Trust - Energy Fund (RENF)

Rydex Variable Trust - Energy Services Fund (RESF)

Rydex Variable Trust - Financial Services Fund (RFSF)

Rydex Variable Trust - Health Care Fund (RHCF)

Rydex Variable Trust - Internet Fund (RINF)

Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)*

Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)

Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)

Rydex Variable Trust - Leisure Fund (RLF)*

Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)

Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)

Rydex Variable Trust - Nova Fund (RNF)

Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)

Rydex Variable Trust - Precious Metals Fund (RPMF)

Rydex Variable Trust - Real Estate Fund (RREF)

Rydex Variable Trust - Retailing Fund (RRF)*

Rydex Variable Trust - Technology Fund (RTEC)

Rydex Variable Trust - Telecommunications Fund (RTEL)

Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)

Rydex Variable Trust - Transportation Fund (RTRF)

Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)

Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)

Rydex Variable Trust - Utilities Fund (RUTL)

Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)

Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)

Rydex Variable Trust - Inverse Mid-Cap Strategy Fund (RVIMC)*

Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)

Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)

Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)

Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)

Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)

Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)

Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)

Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)

INVESCO INVESTMENTS

Invesco - Invesco V.I. Core Equity Fund: Series I Shares (AVGI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. Diversified Dividend Fund: Series I Shares (IVDDI)*

Invesco - Invesco V.I. Government Money Market Fund: Series I Shares (IVGMMI)

Invesco - Invesco V.I. Health Care Fund: Series I Shares (IVHS)

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series II Shares (IVMCC2)

Invesco - Invesco V.I. Global Real Estate Fund: Series I Shares (IVRE)

Invesco - Invesco V.I. Technology Fund: Series I Shares (IVT)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Global Research Portfolio: Institutional Shares (JAGRIN)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Institutional Shares (JAIG)

Janus Aspen Series - Janus Henderson Research Portfolio: Institutional Shares (JARIN)

LAZARD FUNDS

JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

Lazard Retirement Series, Inc. - Lazard Retirement International Equity Portfolio: Service Shares (LZRIES)*

Lazard Retirement Series, Inc. - Lazard Retirement US Small Cap Equity Select Portfolio: Service Shares (LZRUSM)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Growth Portfolio: Class I (LPVCAI)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy Portfolio: Class I (LPVCII)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Large Cap Growth Portfolio: Class I (LVCLGI)

Western Asset Variable Global High Yield Bond Portfolio: Class I (SBVHY)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Balanced Fund: Standard Class II (LACB2)

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II

(LACDV2)*

Lincoln Variable Insurance Products Trust - LVIP American Century International Fund: Standard Class II (LACI2)

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Service Class (LACIPS)

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Dividend Growth Portfolio: Class VC (LOVCDG)

Lord Abbett Series Fund, Inc. - Growth and Income Portfolio: Class VC (LOVGI)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class I (GEM)*

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class Y (GVEXD)

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Managed Growth & Income Fund: Class I (NCPGI)*

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Inflation Managed Fund: Class II (NJMIM2)*

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Nationwide Variable Insurance Trust - NVIT Loomis Core Bond Fund: Class Y (NVCBDY)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)*

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)*

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class I Shares (AMRI)

Neuberger Berman Advisers Management Trust - Quality Equity Portfolio: Class I Shares (AMSRS)