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N-VPFS 1 a2024alacsepaccount1fs.htm N-VPFS Document

ALAC Separate Account 1

Financial Statements

As of and for the year ended December 31, 2024

ALAC Separate Account 1

Index to the Financial Statements

As of and for the year ended December 31, 2024


			Page

Report of Independent Registered Public Accounting Firm			1

Financial Statements

Statements of Net Assets			3

Statements of Operations			7

Statements of Changes in Net Assets			11

Notes to Financial Statements			15

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Policyowners of ALAC Separate Account 1 and the

Board of Directors of Athene Annuity and Life Company

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of net assets of each of the subaccounts listed in the table below which comprises ALAC Separate Account 1 (the “Account”) as of December 31, 2024, the related statements of operations for the year ended December 31, 2024, changes in net assets for the years ended December 31, 2024 and 2023, the financial highlights for the years ended December 31, 2024, 2023 and 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.


The Alger Funds Mid Cap Growth Portfolio	Fidelity Variable Insurance Products Investment Grade Bond Portfolio	Royce Capital Fund Micro-Cap Portfolio
The Alger Funds Small Cap Growth Portfolio	Fidelity Variable Insurance Products Government Money Market Portfolio	First Eagle Investment Management Overseas Variable Fund
Fidelity Variable Insurance Products Asset Manager Portfolio	T. Rowe Price Equity Series, Inc. International Stock Portfolio	Neuberger Berman Advisors Management Trust Mid Cap Growth Portfolio
Fidelity Variable Insurance Products Contrafund Portfolio	T. Rowe Price Equity Series, Inc. Limited-Term Bond Portfolio	Neuberger Berman Advisors Management Trust Sustainable Equity Portfolio
Fidelity Variable Insurance Products Equity-Income Portfolio	VanEck VIP Trust Global Resources Fund Portfolio	PIMCO Variable Insurance Trust High Yield Portfolio
Fidelity Variable Insurance Products Growth Portfolio	Pioneer Investments Pioneer Fund VCT Portfolio	PIMCO Variable Insurance Trust Real Return Portfolio
Fidelity Variable Insurance Products Index 500 Portfolio	Pioneer Investments Pioneer Select Mid Cap Growth VCT Portfolio

The financial highlights for each of the years or periods ended on or prior to December 31, 2021, were audited by other independent registered public accountants whose report, dated April 28, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodians; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

April 28, 2025

We have served as the Account’s auditor since 2022.

ALAC Separate Account 1

Statements of Net Assets

December 31, 2024


	The Alger Funds				Fidelity Variable Insurance Products
	Mid Cap		Small Cap		Asset				Equity-
	Growth		Growth		Manager		Contrafund		Income
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

Assets
Investments in shares of mutual funds, at fair value	$	1,387,936	$	563,127	$	411,964	$	4,406,751	$	1,790,939
Total Assets	$	1,387,936	$	563,127	$	411,964	$	4,406,751	$	1,790,939

Net assets in the accumulation period	$	1,387,936	$	563,127	$	411,964	$	4,406,751	$	1,790,939
Net assets	$	1,387,936	$	563,127	$	411,964	$	4,406,751	$	1,790,939

Accumulation unit value	$	82.946	$	39.076	$	40.772	$	152.062	$	67.849
Accumulation units outstanding	16,733		14,411		10,104		28,980		26,396

Shares of mutual funds owned	68,036		31,619		25,043		76,057		67,354

Investments, at cost	$	1,408,107	$	758,182	$	381,511	$	2,708,765	$	1,541,848

(Continued)

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

ALAC Separate Account 1

Statements of Net Assets

December 31, 2024


									T. Rowe Price
	Fidelity Variable Insurance Products								Equity Series, Inc.
							Government
			Index		Investment		Money		International		Limited-Term
	Growth		500		Grade Bond		Market		Stock		Bond
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

Assets
Investments in shares of mutual funds, at fair value	$	3,342,046	$	5,362,963	$	410,991	$	536,810	$	938,928	$	198,521
Total Assets	$	3,342,046	$	5,362,963	$	410,991	$	536,810	$	938,928	$	198,521

Net assets in the accumulation period	$	3,342,046	$	5,362,963	$	410,991	$	536,810	$	938,928	$	198,521
Net assets	$	3,342,046	$	5,362,963	$	410,991	$	536,810	$	938,928	$	198,521

Accumulation unit value	$	120.243	$	110.134	$	23.296	$	13.292	$	26.605	$	16.882
Accumulation units outstanding	27,794		48,695		17,642		40,385		35,292		11,759

Shares of mutual funds owned	34,475		9,417		37,431		536,810		62,763		42,329

Investments, at cost	$	2,473,043	$	1,746,152	$	471,999	$	536,809	$	948,866	$	207,708

(Continued)

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

ALAC Separate Account 1

Statements of Net Assets

December 31, 2024


	VanEck						Royce		First Eagle
	VIP						Capital		Investment
	Trust		Pioneer Investments				Fund		Management
	Global				Pioneer Select
	Resources		Pioneer		Mid Cap				Overseas
	Fund		Fund VCT		Growth VCT		Micro-Cap		Variable
	Portfolio		Portfolio		Portfolio		Portfolio		Fund

Assets
Investments in shares of mutual funds, at fair value	$	92,716	$	1,108,533	$	1,769,431	$	409,209	$	797,167
Total Assets	$	92,716	$	1,108,533	$	1,769,431	$	409,209	$	797,167

Net assets in the accumulation period	$	92,716	$	1,108,533	$	1,769,431	$	409,209	$	797,167
Net assets	$	92,716	$	1,108,533	$	1,769,431	$	409,209	$	797,167

Accumulation unit value	$	30.220	$	105.806	$	51.446	$	82.903	$	86.059
Accumulation units outstanding	3,068		10,477		34,394		4,936		9,263

Shares of mutual funds owned	3,682		59,663		64,838		41,970		34,052

Investments, at cost	$	86,943	$	973,992	$	1,566,828	$	382,319	$	812,120

(Continued)

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

ALAC Separate Account 1

Statements of Net Assets

December 31, 2024


	Neuberger Berman				PIMCO Variable
	Advisors Management Trust				Insurance Trust
	Mid Cap		Sustainable		High		Real
	Growth		Equity		Yield		Return
	Portfolio		Portfolio		Portfolio		Portfolio

Assets
Investments in shares of mutual funds, at fair value	$	300,738	$	344,788	$	60,893	$	142,412
Total Assets	$	300,738	$	344,788	$	60,893	$	142,412

Net assets in the accumulation period	$	300,738	$	344,788	$	60,893	$	142,412
Net assets	$	300,738	$	344,788	$	60,893	$	142,412

Accumulation unit value	$	28.420	$	61.046	$	27.767	$	23.221
Accumulation units outstanding	10,582		5,648		2,193		6,133

Shares of mutual funds owned	9,614		8,635		8,411		12,373

Investments, at cost	$	237,781	$	173,123	$	62,706	$	159,751

(Concluded)

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

ALAC Separate Account 1

Statements of Operations

Year Ended December 31, 2024


			The Alger Funds				Fidelity Variable Insurance Products
			Mid Cap		Small Cap		Asset				Equity-
			Growth		Growth		Manager		Contrafund		Income
			Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

Income
	Dividends		$	—	$	2,153	$	10,021	$	7,923	$	32,410
Expenses
	Mortality and expense and administration charges		19,889		8,474		5,816		59,867		27,251
		Net investment income (loss)	(19,889)		(6,321)		4,205		(51,944)		5,159

Realized gain (loss) on investments
	Net realized gain (loss) on sale of fund shares		(20,768)		(45,739)		2,107		283,601		78,614
	Capital gains distributions		—		—		2,620		501,669		106,890
		Net realized gain (loss) on investments	(20,768)		(45,739)		4,727		785,270		185,504

Net change in unrealized appreciation (depreciation)
on investments			291,224		90,772		18,672		420,473		62,563
Net increase (decrease) in net assets
resulting from operations			$	250,567	$	38,712	$	27,604	$	1,153,799	$	253,226

(Continued)

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

ALAC Separate Account 1

Statements of Operations

Year Ended December 31, 2024


											T. Rowe Price
			Fidelity Variable Insurance Products								Equity Series, Inc.
									Government
					Index		Investment		Money		International		Limited-Term
			Growth		500		Grade Bond		Market		Stock		Bond
			Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

Income
	Dividends		$	28	$	65,062	$	14,758	$	31,294	$	9,169	$	8,578
Expenses
	Mortality and expense and administration charges		46,966		72,787		6,130		8,812		14,557		2,850
		Net investment income (loss)	(46,938)		(7,725)		8,628		22,482		(5,388)		5,728

Realized gain (loss) on investments
	Net realized gain (loss) on sale of fund shares		199,802		402,458		(7,425)		—		11,050		(810)
	Capital gains distributions		711,380		3,092		—		—		23,728		—
		Net realized gain (loss) on investments	911,182		405,550		(7,425)		—		34,778		(810)

Net change in unrealized appreciation (depreciation)
on investments			(45,239)		667,777		746		—		(5,495)		2,199
Net increase (decrease) in net assets
resulting from operations			$	819,005	$	1,065,602	$	1,949	$	22,482	$	23,895	$	7,117

(Continued)

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

ALAC Separate Account 1

Statements of Operations

Year Ended December 31, 2024


			VanEck						Royce		First Eagle
			VIP						Capital		Investment
			Trust		Pioneer Investments				Fund		Management
			Global				Pioneer Select
			Resources		Pioneer		Mid Cap				Overseas
			Fund		Fund VCT		Growth VCT		Micro-Cap		Variable
			Portfolio		Portfolio		Portfolio		Portfolio		Fund

Income
	Dividends		$	3,395	$	8,179	$	—	$	—	$	14,257
Expenses
	Mortality and expense and administration charges		1,838		16,043		24,000		6,128		11,658
		Net investment income (loss)	1,557		(7,864)		(24,000)		(6,128)		2,599

Realized gain (loss) on investments
	Net realized gain (loss) on sale of fund shares		3,037		18,632		8,572		5,346		(2,244)
	Capital gains distributions		—		55,324		—		30,379		5,636
		Net realized gain (loss) on investments	3,037		73,956		8,572		35,725		3,392

Net change in unrealized appreciation (depreciation)
on investments			(9,949)		145,524		355,135		20,256		31,243
Net increase (decrease) in net assets
resulting from operations			$	(5,355)	$	211,616	$	339,707	$	49,853	$	37,234

(Continued)

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

ALAC Separate Account 1

Statements of Operations

Year Ended December 31, 2024


			Neuberger Berman				PIMCO Variable
			Advisors Management Trust				Insurance Trust
			Mid Cap		Sustainable		High		Real
			Growth		Equity		Yield		Return
			Portfolio		Portfolio		Portfolio		Portfolio

Income
	Dividends		$	—	$	760	$	5,409	$	3,871
Expenses
	Mortality and expense and administration charges		4,394		4,827		1,295		2,064
		Net investment income (loss)	(4,394)		(4,067)		4,114		1,807

Realized gain (loss) on investments
	Net realized gain (loss) on sale of fund shares		15,020		28,849		(1,428)		(1,691)
	Capital gains distributions		17,321		16,375		—		—
		Net realized gain (loss) on investments	32,341		45,224		(1,428)		(1,691)

Net change in unrealized appreciation (depreciation)
on investments			36,443		32,209		2,243		1,068
Net increase (decrease) in net assets
resulting from operations			$	64,390	$	73,366	$	4,929	$	1,184

(Concluded)

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

ALAC Separate Account 1

Statements of Changes in Net Assets

Years Ended December 31, 2024 and 2023


			The Alger Funds				Fidelity Variable Insurance Products
			Mid Cap		Small Cap		Asset				Equity-
			Growth		Growth		Manager		Contrafund		Income
			Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

Net assets at December 31, 2022			$	1,399,068	$	695,514	$	376,926	$	3,522,114	$	2,080,308
Changes from 2023 operations
	Net investment income (loss)		(19,292)		(8,991)		3,855		(34,892)		8,288
	Net realized gain (loss) on investments		(111,823)		(102,968)		3,936		327,495		75,958
	Net change in unrealized appreciation
	(depreciation) on investments		408,313		202,742		34,634		745,353		78,563
		Net increase (decrease) in net assets
		resulting from operations	277,198		90,783		42,425		1,037,956		162,809
Contract transactions
	Deposits		831		1,135		—		1,754		1,630
	Surrenders and death benefits		(268,214)		(168,428)		(6,349)		(588,636)		(318,264)
	Contract maintenance charges		(255)		(107)		14		(492)		(254)
	Other transfers between sub-accounts,
	including fixed interest account		(51,069)		3,083		156		(96,145)		(6,358)
		Net decrease in net assets
		resulting from contract transactions	(318,707)		(164,317)		(6,179)		(683,519)		(323,246)
Total increase (decrease) in net assets			(41,509)		(73,534)		36,246		354,437		(160,437)
Net assets at December 31, 2023			$	1,357,559	$	621,980	$	413,172	$	3,876,551	$	1,919,871
Changes from 2024 operations
	Net investment income (loss)		(19,889)		(6,321)		4,205		(51,944)		5,159
	Net realized gain (loss) on investments		(20,768)		(45,739)		4,727		785,270		185,504
	Net change in unrealized appreciation (depreciation)
	on investments		291,224		90,772		18,672		420,473		62,563
		Net increase (decrease) in net assets
		resulting from operations	250,567		38,712		27,604		1,153,799		253,226
Contract transactions
	Deposits		510		1,327		—		1,717		1,176
	Surrenders and death benefits		(207,306)		(85,122)		(26,649)		(592,004)		(327,745)
	Contract maintenance charges		(236)		(89)		(66)		(442)		(286)
	Other transfers between sub-accounts,
	including fixed interest account		(13,158)		(13,681)		(2,097)		(32,870)		(55,303)
		Net decrease in net assets
		resulting from contract transactions	(220,190)		(97,565)		(28,812)		(623,599)		(382,158)
Total increase (decrease) in net assets			30,377		(58,853)		(1,208)		530,200		(128,932)
Net assets at December 31, 2024			$	1,387,936	$	563,127	$	411,964	$	4,406,751	$	1,790,939

(Continued)

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

ALAC Separate Account 1

Statements of Changes in Net Assets

Years Ended December 31, 2024 and 2023


											T. Rowe Price
			Fidelity Variable Insurance Products								Equity Series, Inc.
									Government
					Index		Investment		Money		International		Limited-Term
			Growth		500		Grade Bond		Market		Stock		Bond
			Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

Net assets at December 31, 2022			$	2,426,500	$	4,784,730	$	488,289	$	692,327	$	1,117,509	$	213,233
Changes from 2023 operations
	Net investment income (loss)		(34,212)		2,240		5,084		25,248		(4,849)		3,940
	Net realized gain (loss) on investments		204,777		650,261		(10,910)		—		(19,258)		(1,414)
	Net change in unrealized appreciation
	(depreciation) on investments		635,876		351,390		27,336		—		170,298		4,528
		Net increase (decrease) in net assets
		resulting from operations	806,441		1,003,891		21,510		25,248		146,191		7,054
Contract transactions
	Deposits		2,361		4,071		832		818		—		—
	Surrenders and death benefits		(189,878)		(930,914)		(63,049)		(422,381)		(214,444)		(16,453)
	Contract maintenance charges		(549)		(567)		62		(40)		(100)		(33)
	Other transfers between sub-accounts,
	including fixed interest account		(70,591)		(73,649)		3,088		369,091		(11,954)		(801)
		Net decrease in net assets
		resulting from contract transactions	(258,657)		(1,001,059)		(59,067)		(52,512)		(226,498)		(17,287)
Total increase (decrease) in net assets			547,784		2,832		(37,557)		(27,264)		(80,307)		(10,233)
Net assets at December 31, 2023			$	2,974,284	$	4,787,562	$	450,732	$	665,063	$	1,037,202	$	203,000
Changes from 2024 operations
	Net investment income (loss)		(46,938)		(7,725)		8,628		22,482		(5,388)		5,728
	Net realized gain (loss) on investments		911,182		405,550		(7,425)		—		34,778		(810)
	Net change in unrealized appreciation (depreciation)
	on investments		(45,239)		667,777		746		—		(5,495)		2,199
		Net increase (decrease) in net assets
		resulting from operations	819,005		1,065,602		1,949		22,482		23,895		7,117
Contract transactions
	Deposits		2,130		3,666		765		585		—		—
	Surrenders and death benefits		(428,592)		(429,871)		(41,071)		(280,056)		(100,339)		(9,939)
	Contract maintenance charges		(526)		(549)		(63)		(57)		(92)		(32)
	Other transfers between sub-accounts,
	including fixed interest account		(24,255)		(63,447)		(1,321)		128,793		(21,738)		(1,625)
		Net decrease in net assets
		resulting from contract transactions	(451,243)		(490,201)		(41,690)		(150,735)		(122,169)		(11,596)
Total increase (decrease) in net assets			367,762		575,401		(39,741)		(128,253)		(98,274)		(4,479)
Net assets at December 31, 2024			$	3,342,046	$	5,362,963	$	410,991	$	536,810	$	938,928	$	198,521

(Continued)

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

ALAC Separate Account 1

Statements of Changes in Net Assets

Years Ended December 31, 2024 and 2023


			VanEck VIP						Royce Capital		First Eagle
			Trust		Pioneer Investments				Fund		Inv Management
			Global				Pioneer Select
			Resources		Pioneer		Mid Cap				Overseas
			Fund		Fund VCT		Growth VCT		Micro-Cap		Variable
			Portfolio		Portfolio		Portfolio		Portfolio		Fund

Net assets at December 31, 2022			$	154,617	$	903,389	$	1,545,049	$	478,516	$	863,666
Changes from 2023 operations
	Net investment income (loss)		1,961		(4,969)		(21,889)		(6,294)		(11,879)
	Net realized gain (loss) on investments		2,018		24,341		(46,973)		(8,928)		59,637
	Net change in unrealized appreciation
	(depreciation) on investments		(11,417)		213,366		314,749		88,407		23,332
		Net increase (decrease) in net assets
		resulting from operations	(7,438)		232,738		245,887		73,185		71,090
Contract transactions
	Deposits		328		646		775		566		730
	Surrenders and death benefits		(12,194)		(68,119)		(173,676)		(88,915)		(88,829)
	Contract maintenance charges		(20)		(80)		(177)		(97)		(124)
	Other transfers between sub-accounts,
	including fixed interest account		125		(44,609)		(37,973)		37		(401)
		Net decrease in net assets
		resulting from contract transactions	(11,761)		(112,162)		(211,051)		(88,409)		(88,624)
Total increase (decrease) in net assets			(19,199)		120,576		34,836		(15,224)		(17,534)
Net assets at December 31, 2023			$	135,418	$	1,023,965	$	1,579,885	$	463,292	$	846,132
Changes from 2024 operations
	Net investment income (loss)		1,557		(7,864)		(24,000)		(6,128)		2,599
	Net realized gain (loss) on investments		3,037		73,956		8,572		35,725		3,392
	Net change in unrealized appreciation (depreciation)
	on investments		(9,949)		145,524		355,135		20,256		31,243
		Net increase (decrease) in net assets
		resulting from operations	(5,355)		211,616		339,707		49,853		37,234
Contract transactions
	Deposits		424		405		660		666		877
	Surrenders and death benefits		(36,750)		(124,409)		(138,075)		(100,133)		(82,799)
	Contract maintenance charges		(15)		(110)		(146)		(82)		(91)
	Other transfers between sub-accounts,
	including fixed interest account		(1,006)		(2,934)		(12,600)		(4,387)		(4,186)
		Net decrease in net assets
		resulting from contract transactions	(37,347)		(127,048)		(150,161)		(103,936)		(86,199)
Total increase (decrease) in net assets			(42,702)		84,568		189,546		(54,083)		(48,965)
Net assets at December 31, 2024			$	92,716	$	1,108,533	$	1,769,431	$	409,209	$	797,167

(Continued)

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

ALAC Separate Account 1

Statements of Changes in Net Assets

Years Ended December 31, 2024 and 2023


			Neuberger Berman				PIMCO Variable
			Advisors Management Trust				Insurance Trust
			Mid Cap		Sustainable		High		Real
			Growth		Equity		Yield		Return
			Portfolio		Portfolio		Portfolio		Portfolio

Net assets at December 31, 2022			$	282,460	$	292,782	$	105,071	$	161,827
Changes from 2023 operations
	Net investment income (loss)		(4,123)		(3,085)		4,172		2,456
	Net realized gain (loss) on investments		(112)		24,724		(1,670)		(2,141)
	Net change in unrealized appreciation
	(depreciation) on investments		49,634		43,838		7,410		3,088
		Net increase (decrease) in net assets
		resulting from operations	45,399		65,477		9,912		3,403
Contract transactions
	Deposits		—		—		—		300
	Surrenders and death benefits		(13,996)		(46,699)		(15,670)		(13,780)
	Contract maintenance charges		(90)		(19)		(11)		(25)
	Other transfers between sub-accounts,
	including fixed interest account		1,027		(2,900)		(761)		(435)
		Net decrease in net assets
		resulting from contract transactions	(13,059)		(49,618)		(16,442)		(13,940)
Total increase (decrease) in net assets			32,340		15,859		(6,530)		(10,537)
Net assets at December 31, 2023			$	314,800	$	308,641	$	98,541	$	151,290
Changes from 2024 operations
	Net investment income (loss)		(4,394)		(4,067)		4,114		1,807
	Net realized gain (loss) on investments		32,341		45,224		(1,428)		(1,691)
	Net change in unrealized appreciation (depreciation)
	on investments		36,443		32,209		2,243		1,068
		Net increase (decrease) in net assets
		resulting from operations	64,390		73,366		4,929		1,184
Contract transactions
	Deposits		—		—		—		300
	Surrenders and death benefits		(67,889)		(28,687)		(40,753)		(9,379)
	Contract maintenance charges		(91)		(21)		(7)		(20)
	Other transfers between sub-accounts,
	including fixed interest account		(10,472)		(8,511)		(1,817)		(963)
		Net decrease in net assets
		resulting from contract transactions	(78,452)		(37,219)		(42,577)		(10,062)
Total increase (decrease) in net assets			(14,062)		36,147		(37,648)		(8,878)
Net assets at December 31, 2024			$	300,738	$	344,788	$	60,893	$	142,412

(Concluded)

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

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024

1. Organization

ALAC Separate Account 1 (the Separate Account), is a segregated investment account of Athene Annuity and Life Company (the Company). The Separate Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust that follows investment company accounting guidance in accordance with accounting with accounting principles generally accepted in the United States of America. The Separate Account is a funding vehicle for individual variable annuity contracts issued by the Company, which are issued out of the Company's general account.

On October 11, 2024, Athene Annuity & Life Assurance Company (AADE) merged with and into Athene Annuity and Life Company (AAIA), with AAIA as the surviving entity following the receipt of all required regulatory approvals.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and segregated from the Company’s other assets and liabilities. The portion of the Separate Account’s assets applicable to the variable annuity contracts cannot be used to fulfill any other obligations arising from any other business the Company may conduct.

The Separate Account includes two investment products: “Visionary” and “Visionary Choice” products. These products were last issued in 2001 and 2002, respectively. Neither of these products are actively being marketed by the Company. The significant features of these products are summarized below:

Visionary - This contract provides flexible premium payments, death benefits and tax deferred investment options to potentially maximize the value of the contract.

Visionary Choice - This contract provides flexible premium payments, death benefits, option of multiple annuitants, withdrawal charge options and tax deferred investment options to potentially maximize the value of the contract.

Investments

The deposits of the Separate Account are invested at the direction of the contract holders in the sub-accounts that comprise the Separate Account (the Subaccounts). The sub-accounts invest in the following underlying mutual fund portfolios (collectively, the Funds):

Subaccount

Mutual Fund

The Alger Funds

Mid Cap Growth Portfolio

Small Cap Growth Portfolio

Fidelity Variable Insurance Products

Asset Manager Portfolio

Contrafund Portfolio

Equity-Income Portfolio

Growth Portfolio

Index 500 Portfolio

Investment Grade Bond Portfolio

Government Money Market Portfolio

(Continued)

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024

Subaccount

Mutual Fund

T. Rowe Price Equity Series, Inc.

International Stock Portfolio

Limited-Term Bond Portfolio

VanEck VIP Trust

Global Resources Fund Portfolio

Pioneer Investments

Pioneer Fund VCT Portfolio

Pioneer Select Mid Cap Growth VCT

Portfolio

Royce Capital Fund

Micro-Cap Portfolio

First Eagle Investment Management

Overseas Variable Fund

Neuberger Berman Advisors Management

Trust

Mid Cap Growth Portfolio

Sustainable Equity Portfolio

PIMCO Variable Insurance Trust

High Yield Portfolio

Real Return Portfolio

(Concluded)

Adopted Accounting Pronouncements

Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (ASU 2023-07)

The amendments in this update require disclosure of incremental segment information on an annual and interim basis for all public entities to provide analyses useful to investors for decision making. The update requires public entities, including those with a single reportable segment, to report significant segment expenses that are regularly provided to and used by the chief operating decision maker in managing the business.

The Company adopted this update effective December 31, 2024 and updated disclosures are included below in – Summary of Significant Accounting Policies.

2. Summary of Significant Accounting Policies

Basis of Accounting

Financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America for variable annuity separate accounts registered as unit investment trusts.

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from the estimates used in preparing the financial statements. The primary estimates included in the accompanying financial statements are the assumptions and judgments utilized in determining the fair value of investments.

Investment Valuation

Investments are stated at the closing net asset values (NAV) per share on the last trading day of the year. Investment transactions are accounted for on a trade-date basis, and the cost of investments sold is determined by the average cost method. In valuing securities, the Company uses a fair value hierarchy that prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels.

Level 1 Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

Level 3 Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.

All assets held by the Separate Account are classified in Level 2. There were no transfers between levels in 2024.

Dividends

Dividends paid to the Separate Account are automatically reinvested in shares of the same funds on the payable date.

Accumulation Unit Value

Accumulation unit value is calculated at close on trading days based on the contract owner's proportion of the fund NAV over the number of units outstanding for the respective fund.

Federal Income Taxes

The operations of the Separate Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from the Company. Based on this, no charge is being made currently to the Separate Account for federal income taxes. The Company will periodically review the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Segment Reporting

Each Subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. The chief operating decision maker (CODM) oversees the activities of the Separate Account using information of each Subaccount. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024

vehicle for individual variable annuity contracts with the assets owned by the Company to support the liabilities of the applicable insurance contracts. The President of the Company is the CODM.

The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operations decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the Statements of Net Assets as net assets. Refer to the Statements of Operations and Changes in Net Assets and related notes for each Subaccount’s operating segment significant expenses. All assets and revenue are generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

3. Fund Charges

Other Charges

Amounts are paid to the Company for mortality and expense guarantees at the rate of 1.25% of the current value of the Separate Account on an annual basis. The Separate Account also pays the Company for other expenses, such as contract maintenance fees ($7.50 per contract at the end of each quarter) and asset-based administration fees (0.15% on an annual basis). These charges are recognized as a reduction in accumulation unit values through a reduction in net investment income (loss).

Under these agreements, the Company is responsible for all sales, general, and administrative expenses applicable to the Separate Account.

There is a maturity benefit on the variable annuity contracts. If the account value is lower than the guaranteed minimum maturity benefit, the general account funds an increase to the separate account which is recorded as a negative charge in the general account.

Withdrawal Charge

A withdrawal charge is imposed in the event of full or partial withdrawal. The policyowner had two withdrawal charge options to choose from at the time the contract was purchased. The first option was the date of issue withdrawal charge option where the withdrawal charge is 7% in the first six complete contract years, decreasing to 6% in the seventh complete contract year, and then declining by 2% in each subsequent contract year, until it is zero in contract year ten. The second option was the date of premium payment withdrawal charge option where the withdrawal charge is calculated from the date of a premium payment. The date of premium payment withdrawal charge is 7% in the first premium payment year, decreasing by 1% in each subsequent premium payment year, until it is zero in premium payment year eight. During 2024, funds that included a date of issue withdrawal charge option are outside of the withdrawal charge period, while there are still some funds within the charge period that include the date of premium payment withdrawal charge option.

Transfer Charge

A transfer charge of $25 may be imposed for the thirteenth and each subsequent transfer from and among sub-accounts in any one contract year. These charges are included within contract maintenance charges in the Statements of Changes in Net Assets.

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024

4. Purchases and Sales of Securities

The cost of investments purchased and proceeds from investments sold were as follows for the year ended December 31, 2024:


	Cost of		Proceeds
	Purchases		from Sales
The Alger Funds Mid Cap Growth Portfolio	$	14,434	$	254,513
The Alger Funds Small Cap Growth Portfolio	14,787		118,672
Fidelity Variable Insurance Products Asset Manager Portfolio	13,728		35,714
Fidelity Variable Insurance Products Contrafund Portfolio	509,260		683,133
Fidelity Variable Insurance Products Equity-Income Portfolio	177,096		447,204
Fidelity Variable Insurance Products Growth Portfolio	712,958		499,759
Fidelity Variable Insurance Products Index 500 Portfolio	115,076		609,910
Fidelity Variable Insurance Products
Investment Grade Bond Portfolio	27,145		60,208
Fidelity Variable Insurance Products
Government Money Market Portfolio	162,120		290,373
T. Rowe Price Equity Series, Inc. International Stock Portfolio	77,299		181,127
T. Rowe Price Equity Series, Inc. Limited-Term Bond Portfolio	12,509		18,378
VanEck VIP Trust Global Resources Fund	4,059		39,849
Pioneer Investments Pioneer Fund VCT Portfolio	83,880		163,467
Pioneer Investments Pioneer Select Mid Cap Growth VCT Portfolio	25,379		199,539
Royce Capital Fund Micro-Cap Portfolio	31,283		110,968
First Eagle Investment Management Overseas Variable Fund	20,045		98,009
Neuberger Berman Advisors Management Trust
Mid Cap Growth Portfolio	17,996		83,520
Neuberger Berman Advisors Management Trust
Sustainable Equity Portfolio	30,844		55,754
PIMCO Variable Insurance Trust High Yield Portfolio	8,525		46,989
PIMCO Variable Insurance Trust Real Return Portfolio	7,186		15,442

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024

5. Summary of Unit Transactions

Transactions in units for the years ended December 31, 2024 and 2023 were as follows:


	Year Ended December 31,
	2024	2023
	Units	Units
The Alger Funds Mid Cap Growth Portfolio
Contract purchases	983	2,143
Redemptions	(3,789)	(7,065)
The Alger Funds Small Cap Growth Portfolio
Contract purchases	1,614	4,418
Redemptions	(4,175)	(9,249)
Fidelity Variable Insurance Products Asset Manager Portfolio
Contract purchases	1,047	1,048
Redemptions	(1,785)	(1,223)
Fidelity Variable Insurance Products Contrafund Portfolio
Contract purchases	927	2,439
Redemptions	(5,580)	(9,024)
Fidelity Variable Insurance Products Equity-Income Portfolio
Contract purchases	2,468	3,529
Redemptions	(8,256)	(9,400)
Fidelity Variable Insurance Products Growth Portfolio
Contract purchases	1,287	1,882
Redemptions	(5,297)	(4,940)
Fidelity Variable Insurance Products Index 500 Portfolio
Contract purchases	2,177	3,325
Redemptions	(7,020)	(16,378)
Fidelity Variable Insurance Products Investment Grade Bond
Portfolio
Contract purchases	8,510	10,601
Redemptions	(10,288)	(13,216)
Fidelity Variable Insurance Products Government Money
Market Portfolio
Contract purchases	13,642	32,336
Redemptions	(25,113)	(36,321)
T. Rowe Price Equity Series, Inc. International Stock Portfolio
Contract purchases	812	4,099
Redemptions	(5,213)	(13,433)
T. Rowe Price Equity Series, Inc. Limited-Term Bond Portfolio
Contract purchases	1,527	1,539
Redemptions	(2,214)	(2,622)
VanEck VIP Global Resources Fund Portfolio
Contract purchases	352	295
Redemptions	(1,578)	(662)
Pioneer Investments Pioneer Fund VCT Portfolio
Contract purchases	432	873
Redemptions	(1,660)	(2,298)
		(Continued)

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024


	Year Ended December 31,
	2024	2023
	Units	Units
Pioneer Investments Pioneer Select Mid Cap Growth VCT
Portfolio
Contract purchases	1,159	1,921
Redemptions	(4,295)	(7,383)
Royce Capital Fund Micro-Cap Portfolio
Contract purchases	241	235
Redemptions	(1,568)	(1,550)
First Eagle Investment Management Overseas Variable Fund
Contract purchases	37	185
Redemptions	(1,060)	(1,297)
Neuberger Berman Advisors Management Trust Mid-Cap
Growth Portfolio
Contract purchases	1,280	1,279
Redemptions	(4,244)	(1,895)
Neuberger Berman Advisors Management Trust Sustainable
Equity Portfolio
Contract purchases	10	2
Redemptions	(635)	(1,177)
PIMCO Variable Insurance Trust High Yield Portfolio
Contract purchases	7	1
Redemptions	(1,555)	(675)
PIMCO Variable Insurance Trust Real Return Portfolio
Contract purchases	255	207
Redemptions	(684)	(821)
		(Concluded)

Transfers to are included in contract purchases and transfers from are included in redemptions.

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024

6. Financial Highlights

A summary of units outstanding, unit values and net assets at December 31, 2024, 2023, 2022, 2021 and 2020, and the ratios of investment income, expenses to average net assets, and total return for the years then ended were as follows:


							Investment
			Unit		Net		Income		Expense		Total
		Units	Value		Assets		Ratio (1)		Ratio (2)		Return (3)

The Alger Funds
Mid Cap Growth Portfolio
Accumulation units
	2024	16,733	$	82.946	$	1,387,936	—	%	1.40	%	19.38	%
	2023	19,539	69.479		1,357,559		—		1.40		21.48
	2022	24,461	57.196		1,399,068		—		1.40		(36.96)
	2021	26,150	90.724		2,372,426		—		1.40		2.76
	2020	32,977	88.286		2,911,397		—		1.40		62.35
The Alger Funds
Small Cap Growth Portfolio
Accumulation units
	2024	14,411	39.076		563,127		0.36		1.40		6.62
	2023	16,972	36.647		621,980		—		1.40		14.89
	2022	21,803	31.900		695,514		—		1.40		(38.87)
	2021	22,333	52.185		1,165,444		—		1.40		(7.36)
	2020	27,872	56.329		1,570,003		—		1.40		64.84
Fidelity Variable Insurance Products
Asset Manager Portfolio
Accumulation units
	2024	10,104	40.772		411,964		2.42		1.40		6.98
	2023	10,842	38.108		413,172		2.37		1.40		11.39
	2022	11,017	34.213		376,926		2.06		1.40		(16.11)
	2021	11,400	40.783		464,925		1.56		1.40		8.40
	2020	14,772	37.623		555,762		1.49		1.40		13.28
Fidelity Variable Insurance Products
Contrafund Portfolio
Accumulation units
	2024	28,980	152.062		4,406,751		0.19		1.40		31.93
	2023	33,633	115.260		3,876,551		0.46		1.40		31.61
	2022	40,218	87.576		3,522,114		0.49		1.40		(27.33)
	2021	43,130	120.513		5,197,720		0.07		1.40		26.07
	2020	52,070	95.592		4,977,477		0.25		1.40		28.76
											(Continued)

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024


							Investment
			Unit		Net		Income		Expense		Total
		Units	Value		Assets		Ratio (1)		Ratio (2)		Return (3)

Fidelity Variable Insurance Products
Equity-Income Portfolio
Accumulation units
	2024	26,396	$	67.849	$	1,790,939	1.67	%	1.40	%	13.74	%
	2023	32,184	59.653		1,919,871		1.82		1.40		9.12
	2022	38,055	54.666		2,080,308		1.75		1.40		(6.27)
	2021	44,529	58.323		2,597,044		1.89		1.40		23.17
	2020	47,773	47.353		2,262,178		1.68		1.40		5.21
Fidelity Variable Insurance Products
Growth Portfolio
Accumulation units
	2024	27,794	120.243		3,342,046		0.00		1.40		28.57
	2023	31,804	93.519		2,974,284		0.13		1.40		34.36
	2022	34,862	69.603		2,426,500		0.62		1.40		(25.50)
	2021	39,553	93.428		3,695,363		0.00		1.40		21.51
	2020	54,324	76.887		4,176,795		0.08		1.40		41.90
Fidelity Variable Insurance Products
Index 500 Portfolio
Accumulation units
	2024	48,695	110.134		5,362,963		1.25		1.40		23.16
	2023	53,538	89.424		4,787,562		1.44		1.40		24.45
	2022	66,591	71.853		4,784,730		1.43		1.40		(19.34)
	2021	73,033	89.082		6,505,922		1.23		1.40		26.80
	2020	85,909	70.255		6,035,501		1.73		1.40		16.60
Fidelity Variable Insurance Products
Investment Grade Bond Portfolio
Accumulation units
	2024	17,642	23.296		410,991		3.38		1.40		0.37
	2023	19,420	23.210		450,732		2.49		1.40		4.74
	2022	22,035	22.160		488,289		2.17		1.40		(14.16)
	2021	23,936	25.816		617,923		2.02		1.40		(1.98)
	2020	25,024	26.338		659,081		1.93		1.40		7.88
Fidelity Variable Insurance Products
Government Money Market Portfolio
Accumulation units
	2024	40,385	13.292		536,810		5.00		1.40		3.64
	2023	51,856	12.825		665,063		4.81		1.40		3.45
	2022	55,841	12.398		692,327		1.38		1.40		0.04
	2021	62,732	12.393		777,468		0.01		1.40		(1.37)
	2020	72,994	12.566		917,227		0.32		1.40		(1.07)
											(Continued)

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024


							Investment
			Unit		Net		Income		Expense		Total
		Units	Value		Assets		Ratio (1)		Ratio (2)		Return (3)

T. Rowe Price Equity Series, Inc.
International Stock Portfolio
Accumulation units
	2024	35,292	$	26.605	$	938,928	0.88	%	1.40	%	1.81	%
	2023	39,693	26.131		1,037,202		0.93		1.40		14.64
	2022	49,027	22.794		1,117,509		0.73		1.40		(16.98)
	2021	53,758	27.454		1,475,891		0.55		1.40		(0.08)
	2020	60,378	27.476		1,658,966		0.47		1.40		12.86
T. Rowe Price Equity Series, Inc.
Limited-Term Bond Portfolio
Accumulation units
	2024	11,759	16.882		198,521		4.21		1.40		3.51
	2023	12,446	16.310		203,000		3.31		1.40		3.49
	2022	13,529	15.761		213,233		1.94		1.40		(5.84)
	2021	14,022	16.737		234,689		1.34		1.40		(1.25)
	2020	16,202	16.951		274,639		1.96		1.40		3.25
VanEck VIP
Global Resources Fund Portfolio
Accumulation units
	2024	3,068	30.220		92,716		2.59		1.40		(4.19)
	2023	4,294	31.537		135,418		2.79		1.40		(4.91)
	2022	4,661	33.172		154,617		1.65		1.40		6.90
	2021	4,837	31.031		150,095		0.43		1.40		17.28
	2020	5,473	26.459		144,810		0.77		1.40		17.46
Pioneer Investments
Pioneer Fund VCT Portfolio
Accumulation units
	2024	10,477	105.806		1,108,533		0.72		1.40		20.94
	2023	11,705	87.481		1,023,965		0.86		1.40		27.15
	2022	13,130	68.803		903,389		0.64		1.40		(20.61)
	2021	14,822	86.662		1,284,503		0.32		1.40		26.21
	2020	17,080	68.662		1,172,744		0.77		1.40		22.56
Pioneer Investments
Pioneer Select Mid Cap Growth VCT Portfolio
Accumulation units
	2024	34,394	51.446		1,769,431		—		1.40		22.21
	2023	37,530	42.097		1,579,885		—		1.40		17.13
	2022	42,992	35.938		1,545,049		—		1.40		(32.01)
	2021	44,333	52.858		2,343,364		—		1.40		6.57
	2020	50,784	49.596		2,518,699		—		1.40		37.24
											(Continued)

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024


							Investment
			Unit		Net		Income	Expense		Total
		Units	Value		Assets		Ratio (1)	Ratio (2)		Return (3)

Royce Capital Fund
Micro-Cap Portfolio
Accumulation units
	2024	4,936	$	82.903	$	409,209	—%	1.40	%	12.09	%
	2023	6,263	73.973		463,292		—	1.40		17.15
	2022	7,578	63.145		478,516		—	1.40		(23.51)
	2021	8,178	82.550		675,091		—	1.40		28.18
	2020	10,209	64.396		657,421		—	1.40		22.08
First Eagle Investment Management
Overseas Variable Fund
Accumulation units
	2024	9,263	86.059		797,167		1.72	1.40		4.62
	2023	10,286	82.261		846,132		—	1.40		8.56
	2022	11,398	75.773		863,666		2.07	1.40		(9.43)
	2021	12,149	83.668		1,016,486		0.89	1.40		3.00
	2020	13,392	81.235		1,087,894		2.67	1.40		5.37
Neuberger Berman Advisors Management Trust
Mid Cap Growth Portfolio
Accumulation units
	2024	10,582	28.420		300,738		—	1.40		22.29
	2023	13,546	23.239		314,800		—	1.40		16.52
	2022	14,162	19.945		282,460		—	1.40		(29.72)
	2021	15,066	28.378		427,545		—	1.40		11.43
	2020	23,796	25.467		606,009		—	1.40		38.04
Neuberger Berman Advisors Management Trust
Sustainable Equity Portfolio
Accumulation units
	2024	5,648	61.046		344,788		0.22	1.40		24.09
	2023	6,273	49.201		308,641		0.34	1.40		25.15
	2022	7,448	39.310		292,782		0.44	1.40		(19.58)
	2021	8,118	48.882		396,828		0.38	1.40		21.77
	2020	8,900	40.144		357,282		0.55	1.40		17.90
PIMCO Variable Insurance Trust
High Yield Portfolio
Accumulation units
	2024	2,193	27.767		60,893		5.85	1.40		5.41
	2023	3,741	26.341		98,541		5.68	1.40		10.67
	2022	4,415	23.799		105,071		5.05	1.40		(11.52)
	2021	4,718	26.901		126,919		4.45	1.40		2.20
	2020	4,746	26.320		124,917		4.77	1.40		4.27
										(Continued)

ALAC Separate Account 1

Notes to Financial Statements

December 31, 2024


							Investment
			Unit		Net		Income		Expense		Total
		Units	Value		Assets		Ratio (1)		Ratio (2)		Return (3)

PIMCO Variable Insurance Trust
Real Return Portfolio
Accumulation units
	2024	6,133	$	23.221	$	142,412	2.62	%	1.40	%	0.72	%
	2023	6,562	23.055		151,290		2.98		1.40		2.24
	2022	7,176	22.551		161,827		7.01		1.40		(13.12)
	2021	7,407	25.959		192,280		4.96		1.40		4.13
	2020	9,940	24.929		247,797		1.43		1.40		10.16
											(Concluded)

(1) These percentages represent the dividends, excluding distributions of capital gains, received by the sub account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average net assets. These ratios exclude expenses assessed by the sub-account. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. The investment income ratio is calculated for the effective period for each fund as applicable.

(2) These percentages represent the annualized contract expenses of the Separate Account, which consist of the mortality and expense guarantees and the asset-based administration fees. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to the contract owner accounts through redemption of units and expenses of the underlying funds are excluded.

(3) These percentages represent the total return for the year, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses would result in a reduction in the total return presented. The total return is calculated for the effective period for each fund as applicable.

7. Subsequent Events

The Company has evaluated subsequent events through April 28, 2025, the date that these financial statements were available to be issued. Based on this evaluation, no events have occurred subsequent to December 31, 2024 that require disclosure or adjustment to the financial statements at that date or for the period ended.