# EDGAR Filing Document

**Accession Number:** 0001397940
**File Stem:** 0001193125-26-149763
**Filing Date:** 2026-4
**Character Count:** 165674
**Document Hash:** e0d0c63886c82df07698fd7fcf017488
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-149763.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001193125-26-149763

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260409

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260409

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEPARATE ACCOUNT NO. 206
- **CENTRAL INDEX KEY:** 0001397940

**ORGANIZATION NAME:**
- **EIN:** 135570651
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-99999
- **FILM NUMBER:** 26852132

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT 206 OF EQUITABLE FINANCIAL LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT 206 OF AXA EQUITABLE LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20070427

## Series and Classes Contracts Data

### SEPARATE ACCOUNT NO. 206 (Series ID: S000018279)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000054344 | American Dental Association Members Retirement Plan |  |

**SEPARATE ACCOUNT NO. 206** 

INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin93634_1) | FSA-2 |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities, December 31, 2025](#fin93634_3) | FSA-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations for the Year Ended December 31, 2025](#fin93634_4) | FSA-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets for the Years or Periods Ended December 31, 2025 and 2024](#fin93634_5) | FSA-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin93634_6) | FSA-47 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To **the Board of Directors of Equitable Financial Life Insurance Company and the Contractowners of Separate Account No. 206** 

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the variable investment options of Separate Account No. 206 indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the variable investment options of Separate Account No. 206 as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT EQUITY INCOME<sup>(1)</sup> EQ/INTERNATIONAL CORE MANAGED VOLATILITY<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO MERGERS & ACQUISITIONS<sup>(1)</sup> EQ/INVESCO COMSTOCK<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO SMALL COMPANY VALUE<sup>(1)</sup> EQ/JANUS ENTERPRISE<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT SMARTBETA EQUITY ESG<sup>(1)</sup> EQ/JPMORGAN GROWTH STOCK<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2010 TARGET DATE FUND<sup>(2)</sup> EQ/JPMORGAN VALUE OPPORTUNITIES<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2015 TARGET DATE FUND<sup>(2)</sup> EQ/LARGE CAP GROWTH INDEX<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2020 TARGET DATE FUND<sup>(2)</sup> EQ/LARGE CAP GROWTH MANAGED VOLATILITY<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2025 TARGET DATE FUND<sup>(2)</sup> EQ/LARGE CAP VALUE MANAGED VOLATILITY<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2030 TARGET DATE FUND<sup>(2)</sup> EQ/MFS INTERNATIONAL GROWTH<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2035 TARGET DATE FUND<sup>(2)</sup> EQ/MID CAP INDEX<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2040 TARGET DATE FUND<sup>(2)</sup> EQ/MID CAP VALUE MANAGED VOLATILITY<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2045 TARGET DATE FUND<sup>(2)</sup> EQ/MODERATE ALLOCATION<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2050 TARGET DATE FUND<sup>(2)</sup> EQ/MODERATE-PLUS ALLOCATION<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2055 TARGET DATE FUND<sup>(2)</sup> EQ/PIMCO GLOBAL REAL RETURN<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2060 TARGET DATE FUND<sup>(2)</sup> EQ/SMALL COMPANY INDEX<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2065 TARGET DATE FUND<sup>(3)</sup> EQUITABLE CONSERVATIVE GROWTH MF/ETF<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS IS<sup>®</sup> 2070 TARGET DATE FUND<sup>(2)</sup> MULTIMANAGER CORE BOND<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/AB SMALL CAP GROWTH<sup>(1)</sup> MULTIMANAGER TECHNOLOGY<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/AGGRESSIVE ALLOCATION<sup>(1)</sup> TARGET 2015 ALLOCATION<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/ALL ASSET GROWTH ALLOCATION<sup>(1)</sup> TARGET 2025 ALLOCATION<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CLEARBRIDGE LARGE CAP GROWTH ESG<sup>(1)</sup> TARGET 2035 ALLOCATION<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE ALLOCATION<sup>(1)</sup> TARGET 2045 ALLOCATION<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE-PLUS ALLOCATION<sup>(1)</sup> TARGET 2055 ALLOCATION<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CORE BOND INDEX<sup>(1)</sup> VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CORE PLUS BOND<sup>(1)</sup> VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/EQUITY 500 INDEX<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025 and 2024.<br> (2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025, and the period October 18, 2024 (commencement of operations) through December 31, 2024.<br> (3) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025. |

---

***Basis for Opinions***

These financial statements are the responsibility of the Equitable Financial Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the variable investment options of Separate Account No. 206 based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the variable investment options of Separate Account No. 206 in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

------

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 by correspondence with transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 9, 2026

We have served as the auditor of one or more of the variable investment options of Separate Account No. 206 since 1999.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 AVANTIS<sup>®</sup><br>U.S. LARGE CAP<br>GROWTH\*** | **1290 VT EQUITY<br>INCOME\*\*** | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*\*** | **1290 VT GAMCO<br>SMALL COMPANY<br>VALUE\*\*** | **1290 VT<br>SMARTBETA<br>EQUITY<br>ESG\*\*** | **AMERICAN FUNDS<br>IS<sup>®</sup> 2010 TARGET<br>DATE FUND** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $3784952 | $3209546 | $1796144 | $25188638 | $18004498 | $1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 22131 |  | 31535 | 87121 | 104256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  | 1914 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3807083 | 3211460 | 1827679 | 25275759 | 18108754 | 1642 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  | 1915 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 22131 |  | 31535 | 81598 | 104259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2797 | 4662 | 1895 | 35553 | 40698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 24928 | 6577 | 33430 | 117151 | 144957 |  |
|  **Net Assets** | $3782155 | $3204883 | $1794249 | $25158608 | $17963797 | $1642 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $3780741 | $3198399 | $1793176 | $25109875 | $17938722 | $1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 1414 | 6484 | 1073 | 48733 | 25075 |  |
|  **Total Net Assets** | $3782155 | $3204883 | $1794249 | $25158608 | $17963797 | $1642 |
|  Investments in shares of the Portfolios, at cost | $3322424 | $3268043 | $1667099 | $23400603 | $15516156 | $1581 |

---

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

\* Denotes Variable Investment Options that invest in shares of a Portfolio of 1290 Funds, an affiliate of Equitable Financial.

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN<br>FUNDS IS<sup>®</sup> 2015<br>TARGET DATE<br>FUND** | **AMERICAN FUNDS<br>IS<sup>®</sup> 2020 TARGET<br>DATE FUND** | **AMERICAN FUNDS<br>IS<sup>®</sup> 2025 TARGET<br>DATE FUND** | **AMERICAN**<br>**FUNDS IS<sup>®</sup> 2030**<br>**TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2035<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2040<br>TARGET DATE<br>FUND** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $31802 | $2623386 | $6497386 | $11479003 | $10858714 | $3955924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 7 |  |  | 22850 | 122638 | 35388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 31809 | 2623386 | 6497386 | 11501853 | 10981352 | 3991312 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  | 157 | 12633 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 7 | 6751 | 9244 | 28246 | 131132 | 37319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 14 | 1082 | 2801 | 4922 | 4765 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 21 | 7990 | 24678 | 33168 | 135897 | 39021 |
|  **Net Assets** | $31788 | $2615396 | $6472708 | $11468685 | $10845455 | $3952291 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $31788 | $2614307 | $6469112 | $11467300 | $10843303 | $3951578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 |  | 1089 | 3596 | 1385 | 2152 | 713 |
|  **Total Net Assets** | $31788 | $2615396 | $6472708 | $11468685 | $10845455 | $3952291 |
|  Investments in shares of the Portfolios, at cost | $30723 | $2451100 | $5959199 | $10553998 | $9921356 | $3506267 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN<br>FUNDS IS<sup>®</sup> 2045<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2050<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup>**<br>**2055 TARGET<br>DATE FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup><br>2060 TARGET<br>DATE FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup><br>2065 TARGET<br>DATE FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2070<br>TARGET DATE<br>FUND** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $11368900 | $7971736 | $5163820 | $172171 | $80966 | $1163469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  | 11854 | 250992 | 817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 29480 |  |  |  | 22675 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 11398380 | 7983590 | 5414812 | 172988 | 103641 | 1164742 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 34277 |  |  |  | 22675 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  | 15689 | 252866 | 817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 4934 | 3475 | 2353 | 85 | 24 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 39211 | 19164 | 255219 | 902 | 22699 | 1757 |
|  **Net Assets** | $11359169 | $7964426 | $5159593 | $172086 | $80942 | $1162985 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $11357086 | $7962866 | $5158706 | $172071 | $80933 | $1162972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 2083 | 1560 | 887 | 15 | 9 | 13 |
|  **Total Net Assets** | $11359169 | $7964426 | $5159593 | $172086 | $80942 | $1162985 |
|  Investments in shares of the Portfolios, at cost | $9864721 | $6910736 | $4467384 | $150730 | $78052 | $1105694 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AB SMALL<br>CAP GROWTH\*\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*\*** | **EQ/ALL ASSET<br>GROWTH<br>ALLOCATION\*\*** | **EQ/CLEARBRIDGE<br>LARGE CAP<br>GROWTH ESG\*\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*\*** | **EQ/CONSERVATIVE-<br>PLUS<br>ALLOCATION\*\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $25278170 | $24727073 | $3366479 | $7181247 | $3877953 | $13263881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 75911 | 407132 |  |  | 28352 | 142789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  |  | 539 | 4857 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 25354081 | 25134205 | 3367018 | 7186104 | 3906305 | 13406670 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  |  | 540 | 4857 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 75486 | 407132 |  |  | 28341 | 142789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 36096 | 28354 | 2419 | 7872 | 6611 | 21170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 111582 | 435486 | 2959 | 12729 | 34952 | 163959 |
|  **Net Assets** | $25242499 | $24698719 | $3364059 | $7173375 | $3871353 | $13242711 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $25216367 | $24675175 | $3361703 | $7161072 | $3869005 | $13229575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 26132 | 23544 | 2356 | 12303 | 2348 | 13136 |
|  **Total Net Assets** | $25242499 | $24698719 | $3364059 | $7173375 | $3871353 | $13242711 |
|  Investments in shares of the Portfolios, at cost | $24923443 | $24123863 | $3137459 | $6939072 | $3842883 | $14175619 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CORE BOND<br>INDEX\*\*** | **EQ/CORE<br>PLUS BOND\*\*** | **EQ/EQUITY 500<br>INDEX\*\*** | **EQ/GLOBAL<br>EQUITY<br>MANAGED<br>VOLATILITY\*\*** | **EQ/INTERNATIONAL<br>CORE MANAGED<br>VOLATILITY\*\*** | **EQ/INVESCO<br>COMSTOCK\*\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $9930258 | $7412047 | $190141307 | $18378166 | $19061552 | $10436094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  | 1598432 |  | 150917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 3356 | 1161 |  | 36526 |  | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 9933614 | 7413208 | 191739739 | 18414692 | 19212469 | 10438487 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 3357 | 1162 |  | 36528 |  | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  | 1605444 |  | 150919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 15835 | 10819 | 196144 | 23479 | 22853 | 7599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19192 | 11981 | 1801588 | 60007 | 173772 | 8520 |
|  **Net Assets** | $9914422 | $7401227 | $189938151 | $18354685 | $19038697 | $10429967 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $9906221 | $7395953 | $189741770 | $18332880 | $19020960 | $10423735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 8201 | 5274 | 196381 | 21805 | 17737 | 6232 |
|  **Total Net Assets** | $9914422 | $7401227 | $189938151 | $18354685 | $19038697 | $10429967 |
|  Investments in shares of the Portfolios, at cost | $9866264 | $7881774 | $132751035 | $18432766 | $17483070 | $10006382 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/JANUS<br>ENTERPRISE\*\*** | **EQ/JPMORGAN<br>GROWTH<br>STOCK\*\*** | **EQ/JPMORGAN<br>VALUE<br>OPPORTUNITIES\*\*** | **EQ/LARGE CAP<br>GROWTH<br>INDEX\*\*** | **EQ/LARGE CAP<br>GROWTH<br>MANAGED<br>VOLATILITY\*\*** | **EQ/LARGE CAP<br>VALUE<br>MANAGED<br>VOLATILITY\*\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $28577277 | $59855876 | $33216416 | $34683327 | $46874296 | $8238733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  | 117223 | 56257 | 950723 | 57249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 43724 |  |  |  |  | 6496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 28621001 | 59973099 | 33272673 | 35634050 | 46931545 | 8245229 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 43086 |  |  |  |  | 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  | 117223 | 54133 | 950723 | 57254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 37196 | 68557 | 41633 | 37104 | 46137 | 11110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 80282 | 185780 | 95766 | 987827 | 103391 | 16545 |
|  **Net Assets** | $28540719 | $59787319 | $33176907 | $34646223 | $46828154 | $8228684 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $28502795 | $59706688 | $33144717 | $34583818 | $46770220 | $8215344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 37924 | 80631 | 32190 | 62405 | 57934 | 13340 |
|  **Total Net Assets** | $28540719 | $59787319 | $33176907 | $34646223 | $46828154 | $8228684 |
|  Investments in shares of the Portfolios, at cost | $28563151 | $53126941 | $32137064 | $29832574 | $46841654 | $8257579 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MFS<br>INTERNATIONAL<br>GROWTH\*\*** | **EQ/MID<br>CAP<br>INDEX\*\*** | **EQ/MID CAP<br>VALUE<br>MANAGED<br>VOLATILITY\*\*** | **EQ/MODERATE<br>ALLOCATION\*\*** | **EQ/MODERATE-<br>PLUS<br>ALLOCATION\*\*** | **EQ/PIMCO<br>GLOBAL REAL<br>RETURN\*\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $16249281 | $21859353 | $8703981 | $227947107 | $39898827 | $1920833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 187309 | 226612 |  | 1299233 | 94430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  |  | 3385 |  |  | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 16436590 | 22085965 | 8707366 | 229246340 | 39993257 | 1925159 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  |  | 3385 |  |  | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 187309 | 226613 |  | 1223351 | 94440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 16675 | 26738 | 12581 | 279553 | 51653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 203984 | 253351 | 15966 | 1502904 | 146093 | 1243 |
|  **Net Assets** | $16232606 | $21832614 | $8691400 | $227743436 | $39847164 | $1923916 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $16216002 | $21810800 | $8681860 | $227537003 | $39814192 | $1923916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 16604 | 21814 | 9540 | 206433 | 32972 |  |
|  **Total Net Assets** | $16232606 | $21832614 | $8691400 | $227743436 | $39847164 | $1923916 |
|  Investments in shares of the Portfolios, at cost | $15259372 | $21209428 | $9656746 | $244340176 | $41585633 | $1854729 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/SMALL<br>COMPANY**<br>**INDEX\*\*** | **EQUITABLE<br>CONSERVATIVE<br>GROWTH**<br>**MF/ETF\*\*** | **MULTIMANAGER<br>CORE BOND\*\*** | **MULTIMANAGER<br>TECHNOLOGY\*\*** | **TARGET 2015<br>ALLOCATION\*\*** | **TARGET 2025<br>ALLOCATION\*\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $20562875 | $3882057 | $4907768 | $33388059 | $7027965 | $23075332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 748300 | 32614 | 303915 | 75954 | 76 | 24955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 21311175 | 3914671 | 5211683 | 33464013 | 7028041 | 23100287 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 748299 | 32614 | 303915 | 75954 | 75 | 24553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 25547 | 2732 | 6342 | 30270 | 13821 | 33946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 773846 | 35346 | 310257 | 106224 | 13896 | 58499 |
|  **Net Assets** | $20537329 | $3879325 | $4901426 | $33357789 | $7014145 | $23041788 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $20519489 | $3878011 | $4900202 | $33302445 | $7003700 | $23016045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 17840 | 1314 | 1224 | 55344 | 10445 | 25743 |
|  **Total Net Assets** | $20537329 | $3879325 | $4901426 | $33357789 | $7014145 | $23041788 |
|  Investments in shares of the Portfolios, at cost | $19162812 | $3876721 | $4792220 | $31129495 | $8356599 | $24323800 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TARGET 2035<br>ALLOCATION\*\*** | **TARGET 2045<br>ALLOCATION\*\*** | **TARGET 2055<br>ALLOCATION\*\*** | **VANGUARD<br>VARIABLE<br>INSURANCE<br>FUND TOTAL<br>BOND MARKET<br>INDEX<br>PORTFOLIO** | **VANGUARD<br>VARIABLE<br>INSURANCE<br>FUND TOTAL<br>STOCK MARKET<br>INDEX<br>PORTFOLIO** |
|  **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $17392638 | $8457846 | $214478 | $28878192 | $84147213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 33756 | 165666 | 39 | 498492 | 2945849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 17426394 | 8623512 | 214517 | 29376684 | 87093062 |
|  **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 33756 | 165666 | 8 | 498493 | 2945848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 22719 | 11643 |  | 29610 | 83920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 56475 | 177309 | 8 | 528103 | 3029768 |
|  **Net Assets** | $17369919 | $8446203 | $214509 | $28848581 | $84063294 |
|  **Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $17348002 | $8435447 | $214472 | $28844985 | $83998675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 206 | 21917 | 10756 | 37 | 3596 | 64619 |
|  **Total Net Assets** | $17369919 | $8446203 | $214509 | $28848581 | $84063294 |
|  Investments in shares of the Portfolios, at cost | $13942036 | $6308669 | $150407 | $27976597 | $65973018 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

The following table provides the Portfolio shares held by the Variable Investment Options of the Account:

---

| | | |
|:---|:---|:---|
|  | **Share Class\*\*** | **Portfolio Shares Held<br>(000's)\*\*\*** |
|  1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH | CLASS I | 177 |
|  1290 VT EQUITY INCOME | CLASS K | 662 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | CLASS K | 130 |
|  1290 VT GAMCO SMALL COMPANY VALUE | CLASS K | 331 |
|  1290 VT SMARTBETA EQUITY ESG | CLASS K | 923 |
|  AMERICAN FUNDS IS<sup>®</sup> 2010 TARGET DATE FUND | CLASS I |  |
|  AMERICAN FUNDS IS<sup>®</sup> 2015 TARGET DATE FUND | CLASS I | 3 |
|  AMERICAN FUNDS IS<sup>®</sup> 2020 TARGET DATE FUND | CLASS I | 205 |
|  AMERICAN FUNDS IS<sup>®</sup> 2025 TARGET DATE FUND | CLASS I | 487 |
|  AMERICAN FUNDS IS<sup>®</sup> 2030 TARGET DATE FUND | CLASS I | 825 |
|  AMERICAN FUNDS IS<sup>®</sup> 2035 TARGET DATE FUND | CLASS I | 787 |
|  AMERICAN FUNDS IS<sup>®</sup> 2040 TARGET DATE FUND | CLASS I | 270 |
|  AMERICAN FUNDS IS<sup>®</sup> 2045 TARGET DATE FUND | CLASS I | 774 |
|  AMERICAN FUNDS IS<sup>®</sup> 2050 TARGET DATE FUND | CLASS I | 540 |
|  AMERICAN FUNDS IS<sup>®</sup> 2055 TARGET DATE FUND | CLASS I | 342 |
|  AMERICAN FUNDS IS<sup>®</sup> 2060 TARGET DATE FUND | CLASS I | 12 |
|  AMERICAN FUNDS IS<sup>®</sup> 2065 TARGET DATE FUND | CLASS I | 6 |
|  AMERICAN FUNDS IS<sup>®</sup> 2070 TARGET DATE FUND | CLASS I | 92 |
|  EQ/AB SMALL CAP GROWTH | CLASS K | 1428 |
|  EQ/AGGRESSIVE ALLOCATION | CLASS K | 2333 |
|  EQ/ALL ASSET GROWTH ALLOCATION | CLASS K | 166 |
|  EQ/CLEARBRIDGE LARGE CAP GROWTH ESG | CLASS K | 385 |
|  EQ/CONSERVATIVE ALLOCATION | CLASS K | 469 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | CLASS K | 1598 |
|  EQ/CORE BOND INDEX | CLASS K | 1046 |
|  EQ/CORE PLUS BOND | CLASS K | 2167 |
|  EQ/EQUITY 500 INDEX | CLASS K | 1973 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | CLASS K | 1066 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | CLASS K | 1551 |
|  EQ/INVESCO COMSTOCK | CLASS K | 473 |
|  EQ/JANUS ENTERPRISE | CLASS K | 1271 |
|  EQ/JPMORGAN GROWTH STOCK | CLASS K | 789 |
|  EQ/JPMORGAN VALUE OPPORTUNITIES | CLASS K | 1635 |
|  EQ/LARGE CAP GROWTH INDEX | CLASS K | 1147 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | CLASS K | 1332 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | CLASS K | 450 |
|  EQ/MFS INTERNATIONAL GROWTH | CLASS K | 1989 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Share Class\*\*** | **Portfolio Shares Held<br>(000's)\*\*\*** |
|  EQ/MID CAP INDEX | CLASS K | 1326 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | CLASS K | 559 |
|  EQ/MODERATE ALLOCATION | CLASS K | 18532 |
|  EQ/MODERATE-PLUS ALLOCATION | CLASS K | 4130 |
|  EQ/PIMCO GLOBAL REAL RETURN | CLASS K | 248 |
|  EQ/SMALL COMPANY INDEX | CLASS K | 1661 |
|  EQUITABLE CONSERVATIVE GROWTH MF/ETF | CLASS K | 312 |
|  MULTIMANAGER CORE BOND | CLASS K | 560 |
|  MULTIMANAGER TECHNOLOGY | CLASS K | 708 |
|  TARGET 2015 ALLOCATION | CLASS K | 1100 |
|  TARGET 2025 ALLOCATION | CLASS K | 2206 |
|  TARGET 2035 ALLOCATION | CLASS K | 1111 |
|  TARGET 2045 ALLOCATION | CLASS K | 491 |
|  TARGET 2055 ALLOCATION | CLASS K | 11 |
|  VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO | COMMON<br>SHARES | 2674 |
|  VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO | COMMON<br>SHARES | 1381 |

---

\*\* Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 6 of these financial statements.

\*\*\* Variable Investment Options where Shares Outstanding are less than 500 are denoted by a —.

The following table provides units outstanding and unit values associated with the Variable Investment Options of the Account and is further categorized by share class and contract charges:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH | 0.48% | CLASS I | $21.82 | 173 |
|  1290 VT EQUITY INCOME | 0.48% | CLASS K | $31.79 | 101 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 0.48% | CLASS K | $19.23 | 93 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 0.48% | CLASS K | $56.53 | 444 |
|  1290 VT SMARTBETA EQUITY ESG | 0.48% | CLASS K | $19.22 | 933 |
|  AMERICAN FUNDS IS<sup>®</sup> 2010 TARGET DATE FUND | 0.48% | CLASS I | $11.11 |  |
|  AMERICAN FUNDS IS<sup>®</sup> 2015 TARGET DATE FUND | 0.48% | CLASS I | $11.15 | 3 |
|  AMERICAN FUNDS IS<sup>®</sup> 2020 TARGET DATE FUND | 0.48% | CLASS I | $11.21 | 233 |
|  AMERICAN FUNDS IS<sup>®</sup> 2025 TARGET DATE FUND | 0.48% | CLASS I | $11.25 | 575 |
|  AMERICAN FUNDS IS<sup>®</sup> 2030 TARGET DATE FUND | 0.48% | CLASS I | $11.42 | 1004 |
|  AMERICAN FUNDS IS<sup>®</sup> 2035 TARGET DATE FUND | 0.48% | CLASS I | $11.60 | 935 |
|  AMERICAN FUNDS IS<sup>®</sup> 2040 TARGET DATE FUND | 0.48% | CLASS I | $11.90 | 332 |
|  AMERICAN FUNDS IS<sup>®</sup> 2045 TARGET DATE FUND | 0.48% | CLASS I | $12.02 | 945 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  AMERICAN FUNDS IS<sup>®</sup> 2050 TARGET DATE FUND | 0.48% | CLASS I | $12.04 | 662 |
|  AMERICAN FUNDS IS<sup>®</sup> 2055 TARGET DATE FUND | 0.48% | CLASS I | $12.07 | 427 |
|  AMERICAN FUNDS IS<sup>®</sup> 2060 TARGET DATE FUND | 0.48% | CLASS I | $11.91 | 14 |
|  AMERICAN FUNDS IS<sup>®</sup> 2065 TARGET DATE FUND | 0.48% | CLASS I | $11.91 | 7 |
|  AMERICAN FUNDS IS<sup>®</sup> 2070 TARGET DATE FUND | 0.48% | CLASS I | $11.84 | 98 |
|  EQ/AB SMALL CAP GROWTH | 0.48% | CLASS K | $45.89 | 549 |
|  EQ/AGGRESSIVE ALLOCATION | 0.48% | CLASS K | $30.54 | 808 |
|  EQ/ALL ASSET GROWTH ALLOCATION | 0.48% | CLASS K | $24.21 | 139 |
|  EQ/CLEARBRIDGE LARGE CAP GROWTH ESG | 0.48% | CLASS K | $50.15 | 143 |
|  EQ/CONSERVATIVE ALLOCATION | 0.48% | CLASS K | $14.07 | 275 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 0.48% | CLASS K | $19.12 | 692 |
|  EQ/CORE BOND INDEX | 0.48% | CLASS K | $12.69 | 781 |
|  EQ/CORE PLUS BOND | 0.48% | CLASS K | $12.07 | 613 |
|  EQ/EQUITY 500 INDEX | 0.48% | CLASS K | $60.87 | 3117 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 0.48% | CLASS K | $23.07 | 795 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 0.48% | CLASS K | $16.54 | 1150 |
|  EQ/INVESCO COMSTOCK | 0.48% | CLASS K | $29.00 | 359 |
|  EQ/JANUS ENTERPRISE | 0.48% | CLASS K | $41.23 | 691 |
|  EQ/JPMORGAN GROWTH STOCK | 0.48% | CLASS K | $72.84 | 820 |
|  EQ/JPMORGAN VALUE OPPORTUNITIES | 0.48% | CLASS K | $48.63 | 682 |
|  EQ/LARGE CAP GROWTH INDEX | 0.48% | CLASS K | $72.25 | 479 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 0.48% | CLASS K | $68.83 | 679 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 0.48% | CLASS K | $31.36 | 262 |
|  EQ/MFS INTERNATIONAL GROWTH | 0.48% | CLASS K | $27.33 | 593 |
|  EQ/MID CAP INDEX | 0.48% | CLASS K | $38.38 | 568 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 0.48% | CLASS K | $34.40 | 252 |
|  EQ/MODERATE ALLOCATION | 0.48% | CLASS K | $20.65 | 11020 |
|  EQ/MODERATE-PLUS ALLOCATION | 0.48% | CLASS K | $25.49 | 1562 |
|  EQ/PIMCO GLOBAL REAL RETURN | 0.48% | CLASS K | $11.14 | 173 |
|  EQ/SMALL COMPANY INDEX | 0.48% | CLASS K | $40.47 | 507 |
|  EQUITABLE CONSERVATIVE GROWTH MF/ETF | 0.48% | CLASS K | $20.67 | 188 |
|  MULTIMANAGER CORE BOND | 0.48% | CLASS K | $11.69 | 419 |
|  MULTIMANAGER TECHNOLOGY | 0.48% | CLASS K | $90.14 | 369 |
|  TARGET 2015 ALLOCATION | 0.48% | CLASS K | $18.95 | 370 |
|  TARGET 2025 ALLOCATION | 0.48% | CLASS K | $24.46 | 941 |
|  TARGET 2035 ALLOCATION | 0.48% | CLASS K | $28.75 | 604 |
|  TARGET 2045 ALLOCATION | 0.48% | CLASS K | $31.29 | 270 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF ASSETS AND LIABILITIES (Concluded)** 

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  TARGET 2055 ALLOCATION | 0.48% | CLASS K | $25.11 | 9 |
|  VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO | 0.48% | COMMON SHARES | $11.23 | 2568 |
|  VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO | 0.48% | COMMON SHARES | $26.70 | 3146 |

---

\* Contract charges reflect the direct operating and other expenses related to the Variable Investment Options.

\*\* Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 6 of these financial statements.

\*\*\* Variable Investment Options where Units Outstanding are less than 500 are denoted by a —.

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 AVANTIS<sup>®</sup><br>U.S. LARGE CAP<br>GROWTH\*** | **1290 VT EQUITY<br>INCOME\*\*** | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*\*** | **1290 VT GAMCO<br>SMALL<br>COMPANY<br>VALUE\*\*** | **1290 VT<br>SMARTBETA<br>EQUITY ESG\*\*** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2010<br>TARGET DATE<br>FUND** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $1546 | $76652 | $51998 | $213889 | $173809 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 17391 | 18736 | 7690 | 126004 | 95204 | 7 |
|  **Net Investment Income (Loss)** | (15845) | 57916 | 44308 | 87885 | 78605 | 47 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 752154 | 47253 | 44531 | 1853952 | 2144657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 62025 | 268558 | 52033 | 1533699 | 1441663 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 814179 | 315811 | 96564 | 3387651 | 3586320 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (145979) | 94061 | 98297 | (554571) | (1115110) | 67 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 668200 | 409872 | 194861 | 2833080 | 2471210 | 97 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $652355 | $467788 | $239169 | $2920965 | $2549815 | $144 |

---

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

\* Denotes Variable Investment Options that invest in shares of a Portfolio of 1290 Funds, an affiliate of Equitable Financial.

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN<br>FUNDS IS<sup>®</sup> 2015<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2020<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2025<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2030<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2035<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2040<br>TARGET DATE<br>FUND** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $626 | $49582 | $93721 | $69414 | $114545 | $10527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 81 | 12650 | 42754 | 41873 | 47845 | 14547 |
|  **Net Investment Income (Loss)** | 545 | 36932 | 50967 | 27541 | 66700 | (4020) |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 5 | 55246 | 288776 | (139134) | 256669 | 15599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 123 | 37610 | 34138 | 33473 | 120786 | 7047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 128 | 92856 | 322914 | (105661) | 377455 | 22646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1153 | 172340 | 555058 | 953948 | 938518 | 449717 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 1281 | 265196 | 877972 | 848287 | 1315973 | 472363 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1826 | $302128 | $928939 | $875828 | $1382673 | $468343 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN<br>FUNDS IS<sup>®</sup> 2045<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2050<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2055<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2060<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2065<br>TARGET DATE<br>FUND** | **AMERICAN<br>FUNDS IS<sup>®</sup> 2070<br>TARGET DATE<br>FUND** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $67185 | $47428 | $31996 | $289 | $428 | $2311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 45134 | 33355 | 20965 | 652 | 107 | 1982 |
|  **Net Investment Income (Loss)** | 22051 | 14073 | 11031 | (363) | 321 | 329 |
|  **Net Realized and Unrealized Gain (Loss) on Investments: Net realized gain (loss) on investments** | 36541 | 88030 | 64478 | 3222 | 400 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 2109 | 2240 | 5442 | 4189 | 567 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 38650 | 90270 | 69920 | 7411 | 967 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1504206 | 1061032 | 697683 | 22689 | 2914 | 58987 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 1542856 | 1151302 | 767603 | 30100 | 3881 | 61124 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1564907 | $1165375 | $778634 | $29737 | $4202 | $61453 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AB SMALL CAP<br>GROWTH\*\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*\*** | **EQ/ALL ASSET<br>GROWTH<br>ALLOCATION\*\*** | **EQ/CLEARBRIDGE<br>LARGE CAP<br>GROWTH ESG\*\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*\*** | **EQ/CONSERVATIVE-<br>PLUS<br>ALLOCATION\*\*** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $81934 | $403464 | $79059 | $— | $127166 | $373312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 123608 | 120053 | 15195 | 35952 | 20179 | 69109 |
|  **Net Investment Income (Loss)** | (41674) | 283411 | 63864 | (35952) | 106987 | 304203 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2635434) | (725228) | (127222) | 738475 | (207811) | (787276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 2037301 | 2250804 | 168457 | 726701 | 95816 | 704662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (598133) | 1525576 | 41235 | 1465176 | (111995) | (82614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 2697235 | 1168741 | 383321 | (908155) | 299285 | 896905 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 2099102 | 2694317 | 424556 | 557021 | 187290 | 814291 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2057428 | $2977728 | $488420 | $521069 | $294277 | $1118494 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CORE BOND<br>INDEX\*\*** | **EQ/CORE PLUS<br>BOND\*\*** | **EQ/EQUITY 500<br>INDEX\*\*** | **EQ/GLOBAL<br>EQUITY<br>MANAGED<br>VOLATILITY\*\*** | **EQ/INTERNATIONAL<br>CORE**<br>**MANAGED<br>VOLATILITY\*\*** | **EQ/INVESCO<br>COMSTOCK\*\*** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $318326 | $389465 | $1733106 | $183777 | $283387 | $151719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 58687 | 35674 | 895493 | 90261 | 89147 | 54731 |
|  **Net Investment Income (Loss)** | 259639 | 353791 | 837613 | 93516 | 194240 | 96988 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (252494) | (476461) | 22715649 | 241485 | 518580 | 42593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios |  |  | 4875231 | 1810506 | 1335297 | 816933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (252494) | (476461) | 27590880 | 2051991 | 1853877 | 859526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 725842 | 722344 | 888230 | 1145151 | 2187261 | 818882 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 473348 | 245883 | 28479110 | 3197142 | 4041138 | 1678408 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $732987 | $599674 | $29316723 | $3290658 | $4235378 | $1775396 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/JANUS<br>ENTERPRISE\*\*** | **EQ/JPMORGAN<br>GROWTH<br>STOCK\*\*** | **EQ/JPMORGAN<br>VALUE<br>OPPORTUNITIES\*\*** | **EQ/LARGE CAP<br>GROWTH<br>INDEX\*\*** | **EQ/LARGE CAP<br>GROWTH<br>MANAGED<br>VOLATILITY\*\*** | **EQ/LARGE CAP<br>VALUE<br>MANAGED<br>VOLATILITY\*\*** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $— | $— | $412154 | $— | $142727 | $126349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 147252 | 300956 | 168576 | 171783 | 235642 | 41443 |
|  **Net Investment Income (Loss)** | (147252) | (300956) | 243578 | (171783) | (92915) | 84906 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 598978 | 2370276 | (371313) | 6655614 | (903758) | (246574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 2351721 | 8443049 | 2751624 | 2751563 | 6099114 | 658944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2950699 | 10813325 | 2380311 | 9407177 | 5195356 | 412370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (588757) | (2131947) | 2259381 | (3657461) | (218246) | 329962 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 2361942 | 8681378 | 4639692 | 5749716 | 4977110 | 742332 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2214690 | $8380422 | $4883270 | $5577933 | $4884195 | $827238 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MFS<br>INTERNATIONAL<br>GROWTH\*\*** | **EQ/MID CAP<br>INDEX\*\*** | **EQ/MID CAP<br>VALUE<br>MANAGED<br>VOLATILITY\*\*** | **EQ/MODERATE<br>ALLOCATION\*\*** | **EQ/MODERATE-<br>PLUS<br>ALLOCATION\*\*** | **EQ/PIMCO<br>GLOBAL REAL<br>RETURN\*\*** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $186104 | $225845 | $120282 | $5820488 | $845694 | $30117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 71536 | 105217 | 46362 | 1114728 | 207349 | 9700 |
|  **Net Investment Income (Loss)** | 114568 | 120628 | 73920 | 4705760 | 638345 | 20417 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (319443) | 619794 | (340555) | (4930328) | (1462272) | (143415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 1318274 | 1271312 | 598041 | 12799181 | 3063377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 998831 | 1891106 | 257486 | 7868853 | 1601105 | (143415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1554083 | (619388) | 42549 | 9315483 | 2182577 | 231880 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 2552914 | 1271718 | 300035 | 17184336 | 3783682 | 88465 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2667482 | $1392346 | $373955 | $21890096 | $4422027 | $108882 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/SMALL<br>COMPANY<br>INDEX\*\*** | **EQUITABLE<br>CONSERVATIVE<br>GROWTH<br>MF/ETF\*\*** | **MULTIMANAGER<br>CORE BOND\*\*** | **MULTIMANAGER<br>TECHNOLOGY\*\*** | **TARGET 2015<br>ALLOCATION\*\*** | **TARGET 2025<br>ALLOCATION\*\*** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $217226 | $72570 | $207864 | $— | $278933 | $673854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 98125 | 12277 | 26859 | 143935 | 38198 | 111204 |
|  **Net Investment Income (Loss)** | 119101 | 60293 | 181005 | (143935) | 240735 | 562650 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1165595) | (32663) | (310286) | 6056251 | (941296) | (235077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 692237 | 80175 |  | 3233082 | 367931 | 1599564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (473358) | 47512 | (310286) | 9289333 | (573365) | 1364487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 2623107 | 131913 | 502391 | (1883490) | 1021469 | 827559 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 2149749 | 179425 | 192105 | 7405843 | 448104 | 2192046 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2268850 | $239718 | $373110 | $7261908 | $688839 | $2754696 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF OPERATIONS (Concluded)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TARGET 2035<br>ALLOCATION\*\*** | **TARGET 2045<br>ALLOCATION\*\*** | **TARGET 2055<br>ALLOCATION\*\*** | **VANGUARD<br>VARIABLE<br>INSURANCE<br>FUND TOTAL<br>BOND MARKET<br>INDEX<br>PORTFOLIO** | **VANGUARD<br>VARIABLE<br>INSURANCE<br>FUND TOTAL<br>STOCK MARKET<br>INDEX<br>PORTFOLIO** |
|  **Income and Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $396516 | $169371 | $3640 | $931799 | $980352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges and other expenses . | 84111 | 42555 | 1089 | 134578 | 400653 |
|  **Net Investment Income (Loss)** | 312405 | 126816 | 2551 | 797221 | 579699 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 838197 | 956221 | 14829 | (388128) | 1055163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 474903 | 237392 | 5809 |  | 4576511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1313100 | 1193613 | 20638 | (388128) | 5631674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 886354 | 16826 | 13800 | 1315398 | 6764720 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 2199454 | 1210439 | 34438 | 927270 | 12396394 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2511859 | $1337255 | $36989 | $1724491 | $12976093 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 AVANTIS<sup>®</sup> U.S.**<br>**LARGE CAP GROWTH\*** | **1290 AVANTIS<sup>®</sup> U.S.**<br>**LARGE CAP GROWTH\*** | **1290 VT EQUITY INCOME\*\*** | **1290 VT EQUITY INCOME\*\*** | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*\*** | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(15845) | $(10803) | $57916 | $65857 | $44308 | $22031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 814179 | 205296 | 315811 | 330137 | 96564 | 78572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (145979) | 484797 | 94061 | 10576 | 98297 | 31742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 652355 | 679290 | 467788 | 406570 | 239169 | 132345 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 340618 | 406999 | 232893 | 267645 | 71570 | 81529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (252244) | 762797 | 122700 | (700116) | 231582 | 51478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (281858) | (360291) | (1377596) | (322655) | (209199) | (376103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1157) | (1463) | (194) | (182) | (79) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (194641) | 808042 | (1022197) | (755308) | 93874 | (243180) |
|  **Net Increase (Decrease) in Net Assets** | 457714 | 1487332 | (554409) | (348738) | 333043 | (110835) |
|  **Net Assets — Beginning of Year** | 3324441 | 1837109 | 3759292 | 4108030 | 1461206 | 1572041 |
|  **Net Assets — End of Year** | $3782155 | $3324441 | $3204883 | $3759292 | $1794249 | $1461206 |

---

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

\* Denotes Variable Investment Options that invest in shares of a Portfolio of 1290 Funds, an affiliate of Equitable Financial.

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT GAMCO SMALL<br>COMPANY VALUE\*\*** | **1290 VT GAMCO SMALL<br>COMPANY VALUE\*\*** | **1290 VT SMARTBETA<br>EQUITY ESG\*\*** | **1290 VT SMARTBETA<br>EQUITY ESG\*\*** | **AMERICAN FUNDS IS<sup>®</sup> 2010<br> TARGET DATE FUND<sup>(a)</sup>**  | **AMERICAN FUNDS IS<sup>®</sup> 2010<br> TARGET DATE FUND<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $87885 | $104771 | $78605 | $135156 | $47 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3387651 | 4296724 | 3586320 | 2927987 | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (554571) | (1014663) | (1115110) | 360327 | 67 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2920965 | 3386832 | 2549815 | 3423470 | 144 | (2) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1070092 | 1113387 | 603221 | 686646 | 107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (2181437) | 435142 | (610653) | (694504) | 1244 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (8499440) | (6493714) | (5525622) | (4928321) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1262) | (1455) | (947) | (1115) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (9612047) | (4946640) | (5534001) | (4937294) | 1351 | 149 |
|  **Net Increase (Decrease) in Net Assets** | (6691082) | (1559808) | (2984186) | (1513824) | 1495 | 147 |
|  **Net Assets — Beginning of Year or Period** | 31849690 | 33409498 | 20947983 | 22461807 | 147 |  |
|  **Net Assets — End of Year or Period** | $25158608 | $31849690 | $17963797 | $20947983 | $1642 | $147 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

<sup>(a)</sup> Units were made available on October 18, 2024.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN FUNDS IS<sup>®</sup> 2015<br> TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2015<br> TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2020<br>TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2020<br>TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2025<br> TARGET DATE FUND<sup>(a)</sup>**  | **AMERICAN FUNDS IS<sup>®</sup> 2025<br> TARGET DATE FUND<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $545 | $70 | $36932 | $46 | $50967 | $9438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 128 |  | 92856 |  | 322914 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1153 | (74) | 172340 | (54) | 555058 | (16871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1826 | (4) | 302128 | (8) | 928939 | (7432) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 5085 |  | 209693 |  | 729916 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 19908 | 5000 | 2953225 | 5075 | 12555663 | 944980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations |  |  | (854487) |  | (8679168) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (26) | (1) | (229) | (1) | (888) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 24967 | 4999 | 2308202 | 5074 | 4605523 | 945679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206 |  |  |  |  | (15) | 14 |
|  **Net Increase (Decrease) in Net Assets** | 26793 | 4995 | 2610330 | 5066 | 5534447 | 938261 |
|  **Net Assets — Beginning of Year or Period** | 4995 |  | 5066 |  | 938261 |  |
|  **Net Assets — End of Year or Period** | $31788 | $4995 | $2615396 | $5066 | $6472708 | $938261 |

---

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

<sup>(a)</sup> Units were made available on October 18, 2024.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN FUNDS IS<sup>®</sup> 2030<br> TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2030<br> TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2035<br> TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2035<br> TARGET DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS IS<sup>®</sup> 2040<br> TARGET DATE FUND<sup>(a)</sup>**  | **AMERICAN FUNDS IS<sup>®</sup> 2040<br> TARGET DATE FUND<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $27541 | $4947 | $66700 | $1000 | $(4020) | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (105661) |  | 377455 | 1 | 22646 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 953948 | (28943) | 938518 | (1160) | 449717 | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 875828 | (23996) | 1382673 | (159) | 468343 | (33) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1648457 | 783 | 1019045 | 1399 | 833513 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 9065217 | 1142045 | 11247661 | 85648 | 2843117 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (1238843) |  | (2889261) |  | (193522) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (801) | (5) | (1542) | (7) | (1075) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 9474030 | 1142823 | 9375903 | 87040 | 3482033 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206 | (19) | 19 | (2) |  |  |  |
|  **Net Increase (Decrease) in Net Assets** | 10349839 | 1118846 | 10758574 | 86881 | 3950376 | 1915 |
|  **Net Assets — Beginning of Year or Period** | 1118846 |  | 86881 |  | 1915 |  |
|  **Net Assets — End of Year or Period** | $11468685 | $1118846 | $10845455 | $86881 | $3952291 | $1915 |

---

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

<sup>(a)</sup> Units were made available on October 18, 2024.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2045 TARGET**<br>**DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2045 TARGET**<br>**DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2050 TARGET**<br>**DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2050 TARGET**<br>**DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2055 TARGET**<br>**DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2055 TARGET**<br>**DATE FUND<sup>(a)</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22051 | $(23) | $14073 | $7 | $11031 | $724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 38650 | 9 | 90270 | 8 | 69920 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1504206 | (27) | 1061032 | (32) | 697683 | (1247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1564907 | (41) | 1165375 | (17) | 778634 | (140) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1165002 | 644 | 1507339 |  | 1359626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 7726434 | 1241032 | 6347570 | 519 | 3705261 | 82459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (337180) |  | (1054589) |  | (763254) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1623) | (5) | (1770) | (1) | (2993) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 8552633 | 1241671 | 6798550 | 518 | 4298640 | 82461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206 | (16) | 15 |  |  | (2) |  |
|  **Net Increase (Decrease) in Net Assets** | 10117524 | 1241645 | 7963925 | 501 | 5077272 | 82321 |
|  **Net Assets — Beginning of Year or Period** | 1241645 |  | 501 |  | 82321 |  |
|  **Net Assets — End of Year or Period** | $11359169 | $1241645 | $7964426 | $501 | $5159593 | $82321 |

---

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

<sup>(a)</sup> Units were made available on October 18, 2024.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN FUNDS<br>IS<sup>®</sup> 2060 TARGET**<br>**DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS<br>IS<sup>®</sup> 2060 TARGET**<br>**DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS<br>IS<sup>®</sup> 2065 TARGET<br>DATE FUND<sup>(b)</sup>** | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2070 TARGET<br>DATE FUND<sup>(a)</sup>** | **AMERICAN FUNDS**<br>**IS<sup>®</sup> 2070 TARGET<br>DATE FUND<sup>(a)</sup>** |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(363) | $741 | $321 | $329 | $382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7411 | 411 | 967 | 2137 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 22689 | (1248) | 2914 | 58987 | (1212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 29737 | (96) | 4202 | 61453 | (684) |
|  **From Contractowners Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 44545 |  | 64746 | 43372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 16893 | 82459 | 17087 | 1014950 | 44051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (1351) |  | (4898) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (101) | 2 | (195) | (153) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 59986 | 82461 | 76740 | 1058169 | 44048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206 | (2) |  |  | (1) |  |
|  **Net Increase (Decrease) in Net Assets** | 89721 | 82365 | 80942 | 1119621 | 43364 |
|  **Net Assets — Beginning of Year or Period** | 82365 |  |  | 43364 |  |
|  **Net Assets — End of Year or Period** | $172086 | $82365 | $80942 | $1162985 | $43364 |

---

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

<sup>(a)</sup> Units were made available on October 18, 2024.

<sup>(b)</sup> Units were made available on October 18, 2024. However, there were no outstanding units as of December 31, 2024.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AB SMALL CAP**<br>**GROWTH\*\*** | **EQ/AB SMALL CAP**<br>**GROWTH\*\*** | **EQ/AGGRESSIVE**<br>**ALLOCATION\*\*** | **EQ/AGGRESSIVE**<br>**ALLOCATION\*\*** | **EQ/ALL ASSET<br>GROWTH<br>ALLOCATION\*\*** | **EQ/ALL ASSET<br>GROWTH<br>ALLOCATION\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(41674) | $(14891) | $283411 | $491298 | $63864 | $65006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (598133) | 1502385 | 1525576 | 1234553 | 41235 | 73685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 2697235 | 2443786 | 1168741 | 1849440 | 383321 | 139664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2057428 | 3931280 | 2977728 | 3575291 | 488420 | 278355 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 862248 | 1305582 | 1040589 | 1374420 | 154405 | 151361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (1619445) | (1373401) | (2714429) | (454543) | 199944 | 358178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (5628010) | (6248443) | (3459514) | (7403449) | (580674) | (150959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1077) | (1294) | (1698) | (1962) | (245) | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (6386284) | (6317556) | (5135052) | (6485534) | (226570) | 358334 |
|  **Net Increase (Decrease) in Net Assets** | (4328856) | (2386276) | (2157324) | (2910243) | 261850 | 636689 |
|  **Net Assets — Beginning of Year** | 29571355 | 31957631 | 26856043 | 29766286 | 3102209 | 2465520 |
|  **Net Assets — End of Year** | $25242499 | $29571355 | $24698719 | $26856043 | $3364059 | $3102209 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CLEARBRIDGE LARGE**<br>**CAP GROWTH ESG\*\*** | **EQ/CLEARBRIDGE LARGE**<br>**CAP GROWTH ESG\*\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*\*** | **EQ/CONSERVATIVE-<br>PLUS ALLOCATION\*\*** | **EQ/CONSERVATIVE-<br>PLUS ALLOCATION\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(35952) | $(44804) | $106987 | $123751 | $304203 | $368586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1465176 | 1672993 | (111995) | (479790) | (82614) | (153348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (908155) | 558167 | 299285 | 562613 | 896905 | 965599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 521069 | 2186356 | 294277 | 206574 | 1118494 | 1180837 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 241062 | 256831 | 102084 | 194192 | 395558 | 441562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (805668) | 548733 | 397018 | 121383 | 687529 | (523854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (1161502) | (2855196) | (1405301) | (3197290) | (4110079) | (4392503) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (444) | (514) | (408) | (439) | (938) | (1130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (1726552) | (2050146) | (906607) | (2882154) | (3027930) | (4475925) |
|  **Net Increase (Decrease) in Net Assets** | (1205483) | 136210 | (612330) | (2675580) | (1909436) | (3295088) |
|  **Net Assets — Beginning of Year** | 8378858 | 8242648 | 4483683 | 7159263 | 15152147 | 18447235 |
|  **Net Assets — End of Year** | $7173375 | $8378858 | $3871353 | $4483683 | $13242711 | $15152147 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CORE BOND INDEX\*\*** | **EQ/CORE BOND INDEX\*\*** | **EQ/CORE PLUS BOND\*\*** | **EQ/CORE PLUS BOND\*\*** | **EQ/EQUITY 500 INDEX\*\*** | **EQ/EQUITY 500 INDEX\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $259639 | $263418 | $353791 | $371076 | $837613 | $1060785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (252494) | (430701) | (476461) | (504282) | 27590880 | 19784708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 725842 | 448271 | 722344 | 55964 | 888230 | 18256276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 732987 | 280988 | 599674 | (77242) | 29316723 | 39101769 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 482864 | 527478 | 249235 | 291524 | 5639108 | 6139690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 1228278 | (783132) | (55920) | 237842 | 566728 | 7025868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (4827587) | (2411720) | (977281) | (1673474) | (30815925) | (31683184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (647) | (693) | (317) | (358) | (6627) | (6763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (3117092) | (2668067) | (784283) | (1144466) | (24616716) | (18524389) |
|  **Net Increase (Decrease) in Net Assets** | (2384105) | (2387079) | (184609) | (1221708) | 4700007 | 20577380 |
|  **Net Assets — Beginning of Year** | 12298527 | 14685606 | 7585836 | 8807544 | 185238144 | 164660764 |
|  **Net Assets — End of Year** | $9914422 | $12298527 | $7401227 | $7585836 | $189938151 | $185238144 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/GLOBAL EQUITY<br>MANAGED VOLATILITY\*\*** | **EQ/GLOBAL EQUITY<br>MANAGED VOLATILITY\*\*** | **EQ/INTERNATIONAL CORE<br>MANAGED VOLATILITY\*\*** | **EQ/INTERNATIONAL CORE<br>MANAGED VOLATILITY\*\*** | **EQ/INVESCO COMSTOCK\*\*** | **EQ/INVESCO COMSTOCK\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $93516 | $197634 | $194240 | $360399 | $96988 | $139178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2051991 | 2377456 | 1853877 | 1372470 | 859526 | 1138326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1145151 | (60248) | 2187261 | (1071645) | 818882 | 285630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3290658 | 2514842 | 4235378 | 661224 | 1775396 | 1563134 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 526700 | 905977 | 651614 | 1075494 | 319149 | 381008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (1867633) | (180484) | (41434) | (368565) | (615154) | (23862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (3268443) | (4681731) | (4115507) | (3347824) | (2769466) | (1734393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (760) | (771) | (715) | (733) | (496) | (567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (4610136) | (3957009) | (3506042) | (2641628) | (3065967) | (1377814) |
|  **Net Increase (Decrease) in Net Assets** | (1319478) | (1442167) | 729336 | (1980404) | (1290571) | 185320 |
|  **Net Assets — Beginning of Year** | 19674163 | 21116330 | 18309361 | 20289765 | 11720538 | 11535218 |
|  **Net Assets — End of Year** | $18354685 | $19674163 | $19038697 | $18309361 | $10429967 | $11720538 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/JANUS ENTERPRISE\*\*** | **EQ/JANUS ENTERPRISE\*\*** | **EQ/JPMORGAN GROWTH<br>STOCK\*\*** | **EQ/JPMORGAN GROWTH<br>STOCK\*\*** | **EQ/JPMORGAN VALUE<br>OPPORTUNITIES\*\*** | **EQ/JPMORGAN VALUE<br>OPPORTUNITIES\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(147252) | $(168815) | $(300956) | $(345085) | $243578 | $318948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2950699 | 3887205 | 10813325 | 10670235 | 2380311 | 5210077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (588757) | 995912 | (2131947) | 9883602 | 2259381 | (48452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2214690 | 4714302 | 8380422 | 20208752 | 4883270 | 5480573 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 983504 | 1346932 | 1638102 | 1983551 | 965516 | 1317553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (2952106) | (768891) | (5378528) | (717500) | (1952035) | (1382424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (5400493) | (6977387) | (13630315) | (17284705) | (8126759) | (6426895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1416) | (1735) | (3014) | (3318) | (1554) | (1816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (7370511) | (6401081) | (17373755) | (16021972) | (9114832) | (6493582) |
|  **Net Increase (Decrease) in Net Assets** | (5155821) | (1686779) | (8993333) | 4186780 | (4231562) | (1013009) |
|  **Net Assets — Beginning of Year** | 33696540 | 35383319 | 68780652 | 64593872 | 37408469 | 38421478 |
|  **Net Assets — End of Year** | $28540719 | $33696540 | $59787319 | $68780652 | $33176907 | $37408469 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP GROWTH**<br>**INDEX\*\*** | **EQ/LARGE CAP GROWTH**<br>**INDEX\*\*** | **EQ/LARGE CAP GROWTH<br>MANAGED VOLATILITY\*\*** | **EQ/LARGE CAP GROWTH<br>MANAGED VOLATILITY\*\*** | **EQ/LARGE CAP VALUE<br>MANAGED VOLATILITY\*\*** | **EQ/LARGE CAP VALUE<br>MANAGED VOLATILITY\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(171783) | $(128376) | $(92915) | $15155 | $84906 | $120245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9407177 | 4446496 | 5195356 | 6545651 | 412370 | 1242127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (3657461) | 6698557 | (218246) | 6782364 | 329962 | (27580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 5577933 | 11016677 | 4884195 | 13343170 | 827238 | 1334792 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1645177 | 1385886 | 745414 | 1002139 | 279087 | 343591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (1656730) | 2186274 | (1126017) | (2647491) | (265963) | 269436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (11171498) | (8713862) | (9316381) | (9179728) | (2111001) | (2658111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1486) | (1712) | (1601) | (1817) | (458) | (582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (11184537) | (5143414) | (9698585) | (10826897) | (2098335) | (2045666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206 |  |  | 58 | (59) |  |  |
|  **Net Increase (Decrease) in Net Assets** | (5606604) | 5873263 | (4814332) | 2516214 | (1271097) | (710874) |
|  **Net Assets — Beginning of Year** | 40252827 | 34379564 | 51642486 | 49126272 | 9499781 | 10210655 |
|  **Net Assets — End of Year** | $34646223 | $40252827 | $46828154 | $51642486 | $8228684 | $9499781 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MFS INTERNATIONAL<br>GROWTH\*\*** | **EQ/MFS INTERNATIONAL<br>GROWTH\*\*** | **EQ/MID CAP INDEX\*\*** | **EQ/MID CAP INDEX\*\*** | **EQ/MID CAP VALUE<br>MANAGED VOLATILITY\*\*** | **EQ/MID CAP VALUE<br>MANAGED VOLATILITY\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $114568 | $64088 | $120628 | $134395 | $73920 | $117238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 998831 | 579210 | 1891106 | 2289334 | 257486 | 1356868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1554083 | 576705 | (619388) | 462226 | 42549 | (294382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2667482 | 1220003 | 1392346 | 2885955 | 373955 | 1179724 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 743789 | 793562 | 803860 | 884412 | 377604 | 439152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 3147238 | 349182 | (691118) | (266655) | (727318) | (260848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (3459329) | (3274588) | (2805034) | (3621225) | (2163348) | (1540397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (731) | (773) | (801) | (976) | (499) | (641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 430967 | (2132617) | (2693093) | (3004444) | (2513561) | (1362734) |
|  **Net Increase (Decrease) in Net Assets** | 3098449 | (912614) | (1300747) | (118489) | (2139606) | (183010) |
|  **Net Assets — Beginning of Year** | 13134157 | 14046771 | 23133361 | 23251850 | 10831006 | 11014016 |
|  **Net Assets — End of Year** | $16232606 | $13134157 | $21832614 | $23133361 | $8691400 | $10831006 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MODERATE<br>ALLOCATION\*\*** | **EQ/MODERATE<br>ALLOCATION\*\*** | **EQ/MODERATE-PLUS<br>ALLOCATION\*\*** | **EQ/MODERATE-PLUS<br>ALLOCATION\*\*** | **EQ/PIMCO GLOBAL**<br>**REAL RETURN\*\*** | **EQ/PIMCO GLOBAL**<br>**REAL RETURN\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4705760 | $5638415 | $638345 | $1035225 | $20417 | $4303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7868853 | 4788561 | 1601105 | 1232552 | (143415) | (272580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 9315483 | 8293091 | 2182577 | 2845908 | 231880 | 255144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 21890096 | 18720067 | 4422027 | 5113685 | 108882 | (13133) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 16500878 | 19361736 | 1588328 | 1745025 | 109959 | 130059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (7779170) | (9150822) | (2513103) | (1981494) | 28405 | (89374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (40707876) | (44069235) | (12121670) | (7243281) | (344556) | (631835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (39215) | (41880) | (2508) | (2879) | (96) | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (32025383) | (33900201) | (13048953) | (7482629) | (206288) | (591258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206 | (23) |  |  |  | 23 |  |
|  **Net Increase (Decrease) in Net Assets** | (10135310) | (15180134) | (8626926) | (2368944) | (97383) | (604391) |
|  **Net Assets — Beginning of Year** | 237878746 | 253058880 | 48474090 | 50843034 | 2021299 | 2625690 |
|  **Net Assets — End of Year** | $227743436 | $237878746 | $39847164 | $48474090 | $1923916 | $2021299 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/SMALL<br>COMPANY INDEX\*\*** | **EQ/SMALL<br>COMPANY INDEX\*\*** | **EQUITABLE<br>CONSERVATIVE GROWTH<br>MF/ ETF\*\*** | **EQUITABLE<br>CONSERVATIVE GROWTH<br>MF/ ETF\*\*** | **MULTIMANAGER CORE<br>BOND\*\*** | **MULTIMANAGER CORE<br>BOND\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $119101 | $210839 | $60293 | $107561 | $181005 | $228140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (473358) | 2037391 | 47512 | (30462) | (310286) | (499607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 2623107 | (5004) | 131913 | 115143 | 502391 | 397728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2268850 | 2243226 | 239718 | 192242 | 373110 | 126261 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 699405 | 819395 | 92484 | 124957 | 283028 | 326570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (464169) | (697847) | 2196988 | 471744 | (356281) | 277456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (3453895) | (3018412) | (2323716) | (149809) | (1481624) | (1364235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (830) | (1033) | (163) | (159) | (301) | (336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (3219489) | (2897897) | (34407) | 446733 | (1555178) | (760545) |
|  **Net Increase (Decrease) in Net Assets** | (950639) | (654671) | 205311 | 638975 | (1182068) | (634284) |
|  **Net Assets — Beginning of Year** | 21487968 | 22142639 | 3674014 | 3035039 | 6083494 | 6717778 |
|  **Net Assets — End of Year** | $20537329 | $21487968 | $3879325 | $3674014 | $4901426 | $6083494 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MULTIMANAGER<br>TECHNOLOGY\*\*** | **MULTIMANAGER<br>TECHNOLOGY\*\*** | **TARGET 2015**<br>**ALLOCATION\*\*** | **TARGET 2015**<br>**ALLOCATION\*\*** | **TARGET 2025**<br>**ALLOCATION\*\*** | **TARGET 2025**<br>**ALLOCATION\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(143935) | $(143782) | $240735 | $311804 | $562650 | $530765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9289333 | 5618197 | (573365) | (98525) | 1364487 | 1912875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (1883490) | 1165306 | 1021469 | 242468 | 827559 | (219144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 7261908 | 6639721 | 688839 | 455747 | 2754696 | 2224496 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1096042 | 913961 | (787) | (628) | (1359) | (5519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (735310) | (443084) |  | (448078) | (473940) | (188073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (3958300) | (3667161) | (3128526) | (1600487) | (2935068) | (5705084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (983) | (1034) | (386) | (388) | (957) | (1107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (3598551) | (3197318) | (3129699) | (2049581) | (3411324) | (5899783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206 |  |  |  | 33 |  |  |
|  **Net Increase (Decrease) in Net Assets** | 3663357 | 3442403 | (2440860) | (1593801) | (656628) | (3675287) |
|  **Net Assets — Beginning of Year** | 29694432 | 26252029 | 9455005 | 11048806 | 23698416 | 27373703 |
|  **Net Assets — End of Year** | $33357789 | $29694432 | $7014145 | $9455005 | $23041788 | $23698416 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TARGET 2035<br>ALLOCATION\*\*** | **TARGET 2035<br>ALLOCATION\*\*** | **TARGET 2045<br>ALLOCATION\*\*** | **TARGET 2045<br>ALLOCATION\*\*** | **TARGET 2055 ALLOCATION\*\*** | **TARGET 2055 ALLOCATION\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $312405 | $302671 | $126816 | $139950 | $2551 | $2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1313100 | 1498559 | 1193613 | 914660 | 20638 | 28058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 886354 | 283127 | 16826 | 241129 | 13800 | 3650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2511859 | 2084357 | 1337255 | 1295739 | 36989 | 34001 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | (5436) | 56 | (77) | 281 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (53966) | (374521) | (76292) | (188298) | (34507) | (2726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (2780022) | (3263210) | (2694359) | (1821047) | (2178) | (75752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (914) | (1083) | (1054) | (1258) | (154) | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (2840338) | (3638758) | (2771782) | (2010322) | (36839) | (78653) |
|  **Net Increase (Decrease) in Net Assets** | (328479) | (1554401) | (1434527) | (714583) | 150 | (44652) |
|  **Net Assets — Beginning of Year** | 17698398 | 19252799 | 9880730 | 10595313 | 214359 | 259011 |
|  **Net Assets — End of Year** | $17369919 | $17698398 | $8446203 | $9880730 | $214509 | $214359 |

---

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

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable Financial.

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VANGUARD VARIABLE<br>INSURANCE FUND TOTAL<br>BOND MARKET INDEX<br>PORTFOLIO** | **VANGUARD VARIABLE<br>INSURANCE FUND TOTAL<br>BOND MARKET INDEX<br>PORTFOLIO** | **VANGUARD VARIABLE<br>INSURANCE FUND TOTAL<br>STOCK MARKET INDEX<br>PORTFOLIO** | **VANGUARD VARIABLE<br>INSURANCE FUND TOTAL<br>STOCK MARKET INDEX<br>PORTFOLIO** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |
|  **From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $797221 | $549544 | $579699 | $603880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (388128) | (1360410) | 5631674 | 5938105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1315398 | 983543 | 6764720 | 9515799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1724491 | 172677 | 12976093 | 16057784 |
|  **From Contractowners Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 990851 | 1368422 | 4189481 | 4166998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 5844312 | 8521412 | 4096646 | 742983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (6684955) | (5074484) | (19588013) | (8422253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (927) | (931) | (3190) | (3131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 149281 | 4814419 | (11305076) | (3515403) |
|  **Net Increase (Decrease) in Net Assets** | 1873772 | 4987096 | 1671017 | 12542381 |
|  **Net Assets — Beginning of Year** | 26974809 | 21987713 | 82392277 | 69849896 |
|  **Net Assets — End of Year** | $28848581 | $26974809 | $84063294 | $82392277 |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

The change in units outstanding for the years or periods ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |<br>**Share<br>Class\*\*** | **Units Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net Increase**<br>**(Decrease)**<br>**(000's)** | **Units Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br>**(Decrease)**<br>**(000's)** |
|  1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH | CLASS I | 136 | (140) | (4) | 99 | (49) | 50 |
|  1290 VT EQUITY INCOME | CLASS K | 37 | (69) | (32) | 16 | (42) | (26) |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | CLASS K | 31 | (26) | 5 | 16 | (31) | (15) |
|  1290 VT GAMCO SMALL COMPANY VALUE | CLASS K | 45 | (235) | (190) | 83 | (189) | (106) |
|  1290 VT SMARTBETA EQUITY ESG | CLASS K | 55 | (360) | (305) | 38 | (342) | (304) |
|  AMERICAN FUNDS IS<sup>®</sup> 2010 TARGET DATE FUND | CLASS I |  |  |  |  |  |  |
|  AMERICAN FUNDS IS<sup>®</sup> 2015 TARGET DATE FUND | CLASS I | 2 |  | 2 | 1 |  | 1 |
|  AMERICAN FUNDS IS<sup>®</sup> 2020 TARGET DATE FUND | CLASS I | 338 | (106) | 232 | 1 |  | 1 |
|  AMERICAN FUNDS IS<sup>®</sup> 2025 TARGET DATE FUND | CLASS I | 1553 | (1073) | 480 | 95 |  | 95 |
|  AMERICAN FUNDS IS<sup>®</sup> 2030 TARGET DATE FUND | CLASS I | 1691 | (800) | 891 | 113 |  | 113 |
|  AMERICAN FUNDS IS<sup>®</sup> 2035 TARGET DATE FUND | CLASS I | 1498 | (572) | 926 | 9 |  | 9 |
|  AMERICAN FUNDS IS<sup>®</sup> 2040 TARGET DATE FUND | CLASS I | 368 | (36) | 332 |  |  |  |
|  AMERICAN FUNDS IS<sup>®</sup> 2045 TARGET DATE FUND | CLASS I | 855 | (35) | 820 | 125 |  | 125 |
|  AMERICAN FUNDS IS<sup>®</sup> 2050 TARGET DATE FUND | CLASS I | 836 | (174) | 662 |  |  |  |
|  AMERICAN FUNDS IS<sup>®</sup> 2055 TARGET DATE FUND | CLASS I | 512 | (93) | 419 | 8 |  | 8 |
|  AMERICAN FUNDS IS<sup>®</sup> 2060 TARGET DATE FUND | CLASS I | 8 | (2) | 6 | 8 |  | 8 |
|  AMERICAN FUNDS IS<sup>®</sup> 2065 TARGET DATE FUND | CLASS I | 7 |  | 7 |  |  |  |
|  AMERICAN FUNDS IS<sup>®</sup> 2070 TARGET DATE FUND | CLASS I | 94 |  | 94 | 4 |  | 4 |
|  EQ/AB SMALL CAP GROWTH | CLASS K | 30 | (183) | (153) | 66 | (226) | (160) |
|  EQ/AGGRESSIVE ALLOCATION | CLASS K | 56 | (238) | (182) | 100 | (356) | (256) |
|  EQ/ALL ASSET GROWTH ALLOCATION | CLASS K | 19 | (30) | (11) | 38 | (20) | 18 |
|  EQ/CLEARBRIDGE LARGE CAP GROWTH ESG | CLASS K | 22 | (58) | (36) | 98 | (142) | (44) |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |<br>**Share<br>Class\*\*** | **Units Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net Increase**<br>**(Decrease)**<br>**(000's)** | **Units Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br>**(Decrease)<br>(000's)** |
|  EQ/CONSERVATIVE ALLOCATION | CLASS K | 38 | (105) | (67) | 33 | (261) | (228) |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | CLASS K | 96 | (265) | (169) | 28 | (287) | (259) |
|  EQ/CORE BOND INDEX | CLASS K | 481 | (728) | (247) | 148 | (375) | (227) |
|  EQ/CORE PLUS BOND | CLASS K | 116 | (184) | (68) | 111 | (213) | (102) |
|  EQ/EQUITY 500 INDEX | CLASS K | 385 | (825) | (440) | 352 | (717) | (365) |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | CLASS K | 39 | (257) | (218) | 58 | (267) | (209) |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | CLASS K | 127 | (368) | (241) | 82 | (280) | (198) |
|  EQ/INVESCO COMSTOCK | CLASS K | 19 | (131) | (112) | 64 | (124) | (60) |
|  EQ/JANUS ENTERPRISE | CLASS K | 33 | (222) | (189) | 42 | (215) | (173) |
|  EQ/JPMORGAN GROWTH STOCK | CLASS K | 104 | (364) | (260) | 131 | (405) | (274) |
|  EQ/JPMORGAN VALUE OPPORTUNITIES | CLASS K | 46 | (249) | (203) | 76 | (238) | (162) |
|  EQ/LARGE CAP GROWTH INDEX | CLASS K | 155 | (330) | (175) | 139 | (222) | (83) |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | CLASS K | 56 | (208) | (152) | 25 | (220) | (195) |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | CLASS K | 38 | (110) | (72) | 51 | (126) | (75) |
|  EQ/MFS INTERNATIONAL GROWTH | CLASS K | 180 | (167) | 13 | 92 | (185) | (93) |
|  EQ/MID CAP INDEX | CLASS K | 32 | (106) | (74) | 56 | (143) | (87) |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | CLASS K | 12 | (89) | (77) | 25 | (69) | (44) |
|  EQ/MODERATE ALLOCATION | CLASS K | 331 | (1975) | (1644) | 362 | (2204) | (1842) |
|  EQ/MODERATE-PLUS ALLOCATION | CLASS K | 50 | (603) | (553) | 59 | (396) | (337) |
|  EQ/PIMCO GLOBAL REAL RETURN | CLASS K | 53 | (71) | (18) | 22 | (78) | (56) |
|  EQ/SMALL COMPANY INDEX | CLASS K | 64 | (153) | (89) | 82 | (167) | (85) |
|  EQUITABLE CONSERVATIVE GROWTH MF/ETF | CLASS K | 117 | (128) | (11) | 48 | (25) | 23 |
|  MULTIMANAGER CORE BOND | CLASS K | 65 | (202) | (137) | 156 | (225) | (69) |

---

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

------

**SEPARATE ACCOUNT NO. 206** 

**STATEMENTS OF CHANGES IN NET ASSETS (Concluded)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |<br>**Share**<br>**Class\*\*** | **Units Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net Increase**<br>**(Decrease)**<br>**(000's)** | **Units Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase<br>(Decrease)**<br>**(000's)** |
|  MULTIMANAGER TECHNOLOGY | CLASS K | 217 | (261) | (44) | 136 | (183) | (47) |
|  TARGET 2015 ALLOCATION | CLASS K |  | (174) | (174) | 2 | (122) | (120) |
|  TARGET 2025 ALLOCATION | CLASS K |  | (151) | (151) |  | (276) | (276) |
|  TARGET 2035 ALLOCATION | CLASS K |  | (106) | (106) |  | (149) | (149) |
|  TARGET 2045 ALLOCATION | CLASS K |  | (98) | (98) |  | (77) | (77) |
|  TARGET 2055 ALLOCATION | CLASS K |  | (1) | (1) |  | (4) | (4) |
|  VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO | COMMON SHARES | 963 | (950) | 13 | 1174 | (718) | 456 |
|  VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO | COMMON SHARES | 512 | (955) | (443) | 472 | (630) | (158) |

---

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

\*\* Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 6 of these financial statements.

The — on the Units Issued and Units Redeemed section may represent no units issued and units redeemed or units issued and units redeemed of less than 500.

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements** 

**December 31, 2025** 

**1.** Organization

Separate Account No. 206 ("the Account") was established by Equitable Financial Life Insurance Company ("Equitable Financial"), is organized as a unit investment trust, a type of investment company, and is maintained under New York Insurance Law. The Account follows the investment company and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP"). The Account has Variable Investment Options, each of which invests in shares of a mutual fund portfolio of 1290 Trust, American Funds Insurance Series<sup>®</sup>, EQ Advisors Trust ("EQAT") and Vanguard Variable Insurance Funds (collectively, "the Trusts"). The Trusts are open-ended investment management companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of the Trusts has separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account.

The Account consists of the Variable Investment Options listed below.

**<u>1290 Trust\*</u>**

• 1290 Avantis <sup>®</sup> U.S. Large Cap Growth

**<u>American Funds Insurance Series<sup>®</sup></u>**

• American Funds IS <sup>®</sup> 2010 Target Date Fund

• American Funds IS <sup>®</sup> 2015 Target Date Fund

• American Funds IS <sup>®</sup> 2020 Target Date Fund

• American Funds IS <sup>®</sup> 2025 Target Date Fund

• American Funds IS <sup>®</sup> 2030 Target Date Fund

• American Funds IS <sup>®</sup> 2035 Target Date Fund

• American Funds IS <sup>®</sup> 2040 Target Date Fund

• American Funds IS <sup>®</sup> 2045 Target Date Fund

• American Funds IS <sup>®</sup> 2050 Target Date Fund

• American Funds IS <sup>®</sup> 2055 Target Date Fund

• American Funds IS <sup>®</sup> 2060 Target Date Fund

• American Funds IS <sup>®</sup> 2065 Target Date Fund

• American Funds IS <sup>®</sup> 2070 Target Date Fund

**<u>EQ Advisors Trust\*</u>**

• 1290 VT Equity Income

• 1290 VT GAMCO Mergers & Acquisitions

• 1290 VT GAMCO Small Company Value

• 1290 VT SmartBeta Equity ESG

• EQ/AB Small Cap Growth

• EQ/Aggressive Allocation

• EQ/All Asset Growth Allocation

• EQ/ClearBridge Large Cap Growth ESG

• EQ/Conservative Allocation

• EQ/Conservative-Plus Allocation

• EQ/Core Bond Index

• EQ/Core Plus Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• EQ/Equity 500 Index

• EQ/Global Equity Managed Volatility

• EQ/International Core Managed Volatility

• EQ/Invesco Comstock

• EQ/Janus Enterprise

• EQ/JPMorgan Growth Stock

• EQ/JPMorgan Value Opportunities

• EQ/Large Cap Growth Index

• EQ/Large Cap Growth Managed Volatility

• EQ/Large Cap Value Managed Volatility

• EQ/MFS International Growth

• EQ/Mid Cap Index

• EQ/Mid Cap Value Managed Volatility

• EQ/Moderate Allocation

• EQ/Moderate-Plus Allocation

• EQ/PIMCO Global Real Return

• EQ/Small Company Index

• Equitable Conservative Growth MF/ETF

• Multimanager Core Bond

• Multimanager Technology

• Target 2015 Allocation

• Target 2025 Allocation

• Target 2035 Allocation

• Target 2045 Allocation

• Target 2055 Allocation

**<u>Vanguard Variable Insurance Funds</u>**

• Vanguard Variable Insurance Fund Total Bond Market Index Portfolio

• Vanguard Variable Insurance Fund Total Stock Market Index Portfolio

\* An affiliate of Equitable Financial providing advisory and other services to one or more Portfolios of this Trust, as further described in Note 6 of these financial statements.

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**1.** Organization (Concluded)

The Account is used to fund benefits for a deferred group annuity Contract ("Contract"), issued by Equitable Financial, including the Members Retirement Plan ("MRP"), Volume Submitter Plan and individually designed plans (collectively, the "ADA Program or "the Plan"). Through trusts ("Plan Trusts") maintained under the ADA Program, contributions are allocated into the Variable Investment Options available in the Account based on the terms of the Plan. The ADA Program provides members of the American Dental Association and their eligible employees retirement savings accumulation, on a tax-deferred basis.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from Equitable Financial's other assets and liabilities. All Contracts are issued by Equitable Financial. The assets of the Account are the property of Equitable Financial. However, the portion of the Account's assets attributable to the Contracts will not be chargeable with liabilities arising out of any other business Equitable Financial may conduct.

The amount retained by Equitable Financial in the Account arises principally from (1) contributions from Equitable Financial, and (2) that portion, determined ratably, of the Account's investment results applicable to those assets in the Account in excess of the net assets attributable to accumulation units. Amounts retained by Equitable Financial are not subject to program expense charges, other expenses and direct operating expense charges. Amounts retained by Equitable Financial in the Account may be transferred at any time by Equitable Financial to its General Account ("General Account").

Each of the Variable Investment Options of the Account bears indirect exposure to the market, credit, and liquidity risks of the Portfolio in which it invests. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes of the Portfolios of the Trusts, which are distributed by Equitable Financial to the Contractowners of the Variable Investment Options of the Account.

In the normal course of business, Equitable Financial may have agreements to indemnify another party under given circumstances. The maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not been, made against the Variable Investment Options of the Account. Based on experience, the risk of material loss is expected to be remote.

**2.** Significant Accounting Policies

The accompanying financial statements are prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

*Investments:* 

Investments are made in shares of the Portfolios and the fair values of investments are the reported net asset values per share of the respective Portfolios. The net asset value is determined by the Trusts using the fair value of the underlying assets of the Portfolio less liabilities.

*Investment Transactions and Investment Income:* 

Investment transactions are recorded on the trade date. Dividend income and net realized gain distributions from the Portfolios are recorded and automatically reinvested on the ex-dividend date. Net realized gain (loss) on investments are gains and losses on redemptions of investments in the Portfolios (determined on the identified cost basis).

*Due to and Due from:* 

Receivable/payable for policy-related transactions represent amounts due to/from Equitable Financial's General Account primarily related to premiums, surrenders, death benefits and amounts transferred among various Portfolios by Contractowners. Receivable/payable for shares of the Portfolios sold/purchased represent unsettled trades.

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**2.** Significant Accounting Policies (Concluded)

*Contract Payments and Transfers:* 

Payments received from Contractowners represent participant contributions under the plans (but exclude amounts allocated to the Money Market Guarantee Account of Separate Account No. 43 ("Separate Account No. 43") and the General Account, reduced by deductions and charges, including premium charges, as applicable, and state premium taxes.

Transfers between Variable Investment Options are amounts that participants have directed to be moved among Portfolios. Contractowners may also make permitted transfers to and from the Money Market Guarantee Account. The net assets of any Variable Investment Option may not be less than the aggregate value of the Contractowner accounts allocated to that variable investment option. Additional assets are set aside in Equitable Financial's General Account to provide for other policy benefits, as required by state insurance law. Equitable Financial's General Account is subject to creditors rights.

Redemptions for contract benefits and terminations are payments to participants and beneficiaries made under the terms of the plans and amounts that participants have requested to be withdrawn and paid to them. Withdrawal charges, if any, are included in Redemptions for contract, benefits and terminations to the extent that such charges apply to the Contracts. Administrative charges, if any, are included in Contract maintenance charges to the extent that such charges apply to the Contracts.

*Income Taxes:* 

The operations of the Account are included in the federal income tax return of Equitable Financial, which is taxed as a life insurance company under the provisions of the Internal Revenue Code. No federal income tax, based on net income or realized and unrealized capital gains, is currently applicable to the plans participating in the Account, by reason of applicable provisions of the Internal Revenue Code, and no federal income tax payable by Equitable Financial is expected to affect the unit values of the plans participating in the Account. Accordingly, no provision for income taxes is required. However, Equitable Financial retains the right to charge for any federal income tax, which is attributable to the Account, if the law is changed.

**3.** Fair Value Disclosures

Under GAAP, fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices that are publicly available for identical assets in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs supported by little or no market activity and often requiring significant judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

All investments of each Variable Investment Option of the Account have been classified as Level 1. There were no transfers between level 1, level 2 and level 3 during the year.

**4.** Segment Reporting

Equitable Financial has identified its President and the President of Equitable Investment Management Group, LLC ("EIMG") as the Chief Operating Decision Makers ("CODM") assessing performance and making decisions about resource allocation for the Separate Account. The Separate Account is comprised of multiple subaccounts; each subaccount

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**4.** Segment Reporting (Concluded)

represents a variable investment option. As an investment company, the Separate Account engages in a single line of business, which typically involves managing funds that are segregated from the general assets of the Separate Account's parent company. The Separate Account is used for products such as variable annuities and life insurance policies, where contractholders can choose from various investment options across different asset classes, which allow contractholders to diversify their portfolios according to their risk tolerance and investment goals.

The CODM determined that each variable investment option makes up one operating segment of the Separate Account. The Separate Account's variable investment options are pre-determined in accordance with the terms of the prospectus. The financial information provided and reviewed by the CODM is consistent with those presented within the Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights.

**5.** Purchases and Sales of Portfolios

The cost of purchases and proceeds from sales of Portfolios for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | $2641170 | $2789315 |
|  1290 VT Equity Income | 1442335 | 2138272 |
|  1290 VT GAMCO Mergers & Acquisitions | 655882 | 465519 |
|  1290 VT GAMCO Small Company Value | 4132218 | 12132595 |
|  1290 VT SmartBeta Equity ESG | 2608067 | 6624652 |
|  American Funds IS<sup>®</sup> 2010 Target Date Fund | 1454 | 26 |
|  American Funds IS<sup>®</sup> 2015 Target Date Fund | 25742 | 95 |
|  American Funds IS<sup>®</sup> 2020 Target Date Fund | 3543479 | 1152747 |
|  American Funds IS<sup>®</sup> 2025 Target Date Fund | 15864127 | 11149153 |
|  American Funds IS<sup>®</sup> 2030 Target Date Fund | 17575350 | 8030356 |
|  American Funds IS<sup>®</sup> 2035 Target Date Fund | 15756083 | 6179470 |
|  American Funds IS<sup>®</sup> 2040 Target Date Fund | 3883775 | 395083 |
|  American Funds IS<sup>®</sup> 2045 Target Date Fund | 9003014 | 416523 |
|  American Funds IS<sup>®</sup> 2050 Target Date Fund | 8735793 | 1913620 |
|  American Funds IS<sup>®</sup> 2055 Target Date Fund | 5356756 | 1037452 |
|  American Funds IS<sup>®</sup> 2060 Target Date Fund | 87537 | 23676 |
|  American Funds IS<sup>®</sup> 2065 Target Date Fund | 83042 | 5390 |
|  American Funds IS<sup>®</sup> 2070 Target Date Fund | 1062487 | 1525 |
|  EQ/AB Small Cap Growth | 3312560 | 7705680 |
|  EQ/Aggressive Allocation | 4209161 | 6810771 |
|  EQ/All Asset Growth Allocation | 675172 | 669282 |
|  EQ/ClearBridge Large Cap Growth ESG | 1766175 | 2802367 |
|  EQ/Conservative Allocation | 744747 | 1448830 |
|  EQ/Conservative-Plus Allocation | 2786960 | 4806797 |
|  EQ/Core Bond Index | 6273366 | 9131583 |
|  EQ/Core Plus Bond | 1750133 | 2180703 |
|  EQ/Equity 500 Index | 27500571 | 46393102 |
|  EQ/Global Equity Managed Volatility | 2771168 | 5477897 |
|  EQ/International Core Managed Volatility | 3587939 | 5564128 |
|  EQ/Invesco Comstock | 1459442 | 3611982 |
|  EQ/Janus Enterprise | 3649542 | 8818436 |
|  EQ/JPMorgan Growth Stock | 15536501 | 24771545 |
|  EQ/JPMorgan Value Opportunities | 5073008 | 11196490 |
|  EQ/Large Cap Growth Index | 12865628 | 21471572 |
|  EQ/Large Cap Growth Managed Volatility | 9955023 | 13649337 |
|  EQ/Large Cap Value Managed Volatility | 1892468 | 3248642 |
|  EQ/MFS International Growth | 6112582 | 4247477 |
|  EQ/Mid Cap Index | 2654151 | 3955798 |

---

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**5.** Purchases and Sales of Portfolios (Concluded)

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  EQ/Mid Cap Value Managed Volatility | $1109430 | $2951955 |
|  EQ/Moderate Allocation | 25075446 | 39674660 |
|  EQ/Moderate-Plus Allocation | 5113014 | 14463894 |
|  EQ/PIMCO Global Real Return | 599005 | 785458 |
|  EQ/Small Company Index | 3280064 | 5688332 |
|  Equitable Conservative Growth MF/ETF | 2550605 | 2445239 |
|  Multimanager Core Bond | 946758 | 2321406 |
|  Multimanager Technology | 20196923 | 20704266 |
|  Target 2015 Allocation | 646863 | 3168965 |
|  Target 2025 Allocation | 2273418 | 3523274 |
|  Target 2035 Allocation | 871419 | 2924716 |
|  Target 2045 Allocation | 406763 | 2814931 |
|  Target 2055 Allocation | 9450 | 37934 |
|  Vanguard Variable Insurance Fund Total Bond Market Index Portfolio | 11444434 | 10496553 |
|  Vanguard Variable Insurance Fund Total Stock Market Index Portfolio | 17667920 | 23813436 |

---

**6.** Expenses and Related Party Transactions

The assets in each Variable Investment Option are invested in shares of a corresponding Portfolio of the Trusts. Shares are offered by the Portfolios at net asset value. Shares in which the Variable Investment Options invest are categorized by the share class of the Portfolio. 1290 Funds issue Class A, Class I and Class R shares and EQAT issues Class IA, Class IB and Class K shares. All share classes issued by 1290 Funds and EQAT are subject to fees for investment management, administration and other Portfolio expenses. Class A, Class IA, Class IB and Class R shares are also subject to distribution fees imposed under distribution plans ("Distribution Plans") and adopted by 1290 Funds and EQAT in the manner prescribed under Rule 12b-1 under the 1940 Act. The Distribution Plans provide that the 1290 Trust, on behalf of each related Portfolio, may charge an annual distribution fee ("12b-1 fee") of 0.25% of the average daily net assets of a Portfolio attributable to its Class A shares and 0.50% of the average daily net assets of a Portfolio attributable to its Class R shares. The Distributions Plans also provide that the EQAT, on behalf of each related Portfolio, may charge a maximum 12b-1 fee of 0.25% of the average daily net assets of a Portfolio attributable to its Class IA and Class IB shares. The class-specific expenses attributable to the investment in each share class of the Portfolios in which the Variable Investment Options invest are borne by the specific unit classes of the Variable Investment Options to which the investments are attributable.

EQAT, on behalf of each Portfolio, has entered into distribution agreements with Equitable Distributors, LLC ("Equitable Distributors"), an indirect wholly-owned subsidiary of Equitable Financial and an affiliate of EIMG. The Distribution Plans provide that Equitable Distributors will be entitled to receive a maximum 12b-1 fee as described above.

Equitable Investment Management, LLC ("EIM"), an affiliate of Equitable Financial, serves as the investment advisor of the Portfolios of 1290 Funds. EIMG, a wholly-owned subsidiary of Equitable Financial, serves as the investment adviser of the Portfolios EQAT. EIM and EIMG either (1) directly manage the Portfolios or (2) contract with and oversees the activities of the investment sub-advisers with respect to the Portfolios. EIM and EIMG receive management fees for services performed in its capacity as the investment adviser of the Portfolios of 1290 Funds and EQAT and pays fees to the sub-advisers for sub-advisory services to the respective Portfolios. EIM serves as the administrator of the Portfolios of 1290 Funds and EQAT. As the administrator, EIM either (1) carries out its responsibilities directly or (2) through sub-contracting with third-party providers. EIM receives administrative fees for services performed in its capacity as administrator of the Portfolios of 1290 Funds and EQAT. Expenses of the Portfolios of 1290 Funds and EQAT generally vary, depending on net asset levels for individual Portfolios, and range from a low annual rate of 0.29% to a high of 2.49% (after waivers, reimbursements, fees paid indirectly and including indirect expenses, as applicable) of the average daily net assets of the Portfolios of 1290 Funds and EQAT. Since these fees and expenses are reflected in the net asset value of the shares of the Portfolios and the total returns of the Variable Investment Options, they are not included in the expenses or expense ratios of the Variable Investment Options. Equitable Financial, Equitable Advisors, LLC ("Equitable

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**6.** Expenses and Related Party Transactions (Concluded)

Advisors") or Equitable Distributors may directly or indirectly receive 12b-1 fees and additional payments from certain unaffiliated Portfolios, their advisers, sub-advisers, distributors or affiliates, for providing certain administrative, marketing, distribution and/or shareholder support services in connection with the Variable Investment Options' investment in the Portfolios. For the year ended December 31, 2025, there were no 12b-1 fees or additional payments from the unaffiliated portfolios. Equitable Advisors or Equitable Distributors may also receive payments from the advisers or sub-advisers of the unaffiliated Portfolios or their affiliates for certain distribution services, including expenses for sales meetings or seminar sponsorships that may relate to the policies and/or the advisers' respective Portfolios.

AllianceBernstein L.P. ("AllianceBernstein") serves as investment sub-advisor for a number of Portfolios in the Trusts, including EQ/AB Small Cap Growth, EQ/Equity 500 Index, EQ/Large Cap Growth Index, EQ/Mid Cap Index, and EQ/Small Company Index, as well as a portion of EQ/Large Cap Value Managed Volatility and Multimanager Technology. AllianceBernstein is a limited partnership, which is indirectly majority-owned by Equitable Holdings, Inc.

Certain other expenses are charged directly to the Variable Investment Options. These include SEC filing fees and certain related expenses such as printing of SEC filings, prospectuses and reports, mailing costs, custodians' fees, financial account costs, outside auditing and legal expenses, and other cost related to the ADA Program ("direct operating expenses").

Equitable Financial is the distributor of the ADA Group Annuity Contract. While Equitable Financial does not receive any commissions based upon the units outstanding in the Account, Equitable Financial employees receive incentive compensation, based upon sales and first year contribution amounts, for performing marketing and service functions for the ADA Group Annuity Contract.

Equitable Financial serves as the transfer agent for EQAT.

**7.** Asset-based Charges and Contractowner Charges

The following table outlines charges and expenses that result in deductions from the assets in the Plan Trusts and Plans, or liquidations of fund value. Charges and expenses based on the value of assets in the Plan Trusts and Plans generally reduce the unit values of the Portfolios, or rates credited to the guaranteed options. Other Plan Trusts and Plan expenses reduce the number of units in the Portfolios, or dollars in the guaranteed options. Generally, charges and expenses that reduce account values, or units held in the Portfolios, are used to reimburse Equitable Financial for the cost of maintaining and administering the Plan Trusts and Plans and Portfolios.

---

| | | | |
|:---|:---|:---|:---|
| **Charges** | **When charge**<br> **is deducted** | **Amount deducted** | **How deducted** |
| Program expense charge | Daily | 12 month periods beginning May 1, 2025 – 0.48% (maximum 1.00%) Prior to May 1, 2024 – 0.48% (maximum 1.00%) | Deducted from the net unit value based on the value of assets in the Plan Trusts |
| Direct operating expense charge | Daily | 12 month periods beginning May 1, 2025 and 2024 – 0.01% | Deducted from the net unit value based on the value of assets in the Plan Trusts |
| Record maintenance and report fee | Quarterly | Equitable Pre-Approved Defined Contribution<br> Plan – $3 Investment Only – $1 | Unit liquidation of account value or dollar liquidation in the guaranteed options |
| Annuity administrative charge | Upon purchase of an annuity payout option | $350 | Deducted from the amount used to purchase an annuity payout option |

---

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**7.** Asset-based Charges and Contractowner Charges (Concluded)

---

| | | | |
|:---|:---|:---|:---|
| **Charges** | **When charge**<br> **is deducted** | **Amount deducted** | **How deducted** |
| State premium and other<br> applicable<br> taxes | Upon payment of premium | Varies by state and ranges from 0.00% to 1.00% | Deducted from the amount used to purchase an annuity payout option |

---

**8.** Financial Highlights

Shown below is accumulation unit value information, investment income ratio and total return for units outstanding at the period indicated. The contract charge represents the annual contract expenses consisting of mortality, expense risk, financial accounting and other expenses, for each period indicated. This ratio includes only those expenses that result in direct reduction to unit value. Charges made directly to Contractowner account through the redemption of units and expenses of the respective Portfolio have been excluded.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units Outstanding<br>(000's)\*** | **Accumulation<br>Unit Values<br>(000's)\*** | **Unit Value** | **Contract<br>Charges\*\*** | **Investment<br>Income Ratio\*\*\*** | **Total Return<br>Ratio\*\*\*\*** |
|  **<u>1290 Avantis<sup>®</sup> U.S. Large Cap Growth (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 173 | $3781 | $21.82 | 0.48% | 0.04% | 16.44% |
| 2024 | 177 | $3324 | $18.74 | 0.48% | 0.10% | 29.51% |
| 2023 | 127 | $1837 | $14.47 | 0.48% | 0.29% | 13.14% |
| 2022 | 127 | $1619 | $12.79 | 0.46% | 2.04% | (14.28)% |
| 2021 | 107 | $1594 | $14.92 | 0.46% | 1.51% | 18.60% |
|  **<u>1290 VT Equity Income (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 101 | $3198 | $31.79 | 0.48% | 1.97% | 12.65% |
| 2024 | 133 | $3754 | $28.22 | 0.48% | 2.09% | 9.55% |
| 2023 | 159 | $4104 | $25.76 | 0.48% | 2.06% | 5.19% |
| 2022 | 268 | $6558 | $24.49 | 0.46% | 1.96% | 2.86% |
| 2021 | 260 | $6200 | $23.81 | 0.46% | 1.97% | 26.11% |
|  **<u>1290 VT GAMCO Mergers & Acquisitions (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 93 | $1793 | $19.23 | 0.48% | 3.26% | 15.63% |
| 2024 | 88 | $1461 | $16.63 | 0.48% | 1.90% | 8.84% |
| 2023 | 103 | $1572 | $15.28 | 0.48% | 2.24% | 9.22% |
| 2022 | 105 | $1472 | $13.99 | 0.46% | 0.47% | (6.17)% |
| 2021 | 121 | $1803 | $14.91 | 0.46% | 0.83% | 11.10% |
|  **<u>1290 VT GAMCO Small Company Value (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 444 | $25110 | $56.53 | 0.48% | 0.82% | 12.56% |
| 2024 | 634 | $31818 | $50.22 | 0.48% | 0.81% | 11.30% |
| 2023 | 740 | $33387 | $45.12 | 0.48% | 0.84% | 20.80% |
| 2022 | 849 | $31728 | $37.35 | 0.46% | 0.75% | (10.88)% |
| 2021 | 995 | $41682 | $41.91 | 0.46% | 0.86% | 24.88% |
|  **<u>1290 VT SmartBeta Equity ESG (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 933 | $17939 | $19.22 | 0.48% | 0.88% | 13.73% |
| 2024 | 1238 | $20932 | $16.90 | 0.48% | 1.08% | 16.07% |
| 2023 | 1542 | $22455 | $14.56 | 0.48% | 1.53% | 16.29% |
| 2022 | 1738 | $21757 | $12.52 | 0.46% | 1.40% | (14.71)% |
| 2021 | 1893 | $27793 | $14.68 | 0.46% | 1.45% | 22.74% |
|  **<u>American Funds IS<sup>®</sup> 2010 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 |  | $2 | $11.11 | 0.48% | 3.92% | 12.56% |
| 2024 |  | $— | $9.87 | 0.48% | 12.68% | (1.89)% |
|  **<u>American Funds IS<sup>®</sup> 2015 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 3 | $32 | $11.15 | 0.48% | 3.74% | 12.85% |
| 2024 | 1 | $5 | $9.88 | 0.48% | 1.80% | (1.79)% |

---

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units Outstanding<br>(000's)\*** | **Accumulation<br>Unit Values<br>(000's)\*** | **Unit Value** | **Contract<br>Charges\*\*** | **Investment<br>Income Ratio\*\*\*** | **Total Return<br>Ratio\*\*\*\*** |
|  **<u>American Funds IS<sup>®</sup> 2020 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 233 | $2614 | $11.21 | 0.48% | 1.90% | 13.69% |
| 2024 | 1 | $5 | $9.86 | 0.48% | 1.21% | (1.99)% |
|  **<u>American Funds IS<sup>®</sup> 2025 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 575 | $6469 | $11.25 | 0.48% | 1.06% | 14.21% |
| 2024 | 95 | $938 | $9.85 | 0.48% | 2.34% | (2.09)% |
|  **<u>American Funds IS<sup>®</sup> 2030 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 1004 | $11467 | $11.42 | 0.48% | 0.80% | 15.47% |
| 2024 | 113 | $1119 | $9.89 | 0.48% | 1.43% | (1.69)% |
|  **<u>American Funds IS<sup>®</sup> 2035 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 935 | $10843 | $11.60 | 0.48% | 1.16% | 17.17% |
| 2024 | 9 | $87 | $9.90 | 0.48% | 1.76% | (1.79)% |
|  **<u>American Funds IS<sup>®</sup> 2040 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 332 | $3952 | $11.90 | 0.48% | 0.35% | 20.08% |
| 2024 |  | $2 | $9.91 | 0.48% | 3.84% | (1.78)% |
|  **<u>American Funds IS<sup>®</sup> 2045 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 945 | $11357 | $12.02 | 0.48% | 0.72% | 20.93% |
| 2024 | 125 | $1242 | $9.94 | 0.48% | 0.03% | (1.49)% |
|  **<u>American Funds IS<sup>®</sup> 2050 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 662 | $7963 | $12.04 | 0.48% | 0.69% | 21.37% |
| 2024 |  | $1 | $9.92 | 0.48% | 6.48% | (1.68)% |
|  **<u>American Funds IS<sup>®</sup> 2055 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 427 | $5159 | $12.07 | 0.48% | 0.74% | 21.67% |
| 2024 | 8 | $82 | $9.92 | 0.48% | 1.57% | (1.68)% |
|  **<u>American Funds IS<sup>®</sup> 2060 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 14 | $172 | $11.91 | 0.48% | 0.21% | 20.30% |
| 2024 | 8 | $82 | $9.90 | 0.48% | 1.61% | (1.88)% |
|  **<u>American Funds IS<sup>®</sup> 2065 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 7 | $81 | $11.91 | 0.48% | 1.93% | 20.06% |
|  **<u>American Funds IS<sup>®</sup> 2070 Target Date Fund (Class I)</u>** |  |  |  |  |  |  |
| 2025 | 98 | $1163 | $11.84 | 0.48% | 0.56% | 19.84% |
| 2024 | 4 | $43 | $9.88 | 0.48% | 1.72% | (1.98)% |
|  **<u>EQ/AB Small Cap Growth (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 549 | $25216 | $45.89 | 0.48% | 0.32% | 8.98% |
| 2024 | 702 | $29551 | $42.11 | 0.48% | 0.44% | 13.63% |
| 2023 | 862 | $31947 | $37.06 | 0.48% | 0.45% | 17.46% |
| 2022 | 1054 | $33267 | $31.55 | 0.46% | 0.35% | (28.60)% |
| 2021 | 1205 | $53245 | $44.19 | 0.46% | 0.00% | 12.67% |
|  **<u>EQ/Aggressive Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 808 | $24675 | $30.54 | 0.48% | 1.62% | 12.69% |
| 2024 | 990 | $26839 | $27.10 | 0.48% | 2.23% | 13.48% |
| 2023 | 1246 | $29756 | $23.88 | 0.48% | 1.57% | 18.16% |
| 2022 | 1404 | $28369 | $20.21 | 0.46% | 1.11% | (18.54)% |
| 2021 | 1518 | $37665 | $24.81 | 0.46% | 4.21% | 16.92% |

---

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units Outstanding<br>(000's)\*** | **Accumulation<br>Unit Values<br>(000's)\*** | **Unit Value** | **Contract<br>Charges\*\*** | **Investment<br>Income Ratio\*\*\*** | **Total Return<br>Ratio\*\*\*\*** |
|  **<u>EQ/All Asset Growth Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 139 | $3362 | $24.21 | 0.48% | 2.51% | 16.90% |
| 2024 | 150 | $3101 | $20.71 | 0.48% | 2.81% | 10.93% |
| 2023 | 132 | $2464 | $18.67 | 0.48% | 1.98% | 13.91% |
| 2022 | 142 | $2331 | $16.39 | 0.46% | 1.66% | (14.68)% |
| 2021 | 132 | $2528 | $19.21 | 0.46% | 4.16% | 10.72% |
|  **<u>EQ/ClearBridge Large Cap Growth ESG (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 143 | $7161 | $50.15 | 0.48% | 0.00% | 7.46% |
| 2024 | 179 | $8368 | $46.67 | 0.48% | 0.00% | 26.48% |
| 2023 | 223 | $8236 | $36.90 | 0.48% | 0.00% | 45.56% |
| 2022 | 159 | $4039 | $25.35 | 0.46% | 0.00% | (32.27)% |
| 2021 | 218 | $8168 | $37.43 | 0.46% | 0.00% | 21.45% |
|  **<u>EQ/Conservative Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 275 | $3869 | $14.07 | 0.48% | 3.04% | 7.32% |
| 2024 | 342 | $4482 | $13.11 | 0.48% | 2.96% | 4.38% |
| 2023 | 570 | $7158 | $12.56 | 0.48% | 2.54% | 7.72% |
| 2022 | 640 | $7458 | $11.66 | 0.46% | 1.68% | (12.79)% |
| 2021 | 658 | $8800 | $13.37 | 0.46% | 1.50% | 2.53% |
|  **<u>EQ/Conservative-Plus Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 692 | $13230 | $19.12 | 0.48% | 2.61% | 8.76% |
| 2024 | 861 | $15142 | $17.58 | 0.48% | 2.63% | 6.80% |
| 2023 | 1120 | $18440 | $16.46 | 0.48% | 2.10% | 10.69% |
| 2022 | 1400 | $20825 | $14.87 | 0.46% | 1.46% | (14.74)% |
| 2021 | 1698 | $29618 | $17.44 | 0.46% | 2.28% | 6.47% |
|  **<u>EQ/Core Bond Index (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 781 | $9906 | $12.69 | 0.48% | 2.62% | 6.19% |
| 2024 | 1028 | $12292 | $11.95 | 0.48% | 2.51% | 2.14% |
| 2023 | 1255 | $14680 | $11.70 | 0.48% | 2.45% | 4.37% |
| 2022 | 1307 | $14657 | $11.21 | 0.46% | 1.81% | (8.94)% |
| 2021 | 1453 | $17894 | $12.31 | 0.46% | 1.52% | (2.38)% |
|  **<u>EQ/Core Plus Bond (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 613 | $7396 | $12.07 | 0.48% | 5.27% | 8.35% |
| 2024 | 681 | $7582 | $11.14 | 0.48% | 5.03% | (0.89)% |
| 2023 | 783 | $8804 | $11.24 | 0.48% | 2.50% | 4.27% |
| 2022 | 887 | $9557 | $10.78 | 0.46% | 2.49% | (13.06)% |
| 2021 | 1080 | $13394 | $12.40 | 0.46% | 1.46% | (1.90)% |
|  **<u>EQ/Equity 500 Index (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 3117 | $189742 | $60.87 | 0.48% | 0.93% | 16.97% |
| 2024 | 3557 | $185099 | $52.04 | 0.48% | 1.07% | 24.02% |
| 2023 | 3922 | $164589 | $41.96 | 0.48% | 1.29% | 25.29% |
| 2022 | 4490 | $150372 | $33.49 | 0.46% | 1.29% | (18.71)% |
| 2021 | 4616 | $190179 | $41.20 | 0.46% | 1.06% | 27.71% |
|  **<u>EQ/Global Equity Managed Volatility (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 795 | $18333 | $23.07 | 0.48% | 0.98% | 18.86% |
| 2024 | 1013 | $19660 | $19.41 | 0.48% | 1.42% | 12.39% |
| 2023 | 1222 | $21107 | $17.27 | 0.48% | 1.09% | 21.02% |
| 2022 | 1422 | $20297 | $14.27 | 0.46% | 0.58% | (21.12)% |
| 2021 | 1574 | $28471 | $18.09 | 0.46% | 1.09% | 15.66% |
|  **<u>EQ/International Core Managed Volatility (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 1150 | $19021 | $16.54 | 0.48% | 1.53% | 25.68% |
| 2024 | 1391 | $18301 | $13.16 | 0.48% | 2.31% | 3.05% |
| 2023 | 1589 | $20282 | $12.77 | 0.48% | 1.98% | 16.51% |
| 2022 | 1776 | $19460 | $10.96 | 0.46% | 1.45% | (14.31)% |
| 2021 | 1957 | $25019 | $12.79 | 0.46% | 2.55% | 9.79% |

---

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units Outstanding<br>(000's)\*** | **Accumulation<br>Unit Values<br>(000's)\*** | **Unit Value** | **Contract<br>Charges\*\*** | **Investment<br>Income Ratio\*\*\*** | **Total Return<br>Ratio\*\*\*\*** |
|  **<u>EQ/Invesco Comstock (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 359 | $10424 | $29.00 | 0.48% | 1.34% | 16.65% |
| 2024 | 471 | $11716 | $24.86 | 0.48% | 1.68% | 14.56% |
| 2023 | 531 | $11533 | $21.70 | 0.48% | 1.72% | 11.74% |
| 2022 | 708 | $13748 | $19.42 | 0.46% | 1.90% | 0.31% |
| 2021 | 712 | $13780 | $19.36 | 0.46% | 1.49% | 32.69% |
|  **<u>EQ/Janus Enterprise (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 691 | $28503 | $41.23 | 0.48% | 0.00% | 7.79% |
| 2024 | 880 | $33666 | $38.25 | 0.48% | 0.01% | 13.87% |
| 2023 | 1053 | $35363 | $33.59 | 0.48% | 0.26% | 16.75% |
| 2022 | 1172 | $33719 | $28.77 | 0.46% | 0.00% | (16.75)% |
| 2021 | 1333 | $46053 | $34.56 | 0.46% | 0.29% | 16.60% |
|  **<u>EQ/JPMorgan Growth Stock (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 820 | $59707 | $72.84 | 0.48% | 0.00% | 14.47% |
| 2024 | 1080 | $68721 | $63.63 | 0.48% | 0.00% | 33.45% |
| 2023 | 1354 | $64568 | $47.68 | 0.48% | 0.00% | 45.99% |
| 2022 | 1520 | $49629 | $32.66 | 0.46% | 0.00% | (38.76)% |
| 2021 | 1764 | $94079 | $53.33 | 0.46% | 0.00% | 13.56% |
|  **<u>EQ/JPMorgan Value Opportunities (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 682 | $33145 | $48.63 | 0.48% | 1.18% | 15.13% |
| 2024 | 885 | $37389 | $42.24 | 0.48% | 1.32% | 15.16% |
| 2023 | 1047 | $38412 | $36.68 | 0.48% | 1.58% | 10.65% |
| 2022 | 1271 | $42123 | $33.15 | 0.46% | 1.29% | 0.03% |
| 2021 | 1271 | $42114 | $33.14 | 0.46% | 0.91% | 22.92% |
|  **<u>EQ/Large Cap Growth Index (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 479 | $34584 | $72.25 | 0.48% | 0.00% | 17.44% |
| 2024 | 654 | $40206 | $61.52 | 0.48% | 0.17% | 32.02% |
| 2023 | 737 | $34354 | $46.60 | 0.48% | 0.47% | 41.25% |
| 2022 | 753 | $24829 | $32.99 | 0.46% | 0.46% | (29.69)% |
| 2021 | 842 | $39527 | $46.92 | 0.46% | 0.26% | 26.43% |
|  **<u>EQ/Large Cap Growth Managed Volatility (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 679 | $46770 | $68.83 | 0.48% | 0.29% | 10.80% |
| 2024 | 831 | $51596 | $62.12 | 0.48% | 0.51% | 29.80% |
| 2023 | 1026 | $49102 | $47.86 | 0.48% | 0.60% | 38.68% |
| 2022 | 1167 | $40261 | $34.51 | 0.46% | 0.31% | (30.74)% |
| 2021 | 1320 | $65761 | $49.83 | 0.46% | 0.00% | 24.11% |
|  **<u>EQ/Large Cap Value Managed Volatility (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 262 | $8215 | $31.36 | 0.48% | 1.47% | 10.34% |
| 2024 | 334 | $9490 | $28.42 | 0.48% | 1.68% | 13.86% |
| 2023 | 409 | $10204 | $24.96 | 0.48% | 1.82% | 13.71% |
| 2022 | 476 | $10439 | $21.95 | 0.46% | 1.47% | (11.81)% |
| 2021 | 549 | $13672 | $24.89 | 0.46% | 1.20% | 24.57% |
|  **<u>EQ/MFS International Growth (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 593 | $16216 | $27.33 | 0.48% | 1.26% | 20.72% |
| 2024 | 580 | $13124 | $22.64 | 0.48% | 0.93% | 8.53% |
| 2023 | 673 | $14039 | $20.86 | 0.48% | 1.48% | 14.11% |
| 2022 | 750 | $13717 | $18.28 | 0.46% | 1.13% | (15.37)% |
| 2021 | 781 | $16873 | $21.60 | 0.46% | 0.46% | 9.20% |
|  **<u>EQ/Mid Cap Index (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 568 | $21811 | $38.38 | 0.48% | 1.04% | 6.55% |
| 2024 | 642 | $23115 | $36.02 | 0.48% | 1.05% | 12.95% |
| 2023 | 729 | $23240 | $31.89 | 0.48% | 1.22% | 15.50% |
| 2022 | 824 | $22753 | $27.61 | 0.46% | 1.16% | (13.80)% |
| 2021 | 933 | $29880 | $32.03 | 0.46% | 0.85% | 23.62% |

---

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units Outstanding<br>(000's)\*** | **Accumulation<br>Unit Values<br>(000's)\*** | **Unit Value** | **Contract<br>Charges\*\*** | **Investment<br>Income Ratio\*\*\*** | **Total Return<br>Ratio\*\*\*\*** |
|  **<u>EQ/Mid Cap Value Managed Volatility (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 252 | $8682 | $34.40 | 0.48% | 1.25% | 4.72% |
| 2024 | 329 | $10823 | $32.85 | 0.48% | 1.56% | 11.39% |
| 2023 | 373 | $11008 | $29.49 | 0.48% | 1.55% | 12.95% |
| 2022 | 474 | $12390 | $26.11 | 0.46% | 1.15% | (14.76)% |
| 2021 | 517 | $15832 | $30.63 | 0.46% | 0.84% | 27.10% |
|  **<u>EQ/Moderate Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 11020 | $227537 | $20.65 | 0.48% | 2.52% | 9.96% |
| 2024 | 12664 | $237791 | $18.78 | 0.48% | 2.75% | 7.68% |
| 2023 | 14506 | $253004 | $17.44 | 0.48% | 2.11% | 12.08% |
| 2022 | 15923 | $247744 | $15.56 | 0.46% | 1.48% | (15.62)% |
| 2021 | 17131 | $315982 | $18.44 | 0.46% | 2.76% | 8.15% |
|  **<u>EQ/Moderate-Plus Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 1562 | $39814 | $25.49 | 0.48% | 1.97% | 11.26% |
| 2024 | 2115 | $48451 | $22.91 | 0.48% | 2.54% | 10.52% |
| 2023 | 2452 | $50829 | $20.73 | 0.48% | 1.83% | 15.04% |
| 2022 | 2918 | $52579 | $18.02 | 0.46% | 1.30% | (17.23)% |
| 2021 | 3019 | $65724 | $21.77 | 0.46% | 3.60% | 12.45% |
|  **<u>EQ/PIMCO Global Real Return (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 173 | $1924 | $11.14 | 0.48% | 1.50% | 5.19% |
| 2024 | 191 | $2021 | $10.59 | 0.48% | 0.67% | (0.56)% |
| 2023 | 247 | $2626 | $10.65 | 0.48% | 1.55% | 3.90% |
| 2022 | 272 | $2782 | $10.25 | 0.46% | 8.55% | (16.33)% |
| 2021 | 364 | $4452 | $12.25 | 0.46% | 8.38% | 3.81% |
|  **<u>EQ/Small Company Index (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 507 | $20519 | $40.47 | 0.48% | 1.07% | 12.29% |
| 2024 | 596 | $21475 | $36.04 | 0.48% | 1.46% | 10.86% |
| 2023 | 681 | $22135 | $32.51 | 0.48% | 1.34% | 16.57% |
| 2022 | 789 | $22016 | $27.89 | 0.46% | 1.11% | (19.99)% |
| 2021 | 875 | $30502 | $34.86 | 0.46% | 0.86% | 14.82% |
|  **<u>Equitable Conservative Growth MF/ETF (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 188 | $3878 | $20.67 | 0.48% | 2.85% | 11.79% |
| 2024 | 199 | $3673 | $18.49 | 0.48% | 3.91% | 7.00% |
| 2023 | 176 | $3035 | $17.28 | 0.48% | 2.85% | 9.64% |
| 2022 | 183 | $2878 | $15.76 | 0.46% | 1.85% | (12.64)% |
| 2021 | 188 | $3395 | $18.04 | 0.46% | 0.91% | 9.87% |
|  **<u>Multimanager Core Bond (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 419 | $4900 | $11.69 | 0.48% | 3.73% | 6.86% |
| 2024 | 556 | $6083 | $10.94 | 0.48% | 3.83% | 1.77% |
| 2023 | 625 | $6717 | $10.75 | 0.48% | 3.08% | 4.78% |
| 2022 | 818 | $8388 | $10.26 | 0.46% | 2.56% | (12.90)% |
| 2021 | 928 | $10933 | $11.78 | 0.46% | 1.68% | (1.59)% |
|  **<u>Multimanager Technology (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 369 | $33302 | $90.14 | 0.48% | 0.00% | 25.61% |
| 2024 | 413 | $29657 | $71.76 | 0.48% | 0.00% | 25.78% |
| 2023 | 460 | $26229 | $57.05 | 0.48% | 0.02% | 49.23% |
| 2022 | 466 | $17813 | $38.23 | 0.46% | 0.00% | (37.44)% |
| 2021 | 502 | $30685 | $61.11 | 0.46% | 0.00% | 20.58% |
|  **<u>Target 2015 Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 370 | $7004 | $18.95 | 0.48% | 3.52% | 9.10% |
| 2024 | 544 | $9447 | $17.37 | 0.48% | 3.55% | 4.51% |
| 2023 | 664 | $11042 | $16.62 | 0.48% | 2.36% | 9.70% |
| 2022 | 914 | $13847 | $15.15 | 0.46% | 1.98% | (14.31)% |
| 2021 | 1106 | $19551 | $17.68 | 0.46% | 1.87% | 6.00% |

---

------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units Outstanding<br>(000's)\*** | **Accumulation<br>Unit Values<br>(000's)\*** | **Unit Value** | **Contract<br>Charges\*\*** | **Investment<br>Income Ratio\*\*\*** | **Total Return<br>Ratio\*\*\*\*** |
|  **<u>Target 2025 Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 941 | $23016 | $24.46 | 0.48% | 2.92% | 12.82% |
| 2024 | 1092 | $23681 | $21.68 | 0.48% | 2.52% | 8.40% |
| 2023 | 1368 | $27361 | $20.00 | 0.48% | 2.12% | 13.38% |
| 2022 | 1628 | $28706 | $17.64 | 0.46% | 1.68% | (15.40)% |
| 2021 | 2065 | $43050 | $20.85 | 0.46% | 1.89% | 10.49% |
|  **<u>Target 2035 Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 604 | $17348 | $28.75 | 0.48% | 2.27% | 15.46% |
| 2024 | 710 | $17683 | $24.90 | 0.48% | 2.06% | 11.21% |
| 2023 | 859 | $19242 | $22.39 | 0.48% | 1.88% | 16.31% |
| 2022 | 985 | $18961 | $19.25 | 0.46% | 1.50% | (16.49)% |
| 2021 | 1187 | $27358 | $23.05 | 0.46% | 1.94% | 13.83% |
|  **<u>Target 2045 Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 270 | $8435 | $31.29 | 0.48% | 1.92% | 16.54% |
| 2024 | 368 | $9873 | $26.85 | 0.48% | 1.80% | 12.72% |
| 2023 | 445 | $10591 | $23.82 | 0.48% | 1.72% | 17.86% |
| 2022 | 500 | $10117 | $20.21 | 0.46% | 1.40% | (16.97)% |
| 2021 | 575 | $14007 | $24.34 | 0.46% | 2.11% | 16.07% |
|  **<u>Target 2055 Allocation (Class K)</u>** |  |  |  |  |  |  |
| 2025 | 9 | $214 | $25.11 | 0.48% | 1.61% | 17.67% |
| 2024 | 10 | $214 | $21.34 | 0.48% | 1.42% | 14.00% |
| 2023 | 14 | $259 | $18.72 | 0.48% | 1.42% | 19.54% |
| 2022 | 23 | $363 | $15.66 | 0.46% | 1.34% | (17.71)% |
| 2021 | 24 | $457 | $19.03 | 0.46% | 1.88% | 17.98% |
|  **<u>Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Common Shares)</u>** |  |  |  |  |  |  |
| 2025 | 2568 | $28845 | $11.23 | 0.48% | 3.34% | 6.34% |
| 2024 | 2555 | $26974 | $10.56 | 0.48% | 2.77% | 0.76% |
| 2023 | 2099 | $21987 | $10.48 | 0.48% | 2.52% | 5.12% |
| 2022 | 1964 | $19586 | $9.97 | 0.46% | 2.06% | (13.60)% |
| 2021 | 2260 | $26080 | $11.54 | 0.46% | 1.99% | (2.20)% |
|  **<u>Vanguard Variable Insurance Fund Total Stock Market Index Portfolio (Common Shares)</u>** |  |  |  |  |  |  |
| 2025 | 3146 | $83999 | $26.70 | 0.48% | 1.18% | 16.34% |
| 2024 | 3589 | $82351 | $22.95 | 0.48% | 1.26% | 23.12% |
| 2023 | 3747 | $69833 | $18.64 | 0.48% | 1.18% | 25.35% |
| 2022 | 3754 | $55820 | $14.87 | 0.46% | 1.28% | (19.97)% |
| 2021 | 3916 | $72746 | $18.58 | 0.46% | 1.12% | 25.03% |

---

\* Variable Investment Options where Units Outstanding and Accumulation Unit Values are less than 500 and $500, respectively, are denoted by a —.

\*\* This ratio represents the annual contract expenses, consisting of program, direct operating and other expenses for each period indicated. This ratio includes only those expenses that result in a direct reduction to unit value. Charges made directly to Contractowner account through the redemption of units and expenses of the respective Portfolio have been excluded. The summary may not reflect the minimum and maximum contract charges offered by the Equitable Financial as Contractowners may not have selected all available and applicable contract options.

\*\*\* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the Variable Investment Option from the Portfolio, divided by the average daily net assets. This ratio excludes those expenses, such as asset charges, that result in direct reductions in the unit values. The recognition of dividend income by the Variable Investment Option is affected by the timing of the declaration of dividends by the Portfolio in which the Variable Investment Option invests. For those Variable Investment Options with less than a year of operations, this ratio is not annualized but calculated from the effective date through the end of the reporting period.

---

| | |
|:---|:---|
| \*\*\*\* | This ratio represents the total return for the periods indicated, including changes in the value of the Portfolio, and expenses assessed through the reduction of unit value. This ratio does not include any expenses, such as premiums and withdrawal charges, as applicable, or expenses assessed through the redemption of units. The total return would have been lower had such expenses been included in the calculation. The total return is calculated for each period indicated from the effective date through the end of the reporting period. For those Variable Investment Options with less than a year of operations, the total return is not annualized but calculated from the effective date through the end of the reporting period. |

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------

**SEPARATE ACCOUNT NO. 206** 

**Notes to Financial Statements (Concluded)** 

**December 31, 2025** 

**9.** Subsequent Events

All material subsequent transactions and events have been evaluated for the period from December 31, 2025 through April 9, 2026, the date on which the financial statements were issued. Except as noted below, there were no transactions or events that require adjustment to or disclosure in the accompanying financial statements.

Equitable Financial is a wholly-owned subsidiary of Equitable Financial Services, LLC, a Delaware corporation and a wholly-owned direct subsidiary of the Equitable Holdings. On March 26, 2026, Equitable Holdings, Inc., a Delaware corporation ("Equitable"), entered into an Agreement and Plan of Merger (the "Merger Agreement"), by and among Equitable, Corebridge Financial, Inc., a Delaware corporation ("Corebridge"), Mountain Holding, Inc., a newly formed Delaware corporation and wholly-owned subsidiary of Corebridge ("HoldCo"), Marcy Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of HoldCo ("Equitable Merger Sub"), and Palisade Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of HoldCo ("Corebridge Merger Sub").

Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all stock merger transaction to combine their respective businesses by: (a) Corebridge Merger Sub merging with and into Corebridge, with Corebridge surviving such merger as a wholly-owned subsidiary of HoldCo (the "Corebridge Merger"), (b) immediately following the consummation of the Corebridge Merger, Equitable Merger Sub merging with and into Equitable, with Equitable surviving such merger as a wholly-owned subsidiary of HoldCo (the "Equitable Merger" and, together with the Corebridge Merger, the "Mergers"), and (c) as of the closing of the Mergers (the "Closing"), changing the name of HoldCo to "Equitable Holdings, Inc.".

The Merger Agreement and the consummation of the transactions contemplated by the Merger Agreement have been unanimously approved by the boards of directors of both companies. The transaction is expected to close by year-end of 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of shareholders of both Corebridge and Equitable.