# EDGAR Filing Document

**Accession Number:** 0001015570
**File Stem:** 0001193125-26-149757
**Filing Date:** 2026-4
**Character Count:** 217509
**Document Hash:** 8a6601ba987469d8fb2e3f975af884fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-149757.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001193125-26-149757

**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. 49
- **CENTRAL INDEX KEY:** 0001015570

**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:** 811-07659
- **FILM NUMBER:** 26852126

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2125541234

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCT NO 49 OF EQUITABLE FINANCIAL LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCT NO 49 OF AXA EQUITABLE LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20050822

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCT NO 49 OF THE EQUIT LIFE ASSU SOCI OF THE U S
- **DATE OF NAME CHANGE:** 19960529

## Series and Classes Contracts Data

### SEPARATE ACCT NO. 49 (Series ID: S000009103)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000024735 | Accumulator (2002)                                |  |
| C000024736 | Accumulator Plus (2004)                           |  |
| C000024737 | Accumulator Plus (2006)                           |  |
| C000024738 | Accumulator Plus (Merrill Lynch)                  |  |
| C000024739 | Accumulator Plus (Pre 2002)                       |  |
| C000024740 | Accumulator Select (2002)                         |  |
| C000024741 | Accumulator Select (2004)                         |  |
| C000024742 | Accumulator Select (2006)                         |  |
| C000024743 | Accumulator Select (Oregon)                       |  |
| C000024744 | Accumulator Select (Pre 2002)                     |  |
| C000024745 | Accumulator Select II                             |  |
| C000024746 | Accumulator (2004)                                |  |
| C000024747 | Accumulator Elite (2002)                          |  |
| C000024748 | Accumulator Elite (2004)                          |  |
| C000024749 | Accumulator Elite (2006)                          |  |
| C000024750 | Accumulator Elite (Pre 2002)                      |  |
| C000024751 | Accumulator Elite II                              |  |
| C000024752 | Accumulator Express                               |  |
| C000024753 | Accumulator Advisor (SA 49)                       |  |
| C000024754 | Retirement Income for Life (RIFL)                 |  |
| C000024755 | Accumulator (2006)                                |  |
| C000024756 | Accumulator (Oregon)                              |  |
| C000024757 | Accumulator (Pre 2002)                            |  |
| C000024758 | Accumulator (IRA, NQ, QP)                         |  |
| C000024759 | Income Manager Accumulator                        |  |
| C000024760 | Income Manager Rollover IRA                       |  |
| C000024761 | Accumulator Plus (2002)                           |  |
| C000035618 | AXA Equitable Retirement Income for Life (RIFL 2) |  |
| C000039188 | Stylus                                            |  |
| C000043654 | Structured Capital Strategies Plus Guard          |  |
| C000047290 | Accumulator (2007)                                |  |
| C000050207 | Accumulator Core (2006-JS)                        |  |
| C000050208 | Accumulator Plus (2006-JS)                        |  |
| C000050218 | Accumulator Select (2006-JS)                      |  |
| C000050219 | Accumulator Elite (2006-JS)                       |  |
| C000050265 | Emblem                                            |  |
| C000050998 | Accumulator Elite 2007                            |  |
| C000050999 | Accumulator Plus 2007                             |  |
| C000051000 | Accumulator Select 07                             |  |
| C000065471 | Accumulator (2008-04 (NY))                        |  |
| C000065472 | Accumulator Plus (2008-04 (NY))                   |  |
| C000065473 | Accumulator Select (2008-04 (NY))                 |  |
| C000065474 | Accumulator Elite (2008-04 (NY))                  |  |
| C000066354 | Accumulator Plus (8.0(NY) Series)                 |  |
| C000066355 | Accumulator Plus (8.0 Series)                     |  |
| C000070274 | Accumulator (8.0 Series)                          |  |
| C000070275 | Accumulator Select (8.0 Series)                   |  |
| C000070276 | Accumulator Elite (8.0 Series)                    |  |
| C000075846 | Accumulator Plus (9.0 Series)                     |  |
| C000078601 | Accumulator (9.0 Series)                          |  |
| C000078602 | Accumulator Elite (9.0 Series)                    |  |
| C000078603 | Accumulator Select (9.0 Series)                   |  |
| C000089039 | Structured Capital Strategies                     |  |
| C000097012 | Retirement Cornerstone - Series ADV               |  |
| C000163851 | Structured Capital Strategies 16                  |  |
| C000183461 | Structured Capital Strategies Plus                |  |
| C000227643 | Structured Capital Strategies PLUS 21             |  |
| C000231441 | Structured Capital Strategies Income              |  |

**SEPARATE ACCOUNT NO. 49** 

INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin90998_1) | FSA-2 |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities, December 31, 2025](#fin90998_2) | FSA-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations for the Year Ended December 31, 2025](#fin90998_3) | FSA-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets for the Years Ended December 31, 2025 and 2024](#fin90998_4) | FSA-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin90998_5) | FSA-45 |

---

------

**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. 49

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of the variable investment options of Separate Account No.49 indicated in the table below as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period ended December 31, 2025, 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 the variable investment options of Separate Account No. 49 as of December 31, 2025, the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO MERGERS & ACQUISITIONS | EQ/GROWTH STRATEGY |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO SMALL COMPANY VALUE | EQ/INTERMEDIATE GOVERNMENT BOND |
| &nbsp;&nbsp;&nbsp;1290 VT SMARTBETA EQUITY ESG | EQ/INTERNATIONAL CORE MANAGED VOLATILITY |
| &nbsp;&nbsp;&nbsp;1290 VT SOCIALLY RESPONSIBLE | EQ/INTERNATIONAL EQUITY INDEX |
| &nbsp;&nbsp;&nbsp;EQ/400 MANAGED VOLATILITY | EQ/INTERNATIONAL VALUE MANAGED VOLATILITY |
| &nbsp;&nbsp;&nbsp;EQ/2000 MANAGED VOLATILITY | EQ/JANUS ENTERPRISE |
| &nbsp;&nbsp;&nbsp;EQ/AB SHORT DURATION GOVERNMENT BOND | EQ/LARGE CAP CORE MANAGED VOLATILITY |
| &nbsp;&nbsp;&nbsp;EQ/AB SMALL CAP GROWTH | EQ/LARGE CAP GROWTH INDEX |
| &nbsp;&nbsp;&nbsp;EQ/AGGRESSIVE ALLOCATION | EQ/LARGE CAP GROWTH MANAGED VOLATILITY |
| &nbsp;&nbsp;&nbsp;EQ/AGGRESSIVE GROWTH STRATEGY | EQ/LARGE CAP VALUE INDEX |
| &nbsp;&nbsp;&nbsp;EQ/BALANCED STRATEGY | EQ/LARGE CAP VALUE MANAGED VOLATILITY |
| &nbsp;&nbsp;&nbsp;EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | EQ/MID CAP INDEX |
| &nbsp;&nbsp;&nbsp;EQ/COMMON STOCK INDEX | EQ/MID CAP VALUE MANAGED VOLATILITY |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE ALLOCATION | EQ/MODERATE ALLOCATION |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE GROWTH STRATEGY | EQ/MODERATE GROWTH STRATEGY |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE STRATEGY | EQ/MODERATE-PLUS ALLOCATION |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE-PLUS ALLOCATION | EQ/MONEY MARKET |
| &nbsp;&nbsp;&nbsp;EQ/CORE BOND INDEX | EQ/QUALITY BOND PLUS |
| &nbsp;&nbsp;&nbsp;EQ/EQUITY 500 INDEX | EQ/SMALL COMPANY INDEX |
| &nbsp;&nbsp;&nbsp;EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | MULTIMANAGER TECHNOLOGY |
| &nbsp;&nbsp;&nbsp;EQ/GLOBAL EQUITY MANAGED VOLATILITY |  |

---

***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. 49 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. 49 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 the 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. 49 since 1996.

------

**SEPARATE ACCOUNT NO. 49** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*** | **1290 VT GAMCO<br>SMALL COMPANY<br>VALUE\*** | **1290 VT<br>SMARTBETA<br>EQUITY ESG\*** | **1290 VT<br>SOCIALLY<br>RESPONSIBLE\*** | **EQ/400<br>MANAGED<br>VOLATILITY\*** | **EQ/2000<br>MANAGED<br>VOLATILITY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $73845281 | $531603144 | $159146307 | $81277722 | $186006839 | $297616770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 7667 | 138343 | 16447 | 4153 | 133134 | 58460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  |  | 70233 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 73852948 | 531741487 | 159232987 | 81281875 | 186139973 | 297675230 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 9271 | 183893 |  | 4154 | 133120 | 44585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9271 | 183893 |  | 4154 | 133120 | 44585 |
|  **Net Assets** | $73843677 | $531557594 | $159232987 | $81277721 | $186006853 | $297630645 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $73692102 | $531317668 | $159110518 | $81088042 | $185857530 | $297130795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 49 | 151575 | 239926 | 122469 | 189679 | 149323 | 499850 |
|  **Total Net Assets** | $73843677 | $531557594 | $159232987 | $81277721 | $186006853 | $297630645 |
|  Investments in shares of the Portfolios, at cost | $66769933 | $490487499 | $140677817 | $63391904 | $188401461 | $270162241 |

---

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. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AB SHORT<br>DURATION<br>GOVERNMENT<br>BOND\*** | **EQ/AB SMALL<br>CAP GROWTH\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*** | **EQ/AGGRESSIVE<br>GROWTH<br>STRATEGY\*** | **EQ/BALANCED<br>STRATEGY\*** | **EQ/CLEARBRIDGE<br>SELECT EQUITY<br>MANAGED<br>VOLATILITY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $274787138 | $329988590 | $1425479858 | $474306943 | $599785501 | $124207880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 190818 |  | 108025 | 70033 | 279615 | 65374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  | 124487 | 127970 | 319932 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 274977956 | 330113077 | 1425715853 | 474696908 | 600065116 | 124273254 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  | 130310 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 191806 |  |  |  | 250940 | 69388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 191806 | 130310 |  |  | 250940 | 69388 |
|  **Net Assets** | $274786150 | $329982767 | $1425715853 | $474696908 | $599814176 | $124203866 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $274442213 | $329854801 | $1425193447 | $474111755 | $599525292 | $124141602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 49 | 343937 | 127966 | 522406 | 585153 | 288884 | 62264 |
|  **Total Net Assets** | $274786150 | $329982767 | $1425715853 | $474696908 | $599814176 | $124203866 |
|  Investments in shares of the Portfolios, at cost | $273881850 | $327836792 | $1384953581 | $457239456 | $580849424 | $93322553 |

---

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. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/COMMON<br>STOCK INDEX\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>GROWTH STRATEGY\*** | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE-<br>PLUS ALLOCATION\*** | **EQ/CORE<br>BOND INDEX\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $740038232 | $371108592 | $76546745 | $38830495 | $401795692 | $699034219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 46384 | 4909974 | 3013 | 1521 | 96949 | 119119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 740084616 | 376018566 | 76549758 | 38832016 | 401892641 | 699153338 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 114089 | 4857074 | 2933 | 1471 | 171330 | 118654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 114089 | 4857074 | 2933 | 1471 | 171330 | 118654 |
|  **Net Assets** | $739970527 | $371161492 | $76546825 | $38830545 | $401721311 | $699034684 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $739495080 | $370934768 | $76533112 | $38821951 | $401659251 | $698844968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 49 | 475447 | 226724 | 13713 | 8594 | 62060 | 189716 |
|  **Total Net Assets** | $739970527 | $371161492 | $76546825 | $38830545 | $401721311 | $699034684 |
|  Investments in shares of the Portfolios, at cost | $589017469 | $369461820 | $73315373 | $37140618 | $406920763 | $692923608 |

---

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. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/EQUITY 500<br>INDEX\*** | **EQ/FRANKLIN<br>SMALL CAP<br>VALUE<br>MANAGED<br>VOLATILITY\*** | **EQ/GLOBAL<br>EQUITY<br>MANAGED<br>VOLATILITY\*** | **EQ/GROWTH<br>STRATEGY\*** | **EQ/INTERMEDIATE<br>GOVERNMENT<br>BOND\*** | **EQ/INTERNATIONAL<br>CORE MANAGED<br>VOLATILITY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $1958468665 | $60492528 | $538130810 | $463438186 | $91611800 | $554233944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  | 50029 | 148058 | 90058 | 49608 | 182248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 3791191 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1962259856 | 60542557 | 538278868 | 463528244 | 91661408 | 554416192 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 3804972 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  | 52211 | 197694 | 94111 | 61719 | 196951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3804972 | 52211 | 197694 | 94111 | 61719 | 196951 |
|  **Net Assets** | $1958454884 | $60490346 | $538081174 | $463434133 | $91599689 | $554219241 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $1958018415 | $60467829 | $538031236 | $463386439 | $91599689 | $554133799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 49 | 436469 | 22517 | 49938 | 47694 |  | 85442 |
|  **Total Net Assets** | $1958454884 | $60490346 | $538081174 | $463434133 | $91599689 | $554219241 |
|  Investments in shares of the Portfolios, at cost | $1351800552 | $62163888 | $518504101 | $424425695 | $90933425 | $498651220 |

---

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. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** | **EQ/INTERNATIONAL<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/JANUS<br>ENTERPRISE\*** | **EQ/LARGE**<br>**CAP CORE**<br>**MANAGED<br>VOLATILITY\*** | **EQ/LARGE**<br>**CAP GROWTH<br>INDEX\*** | **EQ/LARGE<br>CAP GROWTH<br>MANAGED<br>VOLATILITY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $507553311 | $256138863 | $292635854 | $1129174072 | $830533824 | $2477781601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 475494 | 33760 | 174861 | 338481 | 516507 | 769937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  |  |  | 386732 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 508028805 | 256172623 | 292810715 | 1129899285 | 831050331 | 2478551538 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 478576 | 33754 | 225049 |  | 1149676 | 1439148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 478576 | 33754 | 225049 |  | 1149676 | 1439148 |
|  **Net Assets** | $507550229 | $256138869 | $292585666 | $1129899285 | $829900655 | $2477112390 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $507483155 | $256086898 | $292497305 | $1127997231 | $829900655 | $2476762715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 49 | 67074 | 51971 | 88361 | 1902054 |  | 349675 |
|  **Total Net Assets** | $507550229 | $256138869 | $292585666 | $1129899285 | $829900655 | $2477112390 |
|  Investments in shares of the Portfolios, at cost | $392014343 | $229493220 | $294888364 | $1148270686 | $612640562 | $2259224278 |

---

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. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE**<br>**CAP VALUE<br>INDEX\*** | **EQ/LARGE**<br>**CAP VALUE<br>MANAGED<br>VOLATILITY\*** | **EQ/MID<br>CAP INDEX\*** | **EQ/MID**<br>**CAP VALUE<br>MANAGED<br>VOLATILITY\*** | **EQ/MODERATE<br>ALLOCATION\*** | **EQ/MODERATE<br>GROWTH<br>STRATEGY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $385815130 | $1644698782 | $602713266 | $684838564 | $1865985356 | $451522345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 641849 | 486720 | 217449 | 192015 | 532238 | 70390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 386456979 | 1645185502 | 602930715 | 685030579 | 1866517594 | 451592735 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 642200 | 521133 | 225522 | 189756 | 1028603 | 70387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 642200 | 521133 | 225522 | 189756 | 1028603 | 70387 |
|  **Net Assets** | $385814779 | $1644664369 | $602705193 | $684840823 | $1865488991 | $451522348 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $385678748 | $1644056494 | $602490621 | $684748087 | $1865488991 | $451331744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 49 | 136031 | 607875 | 214572 | 92736 |  | 190604 |
|  **Total Net Assets** | $385814779 | $1644664369 | $602705193 | $684840823 | $1865488991 | $451522348 |
|  Investments in shares of the Portfolios, at cost | $342554524 | $1614363707 | $573831303 | $723718219 | $1866068034 | $427470012 |

---

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. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/MODERATE-<br>PLUS ALLOCATION\*** | **EQ/MONEY<br>MARKET\*** | **EQ/QUALITY<br>BOND PLUS\*** | **EQ/SMALL<br>COMPANY<br>INDEX\*** | **MULTIMANAGER<br>TECHNOLOGY\*** |
|  **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $3585914406 | $574985449 | $450013678 | $341919587 | $734003066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 1752777 | 48591263 | 171864 | 112172 | 1001366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3587667183 | 623576712 | 450185542 | 342031759 | 735004432 |
|  **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 2348616 | 48566111 | 155382 | 115022 | 1005487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2348616 | 48566111 | 155382 | 115022 | 1005487 |
|  **Net Assets** | $3585318567 | $575010601 | $450030160 | $341916737 | $733998945 |
|  **Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $3584985470 | $574358950 | $449929896 | $341850343 | $733666283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable Financial in Separate Account No. 49 | 333097 | 651651 | 100264 | 66394 | 332662 |
|  **Total Net Assets** | $3585318567 | $575010601 | $450030160 | $341916737 | $733998945 |
|  Investments in shares of the Portfolios, at cost | $3582381271 | $574998958 | $451222537 | $309381630 | $603914238 |

---

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. 49** 

**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 VT GAMCO MERGERS & ACQUISITIONS | CLASSIB | 5446 |
|  1290 VT GAMCO SMALL COMPANY VALUE | CLASSIB | 6974 |
|  1290 VT SMARTBETA EQUITY ESG | CLASSIB | 8174 |
|  1290 VT SOCIALLY RESPONSIBLE | CLASSIB | 3293 |
|  EQ/400 MANAGED VOLATILITY | CLASS IB | 8497 |
|  EQ/2000 MANAGED VOLATILITY | CLASS IB | 14468 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | CLASSIB | 27954 |
|  EQ/AB SMALL CAP GROWTH | CLASSIB | 22297 |
|  EQ/AGGRESSIVE ALLOCATION | CLASS IB | 134733 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | CLASS IB | 26995 |
|  EQ/BALANCED STRATEGY | CLASS IB | 37581 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | CLASSIB | 9460 |
|  EQ/COMMON STOCK INDEX | CLASS IB | 14034 |
|  EQ/CONSERVATIVE ALLOCATION | CLASS IB | 44766 |
|  EQ/CONSERVATIVE GROWTH STRATEGY | CLASS IB | 5511 |
|  EQ/CONSERVATIVE STRATEGY | CLASS IB | 3327 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | CLASS IB | 48409 |
|  EQ/CORE BOND INDEX | CLASS IB | 73505 |
|  EQ/EQUITY 500 INDEX | CLASS IB | 20478 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | CLASSIB | 4361 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | CLASSIB | 31415 |
|  EQ/GROWTH STRATEGY | CLASS IB | 23852 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | CLASS IB | 9493 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | CLASSIB | 45244 |
|  EQ/INTERNATIONAL EQUITY INDEX | CLASS IB | 37293 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | CLASSIB | 17145 |
|  EQ/JANUS ENTERPRISE | CLASS IB | 14022 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | CLASSIB | 108158 |
|  EQ/LARGE CAP GROWTH INDEX | CLASSIB | 29111 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | CLASSIB | 76640 |
|  EQ/LARGE CAP VALUE INDEX | CLASSIB | 34022 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | CLASSIB | 90368 |
|  EQ/MID CAP INDEX | CLASS IB | 37670 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | CLASSIB | 44819 |
|  EQ/MODERATE ALLOCATION | CLASS IB | 153959 |
|  EQ/MODERATE GROWTH STRATEGY | CLASS IB | 27249 |
|  EQ/MODERATE-PLUS ALLOCATION | CLASS IB | 371597 |
|  EQ/MONEY MARKET | CLASS IB | 574985 |
|  EQ/QUALITY BOND PLUS | CLASS IB | 57842 |
|  EQ/SMALL COMPANY INDEX | CLASS IB | 27596 |
|  MULTIMANAGER TECHNOLOGY | CLASS IB | 17898 |

---

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.

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

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 VT GAMCO MERGERS & ACQUISITIONS | 1.20% | CLASS IB | $22.03 | 192 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.25% | CLASS IB | $21.80 | 509 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.30% | CLASS IB | $21.19 | 515 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.35% | CLASS IB | $21.35 | 26 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.40% | CLASS IB | $21.13 | 323 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.50% | CLASS IB | $20.69 | 650 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.55% | CLASS IB | $20.47 | 455 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.60% | CLASS IB | $20.26 | 70 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.65% | CLASS IB | $20.05 | 740 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.70% | CLASS IB | $19.84 | 53 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 1.80% | CLASS IB | $19.42 | 1 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.20% | CLASS IB | $136.65 | 165 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.25% | CLASS IB | $134.09 | 507 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.30% | CLASS IB | $204.02 | 427 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.35% | CLASS IB | $129.10 | 63 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.40% | CLASS IB | $126.67 | 336 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.50% | CLASS IB | $121.95 | 786 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.55% | CLASS IB | $119.66 | 730 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.60% | CLASS IB | $117.41 | 70 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.65% | CLASS IB | $115.19 | 883 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.70% | CLASS IB | $113.03 | 85 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.80% | CLASS IB | $108.80 | 1 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 1.90% | CLASS IB | $104.73 | 1 |
|  1290 VT SMARTBETA EQUITY ESG | 1.20% | CLASS IB | $18.18 | 457 |
|  1290 VT SMARTBETA EQUITY ESG | 1.25% | CLASS IB | $18.13 | 986 |
|  1290 VT SMARTBETA EQUITY ESG | 1.30% | CLASS IB | $18.08 | 1365 |
|  1290 VT SMARTBETA EQUITY ESG | 1.35% | CLASS IB | $18.03 | 78 |
|  1290 VT SMARTBETA EQUITY ESG | 1.40% | CLASS IB | $17.98 | 574 |
|  1290 VT SMARTBETA EQUITY ESG | 1.50% | CLASS IB | $17.88 | 1064 |
|  1290 VT SMARTBETA EQUITY ESG | 1.55% | CLASS IB | $17.82 | 1104 |
|  1290 VT SMARTBETA EQUITY ESG | 1.60% | CLASS IB | $17.77 | 194 |
|  1290 VT SMARTBETA EQUITY ESG | 1.65% | CLASS IB | $17.72 | 2812 |
|  1290 VT SMARTBETA EQUITY ESG | 1.70% | CLASS IB | $17.67 | 257 |
|  1290 VT SMARTBETA EQUITY ESG | 1.80% | CLASS IB | $17.57 |  |
|  1290 VT SOCIALLY RESPONSIBLE | 1.20% | CLASS IB | $43.09 | 124 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.25% | CLASS IB | $55.96 | 226 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.30% | CLASS IB | $55.21 | 120 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.35% | CLASS IB | $41.40 | 23 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.40% | CLASS IB | $40.85 | 181 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.50% | CLASS IB | $52.88 | 261 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.55% | CLASS IB | $39.24 | 222 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.60% | CLASS IB | $38.72 | 109 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.65% | CLASS IB | $51.11 | 352 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.70% | CLASS IB | $37.70 | 89 |
|  1290 VT SOCIALLY RESPONSIBLE | 1.80% | CLASS IB | $36.70 | 1 |
|  EQ/400 MANAGED VOLATILITY | 1.20% | CLASS IB | $24.77 | 926 |
|  EQ/400 MANAGED VOLATILITY | 1.25% | CLASS IB | $24.62 | 873 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/400 MANAGED VOLATILITY | 1.30% | CLASS IB | $24.46 | 629 |
|  EQ/400 MANAGED VOLATILITY | 1.35% | CLASS IB | $24.30 | 86 |
|  EQ/400 MANAGED VOLATILITY | 1.40% | CLASS IB | $24.15 | 1423 |
|  EQ/400 MANAGED VOLATILITY | 1.50% | CLASS IB | $23.84 | 1097 |
|  EQ/400 MANAGED VOLATILITY | 1.55% | CLASS IB | $23.69 | 628 |
|  EQ/400 MANAGED VOLATILITY | 1.60% | CLASS IB | $23.53 | 585 |
|  EQ/400 MANAGED VOLATILITY | 1.65% | CLASS IB | $23.38 | 1307 |
|  EQ/400 MANAGED VOLATILITY | 1.70% | CLASS IB | $23.23 | 178 |
|  EQ/400 MANAGED VOLATILITY | 1.80% | CLASS IB | $22.94 | 2 |
|  EQ/400 MANAGED VOLATILITY | 1.90% | CLASS IB | $22.64 | 2 |
|  EQ/2000 MANAGED VOLATILITY | 0.95% | CLASS IB | $23.48 |  |
|  EQ/2000 MANAGED VOLATILITY | 1.20% | CLASS IB | $22.74 | 1423 |
|  EQ/2000 MANAGED VOLATILITY | 1.25% | CLASS IB | $22.59 | 2092 |
|  EQ/2000 MANAGED VOLATILITY | 1.30% | CLASS IB | $22.45 | 899 |
|  EQ/2000 MANAGED VOLATILITY | 1.35% | CLASS IB | $22.31 | 530 |
|  EQ/2000 MANAGED VOLATILITY | 1.40% | CLASS IB | $22.16 | 1699 |
|  EQ/2000 MANAGED VOLATILITY | 1.50% | CLASS IB | $21.88 | 2432 |
|  EQ/2000 MANAGED VOLATILITY | 1.55% | CLASS IB | $21.74 | 1154 |
|  EQ/2000 MANAGED VOLATILITY | 1.60% | CLASS IB | $21.60 | 828 |
|  EQ/2000 MANAGED VOLATILITY | 1.65% | CLASS IB | $21.46 | 2168 |
|  EQ/2000 MANAGED VOLATILITY | 1.70% | CLASS IB | $21.33 | 222 |
|  EQ/2000 MANAGED VOLATILITY | 1.80% | CLASS IB | $21.05 | 13 |
|  EQ/2000 MANAGED VOLATILITY | 1.90% | CLASS IB | $20.78 | 3 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.20% | CLASS IB | $9.86 | 1053 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.25% | CLASS IB | $9.80 | 3798 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.30% | CLASS IB | $9.74 | 4196 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.35% | CLASS IB | $9.67 | 377 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.40% | CLASS IB | $9.61 | 1876 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.50% | CLASS IB | $9.49 | 4853 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.55% | CLASS IB | $9.43 | 2931 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.60% | CLASS IB | $9.37 | 1009 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.65% | CLASS IB | $9.31 | 7852 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.70% | CLASS IB | $9.25 | 865 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.80% | CLASS IB | $9.13 | 4 |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | 1.90% | CLASS IB | $9.01 | 2 |
|  EQ/AB SMALL CAP GROWTH | 0.95% | CLASS IB | $76.88 |  |
|  EQ/AB SMALL CAP GROWTH | 1.20% | CLASS IB | $71.50 | 334 |
|  EQ/AB SMALL CAP GROWTH | 1.25% | CLASS IB | $55.17 | 623 |
|  EQ/AB SMALL CAP GROWTH | 1.30% | CLASS IB | $54.37 | 690 |
|  EQ/AB SMALL CAP GROWTH | 1.35% | CLASS IB | $68.45 | 288 |
|  EQ/AB SMALL CAP GROWTH | 1.40% | CLASS IB | $67.46 | 538 |
|  EQ/AB SMALL CAP GROWTH | 1.50% | CLASS IB | $52.14 | 1050 |
|  EQ/AB SMALL CAP GROWTH | 1.55% | CLASS IB | $64.58 | 632 |
|  EQ/AB SMALL CAP GROWTH | 1.60% | CLASS IB | $63.65 | 249 |
|  EQ/AB SMALL CAP GROWTH | 1.65% | CLASS IB | $50.40 | 1212 |
|  EQ/AB SMALL CAP GROWTH | 1.70% | CLASS IB | $61.83 | 89 |
|  EQ/AB SMALL CAP GROWTH | 1.80% | CLASS IB | $60.05 | 1 |
|  EQ/AB SMALL CAP GROWTH | 1.90% | CLASS IB | $58.32 |  |
|  EQ/AGGRESSIVE ALLOCATION | 0.00% | CLASS IB | $25.64 | 1 |
|  EQ/AGGRESSIVE ALLOCATION | 1.15% | CLASS IB | $33.55 | 253 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/AGGRESSIVE ALLOCATION | 1.20% | CLASS IB | $33.18 | 934 |
|  EQ/AGGRESSIVE ALLOCATION | 1.25% | CLASS IB | $36.40 | 4366 |
|  EQ/AGGRESSIVE ALLOCATION | 1.30% | CLASS IB | $34.24 | 9535 |
|  EQ/AGGRESSIVE ALLOCATION | 1.35% | CLASS IB | $32.09 | 233 |
|  EQ/AGGRESSIVE ALLOCATION | 1.40% | CLASS IB | $31.74 | 895 |
|  EQ/AGGRESSIVE ALLOCATION | 1.50% | CLASS IB | $34.39 | 4203 |
|  EQ/AGGRESSIVE ALLOCATION | 1.55% | CLASS IB | $30.70 | 6153 |
|  EQ/AGGRESSIVE ALLOCATION | 1.60% | CLASS IB | $30.36 | 277 |
|  EQ/AGGRESSIVE ALLOCATION | 1.65% | CLASS IB | $33.24 | 14513 |
|  EQ/AGGRESSIVE ALLOCATION | 1.70% | CLASS IB | $32.87 | 1220 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 0.00% | CLASS IB | $23.11 | 2 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 0.95% | CLASS IB | $16.66 | 5 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.15% | CLASS IB | $16.48 | 240 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.20% | CLASS IB | $16.43 | 393 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.25% | CLASS IB | $16.38 | 1556 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.30% | CLASS IB | $16.34 | 7371 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.35% | CLASS IB | $16.29 | 131 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.40% | CLASS IB | $16.25 | 902 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.50% | CLASS IB | $16.15 | 1636 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.55% | CLASS IB | $16.11 | 4905 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.60% | CLASS IB | $16.06 | 480 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.65% | CLASS IB | $16.02 | 10907 |
|  EQ/AGGRESSIVE GROWTH STRATEGY | 1.70% | CLASS IB | $15.97 | 815 |
|  EQ/BALANCED STRATEGY | 0.95% | CLASS IB | $11.30 | 6 |
|  EQ/BALANCED STRATEGY | 1.15% | CLASS IB | $14.83 | 286 |
|  EQ/BALANCED STRATEGY | 1.20% | CLASS IB | $11.17 | 1515 |
|  EQ/BALANCED STRATEGY | 1.25% | CLASS IB | $11.15 | 3675 |
|  EQ/BALANCED STRATEGY | 1.30% | CLASS IB | $11.12 | 3465 |
|  EQ/BALANCED STRATEGY | 1.30% | CLASS IB | $22.68 | 7502 |
|  EQ/BALANCED STRATEGY | 1.35% | CLASS IB | $11.10 | 500 |
|  EQ/BALANCED STRATEGY | 1.35% | CLASS IB | $14.59 | 17 |
|  EQ/BALANCED STRATEGY | 1.40% | CLASS IB | $11.07 | 2621 |
|  EQ/BALANCED STRATEGY | 1.50% | CLASS IB | $11.02 | 4330 |
|  EQ/BALANCED STRATEGY | 1.55% | CLASS IB | $10.99 | 3232 |
|  EQ/BALANCED STRATEGY | 1.55% | CLASS IB | $21.74 | 2649 |
|  EQ/BALANCED STRATEGY | 1.60% | CLASS IB | $10.97 | 764 |
|  EQ/BALANCED STRATEGY | 1.65% | CLASS IB | $10.94 | 7662 |
|  EQ/BALANCED STRATEGY | 1.65% | CLASS IB | $21.38 | 2254 |
|  EQ/BALANCED STRATEGY | 1.70% | CLASS IB | $10.92 | 946 |
|  EQ/BALANCED STRATEGY | 1.70% | CLASS IB | $21.20 | 103 |
|  EQ/BALANCED STRATEGY | 1.80% | CLASS IB | $10.87 | 18 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.20% | CLASS IB | $35.89 | 133 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.25% | CLASS IB | $35.54 | 453 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.30% | CLASS IB | $35.20 | 651 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.35% | CLASS IB | $34.85 | 29 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.40% | CLASS IB | $34.51 | 147 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.50% | CLASS IB | $33.84 | 339 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.55% | CLASS IB | $33.51 | 471 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.60% | CLASS IB | $33.19 | 86 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.65% | CLASS IB | $32.86 | 1220 |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | 1.70% | CLASS IB | $32.54 | 125 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/COMMON STOCK INDEX | 0.95% | CLASS IB | $670.37 |  |
|  EQ/COMMON STOCK INDEX | 1.20% | CLASS IB | $590.88 | 94 |
|  EQ/COMMON STOCK INDEX | 1.25% | CLASS IB | $58.01 | 1646 |
|  EQ/COMMON STOCK INDEX | 1.30% | CLASS IB | $56.51 | 1120 |
|  EQ/COMMON STOCK INDEX | 1.35% | CLASS IB | $547.75 | 139 |
|  EQ/COMMON STOCK INDEX | 1.40% | CLASS IB | $534.05 | 153 |
|  EQ/COMMON STOCK INDEX | 1.50% | CLASS IB | $54.82 | 2690 |
|  EQ/COMMON STOCK INDEX | 1.55% | CLASS IB | $494.99 | 171 |
|  EQ/COMMON STOCK INDEX | 1.60% | CLASS IB | $482.61 | 64 |
|  EQ/COMMON STOCK INDEX | 1.65% | CLASS IB | $52.99 | 1760 |
|  EQ/COMMON STOCK INDEX | 1.70% | CLASS IB | $917.57 | 11 |
|  EQ/COMMON STOCK INDEX | 1.80% | CLASS IB | $872.09 | 1 |
|  EQ/COMMON STOCK INDEX | 1.90% | CLASS IB | $828.86 |  |
|  EQ/CONSERVATIVE ALLOCATION | 1.15% | CLASS IB | $15.12 | 81 |
|  EQ/CONSERVATIVE ALLOCATION | 1.20% | CLASS IB | $14.95 | 1313 |
|  EQ/CONSERVATIVE ALLOCATION | 1.25% | CLASS IB | $15.51 | 2514 |
|  EQ/CONSERVATIVE ALLOCATION | 1.30% | CLASS IB | $15.33 | 4227 |
|  EQ/CONSERVATIVE ALLOCATION | 1.35% | CLASS IB | $14.46 | 594 |
|  EQ/CONSERVATIVE ALLOCATION | 1.40% | CLASS IB | $14.30 | 1887 |
|  EQ/CONSERVATIVE ALLOCATION | 1.50% | CLASS IB | $14.65 | 3312 |
|  EQ/CONSERVATIVE ALLOCATION | 1.55% | CLASS IB | $13.83 | 3423 |
|  EQ/CONSERVATIVE ALLOCATION | 1.60% | CLASS IB | $13.68 | 1009 |
|  EQ/CONSERVATIVE ALLOCATION | 1.65% | CLASS IB | $14.16 | 6491 |
|  EQ/CONSERVATIVE ALLOCATION | 1.70% | CLASS IB | $14.00 | 638 |
|  EQ/CONSERVATIVE ALLOCATION | 1.80% | CLASS IB | $13.08 | 14 |
|  EQ/CONSERVATIVE GROWTH STRATEGY | 1.30% | CLASS IB | $19.58 | 2142 |
|  EQ/CONSERVATIVE GROWTH STRATEGY | 1.55% | CLASS IB | $18.77 | 907 |
|  EQ/CONSERVATIVE GROWTH STRATEGY | 1.65% | CLASS IB | $18.46 | 895 |
|  EQ/CONSERVATIVE GROWTH STRATEGY | 1.70% | CLASS IB | $18.30 | 58 |
|  EQ/CONSERVATIVE STRATEGY | 1.30% | CLASS IB | $14.18 | 1699 |
|  EQ/CONSERVATIVE STRATEGY | 1.55% | CLASS IB | $13.59 | 473 |
|  EQ/CONSERVATIVE STRATEGY | 1.65% | CLASS IB | $13.36 | 572 |
|  EQ/CONSERVATIVE STRATEGY | 1.70% | CLASS IB | $13.25 | 50 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 0.00% | CLASS IB | $15.89 | 1 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.15% | CLASS IB | $18.96 | 73 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.20% | CLASS IB | $18.75 | 646 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.25% | CLASS IB | $19.77 | 2552 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.30% | CLASS IB | $19.55 | 3397 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.35% | CLASS IB | $18.14 | 404 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.40% | CLASS IB | $17.94 | 1452 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.50% | CLASS IB | $18.68 | 3206 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.55% | CLASS IB | $17.35 | 3368 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.60% | CLASS IB | $17.16 | 509 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.65% | CLASS IB | $18.06 | 5506 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.70% | CLASS IB | $17.85 | 624 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 1.80% | CLASS IB | $16.41 | 19 |
|  EQ/CORE BOND INDEX | 0.25% | CLASS IB | $11.31 | 11 |
|  EQ/CORE BOND INDEX | 0.65% | CLASS IB | $11.55 | 116 |
|  EQ/CORE BOND INDEX | 0.95% | CLASS IB | $16.37 | 1 |
|  EQ/CORE BOND INDEX | 1.20% | CLASS IB | $15.25 | 3995 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/CORE BOND INDEX | 1.25% | CLASS IB | $10.53 | 280 |
|  EQ/CORE BOND INDEX | 1.25% | CLASS IB | $11.32 | 8427 |
|  EQ/CORE BOND INDEX | 1.30% | CLASS IB | $11.16 | 7321 |
|  EQ/CORE BOND INDEX | 1.35% | CLASS IB | $14.62 | 1170 |
|  EQ/CORE BOND INDEX | 1.40% | CLASS IB | $14.41 | 5483 |
|  EQ/CORE BOND INDEX | 1.50% | CLASS IB | $10.70 | 10229 |
|  EQ/CORE BOND INDEX | 1.55% | CLASS IB | $13.81 | 6076 |
|  EQ/CORE BOND INDEX | 1.60% | CLASS IB | $13.61 | 2515 |
|  EQ/CORE BOND INDEX | 1.65% | CLASS IB | $9.66 | 16 |
|  EQ/CORE BOND INDEX | 1.65% | CLASS IB | $10.34 | 11255 |
|  EQ/CORE BOND INDEX | 1.70% | CLASS IB | $13.23 | 1190 |
|  EQ/CORE BOND INDEX | 1.80% | CLASS IB | $12.86 | 30 |
|  EQ/CORE BOND INDEX | 1.90% | CLASS IB | $12.50 | 3 |
|  EQ/EQUITY 500 INDEX | 0.00% | CLASS IB | $43.69 | 1 |
|  EQ/EQUITY 500 INDEX | 0.65% | CLASS IB | $65.90 | 27 |
|  EQ/EQUITY 500 INDEX | 0.95% | CLASS IB | $164.17 | 1 |
|  EQ/EQUITY 500 INDEX | 1.20% | CLASS IB | $151.47 | 958 |
|  EQ/EQUITY 500 INDEX | 1.25% | CLASS IB | $60.08 | 280 |
|  EQ/EQUITY 500 INDEX | 1.25% | CLASS IB | $67.46 | 3230 |
|  EQ/EQUITY 500 INDEX | 1.30% | CLASS IB | $66.36 | 3391 |
|  EQ/EQUITY 500 INDEX | 1.35% | CLASS IB | $144.32 | 487 |
|  EQ/EQUITY 500 INDEX | 1.40% | CLASS IB | $142.01 | 1462 |
|  EQ/EQUITY 500 INDEX | 1.50% | CLASS IB | $63.75 | 4001 |
|  EQ/EQUITY 500 INDEX | 1.55% | CLASS IB | $135.29 | 1461 |
|  EQ/EQUITY 500 INDEX | 1.60% | CLASS IB | $133.13 | 805 |
|  EQ/EQUITY 500 INDEX | 1.65% | CLASS IB | $45.15 | 72 |
|  EQ/EQUITY 500 INDEX | 1.65% | CLASS IB | $61.62 | 7082 |
|  EQ/EQUITY 500 INDEX | 1.70% | CLASS IB | $128.89 | 559 |
|  EQ/EQUITY 500 INDEX | 1.80% | CLASS IB | $124.78 | 14 |
|  EQ/EQUITY 500 INDEX | 1.90% | CLASS IB | $120.80 |  |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 0.95% | CLASS IB | $27.85 |  |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.20% | CLASS IB | $26.52 | 68 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.25% | CLASS IB | $26.26 | 147 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.30% | CLASS IB | $26.00 | 625 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.35% | CLASS IB | $25.75 | 46 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.40% | CLASS IB | $25.50 | 83 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.50% | CLASS IB | $25.01 | 205 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.55% | CLASS IB | $24.76 | 384 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.60% | CLASS IB | $24.52 | 37 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.65% | CLASS IB | $24.28 | 759 |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | 1.70% | CLASS IB | $24.04 | 53 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 0.95% | CLASS IB | $50.43 |  |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.20% | CLASS IB | $46.93 | 562 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.25% | CLASS IB | $60.59 | 1247 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.30% | CLASS IB | $59.72 | 1270 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.35% | CLASS IB | $44.96 | 266 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.40% | CLASS IB | $44.31 | 1045 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.50% | CLASS IB | $57.26 | 1825 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.55% | CLASS IB | $42.44 | 1719 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.60% | CLASS IB | $41.83 | 293 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.65% | CLASS IB | $55.35 | 1864 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.70% | CLASS IB | $40.65 | 222 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 1.80% | CLASS IB | $39.49 | 2 |
|  EQ/GROWTH STRATEGY | 0.00% | CLASS IB | $31.32 | 2 |
|  EQ/GROWTH STRATEGY | 1.30% | CLASS IB | $30.94 | 7598 |
|  EQ/GROWTH STRATEGY | 1.55% | CLASS IB | $29.67 | 3142 |
|  EQ/GROWTH STRATEGY | 1.65% | CLASS IB | $29.17 | 4386 |
|  EQ/GROWTH STRATEGY | 1.70% | CLASS IB | $28.93 | 245 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.20% | CLASS IB | $20.79 | 476 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.25% | CLASS IB | $10.99 | 622 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.30% | CLASS IB | $10.79 | 1517 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.35% | CLASS IB | $19.72 | 69 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.40% | CLASS IB | $19.38 | 652 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.50% | CLASS IB | $10.39 | 708 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.55% | CLASS IB | $18.38 | 906 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.60% | CLASS IB | $18.06 | 249 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.65% | CLASS IB | $10.04 | 1381 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 1.70% | CLASS IB | $17.43 | 122 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 0.95% | CLASS IB | $24.57 | 2 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.20% | CLASS IB | $22.97 | 1827 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.25% | CLASS IB | $26.47 | 2967 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.30% | CLASS IB | $26.11 | 2701 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.35% | CLASS IB | $22.06 | 335 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.40% | CLASS IB | $21.76 | 2207 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.50% | CLASS IB | $25.01 | 3169 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.55% | CLASS IB | $20.89 | 3072 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.60% | CLASS IB | $20.61 | 1333 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.65% | CLASS IB | $24.17 | 5139 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.70% | CLASS IB | $20.06 | 614 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.80% | CLASS IB | $19.52 | 9 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 1.90% | CLASS IB | $19.00 | 1 |
|  EQ/INTERNATIONAL EQUITY INDEX | 0.95% | CLASS IB | $29.14 |  |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.20% | CLASS IB | $26.96 | 1321 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.25% | CLASS IB | $25.85 | 2838 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.30% | CLASS IB | $25.45 | 2386 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.35% | CLASS IB | $25.73 | 299 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.40% | CLASS IB | $25.33 | 1897 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.50% | CLASS IB | $24.43 | 3141 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.55% | CLASS IB | $24.17 | 2200 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.60% | CLASS IB | $23.80 | 796 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.65% | CLASS IB | $23.61 | 4846 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.70% | CLASS IB | $23.07 | 802 |
|  EQ/INTERNATIONAL EQUITY INDEX | 1.80% | CLASS IB | $22.36 | 12 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 0.95% | CLASS IB | $35.06 |  |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.20% | CLASS IB | $32.61 | 619 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.25% | CLASS IB | $25.19 | 1416 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.30% | CLASS IB | $24.83 | 1084 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.35% | CLASS IB | $31.22 | 665 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.40% | CLASS IB | $30.77 | 755 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.50% | CLASS IB | $23.81 | 1654 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.55% | CLASS IB | $29.45 | 1098 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.60% | CLASS IB | $29.03 | 390 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.65% | CLASS IB | $23.01 | 1841 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.70% | CLASS IB | $28.20 | 133 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.80% | CLASS IB | $27.38 | 5 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 1.90% | CLASS IB | $26.60 | 1 |
|  EQ/JANUS ENTERPRISE | 1.20% | CLASS IB | $50.94 | 237 |
|  EQ/JANUS ENTERPRISE | 1.25% | CLASS IB | $50.41 | 769 |
|  EQ/JANUS ENTERPRISE | 1.30% | CLASS IB | $49.88 | 908 |
|  EQ/JANUS ENTERPRISE | 1.35% | CLASS IB | $49.36 | 46 |
|  EQ/JANUS ENTERPRISE | 1.40% | CLASS IB | $48.85 | 418 |
|  EQ/JANUS ENTERPRISE | 1.50% | CLASS IB | $47.84 | 1005 |
|  EQ/JANUS ENTERPRISE | 1.55% | CLASS IB | $47.34 | 991 |
|  EQ/JANUS ENTERPRISE | 1.60% | CLASS IB | $46.84 | 120 |
|  EQ/JANUS ENTERPRISE | 1.65% | CLASS IB | $46.35 | 1457 |
|  EQ/JANUS ENTERPRISE | 1.70% | CLASS IB | $45.87 | 120 |
|  EQ/JANUS ENTERPRISE | 1.80% | CLASS IB | $44.92 | 1 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 0.95% | CLASS IB | $46.45 | 4 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.20% | CLASS IB | $43.39 | 2727 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.25% | CLASS IB | $55.15 | 2572 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.30% | CLASS IB | $54.40 | 1956 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.35% | CLASS IB | $41.65 | 1532 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.40% | CLASS IB | $41.08 | 3161 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.50% | CLASS IB | $52.12 | 2192 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.55% | CLASS IB | $39.43 | 2564 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.60% | CLASS IB | $38.89 | 2534 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.65% | CLASS IB | $50.38 | 4503 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.70% | CLASS IB | $37.84 | 689 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.80% | CLASS IB | $36.81 | 17 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 1.90% | CLASS IB | $35.81 | 4 |
|  EQ/LARGE CAP GROWTH INDEX | 0.95% | CLASS IB | $62.12 | 2 |
|  EQ/LARGE CAP GROWTH INDEX | 1.20% | CLASS IB | $58.06 | 808 |
|  EQ/LARGE CAP GROWTH INDEX | 1.25% | CLASS IB | $100.46 | 1029 |
|  EQ/LARGE CAP GROWTH INDEX | 1.30% | CLASS IB | $99.11 | 1019 |
|  EQ/LARGE CAP GROWTH INDEX | 1.35% | CLASS IB | $55.76 | 465 |
|  EQ/LARGE CAP GROWTH INDEX | 1.40% | CLASS IB | $55.01 | 1356 |
|  EQ/LARGE CAP GROWTH INDEX | 1.50% | CLASS IB | $94.93 | 1258 |
|  EQ/LARGE CAP GROWTH INDEX | 1.55% | CLASS IB | $52.82 | 2000 |
|  EQ/LARGE CAP GROWTH INDEX | 1.60% | CLASS IB | $52.11 | 856 |
|  EQ/LARGE CAP GROWTH INDEX | 1.65% | CLASS IB | $91.77 | 2022 |
|  EQ/LARGE CAP GROWTH INDEX | 1.70% | CLASS IB | $50.72 | 437 |
|  EQ/LARGE CAP GROWTH INDEX | 1.80% | CLASS IB | $49.36 | 10 |
|  EQ/LARGE CAP GROWTH INDEX | 1.90% | CLASS IB | $48.04 | 1 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 0.95% | CLASS IB | $100.15 | 2 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.20% | CLASS IB | $93.14 | 2174 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.25% | CLASS IB | $78.70 | 4009 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.30% | CLASS IB | $77.56 | 3493 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.35% | CLASS IB | $89.18 | 1198 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.40% | CLASS IB | $87.89 | 3229 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.50% | CLASS IB | $74.37 | 5036 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.55% | CLASS IB | $84.14 | 3170 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.60% | CLASS IB | $82.92 | 1580 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.65% | CLASS IB | $71.89 | 6687 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.70% | CLASS IB | $80.54 | 528 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.80% | CLASS IB | $78.23 | 15 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 1.90% | CLASS IB | $75.97 | 2 |
|  EQ/LARGE CAP VALUE INDEX | 0.95% | CLASS IB | $21.85 |  |
|  EQ/LARGE CAP VALUE INDEX | 1.20% | CLASS IB | $20.76 | 798 |
|  EQ/LARGE CAP VALUE INDEX | 1.25% | CLASS IB | $20.55 | 2649 |
|  EQ/LARGE CAP VALUE INDEX | 1.30% | CLASS IB | $20.34 | 2722 |
|  EQ/LARGE CAP VALUE INDEX | 1.35% | CLASS IB | $20.43 | 225 |
|  EQ/LARGE CAP VALUE INDEX | 1.40% | CLASS IB | $19.93 | 1156 |
|  EQ/LARGE CAP VALUE INDEX | 1.50% | CLASS IB | $19.52 | 2873 |
|  EQ/LARGE CAP VALUE INDEX | 1.55% | CLASS IB | $19.32 | 2078 |
|  EQ/LARGE CAP VALUE INDEX | 1.60% | CLASS IB | $19.13 | 488 |
|  EQ/LARGE CAP VALUE INDEX | 1.65% | CLASS IB | $18.93 | 5854 |
|  EQ/LARGE CAP VALUE INDEX | 1.70% | CLASS IB | $18.74 | 811 |
|  EQ/LARGE CAP VALUE INDEX | 1.80% | CLASS IB | $18.36 | 3 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 0.95% | CLASS IB | $44.54 | 1 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.20% | CLASS IB | $41.49 | 4057 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.25% | CLASS IB | $34.57 | 6470 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.30% | CLASS IB | $34.08 | 4452 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.35% | CLASS IB | $39.77 | 1795 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.40% | CLASS IB | $39.21 | 5657 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.50% | CLASS IB | $32.67 | 7892 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.55% | CLASS IB | $37.57 | 4267 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.60% | CLASS IB | $37.04 | 2567 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.65% | CLASS IB | $31.58 | 8309 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.70% | CLASS IB | $36.00 | 838 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.80% | CLASS IB | $34.99 | 35 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 1.90% | CLASS IB | $34.01 | 7 |
|  EQ/MID CAP INDEX | 0.95% | CLASS IB | $42.95 |  |
|  EQ/MID CAP INDEX | 1.20% | CLASS IB | $40.28 | 1277 |
|  EQ/MID CAP INDEX | 1.25% | CLASS IB | $46.22 | 1896 |
|  EQ/MID CAP INDEX | 1.30% | CLASS IB | $45.63 | 1445 |
|  EQ/MID CAP INDEX | 1.35% | CLASS IB | $38.76 | 132 |
|  EQ/MID CAP INDEX | 1.40% | CLASS IB | $38.27 | 1760 |
|  EQ/MID CAP INDEX | 1.50% | CLASS IB | $43.68 | 2108 |
|  EQ/MID CAP INDEX | 1.55% | CLASS IB | $36.82 | 1758 |
|  EQ/MID CAP INDEX | 1.60% | CLASS IB | $36.35 | 860 |
|  EQ/MID CAP INDEX | 1.65% | CLASS IB | $42.22 | 2886 |
|  EQ/MID CAP INDEX | 1.70% | CLASS IB | $35.43 | 416 |
|  EQ/MID CAP INDEX | 1.80% | CLASS IB | $34.52 | 11 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 0.95% | CLASS IB | $50.64 |  |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.20% | CLASS IB | $47.10 | 1351 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.25% | CLASS IB | $41.16 | 2542 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.30% | CLASS IB | $40.56 | 1584 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.35% | CLASS IB | $45.09 | 177 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.40% | CLASS IB | $44.44 | 1811 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.50% | CLASS IB | $38.89 | 3270 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.55% | CLASS IB | $42.54 | 1495 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.60% | CLASS IB | $41.93 | 724 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.65% | CLASS IB | $37.59 | 3405 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.70% | CLASS IB | $40.73 | 346 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.80% | CLASS IB | $39.55 | 10 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 1.90% | CLASS IB | $38.42 | 1 |
|  EQ/MODERATE ALLOCATION | 0.00% | CLASS IB | $17.73 | 40 |
|  EQ/MODERATE ALLOCATION | 0.95% | CLASS IB | $100.38 |  |
|  EQ/MODERATE ALLOCATION | 1.15% | CLASS IB | $92.59 | 93 |
|  EQ/MODERATE ALLOCATION | 1.20% | CLASS IB | $90.74 | 780 |
|  EQ/MODERATE ALLOCATION | 1.25% | CLASS IB | $22.28 | 10589 |
|  EQ/MODERATE ALLOCATION | 1.30% | CLASS IB | $21.91 | 16383 |
|  EQ/MODERATE ALLOCATION | 1.35% | CLASS IB | $85.39 | 216 |
|  EQ/MODERATE ALLOCATION | 1.40% | CLASS IB | $83.68 | 1335 |
|  EQ/MODERATE ALLOCATION | 1.50% | CLASS IB | $21.05 | 12180 |
|  EQ/MODERATE ALLOCATION | 1.55% | CLASS IB | $78.75 | 2992 |
|  EQ/MODERATE ALLOCATION | 1.60% | CLASS IB | $77.17 | 568 |
|  EQ/MODERATE ALLOCATION | 1.65% | CLASS IB | $20.35 | 23949 |
|  EQ/MODERATE ALLOCATION | 1.70% | CLASS IB | $74.10 | 497 |
|  EQ/MODERATE ALLOCATION | 1.80% | CLASS IB | $71.15 | 6 |
|  EQ/MODERATE ALLOCATION | 1.90% | CLASS IB | $68.31 |  |
|  EQ/MODERATE GROWTH STRATEGY | 0.00% | CLASS IB | $27.36 | 5 |
|  EQ/MODERATE GROWTH STRATEGY | 1.30% | CLASS IB | $27.04 | 9485 |
|  EQ/MODERATE GROWTH STRATEGY | 1.55% | CLASS IB | $25.92 | 3853 |
|  EQ/MODERATE GROWTH STRATEGY | 1.65% | CLASS IB | $25.49 | 3495 |
|  EQ/MODERATE GROWTH STRATEGY | 1.70% | CLASS IB | $25.27 | 229 |
|  EQ/MODERATE-PLUS ALLOCATION | 0.00% | CLASS IB | $21.41 | 13 |
|  EQ/MODERATE-PLUS ALLOCATION | 0.95% | CLASS IB | $28.67 | 1 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.15% | CLASS IB | $27.43 | 467 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.20% | CLASS IB | $27.13 | 2182 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.25% | CLASS IB | $29.69 | 16090 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.30% | CLASS IB | $29.36 | 23140 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.35% | CLASS IB | $26.24 | 906 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.40% | CLASS IB | $25.95 | 3912 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.50% | CLASS IB | $28.06 | 17637 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.55% | CLASS IB | $25.10 | 19105 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.60% | CLASS IB | $24.82 | 1533 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.65% | CLASS IB | $27.12 | 41720 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.70% | CLASS IB | $26.81 | 3218 |
|  EQ/MODERATE-PLUS ALLOCATION | 1.80% | CLASS IB | $23.74 | 10 |
|  EQ/MONEY MARKET++ | 0.00% | CLASS IB | $11.48 | 14002 |
|  EQ/MONEY MARKET | 0.00% | CLASS IB | $52.75 | 14 |
|  EQ/MONEY MARKET | 0.20% | CLASS IB | $11.37 | 329 |
|  EQ/MONEY MARKET++ | 0.65% | CLASS IB | $1.14 | 2191 |
|  EQ/MONEY MARKET++ | 0.65% | CLASS IB | $116.57 | 26 |
|  EQ/MONEY MARKET | 0.95% | CLASS IB | $34.51 |  |
|  EQ/MONEY MARKET | 1.15% | CLASS IB | $31.55 |  |
|  EQ/MONEY MARKET++ | 1.15% | CLASS IB | $32.62 | 2339 |
|  EQ/MONEY MARKET | 1.20% | CLASS IB | $30.85 | 421 |
|  EQ/MONEY MARKET++ | 1.25% | CLASS IB | $1.11 | 36273 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  EQ/MONEY MARKET | 1.25% | CLASS IB | $10.38 | 2459 |
|  EQ/MONEY MARKET++ | 1.25% | CLASS IB | $110.60 | 636 |
|  EQ/MONEY MARKET | 1.30% | CLASS IB | $10.14 | 1781 |
|  EQ/MONEY MARKET | 1.35% | CLASS IB | $28.83 | 430 |
|  EQ/MONEY MARKET++ | 1.35% | CLASS IB | $32.30 | 161 |
|  EQ/MONEY MARKET | 1.40% | CLASS IB | $28.19 | 695 |
|  EQ/MONEY MARKET | 1.50% | CLASS IB | $9.81 | 3207 |
|  EQ/MONEY MARKET | 1.55% | CLASS IB | $26.34 | 899 |
|  EQ/MONEY MARKET | 1.60% | CLASS IB | $25.76 | 501 |
|  EQ/MONEY MARKET++ | 1.65% | CLASS IB | $1.09 | 7431 |
|  EQ/MONEY MARKET | 1.65% | CLASS IB | $9.48 | 3908 |
|  EQ/MONEY MARKET++ | 1.65% | CLASS IB | $108.70 | 51 |
|  EQ/MONEY MARKET | 1.70% | CLASS IB | $24.62 | 181 |
|  EQ/MONEY MARKET | 1.80% | CLASS IB | $23.53 | 1 |
|  EQ/QUALITY BOND PLUS | 1.20% | CLASS IB | $17.45 | 2141 |
|  EQ/QUALITY BOND PLUS | 1.25% | CLASS IB | $11.17 | 4700 |
|  EQ/QUALITY BOND PLUS | 1.30% | CLASS IB | $10.99 | 6227 |
|  EQ/QUALITY BOND PLUS | 1.35% | CLASS IB | $16.62 | 254 |
|  EQ/QUALITY BOND PLUS | 1.40% | CLASS IB | $16.35 | 3401 |
|  EQ/QUALITY BOND PLUS | 1.50% | CLASS IB | $10.55 | 5708 |
|  EQ/QUALITY BOND PLUS | 1.55% | CLASS IB | $15.56 | 4312 |
|  EQ/QUALITY BOND PLUS | 1.60% | CLASS IB | $15.31 | 1097 |
|  EQ/QUALITY BOND PLUS | 1.65% | CLASS IB | $10.20 | 7524 |
|  EQ/QUALITY BOND PLUS | 1.70% | CLASS IB | $14.82 | 735 |
|  EQ/QUALITY BOND PLUS | 1.80% | CLASS IB | $14.34 | 3 |
|  EQ/QUALITY BOND PLUS | 1.90% | CLASS IB | $13.88 |  |
|  EQ/SMALL COMPANY INDEX | 0.95% | CLASS IB | $57.18 |  |
|  EQ/SMALL COMPANY INDEX | 1.20% | CLASS IB | $53.27 | 467 |
|  EQ/SMALL COMPANY INDEX | 1.25% | CLASS IB | $45.30 | 929 |
|  EQ/SMALL COMPANY INDEX | 1.30% | CLASS IB | $44.66 | 1034 |
|  EQ/SMALL COMPANY INDEX | 1.35% | CLASS IB | $51.05 | 145 |
|  EQ/SMALL COMPANY INDEX | 1.40% | CLASS IB | $50.33 | 734 |
|  EQ/SMALL COMPANY INDEX | 1.50% | CLASS IB | $42.81 | 1172 |
|  EQ/SMALL COMPANY INDEX | 1.55% | CLASS IB | $48.23 | 946 |
|  EQ/SMALL COMPANY INDEX | 1.60% | CLASS IB | $47.55 | 305 |
|  EQ/SMALL COMPANY INDEX | 1.65% | CLASS IB | $41.38 | 1548 |
|  EQ/SMALL COMPANY INDEX | 1.70% | CLASS IB | $46.22 | 216 |
|  EQ/SMALL COMPANY INDEX | 1.80% | CLASS IB | $44.92 | 1 |
|  EQ/SMALL COMPANY INDEX | 1.90% | CLASS IB | $43.66 |  |
|  MULTIMANAGER TECHNOLOGY | 0.95% | CLASS IB | $109.57 |  |
|  MULTIMANAGER TECHNOLOGY | 1.20% | CLASS IB | $103.11 | 389 |
|  MULTIMANAGER TECHNOLOGY | 1.25% | CLASS IB | $119.14 | 702 |
|  MULTIMANAGER TECHNOLOGY | 1.30% | CLASS IB | $117.69 | 910 |
|  MULTIMANAGER TECHNOLOGY | 1.35% | CLASS IB | $99.42 | 107 |
|  MULTIMANAGER TECHNOLOGY | 1.40% | CLASS IB | $98.22 | 869 |
|  MULTIMANAGER TECHNOLOGY | 1.50% | CLASS IB | $112.58 | 1069 |
|  MULTIMANAGER TECHNOLOGY | 1.55% | CLASS IB | $94.70 | 1024 |
|  MULTIMANAGER TECHNOLOGY | 1.60% | CLASS IB | $93.55 | 321 |
|  MULTIMANAGER TECHNOLOGY | 1.65% | CLASS IB | $108.82 | 1320 |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units<br>Outstanding<br>(000's)\*\*\*** |
|  MULTIMANAGER TECHNOLOGY | 1.70% | CLASS IB | $91.30 | 167 |
|  MULTIMANAGER TECHNOLOGY | 1.80% | CLASS IB | $89.10 | 6 |

---

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

\* Contract charges reflect the annual mortality, expense risk, financial accounting 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 —.

---

| | |
|:---|:---|
| ++ | This Variable Investment Option is subject to a non-guaranteed fee waiver. If the total return on any given day is negative, the contract charges will be waived in its entirety for such dates. |

---

------

**SEPARATE ACCOUNT NO. 49** 

**STATEMENTS OF OPERATIONS** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT GAMCO**<br>**MERGERS &**<br>**ACQUISITIONS\*** | **1290 VT GAMCO**<br>**SMALL COMPANY**<br>**VALUE\*** | **1290 VT<br>SMARTBETA<br>EQUITY ESG\*** | **1290 VT<br>SOCIALLY<br>RESPONSIBLE\*** | **EQ/400<br>MANAGED<br>VOLATILITY\*** | **EQ/2000<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 | $2073381 | $3236424 | $1155791 | $282314 | $1696892 | $2732612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges | 1075433 | 7866690 | 2422765 | 1160426 | 2779900 | 4258644 |
|  **Net Investment Income (Loss)** | 997948 | (4630266) | (1266974) | (878112) | (1083008) | (1526032) |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 483946 | 3604829 | 7101809 | 5863516 | (2007063) | (5698007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 2240288 | 32392466 | 12596587 | 5877223 | 14816508 | 9937036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2724234 | 35997295 | 19698396 | 11740739 | 12809445 | 4239029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 6174399 | 26790364 | 496823 | 625772 | (8243159) | 19452306 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 8898633 | 62787659 | 20195219 | 12366511 | 4566286 | 23691335 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $9896581 | $58157393 | $18928245 | $11488399 | $3483278 | $22165303 |

---

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. 49** 

**STATEMENTS OF OPERATIONS (Continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AB SHORT<br>DURATION<br>GOVERNMENT<br>BOND\*** | **EQ/AB SMALL CAP<br>GROWTH\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*** | **EQ/AGGRESSIVE<br>GROWTH<br>STRATEGY\*** | **EQ/BALANCED<br>STRATEGY\*** | **EQ/CLEARBRIDGE<br>SELECT EQUITY<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 | $10319605 | $473920 | $19638935 | $7430480 | $13451187 | $158380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges | 4384670 | 4804292 | 21305548 | 7310525 | 8786557 | 1921258 |
|  **Net Investment Income (Loss)** | 5934935 | (4330372) | (1666613) | 119955 | 4664630 | (1762878) |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 2758647 | (14342651) | (112907881) | (16453302) | (5090554) | 11931692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios |  | 31613440 | 129222173 | 41334395 | 37651170 | 710477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2758647 | 17270789 | 16314292 | 24881093 | 32560616 | 12642169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (892664) | 11511387 | 142375095 | 24546184 | 12220367 | (2967973) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 1865983 | 28782176 | 158689387 | 49427277 | 44780983 | 9674196 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $7800918 | $24451804 | $157022774 | $49547232 | $49445613 | $7911318 |

---

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. 49** 

**STATEMENTS OF OPERATIONS (Continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/COMMON**<br>**STOCK INDEX\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>GROWTH<br>STRATEGY\*** | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE-<br>PLUS ALLOCATION\*** | **EQ/CORE<br>BOND INDEX\*** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $4366590 | $11381027 | $1881115 | $1121058 | $10044287 | $20945425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges | 10565486 | 5829408 | 1138764 | 579646 | 6256156 | 10554733 |
|  **Net Investment Income (Loss)** | (6198896) | 5551619 | 742351 | 541412 | 3788131 | 10390692 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 32838389 | (15769578) | 503728 | 435614 | (23681281) | (7715653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 52005194 | 8808165 | 4103980 | 1089915 | 20630154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 84843583 | (6961413) | 4607708 | 1525529 | (3051127) | (7715653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 22345785 | 24104521 | 397820 | 408143 | 29719748 | 32007669 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 107189368 | 17143108 | 5005528 | 1933672 | 26668621 | 24292016 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $100990472 | $22694727 | $5747879 | $2475084 | $30456752 | $34682708 |

---

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. 49** 

**STATEMENTS OF OPERATIONS (Continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/EQUITY<br>500 INDEX\*** | **EQ/FRANKLIN<br>SMALL CAP<br>VALUE<br>MANAGED<br>VOLATILITY\*** | **EQ/GLOBAL<br>EQUITY<br>MANAGED<br>VOLATILITY\*** | **EQ/GROWTH<br>STRATEGY\*** | **EQ/INTERMEDIATE<br>GOVERNMENT<br>BOND\*** | **EQ/INTERNATIONAL<br>CORE 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 | $13435409 | $547439 | $4210568 | $8306320 | $2810740 | $7075633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges | 28273715 | 919848 | 7805838 | 6841986 | 1370988 | 8017227 |
|  **Net Investment Income (Loss)** | (14838306) | (372409) | (3595270) | 1464334 | 1439752 | (941594) |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 165432556 | (6336254) | (23793089) | 7441637 | (804149) | (4084498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 50649848 | 4791737 | 53282195 | 38962953 |  | 39370761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 216082404 | (1544517) | 29489106 | 46404590 | (804149) | 35286263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 79687518 | 5252350 | 60502799 | (4291744) | 3138270 | 84282632 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 295769922 | 3707833 | 89991905 | 42112846 | 2334121 | 119568895 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $280931616 | $3335424 | $86396635 | $43577180 | $3773873 | $118627301 |

---

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. 49** 

**STATEMENTS OF OPERATIONS (Continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** | **EQ/INTERNATIONAL<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/JANUS<br>ENTERPRISE\*** | **EQ/LARGE CAP<br>CORE MANAGED<br>VOLATILITY\*** | **EQ/LARGE CAP<br>GROWTH<br>INDEX\*** | **EQ/LARGE CAP<br>GROWTH 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 | $17247090 | $5406895 | $— | $8543852 | $— | $2352814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges | 7110546 | 3666752 | 4458708 | 16675339 | 12092373 | 36629085 |
|  **Net Investment Income (Loss)** | 10136544 | 1740143 | (4458708) | (8131487) | (12092373) | (34276271) |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 16697107 | (1878383) | (7340845) | (13811413) | 73156192 | (9861928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios |  | 13483001 | 25782837 | 150061166 | 67021240 | 349619378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16697107 | 11604618 | 18441992 | 136249753 | 140177432 | 339757450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 97794576 | 42818381 | 5519049 | (25715401) | (4970070) | (77685916) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 114491683 | 54422999 | 23961041 | 110534352 | 135207362 | 262071534 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $124628227 | $56163142 | $19502333 | $102402865 | $123114989 | $227795263 |

---

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. 49** 

**STATEMENTS OF OPERATIONS (Continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP<br>VALUE INDEX\*** | **EQ/LARGE CAP<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/MID CAP<br>INDEX\*** | **EQ/MID CAP<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/MODERATE<br>ALLOCATION\*** | **EQ/MODERATE<br>GROWTH<br>STRATEGY\*** |
|  **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $4530998 | $21846560 | $4969124 | $8030475 | $43798659 | $9092517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges | 5694729 | 24012933 | 8970669 | 10178824 | 28557489 | 6599670 |
|  **Net Investment Income (Loss)** | (1163731) | (2166373) | (4001545) | (2148349) | 15241170 | 2492847 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 8328835 | (9454028) | (1846201) | (21928395) | (120166393) | 4213363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 21578962 | 134055314 | 36035891 | 47865375 | 107631828 | 35844566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29907797 | 124601286 | 34189690 | 25936980 | (12534565) | 40057929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 20166070 | 23983931 | 2650223 | 721430 | 159217803 | (2126824) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 50073867 | 148585217 | 36839913 | 26658410 | 146683238 | 37931105 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $48910136 | $146418844 | $32838368 | $24510061 | $161924408 | $40423952 |

---

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. 49** 

**STATEMENTS OF OPERATIONS (Concluded)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/MODERATE-PLUS<br>ALLOCATION\*** | **EQ/MONEY<br>MARKET\*** | **EQ/QUALITY BOND<br>PLUS\*** | **EQ/SMALL COMPANY<br>INDEX\*** | **MULTIMANAGER<br>TECHNOLOGY\*** |
|  **Income and Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $67077125 | $25585677 | $15659631 | $2770642 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based charges | 54854336 | 6755529 | 6710181 | 4918458 | 10225108 |
|  **Net Investment Income (Loss)** | 12222789 | 18830148 | 8949450 | (2147816) | (10225108) |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (298843292) | (127583) | (5755273) | (9344664) | 33552593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 277550751 | 2861 |  | 11306801 | 80464896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21292541) | (124722) | (5755273) | 1962137 | 114017489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 360815300 | 63121 | 18432576 | 35971717 | 49059047 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 339522759 | (61601) | 12677303 | 37933854 | 163076536 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $351745548 | $18768547 | $21626753 | $35786038 | $152851428 |

---

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. 49** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT GAMCO MERGERS &<br>ACQUISITIONS\*** | **1290 VT GAMCO MERGERS &<br>ACQUISITIONS\*** | **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\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $997948 | $279542 | $(4630266) | $(6067040) | $(1266974) | $(1199411) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2724234 | 3964024 | 35997295 | 53817836 | 19698396 | 15306521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 6174399 | 2065486 | 26790364 | 16193938 | 496823 | 12613727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 9896581 | 6309052 | 58157393 | 63944734 | 18928245 | 26720837 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 220965 | 342298 | 1817756 | 2721034 | 853113 | 1228927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (793655) | 664888 | (8696861) | (14374002) | (2287603) | (3179370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (20391753) | (8726817) | (153783773) | (77430059) | (47083143) | (20284974) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1451736) | (1761670) | (9406732) | (12049074) | (3125379) | (3988078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (22416179) | (9481301) | (170069610) | (101132101) | (51643012) | (26223495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | 5 |  |  | 10 |  |  |
|  **Net Increase (Decrease) in Net Assets** | (12519593) | (3172249) | (111912217) | (37187357) | (32714767) | 497342 |
|  **Net Assets — Beginning of Year** | 86363270 | 89535519 | 643469811 | 680657168 | 191947754 | 191450412 |
|  **Net Assets — End of Year** | $73843677 | $86363270 | $531557594 | $643469811 | $159232987 | $191947754 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT SOCIALLY<br>RESPONSIBLE\*** | **1290 VT SOCIALLY<br>RESPONSIBLE\*** | **EQ/400 MANAGED<br>VOLATILITY\*** | **EQ/400 MANAGED<br>VOLATILITY\*** | **EQ/2000 MANAGED<br>VOLATILITY\*** | **EQ/2000 MANAGED<br>VOLATILITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(878112) | $(962669) | $(1083008) | $(1047564) | $(1526032) | $(401520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11740739 | 8303995 | 12809445 | 22779345 | 4239029 | 23442053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 625772 | 9250283 | (8243159) | 3619157 | 19452306 | 7257534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 11488399 | 16591609 | 3483278 | 25350938 | 22165303 | 30298067 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 242134 | 120794 | 873671 | 547014 | 1832940 | 1319569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 116155 | (4613717) | (523341) | (5181639) | (2733656) | (3935449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (18359550) | (10694649) | (41032163) | (26577241) | (56450924) | (37289460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1151518) | (1388574) | (2952666) | (3775355) | (4459266) | (5413463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (19152779) | (16576146) | (43634499) | (34987221) | (61810906) | (45318803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 |  |  | (4) |  | 1 |  |
|  **Net Increase (Decrease) in Net Assets** | (7664380) | 15463 | (40151225) | (9636283) | (39645602) | (15020736) |
|  **Net Assets — Beginning of Year** | 88942101 | 88926638 | 226158078 | 235794361 | 337276247 | 352296983 |
|  **Net Assets — End of Year** | $81277721 | $88942101 | $186006853 | $226158078 | $297630645 | $337276247 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AB SHORT DURATION<br>GOVERNMENT BOND\*** | **EQ/AB SHORT DURATION<br>GOVERNMENT BOND\*** | **EQ/AB SMALL CAP GROWTH\*** | **EQ/AB SMALL CAP GROWTH\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5934935 | $7245192 | $(4330372) | $(4702469) | $(1666613) | $10511762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2758647 | 1564920 | 17270789 | 34354443 | 16314292 | 67556538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (892664) | 1291609 | 11511387 | 15840316 | 142375095 | 136858850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 7800918 | 10101721 | 24451804 | 45492290 | 157022774 | 214927150 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 4295692 | 3304326 | 1375875 | 1478396 | 7702486 | 8313504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 18909317 | 28499654 | (4618703) | (5058265) | (17065154) | (28525330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (102453345) | (53270498) | (71188903) | (41068939) | (522209093) | (193465007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (7359653) | (9033455) | (5060804) | (6288005) | (28379092) | (37968833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (86607989) | (30499973) | (79492535) | (50936813) | (559950853) | (251645666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | (7) | 128843 | 9 | (6) | 13 |  |
|  **Net Increase (Decrease) in Net Assets** | (78807078) | (20269409) | (55040722) | (5444529) | (402928066) | (36718516) |
|  **Net Assets — Beginning of Year** | 353593228 | 373862637 | 385023489 | 390468018 | 1828643919 | 1865362435 |
|  **Net Assets — End of Year** | $274786150 | $353593228 | $329982767 | $385023489 | $1425715853 | $1828643919 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AGGRESSIVE GROWTH<br>STRATEGY\*** | **EQ/AGGRESSIVE GROWTH<br>STRATEGY\*** | **EQ/BALANCED STRATEGY\*** | **EQ/BALANCED STRATEGY\*** | **EQ/CLEARBRIDGE SELECT<br>EQUITY MANAGED<br>VOLATILITY\*** | **EQ/CLEARBRIDGE SELECT<br>EQUITY MANAGED<br>VOLATILITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $119955 | $4419291 | $4664630 | $7577759 | $(1762878) | $(2077343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24881093 | 18444206 | 32560616 | 31493994 | 12642169 | 4917577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 24546184 | 57160622 | 12220367 | 12530088 | (2967973) | 29678506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 49547232 | 80024119 | 49445613 | 51601841 | 7911318 | 32518740 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 5135182 | 5911119 | 9121770 | 7662731 | 580472 | 1175489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (8707623) | (4075667) | 20519790 | 8963746 | (4086092) | (8627045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (226647780) | (80473221) | (144176979) | (83444185) | (51322680) | (19615044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (10507902) | (15344581) | (12773915) | (15227195) | (2509993) | (3556592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (240728123) | (93982350) | (127309334) | (82044903) | (57338293) | (30623192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | 12 |  | (15) | 25 | 1 |  |
|  **Net Increase (Decrease) in Net Assets** | (191180879) | (13958231) | (77863736) | (30443037) | (49426974) | 1895548 |
|  **Net Assets — Beginning of Year** | 665877787 | 679836018 | 677677912 | 708120949 | 173630840 | 171735292 |
|  **Net Assets — End of Year** | $474696908 | $665877787 | $599814176 | $677677912 | $124203866 | $173630840 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/COMMON STOCK INDEX\*** | **EQ/COMMON STOCK INDEX\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>GROWTH STRATEGY\*** | **EQ/CONSERVATIVE<br>GROWTH STRATEGY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6198896) | $(5770150) | $5551619 | $6665977 | $742351 | $1017570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 84843583 | 74984063 | (6961413) | 289390 | 4607708 | 3556792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 22345785 | 84413254 | 24104521 | 9055388 | 397820 | 611024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 100990472 | 153627167 | 22694727 | 16010755 | 5747879 | 5185386 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3949924 | 3040242 | 11098685 | 8272289 | 567699 | 297574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (10859882) | (18581178) | 7274825 | (6453509) | (1795007) | (595075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (144030785) | (93672156) | (124180636) | (84690321) | (9254522) | (10347012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (10017972) | (11464512) | (11466182) | (15641848) | (1874210) | (1981534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (160958715) | (120677604) | (117273308) | (98513389) | (12356040) | (12626047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | 7 |  | (160) |  | 1 |  |
|  **Net Increase (Decrease) in Net Assets** | (59968236) | 32949563 | (94578741) | (82502634) | (6608160) | (7440661) |
|  **Net Assets — Beginning of Year** | 799938763 | 766989200 | 465740233 | 548242867 | 83154985 | 90595646 |
|  **Net Assets — End of Year** | $739970527 | $799938763 | $371161492 | $465740233 | $76546825 | $83154985 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE-PLUS<br>ALLOCATION\*** | **EQ/CONSERVATIVE-PLUS<br>ALLOCATION\*** | **EQ/CORE BOND INDEX\*** | **EQ/CORE BOND INDEX\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $541412 | $629591 | $3788131 | $5873004 | $10390692 | $7941673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1525529 | 808732 | (3051127) | 12083115 | (7715653) | (3794663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 408143 | 46259 | 29719748 | 11534328 | 32007669 | 3509630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2475084 | 1484582 | 30456752 | 29490447 | 34682708 | 7656640 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 985160 | 243908 | 7471316 | 6556295 | 7271822 | 6746746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (51826) | 71020 | (2926093) | (947175) | 19010595 | 69534650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (6125237) | (6144234) | (136042431) | (79086604) | (157117210) | (105571752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1175405) | (1247978) | (10658199) | (13769343) | (13551429) | (15633722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (6367308) | (7077284) | (142155407) | (87246827) | (144386222) | (44924078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 |  |  | (2) |  | 11 | 11 |
|  **Net Increase (Decrease) in Net Assets** | (3892224) | (5592702) | (111698657) | (57756380) | (109703503) | (37267427) |
|  **Net Assets — Beginning of Year** | 42722769 | 48315471 | 513419968 | 571176348 | 808738187 | 846005614 |
|  **Net Assets — End of Year** | $38830545 | $42722769 | $401721311 | $513419968 | $699034684 | $808738187 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/EQUITY 500 INDEX\*** | **EQ/EQUITY 500 INDEX\*** | **EQ/FRANKLIN SMALL CAP<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/FRANKLIN SMALL CAP<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/GLOBAL EQUITY<br>MANAGED VOLATILITY\*** | **EQ/GLOBAL EQUITY<br>MANAGED VOLATILITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(14838306) | $(13723068) | $(372409) | $(280585) | $(3595270) | $(1718042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 216082404 | 129190634 | (1544517) | 4728186 | 29489106 | 63822045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 79687518 | 316296020 | 5252350 | 3036088 | 60502799 | 5354379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 280931616 | 431763586 | 3335424 | 7483689 | 86396635 | 67458382 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 11292587 | 11247604 | 251504 | 333617 | 1671949 | 1737389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 3409052 | 1125101 | (2273007) | (892899) | (14219332) | (11853387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (482790917) | (258191393) | (20791426) | (10089903) | (137386712) | (68684771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (27707706) | (32162244) | (1279965) | (1758706) | (9575866) | (11907984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (495796984) | (277980932) | (24092894) | (12407891) | (159509961) | (90708753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | 144 | 7 | (5) |  | (3) |  |
|  **Net Increase (Decrease) in Net Assets** | (214865224) | 153782661 | (20757475) | (4924202) | (73113329) | (23250371) |
|  **Net Assets — Beginning of Year** | 2173320108 | 2019537447 | 81247821 | 86172023 | 611194503 | 634444874 |
|  **Net Assets — End of Year** | $1958454884 | $2173320108 | $60490346 | $81247821 | $538081174 | $611194503 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/GROWTH STRATEGY\*** | **EQ/GROWTH STRATEGY\*** | **EQ/INTERMEDIATE<br>GOVERNMENT BOND\*** | **EQ/INTERMEDIATE<br>GOVERNMENT BOND\*** | **EQ/INTERNATIONAL CORE<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL CORE<br>MANAGED VOLATILITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1464334 | $4144398 | $1439752 | $1067346 | $(941594) | $3818902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 46404590 | 33645226 | (804149) | (682815) | 35286263 | 30716200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (4291744) | 13997899 | 3138270 | 580157 | 84282632 | (21320800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 43577180 | 51787523 | 3773873 | 964688 | 118627301 | 13214302 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 514832 | 679467 | 971158 | 1206632 | 3065415 | 3711551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 1094581 | 2859985 | 3000729 | 7417792 | (18778159) | 4511414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (63279796) | (58150557) | (17452125) | (13299086) | (114042953) | (70404322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (8998768) | (9547625) | (1912805) | (2242637) | (9550604) | (11279631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (70669151) | (64158730) | (15393043) | (6917299) | (139306301) | (73460988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | (3) | 10 | 7669 | 11 | 1 |  |
|  **Net Increase (Decrease) in Net Assets** | (27091974) | (12371197) | (11611501) | (5952600) | (20678999) | (60246686) |
|  **Net Assets — Beginning of Year** | 490526107 | 502897304 | 103211190 | 109163790 | 574898240 | 635144926 |
|  **Net Assets — End of Year** | $463434133 | $490526107 | $91599689 | $103211190 | $554219241 | $574898240 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** | **EQ/INTERNATIONAL VALUE<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL VALUE<br>MANAGED VOLATILITY\*** | **EQ/JANUS ENTERPRISE\*** | **EQ/JANUS ENTERPRISE\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10136544 | $7450233 | $1740143 | $2372300 | $(4458708) | $(5550115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16697107 | 5767940 | 11604618 | 15525577 | 18441992 | 26953332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 97794576 | 5280690 | 42818381 | (17152873) | 5519049 | 23055135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 124628227 | 18498863 | 56163142 | 745004 | 19502333 | 44458352 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 2713151 | 2909423 | 1866522 | 2868375 | 1044223 | 1037938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 4026495 | 10542790 | (6513711) | 3723146 | (3421972) | (4500932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (112466726) | (55891663) | (55337136) | (30992012) | (83447651) | (40757188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (8180396) | (9446684) | (4038674) | (4790543) | (5438904) | (6963231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (113907476) | (51886134) | (64022999) | (29191034) | (91264304) | (51183413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | (13) |  | 3 |  | 1 | (6) |
|  **Net Increase (Decrease) in Net Assets** | 10720738 | (33387271) | (7859854) | (28446030) | (71761970) | (6725067) |
|  **Net Assets — Beginning of Year** | 496829491 | 530216762 | 263998723 | 292444753 | 364347636 | 371072703 |
|  **Net Assets — End of Year** | $507550229 | $496829491 | $256138869 | $263998723 | $292585666 | $364347636 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP CORE<br>MANAGED VOLATILITY\*** | **EQ/LARGE CAP CORE<br>MANAGED VOLATILITY\*** | **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\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(8131487) | $(6961843) | $(12092373) | $(12889035) | $(34276271) | $(33112109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 136249753 | 255140347 | 140177432 | 101505774 | 339757450 | 382612902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (25715401) | 16296443 | (4970070) | 145899230 | (77685916) | 367329048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 102402865 | 264474947 | 123114989 | 234515969 | 227795263 | 716829841 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 4883189 | 6082406 | 6567670 | 3621283 | 7766091 | 7768337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (25355985) | (37399982) | (22825565) | (14027036) | (66547928) | (125550483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (267349551) | (164199443) | (197380899) | (104611275) | (615275628) | (327294257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (15958682) | (19905730) | (11806052) | (13575982) | (37548530) | (45278127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (303781029) | (215422749) | (225444846) | (128593010) | (711605995) | (490354530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | 275128 | (275131) | 117154 | 275130 | 89 | (92) |
|  **Net Increase (Decrease) in Net Assets** | (201103036) | 48777067 | (102212703) | 106198089 | (483810643) | 226475219 |
|  **Net Assets — Beginning of Year** | 1331002321 | 1282225254 | 932113358 | 825915269 | 2960923033 | 2734447814 |
|  **Net Assets — End of Year** | $1129899285 | $1331002321 | $829900655 | $932113358 | $2477112390 | $2960923033 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP VALUE<br>INDEX\*** | **EQ/LARGE CAP VALUE<br>INDEX\*** | **EQ/LARGE CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/LARGE CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/MID CAP INDEX\*** | **EQ/MID CAP INDEX\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1163731) | $(381325) | $(2166373) | $810304 | $(4001545) | $(4559334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29907797 | 27895847 | 124601286 | 192599282 | 34189690 | 50030347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 20166070 | 22542423 | 23983931 | 36732011 | 2650223 | 34144221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 48910136 | 50056945 | 146418844 | 230141597 | 32838368 | 79615234 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 4887818 | 3392901 | 8015934 | 8690452 | 3570822 | 2977067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 3158514 | (6922184) | (12705968) | (32782398) | 4604304 | (9617707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (94421312) | (43920682) | (337789755) | (223026287) | (132193792) | (77916126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (6776469) | (8004028) | (25302318) | (30455397) | (9712609) | (11858927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (93151449) | (55453993) | (367782107) | (277573630) | (133731275) | (96415693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | (21) |  | (2) |  | (3) |  |
|  **Net Increase (Decrease) in Net Assets** | (44241334) | (5397048) | (221363265) | (47432033) | (100892910) | (16800459) |
|  **Net Assets — Beginning of Year** | 430056113 | 435453161 | 1866027634 | 1913459667 | 703598103 | 720398562 |
|  **Net Assets — End of Year** | $385814779 | $430056113 | $1644664369 | $1866027634 | $602705193 | $703598103 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MID CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/MID CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/MODERATE ALLOCATION\*** | **EQ/MODERATE ALLOCATION\*** | **EQ/MODERATE GROWTH<br>STRATEGY\*** | **EQ/MODERATE GROWTH<br>STRATEGY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2148349) | $(1163825) | $15241170 | $26411782 | $2492847 | $4807926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25936980 | 91818034 | (12534565) | 60436389 | 40057929 | 33700507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 721430 | (8359937) | 159217803 | 69108337 | (2126824) | 5482742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 24510061 | 82294272 | 161924408 | 155956508 | 40423952 | 43991175 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 2887339 | 3880536 | 22650539 | 33625552 | 1304767 | 836215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 3476752 | (16503671) | (13839442) | (4774748) | (710764) | (3067514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (155000254) | (94912139) | (625809434) | (333168015) | (59660400) | (57257127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (11234710) | (14077769) | (46119250) | (61341951) | (9229449) | (9882157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (159870873) | (121613043) | (663117587) | (365659162) | (68295846) | (69370583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | (4) | 13 | 19052 | 8 | 6 |  |
|  **Net Increase (Decrease) in Net Assets** | (135360816) | (39318758) | (501174127) | (209702646) | (27871888) | (25379408) |
|  **Net Assets — Beginning of Year** | 820201639 | 859520397 | 2366663118 | 2576365764 | 479394236 | 504773644 |
|  **Net Assets — End of Year** | $684840823 | $820201639 | $1865488991 | $2366663118 | $451522348 | $479394236 |

---

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. 49** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MODERATE-PLUS<br>ALLOCATION\*** | **EQ/MODERATE-PLUS<br>ALLOCATION\*** | **EQ/MONEY MARKET\*** | **EQ/MONEY MARKET\*** | **EQ/QUALITY BOND PLUS\*** | **EQ/QUALITY BOND PLUS\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12222789 | $39109733 | $18830148 | $28951028 | $8949450 | $7983057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21292541) | 177134967 | (124722) | 148835 | (5755273) | (2822977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 360815300 | 209419504 | 63121 | (76628) | 18432576 | (3408456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 351745548 | 425664204 | 18768547 | 29023235 | 21626753 | 1751624 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 25683972 | 32372289 | 3080596862 | 3009257366 | 3899436 | 4942820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (56014318) | (61989435) | (2171227282) | (1443705022) | 8329996 | 36691215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (1295659574) | (539735737) | (1416591990) | (1327527427) | (88742527) | (64094841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (84227211) | (111142992) | (3887704) | (4462162) | (9608517) | (11242713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (1410217131) | (680495875) | (511110114) | 233562755 | (86121612) | (33703519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | (547874) | (23) | 165552 | 112300 | (6) |  |
|  **Net Increase (Decrease) in Net Assets** | (1059019457) | (254831694) | (492176015) | 262698290 | (64494865) | (31951895) |
|  **Net Assets — Beginning of Year** | 4644338024 | 4899169718 | 1067186616 | 804488326 | 514525025 | 546476920 |
|  **Net Assets — End of Year** | $3585318567 | $4644338024 | $575010601 | $1067186616 | $450030160 | $514525025 |

---

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. 49** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/SMALL COMPANY<br>INDEX\*** | **EQ/SMALL COMPANY<br>INDEX\*** | **MULTIMANAGER<br>TECHNOLOGY\*** | **MULTIMANAGER<br>TECHNOLOGY\*** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |
|  **From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2147816) | $(1003195) | $(10225108) | $(11475509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1962137 | 23718469 | 114017489 | 121094298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 35971717 | 14117230 | 49059047 | 57689852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 35786038 | 36832504 | 152851428 | 167308641 |
|  **From Contractowners Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 2368132 | 1513029 | 2006107 | 1777668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (1557825) | (3307869) | (17964871) | (24144859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (82736315) | (45663833) | (165935622) | (97190853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (5471292) | (6738254) | (10605985) | (12450986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (87397300) | (54196927) | (192500371) | (132009030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 49 | (1) |  | 96 | (131) |
|  **Net Increase (Decrease) in Net Assets** | (51611263) | (17364423) | (39648847) | 35299480 |
|  **Net Assets — Beginning of Year** | 393528000 | 410892423 | 773647792 | 738348312 |
|  **Net Assets — End of Year** | $341916737 | $393528000 | $733998945 | $773647792 |

---

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. 49** 

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |<br>**Share<br>Class\*\*** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase<br>(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase<br>(Decrease)<br>(000's)** |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | CLASS IB | 95 | (1297) | (1202) | 155 | (697) | (542) |
|  1290 VT GAMCO SMALL COMPANY VALUE | CLASS IB | 66 | (1417) | (1351) | 80 | (958) | (878) |
|  1290 VT SMARTBETA EQUITY ESG | CLASS IB | 378 | (3527) | (3149) | 246 | (1980) | (1734) |
|  1290 VT SOCIALLY RESPONSIBLE | CLASS IB | 93 | (528) | (435) | 88 | (513) | (425) |
|  EQ/400 MANAGED VOLATILITY | CLASS IB | 157 | (2007) | (1850) | 122 | (1656) | (1534) |
|  EQ/2000 MANAGED VOLATILITY | CLASS IB | 230 | (3219) | (2989) | 182 | (2475) | (2293) |
|  EQ/AB SHORT DURATION GOVERNMENT BOND | CLASS IB | 4917 | (14219) | (9302) | 6619 | (9972) | (3353) |
|  EQ/AB SMALL CAP GROWTH | CLASS IB | 168 | (1651) | (1483) | 247 | (1243) | (996) |
|  EQ/AGGRESSIVE ALLOCATION | CLASS IB | 553 | (18944) | (18391) | 838 | (9571) | (8733) |
|  EQ/AGGRESSIVE GROWTH STRATEGY | CLASS IB | 787 | (16965) | (16178) | 1355 | (8065) | (6710) |
|  EQ/BALANCED STRATEGY | CLASS IB | 3467 | (13921) | (10454) | 2325 | (8840) | (6515) |
|  EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY | CLASS IB | 106 | (1877) | (1771) | 156 | (1201) | (1045) |
|  EQ/COMMON STOCK INDEX | CLASS IB | 240 | (2099) | (1859) | 376 | (1635) | (1259) |
|  EQ/CONSERVATIVE ALLOCATION | CLASS IB | 3702 | (12138) | (8436) | 2479 | (9721) | (7242) |
|  EQ/CONSERVATIVE GROWTH STRATEGY | CLASS IB | 99 | (786) | (687) | 68 | (799) | (731) |
|  EQ/CONSERVATIVE STRATEGY | CLASS IB | 123 | (598) | (475) | 152 | (706) | (554) |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | CLASS IB | 1049 | (9152) | (8103) | 1236 | (6419) | (5183) |
|  EQ/CORE BOND INDEX | CLASS IB | 3147 | (15697) | (12550) | 5354 | (9275) | (3921) |
|  EQ/EQUITY 500 INDEX | CLASS IB | 1089 | (8295) | (7206) | 1338 | (5462) | (4124) |
|  EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY | CLASS IB | 118 | (1127) | (1009) | 187 | (737) | (550) |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | CLASS IB | 125 | (3571) | (3446) | 165 | (2270) | (2105) |
|  EQ/GROWTH STRATEGY | CLASS IB | 187 | (2686) | (2499) | 206 | (2613) | (2407) |

---

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

------

**SEPARATE ACCOUNT NO. 49** 

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |<br>**Share<br>Class\*\*** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase<br>(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase<br>(Decrease)<br>(000's)** |
|  EQ/INTERMEDIATE GOVERNMENT BOND | CLASS IB | 767 | (2045) | (1278) | 1045 | (1607) | (562) |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | CLASS IB | 378 | (7133) | (6755) | 469 | (4211) | (3742) |
|  EQ/INTERNATIONAL EQUITY INDEX | CLASS IB | 1301 | (6871) | (5570) | 900 | (3580) | (2680) |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | CLASS IB | 369 | (3180) | (2811) | 306 | (1653) | (1347) |
|  EQ/JANUS ENTERPRISE | CLASS IB | 133 | (2119) | (1986) | 156 | (1325) | (1169) |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | CLASS IB | 211 | (7195) | (6984) | 346 | (5805) | (5459) |
|  EQ/LARGE CAP GROWTH INDEX | CLASS IB | 567 | (3891) | (3324) | 666 | (2963) | (2297) |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | CLASS IB | 469 | (10190) | (9721) | 346 | (7841) | (7495) |
|  EQ/LARGE CAP VALUE INDEX | CLASS IB | 1361 | (6578) | (5217) | 949 | (4232) | (3283) |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | CLASS IB | 396 | (11567) | (11171) | 448 | (9257) | (8809) |
|  EQ/MID CAP INDEX | CLASS IB | 302 | (3651) | (3349) | 313 | (2856) | (2543) |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | CLASS IB | 161 | (4198) | (4037) | 158 | (3338) | (3180) |
|  EQ/MODERATE ALLOCATION | CLASS IB | 1352 | (28617) | (27265) | 2368 | (17586) | (15218) |
|  EQ/MODERATE GROWTH STRATEGY | CLASS IB | 96 | (2815) | (2719) | 125 | (3078) | (2953) |
|  EQ/MODERATE-PLUS ALLOCATION | CLASS IB | 980 | (56163) | (55183) | 1180 | (29171) | (27991) |
|  EQ/MONEY MARKET | CLASS IB | 1074701 | (1146751) | (72050) | 1427325 | (1424858) | 2467 |
|  EQ/QUALITY BOND PLUS | CLASS IB | 2394 | (9564) | (7170) | 2800 | (5584) | (2784) |
|  EQ/SMALL COMPANY INDEX | CLASS IB | 221 | (2327) | (2106) | 331 | (1706) | (1375) |
|  MULTIMANAGER TECHNOLOGY | CLASS IB | 752 | (2860) | (2108) | 664 | (2341) | (1677) |

---

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.

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements** 

**December 31, 2025** 

**1.** Organization

Equitable Financial Life Insurance Company ("Equitable Financial") Separate Account No. 49 ("the Account") is organized as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"). 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 EQ Advisors Trust ("EQAT" or the "Trust"). EQAT 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 EQAT have 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. The Account presents, for each of these Variable Investment Options, a Statement of Assets and Liabilities as of December 31, 2025, a Statement of Operations for the year ended December 31, 2025, and a Statement of Changes in Net Assets for the years ended December 31, 2025 and 2024:

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

• 1290 VT GAMCO Mergers & Acquisitions

• 1290 VT GAMCO Small Company Value

• 1290 VT SmartBeta Equity ESG

• 1290 VT Socially Responsible

• EQ/400 Managed Volatility

• EQ/2000 Managed Volatility

• EQ/AB Short Duration Government Bond

• EQ/AB Small Cap Growth

• EQ/Aggressive Allocation

• EQ/Aggressive Growth Strategy

• EQ/Balanced Strategy

• EQ/ClearBridge Select Equity Managed Volatility

• EQ/Common Stock Index

• EQ/Conservative Allocation

• EQ/Conservative Growth Strategy

• EQ/Conservative Strategy

• EQ/Conservative-Plus Allocation

• EQ/Core Bond Index

• EQ/Equity 500 Index

• EQ/Franklin Small Cap Value Managed Volatility

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

• EQ/Global Equity Managed Volatility

• EQ/Growth Strategy

• EQ/Intermediate Government Bond

• EQ/International Core Managed Volatility

• EQ/International Equity Index

• EQ/International Value Managed Volatility

• EQ/Janus Enterprise

• EQ/Large Cap Core Managed Volatility

• EQ/Large Cap Growth Index

• EQ/Large Cap Growth Managed Volatility

• EQ/Large Cap Value Index

• EQ/Large Cap Value Managed Volatility

• EQ/Mid Cap Index

• EQ/Mid Cap Value Managed Volatility

• EQ/Moderate Allocation

• EQ/Moderate Growth Strategy

• EQ/Moderate-Plus Allocation

• EQ/Money Market

• EQ/Quality Bond PLUS

• EQ/Small Company Index

• Multimanager Technology

\* 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.

The Account is used to fund benefits for variable annuities issued by Equitable Financial including the Accumulator, Accumulator Plus, Accumulator Elite, Accumulator Select, Stylus, Accumulator Advisor, Accumulator Express, Retirement Income for Life, Structured Capital Strategies, including all contracts issued currently (collectively, the "Contracts"). These annuities in the Accumulator series are offered with the same Variable Investment Options for use as a nonqualified annuity ("NQ") for after-tax contributions only, or when used as an investment vehicle for certain qualified plans ("QP"), an individual retirement annuity ("IRA") or a tax-shelter annuity ("TSA"). The Accumulator series of annuities are offered under group and individual variable annuity forms.

Effective January 17, 2025, the Equitable Financial novated to Venerable certain legacy variable annuity policies sold between 2006-2008, comprised of non-New York "Accumulator" policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit guarantees reinsured by Venerable under the combined co-insurance and modified coinsurance basis agreement executed on June 1, 2021.

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**1.** Organization (Concluded)

Effective June 1, 2025, the Equitable Financial novated to its affiliate, Equitable Financial Life Insurance Company of America ("Equitable America") certain policies, which had previously been 100% reinsured by Equitable America under the combined funds withheld coinsurance and modified coinsurance reinsurance agreement effective April 1, 2023.

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 primarily 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 charges for mortality and expense risks, asset-based administration charges and distribution 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 Trust, 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 Trust 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.

*Contract Payments and Transfers:* 

Payments received from Contractowners represent participant contributions under the Contracts (but exclude amounts allocated to the guaranteed interest account, reflected in the General Account) reduced by deductions and charges, including premium charges, as applicable, and state premium taxes. Contractowners may allocate amounts in their

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

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

individual accounts to Variable Investment Options of the Account and/or to the guaranteed interest account of Equitable Financial's General Account, and/or fixed maturity options of Separate Account No. 46 and/or index fund options of Separate Account No. 68.

Transfers between Variable Investment Options including the guaranteed interest account, net, are amounts that participants have directed to be moved among Portfolios, including permitted transfers to and from the guaranteed interest account and the fixed maturity options of Separate Account No. 46 and/or index fund options of Separate Account No. 68. 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. Equitable Financial is required by state insurance laws to set aside additional assets in Equitable Financial's General Account to provide for other policy benefits. Equitable Financial's General Account is subject to creditor rights.

Redemptions for contract benefits and terminations are payments to participants and beneficiaries made under the terms of the Contracts and amounts that participants have requested to be withdrawn and paid to them or applied to the purchase of annuities. 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 Contracts 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 value of Contracts 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

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**4.** Segment Reporting (Concluded)

allocation for the Separate Account. The Separate Account is comprised of multiple subaccounts; each subaccount 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 VT GAMCO Mergers & Acquisitions | $6176439 | $25352782 |
|  1290 VT GAMCO Small Company Value | 43140677 | 185402538 |
|  1290 VT SmartBeta Equity ESG | 20120186 | 60428173 |
|  1290 VT Socially Responsible | 10013850 | 24167517 |
|  EQ/400 Managed Volatility | 20072158 | 49973208 |
|  EQ/2000 Managed Volatility | 17147571 | 70600281 |
|  EQ/AB Short Duration Government Bond | 56546891 | 137220531 |
|  EQ/AB Small Cap Growth | 40626605 | 92830324 |
|  EQ/Aggressive Allocation | 166291587 | 598922862 |
|  EQ/Aggressive Growth Strategy | 60851458 | 260516738 |
|  EQ/Balanced Strategy | 96975491 | 181971891 |
|  EQ/ClearBridge Select Equity Managed Volatility | 4291613 | 62678297 |
|  EQ/Common Stock Index | 69990704 | 185025453 |
|  EQ/Conservative Allocation | 72939205 | 175905789 |
|  EQ/Conservative Growth Strategy | 7772173 | 15281882 |
|  EQ/Conservative Strategy | 3890063 | 8626044 |
|  EQ/Conservative-Plus Allocation | 49160596 | 166822891 |
|  EQ/Core Bond Index | 57319737 | 191340168 |
|  EQ/Equity 500 Index | 139878234 | 599849310 |
|  EQ/Franklin Small Cap Value Managed Volatility | 8084499 | 27755888 |
|  EQ/Global Equity Managed Volatility | 63338936 | 173105185 |
|  EQ/Growth Strategy | 52204586 | 82445331 |
|  EQ/Intermediate Government Bond | 13477984 | 27408596 |
|  EQ/International Core Managed Volatility | 54359691 | 155228086 |
|  EQ/International Equity Index | 46221445 | 149989329 |
|  EQ/International Value Managed Volatility | 27366629 | 76166479 |
|  EQ/Janus Enterprise | 31930371 | 101820480 |
|  EQ/Large Cap Core Managed Volatility | 167143989 | 329887696 |
|  EQ/Large Cap Growth Index | 103903242 | 274209426 |
|  EQ/Large Cap Growth Managed Volatility | 385100186 | 781345288 |
|  EQ/Large Cap Value Index | 50999875 | 123735759 |
|  EQ/Large Cap Value Managed Volatility | 168971189 | 405111659 |
|  EQ/Mid Cap Index | 52777809 | 154466672 |
|  EQ/Mid Cap Value Managed Volatility | 62019377 | 176164150 |
|  EQ/Moderate Allocation | 187813233 | 727546491 |
|  EQ/Moderate Growth Strategy | 47340791 | 77299221 |
|  EQ/Moderate-Plus Allocation | 369589668 | 1489986517 |

---

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  EQ/Money Market | $8768439137 | $9260311966 |
|  EQ/Quality Bond PLUS | 43877180 | 121048838 |
|  EQ/Small Company Index | 22929646 | 101165112 |
|  Multimanager Technology | 148271131 | 270527496 |

---

**6.** Expenses and Related Party Transactions

The assets in each Variable Investment Option are invested in shares of a corresponding Portfolio of the Trust. 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. EQAT issues Class IA, Class IB and Class K shares. All share classes issued by EQAT are subject to fees for investment management, administration and other Portfolio expenses. Class IA and Class IB are also subject to distribution fees imposed under distribution plans ("Distribution Plans") and adopted by EQAT in the manner prescribed under Rule 12b-1 under the 1940 Act. The Distribution Plans provide that EQAT, on behalf of each related Portfolio, may charge a maximum annual distribution fee ("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.

EIMG, a wholly-owned subsidiary of Equitable Financial, serves as investment adviser of the Portfolios of EQAT. EIMG either (1) directly manages the Portfolios or (2) contracts with and oversees the activities of the investment sub-advisers with respect to the Portfolios. EIMG receives management fees for services performed in its capacity as investment adviser of the Portfolios of EQAT, and pays fees to the sub-advisers for sub-advisory services to the respective Portfolios. Equitable Investment Management, LLC ("EIM"), an affiliate of Equitable Financial, serves as administrator of the Portfolios of 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 EQAT. Expenses of the Portfolios of EQAT generally vary, depending on net asset levels for individual Portfolios, and range from a low annual rate of 0.54% to a high of 1.25% (after waivers, reimbursements, fees paid indirectly and including indirect expenses, as applicable) of the average daily net assets of the Portfolios of 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.

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

Equitable Advisors, LLC ("Equitable Advisors") and Equitable Distributors are distributors and principal underwriters of the Contracts and the Account. They are both registered with the SEC as broker-dealers and are members of the Financial Industry Regulatory Authority ("FINRA").

The Contracts are sold by financial professionals who are registered representatives of Equitable Advisors and licensed insurance agents of Equitable Network, LLC ("Equitable Network") or its subsidiaries (affiliates of Equitable Financial). Equitable Network receives commissions under its General Sales Agreement with Equitable Financial and its Networking Agreement with Equitable Advisors. Equitable Advisors receives service-related payments under its Supervisory and Distribution Agreement with Equitable Financial. The financial professionals are compensated on a commission basis by Equitable Network. The Contracts are also sold through licensed insurance agencies (both affiliated and unaffiliated with

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

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

Equitable Financial) and their affiliated broker-dealers (who are registered with the SEC and members of the FINRA) that have entered into selling agreements with Distributors. The licensed insurance agents who sell Equitable Financial policies for these companies are appointed as agents of Equitable Financial and are registered representatives of the broker-dealers under contract with Distributors.

Equitable Financial serves as the transfer agent for EQAT.

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

Charges are made directly against the net assets of the Account and are reflected daily in the computation of the unit values of the Contracts. These charges are reflected as "Asset-based Charges" in the Statement of Operations. Under the Contracts, Equitable Financial charges the account for the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mortality and<br>Expense Risks** | **Asset-based<br>Administration<br>Charge** | **Distribution<br>Charge** | **Current<br>Aggregate<br>Charge** | **Maximum<br>Aggregate<br>Charge** |
|  Accumulator and Rollover IRA issued before May 1, 1997 | 0.90% | 0.30% |  | 1.20% | 1.20% |
|  Accumulator issued on or after May 1, 1997 | 1.10% | 0.25% |  | 1.35% | 1.35% |
|  Accumulator issued on or after March 1, 2000 | 1.10% | 0.25% | 0.20% | 1.55% | 1.55% |
|  Accumulator issued on or after April 1, 2002 | 0.75% | 0.25% | 0.20% | 1.20% | 1.20% |
|  Accumulator issued on or after September 15, 2003 | 0.75% | 0.30% | 0.20% | 1.25% | 1.25% |
|  Accumulator 06, 07, 8.0, 9.0 | 0.80% | 0.30% | 0.20% | 1.30% | 1.30% |
|  Accumulator Elite, Plus, Select | 1.10% | 0.25% | 0.25% | 1.60% | 1.60% |
|  Accumulator Select II | 1.10% | 0.35% | 0.45% | 1.90% | 1.90% |
|  Accumulator Select issued on or after April 1, 2002 | 1.10% | 0.25% | 0.35% | 1.70% | 1.70% |
|  Accumulator Plus issued on or after April 1, 2002 | 0.90% | 0.25% | 0.25% | 1.40% | 1.40% |
|  Accumulator Plus issued on or after September 15, 2003 | 0.90% | 0.35% | 0.25% | 1.50% | 1.50% |
|  Accumulator Plus 06, 07, 8.0, 9.0 | 0.95% | 0.35% | 0.25% | 1.55% | 1.55% |
|  Accumulator Elite issued on or after September 15, 2003 | 1.10% | 0.30% | 0.25% | 1.65% | 1.65% |
|  Accumulator Elite II | 1.10% | 0.25% | 0.45% | 1.80% | 1.80% |
|  Accumulator Elite 06, 07, 8.0, 9.0 | 1.10% | 0.30% | 0.25% | 1.65% | 1.65% |
|  Stylus | 0.80% | 0.30% | 0.05% | 1.15% | 1.15% |
|  Retirement Income for Life | 0.75% | 0.30% | 0.20% | 1.25% | 1.25% |
|  Retirement Income for Life (NY) | 0.80% | 0.30% | 0.20% | 1.30% | 1.30% |
|  Accumulator Advisor<sup>(1)</sup> | 0.50% |  |  | 0.50% | 0.50% |
|  Accumulator Express | 0.70% | 0.25% |  | 0.95% | 0.95% |
|  Structured Capital Strategies PLUS Guard | 1.15% |  |  | 1.15% | 1.15% |
|  Structured Capital Strategies Series B<sup>(2)</sup> | 1.25% |  |  | 1.25% | 1.25% |
|  Structured Capital Strategies Series ADV<sup>(2)</sup> | 0.65% |  |  | 0.65% | 0.65% |
|  Structured Capital Strategies Series C<sup>(2)</sup> | 1.65% |  |  | 1.65% | 1.65% |
|  Structured Capital Strategies 16 Series B<sup>(2)</sup> | 1.25% |  |  | 1.25% | 1.25% |
|  Structured Capital Strategies 16 Series ADV | 0.25% |  |  | 0.25% | 0.25% |
|  Structured Capital Strategies 16 Series C<sup>(2)</sup> | 1.65% |  |  | 1.65% | 1.65% |
|  Structured Capital Strategies PLUS | 1.15% |  |  | 1.15% | 1.15% |
|  Structured Capital Strategies PLUS 21 | 0.00% |  |  | 0.00% | 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Accumulator Advisor's annual charge of 0.50% includes mortality and expense risks charges and administrative charges to compensate for certain administrative expenses under the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Under Structured Capital Strategies Prospectus, Mortality and Expense Risks is referred to as a contract fee.

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**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

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

Included as part of "Contract Maintenance Charges" in the Statements of Changes in Net Assets are certain administrative charges which are deducted from the Contractowners account value as a redemption of units.

The table below lists all the fees charged by the Variable Investment Option assessed as a redemption of units. The range presented represents the fees that are actually assessed. Actual amounts may vary or may be zero depending on the Contract or a Contractowner's account value. These charges are reflected as part of "Contractowners Transactions" in the Statement of Changes in Net Assets.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Charges** | **When charge<br>is deducted** | **Amount deducted** | **How deducted** |  |  |  |  |  |  |  |  |
| Charges for state premium and other applicable taxes | At time of transaction | Varies by state | Applied to an annuity payout option |  |  |  |  |  |  |  |  |
| Annual Administrative Charge | Annually on each contract date anniversary. | Depending on account value, in Years 1 to 2 lesser of $30 or 2% of account value, thereafter $30 | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Variable Immediate Annuity payout option administrative fee | At time of transaction | $350 annuity administrative fee | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | BaseBuilder benefit charge | Annually on each contract date anniversary. | 0.30% | Unit liquidation from account value |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | BaseBuilder benefit charge | Annually on each contract date anniversary. | 0.30% | Unit liquidation from account value |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | Protection Plus | Annually on each contract date anniversary. | **Low** – 0.20%<br> **High** – 0.35% | Unit liquidation from account value |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | Protection Plus | Annually on each contract date anniversary. | **Low** – 0.20%<br> **High** – 0.35% | Unit liquidation from account value |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | Guaranteed minimum death benefit options: |  |  |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | Annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.20% of the Annual ratchet to age 85 benefit base<br> **High** – 0.35% of the Annual ratchet to age 85 benefit base | Unit liquidation from account value |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | Greater of 4% roll up to age 85 or Annual ratchet to age 85 | Annually on each contract date anniversary. | 1.00% of the greater of 4% roll-up to age 85 or Annual ratchet to age 85 benefit base (max to 1.15%) |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | Greater of 4% roll up to age 85 or Annual ratchet to age 85 | Annually on each contract date anniversary. | 1.00% of the greater of 4% roll-up to age 85 or Annual ratchet to age 85 benefit base (max to 1.15%) |  |  |  |  |  |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value | Greater of 4% roll up to age 85 or Annual ratchet to age 85 | Annually on each contract date anniversary. | 1.00% of the greater of 4% roll-up to age 85 or Annual ratchet to age 85 benefit base (max to 1.15%) |  | Greater of 5% rollup to age 85 or annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.50% of the greater of 5% roll-up to age 85 or annual ratchet to age 85 benefit base<br> **High** – 1.00 % of 5% roll-up to age 85 or Annual ratchet to age 85 benefit base | Unit liquidation from account value |
| Withdrawal charge | At time of transaction | **Low** – 0% in contract year 10 and thereafter.<br> **High** – 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.<br> Note – Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. | Unit liquidation from account value |  |  |  |  | Greater of 5% rollup to age 85 or annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.50% of the greater of 5% roll-up to age 85 or annual ratchet to age 85 benefit base<br> **High** – 1.00 % of 5% roll-up to age 85 or Annual ratchet to age 85 benefit base | Unit liquidation from account value |
| 6% rollup to age 80 or 70 |  | 0.20% of 6% roll-up to age 80 (or 70) benefit base |  | Greater of 5% rollup to age 85 or annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.50% of the greater of 5% roll-up to age 85 or annual ratchet to age 85 benefit base<br> **High** – 1.00 % of 5% roll-up to age 85 or Annual ratchet to age 85 benefit base | Unit liquidation from account value |  |  |  |  |
|  |  |  |  | Greater of 5% rollup to age 85 or annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.50% of the greater of 5% roll-up to age 85 or annual ratchet to age 85 benefit base<br> **High** – 1.00 % of 5% roll-up to age 85 or Annual ratchet to age 85 benefit base | Unit liquidation from account value |  |  |  |  |
| 6% rollup to age 85 | Annually on each contract date<br> anniversary. | **Low** – 0.35% of the 6% roll- up to age 85 benefit base<br> **High** – 0.45% of the 6% roll-up to age 85 benefit base | Unit liquidation from account value | Greater of 5% rollup to age 85 or annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.50% of the greater of 5% roll-up to age 85 or annual ratchet to age 85 benefit base<br> **High** – 1.00 % of 5% roll-up to age 85 or Annual ratchet to age 85 benefit base | Unit liquidation from account value |  |  |  |  |
| 6% rollup to age 85 | Annually on each contract date<br> anniversary. | **Low** – 0.35% of the 6% roll- up to age 85 benefit base<br> **High** – 0.45% of the 6% roll-up to age 85 benefit base | Unit liquidation from account value | Greater of 5% rollup to age 85 or annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.50% of the greater of 5% roll-up to age 85 or annual ratchet to age 85 benefit base<br> **High** – 1.00 % of 5% roll-up to age 85 or Annual ratchet to age 85 benefit base | Unit liquidation from account value |  |  |  |  |
| 6% rollup to age 85 | Annually on each contract date<br> anniversary. | **Low** – 0.35% of the 6% roll- up to age 85 benefit base<br> **High** – 0.45% of the 6% roll-up to age 85 benefit base | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| 6% rollup to age 85 | Annually on each contract date<br> anniversary. | **Low** – 0.35% of the 6% roll- up to age 85 benefit base<br> **High** – 0.45% of the 6% roll-up to age 85 benefit base | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| 6% rollup to age 85 | Annually on each contract date<br> anniversary. | **Low** – 0.35% of the 6% roll- up to age 85 benefit base<br> **High** – 0.45% of the 6% roll-up to age 85 benefit base | Unit liquidation from account value |  |  |  |  |  |  |  |  |

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**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

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

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Charges** | **When charge<br>is deducted** | **Amount deducted** | **How deducted** |  |  |  |  |  |  |  |  |
| Greater of 6.5%, 6% or 3% rollup to age 85 or annual ratchet to age 85 | Annually on each contract date anniversary. | **Low** – 0.45% of the 6% roll-up to age 85 benefit base or the Annual ratchet to age 85 benefit base, as applicable<br> **High** – 1.10% of the 6.5%, 6% or 3% roll-up to age 85 benefit base or the Annual ratchet to age 85 benefit base, as applicable | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  |  |  |  |  |  |  |  |  |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  |  |  |  |  |  |  |  |  |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  | Greater of compounded annual roll-up to age 85 or annual ratchet to age 85 |  | **Low** – 0.80% (max 0.95%) of the roll-up to age 85 benefit base or annual ratchet to age 85 benefit base, as applicable <br> **High** – 1.05% (max 1.05%) of the roll-up to age 85 benefit base or annual ratchet to age 85 benefit base, as applicable |  |  |  |  |  |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  |  |  |  |  |  |  |  |  |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  | Greater of GMDB I<br>Greater of GMDB II | Annually on each contract date anniversary. | GMDB I election: 0.80% (max 1.05%)<br> GMDB II election: 1.00% (max 1.25%) | Unit liquidation from account value |  |  |  |  |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  | Greater of GMDB I<br>Greater of GMDB II | Annually on each contract date anniversary. | GMDB I election: 0.80% (max 1.05%)<br> GMDB II election: 1.00% (max 1.25%) | Unit liquidation from account value |  |  |  |  |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  | Greater of GMDB I<br>Greater of GMDB II | Annually on each contract date anniversary. | GMDB I election: 0.80% (max 1.05%)<br> GMDB II election: 1.00% (max 1.25%) | Unit liquidation from account value | Greater of GMIB I<br>Greater of GMIB II | Annually on each contract date anniversary. | GMIB I election: 0.80% (max 1.20%)<br> GMIB II election: 1.00% (max 1.40%) | Unit liquidation from account value |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  |  |  |  |  | Greater of GMIB I<br>Greater of GMIB II | Annually on each contract date anniversary. | GMIB I election: 0.80% (max 1.20%)<br> GMIB II election: 1.00% (max 1.40%) | Unit liquidation from account value |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  | Guaranteed Withdrawal Benefit for Life Enhanced Death Benefit | Annually on each contract date anniversary. | 0.30% | Unit liquidation from account value | Greater of GMIB I<br>Greater of GMIB II | Annually on each contract date anniversary. | GMIB I election: 0.80% (max 1.20%)<br> GMIB II election: 1.00% (max 1.40%) | Unit liquidation from account value |
| Greater of 5% rollup to owner's age 80 or Annual ratchet to owner's age 80 |  | **Low** – 0.80% (max 0.95%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable<br> **High** – 1.25% (max 1.25%) of the 5% roll-up to age 80 benefit base or the annual ratchet benefit base, as applicable |  |  |  |  |  |  |  |  |  |
| Earnings Enhancement Benefit (additional death benefit) | Annually on each contract date anniversary. | 0.35% | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Guaranteed Minimum Income Benefit | Annually on each contract date anniversary. | **Low** – 0.45% <br> **High** – 1.15% (max 1.30%) | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Guaranteed Principal Benefit | Annually on first 10 contract date anniversaries | **Low** – 100% Guaranteed Principal Benefit – 0.50%<br> **High** – 125% Guaranteed Principal Benefit – 0.75% | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Guaranteed Principal Benefit | Annually on first 10 contract date anniversaries | **Low** – 100% Guaranteed Principal Benefit – 0.50%<br> **High** – 125% Guaranteed Principal Benefit – 0.75% | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Guaranteed Principal Benefit | Annually on first 10 contract date anniversaries | **Low** – 100% Guaranteed Principal Benefit – 0.50%<br> **High** – 125% Guaranteed Principal Benefit – 0.75% | Unit liquidation from account value | Guaranteed Withdrawal Benefit | Annually on each contract date anniversary. | **Low** – 5% Withdrawal Option is 0.35%<br>(max 0.60%)<br> **High** – 7% Withdrawal Option is 0.50%<br>(max 0.80%) | Unit liquidation from account value |  |  |  |  |
|  |  |  |  | Guaranteed Withdrawal Benefit | Annually on each contract date anniversary. | **Low** – 5% Withdrawal Option is 0.35%<br>(max 0.60%)<br> **High** – 7% Withdrawal Option is 0.50%<br>(max 0.80%) | Unit liquidation from account value |  |  |  |  |
| Net Loan Interest charge for Rollover | Netted against loan repayment | 2.00% | Unit liquidation from account value | Guaranteed Withdrawal Benefit | Annually on each contract date anniversary. | **Low** – 5% Withdrawal Option is 0.35%<br>(max 0.60%)<br> **High** – 7% Withdrawal Option is 0.50%<br>(max 0.80%) | Unit liquidation from account value |  |  |  |  |
| Retirement Income for Life Benefit charge | Annually on contract date anniversary. | **Low** – 0.60% for Single life 0.75% for Joint life<br> **High** – 0.75% for Single life 0.90% for Joint life | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Retirement Income for Life Benefit charge | Annually on contract date anniversary. | **Low** – 0.60% for Single life 0.75% for Joint life<br> **High** – 0.75% for Single life 0.90% for Joint life | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Retirement Income for Life Benefit charge | Annually on contract date anniversary. | **Low** – 0.60% for Single life 0.75% for Joint life<br> **High** – 0.75% for Single life 0.90% for Joint life | Unit liquidation from account value | Guaranteed Withdrawal Benefit for Life (GWBL) | Annually on each contract date anniversary. | **Low** – 0.60% for Single life; 0.75% for Joint life<br> **High** – 0.80% for Single life; 0.95% for Joint life | Unit liquidation from account value |  |  |  |  |
| Guaranteed Withdrawal Benefit for Life (GWBL) | Annually on each contract date anniversary. | **Low** – 0.60% for Single life; 0.75% for Joint life<br> **High** – 0.80% for Single life; 0.95% for Joint life | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Guaranteed Withdrawal Benefit for Life (GWBL) | Annually on each contract date anniversary. | **Low** – 0.60% for Single life; 0.75% for Joint life<br> **High** – 0.80% for Single life; 0.95% for Joint life | Unit liquidation from account value |  |  |  |  |  |  |  |  |

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**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

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

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Charges** | **When charge<br>is deducted** | **Amount deducted** | **How deducted** |  |  |  |  |  |  |  |  |
| Death benefit under converted GWBL | Annually on each contract date anniversary. | The GMDB charge in effect prior to conversion will be deducted.<br> Note – Charge will vary depending on combination GMDB elections. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Death benefit under converted GWBL | Annually on each contract date anniversary. | The GMDB charge in effect prior to conversion will be deducted.<br> Note – Charge will vary depending on combination GMDB elections. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Death benefit under converted GWBL | Annually on each contract date anniversary. | The GMDB charge in effect prior to conversion will be deducted.<br> Note – Charge will vary depending on combination GMDB elections. | Unit liquidation from account value | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
| Death benefit under converted GWBL | Annually on each contract date anniversary. | The GMDB charge in effect prior to conversion will be deducted.<br> Note – Charge will vary depending on combination GMDB elections. | Unit liquidation from account value | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
| Death benefit under converted GWBL | Annually on each contract date anniversary. | The GMDB charge in effect prior to conversion will be deducted.<br> Note – Charge will vary depending on combination GMDB elections. | Unit liquidation from account value | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value | Return of Premium (ROP) DB | Daily | Cost is 0.20%. Max is 0.40%. | Unit liquidation from account value |
|  |  |  |  | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
| Charge for each additional transfer in excess of 12 transfers per contract year | At time of transaction | Maximum Charge $35 Current Charge $0 | Unit liquidation from account value | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
|  |  |  |  | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
| Special service charges: |  |  |  | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
|  |  |  |  | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
| Express mail charge | At time of transaction | Current and Maximum Charge: $35 | Unit liquidation from account value | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
|  |  |  |  | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
| Wire transfer charge | At time of transaction | Current and Maximum Charge: $90 | Unit liquidation from account value | Converted Guaranteed withdrawal benefit for life charge | Upon initial conversion and annually on each contract date anniversary thereafter | Single and Joint life – charge is equal to the percentage of Guaranteed minimum income benefit base charge deducted as the Guaranteed minimum income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit. | Unit liquidation from account value |  |  |  |  |
| Duplicate contract charge | At time of transaction | Current and Maximum Charge: $35 | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Check preparation charge | At time of transaction | Maximum Charge: $85. Current charge: $0<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Check preparation charge | At time of transaction | Maximum Charge: $85. Current charge: $0<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value |  |  |  |  |  |  |  |  |
| Check preparation charge | At time of transaction | Maximum Charge: $85. Current charge: $0<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value | Charge for third party transfer or exchange | At time of transaction | Maximum Charge: $125. Current charge: $65<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value |  |  |  |  |
| Check preparation charge | At time of transaction | Maximum Charge: $85. Current charge: $0<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value | Charge for third party transfer or exchange | At time of transaction | Maximum Charge: $125. Current charge: $65<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value |  |  |  |  |
| Check preparation charge | At time of transaction | Maximum Charge: $85. Current charge: $0<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value | Charge for third party transfer or exchange | At time of transaction | Maximum Charge: $125. Current charge: $65<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value |  |  |  |  |
| Check preparation charge | At time of transaction | Maximum Charge: $85. Current charge: $0<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value | Charge for third party transfer or exchange | At time of transaction | Maximum Charge: $125. Current charge: $65<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value |  |  |  |  |
| Charge for third party transfer or exchange | At time of transaction | Maximum Charge: $125. Current charge: $65<br> Note – This charge is currently waived. This waiver may discontinue with or without notice. | Unit liquidation from account value |  |  |  |  |  |  |  |  |

---

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8**. Financial Highlights

The ranges for the total return ratios and unit values correspond to the product groupings that produced the lowest and highest expense ratios. The lowest and the highest 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. The summary may not reflect the minimum and maximum contract charges offered by the Company as Contractowners may not have selected all available and applicable contract options. Due to the timing of the introduction of new products into the Variable Account, contract charges and related unit values and total returns may fall outside of the ranges presented in the financial highlights.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Unit Values** | **Unit Values** | **Contract Charges** | **Contract Charges** | **Investment**<br>**Income**<br>**Ratio\*** | **Total Return<br>Ratio\*\*** | **Total Return<br>Ratio\*\*** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Lowest** | **Highest** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*** | **Lowest** | **Highest** |
|  **<u>1290 VT GAMCO Mergers & Acquisitions (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 3534 | $73692 | $19.42 | $22.03 | 1.20% | 1.80% | 2.81% | 13.83% | 14.56% |
| 2024 | 4736 | $86230 | $17.06 | $19.23 | 1.20% | 1.80% | 1.79% | 7.03% | 7.73% |
| 2023 | 5278 | $89411 | $15.94 | $17.85 | 1.20% | 1.80% | 1.76% | 7.56% | 8.18% |
| 2022 | 6085 | $95510 | $14.82 | $16.50 | 1.20% | 1.80% | 0.31% | (7.66)% | (7.15)% |
| 2021 | 6913 | $117157 | $16.05 | $17.77 | 1.20% | 1.80% | 0.65% | 9.33% | 10.03% |
|  **<u>1290 VT GAMCO Small Company Value (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 4054 | $531318 | $104.73 | $136.65 | 1.20% | 1.90% | 0.60% | 10.68% | 11.47% |
| 2024 | 5405 | $643216 | $94.62 | $122.59 | 1.20% | 1.90% | 0.57% | 9.44% | 10.23% |
| 2023 | 6283 | $680431 | $86.46 | $111.21 | 1.20% | 1.90% | 0.61% | 18.76% | 19.61% |
| 2022 | 7075 | $642241 | $72.80 | $92.98 | 1.20% | 1.90% | 0.51% | (12.37)% | (11.75)% |
| 2021 | 7944 | $817327 | $83.08 | $105.36 | 1.20% | 1.90% | 0.61% | 22.75% | 23.63% |
|  **<u>1290 VT SmartBeta Equity ESG (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 8891 | $159111 | $17.57 | $18.18 | 1.20% | 1.80% | 0.71% | 11.91% | 12.57% |
| 2024 | 12040 | $191826 | $15.70 | $16.15 | 1.20% | 1.80% | 0.89% | 14.26% | 15.03% |
| 2023 | 13774 | $191407 | $13.74 | $14.04 | 1.20% | 1.80% | 1.28% | 14.50% | 15.08% |
| 2022 | 15690 | $189896 | $12.00 | $12.20 | 1.20% | 1.80% | 1.14% | (16.14)% | (15.57)% |
| 2021 | 17662 | $253985 | $14.31 | $14.45 | 1.20% | 1.80% | 1.22% | 20.86% | 21.63% |
|  **<u>1290 VT Socially Responsible (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 1708 | $81088 | $36.70 | $43.09 | 1.20% | 1.80% | 0.36% | 15.12% | 15.83% |
| 2024 | 2143 | $88778 | $31.88 | $37.20 | 1.20% | 1.80% | 0.43% | 19.45% | 20.19% |
| 2023 | 2568 | $88791 | $26.69 | $30.95 | 1.20% | 1.80% | 0.72% | 25.25% | 25.97% |
| 2022 | 2920 | $80509 | $21.31 | $24.57 | 1.20% | 1.80% | 0.60% | (23.51)% | (23.05)% |
| 2021 | 3347 | $120211 | $27.86 | $31.93 | 1.20% | 1.80% | 0.48% | 27.97% | 28.75% |
|  **<u>EQ/400 Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 7736 | $185858 | $22.64 | $24.77 | 1.20% | 1.90% | 0.88% | 1.34% | 2.06% |
| 2024 | 9586 | $226012 | $22.34 | $24.27 | 1.20% | 1.90% | 1.02% | 10.70% | 11.53% |
| 2023 | 11120 | $235665 | $20.18 | $21.76 | 1.20% | 1.90% | 1.12% | 13.24% | 14.05% |
| 2022 | 12513 | $233120 | $17.82 | $19.08 | 1.20% | 1.90% | 0.73% | (17.12)% | (16.54)% |
| 2021 | 13996 | $313094 | $21.50 | $22.86 | 1.20% | 1.90% | 0.38% | 21.33% | 22.18% |
|  **<u>EQ/2000 Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 13463 | $297131 | $20.78 | $23.48 | 0.95% | 1.90% | 0.93% | 7.22% | 8.30% |
| 2024 | 16452 | $336841 | $19.38 | $21.68 | 0.95% | 1.90% | 1.34% | 8.57% | 9.61% |
| 2023 | 18745 | $351881 | $17.85 | $19.78 | 0.95% | 1.90% | 1.23% | 13.77% | 14.87% |
| 2022 | 20674 | $339441 | $15.69 | $17.22 | 0.95% | 1.90% | 0.71% | (23.87)% | (23.13)% |
| 2021 | 22483 | $482623 | $20.61 | $22.40 | 0.95% | 1.90% | 0.36% | 11.77% | 12.85% |

---

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8**. Financial Highlights (Continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Unit Values** | **Unit Values** | **Contract Charges** | **Contract Charges** | **Investment**<br>**Income**<br>**Ratio\*** | **Total Return<br>Ratio\*\*** | **Total Return<br>Ratio\*\*** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Lowest** | **Highest** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*** | **Lowest** | **Highest** |
|  **<u>EQ/AB Short Duration Government Bond (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 28816 | $274442 | $9.01 | $11.26 | 0.00% | 1.90% | 3.49% | 2.15% | 4.16% |
| 2024 | 38118 | $353263 | $8.82 | $9.58 | 1.20% | 1.90% | 3.50% | 2.44% | 3.12% |
| 2023 | 41471 | $373673 | $8.61 | $9.29 | 1.20% | 1.90% | 2.40% | 2.38% | 3.11% |
| 2022 | 48602 | $425936 | $8.41 | $9.01 | 1.20% | 1.90% | 0.52% | (3.78)% | (3.01)% |
| 2021 | 48030 | $435373 | $8.74 | $9.29 | 1.20% | 1.90% | 0.38% | (2.24)% | (1.48)% |
|  **<u>EQ/AB Small Cap Growth (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 5706 | $329855 | $58.32 | $76.88 | 0.95% | 1.90% | 0.14% | 7.17% | 8.21% |
| 2024 | 7189 | $384901 | $54.42 | $71.05 | 0.95% | 1.90% | 0.28% | 11.75% | 12.83% |
| 2023 | 8185 | $390361 | $48.70 | $62.97 | 0.95% | 1.90% | 0.27% | 15.48% | 16.61% |
| 2022 | 8945 | $368130 | $42.17 | $54.00 | 0.95% | 1.90% | 0.15% | (29.81)% | (29.14)% |
| 2021 | 9681 | $565488 | $60.08 | $76.21 | 0.95% | 1.90% | 0.00% | 10.77% | 11.84% |
|  **<u>EQ/Aggressive Allocation (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 42583 | $1425193 | $25.64 | $32.87 | 0.00% | 1.70% | 1.37% | 11.05% | 12.95% |
| 2024 | 60974 | $1828406 | $22.70 | $29.60 | 0.00% | 1.70% | 2.06% | 11.78% | 13.73% |
| 2023 | 69707 | $1865162 | $26.48 | $26.73 | 1.15% | 1.70% | 1.33% | 16.40% | 17.08% |
| 2022 | 77824 | $1784905 | $22.75 | $22.83 | 1.15% | 1.70% | 0.84% | (19.72)% | (19.30)% |
| 2021 | 86347 | $2461893 | $24.68 | $28.29 | 1.15% | 1.90% | 3.96% | 14.95% | 15.85% |
|  **<u>EQ/Aggressive Growth Strategy (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 29343 | $474112 | $15.97 | $23.11 | 0.00% | 1.70% | 1.53% | 10.21% | 12.18% |
| 2024 | 45521 | $665706 | $14.49 | $20.60 | 0.00% | 1.70% | 2.16% | 12.15% | 14.06% |
| 2023 | 52231 | $679605 | $12.92 | $13.27 | 0.95% | 1.70% | 1.25% | 16.29% | 17.02% |
| 2022 | 60311 | $673880 | $11.09 | $11.34 | 0.95% | 1.80% | 0.77% | (19.81)% | (19.12)% |
| 2021 | 68528 | $951987 | $13.83 | $14.02 | 0.95% | 1.80% | 2.41% | 14.77% | 15.68% |
|  **<u>EQ/Balanced Strategy (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 41545 | $599525 | $10.87 | $11.30 | 0.95% | 1.80% | 2.22% | 8.16% | 8.97% |
| 2024 | 51999 | $677407 | $10.05 | $10.37 | 0.95% | 1.80% | 2.55% | 7.14% | 8.13% |
| 2023 | 58514 | $707867 | $9.38 | $9.59 | 0.95% | 1.80% | 1.48% | 11.14% | 12.16% |
| 2022 | 64968 | $700599 | $8.44 | $8.55 | 0.95% | 1.80% | 0.89% | (17.01)% | (16.34)% |
| 2021 | 72502 | $937593 | $10.17 | $10.22 | 0.95% | 1.80% | 2.44% | 3.14% | 3.65% |
|  **<u>EQ/ClearBridge Select Equity Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 3654 | $124142 | $32.54 | $35.89 | 1.20% | 1.70% | 0.12% | 5.79% | 6.34% |
| 2024 | 5425 | $173569 | $30.76 | $33.75 | 1.20% | 1.70% | 0.31% | 20.34% | 20.97% |
| 2023 | 6470 | $171686 | $25.56 | $27.90 | 1.20% | 1.70% | 0.58% | 22.53% | 23.12% |
| 2022 | 7289 | $157539 | $20.86 | $22.66 | 1.20% | 1.70% | 0.34% | (28.32)% | (27.95)% |
| 2021 | 8320 | $250293 | $29.10 | $31.45 | 1.20% | 1.70% | 0.41% | 22.99% | 23.62% |
|  **<u>EQ/Common Stock Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 7849 | $739495 | $670.37 | $828.86 | 0.95% | 1.90% | 0.60% | 14.08% | 15.19% |
| 2024 | 9708 | $799240 | $581.98 | $726.54 | 0.95% | 1.90% | 0.73% | 20.72% | 21.90% |
| 2023 | 10967 | $766456 | $601.84 | $954.89 | 0.95% | 1.90% | 1.09% | 22.76% | 23.95% |
| 2022 | 12281 | $693565 | $490.24 | $770.40 | 0.95% | 1.90% | 0.75% | (21.02)% | (20.25)% |
| 2021 | 13807 | $983517 | $620.70 | $966.07 | 0.95% | 1.90% | 0.67% | 22.56% | 23.74% |

---

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8**. Financial Highlights (Continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Unit Values** | **Unit Values** | **Contract Charges** | **Contract Charges** | **Investment**<br>**Income**<br>**Ratio\*** | **Total Return<br>Ratio\*\*** | **Total Return<br>Ratio\*\*** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Lowest** | **Highest** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*** | **Lowest** | **Highest** |
|  **<u>EQ/Conservative Allocation (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 25503 | $370935 | $11.52 | $13.08 | 0.00% | 1.80% | 2.88% | 5.57% | 7.46% |
| 2024 | 33939 | $465579 | $10.72 | $12.39 | 0.00% | 1.80% | 2.80% | 2.74% | 4.69% |
| 2023 | 41181 | $548090 | $12.06 | $13.76 | 1.15% | 1.80% | 2.22% | 5.98% | 6.75% |
| 2022 | 48066 | $601035 | $11.38 | $13.39 | 0.95% | 1.80% | 1.36% | (14.18)% | (13.45)% |
| 2021 | 54505 | $791438 | $13.26 | $15.47 | 0.95% | 1.80% | 1.35% | 0.84% | 1.78% |
|  **<u>EQ/Conservative Growth Strategy (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 4002 | $76533 | $18.30 | $19.58 | 1.30% | 1.70% | 2.39% | 7.52% | 7.94% |
| 2024 | 4689 | $83143 | $17.02 | $18.14 | 1.30% | 1.70% | 2.63% | 5.78% | 6.27% |
| 2023 | 5420 | $90585 | $16.09 | $17.07 | 1.30% | 1.70% | 1.53% | 9.68% | 10.13% |
| 2022 | 5931 | $90193 | $14.67 | $15.50 | 1.30% | 1.70% | 0.91% | (15.98)% | (15.62)% |
| 2021 | 6683 | $120625 | $17.46 | $18.37 | 1.30% | 1.70% | 1.47% | 5.31% | 5.70% |
|  **<u>EQ/Conservative Strategy (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 2794 | $38822 | $13.25 | $14.18 | 1.30% | 1.70% | 2.76% | 6.00% | 6.46% |
| 2024 | 3269 | $42715 | $12.50 | $13.32 | 1.30% | 1.70% | 2.82% | 2.97% | 3.42% |
| 2023 | 3823 | $48308 | $12.14 | $12.88 | 1.30% | 1.70% | 1.57% | 6.49% | 6.89% |
| 2022 | 4416 | $52231 | $11.40 | $12.05 | 1.30% | 1.70% | 0.97% | (13.77)% | (13.37)% |
| 2021 | 4773 | $65273 | $13.22 | $13.91 | 1.30% | 1.70% | 0.99% | 0.69% | 1.09% |
|  **<u>EQ/Conservative-Plus Allocation (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 21757 | $401659 | $15.89 | $16.41 | 0.00% | 1.80% | 2.37% | 7.05% | 8.98% |
| 2024 | 29860 | $513295 | $14.58 | $15.33 | 0.00% | 1.80% | 2.57% | 5.07% | 7.05% |
| 2023 | 35043 | $571068 | $14.59 | $16.63 | 1.15% | 1.80% | 1.91% | 8.96% | 9.62% |
| 2022 | 41111 | $613207 | $13.39 | $15.17 | 1.15% | 1.80% | 1.19% | (16.10)% | (15.53)% |
| 2021 | 47783 | $846470 | $15.67 | $17.96 | 1.15% | 1.90% | 2.03% | 4.68% | 5.52% |
|  **<u>EQ/Core Bond Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 58118 | $698845 | $11.31 | $12.50 | 0.25% | 1.90% | 2.87% | 4.43% | 6.10% |
| 2024 | 70668 | $808586 | $10.66 | $11.97 | 0.25% | 1.90% | 2.42% | 0.42% | 2.21% |
| 2023 | 74589 | $845832 | $10.43 | $11.92 | 0.25% | 1.90% | 2.03% | 2.58% | 4.30% |
| 2022 | 81575 | $896983 | $10.00 | $11.62 | 0.25% | 1.90% | 1.52% | (10.48)% | (9.01)% |
| 2021 | 93495 | $1143704 | $10.99 | $12.98 | 0.25% | 1.90% | 1.40% | (3.92)% | (2.31)% |
|  **<u>EQ/Equity 500 Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 23831 | $1958018 | $43.69 | $120.80 | 0.00% | 1.90% | 0.70% | 15.00% | 22.72% |
| 2024 | 31037 | $2172939 | $26.27 | $105.04 | 0.25% | 1.90% | 0.84% | 21.94% | 23.97% |
| 2023 | 35161 | $2019244 | $21.19 | $86.14 | 0.25% | 1.90% | 1.06% | 23.20% | 25.31% |
| 2022 | 39020 | $1814260 | $36.72 | $69.92 | 0.65% | 1.90% | 1.02% | (20.08)% | (19.07)% |
| 2021 | 42460 | $2472655 | $20.81 | $87.49 | 0.25% | 1.90% | 0.83% | 25.54% | 27.59% |
|  **<u>EQ/Franklin Small Cap Value Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 2407 | $60468 | $24.04 | $27.85 | 0.95% | 1.70% | 0.88% | 5.21% | 6.05% |
| 2024 | 3416 | $81228 | $22.85 | $26.26 | 0.95% | 1.70% | 1.17% | 9.17% | 10.01% |
| 2023 | 3966 | $86152 | $20.93 | $23.87 | 0.95% | 1.70% | 1.09% | 12.10% | 12.97% |
| 2022 | 4392 | $84928 | $18.67 | $21.13 | 0.95% | 1.70% | 0.42% | (18.47)% | (17.88)% |
| 2021 | 4799 | $113613 | $22.90 | $25.73 | 0.95% | 1.70% | 0.34% | 17.56% | 18.52% |

---

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8**. Financial Highlights (Continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Unit Values** | **Unit Values** | **Contract Charges** | **Contract Charges** | **Investment**<br>**Income**<br>**Ratio\*** | **Total Return<br>Ratio\*\*** | **Total Return<br>Ratio\*\*** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Lowest** | **Highest** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*** | **Lowest** | **Highest** |
|  **<u>EQ/Global Equity Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 10315 | $538031 | $39.49 | $50.43 | 0.95% | 1.80% | 0.79% | 17.01% | 18.02% |
| 2024 | 13761 | $611106 | $32.83 | $42.73 | 0.95% | 1.90% | 1.21% | 10.50% | 11.54% |
| 2023 | 15866 | $634380 | $29.71 | $38.31 | 0.95% | 1.90% | 0.85% | 19.03% | 20.21% |
| 2022 | 18044 | $603205 | $24.96 | $31.87 | 0.95% | 1.90% | 0.34% | (22.46)% | (21.71)% |
| 2021 | 19753 | $847215 | $32.19 | $40.71 | 0.95% | 1.90% | 0.87% | 13.71% | 14.81% |
|  **<u>EQ/Growth Strategy (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 15373 | $463386 | $28.93 | $31.32 | 0.00% | 1.70% | 1.78% | 8.41% | 9.58% |
| 2024 | 17872 | $490485 | $26.40 | $28.13 | 1.30% | 1.70% | 2.29% | 10.46% | 10.92% |
| 2023 | 20279 | $502860 | $23.90 | $25.36 | 1.30% | 1.70% | 1.35% | 14.52% | 15.01% |
| 2022 | 22388 | $483549 | $20.87 | $22.05 | 1.30% | 1.70% | 0.83% | (18.83)% | (18.51)% |
| 2021 | 24608 | $653258 | $25.71 | $27.06 | 1.30% | 1.70% | 2.16% | 12.37% | 12.84% |
|  **<u>EQ/Intermediate Government Bond (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 6702 | $91600 | $17.43 | $20.79 | 1.20% | 1.70% | 2.97% | 3.75% | 4.32% |
| 2024 | 7980 | $103198 | $16.80 | $19.93 | 1.20% | 1.70% | 2.47% | 0.66% | 1.17% |
| 2023 | 8542 | $109157 | $16.69 | $19.70 | 1.20% | 1.70% | 2.59% | 2.14% | 2.60% |
| 2022 | 9603 | $120147 | $16.34 | $19.20 | 1.20% | 1.70% | 0.92% | (9.22)% | (8.75)% |
| 2021 | 10441 | $142574 | $18.00 | $21.04 | 1.20% | 1.70% | 0.70% | (3.79)% | (3.31)% |
|  **<u>EQ/International Core Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 23376 | $554134 | $19.00 | $24.57 | 0.95% | 1.90% | 1.29% | 23.70% | 24.85% |
| 2024 | 30131 | $574827 | $15.36 | $19.68 | 0.95% | 1.90% | 2.09% | 1.25% | 2.29% |
| 2023 | 33873 | $635073 | $15.17 | $19.24 | 0.95% | 1.90% | 1.69% | 14.58% | 15.69% |
| 2022 | 38749 | $631266 | $13.24 | $16.63 | 0.95% | 1.90% | 1.20% | (15.72)% | (14.94)% |
| 2021 | 42706 | $822188 | $15.71 | $19.55 | 0.95% | 1.90% | 2.23% | 7.90% | 8.97% |
|  **<u>EQ/International Equity Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 20538 | $507483 | $22.36 | $29.14 | 0.95% | 1.80% | 3.56% | 29.17% | 30.26% |
| 2024 | 26108 | $496778 | $16.80 | $22.37 | 0.95% | 1.90% | 2.89% | 2.88% | 3.85% |
| 2023 | 28788 | $530169 | $16.33 | $21.54 | 0.95% | 1.90% | 2.80% | 16.81% | 17.96% |
| 2022 | 32388 | $508426 | $13.98 | $18.26 | 0.95% | 1.90% | 2.44% | (13.60)% | (12.76)% |
| 2021 | 35331 | $638935 | $16.18 | $20.93 | 0.95% | 1.90% | 3.15% | 8.88% | 9.87% |
|  **<u>EQ/International Value Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 9661 | $256087 | $26.60 | $35.06 | 0.95% | 1.90% | 2.14% | 24.30% | 25.48% |
| 2024 | 12472 | $263959 | $21.40 | $27.94 | 0.95% | 1.90% | 2.30% | (0.51)% | 0.47% |
| 2023 | 13819 | $292406 | $21.51 | $27.81 | 0.95% | 1.90% | 2.02% | 16.40% | 17.49% |
| 2022 | 15974 | $288950 | $18.48 | $23.67 | 0.95% | 1.90% | 1.54% | (15.31)% | (14.49)% |
| 2021 | 17374 | $369184 | $21.82 | $27.68 | 0.95% | 1.90% | 2.10% | 8.23% | 9.28% |
|  **<u>EQ/Janus Enterprise (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 6072 | $292497 | $44.92 | $50.94 | 1.20% | 1.80% | 0.00% | 6.12% | 6.77% |
| 2024 | 8058 | $364219 | $42.33 | $47.71 | 1.20% | 1.80% | 0.01% | 12.07% | 12.76% |
| 2023 | 9227 | $370960 | $37.77 | $42.31 | 1.20% | 1.80% | 0.03% | 14.94% | 15.60% |
| 2022 | 10318 | $359618 | $32.86 | $36.60 | 1.20% | 1.80% | 0.00% | (18.10)% | (17.57)% |
| 2021 | 11571 | $490695 | $40.12 | $44.40 | 1.20% | 1.80% | 0.09% | 14.73% | 15.44% |

---

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8**. Financial Highlights (Continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Unit Values** | **Unit Values** | **Contract Charges** | **Contract Charges** | **Investment**<br>**Income**<br>**Ratio\*** | **Total Return<br>Ratio\*\*** | **Total Return<br>Ratio\*\*** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Lowest** | **Highest** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*** | **Lowest** | **Highest** |
|  **<u>EQ/Large Cap Core Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 24455 | $1127997 | $35.81 | $46.45 | 0.95% | 1.90% | 0.75% | 8.78% | 9.81% |
| 2024 | 31439 | $1330065 | $32.92 | $42.30 | 0.95% | 1.90% | 0.95% | 21.25% | 22.47% |
| 2023 | 36898 | $1281305 | $27.15 | $34.54 | 0.95% | 1.90% | 1.70% | 21.59% | 22.74% |
| 2022 | 41844 | $1189724 | $22.33 | $28.14 | 0.95% | 1.90% | 0.01% | (19.94)% | (19.16)% |
| 2021 | 47344 | $1673964 | $27.89 | $34.81 | 0.95% | 1.90% | 0.39% | 24.90% | 26.12% |
|  **<u>EQ/Large Cap Growth Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 11263 | $829901 | $48.04 | $62.12 | 0.95% | 1.90% | 0.00% | 15.51% | 16.61% |
| 2024 | 14587 | $932113 | $41.59 | $53.27 | 0.95% | 1.90% | 0.04% | 29.81% | 31.08% |
| 2023 | 16884 | $825562 | $32.04 | $40.64 | 0.95% | 1.90% | 0.23% | 38.88% | 40.23% |
| 2022 | 18705 | $653245 | $23.07 | $28.98 | 0.95% | 1.90% | 0.23% | (30.89)% | (30.22)% |
| 2021 | 20525 | $1032907 | $33.38 | $41.53 | 0.95% | 1.90% | 0.05% | 24.32% | 25.54% |
|  **<u>EQ/Large Cap Growth Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 31123 | $2476763 | $75.97 | $100.15 | 0.95% | 1.90% | 0.09% | 8.95% | 10.02% |
| 2024 | 40844 | $2960535 | $69.73 | $91.03 | 0.95% | 1.90% | 0.33% | 27.64% | 28.86% |
| 2023 | 48339 | $2733737 | $54.63 | $70.64 | 0.95% | 1.90% | 0.40% | 36.34% | 37.67% |
| 2022 | 55347 | $2285075 | $40.07 | $51.31 | 0.95% | 1.90% | 0.07% | (31.90)% | (31.25)% |
| 2021 | 60736 | $3665931 | $58.84 | $74.63 | 0.95% | 1.90% | 0.00% | 22.00% | 23.19% |
|  **<u>EQ/Large Cap Value Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 19657 | $385679 | $18.36 | $21.85 | 0.95% | 1.80% | 1.18% | 12.98% | 13.86% |
| 2024 | 24874 | $429938 | $16.25 | $19.19 | 0.95% | 1.80% | 1.42% | 11.45% | 12.49% |
| 2023 | 28157 | $435350 | $14.58 | $17.06 | 0.95% | 1.80% | 1.57% | 8.72% | 9.71% |
| 2022 | 31276 | $443233 | $13.41 | $15.55 | 0.95% | 1.80% | 1.43% | (9.88)% | (9.12)% |
| 2021 | 32203 | $504466 | $14.88 | $17.11 | 0.95% | 1.80% | 1.24% | 22.07% | 23.09% |
|  **<u>EQ/Large Cap Value Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 46347 | $1644056 | $34.01 | $44.54 | 0.95% | 1.90% | 1.31% | 8.55% | 9.60% |
| 2024 | 57518 | $1865592 | $31.33 | $40.64 | 0.95% | 1.90% | 1.50% | 11.93% | 13.05% |
| 2023 | 66327 | $1912970 | $27.99 | $35.95 | 0.95% | 1.90% | 1.58% | 11.83% | 12.87% |
| 2022 | 74638 | $1916339 | $25.03 | $31.85 | 0.95% | 1.90% | 1.23% | (13.27)% | (12.43)% |
| 2021 | 84368 | $2486197 | $28.86 | $36.37 | 0.95% | 1.90% | 0.92% | 22.44% | 23.62% |
|  **<u>EQ/Mid Cap Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 14549 | $602491 | $34.52 | $42.95 | 0.95% | 1.80% | 0.81% | 4.89% | 5.81% |
| 2024 | 17898 | $703390 | $32.10 | $40.59 | 0.95% | 1.90% | 0.85% | 11.03% | 12.13% |
| 2023 | 20441 | $720217 | $28.91 | $36.20 | 0.95% | 1.90% | 1.00% | 13.55% | 14.67% |
| 2022 | 22533 | $695851 | $25.46 | $31.57 | 0.95% | 1.90% | 0.93% | (15.25)% | (14.44)% |
| 2021 | 25300 | $917623 | $30.04 | $36.90 | 0.95% | 1.90% | 0.61% | 21.52% | 22.71% |
|  **<u>EQ/Mid Cap Value Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 16716 | $684748 | $38.42 | $50.64 | 0.95% | 1.90% | 1.15% | 2.98% | 3.96% |
| 2024 | 20753 | $820111 | $37.31 | $48.71 | 0.95% | 1.90% | 1.33% | 9.54% | 10.60% |
| 2023 | 23933 | $859444 | $34.06 | $44.04 | 0.95% | 1.90% | 1.42% | 11.05% | 12.12% |
| 2022 | 26583 | $855741 | $30.67 | $39.28 | 0.95% | 1.90% | 0.90% | (16.20)% | (15.38)% |
| 2021 | 29794 | $1138530 | $36.60 | $46.42 | 0.95% | 1.90% | 0.55% | 25.00% | 26.18% |

---

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8**. Financial Highlights (Continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Unit Values** | **Unit Values** | **Contract Charges** | **Contract Charges** | **Investment**<br>**Income**<br>**Ratio\*** | **Total Return<br>Ratio\*\*** | **Total Return<br>Ratio\*\*** |
|  | **Units**<br>**Outstanding**<br>**(000's)** | **Accumulation**<br>**Unit Values**<br>**(000's)** | **Lowest** | **Highest** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*** | **Lowest** | **Highest** |
|  **<u>EQ/Moderate Allocation (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 69628 | $1865489 | $17.73 | $68.31 | 0.00% | 1.90% | 2.26% | 8.12% | 11.51% |
| 2024 | 96893 | $2366132 | $16.09 | $63.18 | 0.00% | 1.90% | 2.54% | 5.85% | 7.91% |
| 2023 | 112111 | $2576155 | $59.69 | $86.03 | 0.95% | 1.90% | 1.83% | 10.23% | 11.29% |
| 2022 | 129569 | $2692536 | $54.15 | $77.30 | 0.95% | 1.90% | 1.18% | (17.08)% | (16.27)% |
| 2021 | 149083 | $3712566 | $65.30 | $92.32 | 0.95% | 1.90% | 2.49% | 6.37% | 7.39% |
|  **<u>EQ/Moderate Growth Strategy (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 17067 | $451332 | $25.27 | $27.36 | 0.00% | 1.70% | 1.98% | 7.97% | 8.92% |
| 2024 | 19786 | $479222 | $23.20 | $24.72 | 1.30% | 1.70% | 2.41% | 8.87% | 9.28% |
| 2023 | 22739 | $504618 | $21.31 | $22.62 | 1.30% | 1.70% | 1.41% | 12.87% | 13.38% |
| 2022 | 25284 | $495590 | $18.88 | $19.95 | 1.30% | 1.70% | 0.87% | (17.88)% | (17.56)% |
| 2021 | 27929 | $665003 | $22.99 | $24.20 | 1.30% | 1.70% | 1.93% | 10.00% | 10.45% |
|  **<u>EQ/Moderate-Plus Allocation (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 129934 | $3584985 | $21.41 | $23.74 | 0.00% | 1.80% | 1.82% | 9.50% | 11.51% |
| 2024 | 185117 | $4643417 | $19.20 | $21.68 | 0.00% | 1.80% | 2.31% | 8.78% | 10.79% |
| 2023 | 213108 | $4898464 | $19.93 | $23.66 | 0.95% | 1.80% | 1.57% | 13.24% | 14.24% |
| 2022 | 243979 | $4935225 | $17.27 | $20.71 | 0.95% | 1.90% | 1.01% | (18.61)% | (17.85)% |
| 2021 | 275112 | $6808438 | $21.22 | $25.21 | 0.95% | 1.90% | 3.34% | 10.52% | 11.60% |
|  **<u>EQ/Money Market (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 77936 | $574359 | $23.53 | $52.75 | 0.00% | 1.80% | 3.59% | 1.82% | 3.70% |
| 2024 | 149986 | $1066567 | $22.11 | $50.89 | 0.00% | 1.90% | 4.51% | 2.65% | 4.67% |
| 2023 | 147519 | $803693 | $22.49 | $48.62 | 0.00% | 1.80% | 4.33% | 2.60% | 4.47% |
| 2022 | 166801 | $809120 | $21.92 | $46.54 | 0.00% | 1.80% | 1.10% | (0.72)% | 1.09% |
| 2021 | 189937 | $814808 | $22.08 | $46.04 | 0.00% | 1.80% | 0.00% | (1.65)% | 0.17% |
|  **<u>EQ/Quality Bond PLUS (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 36102 | $449930 | $13.88 | $17.45 | 1.20% | 1.90% | 3.39% | 4.28% | 4.99% |
| 2024 | 43272 | $514485 | $13.31 | $16.62 | 1.20% | 1.90% | 2.96% | (0.15)% | 0.54% |
| 2023 | 46056 | $546457 | $13.33 | $16.53 | 1.20% | 1.90% | 2.09% | 2.22% | 2.99% |
| 2022 | 49245 | $569732 | $13.04 | $16.05 | 1.20% | 1.90% | 0.62% | (11.89)% | (11.28)% |
| 2021 | 56485 | $737831 | $14.80 | $18.09 | 1.20% | 1.90% | 0.75% | (3.96)% | (3.31)% |
|  **<u>EQ/Small Company Index (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 7497 | $341850 | $43.66 | $57.18 | 0.95% | 1.90% | 0.82% | 10.48% | 11.53% |
| 2024 | 9603 | $393467 | $39.52 | $51.27 | 0.95% | 1.90% | 1.23% | 8.99% | 10.05% |
| 2023 | 10978 | $410839 | $36.26 | $46.59 | 0.95% | 1.90% | 1.14% | 14.60% | 15.69% |
| 2022 | 11974 | $389166 | $31.64 | $40.27 | 0.95% | 1.90% | 0.87% | (21.35)% | (20.57)% |
| 2021 | 13023 | $535599 | $40.23 | $50.70 | 0.95% | 1.90% | 0.60% | 12.88% | 13.98% |
|  **<u>Multimanager Technology (Class IB)</u>** |  |  |  |  |  |  |  |  |  |
| 2025 | 6884 | $733666 | $89.10 | $109.57 | 0.95% | 1.80% | 0.00% | 23.63% | 24.70% |
| 2024 | 8992 | $773381 | $72.07 | $87.87 | 0.95% | 1.80% | 0.00% | 23.81% | 24.89% |
| 2023 | 10669 | $738140 | $58.21 | $70.36 | 0.95% | 1.80% | 0.00% | 46.85% | 48.13% |
| 2022 | 11606 | $544347 | $39.64 | $47.50 | 0.95% | 1.80% | 0.00% | (38.42)% | (37.89)% |
| 2021 | 12821 | $973376 | $64.37 | $76.48 | 0.95% | 1.80% | 0.00% | 18.65% | 19.69% |

---

\* 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.

------

**SEPARATE ACCOUNT NO. 49** 

**Notes to Financial Statements (Concluded)** 

**December 31, 2025** 

**8**. Financial Highlights (Concluded)

\*\* 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.

**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.