# EDGAR Filing Document

**Accession Number:** 0000814378
**File Stem:** 0001104659-26-041598
**Filing Date:** 2026-4
**Character Count:** 184675
**Document Hash:** 8d7f9de138130026495984a23df141fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-041598.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001104659-26-041598

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Equitable America Variable Account A of Equitable Financial Life Insurance Co of America
- **CENTRAL INDEX KEY:** 0000814378

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05166
- **FILM NUMBER:** 26852760

**BUSINESS ADDRESS:**
- **STREET 1:** 525 WASHINGTON BOULEVARD, 22ND FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07310
- **BUSINESS PHONE:** 212314-3912

**MAIL ADDRESS:**
- **STREET 1:** 525 WASHINGTON BOULEVARD, 22ND FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07310

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONY AMERICA VARIABLE ACCOUNT A
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Equitable America Variable Account A of Equitable Financial Life Insurance Co of America (Series ID: S000009935)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000027477 | MONY Variable Annuity                    |  |
| C000027478 | MONY C Variable Annuity                  |  |
| C000027479 | MONY L Variable Annuity                  |  |
| C000027480 | MONY Custom Master                       |  |
| C000027481 | The MONYMaster (Florida only as of 1999) |  |
| C000027482 | The MONYMaster (033-20453)               |  |
| C000027483 | The MONYMaster (033-14362)               |  |
| C000027484 | The ValueMaster                          |  |

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

**FINANCIAL STATEMENTS** 

**December 31, 2025**

---

| | |
|:---|:---|
| INDEX TO FINANCIAL STATEMENTS | Page |
| Report of Independent Registered Public Accounting Firm | 1 |
| Statement of Assets and Liabilities as of December 31, 2025 | 3 |
| Statement of Operations for Year Ended December 31, 2025 | 20 |
| Statement of Changes in Net Assets for the Year Ended December 31, 2025 | 29 |
| Statement of Changes in Net Assets for the Year Ended December 31, 2024 | 38 |
| Notes to Financial Statements | 47 |

---

![](tm263258d1_eqvacfin01img001.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Equitable Financial Life Insurance Company of America and the Contractowners of Equitable America Variable Account A

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of the variable investment options of Equitable America Variable Account A 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 Equitable America Variable Account A 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;1290 VT Equity Income | &nbsp;&nbsp;EQ/Moderate-Plus Allocation |
| &nbsp;&nbsp;1290 VT GAMCO Mergers & Acquisitions | &nbsp;&nbsp;EQ/Money Market |
| &nbsp;&nbsp;1290 VT GAMCO Small Company Value | &nbsp;&nbsp;EQ/Morgan Stanley Small Cap Growth |
| &nbsp;&nbsp;1290 VT Socially Responsible | &nbsp;&nbsp;EQ/PIMCO Ultra Short Bond |
| &nbsp;&nbsp;BNY Mellon Stock Index Fund, Inc. | &nbsp;&nbsp;EQ/Quality Bond PLUS |
| &nbsp;&nbsp;EQ/AB Small Cap Growth | &nbsp;&nbsp;EQ/Small Company Index |
| &nbsp;&nbsp;EQ/Aggressive Allocation | &nbsp;&nbsp;EQ/Value Equity |
| &nbsp;&nbsp;EQ/All Asset Growth Allocation | &nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio |
| &nbsp;&nbsp;EQ/Capital Group Research | &nbsp;&nbsp;Franklin Income VIP Fund |
| &nbsp;&nbsp;EQ/Conservative Allocation | &nbsp;&nbsp;Franklin Rising Dividends VIP Fund |
| &nbsp;&nbsp;EQ/Conservative-Plus Allocation | &nbsp;&nbsp;Invesco V.I. Diversified Dividend Fund |
| &nbsp;&nbsp;EQ/Core Bond Index | &nbsp;&nbsp;Invesco V.I. Global Core Equity Fund |
| &nbsp;&nbsp;EQ/Core Plus Bond | &nbsp;&nbsp;Invesco V.I. Global Fund |
| &nbsp;&nbsp;EQ/Global Equity Managed Volatility | &nbsp;&nbsp;Invesco V.I. Health Care Fund |
| &nbsp;&nbsp;EQ/Intermediate Government Bond | &nbsp;&nbsp;Invesco V.I. Technology Fund |
| &nbsp;&nbsp;EQ/Janus Enterprise | &nbsp;&nbsp;Janus Henderson Balanced Portfolio |
| &nbsp;&nbsp;EQ/JPMorgan Growth Stock Portfolio | &nbsp;&nbsp;Janus Henderson Enterprise Portfolio |
| &nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility | &nbsp;&nbsp;Janus Henderson Forty Portfolio |
| &nbsp;&nbsp;EQ/Large Cap Value Index | &nbsp;&nbsp;Janus Henderson Global Research Portfolio |
| &nbsp;&nbsp;EQ/Large Cap Value Managed Volatility | &nbsp;&nbsp;Janus Henderson Overseas Portfolio |
| &nbsp;&nbsp;EQ/Loomis Sayles Growth Portfolio | &nbsp;&nbsp;MFS® Utilities Series |
| &nbsp;&nbsp;EQ/MFS International Growth | &nbsp;&nbsp;PIMCO Global Bond Opportunities Portfolio (Unhedged) |
| &nbsp;&nbsp;EQ/Mid Cap Index | &nbsp;&nbsp;ProFund VP Bear |
| &nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility | &nbsp;&nbsp;ProFund VP Rising Rates Opportunity |
| &nbsp;&nbsp;EQ/Moderate Allocation | &nbsp;&nbsp;ProFund VP Ultrabull |

---

***Basis for Opinions***

These financial statements are the responsibility of the Equitable Financial Life Insurance Company of America management. Our responsibility is to express an opinion on the financial statements of each of the variable investment options of Equitable America Variable Account A 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 Equitable America Variable Account A 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 Equitable America Variable Account A since at least 1998. We have not been able to determine the specific year we began serving as auditor of the Separate Account.

**Equitable America Variable Account A**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1290 VT Equity<br> Income\* | 1290 VT<br> GAMCO<br> Mergers &<br> Acquisitions\* | 1290 VT<br> GAMCO Small<br> Company<br> Value\* | 1290 VT<br> Socially<br> Responsible\* | BNY Mellon<br> Stock Index<br> Fund, Inc. | EQ/AB Small<br> Cap Growth\* |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $7970677 | $743621 | $78420042 | $1812808 | $18019424 | $857995 |
| Receivable for shares of the Portfolios sold | 8537 | 899 | 44535 | 70 | 1814 | 564 |
| Receivable for policy-related transactions | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total assets | 7979214 | 744520 | 78464577 | 1812878 | 18021238 | 858559 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased |  |  |  |  |  |  |
| Payable for policy-related transactions | 8537 | 899 | 44535 | 70 | 1814 | 564 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 8537 | 899 | 44535 | 70 | 1814 | 564 |
| **Net Assets** | $**7970677** | $**743621** | $**78420042** | $**1812808** | $**18019424** | $**857995** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $7970677 | $743621 | $78420042 | $1812808 | $18019424 | $857995 |
| **Total Net Assets** | $**7970677** | $**743621** | $**78420042** | $**1812808** | $**18019424** | $**857995** |
| **Investments in shares of the Portfolios, at cost** | 8240080 | 676565 | 51391886 | 1503125 | 10175780 | 911387 |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Aggressive<br> Allocation\* | EQ/All Asset<br> Growth<br> Allocation\* | EQ/Capital<br> Group<br> Research\* | EQ/Conservative<br> Allocation\* | EQ/Conservative-<br> Plus Allocation\* | EQ/Core Bond<br> Index\* |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $1331766 | $68097269 | $23585734 | $552682 | $489161 | $7154074 |
| Receivable for shares of the Portfolios sold | 52 | 40477 | 29355 | 4771 | 34 | 2390 |
| Receivable for policy-related transactions | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total assets | 1331818 | 68137746 | 23615089 | 557453 | 489195 | 7156464 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased |  |  |  |  |  |  |
| Payable for policy-related transactions | 52 | 40477 | 29355 | 4771 | 34 | 2390 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 52 | 40477 | 29355 | 4771 | 34 | 2390 |
| **Net Assets** | $**1331766** | $**68097269** | $**23585734** | $**552682** | $**489161** | $**7154074** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $1331766 | $68097269 | $23585734 | $552682 | $489161 | $7154074 |
| **Total Net Assets** | $**1331766** | $**68097269** | $**23585734** | $**552682** | $**489161** | $**7154074** |
| **Investments in shares of the Portfolios, at cost** | 1337472 | 62995391 | 17849241 | 606947 | 527800 | 7366922 |

---

---

| |
|:---|
| \* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisor Trust, an affiliate of Equitable Financial. |
| Note: Totals may not appear to foot/crossfoot due to rounding. |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Core Plus<br> Bond\* | EQ/Global<br> Equity Managed<br> Volatility\* | EQ/Intermediate<br> Government<br> Bond\* | EQ/Janus<br> Enterprise\* | EQ/JPMorgan<br> Growth Stock<br> Portfolio\* | EQ/Large Cap<br> Growth<br> Managed<br> Volatility\* |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $864919 | $1728453 | $3212736 | $5277340 | $50511227 | $7482004 |
| Receivable for shares of the Portfolios sold | 637 | 1700 | 1441 | 5619 | 7426 | 3551 |
| Receivable for policy-related transactions | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total assets | 865556 | 1730153 | 3214177 | 5282959 | 50518653 | 7485555 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased |  |  |  |  |  |  |
| Payable for policy-related transactions | 637 | 1700 | 1441 | 5619 | 7426 | 3551 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 637 | 1700 | 1441 | 5619 | 7426 | 3551 |
| **Net Assets** | $**864919** | $**1728453** | $**3212736** | $**5277340** | $**50511227** | $**7482004** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $864919 | $1728453 | $3212736 | $5277340 | $50511227 | $7482004 |
| **Total Net Assets** | $**864919** | $**1728453** | $**3212736** | $**5277340** | $**50511227** | $**7482004** |
| **Investments in shares of the Portfolios, at cost** | 973870 | 1479066 | 3302699 | 4692543 | 31532094 | 6826766 |

---

---

| |
|:---|
| \* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisor Trust, an affiliate of Equitable Financial. |
| Note: Totals may not appear to foot/crossfoot due to rounding. |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Large Cap<br> Value Index\* | EQ/Large Cap<br> Value Managed<br> Volatility\* | EQ/Loomis<br> Sayles Growth<br> Portfolio\* | EQ/MFS<br> International<br> Growth\* | EQ/Mid Cap<br> Index\* | EQ/Mid Cap<br> Value Managed<br> Volatility\* |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $7851736 | $2404910 | $60512464 | $6264964 | $5834698 | $7395615 |
| Receivable for shares of the Portfolios sold |  | 190 |  | 1668 | 2110 |  |
| Receivable for policy-related transactions | 41343 | - | 127911 | - | - | 27384 |
| &nbsp;&nbsp;&nbsp;Total assets | 7893079 | 2405100 | 60640375 | 6266632 | 5836808 | 7422999 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased | 41343 |  | 127911 |  |  | 27384 |
| Payable for policy-related transactions | - | 190 | - | 1668 | 2110 | - |
| &nbsp;&nbsp;&nbsp;Total liabilities | 41343 | 190 | 127911 | 1668 | 2110 | 27384 |
| **Net Assets** | $**7851736** | $**2404910** | $**60512464** | $**6264964** | $**5834698** | $**7395615** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $7851736 | $2404910 | $60512464 | $6264964 | $5834698 | $7395615 |
| **Total Net Assets** | $**7851736** | $**2404910** | $**60512464** | $**6264964** | $**5834698** | $**7395615** |
| **Investments in shares of the Portfolios, at cost** | 5435691 | 2063362 | 44482455 | 5455112 | 4337441 | 6309543 |

---

---

| |
|:---|
| \* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisor Trust, an affiliate of Equitable Financial. |
| Note: Totals may not appear to foot/crossfoot due to rounding. |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Moderate<br> Allocation\* | EQ/Moderate-Plus<br> Allocation\* | EQ/Money<br> Market\* | EQ/Morgan<br> Stanley Small<br> Cap Growth\* | EQ/PIMCO Ultra<br> Short Bond\* | EQ/Quality<br> Bond PLUS\* |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $6454854 | $2256420 | $18279570 | $8296010 | $1199024 | $1847054 |
| Receivable for shares of the Portfolios sold | 743 | 88 | 52344 | 9024 | 385 |  |
| Receivable for policy-related transactions | - | - | - | - | - | 30430 |
| &nbsp;&nbsp;&nbsp;Total assets | 6455597 | 2256508 | 18331914 | 8305034 | 1199409 | 1877484 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased |  |  |  |  |  | 30430 |
| Payable for policy-related transactions | 743 | 88 | 52344 | 9024 | 385 | - |
| &nbsp;&nbsp;&nbsp;Total liabilities | 743 | 88 | 52344 | 9024 | 385 | 30430 |
| **Net Assets** | $**6454854** | $**2256420** | $**18279570** | $**8296010** | $**1199024** | $**1847054** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $6454854 | $2256420 | $18279570 | $8296010 | $1199024 | $1847054 |
| **Total Net Assets** | $**6454854** | $**2256420** | $**18279570** | $**8296010** | $**1199024** | $**1847054** |
| **Investments in shares of the Portfolios, at cost** | 6923010 | 2438854 | 18290907 | 10042761 | 1204146 | 2020946 |

---

---

| |
|:---|
| \* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisor Trust, an affiliate of Equitable Financial. |
| Note: Totals may not appear to foot/crossfoot due to rounding. |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Small<br> Company<br> Index\* | EQ/Value<br> Equity\* | Fidelity® <br> VIP <br> Contrafund®<br> Portfolio | Franklin<br> Income <br> VIP Fund | Franklin<br> Rising<br> Dividends<br> VIP Fund | Invesco V.I.<br> Diversified<br> Dividend <br> Fund |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $1855010 | $2374823 | $21410198 | $8341448 | $5102220 | $497729 |
| Receivable for shares of the Portfolios sold | 1158 | 1520 | 4933 |  |  | 208 |
| Receivable for policy-related transactions | - | - | - | 105003 | 70525 | - |
| &nbsp;&nbsp;&nbsp;Total assets | 1856168 | 2376343 | 21415131 | 8446451 | 5172745 | 497937 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased |  |  |  | 105003 | 70525 |  |
| Payable for policy-related transactions | 1158 | 1520 | 4933 | - | - | 208 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1158 | 1520 | 4933 | 105003 | 70525 | 208 |
| **Net Assets** | $**1855010** | $**2374823** | $**21410198** | $**8341448** | $**5102220** | $**497729** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $1855010 | $2374823 | $21410198 | $8341448 | $5102220 | $497729 |
| **Total Net Assets** | $**1855010** | $**2374823** | $**21410198** | $**8341448** | $**5102220** | $**497729** |
| **Investments in shares of the Portfolios, at cost** | 1590816 | 1857199 | 13825039 | 7959033 | 4443948 | 418430 |

---

---

| |
|:---|
| \* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisor Trust, an affiliate of Equitable Financial. |
| Note: Totals may not appear to foot/crossfoot due to rounding. |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Invesco V.I.<br> Global Core<br> Equity Fund | Invesco V.I.<br> Global Fund | Invesco V.I.<br> Health Care<br> Fund | Invesco V.I.<br> Technology<br> Fund | Janus<br> Henderson<br> Balanced<br> Portfolio | Janus<br> Henderson<br> Enterprise<br> Portfolio |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $375299 | $5352104 | $875323 | $840437 | $9068610 | $10639201 |
| Receivable for shares of the Portfolios sold | 57 |  | 265 | 41 | 1655 | 3639 |
| Receivable for policy-related transactions | - | 54563 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total assets | 375356 | 5406667 | 875588 | 840478 | 9070265 | 10642840 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased |  | 54563 |  |  |  |  |
| Payable for policy-related transactions | 57 | - | 265 | 41 | 1655 | 3639 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 57 | 54563 | 265 | 41 | 1655 | 3639 |
| **Net Assets** | $**375299** | $**5352104** | $**875323** | $**840437** | $**9068610** | $**10639201** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $375299 | $5352104 | $875323 | $840437 | $9068610 | $10639201 |
| **Total Net Assets** | $**375299** | $**5352104** | $**875323** | $**840437** | $**9068610** | $**10639201** |
| **Investments in shares of the Portfolios, at cost** | 284836 | 4928481 | 714641 | 657275 | 5308712 | 7611239 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Janus<br> Henderson<br> Forty<br> Portfolio | Janus<br> Henderson<br> Global<br> Research<br> Portfolio | Janus<br> Henderson<br> Overseas<br> Portfolio | MFS®<br> Utilities <br> Series | PIMCO<br> Global Bond<br> Opportunities<br> Portfolio<br> (Unhedged) | ProFund<br> VP Bear |
| **Assets:** |  |  |  |  |  |  |
| Investments in shares of the Portfolios, at fair value | $17073599 | $6680188 | $3348413 | $1948176 | $1660598 | $21386 |
| Receivable for shares of the Portfolios sold | 3574 | 3063 | 1191 | 102 | 563 | 16 |
| Receivable for policy-related transactions | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total assets | 17077173 | 6683251 | 3349604 | 1948278 | 1661161 | 21402 |
| **Liabilities:** |  |  |  |  |  |  |
| Payable for shares of the Portfolios purchased |  |  |  |  |  |  |
| Payable for policy-related transactions | 3574 | 3063 | 1191 | 102 | 563 | 16 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 3574 | 3063 | 1191 | 102 | 563 | 16 |
| **Net Assets** | $**17073599** | $**6680188** | $**3348413** | $**1948176** | $**1660598** | $**21386** |
| **Net Assets:** |  |  |  |  |  |  |
| Accumulation unit values | $17073599 | $6680188 | $3348413 | $1948176 | $1660598 | $21386 |
| **Total Net Assets** | $**17073599** | $**6680188** | $**3348413** | $**1948176** | $**1660598** | $**21386** |
| **Investments in shares of the Portfolios, at cost** | 12095945 | 3599552 | 2312084 | 1530977 | 1950513 | 40802 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | ProFund <br> VP Rising<br> Rates<br> Opportunity | ProFund <br> VP Ultrabull |
| **Assets:** |  |  |
| Investments in shares of the Portfolios, at fair value | $146670 | $4009304 |
| Receivable for shares of the Portfolios sold | 168 | 524 |
| Receivable for policy-related transactions | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 146838 | 4009828 |
| **Liabilities:** |  |  |
| Payable for shares of the Portfolios purchased |  |  |
| Payable for policy-related transactions | 168 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 168 | 524 |
| **Net Assets** | $**146670** | $**4009304** |
| **Net Assets:** |  |  |
| Accumulation unit values | $146670 | $4009304 |
| **Total Net Assets** | $**146670** | $**4009304** |
| **Investments in shares of the Portfolios, at cost** | 193843 | 3026295 |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |
| The following table provides the Portfolio shares held by the Variable Investment Options of the Variable Account. |

---

---

| | | |
|:---|:---|:---|
|  |  | **Portfolio** |
|  | **<u>Share Class \*\*</u>** | **<u>Shares Held</u>** |
| 1290 VT Equity Income | Class IB | 1626669 |
| 1290 VT GAMCO Mergers & Acquisitions | Class IB | 54839 |
| 1290 VT GAMCO Small Company Value | Class IB | 1028729 |
| 1290 VT Socially Responsible | Class IB | 73452 |
| BNY Mellon Stock Index Fund, Inc. | Initial Shares | 206763 |
| EQ/AB Small Cap Growth | Class IB | 57973 |
| EQ/Aggressive Allocation | Class IB | 125876 |
| EQ/All Asset Growth Allocation | Class IB | 3331569 |
| EQ/Capital Group Research | Class IB | 632665 |
| EQ/Conservative Allocation | Class IB | 66669 |
| EQ/Conservative-Plus Allocation | Class IB | 58935 |
| EQ/Core Bond Index | Class IB | 752269 |
| EQ/Core Plus Bond | Class IA | 254388 |
| EQ/Global Equity Managed Volatility | Class IB | 100902 |
| EQ/Intermediate Government Bond | Class IA | 330869 |
| EQ/Janus Enterprise | Class IB | 252867 |
| EQ/JPMorgan Growth Stock Portfolio | Class IB | 720971 |
| EQ/Large Cap Growth Managed Volatility | Class IB | 231426 |
| EQ/Large Cap Value Index | Class IB | 692393 |
| EQ/Large Cap Value Managed Volatility | Class IB | 132138 |
| EQ/Loomis Sayles Growth Portfolio | Class IB | 5001030 |
| EQ/MFS International Growth | Class IB | 765888 |
| EQ/Mid Cap Index | Class IB | 364669 |
| EQ/Mid Cap Value Managed Volatility | Class IB | 484006 |
| EQ/Moderate Allocation | Class IB | 532579 |
| EQ/Moderate-Plus Allocation | Class IB | 233826 |
| EQ/Money Market | Class IA | 18279570 |
| EQ/Morgan Stanley Small Cap Growth | Class IB | 888224 |
| EQ/PIMCO Ultra Short Bond | Class IB | 121482 |
| EQ/Quality Bond PLUS | Class IB | 237411 |
| EQ/Small Company Index | Class IB | 149718 |
| EQ/Value Equity | Class IB | 98663 |
| Fidelity® VIP Contrafund® Portfolio | Service Class | 360866 |
| Franklin Income VIP Fund | Class 2 | 550227 |
| Franklin Rising Dividends VIP Fund | Class 2 | 181962 |
| Invesco V.I. Diversified Dividend Fund | Series 1 | 18285 |
| Invesco V.I. Global Core Equity Fund | Series 1 | 31832 |
| Invesco V.I. Global Fund | Service Class | 147441 |
| Invesco V.I. Health Care Fund | Series 1 | 29285 |
| Invesco V.I. Technology Fund | Series 1 | 32715 |
| Janus Henderson Balanced Portfolio | Institutional Shares | 162345 |
| Janus Henderson Enterprise Portfolio | Institutional Shares | 127294 |
| Janus Henderson Forty Portfolio | Institutional Shares | 227111 |
| Janus Henderson Forty Portfolio | Service Shares | 68993 |
| Janus Henderson Global Research Portfolio | Institutional Shares | 83848 |
| Janus Henderson Overseas Portfolio | Service Shares | 63154 |
| MFS® Utilities Series | Initial Class | 51635 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | Administrative Class | 166727 |
| ProFund VP Bear | Common Shares | 2345 |
| ProFund VP Rising Rates Opportunity | Common Shares | 5594 |
| ProFund VP UltraBull | Common Shares | 88117 |

---

\*\* 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 5 of these financial statements.

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement 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 Variable Account and is further categorized by share class and contract charges.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br>**Charges \*** | <br>**Share Class \*\*** |<br>**Unit Value** | **Units**<br>**Outstanding** |
| 1290 VT Equity Income | 1.25% | Class IB | $11.58 | 20607 |
| 1290 VT Equity Income | 1.20% | Class IB | $41.84 | 21789 |
| 1290 VT Equity Income | 1.35% | Class IB | $39.19 | 119461 |
| 1290 VT Equity Income | 1.50% | Class IB | $46.09 | 130 |
| 1290 VT Equity Income | 1.70% | Class IB | $34.68 | 34146 |
| 1290 VT Equity Income | 2.00% | Class IB | $39.42 | 65 |
| 1290 VT Equity Income | 2.35% | Class IB | $29.68 | 31859 |
| 1290 VT GAMCO Mergers & Acquisitions | 1.20% | Class IB | $23.79 | 4723 |
| 1290 VT GAMCO Mergers & Acquisitions | 1.35% | Class IB | $23.79 | 10302 |
| 1290 VT GAMCO Mergers & Acquisitions | 1.70% | Class IB | $21.96 | 9226 |
| 1290 VT GAMCO Mergers & Acquisitions | 2.35% | Class IB | $18.22 | 10076 |
| 1290 VT GAMCO Small Company Value | 1.20% | Class IB | $87.64 | 51580 |
| 1290 VT GAMCO Small Company Value | 1.25% | Class IB | $443.58 | 98853 |
| 1290 VT GAMCO Small Company Value | 1.35% | Class IB | $111.71 | 197135 |
| 1290 VT GAMCO Small Company Value | 1.45% | Class IB | $95.28 | 171 |
| 1290 VT GAMCO Small Company Value | 1.50% | Class IB | $94.18 | 239 |
| 1290 VT GAMCO Small Company Value | 1.70% | Class IB | $77.27 | 59458 |
| 1290 VT GAMCO Small Company Value | 2.00% | Class IB | $73.99 | 20 |
| 1290 VT GAMCO Small Company Value | 2.35% | Class IB | $66.95 | 50368 |
| 1290 VT GAMCO Small Company Value | 2.80% | Class IB | $61.73 | 338 |
| 1290 VT Socially Responsible | 1.35% | Class IB | $12.18 | 117375 |
| 1290 VT Socially Responsible | 1.20% | Class IB | $51.09 | 2660 |
| 1290 VT Socially Responsible | 1.70% | Class IB | $46.16 | 4283 |
| 1290 VT Socially Responsible | 2.35% | Class IB | $40.45 | 1213 |
| BNY Mellon Stock Index Fund, Inc. | 1.35% | Initial Shares | $53.02 | 339848 |
| EQ/AB Small Cap Growth | 1.20% | Class IB | $42.43 | 4692 |
| EQ/AB Small Cap Growth | 1.70% | Class IB | $39.29 | 7898 |
| EQ/AB Small Cap Growth | 2.35% | Class IB | $34.29 | 10166 |
| EQ/Aggressive Allocation | 1.20% | Class IB | $23.99 | 17327 |
| EQ/Aggressive Allocation | 1.25% | Class IB | $23.77 | 10821 |
| EQ/Aggressive Allocation | 1.35% | Class IB | $23.34 | 21006 |
| EQ/Aggressive Allocation | 1.70% | Class IB | $21.87 | 263 |
| EQ/Aggressive Allocation | 2.35% | Class IB | $19.38 | 8400 |
| EQ/All Asset Growth Allocation | 1.20% | Class IB | $25.51 | 36167 |
| EQ/All Asset Growth Allocation | 1.25% | Class IB | $134.20 | 415938 |
| EQ/All Asset Growth Allocation | 1.35% | Class IB | $23.19 | 383852 |
| EQ/All Asset Growth Allocation | 1.70% | Class IB | $23.64 | 50021 |
| EQ/All Asset Growth Allocation | 2.00% | Class IB | $25.93 | 9733 |
| EQ/All Asset Growth Allocation | 2.35% | Class IB | $20.42 | 49911 |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br>**Charges \*** | <br>**Share Class \*\*** |<br>**Unit Value** | **Units**<br>**Outstanding** |
| EQ/Capital Group Research | 1.20% | Class IB | $83.14 | 17497 |
| EQ/Capital Group Research | 1.25% | Class IB | $62.84 | 21323 |
| EQ/Capital Group Research | 1.35% | Class IB | $51.70 | 336205 |
| EQ/Capital Group Research | 1.45% | Class IB | $80.78 | 96 |
| EQ/Capital Group Research | 1.70% | Class IB | $71.01 | 32914 |
| EQ/Capital Group Research | 1.95% | Class IB | $70.02 | 233 |
| EQ/Capital Group Research | 2.35% | Class IB | $60.66 | 17232 |
| EQ/Capital Group Research | 2.80% | Class IB | $57.77 | 66 |
| EQ/Conservative Allocation | 1.20% | Class IB | $13.52 | 600 |
| EQ/Conservative Allocation | 1.25% | Class IB | $13.39 | 22314 |
| EQ/Conservative Allocation | 1.35% | Class IB | $13.15 | 11700 |
| EQ/Conservative Allocation | 1.70% | Class IB | $12.32 | 7457 |
| EQ/Conservative-Plus Allocation | 1.20% | Class IB | $16.13 | 1328 |
| EQ/Conservative-Plus Allocation | 1.25% | Class IB | $15.98 | 5595 |
| EQ/Conservative-Plus Allocation | 1.35% | Class IB | $15.69 | 18140 |
| EQ/Conservative-Plus Allocation | 1.70% | Class IB | $14.70 | 4378 |
| EQ/Conservative-Plus Allocation | 2.35% | Class IB | $13.03 | 2248 |
| EQ/Core Bond Index | 1.20% | Class IB | $14.41 | 62963 |
| EQ/Core Bond Index | 1.25% | Class IB | $11.37 | 153228 |
| EQ/Core Bond Index | 1.35% | Class IB | $13.51 | 196267 |
| EQ/Core Bond Index | 1.50% | Class IB | $12.06 | 543 |
| EQ/Core Bond Index | 1.70% | Class IB | $12.80 | 75735 |
| EQ/Core Bond Index | 2.00% | Class IB | $9.96 | 155 |
| EQ/Core Bond Index | 2.35% | Class IB | $10.92 | 72991 |
| EQ/Core Bond Index | 2.80% | Class IB | $8.31 | 9453 |
| EQ/Core Plus Bond | 1.20% | Class IA | $14.72 | 11812 |
| EQ/Core Plus Bond | 1.50% | Class IA | $13.54 | 104 |
| EQ/Core Plus Bond | 1.70% | Class IA | $13.05 | 21631 |
| EQ/Core Plus Bond | 2.00% | Class IA | $10.69 | 81 |
| EQ/Core Plus Bond | 2.35% | Class IA | $11.24 | 36073 |
| EQ/Core Plus Bond | 2.80% | Class IA | $8.92 | 114 |
| EQ/Global Equity Managed Volatility | 1.20% | Class IB | $65.44 | 6775 |
| EQ/Global Equity Managed Volatility | 1.45% | Class IB | $80.48 | 27 |
| EQ/Global Equity Managed Volatility | 1.50% | Class IB | $79.55 | 105 |
| EQ/Global Equity Managed Volatility | 1.70% | Class IB | $60.41 | 11670 |
| EQ/Global Equity Managed Volatility | 2.35% | Class IB | $52.68 | 10350 |
| EQ/Global Equity Managed Volatility | 2.80% | Class IB | $54.13 | 448 |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br>**Charges \*** | <br>**Share Class \*\*** |<br>**Unit Value** | **Units**<br>**Outstanding** |
| EQ/Intermediate Government Bond | 1.20% | Class IA | $12.11 | 33584 |
| EQ/Intermediate Government Bond | 1.25% | Class IA | $17.18 | 30643 |
| EQ/Intermediate Government Bond | 1.35% | Class IA | $13.30 | 88028 |
| EQ/Intermediate Government Bond | 1.50% | Class IA | $10.90 | 478 |
| EQ/Intermediate Government Bond | 1.70% | Class IA | $10.76 | 41290 |
| EQ/Intermediate Government Bond | 1.95% | Class IA | $9.71 | 347 |
| EQ/Intermediate Government Bond | 2.00% | Class IA | $9.60 | 188 |
| EQ/Intermediate Government Bond | 2.35% | Class IA | $9.22 | 70546 |
| EQ/Intermediate Government Bond | 2.80% | Class IA | $8.01 | 495 |
| EQ/Janus Enterprise | 1.20% | Class IB | $34.78 | 44035 |
| EQ/Janus Enterprise | 1.35% | Class IB | $56.50 | 21026 |
| EQ/Janus Enterprise | 1.50% | Class IB | $55.14 | 200 |
| EQ/Janus Enterprise | 1.70% | Class IB | $34.28 | 40372 |
| EQ/Janus Enterprise | 2.35% | Class IB | $27.20 | 42719 |
| EQ/Janus Enterprise | 2.80% | Class IB | $36.70 | 26 |
| EQ/JPMorgan Growth Stock Portfolio | 1.25% | Class IB | $256.95 | 141565 |
| EQ/JPMorgan Growth Stock Portfolio | 1.35% | Class IB | $55.86 | 253075 |
| EQ/Large Cap Growth Managed Volatility | 1.35% | Class IB | $58.37 | 128191 |
| EQ/Large Cap Value Index | 1.20% | Class IB | $42.09 | 37353 |
| EQ/Large Cap Value Index | 1.35% | Class IB | $40.05 | 61732 |
| EQ/Large Cap Value Index | 1.50% | Class IB | $48.58 | 259 |
| EQ/Large Cap Value Index | 1.70% | Class IB | $37.45 | 56940 |
| EQ/Large Cap Value Index | 1.95% | Class IB | $39.69 | 290 |
| EQ/Large Cap Value Index | 2.00% | Class IB | $39.25 | 125 |
| EQ/Large Cap Value Index | 2.35% | Class IB | $31.24 | 51906 |
| EQ/Large Cap Value Index | 2.80% | Class IB | $32.74 | 734 |
| EQ/Large Cap Value Managed Volatility | 1.20% | Class IB | $29.02 | 2913 |
| EQ/Large Cap Value Managed Volatility | 1.25% | Class IB | $170.69 | 10840 |
| EQ/Large Cap Value Managed Volatility | 1.45% | Class IB | $37.77 | 48 |
| EQ/Large Cap Value Managed Volatility | 1.70% | Class IB | $25.88 | 12051 |
| EQ/Large Cap Value Managed Volatility | 2.35% | Class IB | $23.12 | 6761 |
| EQ/Loomis Sayles Growth Portfolio | 1.20% | Class IB | $73.74 | 67676 |
| EQ/Loomis Sayles Growth Portfolio | 1.35% | Class IB | $68.80 | 690655 |
| EQ/Loomis Sayles Growth Portfolio | 1.45% | Class IB | $84.21 | 306 |
| EQ/Loomis Sayles Growth Portfolio | 1.50% | Class IB | $83.24 | 227 |
| EQ/Loomis Sayles Growth Portfolio | 1.70% | Class IB | $63.96 | 73656 |
| EQ/Loomis Sayles Growth Portfolio | 2.00% | Class IB | $73.03 | 79 |
| EQ/Loomis Sayles Growth Portfolio | 2.35% | Class IB | $55.05 | 58886 |
| EQ/Loomis Sayles Growth Portfolio | 2.80% | Class IB | $60.93 | 83 |
| EQ/MFS International Growth | 1.25% | Class IB | $44.48 | 77061 |
| EQ/MFS International Growth | 1.35% | Class IB | $31.09 | 91269 |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br>**Charges \*** | <br>**Share Class \*\*** |<br>**Unit Value** | **Units**<br>**Outstanding** |
| EQ/Mid Cap Index | 1.20% | Class IB | $49.87 | 25212 |
| EQ/Mid Cap Index | 1.35% | Class IB | $47.99 | 18016 |
| EQ/Mid Cap Index | 1.50% | Class IB | $55.32 | 612 |
| EQ/Mid Cap Index | 1.70% | Class IB | $43.79 | 34140 |
| EQ/Mid Cap Index | 2.00% | Class IB | $44.75 | 134 |
| EQ/Mid Cap Index | 2.35% | Class IB | $37.93 | 56002 |
| EQ/Mid Cap Index | 2.80% | Class IB | $37.34 | 1436 |
| EQ/Mid Cap Value Managed Volatility | 1.20% | Class IB | $38.34 | 32610 |
| EQ/Mid Cap Value Managed Volatility | 1.35% | Class IB | $37.41 | 60586 |
| EQ/Mid Cap Value Managed Volatility | 1.45% | Class IB | $36.81 | 51 |
| EQ/Mid Cap Value Managed Volatility | 1.50% | Class IB | $36.51 | 231 |
| EQ/Mid Cap Value Managed Volatility | 1.70% | Class IB | $35.33 | 62126 |
| EQ/Mid Cap Value Managed Volatility | 2.00% | Class IB | $33.64 | 25 |
| EQ/Mid Cap Value Managed Volatility | 2.35% | Class IB | $31.77 | 52555 |
| EQ/Mid Cap Value Managed Volatility | 2.80% | Class IB | $29.51 | 97 |
| EQ/Moderate Allocation | 1.20% | Class IB | $17.20 | 193304 |
| EQ/Moderate Allocation | 1.25% | Class IB | $17.04 | 44750 |
| EQ/Moderate Allocation | 1.35% | Class IB | $16.73 | 92908 |
| EQ/Moderate Allocation | 1.70% | Class IB | $15.67 | 38268 |
| EQ/Moderate Allocation | 2.35% | Class IB | $13.89 | 15414 |
| EQ/Moderate-Plus Allocation | 1.20% | Class IB | $20.64 | 6612 |
| EQ/Moderate-Plus Allocation | 1.25% | Class IB | $20.45 | 50829 |
| EQ/Moderate-Plus Allocation | 1.35% | Class IB | $20.07 | 23929 |
| EQ/Moderate-Plus Allocation | 1.70% | Class IB | $18.81 | 25606 |
| EQ/Moderate-Plus Allocation | 2.35% | Class IB | $16.67 | 7124 |
| EQ/Money Market | 1.20% | Class IA | $10.62 | 354203 |
| EQ/Money Market | 1.25% | Class IA | $10.52 | 1002 |
| EQ/Money Market | 1.25% | Class IA | $10.52 | 175456 |
| EQ/Money Market | 1.35% | Class IA | $10.30 | 1017662 |
| EQ/Money Market | 1.50% | Class IA | $9.99 | 939 |
| EQ/Money Market | 1.70% | Class IA | $9.59 | 125399 |
| EQ/Money Market | 2.00% | Class IA | $9.03 | 207 |
| EQ/Money Market | 2.35% | Class IA | $8.41 | 114530 |
| EQ/Money Market | 2.80% | Class IA | $7.67 | 325 |
| EQ/Morgan Stanley Small Cap Growth | 1.20% | Class IB | $17.59 | 38510 |
| EQ/Morgan Stanley Small Cap Growth | 1.35% | Class IB | $17.44 | 346083 |
| EQ/Morgan Stanley Small Cap Growth | 1.45% | Class IB | $17.34 | 715 |
| EQ/Morgan Stanley Small Cap Growth | 1.50% | Class IB | $17.30 | 171 |
| EQ/Morgan Stanley Small Cap Growth | 1.70% | Class IB | $17.10 | 48191 |
| EQ/Morgan Stanley Small Cap Growth | 2.00% | Class IB | $16.81 | 127 |
| EQ/Morgan Stanley Small Cap Growth | 2.35% | Class IB | $16.48 | 44919 |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br>**Charges \*** | <br>**Share Class \*\*** |<br>**Unit Value** | **Units**<br>**Outstanding** |
| EQ/PIMCO Ultra Short Bond | 1.20% | Class IB | $13.26 | 20204 |
| EQ/PIMCO Ultra Short Bond | 1.35% | Class IB | $12.76 | 32394 |
| EQ/PIMCO Ultra Short Bond | 1.50% | Class IB | $12.16 | 22 |
| EQ/PIMCO Ultra Short Bond | 1.70% | Class IB | $11.82 | 22818 |
| EQ/PIMCO Ultra Short Bond | 1.95% | Class IB | $10.24 | 511 |
| EQ/PIMCO Ultra Short Bond | 2.35% | Class IB | $10.10 | 24022 |
| EQ/Quality Bond PLUS | 1.25% | Class IB | $23.28 | 22407 |
| EQ/Quality Bond PLUS | 1.35% | Class IB | $15.37 | 86254 |
| EQ/Small Company Index | 1.20% | Class IB | $56.41 | 8170 |
| EQ/Small Company Index | 1.25% | Class IB | $221.65 | 1605 |
| EQ/Small Company Index | 1.50% | Class IB | $57.01 | 158 |
| EQ/Small Company Index | 1.70% | Class IB | $50.57 | 12072 |
| EQ/Small Company Index | 2.35% | Class IB | $43.66 | 9290 |
| EQ/Small Company Index | 2.80% | Class IB | $40.82 | 322 |
| EQ/Value Equity | 1.20% | Class IB | $32.11 | 12860 |
| EQ/Value Equity | 1.35% | Class IB | $31.23 | 28004 |
| EQ/Value Equity | 1.50% | Class IB | $30.48 | 475 |
| EQ/Value Equity | 1.70% | Class IB | $29.01 | 21838 |
| EQ/Value Equity | 1.95% | Class IB | $27.82 | 354 |
| EQ/Value Equity | 2.35% | Class IB | $25.42 | 16498 |
| EQ/Value Equity | 2.80% | Class IB | $23.40 | 437 |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | 1.35% | Service Class | $84.74 | 252648 |
| Franklin Income VIP Fund | 1.20% | Class 2 | $36.47 | 44471 |
| Franklin Income VIP Fund | 1.35% | Class 2 | $35.19 | 51905 |
| Franklin Income VIP Fund | 1.50% | Class 2 | $34.28 | 294 |
| Franklin Income VIP Fund | 1.70% | Class 2 | $32.01 | 80919 |
| Franklin Income VIP Fund | 2.35% | Class 2 | $27.68 | 82792 |
| Franklin Income VIP Fund | 2.80% | Class 2 | $25.10 | 53 |
| Franklin Rising Dividends VIP Fund | 1.20% | Class 2 | $62.85 | 8396 |
| Franklin Rising Dividends VIP Fund | 1.35% | Class 2 | $60.87 | 23694 |
| Franklin Rising Dividends VIP Fund | 1.70% | Class 2 | $55.72 | 29729 |
| Franklin Rising Dividends VIP Fund | 2.35% | Class 2 | $46.72 | 31541 |
| Franklin Rising Dividends VIP Fund | 2.80% | Class 2 | $43.19 | 55 |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br>**Charges \*** | <br>**Share Class \*\*** |<br>**Unit Value** | **Units**<br>**Outstanding** |
| Invesco V.I. Global Fund | 1.20% | Service Class | $70.91 | 17647 |
| Invesco V.I. Global Fund | 1.35% | Service Class | $68.21 | 31040 |
| Invesco V.I. Global Fund | 1.50% | Service Class | $67.95 | 489 |
| Invesco V.I. Global Fund | 1.70% | Service Class | $63.97 | 21206 |
| Invesco V.I. Global Fund | 2.00% | Service Class | $58.30 | 56 |
| Invesco V.I. Global Fund | 2.35% | Service Class | $49.21 | 11952 |
| Invesco V.I. Global Fund | 2.80% | Service Class | $48.64 | 53 |
| Invesco V.I. Diversified Dividend Fund | 1.20% | Series 1 | $20.12 | 2366 |
| Invesco V.I. Diversified Dividend Fund | 1.70% | Series 1 | $18.72 | 12682 |
| Invesco V.I. Diversified Dividend Fund | 2.35% | Series 1 | $16.41 | 12956 |
| Invesco V.I. Global Core Equity Fund | 1.20% | Series 1 | $26.90 | 7198 |
| Invesco V.I. Global Core Equity Fund | 1.70% | Series 1 | $24.13 | 4836 |
| Invesco V.I. Global Core Equity Fund | 2.35% | Series 1 | $20.59 | 3154 |
| Invesco V.I. Health Care Fund | 1.20% | Series 1 | $42.62 | 6206 |
| Invesco V.I. Health Care Fund | 1.70% | Series 1 | $37.87 | 7812 |
| Invesco V.I. Health Care Fund | 2.35% | Series 1 | $32.12 | 9804 |
| Invesco V.I. Technology Fund | 1.20% | Series 1 | $56.89 | 5423 |
| Invesco V.I. Technology Fund | 1.70% | Series 1 | $50.89 | 3656 |
| Invesco V.I. Technology Fund | 2.35% | Series 1 | $48.28 | 7162 |
| Janus Henderson Balanced Portfolio | 1.35% | Institutional Shares | $50.44 | 179801 |
| Janus Henderson Enterprise Portfolio | 1.35% | Institutional Shares | $52.66 | 202049 |
| Janus Henderson Forty Portfolio | 1.35% | Institutional Shares | $86.04 | 156840 |
| Janus Henderson Forty Portfolio | 1.20% | Service Shares | $106.60 | 15498 |
| Janus Henderson Forty Portfolio | 1.45% | Service Shares | $113.97 | 118 |
| Janus Henderson Forty Portfolio | 1.50% | Service Shares | $112.66 | 274 |
| Janus Henderson Forty Portfolio | 1.70% | Service Shares | $99.48 | 11011 |
| Janus Henderson Forty Portfolio | 2.00% | Service Shares | $101.76 | 21 |
| Janus Henderson Forty Portfolio | 2.35% | Service Shares | $85.33 | 8722 |
| Janus Henderson Forty Portfolio | 2.80% | Service Shares | $84.90 | 476 |
| Janus Henderson Global Research Portfolio | 1.35% | Institutional Shares | $35.32 | 189142 |
| Janus Henderson Overseas Portfolio | 1.20% | Service Shares | $39.30 | 28945 |
| Janus Henderson Overseas Portfolio | 1.50% | Service Shares | $50.35 | 610 |
| Janus Henderson Overseas Portfolio | 1.70% | Service Shares | $37.55 | 32945 |
| Janus Henderson Overseas Portfolio | 2.00% | Service Shares | $44.19 | 110 |
| Janus Henderson Overseas Portfolio | 2.35% | Service Shares | $32.08 | 28665 |
| Janus Henderson Overseas Portfolio | 2.80% | Service Shares | $36.87 | 498 |

---

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

---

| |
|:---|
| **Equitable America Variable Account A** |
| **Statement of Assets and Liabilities (Concluded)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br>**Charges \*** | <br>**Share Class \*\*** |<br>**Unit Value** | **Units**<br>**Outstanding** |
| MFS<sup>®</sup> Utilities Series | 1.20% | Initial Class | $75.91 | 13391 |
| MFS<sup>®</sup> Utilities Series | 1.50% | Initial Class | $90.37 | 177 |
| MFS<sup>®</sup> Utilities Series | 1.70% | Initial Class | $65.91 | 7983 |
| MFS<sup>®</sup> Utilities Series | 2.35% | Initial Class | $52.90 | 7362 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 1.20% | Administrative Class | $20.85 | 21754 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 1.35% | Administrative Class | $19.48 | 25407 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 1.50% | Administrative Class | $17.46 | 198 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 1.70% | Administrative Class | $18.52 | 18346 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 2.00% | Administrative Class | $13.68 | 82 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 2.35% | Administrative Class | $16.02 | 22950 |
| ProFund VP Bear | 1.20% | Common Shares | $0.45 | 491 |
| ProFund VP Bear | 1.35% | Common Shares | $0.44 | 2720 |
| ProFund VP Bear | 1.50% | Common Shares | $0.42 | 25 |
| ProFund VP Bear | 1.70% | Common Shares | $0.44 | 44374 |
| ProFund VP Bear | 2.35% | Common Shares | $0.35 | 780 |
| ProFund VP Rising Rates Opportunity | 1.20% | Common Shares | $2.31 | 5494 |
| ProFund VP Rising Rates Opportunity | 1.35% | Common Shares | $2.04 | 9685 |
| ProFund VP Rising Rates Opportunity | 1.50% | Common Shares | $1.98 | 9 |
| ProFund VP Rising Rates Opportunity | 1.70% | Common Shares | $2.06 | 45152 |
| ProFund VP Rising Rates Opportunity | 2.35% | Common Shares | $1.78 | 11866 |
| ProFund VP UltraBull | 1.20% | Common Shares | $135.89 | 2093 |
| ProFund VP UltraBull | 1.35% | Common Shares | $147.44 | 15301 |
| ProFund VP UltraBull | 1.45% | Common Shares | $148.47 | 136 |
| ProFund VP UltraBull | 1.70% | Common Shares | $118.80 | 5361 |
| ProFund VP UltraBull | 2.35% | Common Shares | $116.46 | 6451 |
| ProFund VP UltraBull | 2.80% | Common Shares | $102.82 | 587 |

---

\* Contract charges reflect the annual mortality and risk expenses related to the Variable Investment Option.

\*\* 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 5 of these financial statements.

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

**Equitable America Variable Account A**

**Statement of Operations**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1290 VT Equity<br> Income\* | 1290 VT GAMCO<br> Mergers &<br> Acquisitions\* | 1290 VT GAMCO<br> Small Company<br> Value\* | 1290 VT Socially<br> Responsible\* | BNY Mellon Stock<br> Index Fund, Inc. | EQ/AB Small<br> Cap Growth\* |
| **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from the Portfolios | $167351 | $21206 | $477190 | $6304 | $177008 | $1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 118483 | 12275 | 1054347 | 25338 | 233015 | 15847 |
| **Net Investment Income (Loss)** | 48868 | 8931 | (577157) | (19034) | (56007) | (14620) |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | 5769 | 7531 | 4815555 | 78609 | 928088 | (7922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 632257 | 22944 | 4779211 | 131790 | 964773 | 82243 |
| Net realized gain (loss) on investments | 638026 | 30475 | 9594766 | 210399 | 1892861 | 74321 |
| Net change in unrealized appreciation (depreciation) of investments | 156508 | 57882 | (714152) | 53020 | 741643 | (2041) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 794534 | 88357 | 8880614 | 263419 | 2634504 | 72280 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**843402** | $**97288** | $**8303457** | $**244385** | $**2578497** | $**57660** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Aggressive<br> Allocation\* | EQ/All Asset<br> Growth<br> Allocation\* | EQ/Capital<br> Group<br> Research\* | EQ/Conservative<br> Allocation\* | 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;Dividends from the Portfolios | $18279 | $1440840 | $99834 | $16814 | $12165 | $213801 |
| Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 18391 | 860918 | 322276 | 7296 | 9898 | 109195 |
| **Net Investment Income (Loss)** | (112) | 579922 | (222442) | 9518 | 2267 | 104606 |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | (11188) | 577666 | 771998 | (17071) | (24079) | (29893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 119760 | 3516429 | 1869650 | 12856 | 33147 | - |
| Net realized gain (loss) on investments | 108572 | 4094095 | 2641648 | (4215) | 9068 | (29893) |
| Net change in unrealized appreciation (depreciation) of investments | 26080 | 5097420 | 1414432 | 27182 | 42660 | 274375 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 134652 | 9191515 | 4056080 | 22967 | 51728 | 244482 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**134540** | $**9771437** | $**3833638** | $**32485** | $**53995** | $**349088** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Core Plus<br> Bond\* | EQ/Global Equity<br> Managed Volatility\* | EQ/Intermediate<br> Government<br> Bond\* | EQ/Janus<br> Enterprise\* | EQ/JPMorgan<br> Growth Stock<br> Portfolio\* | 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;Dividends from the Portfolios | $44063 | $13458 | $97478 | $- | $- | $7059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 17053 | 30640 | 50304 | 84885 | 637934 | 100853 |
| **Net Investment Income (Loss)** | 27010 | (17182) | 47174 | (84885) | (637934) | (93794) |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | (17313) | 47975 | (8059) | 71532 | 3482499 | 177408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | - | 170404 | - | 461540 | 7641957 | 1045786 |
| Net realized gain (loss) on investments | (17313) | 218379 | (8059) | 533072 | 11124456 | 1223194 |
| Net change in unrealized appreciation (depreciation) of investments | 46608 | 65188 | 82604 | (132266) | (4158969) | (444922) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 29295 | 283567 | 74545 | 400806 | 6965487 | 778272 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**56305** | $**266385** | $**121719** | $**315921** | $**6327553** | $**684478** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Large Cap<br> Value Index\* | EQ/Large Cap Value <br> Managed Volatility\* | EQ/Loomis Sayles<br> Growth Portfolio\* | EQ/MFS<br> International<br> Growth\* | EQ/Mid Cap<br> Index\* | EQ/Mid Cap Value <br> Managed Volatility\* |
| **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from the Portfolios | $91538 | $31724 | $- | $57626 | $47791 | $87554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 124115 | 31848 | 867905 | 80849 | 104132 | 126212 |
| **Net Investment Income (Loss)** | (32577) | (124) | (867905) | (23223) | (56341) | (38658) |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | 375291 | 24789 | 3050064 | 140994 | 214510 | 234374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 435960 | 194313 | 4621262 | 523694 | 345455 | 522170 |
| Net realized gain (loss) on investments | 811251 | 219102 | 7671326 | 664688 | 559965 | 756544 |
| Net change in unrealized appreciation (depreciation) of investments | 170675 | (16346) | (216551) | 457596 | (226059) | (492122) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 981926 | 202756 | 7454775 | 1122284 | 333906 | 264422 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**949349** | $**202632** | $**6586870** | $**1099061** | $**277565** | $**225764** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Moderate<br> Allocation\* | EQ/Moderate-<br> Plus Allocation\* | EQ/Money<br> Market\* | EQ/Morgan<br> Stanley Small<br> Cap Growth\* | EQ/PIMCO Ultra<br> Short Bond\* | EQ/Quality<br> Bond PLUS\* |
| **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from the Portfolios | $150746 | $42023 | $710036 | $23132 | $48935 | $64100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 86648 | 36967 | 272367 | 124386 | 20156 | 25185 |
| **Net Investment Income (Loss)** | 64098 | 5056 | 437669 | (101254) | 28779 | 38915 |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | (47976) | (133852) | (2756) | (323613) | 2708 | (27588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 375504 | 170152 | 96 | - | - | - |
| Net realized gain (loss) on investments | 327528 | 36300 | (2660) | (323613) | 2708 | (27588) |
| Net change in unrealized appreciation (depreciation) of investments | 159377 | 162728 | (10778) | 901861 | 3369 | 80109 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 486905 | 199028 | (13438) | 578248 | 6077 | 52521 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**551003** | $**204084** | $**424231** | $**476994** | $**34856** | $**91436** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Small Company<br> Index\* | EQ/Value<br> Equity\* | Fidelity® VIP<br> Contrafund® Portfolio | Franklin Income VIP<br> Fund | Franklin Rising<br> Dividends VIP<br> Fund | Invesco V.I.<br> Diversified<br> Dividend Fund |
| **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from the Portfolios | $14933 | $34186 | $10181 | $426489 | $41308 | $7683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 30200 | 41424 | 276334 | 142357 | 88182 | 9364 |
| **Net Investment Income (Loss)** | (15267) | (7238) | (266153) | 284132 | (46874) | (1681) |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | 48180 | 177198 | 1084914 | 14630 | 132144 | 24003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 61092 | 57964 | 3265600 | 89646 | 494893 | 36733 |
| Net realized gain (loss) on investments | 109272 | 235162 | 4350514 | 104276 | 627037 | 60736 |
| Net change in unrealized appreciation (depreciation) of investments | 92674 | 9643 | (355000) | 458681 | (100853) | 1343 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 201946 | 244805 | 3995514 | 562957 | 526184 | 62079 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**186679** | $**237567** | $**3729361** | $**847089** | $**479310** | $**60398** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Invesco V.I. Global <br> Core Equity Fund | Invesco V.I.<br> Global Fund | Invesco V.I. Health Care<br> Fund | Invesco V.I.<br> Technology<br> Fund | Janus Henderson<br> Balanced Portfolio | Janus Henderson<br> Enterprise Portfolio |
| **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from the Portfolios | $4997 | $- | $- | $- | $179833 | $21526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 6166 | 80456 | 16252 | 15356 | 120627 | 144492 |
| **Net Investment Income (Loss)** | (1169) | (80456) | (16252) | (15356) | 59206 | (122966) |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | 20625 | 132922 | 37203 | 67253 | 558724 | 351444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 24739 | 1004351 | 34754 | 96319 | 294455 | 812228 |
| Net realized gain (loss) on investments | 45364 | 1137273 | 71957 | 163572 | 853179 | 1163672 |
| Net change in unrealized appreciation (depreciation) of investments | 6337 | (398006) | 59032 | 78 | 233246 | (396941) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 51701 | 739267 | 130989 | 163650 | 1086425 | 766731 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**50532** | $**658811** | $**114737** | $**148294** | $**1145631** | $**643765** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Janus Henderson<br> Forty Portfolio | Janus Henderson<br> Global Research<br> Portfolio | Janus Henderson<br> Overseas Portfolio | MFS® Utilities<br> Series | PIMCO Global Bond<br> Opportunities<br> Portfolio<br> (Unhedged) | ProFund <br> VP Bear |
| **Income and Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from the Portfolios | $9454 | $37413 | $42164 | $56674 | $74465 | $538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 234678 | 87655 | 54697 | 31282 | 26466 | 447 |
| **Net Investment Income (Loss)** | (225224) | (50242) | (12533) | 25392 | 47999 | 91 |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | 773601 | 372427 | 113606 | 57597 | (122526) | (8075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 2042052 | 570162 | - | 25919 | - | - |
| Net realized gain (loss) on investments | 2815653 | 942589 | 113606 | 83516 | (122526) | (8075) |
| Net change in unrealized appreciation (depreciation) of investments | (90703) | 257612 | 650519 | 136455 | 247761 | (2216) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 2724950 | 1200201 | 764125 | 219971 | 125235 | (10291) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**2499726** | $**1149959** | $**751592** | $**245363** | $**173234** | $**(10200)** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Operations (Concluded)**

**For the year ended December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | ProFund VP<br> Rising Rates<br> Opportunity | ProFund VP<br> Ultrabull |
| **Income and Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from the Portfolios | $5925 | $26937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based charges | 2496 | 57800 |
| **Net Investment Income (Loss)** | 3429 | (30863) |
| **Net Realized and Unrealized Gain(Loss) on Investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | (6160) | (257901) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain distribution from the Portfolios | 10366 | 486711 |
| Net realized gain (loss) on investments | 4206 | 228810 |
| Net change in unrealized appreciation (depreciation) of investments | (8056) | 555456 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | (3850) | 784266 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(421)** | $**753403** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1290 VT Equity<br> Income\* | 1290 VT<br> GAMCO<br> Mergers &<br> Acquisitions\* | 1290 VT<br> GAMCO Small<br> Company<br> Value\* | 1290 VT<br> Socially<br> Responsible\* | BNY Mellon<br> Stock Index<br> Fund, Inc. | EQ/AB Small<br> Cap Growth\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $48868 | $8931 | $(577157) | $(19034) | $(56007) | $(14620) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 638026 | 30475 | 9594766 | 210399 | 1892861 | 74321 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 156508 | 57882 | (714152) | 53020 | 741643 | (2041) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 843402 | 97288 | 8303457 | 244385 | 2578497 | 57660 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 113009 | 8437 | 288312 | 1690 | 91953 | 1304 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (87103) | (14408) | (1405699) | (73688) | 2161 | 13230 |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (709102) | (74680) | (10785416) | (212979) | (1664151) | (122450) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (400) | (27) | (18129) | (93) | - | (110) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (683596) | (80678) | (11920932) | (285070) | (1570037) | (108026) |
| **Net Increase (Decrease) in Net Assets** | **159806** | **16610** | **(3617475)** | **(40685)** | **1008460** | **(50366)** |
| **Net Assets - Beginning of Year** | 7810871 | 727011 | 82037517 | 1853493 | 17010964 | 908361 |
| **Net Assets - End of Year** | $**7970677** | $**743621** | $**78420042** | $**1812808** | $**18019424** | $**857995** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Aggressive<br> Allocation\* | EQ/All Asset<br> Growth<br> Allocation\* | EQ/Capital<br> Group<br> Research\* | EQ/Conservative<br> Allocation\* | EQ/Conservative-<br> Plus Allocation\* | EQ/Core Bond<br> Index\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(112) | $579922 | $(222442) | $9518 | $2267 | $104606 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 108572 | 4094095 | 2641648 | (4215) | 9068 | (29893) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 26080 | 5097420 | 1414432 | 27182 | 42660 | 274375 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 134540 | 9771437 | 3833638 | 32485 | 53995 | 349088 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 450 | 285777 | 126892 |  | 32639 | 28005 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (969) | (916981) | (249616) | (13330) | (59223) | 2680 |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (144291) | (6914209) | (2482809) | (40846) | (323534) | (772258) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (266) | (36902) | (733) | (169) | (74) | (1657) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (145076) | (7582315) | (2606266) | (54345) | (350192) | (743230) |
| **Net Increase (Decrease) in Net Assets** | **(10536)** | **2189122** | **1227372** | **(21860)** | **(296197)** | **(394142)** |
| **Net Assets - Beginning of Year** | 1342302 | 65908147 | 22358362 | 574542 | 785358 | 7548216 |
| **Net Assets - End of Year** | $**1331766** | $**68097269** | $**23585734** | $**552682** | $**489161** | $**7154074** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Core Plus<br> Bond\* | EQ/Global<br> Equity Managed<br> Volatility\* | EQ/Intermediate<br> Government<br> Bond\* | EQ/Janus<br> Enterprise\* | EQ/JPMorgan<br> Growth Stock<br> Portfolio\* | EQ/Large Cap<br> Growth<br> Managed<br> Volatility\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $27010 | $(17182) | $47174 | $(84885) | $(637934) | $(93794) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (17313) | 218379 | (8059) | 533072 | 11124456 | 1223194 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 46608 | 65188 | 82604 | (132266) | (4158969) | (444922) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 56305 | 266385 | 121719 | 315921 | 6327553 | 684478 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 2597 | 7015 | 12160 | 9024 | 206406 | 11663 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (16167) | (19596) | 81924 | (29899) | (383537) | (26250) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (104095) | (250352) | (212787) | (361592) | (6018462) | (926091) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (149) | (225) | (479) | (545) | (14579) | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (117814) | (263158) | (119182) | (383012) | (6210172) | (940678) |
| **Net Increase (Decrease) in Net Assets** | **(61509)** | **3227** | **2537** | **(67091)** | **117381** | **(256200)** |
| **Net Assets - Beginning of Year** | 926428 | 1725226 | 3210199 | 5344431 | 50393846 | 7738204 |
| **Net Assets - End of Year** | $**864919** | $**1728453** | $**3212736** | $**5277340** | $**50511227** | $**7482004** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Large Cap<br> Value Index\* | EQ/Large Cap<br> Value Managed<br> Volatility\* | EQ/Loomis<br> Sayles Growth<br> Portfolio\* | EQ/MFS<br> International<br> Growth\* | EQ/Mid Cap<br> Index\* | EQ/Mid Cap<br> Value Managed<br> Volatility\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(32577) | $(124) | $(867905) | $(23223) | $(56341) | $(38658) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 811251 | 219102 | 7671326 | 664688 | 559965 | 756544 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 170675 | (16346) | (216551) | 457596 | (226059) | (492122) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 949349 | 202632 | 6586870 | 1099061 | 277565 | 225764 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 68195 | 1476 | 404943 | 16656 | 6565 | 24902 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 79179 | 263 | (1134711) | (118399) | (58856) | (93378) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (788451) | (98675) | (7875687) | (626386) | (559516) | (1004180) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (791) | (682) | (1877) | (1790) | (764) | (659) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (641868) | (97618) | (8607332) | (729919) | (612571) | (1073315) |
| **Net Increase (Decrease) in Net Assets** | **307481** | **105014** | **(2020462)** | **369142** | **(335006)** | **(847551)** |
| **Net Assets - Beginning of Year** | 7544255 | 2299896 | 62532926 | 5895822 | 6169704 | 8243166 |
| **Net Assets - End of Year** | $**7851736** | $**2404910** | $**60512464** | $**6264964** | $**5834698** | $**7395615** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Moderate<br> Allocation\* | EQ/Moderate-Plus<br> Allocation\* | EQ/Money<br> Market\* | EQ/Morgan<br> Stanley Small<br> Cap Growth\* | EQ/PIMCO Ultra<br> Short Bond\* | EQ/Quality<br> Bond PLUS\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $64098 | $5056 | $437669 | $(101254) | $28779 | $38915 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 327528 | 36300 | (2660) | (323613) | 2708 | (27588) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 159377 | 162728 | (10778) | 901861 | 3369 | 80109 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 551003 | 204084 | 424231 | 476994 | 34856 | 91436 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 2028 | 11038 | 960067 | 15083 | 10691 | 7990 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 107746 | 25043 | 6209887 | (68941) | (44588) | 35008 |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (661696) | (1314223) | (11166226) | (1000310) | (138484) | (215747) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (504) | (243) | (3026) | (494) | (131) | (380) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (552426) | (1278385) | (3999298) | (1054662) | (172512) | (173129) |
| **Net Increase (Decrease) in Net Assets** | **(1423)** | **(1074301)** | **(3575067)** | **(577668)** | **(137656)** | **(81693)** |
| **Net Assets - Beginning of Year** | 6456277 | 3330721 | 21854637 | 8873678 | 1336680 | 1928747 |
| **Net Assets - End of Year** | $**6454854** | $**2256420** | $**18279570** | $**8296010** | $**1199024** | $**1847054** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Small<br> Company<br> Index\* | EQ/Value<br> Equity\* | Fidelity® VIP<br> Contrafund®<br> Portfolio | Franklin Income<br> VIP Fund | Franklin Rising<br> Dividends VIP<br> Fund | Invesco V.I.<br> Diversified<br> Dividend Fund |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(15267) | $(7238) | $(266153) | $284132 | $(46874) | $(1681) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 109272 | 235162 | 4350514 | 104276 | 627037 | 60736 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 92674 | 9643 | (355000) | 458681 | (100853) | 1343 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 186679 | 237567 | 3729361 | 847089 | 479310 | 60398 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 3898 | 6398 | 29832 | 62424 | 41354 | 2644 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 4949 | 9878 | (143552) | (200266) | (122960) | 21780 |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (427558) | (735827) | (2129185) | (876546) | (646461) | (72989) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (265) | (167) | - | (706) | (265) | (38) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (418976) | (719718) | (2242905) | (1015094) | (728332) | (48603) |
| **Net Increase (Decrease) in Net Assets** | **(232297)** | **(482151)** | **1486456** | **(168005)** | **(249022)** | **11795** |
| **Net Assets - Beginning of Year** | 2087307 | 2856974 | 19923742 | 8509453 | 5351242 | 485934 |
| **Net Assets - End of Year** | $**1855010** | $**2374823** | $**21410198** | $**8341448** | $**5102220** | $**497729** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Invesco V.I.<br> Global Core<br> Equity Fund | Invesco V.I.<br> Global Fund | Invesco V.I.<br> Health Care<br> Fund | Invesco V.I.<br> Technology<br> Fund | Janus<br> Henderson<br> Balanced<br> Portfolio | Janus<br> Henderson<br> Enterprise<br> Portfolio |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(1169) | $(80456) | $(16252) | $(15356) | $59206 | $(122966) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 45364 | 1137273 | 71957 | 163572 | 853179 | 1163672 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 6337 | (398006) | 59032 | 78 | 233246 | (396941) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 50532 | 658811 | 114737 | 148294 | 1145631 | 643765 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 267 | 5544 | 3927 | 1476 | 12929 | 73437 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (25037) | 18755 | 2857 | 14019 | (295462) | (12144) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (44467) | (686732) | (190356) | (214280) | (945833) | (1058464) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (36) | (407) | (88) | (129) | - | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (69273) | (662840) | (183660) | (198914) | (1228366) | (997171) |
| **Net Increase (Decrease) in Net Assets** | **(18741)** | **(4029)** | **(68923)** | **(50620)** | **(82735)** | **(353406)** |
| **Net Assets - Beginning of Year** | 394040 | 5356133 | 944246 | 891057 | 9151345 | 10992607 |
| **Net Assets - End of Year** | $**375299** | $**5352104** | $**875323** | $**840437** | $**9068610** | $**10639201** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Janus<br> Henderson<br> Forty Portfolio | Janus<br> Henderson<br> Global<br> Research<br> Portfolio | Janus<br> Henderson<br> Overseas<br> Portfolio | MFS® Utilities<br> Series | PIMCO Global<br> Bond<br> Opportunities<br> Portfolio<br> (Unhedged) | ProFund VP<br> Bear |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(225224) | $(50242) | $(12533) | $25392 | $47999 | $91 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2815653 | 942589 | 113606 | 83516 | (122526) | (8075) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (90703) | 257612 | 650519 | 136455 | 247761 | (2216) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2499726 | 1149959 | 751592 | 245363 | 173234 | (10200) |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 36860 | 26690 | 7701 | 1818 | 11901 |  |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 44701 | (9108) | (112688) | (18220) | (86685) | 11621 |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (2346252) | (697409) | (321669) | (250543) | (173267) | (38) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (434) | - | (686) | (262) | (205) | (1) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (2265125) | (679827) | (427342) | (267207) | (248256) | 11582 |
| **Net Increase (Decrease) in Net Assets** | **234601** | **470132** | **324250** | **(21844)** | **(75022)** | **1382** |
| **Net Assets - Beginning of Year** | 16838998 | 6210056 | 3024163 | 1970020 | 1735620 | 20004 |
| **Net Assets - End of Year** | $**17073599** | $**6680188** | $**3348413** | $**1948176** | $**1660598** | $**21386** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Concluded)**

**For the year ended December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | ProFund VP<br> Rising Rates<br> Opportunity | ProFund VP<br> Ultrabull |
| **Increase (Decrease) in Net Assets** |  |  |
| **From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3429 | $(30863) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 4206 | 228810 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (8056) | 555456 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (421) | 753403 |
| **From Contractowners Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 2289 | 58716 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 71 | (132319) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (6001) | (220476) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (10) | (149) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (3651) | (294228) |
| **Net Increase (Decrease) in Net Assets** | **(4072)** | **459175** |
| **Net Assets - Beginning of Year** | 150742 | 3550129 |
| **Net Assets - End of Year** | $**146670** | $**4009304** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1290 VT Equity<br> Income\* | 1290 VT<br> GAMCO<br> Mergers &<br> Acquisitions\* | 1290 VT<br> GAMCO Small<br> Company<br> Value\* | 1290 VT<br> Socially<br> Responsible\* | BNY Mellon<br> Stock Index<br> Fund, Inc. | EQ/AB Small<br> Cap Growth\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $37197 | $470 | $(653856) | $(17817) | $(37098) | $(14158) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 622541 | 37594 | 10798382 | 914147 | 2471035 | 82145 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (18578) | 28292 | (2016641) | (566056) | 1180335 | 31319 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 641160 | 66356 | 8127885 | 330274 | 3614272 | 99306 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 16511 | 10222 | 261908 | 10898 | 159503 | 1279 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (124302) | (339062) | (1098680) | 1218 | (29694) | (13242) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (814736) | (298639) | (9928088) | (180517) | (2947358) | (64121) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (488) | (31) | (20645) | (108) | - | (130) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (923015) | (627510) | (10785505) | (168509) | (2817549) | (76214) |
| **Net Increase (Decrease) in Net Assets** | **(281855)** | **(561154)** | **(2657620)** | **161765** | **796723** | **23092** |
| **Net Assets - Beginning of Year** | 8092726 | 1288165 | 84695137 | 1691728 | 16214241 | 885269 |
| **Net Assets - End of Year** | $**7810871** | $**727011** | $**82037517** | $**1853493** | $**17010964** | $**908361** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Aggressive<br> Allocation\* | EQ/All Asset<br> Growth<br> Allocation\* | EQ/Capital<br> Group<br> Research\* | EQ/Conservative<br> Allocation\* | EQ/Conservative-Plus<br> Allocation\* | EQ/Core Bond<br> Index\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $10111 | $630951 | $41620 | $7596 | $9401 | $73484 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 57558 | 1769926 | 3190420 | (84805) | 17185 | (86716) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 71027 | 3990136 | 1978505 | 99240 | 20556 | 86979 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 138696 | 6391013 | 5210545 | 22031 | 47142 | 73747 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 450 | 155527 | 150221 |  |  | 35424 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 20238 | (1209790) | (921390) | (498953) | 26798 | (54658) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (37650) | (8385535) | (1829555) | (106329) | (287010) | (1161151) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (297) | (41403) | (774) | (175) | (118) | (1914) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (17259) | (9481201) | (2601498) | (605457) | (260330) | (1182299) |
| **Net Increase (Decrease) in Net Assets** | **121437** | **(3090188)** | **2609047** | **(583426)** | **(213188)** | **(1108552)** |
| **Net Assets - Beginning of Year** | 1220865 | 68998335 | 19749315 | 1157968 | 998546 | 8656768 |
| **Net Assets - End of Year** | $**1342302** | $**65908147** | $**22358362** | $**574542** | $**785358** | $**7548216** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Core Plus<br> Bond\* | EQ/Global<br> Equity Managed<br> Volatility\* | EQ/Intermediate<br> Government<br> Bond\* | EQ/Janus<br> Enterprise\* | EQ/JPMorgan<br> Growth Stock<br> Portfolio\* | EQ/Large Cap<br> Growth<br> Managed<br> Volatility\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $28687 | $(12469) | $27108 | $(94140) | $(630547) | $(75394) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (18899) | 272187 | (30766) | 644334 | 6244052 | 1085223 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (34963) | (62183) | 30973 | 141054 | 7946799 | 819565 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (25175) | 197535 | 27315 | 691248 | 13560304 | 1829394 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 6107 | 7428 | 12346 | 10639 | 123077 | 104675 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (4983) | (6718) | 132483 | (112942) | (1117441) | (319557) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (142373) | (392903) | (515383) | (1072813) | (6081514) | (807109) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (163) | (249) | (552) | (600) | (16011) | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (141412) | (392442) | (371106) | (1175716) | (7091889) | (1021991) |
| **Net Increase (Decrease) in Net Assets** | **(166587)** | **(194907)** | **(343791)** | **(484468)** | **6468415** | **807403** |
| **Net Assets - Beginning of Year** | 1093015 | 1920133 | 3553990 | 5828899 | 43925431 | 6930801 |
| **Net Assets - End of Year** | $**926428** | $**1725226** | $**3210199** | $**5344431** | $**50393846** | $**7738204** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Large Cap<br> Value Index\* | EQ/Large Cap<br> Value Managed<br> Volatility\* | EQ/Loomis<br> Sayles Growth<br> Portfolio\* | EQ/MFS<br> International<br> Growth\* | EQ/Mid Cap<br> Index\* | EQ/Mid Cap<br> Value Managed<br> Volatility\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(17922) | $1641 | $(820311) | $(38969) | $(59146) | $(25756) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 843776 | 326032 | 13322258 | 498747 | 718380 | 1376605 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 59109 | (39644) | 3486741 | 23255 | 20947 | (507319) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 884963 | 288029 | 15988688 | 483033 | 680181 | 843530 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 24262 | 1634 | 220891 | 10000 | 9918 | 14437 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (158583) | (4876) | (1647808) | 7681 | (66124) | (136716) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (990228) | (408842) | (5831265) | (1195686) | (772103) | (1371763) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (847) | (763) | (1980) | (1936) | (866) | (753) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (1125396) | (412847) | (7260162) | (1179941) | (829175) | (1494795) |
| **Net Increase (Decrease) in Net Assets** | **(240433)** | **(124818)** | **8728526** | **(696908)** | **(148994)** | **(651265)** |
| **Net Assets - Beginning of Year** | 7784688 | 2424714 | 53804400 | 6592730 | 6318698 | 8894431 |
| **Net Assets - End of Year** | $**7544255** | $**2299896** | $**62532926** | $**5895822** | $**6169704** | $**8243166** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Moderate<br> Allocation\* | EQ/Moderate-Plus<br> Allocation\* | EQ/Money<br> Market\* | EQ/Morgan<br> Stanley Small<br> Cap Growth\* | EQ/PIMCO Ultra<br> Short Bond\* | EQ/Quality<br> Bond PLUS\* |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $90520 | $34568 | $713733 | $(116565) | $38338 | $36191 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 207969 | 159251 | 6231 | (590585) | 743 | (71820) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 76759 | 91724 | (1600) | 2139688 | 15834 | 46780 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 375248 | 285543 | 718364 | 1432538 | 54915 | 11151 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 2340 | 9101 | 1041207 | 22384 | 6407 | 9900 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 731794 | (3603) | 10047398 | (17270) | 19045 | 185902 |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (340456) | (192249) | (11727050) | (872911) | (132033) | (558379) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (518) | (274) | (3436) | (527) | (150) | (441) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | 393160 | (187025) | (641881) | (868324) | (106731) | (363018) |
| **Net Increase (Decrease) in Net Assets** | **768408** | **98518** | **76483** | **564214** | **(51816)** | **(351867)** |
| **Net Assets - Beginning of Year** | 5687869 | 3232203 | 21778154 | 8309464 | 1388496 | 2280614 |
| **Net Assets - End of Year** | $**6456277** | $**3330721** | $**21854637** | $**8873678** | $**1336680** | $**1928747** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | EQ/Small<br> Company<br> Index\* | EQ/Value<br> Equity\* | Fidelity® VIP<br> Contrafund®<br> Portfolio | Franklin Income<br> VIP Fund | Franklin Rising<br> Dividends VIP<br> Fund | Invesco V.I.<br> Diversified<br> Dividend Fund |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(7253) | $(19031) | $(254980) | $334867 | $(42496) | $(430) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 151600 | 205076 | 4010757 | 17632 | 505310 | 27563 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 42327 | (21551) | 1693249 | 163121 | 67869 | 23701 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 186674 | 164494 | 5449026 | 515620 | 530683 | 50834 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 3635 | 5645 | 42579 | 122181 | 54442 | 2634 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (12060) | (28025) | (139083) | (400459) | (114595) | (48) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (207541) | (289431) | (3320173) | (1713877) | (1161371) | (43814) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (338) | (192) | - | (777) | (267) | (44) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (216304) | (312003) | (3416677) | (1992932) | (1221791) | (41272) |
| **Net Increase (Decrease) in Net Assets** | **(29630)** | **(147509)** | **2032349** | **(1477312)** | **(691108)** | **9562** |
| **Net Assets - Beginning of Year** | 2116937 | 3004483 | 17891393 | 9986765 | 6042350 | 476372 |
| **Net Assets - End of Year** | $**2087307** | $**2856974** | $**19923742** | $**8509453** | $**5351242** | $**485934** |

---

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

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Invesco V.I.<br> Global Core<br> Equity Fund | Invesco V.I.<br> Global Fund | Invesco V.I.<br> Health Care<br> Fund | Invesco V.I.<br> Technology<br> Fund | Janus<br> Henderson<br> Balanced<br> Portfolio | Janus<br> Henderson<br> Enterprise<br> Portfolio |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(2079) | $(92371) | $(20204) | $(16359) | $61653 | $(68047) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 21896 | 605976 | 40673 | 81231 | 538947 | 824118 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 35944 | 296555 | 18109 | 187993 | 607391 | 691417 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 55761 | 810160 | 38578 | 252865 | 1207991 | 1447488 |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 522 | 8577 | 3975 | 1811 | 14981 | 63162 |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | 6589 | (160809) | 6133 | 65211 | (99829) | (91490) |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (71863) | (1176833) | (224521) | (247076) | (1144236) | (1023056) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (50) | (489) | (136) | (109) | - | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (64802) | (1329554) | (214549) | (180163) | (1229084) | (1051384) |
| **Net Increase (Decrease) in Net Assets** | **(9041)** | **(519394)** | **(175971)** | **72702** | **(21093)** | **396104** |
| **Net Assets - Beginning of Year** | 403081 | 5875527 | 1120217 | 818355 | 9172438 | 10596503 |
| **Net Assets - End of Year** | $**394040** | $**5356133** | $**944246** | $**891057** | $**9151345** | $**10992607** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Continued)**

**For the year ended December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Janus<br> Henderson<br> Forty Portfolio | Janus<br> Henderson<br> Global<br> Research<br> Portfolio | Janus<br> Henderson<br> Overseas<br> Portfolio | MFS® Utilities<br> Series | PIMCO Global<br> Bond<br> Opportunities<br> Portfolio<br> (Unhedged) | ProFund VP<br> Bear |
| **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(220686) | $(37672) | $(15349) | $12085 | $34154 | $1199 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1659839 | 542132 | 91626 | 104698 | (150578) | (297) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 2438630 | 700912 | 64427 | 61227 | 75243 | (3864) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3877783 | 1205372 | 140704 | 178010 | (41181) | (2962) |
| **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments received from Contractowners | 59266 | 37679 | 6945 | 2388 | 9086 |  |
| &nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (134944) | (146130) | (8776) | 5870 | 104426 | 6615 |
| &nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (2087012) | (548000) | (515741) | (446086) | (456203) | (246) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (478) | - | (729) | (287) | (241) | (1) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (2163168) | (656451) | (518301) | (438115) | (342932) | 6368 |
| **Net Increase (Decrease) in Net Assets** | **1714615** | **548921** | **(377597)** | **(260105)** | **(384113)** | **3406** |
| **Net Assets - Beginning of Year** | 15124383 | 5661135 | 3401760 | 2230125 | 2119733 | 16598 |
| **Net Assets - End of Year** | $**16838998** | $**6210056** | $**3024163** | $**1970020** | $**1735620** | $**20004** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**Equitable America Variable Account A**

**Statement of Changes in Net Assets (Concluded)**

**For the year ended December 31, 2024**

---

| | | |
|:---|:---|:---|
|  | ProFund VP<br> Rising Rates<br> Opportunity | ProFund VP<br> Ultrabull |
| **Increase (Decrease) in Net Assets** |  |  |
| **From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $3971 | $(20922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 63383 | 12695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (44409) | 568625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 22945 | 560398 |
| **From Contractowners Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments received from Contractowners | 300 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Variable Investment Options including guaranteed investment account, net | (5928) | 1584406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions for contract benefits and terminations | (9898) | (193464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract maintenance charges | (10) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from contractowners transactions | (15536) | 1392735 |
| **Net Increase (Decrease) in Net Assets** | **7409** | **1953133** |
| **Net Assets - Beginning of Year** | 143333 | 1596996 |
| **Net Assets - End of Year** | $**150742** | $**3550129** |

---

Note: Totals may not appear to foot/crossfoot due to rounding.

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

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

**1. Organization** 

Equitable America Variable Account A (the "Account" was established by Equitable Financial Life Insurance Company of America ("Equitable Financial") on March 27, 1987. Equitable Financial is an Arizona stock life insurance company. On October 1, 2013, Equitable Financial entered into a reinsurance agreement with Protective Life Insurance Company ("Protective Life") to reinsure an in-force book of life insurance and annuity policies written primarily prior to 2004.

The Account is registered with the United States Securities and Exchange Commission ("SEC") and operates as a unit investment trust 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 invest in shares of a mutual fund portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), BNY Mellon Stock Index Fund, Inc., EQ Advisors Trust ("EQAT"), Fidelity<sup>®</sup> Variable Insurance Products Fund, Franklin Templeton Variable Insurance Products Trust, Janus Aspen Series, MFS<sup>®</sup> Variable Insurance Trust, PIMCO Variable Insurance Trust, and ProFunds (collectively, "the Trusts"). The Trusts are registered with the SEC under the 1940 Act as open-end, investment management companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of the Trusts has separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account.

The Account consists of the following Variable Investment Options ("Portfolios"):

---

| | |
|:---|:---|
| **<u>AIM Variable Insurance Funds (Invesco Variable <br> Insurance Funds)</u>** | **<u>EQ Advisors Trust\*</u>** |
| Invesco V.I. Diversified Dividend Fund | 1290 VT Equity Income <sup>(1)</sup> |
| Invesco V.I. Global Core Equity Fund | 1290 VT GAMCO Mergers & Acquisitions |
| Invesco V.I. Global Fund | 1290 VT GAMCO Small Company Value |
| Invesco V.I. Health Care Fund | 1290 VT Socially Responsible <sup>(1)</sup> |
| Invesco V.I. Technology Fund | EQ/AB Small Cap Growth <sup>(1)</sup> |
|  | EQ/Aggressive Allocation |
| **<u>BNY Mellon Investment Adviser, Inc.</u>** | EQ/All Asset Growth Allocation |
| BNY Mellon Stock Index Fund, Inc. | EQ/Capital Group Research <sup>(1)</sup> |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

Variable Investment Options, continued:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>EQ Advisors Trust\* (continued)</u>** | **<u>Franklin Templeton Variable Insurance Products Trust</u>** |
| &nbsp;&nbsp;EQ/Conservative Allocation | Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio |
| &nbsp;&nbsp;EQ/Conservative-Plus Allocation | Franklin Income VIP Fund |
| &nbsp;&nbsp;EQ/Core Bond Index <sup>(1)</sup> | Franklin Rising Dividends VIP Fund |
| &nbsp;&nbsp;EQ/Core Plus Bond |  |
| &nbsp;&nbsp;EQ/Global Equity Managed Volatility <sup>(1)</sup> | **<u>Janus Aspen Series</u>** |
| &nbsp;&nbsp;EQ/Intermediate Government Bond | Janus Henderson Balanced Portfolio |
| &nbsp;&nbsp;EQ/Janus Enterprise <sup>(1)</sup> | Janus Henderson Enterprise Portfolio |
| &nbsp;&nbsp;EQ/JPMorgan Growth Stock Portfolio | Janus Henderson Forty Portfolio |
| &nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility | Janus Henderson Global Research Portfolio |
| &nbsp;&nbsp;EQ/Large Cap Value Index <sup>(1)</sup> | Janus Henderson Overseas Portfolio |
| &nbsp;&nbsp;EQ/Large Cap Value Managed Volatility <sup>(1)</sup> |  |
| &nbsp;&nbsp;EQ/Loomis Sayles Growth Portfolio | **<u>MFS<sup>®</sup> Variable Insurance Trust</u>** |
| &nbsp;&nbsp;EQ/MFS International Growth | MFS<sup>®</sup> Utilities Series |
| &nbsp;&nbsp;EQ/Mid Cap Index <sup>(1)</sup> |  |
| &nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility <sup>(1)</sup> | **<u>PIMCO Variable Insurance Trust</u>** |
| &nbsp;&nbsp;EQ/Moderate Allocation | PIMCO Global Bond Opportunities Portfolio (Unhedged) |
| &nbsp;&nbsp;EQ/Moderate-Plus Allocation |  |
| &nbsp;&nbsp;EQ/Money Market | **<u>ProFunds</u>** |
| &nbsp;&nbsp;EQ/Morgan Stanley Small Cap Growth | ProFund VP Bear |
| &nbsp;&nbsp;EQ/PIMCO Ultra Short Bond | ProFund VP Rising Rates Opportunity |
| &nbsp;&nbsp;EQ/Quality Bond PLUS | ProFund VP UltraBull |
| &nbsp;&nbsp;EQ/Small Company Index <sup>(1)</sup> |  |
| &nbsp;&nbsp;EQ/Value Equity |  |

---

\* An affiliate of Equitable Financial that provides advisory and other services to one or more Portfolios of this Trust, as further described in Note 5 of these financial statements.

<sup>(1)</sup> Effective June 21, 2024, the Class IA shares of this Variable Investment Option were combined with the Class IB shares of the same Variable Investment Option.

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

The Account holds assets that are segregated from all of Equitable Financial's other assets and, at present, is used to support Flexible Payment Variable Annuity Policies, which include MONYMaster, MONY Value Master, MONY Custom Master and MONY Variable Annuity (collectively, the "Variable Annuity Policies"). These policies are issued by Equitable Financial, which is a wholly-owned subsidiary of Equitable Holdings, Inc.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished or segregated from those of Equitable Financial. The assets of the Account are the property of Equitable Financial. However, the portion of the Account's assets attributable to the Variable Annuity Policies will not be charged with liabilities arising out of other business Equitable Financial may conduct.

The amount retained by Equitable Financial in the Account arises primarily from (1) contributions from Equitable Financial, (2) mortality and expense charges, administrative charges accumulated in the Account, and (3) 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 of units. Amounts retained by Equitable Financial are not subject to charges for mortality and expense charges and administrative 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 should be read in conjunction with the financial statements and notes of the Portfolios of the Trusts, which are distributed by Equitable Financial to the Contractowners of the Variable Investment Options of the Account.

In the normal course of business, Equitable Financial may have agreements to indemnify another party under given circumstances. The maximum exposure under these arrangements is unknown as this would involve estimates of future claims that may be, but have not been, made against the Variable Investment Options of the Account. Based on experience, management expects the risk of material loss 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 amount 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 values are determined by the Trusts using the fair value of the underlying assets of each Portfolio less liabilities.

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

**Investment Transactions and Investment Income:** 

Investment transactions are recorded on the trade date. Dividend income and distributions of net realized gains from the Portfolios are recorded and automatically reinvested at the ex-dividend date. Realized gains and losses include: (1) gains and losses on the redemptions of investments in the Portfolios (determined on the identified cost basis) and (2) distributions representing the net realized gains on investments transactions.

**Due to and Due From:** 

Receivable/payable for policy-related transactions represents amount due to/from Equitable Financial's General Account primarily related to premiums, surrenders, death benefits and amounts transferred among the various funds by Contractowners. Receivable/payable for Trust shares represents unsettled trades.

**Contract Payments and Transfers:** 

Payments received from Contractowners represent Contractowner contributions under the Variable Annuity Policies (but exclude amounts allocated to the guaranteed interest account with market value adjustment, reflected in the General Account) reduced by deductions and charges, including premium charges, as applicable, and state premium taxes.

Transfers between Variable Investment Options including the guaranteed interest account with market value adjustment, net, are amounts that Contractowners have directed to be moved among funds, including permitted transfers to and from the guaranteed interest account. The net assets of any Variable Investment Option may not be less than the aggregate value of the Contractowner accounts allocated to that Variable Investment Option. Equitable Financial is required by state insurance law to set aside additional assets in Equitable Financial's General Account to provide for other policy benefits. Equitable Financial's General Account assets support Equitable Financial's insurance and annuity obligations and are subject to Equitable Financial's general liabilities for business operations and to creditor rights.

Redemptions for contract benefits and terminations are payments to Contractowners and beneficiaries made under the terms of the Variable Annuity Policies, and amounts that Contractowners have requested to be withdrawn and paid to them or applied to purchase annuities. Withdrawal charges, if any, are included in Transfers for contract benefits and terminations to the extent that such charges apply to the Variable Annuity Policies. Administrative charges, if any, are included in Contract maintenance charges to the extent that such charges apply to the Variable Annuity Policies.

**Federal Income Taxes:** 

The results of the operations of the Account are included in the federal income tax return of Equitable Financial. Under the provisions of the contracts, Equitable Financial has the right to charge the Account for federal income tax attributable to the Account. No charge has been made against the Account for such tax during the year ended December 31, 2025. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the contracts.

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

**3. Fair Value Disclosures** 

The Account determined the fair value of its financial instruments based on the fair value hierarchy established in FASB guidance referenced in the Fair Value Measurements and Disclosures Topic which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three level hierarchy as outlined within the applicable guidance. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. As there are no level 2 or level 3 assets in any period presented, disclosure of transfers between levels or disclosure of a reconciliation of level 3 assets is not required. In addition, there are no other financial assets or assets valued on a non-recurring basis.

Financial assets recorded at fair value in the Statement of Assets and Liabilities are categorized as follows:

**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**: Quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly. Level 2 inputs include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Quoted
 prices for similar assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Quoted
 prices for identical or similar assets in non-active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Inputs
 other than quoted market prices that are observable

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

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

**Determination of fair values:**

The valuation methodologies used to determine the fair values of assets and liabilities under the FASB guidance referenced in the Fair Value Measurements and Disclosures Topic reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The Account determines the fair values of certain financial assets based on quoted market prices.

All of the investments in each Variable Investment Option of the Account are classified as Level 1 in the fair value hierarchy as of December 31, 2025 and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value ("NAV") of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective mutual funds.

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

**4. Segment Reporting**

Equitable Financial Life Insurance Company ("EFLIC") and Equitable Financial Life Insurance Company of America ("Equitable Financial") (collectively referred to as the "Company") have identified its President and the President of Equitable Investment Management Group, LLC ("EIMG") as the Chief Operating Decision Makers ("CODM") assessing performance and making decisions about resource allocation for the Separate Account. Separate Account is comprised of multiple subaccounts; each subaccount represents a variable investment option. As an investment company, 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. Purchase 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** |
| &nbsp;&nbsp;1290 VT Equity Income | $914410 | $916881 |
| &nbsp;&nbsp;1290 VT GAMCO Mergers & Acquisitions | 53325 | 102128 |
| &nbsp;&nbsp;1290 VT GAMCO Small Company Value | 6240137 | 13959014 |
| &nbsp;&nbsp;1290 VT Socially Responsible | 154110 | 326425 |
| &nbsp;&nbsp;BNY Mellon Stock Index Fund, Inc. | 1691456 | 2352727 |
| &nbsp;&nbsp;EQ/AB Small Cap Growth | 185423 | 225826 |
| &nbsp;&nbsp;EQ/Aggressive Allocation | 148253 | 173681 |
| &nbsp;&nbsp;EQ/All Asset Growth Allocation | 5698197 | 9184161 |
| &nbsp;&nbsp;EQ/Capital Group Research | 2161591 | 3120649 |
| &nbsp;&nbsp;EQ/Conservative Allocation | 159330 | 191301 |
| &nbsp;&nbsp;EQ/Conservative-Plus Allocation | 127355 | 442133 |
| &nbsp;&nbsp;EQ/Core Bond Index | 404619 | 1043242 |
| &nbsp;&nbsp;EQ/Core Plus Bond | 57348 | 148152 |
| &nbsp;&nbsp;EQ/Global Equity Managed Volatility | 189976 | 299913 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp;EQ/Intermediate Government Bond | $271911 | $343919 |
| &nbsp;&nbsp;EQ/Janus Enterprise | 494724 | 501081 |
| &nbsp;&nbsp;EQ/JPMorgan Growth Stock Portfolio | 8096276 | 7302425 |
| &nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility | 1094971 | 1083657 |
| &nbsp;&nbsp;EQ/Large Cap Value Index | 908220 | 1146704 |
| &nbsp;&nbsp;EQ/Large Cap Value Managed Volatility | 227246 | 130676 |
| &nbsp;&nbsp;EQ/Loomis Sayles Growth Portfolio | 6043429 | 10897404 |
| &nbsp;&nbsp;EQ/MFS International Growth | 681044 | 910493 |
| &nbsp;&nbsp;EQ/Mid Cap Index | 467333 | 790790 |
| &nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility | 750233 | 1340036 |
| &nbsp;&nbsp;EQ/Moderate Allocation | 671739 | 784563 |
| &nbsp;&nbsp;EQ/Moderate-Plus Allocation | 248228 | 1351405 |
| &nbsp;&nbsp;EQ/Money Market | 9462660 | 13024194 |
| &nbsp;&nbsp;EQ/Morgan Stanley Small Cap Growth | 98307 | 1254223 |
| &nbsp;&nbsp;EQ/PIMCO Ultra Short Bond | 78673 | 222405 |
| &nbsp;&nbsp;EQ/Quality Bond PLUS | 156611 | 290825 |
| &nbsp;&nbsp;EQ/Small Company Index | 94637 | 467789 |
| &nbsp;&nbsp;EQ/Value Equity | 129824 | 798815 |
| &nbsp;&nbsp;Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | 3336842 | 2580299 |
| &nbsp;&nbsp;Franklin Income VIP Fund | 902057 | 1543374 |
| &nbsp;&nbsp;Franklin Rising Dividends VIP Fund | 755134 | 1035447 |
| &nbsp;&nbsp;Invesco V.I. Diversified Dividend Fund | 103915 | 117466 |
| &nbsp;&nbsp;Invesco V.I. Global Core Equity Fund | 30683 | 76385 |
| &nbsp;&nbsp;Invesco V.I. Global Fund | 1127963 | 866907 |
| &nbsp;&nbsp;Invesco V.I. Health Care Fund | 69447 | 234605 |
| &nbsp;&nbsp;Invesco V.I. Technology Fund | 172214 | 290166 |
| &nbsp;&nbsp;Janus Henderson Balanced Portfolio | 533128 | 1407832 |
| &nbsp;&nbsp;Janus Henderson Enterprise Portfolio | 942463 | 1250372 |
| &nbsp;&nbsp;Janus Henderson Forty Portfolio | 2409614 | 2857911 |
| &nbsp;&nbsp;Janus Henderson Global Research Portfolio | 677013 | 836919 |
| &nbsp;&nbsp;Janus Henderson Overseas Portfolio | 48524 | 488400 |
| &nbsp;&nbsp;MFS<sup>®</sup> Utilities Series | 86075 | 301971 |
| &nbsp;&nbsp;PIMCO Global Bond Opportunities Portfolio (Unhedged) | 328655 | 528912 |
| &nbsp;&nbsp;ProFund VP Bear | 1106682 | 1095009 |
| &nbsp;&nbsp;ProFund VP Rising Rates Opportunity | 19395 | 9251 |
| &nbsp;&nbsp;ProFund VP Ultrabull | 1673562 | 1511943 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

The units purchased and redeemed for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Class+** | **Issued** | **Redeemed** | **Net Change** |
| &nbsp;&nbsp;1290 VT Equity Income | IB | 3041 | 23737 | (20696) |
| &nbsp;&nbsp;1290 VT GAMCO Mergers & Acquisitions | IB | 540 | 4305 | (3765) |
| &nbsp;&nbsp;1290 VT GAMCO Small Company Value | IB | 10161 | 89718 | (79557) |
| &nbsp;&nbsp;1290 VT Socially Responsible | IB | 1484 | 18701 | (17217) |
| &nbsp;&nbsp;BNY Mellon Stock Index Fund, Inc. | INITIAL | 11752 | 43926 | (32174) |
| &nbsp;&nbsp;EQ/AB Small Cap Growth | IB | 2692 | 5790 | (3098) |
| &nbsp;&nbsp;EQ/Aggressive Allocation | IB | 485 | 7734 | (7249) |
| &nbsp;&nbsp;EQ/All Asset Growth Allocation | IB | 15170 | 142795 | (127625) |
| &nbsp;&nbsp;EQ/Capital Group Research | IB | 3582 | 54645 | (51063) |
| &nbsp;&nbsp;EQ/Conservative Allocation | IB | 10269 | 14682 | (4413) |
| &nbsp;&nbsp;EQ/Conservative-Plus Allocation | IB | 5350 | 27936 | (22586) |
| &nbsp;&nbsp;EQ/Core Bond Index | IB | 15404 | 76941 | (61537) |
| &nbsp;&nbsp;EQ/Core Plus Bond | IA | 1123 | 10968 | (9845) |
| &nbsp;&nbsp;EQ/Global Equity Managed Volatility | IB | 129 | 5257 | (5128) |
| &nbsp;&nbsp;EQ/Intermediate Government Bond | IA | 14716 | 26506 | (11790) |
| &nbsp;&nbsp;EQ/Janus Enterprise | IB | 893 | 12561 | (11668) |
| &nbsp;&nbsp;EQ/JPMorgan Growth Stock Portfolio | IB | 4844 | 55969 | (51125) |
| &nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility | IB | 782 | 17872 | (17090) |
| &nbsp;&nbsp;EQ/Large Cap Value Index | IB | 10527 | 28514 | (17987) |
| &nbsp;&nbsp;EQ/Large Cap Value Managed Volatility | IB | 54 | 2580 | (2526) |
| &nbsp;&nbsp;EQ/Loomis Sayles Growth Portfolio | IB | 22652 | 157860 | (135208) |
| &nbsp;&nbsp;EQ/MFS International Growth | IB | 3127 | 24434 | (21307) |
| &nbsp;&nbsp;EQ/Mid Cap Index | IB | 1767 | 16158 | (14391) |
| &nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility | IB | 4164 | 35085 | (30921) |
| &nbsp;&nbsp;EQ/Moderate Allocation | IB | 9166 | 43206 | (34040) |
| &nbsp;&nbsp;EQ/Moderate-Plus Allocation | IB | 1788 | 71087 | (69299) |
| &nbsp;&nbsp;EQ/Money Market | IA | 853230 | 1243500 | (390270) |
| &nbsp;&nbsp;EQ/Morgan Stanley Small Cap Growth | IB | 4622 | 67728 | (63106) |
| &nbsp;&nbsp;EQ/PIMCO Ultra Short Bond | IB | 2513 | 16988 | (14475) |
| &nbsp;&nbsp;EQ/Quality Bond PLUS | IB | 5692 | 14464 | (8772) |
| &nbsp;&nbsp;EQ/Small Company Index | IB | 381 | 8666 | (8285) |
| &nbsp;&nbsp;EQ/Value Equity | IB | 1464 | 25932 | (24468) |
| &nbsp;&nbsp;Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | SERVICE | 802 | 29697 | (28895) |
| &nbsp;&nbsp;Franklin Income VIP Fund | CLASS 2 | 11791 | 45091 | (33300) |
| &nbsp;&nbsp;Franklin Rising Dividends VIP Fund | CLASS 2 | 4026 | 18083 | (14057) |
| &nbsp;&nbsp;Invesco V.I. Diversified Dividend Fund | SERIES I | 3330 | 6529 | (3199) |
| &nbsp;&nbsp;Invesco V.I. Global Core Equity Fund | SERIES I | 49 | 3207 | (3158) |
| &nbsp;&nbsp;Invesco V.I. Global Fund | SERVICE | 1925 | 13860 | (11935) |
| &nbsp;&nbsp;Invesco V.I. Health Care Fund | SERIES I | 1000 | 6476 | (5476) |
| &nbsp;&nbsp;Invesco V.I. Technology Fund | SERIES I | 1609 | 5855 | (4246) |
| &nbsp;&nbsp;Janus Henderson Balanced Portfolio | INSTITUTIONAL | 1261 | 27510 | (26249) |
| &nbsp;&nbsp;Janus Henderson Enterprise Portfolio | INSTITUTIONAL | 2152 | 21866 | (19714) |
| &nbsp;&nbsp;Janus Henderson Forty Portfolio | INSTITUTIONAL | 2288 | 25146 | (22858) |
| &nbsp;&nbsp;Janus Henderson Forty Portfolio | SERVICE | 2046 | 7815 | (5769) |
| &nbsp;&nbsp;Janus Henderson Global Research Portfolio | INSTITUTIONAL | 2218 | 22837 | (20619) |
| &nbsp;&nbsp;Janus Henderson Overseas Portfolio | SERVICE | 200 | 13138 | (12938) |
| &nbsp;&nbsp;MFS<sup>®</sup> Utilities Series | INITIAL | 62 | 4559 | (4497) |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Class+** | **Issued** | **Redeemed** | **Net Change** |
| &nbsp;&nbsp;PIMCO Global Bond Opportunities Portfolio (Unhedged) | ADMINISTRATIVE | 13729 | 27893 | (14164) |
| &nbsp;&nbsp;ProFund VP Bear | COMMON | 1839474 | 1829195 | 10279 |
| &nbsp;&nbsp;ProFund VP Rising Rates Opportunity | COMMON | 1636 | 3860 | (2224) |
| &nbsp;&nbsp;ProFund VP UltraBull | COMMON | 13393 | 15882 | (2489) |

---

+ Share class reflects the shares of the portfolio that the Variable Investment Options invest in.

**6. Expenses and Related Party Transactions**

**Investment Manager and Advisors:**

The assets in each Variable Investment Option are invested in shares of a corresponding Portfolio of the Trusts. Shares are offered by the Portfolios at net asset value. Shares in which the Variable Investment Options invest are categorized by the share class of the Portfolio. 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 A, Class IA, Class B 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 A, Class IA, Class B 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, have entered into distribution agreements with Equitable Distributors, LLC ("Equitable Distributors") a wholly-owned subsidiary of Equitable Financial and an affiliate of Equitable Investment Management Group, LLC ("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 0.93% to a high of 1.22% (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.

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

Equitable Financial, Equitable Advisors, LLC ("Equitable Advisors") or Equitable Distributors may directly or indirectly receive 12b-1 fees and additional payments from certain unaffiliated Portfolios, their advisers, sub-advisers, distributors or affiliates, for providing certain administrative, marketing, distribution and/or shareholder support services in connection with the Variable Investment Options' investment in the Portfolios. These fees and payments range from 0.12% to 0.40% of the unaffiliated Portfolios' average daily net assets. Equitable Advisors or Equitable Distributors may also receive payments from the advisers or sub-advisers of the unaffiliated Portfolios or their affiliates for certain distribution services, including expenses for sales meetings or seminar sponsorships that may relate to the policies and/or the advisers' respective Portfolios.

AllianceBernstein L.P. ("AllianceBernstein") serves as an investment advisor for a number of Portfolios in EQAT, including the 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 and EQ/Quality Bond PLUS. AllianceBernstein is a limited partnership which is indirectly majority-owned by Equitable Holdings, Inc.

**Contract Distribution and Principal Underwriter:** 

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

The Variable Annuity Policies 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 Variable Annuity Policies are also sold through licensed insurance agents (both affiliated and unaffiliated with Equitable Financial) and their affiliated broker-dealers (who are registered with the SEC and are members of the FINRA) that have entered into selling agreements with Equitable Distributors. The licensed insurance agents who sell Equitable Financial policies for these companies are appointed agents of Equitable Financial, and are registered representatives of the broker-dealers under contracts with Equitable Distributors. Equitable Financial serves as the transfer agent for EQAT.

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

Policy premiums received from Equitable Financial by the Account represent gross policy premiums recorded by Equitable Financial less deductions retained as compensation for certain sales distribution expenses and any premium taxes. Net policy premiums are included in "Payments received from Contractowners" in the Statement of Changes in Net Assets.

The charges below are the current annual charges deducted from the net unit value of the Variable Investment Options, or from the total amount under the policy in each Variable Investment Option ("fund value") as a redemption of units. Higher charges may be permitted under the terms of the various policies. All charges are reflected as part of "Contractowners Transactions" in the

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

Statement of Changes in Net Assets with the exception of Mortality & Expense Risk Charge which is reflected as "Asset-based Charges" in the Statement of Operations.

**Mortality & Expense Risk Charge**: This charge is deducted daily from the net unit value of the Variable Investment Options, and ranges from a low of 1.20% to a high of 2.85%.

**Annual Contract Charge:** This charge is deducted daily from the fund value, and ranges from a low of $0 to a high of $30.

**Transfer Charge:** Equitable Financial does not currently assess this charge, but reserves the right to impose a transfer charge for each transfer instructed by the Contractowner. This charge would be deducted from the fund value.

**Surrender Charge:** This charge is deducted from fund value and is imposed when a full or partial surrender is requested during the period specified in the Variable Annuity Policy. The amount of the charge varies, and is determined by multiplying the surrender charge percentage for the policy year by the amount of fund value, based on a grading schedule.

**8. Financial Highlights** 

The Variable Annuity Policies have unique combinations of features and fees that are charged against the Contractowner's account balance. Differences in the fee structures result in a variety of unit values, expenses ratios and total returns.

The ranges for total return ratios and unit values correspond to the product groupings that produced the lowest and highest expenses ratios. Due to the timing of the introduction of new products into the Account, contract charges and related unit values and total returns may fall outside of the ranges presented in the financial highlights.

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit Outstanding** | **Unit Outstanding** | **Unit Outstanding** | **Unit Outstanding** | **Unit Outstanding** |
|  | &nbsp;&nbsp;<br>**Share Class+** | **2025** | **2024** | **2023** | **2022** | **2021** |
| 1290 VT Equity Income | IA |  |  | 8341 | 8562 | 9239 |
| 1290 VT Equity Income | IB | 228057 | 248753 | 253485 | 287489 | 322998 |
| 1290 VT GAMCO Mergers & Acquisitions | IB | 34327 | 38092 | 70047 | 78462 | 82008 |
| 1290 VT GAMCO Small Company Value | IB | 458162 | 537719 | 613191 | 685231 | 770581 |
| 1290 VT Socially Responsible | IA |  |  | 46992 | 53953 | 56355 |
| 1290 VT Socially Responsible | IB | 125531 | 142748 | 13673 | 14238 | 17493 |
| BNY Mellon Stock Index Fund, Inc. | INITIAL | 339848 | 372022 | 436090 | 500066 | 537734 |
| EQ/AB Small Cap Growth | IA |  |  | 28060 | 33352 | 38034 |
| EQ/AB Small Cap Growth | IB | 22756 | 25854 |  |  |  |
| EQ/Aggressive Allocation | IB | 57817 | 65066 | 66374 | 81792 | 83907 |
| EQ/All Asset Growth Allocation | IB | 945622 | 1073247 | 1217801 | 1381401 | 1545845 |
| EQ/Capital Group Research | IA |  |  | 539514 | 608744 | 666410 |
| EQ/Capital Group Research | IB | 425566 | 476629 |  |  |  |
| EQ/Conservative Allocation | IB | 42071 | 46484 | 96447 | 103775 | 114253 |
| EQ/Conservative-Plus Allocation | IB | 31689 | 54275 | 72499 | 55520 | 72181 |
| EQ/Core Bond Index | IA |  |  | 728825 | 818319 | 911015 |
| EQ/Core Bond Index | IB | 571335 | 632872 |  |  |  |
| EQ/Core Plus Bond | IA | 69815 | 79660 | 91363 | 100965 | 115264 |
| EQ/Global Equity Managed Volatility | IA |  |  | 42432 | 46045 | 52497 |
| EQ/Global Equity Managed Volatility | IB | 29375 | 34503 |  |  |  |
| EQ/Intermediate Government Bond | IA | 265599 | 277389 | 312226 | 363437 | 430296 |
| EQ/Janus Enterprise | IA |  |  | 192990 | 210720 | 235092 |
| EQ/Janus Enterprise | IB | 148378 | 160046 |  |  |  |
| EQ/JPMorgan Growth Stock Portfolio | IB | 394640 | 445765 | 507803 | 585142 | 634828 |
| EQ/Large Cap Growth Managed Volatility | IB | 128191 | 145281 | 167024 | 188140 | 204769 |
| EQ/Large Cap Value Index | IA |  |  | 261220 | 291115 | 321214 |
| EQ/Large Cap Value Index | IB | 209339 | 227326 |  |  |  |
| EQ/Large Cap Value Managed Volatility | IA |  |  | 41161 | 43009 | 53610 |
| EQ/Large Cap Value Managed Volatility | IB | 32613 | 35139 |  |  |  |
| EQ/Loomis Sayles Growth Portfolio | IB | 891568 | 1026776 | 1164621 | 1287973 | 1413419 |
| EQ/MFS International Growth | IB | 168330 | 189637 | 223602 | 264348 | 283326 |
| EQ/Mid Cap Index | IA |  |  | 170151 | 190718 | 216774 |
| EQ/Mid Cap Index | IB | 135552 | 149943 |  |  |  |
| EQ/Mid Cap Value Managed Volatility | IA |  |  | 282833 | 313105 | 345164 |
| EQ/Mid Cap Value Managed Volatility | IB | 208281 | 239202 |  |  |  |
| EQ/Moderate Allocation | IB | 384644 | 418684 | 394258 | 400485 | 420528 |
| EQ/Moderate-Plus Allocation | IB | 114100 | 183399 | 194426 | 199142 | 225643 |
| EQ/Money Market | IA | 1789723 | 2179993 | 2245607 | 2319578 | 2043880 |
| EQ/Morgan Stanley Small Cap Growth | IB | 478716 | 541822 | 603665 | 687163 | 762762 |
| EQ/PIMCO Ultra Short Bond | IB | 99971 | 114446 | 123743 | 135364 | 150671 |
| EQ/Quality Bond PLUS | IB | 108661 | 117433 | 140016 | 158491 | 174117 |
| EQ/Small Company Index | IA |  |  | 44206 | 48204 | 51145 |
| EQ/Small Company Index | IB | 31617 | 39902 |  |  |  |
| EQ/Value Equity | IB | 80466 | 104934 | 116649 | 126854 | 144745 |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | SERVICE | 252648 | 281543 | 333303 | 365564 | 408069 |
| Franklin Income VIP Fund | CLASS 2 | 260434 | 293734 | 362681 | 397967 | 444834 |
| Franklin Rising Dividends VIP Fund | CLASS 2 | 93415 | 107472 | 131820 | 145754 | 161795 |
| Invesco V.I. Diversified Dividend Fund | SERIES I | 28004 | 31203 | 33816 | 45188 | 51094 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit Outstanding** | **Unit Outstanding** | **Unit Outstanding** | **Unit Outstanding** | **Unit Outstanding** |
|  | &nbsp;&nbsp;<br>**Share Class+** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Invesco V.I. Global Core Equity Fund | SERIES I | 15188 | 18346 | 21490 | 24931 | 30143 |
| Invesco V.I. Global Fund | SERVICE | 82443 | 94378 | 117630 | 133721 | 147083 |
| Invesco V.I. Health Care Fund | SERIES I | 23822 | 29298 | 35166 | 41257 | 47030 |
| Invesco V.I. Technology Fund | SERIES I | 16241 | 20487 | 24838 | 32216 | 36316 |
| Janus Henderson Balanced Portfolio | INSTITUTIONAL | 179801 | 206050 | 235172 | 274277 | 309281 |
| Janus Henderson Enterprise Portfolio | INSTITUTIONAL | 202049 | 221763 | 243802 | 273969 | 305434 |
| Janus Henderson Forty Portfolio | INSTITUTIONAL | 156840 | 179698 | 202211 | 237653 | 252359 |
| Janus Henderson Forty Portfolio | SERVICE | 36120 | 41889 | 49433 | 52895 | 59535 |
| Janus Henderson Global Research Portfolio | INSTITUTIONAL | 189142 | 209761 | 233130 | 267625 | 307644 |
| Janus Henderson Overseas Portfolio | SERVICE | 91773 | 104711 | 122202 | 138376 | 168195 |
| MFS<sup>®</sup> Utilities Series | INITIAL | 28913 | 33410 | 41414 | 48333 | 57718 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | ADMINISTRATIVE | 88737 | 102901 | 122166 | 130944 | 161244 |
| ProFund VP Bear | COMMON | 48390 | 38111 | 26984 | 43892 | 30500 |
| ProFund VP Rising Rates Opportunity | COMMON | 72206 | 74430 | 82968 | 137348 | 68535 |
| ProFund VP UltraBull | COMMON | 29929 | 32418 | 21818 | 24475 | 29020 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** |
|  | <br>**Share<br> Class+** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  |  | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** |
| 1290 VT Equity Income | IA | $- | $- | $28.00 | $28.00 | $26.68 | $26.68 | $25.62 | $25.62 | $25.17 | $25.17 |
| 1290 VT Equity Income | IB | 29.68 | 41.84 | 26.90 | 37.50 | 25.09 | 34.57 | 27.37 | 33.19 | 27.30 | 32.58 |
| 1290 VT GAMCO Mergers & Acquisitions | IB | 18.22 | 23.79 | 16.09 | 20.77 | 15.11 | 19.28 | 14.12 | 17.82 | 15.38 | 19.19 |
| 1290 VT GAMCO Small Company Value | IB | 61.73 | 87.64 | 56.27 | 78.62 | 51.87 | 71.31 | 44.06 | 59.62 | 50.72 | 67.55 |
| 1290 VT Socially Responsible | IA |  |  | 29.83 | 29.83 | 26.12 | 26.12 | 20.77 | 20.77 | 27.01 | 27.01 |
| 1290 VT Socially Responsible | IB | 40.45 | 51.09 | 35.33 | 44.11 | 29.73 | 36.69 | 23.87 | 29.13 | 31.37 | 37.84 |
| BNY Mellon Stock Index Fund, Inc. | INITIAL | 53.02 | 53.02 | 45.73 | 45.73 | 37.18 | 37.18 | 29.93 | 29.93 | 37.13 | 37.13 |
| EQ/AB Small Cap Growth | IA |  |  | 29.53 | 35.90 | 28.89 | 34.92 | 25.12 | 30.02 | 35.94 | 42.47 |
| EQ/AB Small Cap Growth | IB | 34.29 | 42.43 | 32.14 | 39.31 |  |  |  |  |  |  |
| EQ/Aggressive Allocation | IB | 19.38 | 23.99 | 17.57 | 21.50 | 15.82 | 19.13 | 13.67 | 16.35 | 17.14 | 20.27 |
| EQ/All Asset Growth Allocation | IB | 20.42 | 25.51 | 17.84 | 22.03 | 16.43 | 20.05 | 14.74 | 17.78 | 17.64 | 21.04 |
| EQ/Capital Group Research | IA |  |  | 44.92 | 63.09 | 39.26 | 54.73 | 32.83 | 45.03 | 41.66 | 56.25 |
| EQ/Capital Group Research | IB | 57.77 | 83.14 | 49.57 | 70.22 |  |  |  |  |  |  |
| EQ/Conservative Allocation | IB | 12.32 | 13.52 | 11.66 | 12.73 | 11.33 | 12.31 | 10.68 | 11.54 | 11.30 | 13.37 |
| EQ/Conservative-Plus Allocation | IB | 13.03 | 16.13 | 12.24 | 14.98 | 11.71 | 14.16 | 10.80 | 12.92 | 12.94 | 15.30 |
| EQ/Core Bond Index | IA |  |  | 7.99 | 13.52 | 8.07 | 13.54 | 7.93 | 13.11 | 8.94 | 14.54 |
| EQ/Core Bond Index | IB | 8.31 | 14.41 | 8.03 | 13.70 |  |  |  |  |  |  |
| EQ/Core Plus Bond | IA | 8.92 | 14.72 | 8.46 | 13.74 | 8.76 | 14.00 | 8.62 | 13.55 | 10.18 | 15.75 |
| EQ/Global Equity Managed Volatility | IA |  |  | 46.54 | 54.90 | 42.67 | 49.96 | 36.16 | 41.67 | 47.04 | 53.34 |
| EQ/Global Equity Managed Volatility | IB | 54.13 | 65.44 | 46.72 | 55.59 |  |  |  |  |  |  |
| EQ/Intermediate Government Bond | IA | 8.01 | 12.11 | 7.81 | 11.61 | 7.84 | 11.48 | 7.76 | 11.18 | 8.64 | 12.26 |
| EQ/Janus Enterprise | IA |  |  | 32.57 | 30.12 | 31.48 | 28.89 | 27.66 | 24.98 | 34.10 | 30.31 |
| EQ/Janus Enterprise | IB | 36.70 | 34.78 | 34.93 | 32.58 |  |  |  |  |  |  |
| EQ/JPMorgan Growth Stock Portfolio | IB | 55.86 | 256.95 | 49.34 | 226.74 | 37.38 | 171.63 | 25.89 | 118.76 | 42.77 | 195.98 |
| EQ/Large Cap Growth Managed Volatility | IB | 58.37 | 58.37 | 53.26 | 53.26 | 41.50 | 41.50 | 30.26 | 30.26 | 44.18 | 44.18 |
| EQ/Large Cap Value Index | IA |  |  | 27.87 | 34.96 | 26.52 | 33.01 | 24.63 | 30.17 | 27.60 | 33.27 |
| EQ/Large Cap Value Index | IB | 32.74 | 42.09 | 29.28 | 37.04 |  |  |  |  |  |  |
| EQ/Large Cap Value Managed Volatility | IA |  |  | 20.46 | 25.24 | 19.19 | 23.54 | 17.24 | 20.91 | 19.96 | 23.93 |
| EQ/Large Cap Value Managed Volatility | IB | 23.12 | 29.02 | 21.39 | 26.55 |  |  |  |  |  |  |
| EQ/Loomis Sayles Growth Portfolio | IB | 60.93 | 73.74 | 55.40 | 65.99 | 42.60 | 49.93 | 30.47 | 35.15 | 43.51 | 49.40 |
| EQ/MFS International Growth | IB | 31.09 | 44.48 | 26.06 | 37.23 | 24.28 | 34.66 | 21.52 | 30.68 | 25.71 | 36.63 |
| EQ/Mid Cap Index | IA |  |  | 34.11 | 44.46 | 32.66 | 42.24 | 29.01 | 36.93 | 34.53 | 43.26 |
| EQ/Mid Cap Index | IB | 37.34 | 49.87 | 35.94 | 47.24 |  |  |  |  |  |  |
| EQ/Mid Cap Value Managed Volatility | IA |  |  | 27.14 | 34.41 | 26.63 | 33.51 | 24.20 | 29.96 | 29.12 | 35.49 |
| EQ/Mid Cap Value Managed Volatility | IB | 29.51 | 38.34 | 28.92 | 36.97 |  |  |  |  |  |  |
| EQ/Moderate Allocation | IB | 13.89 | 17.20 | 12.90 | 15.79 | 12.24 | 14.81 | 11.16 | 13.34 | 13.51 | 15.97 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** | **Unit Value** |
|  | <br>**Share<br> Class+** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  |  | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** |
| EQ/Moderate-Plus Allocation | IB | $16.67 | $20.64 | $15.31 | $18.73 | $14.15 | $17.12 | $12.56 | $15.02 | $15.50 | $18.33 |
| EQ/Money Market | IA | 7.67 | 10.62 | 7.62 | 10.38 | 7.49 | 10.03 | 7.37 | 9.72 | 7.50 | 9.73 |
| EQ/Morgan Stanley Small Cap Growth | IB | 16.48 | 17.59 | 15.72 | 16.58 | 13.33 | 13.90 | 10.15 | 10.47 | 18.60 | 18.96 |
| EQ/PIMCO Ultra Short Bond | IB | 10.10 | 13.26 | 9.89 | 12.85 | 9.57 | 12.28 | 7.87 | 11.77 | 8.14 | 11.98 |
| EQ/Quality Bond PLUS | IB | 15.37 | 23.28 | 14.65 | 22.18 | 14.60 | 22.07 | 14.19 | 21.44 | 16.02 | 24.18 |
| EQ/Small Company Index | IA |  |  | 34.14 | 46.04 | 34.51 | 46.19 | 30.39 | 40.02 | 38.97 | 50.51 |
| EQ/Small Company Index | IB | 40.82 | 56.41 | 37.29 | 50.70 |  |  |  |  |  |  |
| EQ/Value Equity | IB | 23.40 | 32.11 | 21.68 | 29.27 | 20.79 | 27.63 | 17.89 | 23.40 | 21.67 | 27.89 |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | SERVICE | 84.74 | 84.74 | 70.77 | 70.77 | 53.68 | 53.68 | 40.80 | 40.80 | 56.18 | 56.18 |
| Franklin Income VIP Fund | CLASS 2 | 25.10 | 36.47 | 22.94 | 32.79 | 22.01 | 30.96 | 20.83 | 28.84 | 22.66 | 30.88 |
| Franklin Rising Dividends VIP Fund | CLASS 2 | 43.19 | 62.85 | 39.72 | 56.90 | 36.88 | 51.98 | 33.84 | 46.94 | 38.91 | 53.12 |
| Invesco V.I. Diversified Dividend Fund | SERIES I | 16.41 | 20.12 | 14.52 | 17.60 | 13.13 | 15.73 | 12.33 | 14.60 | 12.83 | 15.03 |
| Invesco V.I. Global Core Equity Fund | SERIES I | 20.59 | 26.90 | 18.24 | 23.56 | 15.98 | 20.41 | 13.44 | 16.97 | 17.61 | 21.98 |
| Invesco V.I. Global Fund | SERVICE | 48.64 | 70.91 | 43.49 | 62.40 | 38.64 | 54.54 | 29.55 | 41.06 | 44.65 | 61.05 |
| Invesco V.I. Health Care Fund | SERIES I | 32.12 | 42.62 | 28.51 | 37.41 | 28.03 | 36.34 | 27.85 | 35.70 | 32.89 | 41.68 |
| Invesco V.I. Technology Fund | SERIES I | 48.28 | 56.89 | 41.03 | 47.79 | 31.29 | 36.03 | 21.80 | 24.81 | 37.16 | 41.82 |
| Janus Henderson Balanced Portfolio | INSTITUTIONAL | 50.44 | 50.44 | 44.41 | 44.41 | 39.00 | 39.00 | 34.25 | 34.25 | 41.53 | 41.53 |
| Janus Henderson Enterprise Portfolio | INSTITUTIONAL | 52.66 | 52.66 | 49.57 | 49.57 | 43.46 | 43.46 | 37.31 | 37.31 | 44.99 | 44.99 |
| Janus Henderson Forty Portfolio | INSTITUTIONAL | 86.04 | 86.04 | 73.82 | 73.82 | 58.25 | 58.25 | 42.18 | 42.18 | 64.34 | 64.34 |
| Janus Henderson Forty Portfolio | SERVICE | 84.90 | 106.60 | 74.08 | 91.54 | 59.46 | 72.31 | 43.78 | 52.40 | 67.94 | 80.02 |
| Janus Henderson Global Research Portfolio | INSTITUTIONAL | 35.32 | 35.32 | 29.61 | 29.61 | 24.28 | 24.28 | 19.41 | 19.41 | 24.42 | 24.42 |
| Janus Henderson Overseas Portfolio | SERVICE | 36.87 | 39.30 | 29.49 | 30.93 | 28.73 | 29.65 | 26.71 | 27.14 | 30.13 | 30.13 |
| MFS<sup>®</sup> Utilities Series | INITIAL | 52.90 | 75.91 | 47.09 | 66.80 | 43.18 | 60.55 | 45.16 | 62.60 | 45.88 | 62.88 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | ADMINISTRATIVE | 16.02 | 20.85 | 14.55 | 18.72 | 14.97 | 19.04 | 10.51 | 18.31 | 12.15 | 20.82 |
| ProFund VP Bear | COMMON | 0.35 | 0.45 | 0.42 | 0.53 | 0.50 | 0.63 | 0.60 | 0.75 | 0.52 | 0.65 |
| ProFund VP Rising Rates Opportunity | COMMON | 1.78 | 2.31 | 1.79 | 2.30 | 1.54 | 1.95 | 1.55 | 1.94 | 1.00 | 1.24 |
| ProFund VP UltraBull | COMMON | 102.82 | 135.89 | 85.01 | 110.56 | 61.57 | 78.80 | 43.59 | 54.91 | 73.64 | 91.28 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Assets (000's)** | **Net Assets (000's)** | **Net Assets (000's)** | **Net Assets (000's)** | **Net Assets (000's)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| 1290 VT Equity Income | $7971 | $7811 | $8093 | $8786 | $9712 |
| 1290 VT GAMCO Mergers & Acquisitions | 744 | 727 | 1288 | 1343 | 1514 |
| 1290 VT GAMCO Small Company Value | 78420 | 82038 | 84695 | 79214 | 99717 |
| 1290 VT Socially Responsible | 1813 | 1853 | 1692 | 1505 | 2145 |
| BNY Mellon Stock Index Fund, Inc. | 18019 | 17011 | 16214 | 14965 | 19968 |
| EQ/AB Small Cap Growth | 858 | 908 | 885 | 914 | 1494 |
| EQ/Aggressive Allocation | 1332 | 1342 | 1221 | 1288 | 1642 |
| EQ/All Asset Growth Allocation | 68097 | 65908 | 68998 | 68022 | 89261 |
| EQ/Capital Group Research | 23586 | 22358 | 19749 | 18361 | 25255 |
| EQ/Conservative Allocation | 553 | 575 | 1158 | 1171 | 1477 |
| EQ/Conservative-Plus Allocation | 489 | 785 | 999 | 698 | 1078 |
| EQ/Core Bond Index | 7154 | 7548 | 8657 | 9441 | 11705 |
| EQ/Core Plus Bond | 865 | 926 | 1093 | 1179 | 1578 |
| EQ/Global Equity Managed Volatility | 1728 | 1725 | 1920 | 1748 | 2581 |
| EQ/Intermediate Government Bond | 3213 | 3210 | 3554 | 4066 | 5319 |
| EQ/Janus Enterprise | 5277 | 5344 | 5829 | 5509 | 7451 |
| EQ/JPMorgan Growth Stock Portfolio | 50511 | 50394 | 43925 | 34279 | 61414 |
| EQ/Large Cap Growth Managed Volatility | 7482 | 7738 | 6931 | 5693 | 9047 |
| EQ/Large Cap Value Index | 7852 | 7544 | 7785 | 7948 | 9706 |
| EQ/Large Cap Value Managed Volatility | 2405 | 2300 | 2425 | 2267 | 3088 |
| EQ/Loomis Sayles Growth Portfolio | 60512 | 62533 | 53804 | 41914 | 64770 |
| EQ/MFS International Growth | 6265 | 5896 | 6593 | 6864 | 8814 |
| EQ/Mid Cap Index | 5835 | 6170 | 6319 | 6239 | 8382 |
| EQ/Mid Cap Value Managed Volatility | 7396 | 8243 | 8894 | 8839 | 11605 |
| EQ/Moderate Allocation | 6455 | 6456 | 5688 | 5190 | 6542 |
| EQ/Moderate-Plus Allocation | 2256 | 3331 | 3232 | 2907 | 4003 |
| EQ/Money Market | 18280 | 21855 | 21778 | 21753 | 19195 |
| EQ/Morgan Stanley Small Cap Growth | 8296 | 8874 | 8309 | 7141 | 14406 |
| EQ/PIMCO Ultra Short Bond | 1199 | 1337 | 1388 | 1461 | 1663 |
| EQ/Quality Bond PLUS | 1847 | 1929 | 2281 | 2504 | 3109 |
| EQ/Small Company Index | 1855 | 2087 | 2117 | 2006 | 2688 |
| EQ/Value Equity | 2375 | 2857 | 3004 | 2773 | 3791 |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | 21410 | 19924 | 17891 | 14916 | 22924 |
| Franklin Income VIP Fund | 8341 | 8509 | 9987 | 10259 | 12348 |
| Franklin Rising Dividends VIP Fund | 5102 | 5351 | 6042 | 6105 | 7738 |
| Invesco V.I. Diversified Dividend Fund | 498 | 486 | 476 | 624 | 726 |
| Invesco V.I. Global Core Equity Fund | 375 | 394 | 403 | 390 | 615 |
| Invesco V.I. Global Fund | 5352 | 5356 | 5876 | 5035 | 8260 |
| Invesco V.I. Health Care Fund | 875 | 944 | 1120 | 1292 | 1740 |
| Invesco V.I. Technology Fund | 840 | 891 | 818 | 737 | 1400 |
| Janus Henderson Balanced Portfolio | 9069 | 9151 | 9172 | 9395 | 12844 |
| Janus Henderson Enterprise Portfolio | 10639 | 10993 | 10597 | 10222 | 13742 |
| Janus Henderson Forty Portfolio | 17074 | 16839 | 15124 | 12632 | 20729 |
| Janus Henderson Global Research Portfolio | 6680 | 6210 | 5661 | 5196 | 7513 |
| Janus Henderson Overseas Portfolio | 3348 | 3024 | 3402 | 3548 | 4829 |
| MFS<sup>®</sup> Utilities Series | 1948 | 1970 | 2230 | 2692 | 3261 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 1661 | 1736 | 2120 | 2187 | 3084 |
| ProFund VP Bear | 21 | 20 | 17 | 32 | 20 |
| ProFund VP Rising Rates Opportunity | 147 | 151 | 143 | 237 | 75 |
| ProFund VP UltraBull | 4009 | 3550 | 1597 | 1255 | 2480 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Ratio \*** | **Income Ratio \*** | **Income Ratio \*** | **Income Ratio \*** | **Income Ratio \*** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| 1290 VT Equity Income | 2.12% | 2.01% | 1.93% | 1.69% | 1.52% |
| 1290 VT GAMCO Mergers & Acquisitions | 2.88 | 1.64 | 1.75 | 0.32 | 0.74 |
| 1290 VT GAMCO Small Company Value | 0.59 | 0.59 | 0.61 | 0.49 | 0.64 |
| 1290 VT Socially Responsible | 0.34 | 0.46 | 0.71 | 0.57 | 0.45 |
| BNY Mellon Stock Index Fund, Inc. | 1.01 | 1.21 | 1.42 | 1.27 | 1.14 |
| EQ/AB Small Cap Growth | 0.14 | 0.29 | 0.23 | 0.11 | 0.00 |
| EQ/Aggressive Allocation | 1.37 | 2.22 | 1.34 | 0.82 | 4.29 |
| EQ/All Asset Growth Allocation | 2.15 | 2.25 | 1.80 | 1.19 | 3.88 |
| EQ/Capital Group Research | 0.43 | 1.63 | 0.33 | 0.15 | 0.00 |
| EQ/Conservative Allocation | 2.98 | 2.04 | 2.31 | 1.35 | 1.54 |
| EQ/Conservative-Plus Allocation | 1.91 | 2.40 | 2.32 | 1.07 | 2.40 |
| EQ/Core Bond Index | 2.91 | 2.40 | 1.99 | 1.51 | 1.34 |
| EQ/Core Plus Bond | 4.92 | 4.78 | 2.23 | 2.16 | 1.29 |
| EQ/Global Equity Managed Volatility | 0.78 | 1.21 | 0.87 | 0.30 | 0.91 |
| EQ/Intermediate Government Bond | 3.04 | 2.39 | 2.49 | 0.84 | 0.64 |
| EQ/Janus Enterprise |  | 0.01 | 0.03 | 0.00 | 0.10 |
| EQ/JPMorgan Growth Stock Portfolio |  |  |  |  |  |
| EQ/Large Cap Growth Managed Volatility | 0.09 | 0.33 | 0.41 | 0.06 | 0.00 |
| EQ/Large Cap Value Index | 1.19 | 1.44 | 1.53 | 1.35 | 1.26 |
| EQ/Large Cap Value Managed Volatility | 1.35 | 1.51 | 1.65 | 1.13 | 0.91 |
| EQ/Loomis Sayles Growth Portfolio |  |  |  |  |  |
| EQ/MFS International Growth | 0.95 | 0.72 | 1.19 | 0.79 | 0.23 |
| EQ/Mid Cap Index | 0.80 | 0.86 | 0.94 | 0.85 | 0.63 |
| EQ/Mid Cap Value Managed Volatility | 1.12 | 1.38 | 1.37 | 0.86 | 0.55 |
| EQ/Moderate Allocation | 2.34 | 2.85 | 1.95 | 1.18 | 2.49 |
| EQ/Moderate-Plus Allocation | 1.50 | 2.43 | 1.65 | 0.95 | 3.59 |
| EQ/Money Market | 3.54 | 4.70 | 4.21 | 1.15 | 0.00 |
| EQ/Morgan Stanley Small Cap Growth | 0.27 | 0.01 | 0.00 | 0.01 | 0.00 |
| EQ/PIMCO Ultra Short Bond | 3.86 | 4.40 | 3.88 | 1.30 | 0.38 |
| EQ/Quality Bond PLUS | 3.40 | 3.12 | 2.03 | 0.62 | 0.74 |
| EQ/Small Company Index | 0.76 | 1.25 | 1.10 | 0.84 | 0.64 |
| EQ/Value Equity | 1.31 | 0.97 | 1.11 | 0.95 | 0.67 |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | 0.05 | 0.10 | 0.39 | 0.35 | 0.05 |
| Franklin Income VIP Fund | 5.06 | 5.37 | 5.11 | 4.81 | 4.60 |
| Franklin Rising Dividends VIP Fund | 0.79 | 1.08 | 0.92 | 0.75 | 0.85 |
| Invesco V.I. Diversified Dividend Fund | 1.56 | 1.89 | 1.68 | 1.79 | 2.19 |
| Invesco V.I. Global Core Equity Fund | 1.30 | 1.10 | 0.56 | 0.32 | 0.97 |
| Invesco V.I. Global Fund |  |  |  |  |  |
| Invesco V.I. Health Care Fund |  |  |  |  | 0.20 |
| Invesco V.I. Technology Fund |  |  |  |  |  |
| Janus Henderson Balanced Portfolio | 1.97 | 2.05 | 2.03 | 1.30 | 0.89 |
| Janus Henderson Enterprise Portfolio | 0.20 | 0.75 | 0.15 | 0.35 | 0.32 |
| Janus Henderson Forty Portfolio | 0.06 | 0.09 | 0.17 | 0.14 | 0.00 |
| Janus Henderson Global Research Portfolio | 0.58 | 0.78 | 0.94 | 1.52 | 0.53 |
| Janus Henderson Overseas Portfolio | 1.32 | 1.30 | 1.41 | 1.51 | 1.06 |
| MFS<sup>®</sup> Utilities Series | 2.89 | 2.14 | 3.33 | 2.28 | 1.72 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | 4.39 | 3.29 | 2.19 | 1.41 | 5.05 |
| ProFund VP Bear | 2.60 | 8.20 | 0.22 | 0.00 | 0.00 |
| ProFund VP Rising Rates Opportunity | 3.98 | 4.42 | 0.11 | 0.00 | 0.00 |
| ProFund VP UltraBull | 0.71 | 0.47 | 0.00 | 0.00 | 0.00 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** |
|  | <br>**Share Class+** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  |  | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** |
| 1290 VT Equity Income | IA | 0.00% | 0.00% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 1290 VT Equity Income | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| 1290 VT GAMCO Mergers & Acquisitions | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| 1290 VT GAMCO Small Company Value | IB | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| 1290 VT Socially Responsible | IA |  |  | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| 1290 VT Socially Responsible | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| BNY Mellon Stock Index Fund, Inc. | INITIAL | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| EQ/AB Small Cap Growth | IA |  |  | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| EQ/AB Small Cap Growth | IB | 1.20 | 2.35 | 1.20 | 2.35 |  |  |  |  |  |  |
| EQ/Aggressive Allocation | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| EQ/All Asset Growth Allocation | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| EQ/Capital Group Research | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Capital Group Research | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/Conservative Allocation | IB | 1.20 | 1.70 | 1.20 | 1.70 | 1.20 | 1.70 | 1.20 | 1.70 | 1.20 | 2.35 |
| EQ/Conservative-Plus Allocation | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| EQ/Core Bond Index | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Core Bond Index | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/Core Plus Bond | IA | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Global Equity Managed Volatility | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Global Equity Managed Volatility | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/Intermediate Government Bond | IA | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Janus Enterprise | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Janus Enterprise | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/JPMorgan Growth Stock Portfolio | IB | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 |
| EQ/Large Cap Growth Managed Volatility | IB | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| EQ/Large Cap Value Index | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Large Cap Value Index | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/Large Cap Value Managed Volatility | IA |  |  | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| EQ/Large Cap Value Managed Volatility | IB | 1.20 | 2.35 | 1.20 | 2.35 |  |  |  |  |  |  |
| EQ/Loomis Sayles Growth Portfolio | IB | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/MFS International Growth | IB | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 |
| EQ/Mid Cap Index | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Mid Cap Index | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/Mid Cap Value Managed Volatility | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Mid Cap Value Managed Volatility | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/Moderate Allocation | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** | **Expense Ratio \*\*** |
|  | <br>**Share<br> Class+** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  |  | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** |
| EQ/Moderate-Plus Allocation | IB | 1.20% | 2.35% | 1.20% | 2.35% | 1.20% | 2.35% | 1.20% | 2.35% | 1.20% | 2.35% |
| EQ/Money Market | IA | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Morgan Stanley Small Cap Growth | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| EQ/PIMCO Ultra Short Bond | IB | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Quality Bond PLUS | IB | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 | 1.25 | 1.35 |
| EQ/Small Company Index | IA |  |  | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| EQ/Small Company Index | IB | 1.20 | 2.80 | 1.20 | 2.80 |  |  |  |  |  |  |
| EQ/Value Equity | IB | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | SERVICE | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Franklin Income VIP Fund | CLASS 2 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| Franklin Rising Dividends VIP Fund | CLASS 2 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| Invesco V.I. Diversified Dividend Fund | SERIES I | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| Invesco V.I. Global Core Equity Fund | SERIES I | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| Invesco V.I. Global Fund | SERVICE | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| Invesco V.I. Health Care Fund | SERIES I | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| Invesco V.I. Technology Fund | SERIES I | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| Janus Henderson Balanced Portfolio | INSTITUTIONAL | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Janus Henderson Enterprise Portfolio | INSTITUTIONAL | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Janus Henderson Forty Portfolio | INSTITUTIONAL | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Janus Henderson Forty Portfolio | SERVICE | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| Janus Henderson Global Research Portfolio | INSTITUTIONAL | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Janus Henderson Overseas Portfolio | SERVICE | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| MFS<sup>®</sup> Utilities Series | INITIAL | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | ADMINISTRATIVE | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |
| ProFund VP Bear | COMMON | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| ProFund VP Rising Rates Opportunity | COMMON | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 | 1.20 | 2.35 |
| ProFund VP UltraBull | COMMON | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 | 1.20 | 2.80 |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** |
|  | <br>**Share Class+** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  |  | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** |
| 1290 VT Equity Income | IA |  |  | 4.95% | 4.95% | 4.11% | 4.11% | 1.81% | 1.81% | 24.82% | 24.82% |
| 1290 VT Equity Income | IB | 10.31% | 11.59% | 3.32% | 8.48% | (4.13)% | 4.16% | 0.25% | 1.86% | 22.90% | 24.88% |
| 1290 VT GAMCO Mergers & Acquisitions | IB | 13.23% | 14.54% | 6.51% | 7.75% | 6.98% | 8.22% | (8.20)% | (7.14)% | 8.80% | 10.06% |
| 1290 VT GAMCO Small Company Value | IB | 9.71% | 11.48% | 8.48% | 10.24% | 17.72% | 19.61% | (13.13)% | (11.73)% | 21.68% | 23.64% |
| 1290 VT Socially Responsible | IA |  |  | 14.18% | 14.18% | 25.80% | 25.80% | (23.13)% | (23.13)% | 28.57% | 28.57% |
| 1290 VT Socially Responsible | IB | 14.50% | 15.82% | 5.13% | 20.22% | 24.55% | 25.98% | (23.92)% | (23.04)% | 27.29% | 28.76% |
| BNY Mellon Stock Index Fund, Inc. | INITIAL | 15.96% | 15.96% | 22.98% | 22.98% | 24.25% | 24.25% | (19.41)% | (19.41)% | 26.69% | 26.69% |
| EQ/AB Small Cap Growth | IA |  |  | 2.24% | 2.81% | 15.00% | 16.33% | (30.12)% | (29.31)% | 10.30% | 11.57% |
| EQ/AB Small Cap Growth | IB | 6.71% | 7.94% | 8.81% | 9.47% |  |  |  |  |  |  |
| EQ/Aggressive Allocation | IB | 10.32% | 11.59% | 11.08% | 12.37% | 15.69% | 17.03% | (20.25)% | (19.33)% | 14.46% | 15.78% |
| EQ/All Asset Growth Allocation | IB | 14.48% | 15.80% | 8.57% | 9.83% | 11.52% | 12.80% | (16.46)% | (15.49)% | 8.35% | 9.60% |
| EQ/Capital Group Research | IA |  |  | 14.41% | 15.29% | 19.60% | 21.53% | (21.20)% | (19.93)% | 19.67% | 21.60% |
| EQ/Capital Group Research | IB | 16.52% | 18.40% | 10.36% | 11.30% |  |  |  |  |  |  |
| EQ/Conservative Allocation | IB | 5.68% | 6.21% | 2.86% | 3.38% | 6.14% | 6.67% | (14.07)% | (13.64)% | 0.32% | 1.48% |
| EQ/Conservative-Plus Allocation | IB | 6.50% | 7.73% | 4.53% | 5.74% | 8.36% | 9.61% | (16.53)% | (15.57)% | 4.25% | 5.46% |
| EQ/Core Bond Index | IA |  |  | (0.93)% | (0.17)% | 0.82% | 3.31% | (11.26)% | (9.83)% | (4.80)% | (3.26)% |
| EQ/Core Bond Index | IB | 3.46% | 5.13% | 0.52% | 1.37% |  |  |  |  |  |  |
| EQ/Core Plus Bond | IA | 5.46% | 7.16% | (3.43)% | (1.87)% | 0.45% | 3.28% | (15.34)% | (13.97)% | (4.40)% | (2.86)% |
| EQ/Global Equity Managed Volatility | IA |  |  | 9.06% | 9.90% | 17.99% | 19.89% | (23.13)% | (21.89)% | 12.69% | 14.51% |
| EQ/Global Equity Managed Volatility | IB | 15.85% | 17.71% | 0.40% | 1.25% |  |  |  |  |  |  |
| EQ/Intermediate Government Bond | IA | 2.61% | 4.26% | (0.44)% | 1.17% | 0.65% | 2.64% | (10.19)% | (8.74)% | (4.83)% | (3.30)% |
| EQ/Janus Enterprise | IA |  |  | 3.47% | 4.26% | 13.80% | 15.63% | (18.87)% | (17.56)% | 13.61% | 15.45% |
| EQ/Janus Enterprise | IB | 5.07% | 6.77% | 7.25% | 8.16% |  |  |  |  |  |  |
| EQ/JPMorgan Growth Stock Portfolio | IB | 13.21% | 13.33% | 31.98% | 32.11% | 44.37% | 44.51% | (39.46)% | (39.40)% | 12.30% | 12.41% |
| EQ/Large Cap Growth Managed Volatility | IB | 9.58% | 9.58% | 28.36% | 28.36% | 37.13% | 37.13% | (31.51)% | (31.51)% | 22.71% | 22.71% |
| EQ/Large Cap Value Index | IA |  |  | 5.09% | 5.89% | 1.37% | 9.41% | (10.75)% | (9.32)% | 20.85% | 22.80% |
| EQ/Large Cap Value Index | IB | 11.83% | 13.63% | 5.05% | 5.94% |  |  |  |  |  |  |
| EQ/Large Cap Value Managed Volatility | IA |  |  | 6.62% | 7.21% | 11.33% | 12.62% | (13.64)% | (12.64)% | 21.93% | 23.34% |
| EQ/Large Cap Value Managed Volatility | IB | 8.07% | 9.32% | 4.55% | 5.18% |  |  |  |  |  |  |
| EQ/Loomis Sayles Growth Portfolio | IB | 9.98% | 11.75% | 30.06% | 32.16% | 39.79% | 42.03% | (29.96)% | (28.83)% | 12.97% | 14.79% |
| EQ/MFS International Growth | IB | 19.33% | 19.45% | 7.31% | 7.42% | 12.85% | 12.97% | (16.32)% | (16.24)% | 7.96% | 8.06% |
| EQ/Mid Cap Index | IA |  |  | 4.45% | 5.25% | 5.51% | 14.38% | (15.98)% | (14.63)% | 20.46% | 22.41% |
| EQ/Mid Cap Index | IB | 3.88% | 5.56% | 5.36% | 6.25% |  |  |  |  |  |  |
| EQ/Mid Cap Value Managed Volatility | IA |  |  | 1.88% | 2.67% | 10.08% | 11.85% | (16.92)% | (15.58)% | 23.89% | 25.88% |
| EQ/Mid Cap Value Managed Volatility | IB | 2.06% | 3.70% | 6.56% | 7.46% |  |  |  |  |  |  |
| EQ/Moderate Allocation | IB | 7.66% | 8.90% | 5.39% | 6.62% | 9.75% | 11.01% | (17.43)% | (16.47)% | 5.90% | 7.12% |
| EQ/Moderate-Plus Allocation | IB | 8.91% | 10.17% | 8.19% | 9.44% | 12.65% | 13.95% | (18.98)% | (18.04)% | 10.06% | 11.33% |
| EQ/Money Market | IA | 0.73% | 2.35% | 1.77% | 3.42% | 1.13% | 3.21% | (1.69)% | (0.11)% | (2.58)% | (1.01)% |
| EQ/Morgan Stanley Small Cap Growth | IB | 4.89% | 6.11% | 17.91% | 19.28% | 31.29% | 32.80% | (45.42)% | (44.79)% | 0.29% | 1.45% |
| EQ/PIMCO Ultra Short Bond | IB | 2.05% | 3.23% | 3.37% | 4.57% | 0.57% | 4.37% | (3.34)% | (1.79)% | (3.20)% | (1.64)% |
| EQ/Quality Bond PLUS | IB | 4.85% | 4.96% | 0.40% | 0.50% | 2.83% | 2.93% | (11.41)% | (11.32)% | (3.43)% | (3.33)% |

---

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** | **Total Return \*\*\*** |
|  | <br>**Share <br> Class+** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  |  | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** | **Low** | **High** |
| EQ/Small Company Index | IA |  |  | (1.07)% | (0.31)% | 13.59% | 15.41% | (22.02)% | (20.77)% | 11.88% | 13.69% |
| EQ/Small Company Index | IB | 9.48% | 11.25% | 9.20% | 10.13% |  |  |  |  |  |  |
| EQ/Value Equity | IB | 7.95% | 9.69% | 4.26% | 5.95% | 16.23% | 18.10% | (17.45)% | (16.12)% | 21.91% | 23.88% |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio | SERVICE | 19.75% | 19.75% | 31.83% | 31.83% | 31.56% | 31.56% | (27.37)% | (27.37)% | 26.00% | 26.00% |
| Franklin Income VIP Fund | CLASS 2 | 9.45% | 11.22% | 4.23% | 5.92% | 5.63% | 7.33% | (8.08)% | (6.60)% | 13.53% | 15.36% |
| Franklin Rising Dividends VIP Fund | CLASS 2 | 8.72% | 10.47% | 7.71% | 9.46% | 8.99% | 10.74% | (13.04)% | (11.64)% | 23.29% | 25.28% |
| Invesco V.I. Diversified Dividend Fund | SERIES I | 13.05% | 14.36% | 10.57% | 11.86% | 2.34% | 7.75% | (3.96)% | (2.85)% | 16.13% | 17.48% |
| Invesco V.I. Global Core Equity Fund | SERIES I | 12.88% | 14.18% | 14.12% | 15.45% | 18.91% | 20.28% | (23.69)% | (22.81)% | 13.28% | 14.59% |
| Invesco V.I. Global Fund | SERVICE | 11.84% | 13.64% | 12.57% | 14.40% | 18.13% | 32.85% | (33.82)% | (32.75)% | 11.99% | 13.80% |
| Invesco V.I. Health Care Fund | SERIES I | 12.65% | 13.95% | 1.74% | 2.92% | 0.64% | 1.80% | (15.33)% | (14.35)% | 9.69% | 10.96% |
| Invesco V.I. Technology Fund | SERIES I | 17.67% | 19.03% | 31.14% | 32.66% | 43.55% | 45.20% | (41.34)% | (40.67)% | 11.75% | 13.05% |
| Janus Henderson Balanced Portfolio | INSTITUTIONAL | 13.56% | 13.56% | 13.87% | 13.87% | 13.87% | 13.87% | (17.52)% | (17.52)% | 15.62% | 15.62% |
| Janus Henderson Enterprise Portfolio | INSTITUTIONAL | 6.23% | 6.23% | 14.05% | 14.05% | 16.49% | 16.49% | (17.07)% | (17.07)% | 15.26% | 15.26% |
| Janus Henderson Forty Portfolio | INSTITUTIONAL | 16.56% | 16.56% | 26.74% | 26.74% | 38.09% | 38.09% | (34.44)% | (34.44)% | 21.25% | 21.25% |
| Janus Henderson Forty Portfolio | SERVICE | 14.61% | 16.46% | 24.58% | 26.60% | 35.81% | 37.99% | (35.56)% | (34.52)% | 19.22% | 21.14% |
| Janus Henderson Global Research Portfolio | INSTITUTIONAL | 19.30% | 19.30% | 21.92% | 21.92% | 25.08% | 25.08% | (20.49)% | (20.49)% | 16.51% | 16.51% |
| Janus Henderson Overseas Portfolio | SERVICE | 25.03% | 27.05% | 2.65% | 4.31% | 5.21% | 9.27% | (11.35)% | (9.92)% | 10.16% | 11.94% |
| MFS<sup>®</sup> Utilities Series | INITIAL | 12.34% | 13.64% | 9.05% | 10.32% | -4.38% | -3.27% | (1.58)% | (0.44)% | 11.44% | 12.73% |
| PIMCO Global Bond Opportunities Portfolio (Unhedged) | ADMINISTRATIVE | 10.14% | 11.41% | (2.82)% | (1.69)% | -0.58% | 4.01% | (13.46)% | (12.06)% | (6.80)% | (5.30)% |
| ProFund VP Bear | COMMON | (16.46)% | (15.49)% | (15.72)% | (14.74)% | -17.23% | -16.28% | 14.40% | 15.72% | (26.38)% | (25.53)% |
| ProFund VP Rising Rates Opportunity | COMMON | (0.69)% | 0.46% | 16.23% | 17.58% | -0.60% | 0.54% | 54.81% | 56.59% | (2.39)% | (1.26)% |
| ProFund VP UltraBull | COMMON | 20.95% | 22.90% | 38.08% | 40.32% | 41.24% | 43.51% | (40.80)% | (39.85)% | 53.78% | 56.26% |

---

\* 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-based charges and Contractowner charges, that result in direct reductions in the unit value. 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 Options invests.

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

\*\*\* 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 premium 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 effective date of the Variable Investment Options is indicated by a date notation, as applicable. 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.

+ Share class reflects the shares of the portfolio that the Variable Investment Options invest in.

**EQUITABLE AMERICA VARIABLE ACCOUNT A**

Notes to Financial Statements (concluded)

December 31, 2025

**9. Subsequent Events** 

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

Equitable Financial is an indirect, wholly-owned subsidiary of Equitable Holdings, Inc. 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 allstock 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.