SEPARATE ACCOUNT NO. 206

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	FSA-2
Financial Statements:
Statements of Assets and Liabilities, December 31, 2023	FSA-4
Statements of Operations for the Year Ended December 31, 2023	FSA-15
Statements of Changes in Net Assets for the Years Ended December 31, 2023 and 2022	FSA-23
Notes to Financial Statements	FSA-41

FSA-1

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the variable investment options of Separate Account No. 206 indicated in the table below as of December 31, 2023, 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, 2023, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the variable investment options of Separate Account No. 206 as of December 31, 2023, 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, 2023 in conformity with accounting principles generally accepted in the United States of America.

1290 AVANTIS® U.S. LARGE CAP GROWTH	EQ/INVESCO COMSTOCK
1290 RETIREMENT 2020	EQ/JANUS ENTERPRISE
1290 RETIREMENT 2025	EQ/JPMORGAN GROWTH STOCK
1290 RETIREMENT 2030	EQ/JPMORGAN VALUE OPPORTUNITIES
1290 RETIREMENT 2035	EQ/LARGE CAP GROWTH INDEX
1290 RETIREMENT 2040	EQ/LARGE CAP GROWTH MANAGED VOLATILITY
1290 RETIREMENT 2045	EQ/LARGE CAP VALUE MANAGED VOLATILITY
1290 RETIREMENT 2050	EQ/MFS INTERNATIONAL GROWTH
1290 RETIREMENT 2055	EQ/MID CAP INDEX
1290 VT EQUITY INCOME	EQ/MID CAP VALUE MANAGED VOLATILITY
1290 VT GAMCO MERGERS & ACQUISITIONS	EQ/MODERATE ALLOCATION
1290 VT GAMCO SMALL COMPANY VALUE	EQ/MODERATE-PLUS ALLOCATION
1290 VT SMARTBETA EQUITY ESG	EQ/PIMCO GLOBAL REAL RETURN
EQ/AB SMALL CAP GROWTH	EQ/SMALL COMPANY INDEX
EQ/AGGRESSIVE ALLOCATION	EQUITABLE CONSERVATIVE GROWTH MF/ETF
EQ/ALL ASSET GROWTH ALLOCATION	MULTIMANAGER CORE BOND
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG	MULTIMANAGER TECHNOLOGY
EQ/CONSERVATIVE ALLOCATION	TARGET 2015 ALLOCATION
EQ/CONSERVATIVE-PLUS ALLOCATION	TARGET 2025 ALLOCATION
EQ/CORE BOND INDEX	TARGET 2035 ALLOCATION
EQ/CORE PLUS BOND	TARGET 2045 ALLOCATION
EQ/EQUITY 500 INDEX	TARGET 2055 ALLOCATION
EQ/GLOBAL EQUITY MANAGED VOLATILITY	VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO
EQ/INTERNATIONAL CORE MANAGED VOLATILITY	VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31,

FSA-2

2023, by correspondence with the transfer agents of the investee mutual funds or the investee mutual funds directly We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

April 12, 2024

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

FSA-3

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2023

	1290 AVANTIS® U.S.  LARGE CAP GROWTH*		1290 RETIREMENT 2020*		1290 RETIREMENT 2025*		1290 RETIREMENT 2030*		1290 RETIREMENT 2035*		1290 RETIREMENT 2040*
Assets:
Investments in shares of the Portfolios, at fair value	$	1,838,448	$	5,642,517	$	15,017,508	$	7,167,066	$	8,525,177	$	2,917,114
Receivable for policy-related transactions		2,013		1,481		13,462		9,251		4,473		13,252
Total assets		1,840,461		5,643,998		15,030,970		7,176,317		8,529,650		2,930,366
Liabilities:
Payable for shares of the Portfolios purchased		2,013		1,481		13,462		9,251		4,473		13,252
Accrued expenses		1,339		5,336		13,045		4,723		6,625		1,880
Total liabilities		3,352		6,817		26,507		13,974		11,098		15,132
Net Assets	$	1,837,109	$	5,637,181	$	15,004,463	$	7,162,343	$	8,518,552	$	2,915,234
Net Assets:
Accumulation unit values	$	1,837,077	$	5,635,404	$	14,996,447	$	7,162,003	$	8,517,748	$	2,915,102
Retained by Equitable Financial in Separate Account No. 206		32		1,777		8,016		340		804		132
Total Net Assets	$	1,837,109	$	5,637,181	$	15,004,463	$	7,162,343	$	8,518,552	$	2,915,234
Investments in shares of the Portfolios, at cost	$	1,714,738	$	6,380,305	$	15,995,030	$	7,638,300	$	8,780,626	$	2,893,203

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

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

FSA-4

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	1290 RETIREMENT 2045*		1290 RETIREMENT 2050*		1290 RETIREMENT 2055*		1290 VT EQUITY INCOME**		1290 VT GAMCO MERGERS & ACQUISITIONS**		1290 VT GAMCO SMALL COMPANY VALUE**
Assets:
Investments in shares of the Portfolios, at fair value	$	5,417,738	$	5,262,034	$	2,071,148	$	4,111,899	$	1,573,445	$	33,441,045
Receivable for shares of the Portfolios sold		—		—		—		—		—		48,635
Receivable for policy-related transactions		26,514		12,971		9,913		9,959		7,425		—
Total assets		5,444,252		5,275,005		2,081,061		4,121,858		1,580,870		33,489,680
Liabilities:
Payable for shares of the Portfolios purchased		26,514		12,971		9,913		9,959		7,425		—
Payable for policy-related transactions		—		—		—		—		—		50,107
Accrued expenses		3,693		3,261		1,355		3,869		1,404		30,075
Total liabilities		30,207		16,232		11,268		13,828		8,829		80,182
Net Assets	$	5,414,045	$	5,258,773	$	2,069,793	$	4,108,030	$	1,572,041	$	33,409,498
Net Assets:
Accumulation unit values	$	5,413,510	$	5,258,628	$	2,069,688	$	4,103,969	$	1,571,639	$	33,386,512
Retained by Equitable Financial in Separate Account No. 206		535		145		105		4,061		402		22,986
Total Net Assets	$	5,414,045	$	5,258,773	$	2,069,793	$	4,108,030	$	1,572,041	$	33,409,498
Investments in shares of the Portfolios, at cost	$	5,428,516	$	4,948,062	$	2,046,916	$	4,275,033	$	1,574,439	$	30,083,776

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

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

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

FSA-5

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	1290 VT SMARTBETA EQUITY ESG**		EQ/AB SMALL CAP GROWTH**		EQ/AGGRESSIVE ALLOCATION**		EQ/ALL ASSET GROWTH ALLOCATION**		EQ/CLEARBRIDGE LARGE CAP GROWTH ESG**		EQ/CONSERVATIVE ALLOCATION**
Assets:
Investments in shares of the Portfolios, at fair value	$	22,502,206	$	31,988,210	$	29,789,228	$	2,466,851	$	8,248,716	$	7,165,743
Receivable for shares of the Portfolios sold		21,595		—		—		—		—		—
Receivable for policy-related transactions		—		5,392		4,650		443		2,375		1,825
Total assets		22,523,801		31,993,602		29,793,878		2,467,294		8,251,091		7,167,568
Liabilities:
Payable for shares of the Portfolios purchased		—		5,392		4,650		443		2,375		1,815
Payable for policy-related transactions		21,595		—		—		—		—		—
Accrued expenses		40,399		30,579		22,942		1,331		6,068		6,490
Total liabilities		61,994		35,971		27,592		1,774		8,443		8,305
Net Assets	$	22,461,807	$	31,957,631	$	29,766,286	$	2,465,520	$	8,242,648	$	7,159,263
Net Assets:
Accumulation unit values	$	22,454,932	$	31,946,562	$	29,755,893	$	2,464,354	$	8,236,134	$	7,158,110
Retained by Equitable Financial in Separate Account No. 206		6,875		11,069		10,393		1,166		6,514		1,153
Total Net Assets	$	22,461,807	$	31,957,631	$	29,766,286	$	2,465,520	$	8,242,648	$	7,159,263
Investments in shares of the Portfolios, at cost	$	19,259,081	$	36,774,504	$	32,204,199	$	2,760,816	$	7,656,553	$	7,992,571

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

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

FSA-6

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	EQ/CONSERVATIVE- PLUS ALLOCATION**		EQ/CORE BOND INDEX**		EQ/CORE PLUS BOND**		EQ/EQUITY 500 INDEX**		EQ/GLOBAL EQUITY MANAGED VOLATILITY**		EQ/INTERNATIONAL CORE MANAGED VOLATILITY**
Assets:
Investments in shares of the Portfolios, at fair value	$	18,466,226	$	14,699,707	$	8,816,531	$	164,798,107	$	21,135,453	$	20,307,767
Receivable for shares of the Portfolios sold		520,606		—		—		—		—		25,546
Receivable for policy-related transactions		—		379,718		9,897		67,668		3,043		—
Total assets		18,986,832		15,079,425		8,826,428		164,865,775		21,138,496		20,333,313
Liabilities:
Payable for shares of the Portfolios purchased		—		379,718		9,897		67,668		3,043		—
Payable for policy-related transactions		520,606		—		—		—		—		25,546
Accrued expenses		18,991		14,101		8,987		137,343		19,123		18,002
Total liabilities		539,597		393,819		18,884		205,011		22,166		43,548
Net Assets	$	18,447,235	$	14,685,606	$	8,807,544	$	164,660,764	$	21,116,330	$	20,289,765
Net Assets:
Accumulation unit values	$	18,439,774	$	14,679,720	$	8,803,637	$	164,588,516	$	21,107,115	$	20,282,425
Retained by Equitable Financial in Separate Account No. 206		7,461		5,886		3,907		72,248		9,215		7,340
Total Net Assets	$	18,447,235	$	14,685,606	$	8,807,544	$	164,660,764	$	21,116,330	$	20,289,765
Investments in shares of the Portfolios, at cost	$	21,240,468	$	15,809,826	$	10,064,566	$	126,552,341	$	22,274,956	$	19,844,901

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

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

FSA-7

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	EQ/INVESCO COMSTOCK**		EQ/JANUS ENTERPRISE**		EQ/JPMORGAN GROWTH STOCK**		EQ/JPMORGAN VALUE OPPORTUNITIES**		EQ/LARGE CAP GROWTH INDEX**		EQ/LARGE CAP GROWTH MANAGED VOLATILITY**
Assets:
Investments in shares of the Portfolios, at fair value	$	11,538,986	$	35,413,283	$	64,647,152	$	38,454,504	$	34,405,861	$	49,160,090
Receivable for shares of the Portfolios sold		—		—		—		—		—		34,755
Receivable for policy-related transactions		188,874		134,970		77,166		16,497		253,062		—
Total assets		11,727,860		35,548,253		64,724,318		38,471,001		34,658,923		49,194,845
Liabilities:
Payable for shares of the Portfolios purchased		187,403		134,970		77,166		16,497		253,062		—
Payable for policy-related transactions		—		—		—		—		—		34,755
Accrued expenses		5,239		29,964		53,280		33,026		26,297		33,818
Total liabilities		192,642		164,934		130,446		49,523		279,359		68,573
Net Assets	$	11,535,218	$	35,383,319	$	64,593,872	$	38,421,478	$	34,379,564	$	49,126,272
Net Assets:
Accumulation unit values	$	11,532,919	$	35,362,556	$	64,567,887	$	38,411,799	$	34,353,971	$	49,102,315
Retained by Equitable Financial in Separate Account No. 206		2,299		20,763		25,985		9,679		25,593		23,957
Total Net Assets	$	11,535,218	$	35,383,319	$	64,593,872	$	38,421,478	$	34,379,564	$	49,126,272
Investments in shares of the Portfolios, at cost	$	12,213,786	$	35,806,312	$	65,669,872	$	39,586,081	$	32,596,204	$	55,691,566

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

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

FSA-8

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	EQ/LARGE CAP VALUE MANAGED VOLATILITY**		EQ/MFS INTERNATIONAL GROWTH**		EQ/MID CAP INDEX**		EQ/MID CAP VALUE MANAGED VOLATILITY**		EQ/MODERATE ALLOCATION**		EQ/MODERATE- PLUS ALLOCATION**
Assets:
Investments in shares of the Portfolios, at fair value	$	10,219,819	$	14,058,580	$	23,272,773	$	11,024,525	$	253,280,106	$	50,885,697
Receivable for shares of the Portfolios sold		—		—		—		419		29,632		777,593
Receivable for policy-related transactions		88,842		99,724		67,592		—		—		—
Total assets		10,308,661		14,158,304		23,340,365		11,024,944		253,309,738		51,663,290
Liabilities:
Payable for shares of the Portfolios purchased		88,842		99,724		67,592		—		—		—
Payable for policy-related transactions		—		—		—		419		29,631		777,603
Accrued expenses		9,164		11,809		20,923		10,509		221,227		42,653
Total liabilities		98,006		111,533		88,515		10,928		250,858		820,256
Net Assets	$	10,210,655	$	14,046,771	$	23,251,850	$	11,014,016	$	253,058,880	$	50,843,034
Net Assets:
Accumulation unit values	$	10,203,796	$	14,038,595	$	23,239,940	$	11,008,468	$	253,003,692	$	50,828,980
Retained by Equitable Financial in Separate Account No. 206		6,859		8,176		11,910		5,548		55,188		14,054
Total Net Assets	$	10,210,655	$	14,046,771	$	23,251,850	$	11,014,016	$	253,058,880	$	50,843,034
Investments in shares of the Portfolios, at cost	$	10,541,047	$	15,199,459	$	22,465,686	$	11,725,457	$	287,281,749	$	57,600,988

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

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

FSA-9

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	EQ/PIMCO GLOBAL REAL RETURN**		EQ/SMALL COMPANY INDEX**		EQUITABLE CONSERVATIVE GROWTH MF/ETF**		MULTIMANAGER CORE BOND**		MULTIMANAGER TECHNOLOGY**		TARGET 2015 ALLOCATION**
Assets:
Investments in shares of the Portfolios, at fair value	$	2,623,608	$	22,162,754	$	3,037,340	$	6,722,906	$	26,271,529	$	11,061,620
Receivable for shares of the Portfolios sold		—		2,039		—		—		—		107
Receivable for policy-related transactions		5,807		—		10,873		109,932		51,307		—
Total assets		2,629,415		22,164,793		3,048,213		6,832,838		26,322,836		11,061,727
Liabilities:
Payable for shares of the Portfolios purchased		3,724		—		10,873		109,932		51,307		—
Payable for policy-related transactions		—		2,039		—		—		—		139
Accrued expenses		—		20,115		2,301		5,128		19,500		12,782
Total liabilities		3,724		22,154		13,174		115,060		70,807		12,921
Net Assets	$	2,625,691	$	22,142,639	$	3,035,039	$	6,717,778	$	26,252,029	$	11,048,806
Net Assets:
Accumulation unit values	$	2,625,634	$	22,135,178	$	3,034,555	$	6,717,375	$	26,228,616	$	11,041,920
Retained by Equitable Financial in Separate Account No. 206		56		7,461		484		403		23,413		6,886
Total Net Assets	$	2,625,690	$	22,142,639	$	3,035,039	$	6,717,778	$	26,252,029	$	11,048,806
Investments in shares of the Portfolios, at cost	$	3,044,528	$	23,380,794	$	3,279,060	$	7,507,477	$	23,294,781	$	13,654,191

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

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

FSA-10

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	TARGET 2025 ALLOCATION**		TARGET 2035 ALLOCATION**		TARGET 2045 ALLOCATION**		TARGET 2055 ALLOCATION**		VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO		VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO
Assets:
Investments in shares of the Portfolios, at fair value	$	27,402,546	$	19,271,286	$	10,605,061	$	258,966	$	22,006,657	$	69,904,817
Receivable for shares of the Portfolios sold		307		292		342		50		—		—
Receivable for policy-related transactions		—		—		—		—		2,590		41,213
Total assets		27,402,853		19,271,578		10,605,403		259,016		22,009,247		69,946,030
Liabilities:
Payable for shares of the Portfolios purchased		—		—		—		—		2,590		41,212
Payable for policy-related transactions		307		292		342		5		—		—
Accrued expenses		28,843		18,487		9,748		—		18,944		54,922
Total liabilities		29,150		18,779		10,090		5		21,534		96,134
Net Assets	$	27,373,703	$	19,252,799	$	10,595,313	$	259,011	$	21,987,713	$	69,849,896
Net Assets:
Accumulation unit values	$	27,360,623	$	19,241,894	$	10,590,604	$	258,995	$	21,986,928	$	69,833,390
Retained by Equitable Financial in Separate Account No. 206		13,080		10,905		4,709		16		785		16,506
Total Net Assets	$	27,373,703	$	19,252,799	$	10,595,313	$	259,011	$	21,987,713	$	69,849,896
Investments in shares of the Portfolios, at cost	$	29,259,429	$	16,990,165	$	8,713,839	$	212,345	$	23,404,003	$	68,011,141

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

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

FSA-11

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

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

	Share Class**	Portfolio Shares Held
1290 AVANTIS® U.S. LARGE CAP GROWTH	I	128,204
1290 RETIREMENT 2020	I	557,561
1290 RETIREMENT 2025	I	1,385,379
1290 RETIREMENT 2030	I	627,040
1290 RETIREMENT 2035	I	711,617
1290 RETIREMENT 2040	I	221,665
1290 RETIREMENT 2045	I	428,619
1290 RETIREMENT 2050	I	379,930
1290 RETIREMENT 2055	I	151,955
1290 VT EQUITY INCOME	K	855,256
1290 VT GAMCO MERGERS & ACQUISITIONS	K	127,525
1290 VT GAMCO SMALL COMPANY VALUE	K	478,688
1290 VT SMARTBETA EQUITY ESG	K	1,310,025
EQ/AB SMALL CAP GROWTH	K	1,908,051
EQ/AGGRESSIVE ALLOCATION	K	3,017,700
EQ/ALL ASSET GROWTH ALLOCATION	K	140,121
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG	K	516,303
EQ/CONSERVATIVE ALLOCATION	K	878,902
EQ/CONSERVATIVE-PLUS ALLOCATION	K	2,249,405
EQ/CORE BOND INDEX	K	1,596,874
EQ/CORE PLUS BOND	K	2,508,579
EQ/EQUITY 500 INDEX	K	2,347,381
EQ/GLOBAL EQUITY MANAGED VOLATILITY	K	1,308,868
EQ/INTERNATIONAL CORE MANAGED VOLATILITY	K	1,836,393
EQ/INVESCO COMSTOCK	K	575,031
EQ/JANUS ENTERPRISE	K	1,671,560
EQ/JPMORGAN GROWTH STOCK	K	1,083,341
EQ/JPMORGAN VALUE OPPORTUNITIES	K	2,020,305
EQ/LARGE CAP GROWTH INDEX	K	1,539,197
EQ/LARGE CAP GROWTH MANAGED VOLATILITY	K	1,575,167
EQ/LARGE CAP VALUE MANAGED VOLATILITY	K	574,023
EQ/MFS INTERNATIONAL GROWTH	K	1,929,986
EQ/MID CAP INDEX	K	1,492,185
EQ/MID CAP VALUE MANAGED VOLATILITY	K	677,822
EQ/MODERATE ALLOCATION	K	21,154,853
EQ/MODERATE-PLUS ALLOCATION	K	5,453,012
EQ/PIMCO GLOBAL REAL RETURN	K	349,696
EQ/SMALL COMPANY INDEX	K	2,003,257

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

FSA-12

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2023

	Share Class**	Portfolio Shares Held
EQUITABLE CONSERVATIVE GROWTH MF/ETF	K	259,798
MULTIMANAGER CORE BOND	K	780,846
MULTIMANAGER TECHNOLOGY	K	724,448
TARGET 2015 ALLOCATION	K	1,628,615
TARGET 2025 ALLOCATION	K	2,645,322
TARGET 2035 ALLOCATION	K	1,448,611
TARGET 2045 ALLOCATION	K	751,358
TARGET 2055 ALLOCATION	K	17,371
VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO	COMMON SHARES	2,070,241
VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO	COMMON SHARES	1,413,646

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

** Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 5 of these financial statements.

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

	Contract Charges*	Share Class**	Unit Value		Units Outstanding (000’s)
1290 AVANTIS® U.S. LARGE CAP GROWTH	0.48%	I		$14.47		127
1290 RETIREMENT 2020	0.48%	I		$12.35		456
1290 RETIREMENT 2025	0.48%	I		$12.76		1,176
1290 RETIREMENT 2030	0.48%	I		$13.05		549
1290 RETIREMENT 2035	0.48%	I		$13.30		640
1290 RETIREMENT 2040	0.48%	I		$13.72		212
1290 RETIREMENT 2045	0.48%	I		$13.89		390
1290 RETIREMENT 2050	0.48%	I		$14.05		374
1290 RETIREMENT 2055	0.48%	I		$14.18		146
1290 VT EQUITY INCOME	0.48%	K		$25.76		159
1290 VT GAMCO MERGERS & ACQUISITIONS	0.48%	K		$15.28		103
1290 VT GAMCO SMALL COMPANY VALUE	0.48%	K		$45.12		740
1290 VT SMARTBETA EQUITY ESG	0.48%	K		$14.56		1,542
EQ/AB SMALL CAP GROWTH	0.48%	K		$37.06		862
EQ/AGGRESSIVE ALLOCATION	0.48%	K		$23.88		1,246
EQ/ALL ASSET GROWTH ALLOCATION	0.48%	K		$18.67		132
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG	0.48%	K		$36.90		223
EQ/CONSERVATIVE ALLOCATION	0.48%	K		$12.56		570
EQ/CONSERVATIVE-PLUS ALLOCATION	0.48%	K		$16.46		1,120
EQ/CORE BOND INDEX	0.48%	K		$11.70		1,255
EQ/CORE PLUS BOND	0.48%	K		$11.24		783

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

FSA-13

SEPARATE ACCOUNT NO. 206

STATEMENTS OF ASSETS AND LIABILITIES (Concluded)

DECEMBER 31, 2023

	Contract Charges*	Share Class**	Unit Value		Units Outstanding (000’s)
EQ/EQUITY 500 INDEX	0.48%	K		$41.96		3,922
EQ/GLOBAL EQUITY MANAGED VOLATILITY	0.48%	K		$17.27		1,222
EQ/INTERNATIONAL CORE MANAGED VOLATILITY	0.48%	K		$12.77		1,589
EQ/INVESCO COMSTOCK	0.48%	K		$21.70		531
EQ/JANUS ENTERPRISE	0.48%	K		$33.59		1,053
EQ/JPMORGAN GROWTH STOCK	0.48%	K		$47.68		1,354
EQ/JPMORGAN VALUE OPPORTUNITIES	0.48%	K		$36.68		1,047
EQ/LARGE CAP GROWTH INDEX	0.48%	K		$46.60		737
EQ/LARGE CAP GROWTH MANAGED VOLATILITY	0.48%	K		$47.86		1,026
EQ/LARGE CAP VALUE MANAGED VOLATILITY	0.48%	K		$24.96		409
EQ/MFS INTERNATIONAL GROWTH	0.48%	K		$20.86		673
EQ/MID CAP INDEX	0.48%	K		$31.89		729
EQ/MID CAP VALUE MANAGED VOLATILITY	0.48%	K		$29.49		373
EQ/MODERATE ALLOCATION	0.48%	K		$17.44		14,506
EQ/MODERATE-PLUS ALLOCATION	0.48%	K		$20.73		2,452
EQ/PIMCO GLOBAL REAL RETURN	0.48%	K		$10.65		247
EQ/SMALL COMPANY INDEX	0.48%	K		$32.51		681
EQUITABLE CONSERVATIVE GROWTH MF/ETF	0.48%	K		$17.28		176
MULTIMANAGER CORE BOND	0.48%	K		$10.75		625
MULTIMANAGER TECHNOLOGY	0.48%	K		$57.05		460
TARGET 2015 ALLOCATION	0.48%	K		$16.62		664
TARGET 2025 ALLOCATION	0.48%	K		$20.00		1,368
TARGET 2035 ALLOCATION	0.48%	K		$22.39		859
TARGET 2045 ALLOCATION	0.48%	K		$23.82		445
TARGET 2055 ALLOCATION	0.48%	K		$18.72		14
VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO	0.48%	COMMON SHARES		$10.48		2,099
VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO	0.48%	COMMON SHARES		$18.64		3,747

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

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

** Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 5 of these financial statements.

FSA-14

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	1290 AVANTIS® U.S.  LARGE CAP GROWTH*			1290 RETIREMENT 2020*			1290 RETIREMENT 2025*			1290 RETIREMENT 2030*			1290 RETIREMENT 2035*		1290 RETIREMENT 2040*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	5,543		$	133,442		$	332,655		$	126,404		$	153,579	$	49,444
Expenses:
Asset-based charges		9,118			27,849			71,233			29,992			38,289		11,377
Net Investment Income (Loss)		(3,575	)		105,593			261,422			96,412			115,290		38,067
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(73,532	)		(150,234	)		(291,256	)		(167,548	)		288,579		4,003
Net realized gain distribution from the Portfolios		5,845			70,959			289,190			53,729			109,040		21,382
Net realized gain (loss)		(67,687	)		(79,275	)		(2,066	)		(113,819	)		397,619		25,385
Net change in unrealized appreciation (depreciation) of investments		304,300			482,405			1,136,711			631,062			355,194		211,031
Net Realized and Unrealized Gain (Loss) on Investments		236,613			403,130			1,134,645			517,243			752,813		236,416
Net Increase (Decrease) in Net Assets Resulting from Operations	$	233,038		$	508,723		$	1,396,067		$	613,655		$	868,103	$	274,483

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

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

FSA-15

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

	1290 RETIREMENT 2045*		1290 RETIREMENT 2050*		1290 RETIREMENT 2055*		1290 VT EQUITY INCOME**			1290 VT GAMCO MERGERS & ACQUISITIONS**			1290 VT GAMCO SMALL COMPANY VALUE**
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	88,109	$	83,322	$	32,758	$	94,008		$	32,567		$	272,898
Expenses:
Asset-based charges		21,907		20,177		8,665		21,542			6,916			154,753
Net Investment Income (Loss)		66,202		63,145		24,093		72,466			25,651			118,145
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		141,106		70,874		106,988		(3,786	)		(41,848	)		530,274
Net realized gain distribution from the Portfolios		73,943		20,305		53,984		249,452			46,133			2,217,959
Net realized gain (loss)		215,049		91,179		160,972		245,666			4,285			2,748,233
Net change in unrealized appreciation (depreciation) of investments		259,245		372,333		41,116		(154,141	)		99,531			3,180,253
Net Realized and Unrealized Gain (Loss) on Investments		474,294		463,512		202,088		91,525			103,816			5,928,486
Net Increase (Decrease) in Net Assets Resulting from Operations	$	540,496	$	526,657	$	226,181	$	163,991		$	129,467		$	6,046,631

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

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

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

FSA-16

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

	1290 VT SMARTBETA EQUITY ESG**		EQ/AB SMALL CAP GROWTH**			EQ/AGGRESSIVE ALLOCATION**			EQ/ALL ASSET GROWTH ALLOCATION**			EQ/CLEARBRIDGE LARGE CAP GROWTH ESG**			EQ/CONSERVATIVE ALLOCATION**
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	334,398	$	141,027		$	452,184		$	49,820		$	—		$	184,700
Expenses:
Asset-based charges		103,452		150,282			137,081			11,957			30,478			34,512
Net Investment Income (Loss)		230,946		(9,255	)		315,103			37,863			(30,478	)		150,188
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		719,697		(1,878,562	)		(1,649,492	)		(74,094	)		111,354			(198,617	)
Net realized gain distribution from the Portfolios		245,645		45,950			837,037			44,609			243,807			59,876
Net realized gain (loss)		965,342		(1,832,612	)		(812,455	)		(29,485	)		355,161			(138,741	)
Net change in unrealized appreciation (depreciation) of investments		2,118,518		6,896,342			5,288,412			292,728			1,935,788			533,670
Net Realized and Unrealized Gain (Loss) on Investments		3,083,860		5,063,730			4,475,957			263,243			2,290,949			394,929
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,314,806	$	5,054,475		$	4,791,060		$	301,106		$	2,260,471		$	545,117

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

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

FSA-17

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

	EQ/CONSERVATIVE- PLUS ALLOCATION**			EQ/CORE BOND INDEX**			EQ/CORE PLUS BOND**			EQ/EQUITY 500 INDEX**		EQ/GLOBAL EQUITY MANAGED VOLATILITY**		EQ/INTERNATIONAL CORE MANAGED VOLATILITY**
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	417,765		$	337,875		$	222,575		$	2,039,128	$	222,513	$	386,505
Expenses:
Asset-based charges		94,452			65,562			42,160			750,869		97,278		92,814
Net Investment Income (Loss)		323,313			272,313			180,415			1,288,259		125,235		293,691
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(1,020,315	)		(284,933	)		(396,134	)		12,581,266		83,893		442,418
Net realized gain distribution from the Portfolios		415,299			—			—			1,339,255		819,747		152,823
Net realized gain (loss)		(605,016	)		(284,933	)		(396,134	)		13,920,521		903,640		595,241
Net change in unrealized appreciation (depreciation) of investments		2,285,965			627,855			573,297			20,393,221		2,882,591		2,100,884
Net Realized and Unrealized Gain (Loss) on Investments		1,680,949			342,922			177,163			34,313,742		3,786,231		2,696,125
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,004,262		$	615,235		$	357,578		$	35,602,001	$	3,911,466	$	2,989,816

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

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

FSA-18

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

	EQ/INVESCO COMSTOCK**			EQ/JANUS ENTERPRISE**			EQ/JPMORGAN GROWTH STOCK**			EQ/JPMORGAN VALUE OPPORTUNITIES**		EQ/LARGE CAP GROWTH INDEX**			EQ/LARGE CAP GROWTH MANAGED VOLATILITY**
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	203,800		$	90,607		$	—		$	608,726	$	141,366		$	271,817
Expenses:
Asset-based charges		56,029			163,778			280,554			182,756		141,706			214,421
Net Investment Income (Loss)		147,771			(73,171	)		(280,554	)		425,970		(340	)		57,396
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		938,896			918,318			1,572,334			1,330,631		309,621			(110,796	)
Net realized gain distribution from the Portfolios		864,886			2,263,762			8,354,020			1,752,549		1,197,661			3,747,742
Net realized gain (loss)		1,803,782			3,182,080			9,926,354			3,083,180		1,507,282			3,636,946
Net change in unrealized appreciation (depreciation) of investments		(646,361	)		2,183,069			12,077,155			332,063		8,611,383			10,886,345
Net Realized and Unrealized Gain (Loss) on Investments		1,157,421			5,365,149			22,003,509			3,415,243		10,118,665			14,523,291
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,305,192		$	5,291,978		$	21,722,955		$	3,841,213	$	10,118,325		$	14,580,687

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

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

FSA-19

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

	EQ/LARGE CAP VALUE MANAGED VOLATILITY**			EQ/MFS INTERNATIONAL GROWTH**			EQ/MID CAP INDEX**			EQ/MID CAP VALUE MANAGED VOLATILITY**			EQ/MODERATE ALLOCATION**			EQ/MODERATE- PLUS ALLOCATION**
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	185,000		$	201,623		$	274,819		$	175,997		$	5,237,066		$	927,689
Expenses:
Asset-based charges		48,189			64,524			107,048			53,670			1,177,638			240,190
Net Investment Income (Loss)		136,811			137,099			167,771			122,327			4,059,428			687,499
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(78,746	)		(123,023	)		(123,375	)		(118,950	)		(7,768,963	)		(2,239,563	)
Net realized gain distribution from the Portfolios		542,760			503,547			877,933			511,309			5,316,238			1,461,151
Net realized gain (loss)		464,014			380,524			754,558			392,359			(2,452,725	)		(778,412	)
Net change in unrealized appreciation (depreciation) of investments		684,371			1,287,536			2,369,803			824,761			26,767,011			7,301,718
Net Realized and Unrealized Gain (Loss) on Investments		1,148,385			1,668,060			3,124,361			1,217,120			24,314,286			6,523,306
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,285,196		$	1,805,159		$	3,292,132		$	1,339,447		$	28,373,714		$	7,210,805

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

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

FSA-20

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

	EQ/PIMCO GLOBAL REAL RETURN**			EQ/SMALL COMPANY INDEX**			EQUITABLE CONSERVATIVE GROWTH MF/ETF**			MULTIMANAGER CORE BOND**			MULTIMANAGER TECHNOLOGY**			TARGET 2015 ALLOCATION**
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	39,698		$	289,152		$	83,474		$	228,423		$	5,029		$	286,380
Expenses:
Asset-based charges		12,164			102,681			13,912			35,166			105,004			57,607
Net Investment Income (Loss)		27,534			186,471			69,562			193,257			(99,975	)		228,773
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(412,699	)		(9,318	)		(123,704	)		(541,877	)		(4,666,498	)		(1,143,707	)
Net realized gain distribution from the Portfolios		13,826			690,037			—			—			1,086,484			521,986
Net realized gain (loss)		(398,873	)		680,719			(123,704	)		(541,877	)		(3,580,014	)		(621,721	)
Net change in unrealized appreciation (depreciation) of investments		471,161			2,488,800			306,338			664,854			12,344,332			1,530,346
Net Realized and Unrealized Gain (Loss) on Investments		72,288			3,169,519			182,634			122,977			8,764,318			908,625
Net Increase (Decrease) in Net Assets Resulting from Operations	$	99,822		$	3,355,990		$	252,196		$	316,234		$	8,664,343		$	1,137,398

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

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

FSA-21

SEPARATE ACCOUNT NO. 206

STATEMENTS OF OPERATIONS (Concluded)

FOR THE YEAR ENDED DECEMBER 31, 2023

	TARGET 2025 ALLOCATION**		TARGET 2035 ALLOCATION**		TARGET 2045 ALLOCATION**		TARGET 2055 ALLOCATION**		VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO			VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	586,913	$	355,622	$	177,175	$	4,003	$	529,122		$	731,840
Expenses:
Asset-based charges		131,563		89,620		48,819		1,334		99,788			295,767
Net Investment Income (Loss)		455,350		266,002		128,356		2,669		429,334			436,073
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		143,327		655,439		386,786		26,348		(1,419,482	)		(876,090	)
Net realized gain distribution from the Portfolios		870,123		302,422		171,587		2,523		—			3,566,791
Net realized gain (loss)		1,013,450		957,861		558,373		28,871		(1,419,482	)		2,690,701
Net change in unrealized appreciation (depreciation) of investments		2,049,478		1,646,020		1,003,829		20,923		1,963,342			11,012,281
Net Realized and Unrealized Gain (Loss) on Investments		3,062,928		2,603,881		1,562,202		49,794		543,860			13,702,982
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,518,278	$	2,869,883	$	1,690,558	$	52,463	$	973,194		$	14,139,055

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

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

FSA-22

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	1290 AVANTIS® U.S. LARGE CAP GROWTH*						1290 RETIREMENT 2020*						1290 RETIREMENT 2025*
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	(3,575	)	$	27,139		$	105,593		$	123,373		$	261,422		$	275,350
Net realized gain (loss)		(67,687	)		126,079			(79,275	)		540,286			(2,066	)		628,220
Net change in unrealized appreciation (depreciation) of investments		304,300			(412,274	)		482,405			(1,689,197	)		1,136,711			(3,567,787	)
Net increase (decrease) in net assets resulting from operations		233,038			(259,056	)		508,723			(1,025,538	)		1,396,067			(2,664,217	)
From Contractowners Transactions:
Payments received from contractowners		675,442			562,555			358,982			621,824			1,081,309			1,700,885
Transfers between Variable Investment Options including guaranteed interest account, net		(417,464	)		(68,422	)		(20,313	)		(62,285	)		1,679,151			(1,509,823	)
Redemptions for contract benefits and terminations		(271,136	)		(209,311	)		(1,309,391	)		(2,381,365	)		(4,492,396	)		(2,572,584	)
Contract maintenance charges		(1,745	)		(1,421	)		(339	)		(287	)		(869	)		(883	)
Net increase (decrease) in net assets resulting from contractowners transactions		(14,903	)		283,401			(971,061	)		(1,822,113	)		(1,732,805	)		(2,382,405	)
Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206		(101	)		222			—			—			—			—
Net Increase (Decrease) in Net Assets		218,034			24,567			(462,338	)		(2,847,651	)		(336,738	)		(5,046,622	)
Net Assets — Beginning of Year		1,619,075			1,594,508			6,099,519			8,947,170			15,341,201			20,387,823
Net Assets — End of Year	$	1,837,109		$	1,619,075		$	5,637,181		$	6,099,519		$	15,004,463		$	15,341,201

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

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

FSA-23

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	1290 RETIREMENT 2030*						1290 RETIREMENT 2035*						1290 RETIREMENT 2040*
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	96,412		$	102,078		$	115,290		$	146,285		$	38,067		$	36,354
Net realized gain (loss)		(113,819	)		409,844			397,619			486,035			25,385			13,439
Net change in unrealized appreciation (depreciation) of investments		631,062			(1,380,655	)		355,194			(2,066,784	)		211,031			(350,956	)
Net increase (decrease) in net assets resulting from operations		613,655			(868,733	)		868,103			(1,434,464	)		274,483			(301,163	)
From Contractowners Transactions:
Payments received from contractowners		498,916			744,005			932,633			1,147,283			576,532			417,905
Transfers between Variable Investment Options including guaranteed interest account, net		732,038			310,050			10,001			(774,067	)		10,886			480,896
Redemptions for contract benefits and terminations		(721,687	)		(863,928	)		(1,624,606	)		(444,157	)		(118,289	)		(63,326	)
Contract maintenance charges		(752	)		(635	)		(1,362	)		(1,196	)		(795	)		(680	)
Net increase (decrease) in net assets resulting from contractowners transactions		508,515			189,492			(683,334	)		(72,137	)		468,334			834,795
Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206		43			4,375			—			—			(39	)		88
Net Increase (Decrease) in Net Assets		1,122,213			(674,866	)		184,769			(1,506,601	)		742,778			533,720
Net Assets — Beginning of Year		6,040,130			6,714,996			8,333,783			9,840,384			2,172,456			1,638,736
Net Assets — End of Year	$	7,162,343		$	6,040,130		$	8,518,552		$	8,333,783		$	2,915,234		$	2,172,456

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

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

FSA-24

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	1290 RETIREMENT 2045*						1290 RETIREMENT 2050*						1290 RETIREMENT 2055*
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	66,202		$	70,231		$	63,145		$	56,181		$	24,093		$	27,109
Net realized gain (loss)		215,049			110,766			91,179			41,380			160,972			79,880
Net change in unrealized appreciation (depreciation) of investments		259,245			(794,723	)		372,333			(520,922	)		41,116			(320,756	)
Net increase (decrease) in net assets resulting from operations		540,496			(613,726	)		526,657			(423,361	)		226,181			(213,767	)
From Contractowners Transactions:
Payments received from contractowners		1,611,222			950,430			1,733,957			1,149,848			813,273			753,266
Transfers between Variable Investment Options including guaranteed interest account, net		(271,922	)		(60,941	)		(194,365	)		216,453			18,059			(184,697	)
Redemptions for contract benefits and terminations		(662,252	)		(115,031	)		(194,550	)		(46,113	)		(686,737	)		(68,269	)
Contract maintenance charges		(1,526	)		(1,283	)		(1,640	)		(1,275	)		(1,649	)		(1,322	)
Net increase (decrease) in net assets resulting from contractowners transactions		675,522			773,175			1,343,402			1,318,913			142,946			498,978
Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206		—			—			(136	)		156			(34	)		34
Net Increase (Decrease) in Net Assets		1,216,018			159,449			1,869,923			895,708			369,093			285,245
Net Assets — Beginning of Year		4,198,027			4,038,578			3,388,850			2,493,142			1,700,700			1,415,455
Net Assets — End of Year	$	5,414,045		$	4,198,027		$	5,258,773		$	3,388,850		$	2,069,793		$	1,700,700

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

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

FSA-25

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	1290 VT EQUITY INCOME**						1290 VT GAMCO MERGERS & ACQUISITIONS**						1290 VT GAMCO SMALL COMPANY VALUE**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	72,466		$	94,174		$	25,651		$	189		$	118,145		$	98,408
Net realized gain (loss)		245,666			946,587			4,285			135,584			2,748,233			2,517,751
Net change in unrealized appreciation (depreciation) of investments		(154,141	)		(1,029,156	)		99,531			(245,361	)		3,180,253			(7,000,620	)
Net increase (decrease) in net assets resulting from operations		163,991			11,605			129,467			(109,588	)		6,046,631			(4,384,461	)
From Contractowners Transactions:
Payments received from contractowners		254,382			251,434			108,442			115,725			1,290,514			1,338,506
Transfers between Variable Investment Options including guaranteed interest account, net		(1,357,825	)		713,151			126,998			(127,456	)		186,981			(878,321	)
Redemptions for contract benefits and terminations		(1,514,049	)		(616,644	)		(265,456	)		(209,664	)		(5,854,964	)		(6,031,236	)
Contract maintenance charges		(237	)		(289	)		(82	)		(98	)		(1,582	)		(1,677	)
Net increase (decrease) in net assets resulting from contractowners transactions		(2,617,729	)		347,652			(30,098	)		(221,493	)		(4,379,051	)		(5,572,728	)
Net Increase (Decrease) in Net Assets		(2,453,738	)		359,257			99,369			(331,081	)		1,667,580			(9,957,189	)
Net Assets — Beginning of Year		6,561,768			6,202,511			1,472,672			1,803,753			31,741,918			41,699,107
Net Assets — End of Year	$	4,108,030		$	6,561,768		$	1,572,041		$	1,472,672		$	33,409,498		$	31,741,918

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

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

FSA-26

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	1290 VT SMARTBETA EQUITY ESG**						EQ/AB SMALL CAP GROWTH**						EQ/AGGRESSIVE ALLOCATION**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	230,946		$	220,967		$	(9,255	)	$	(43,173	)	$	315,103		$	205,992
Net realized gain (loss)		965,342			944,214			(1,832,612	)		(757,081	)		(812,455	)		3,678,082
Net change in unrealized appreciation (depreciation) of investments		2,118,518			(5,253,505	)		6,896,342			(13,959,357	)		5,288,412			(10,827,557	)
Net increase (decrease) in net assets resulting from operations		3,314,806			(4,088,324	)		5,054,475			(14,759,611	)		4,791,060			(6,943,483	)
From Contractowners Transactions:
Payments received from contractowners		781,246			797,187			1,108,218			1,411,113			1,199,558			1,498,313
Transfers between Variable Investment Options including guaranteed interest account, net		(370,176	)		(377,256	)		(1,998,393	)		(2,183,142	)		168,298			(1,310,862	)
Redemptions for contract benefits and terminations		(3,019,873	)		(2,374,336	)		(5,477,498	)		(4,460,234	)		(4,765,011	)		(2,545,033	)
Contract maintenance charges		(1,124	)		(1,268	)		(1,437	)		(1,724	)		(2,129	)		(2,434	)
Net increase (decrease) in net assets resulting from contractowners transactions		(2,609,927	)		(1,955,673	)		(6,369,110	)		(5,233,987	)		(3,399,284	)		(2,360,016	)
Net Increase (Decrease) in Net Assets		704,879			(6,043,997	)		(1,314,635	)		(19,993,598	)		1,391,776			(9,303,499	)
Net Assets — Beginning of Year		21,756,928			27,800,925			33,272,266			53,265,864			28,374,510			37,678,009
Net Assets — End of Year	$	22,461,807		$	21,756,928		$	31,957,631		$	33,272,266		$	29,766,286		$	28,374,510

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

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

FSA-27

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/ALL ASSET GROWTH ALLOCATION**						EQ/CLEARBRIDGE LARGE CAP GROWTH ESG**						EQ/CONSERVATIVE ALLOCATION**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	37,863		$	27,666		$	(30,478	)	$	(25,439	)	$	150,188		$	96,860
Net realized gain (loss)		(29,485	)		151,479			355,161			664,577			(138,741	)		41,217
Net change in unrealized appreciation (depreciation) of investments		292,728			(561,430	)		1,935,788			(3,170,485	)		533,670			(1,221,786	)
Net increase (decrease) in net assets resulting from operations		301,106			(382,285	)		2,260,471			(2,531,347	)		545,117			(1,083,709	)
From Contractowners Transactions:
Payments received from contractowners		199,235			163,435			262,063			288,523			191,073			279,728
Transfers between Variable Investment Options including guaranteed interest account, net		(67,145	)		65,610			2,309,884			(421,155	)		(56,329	)		448,856
Redemptions for contract benefits and terminations		(299,078	)		(44,427	)		(631,123	)		(1,468,813	)		(978,775	)		(986,784	)
Contract maintenance charges		(264	)		(275	)		(505	)		(480	)		(515	)		(604	)
Net increase (decrease) in net assets resulting from contractowners transactions		(167,252	)		184,343			1,940,319			(1,601,925	)		(844,546	)		(258,804	)
Net Increase (Decrease) in Net Assets		133,854			(197,942	)		4,200,790			(4,133,272	)		(299,429	)		(1,342,513	)
Net Assets — Beginning of Year		2,331,666			2,529,608			4,041,858			8,175,130			7,458,692			8,801,205
Net Assets — End of Year	$	2,465,520		$	2,331,666		$	8,242,648		$	4,041,858		$	7,159,263		$	7,458,692

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

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

FSA-28

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/CONSERVATIVE-PLUS ALLOCATION**						EQ/CORE BOND INDEX**						EQ/CORE PLUS BOND**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	323,313		$	231,141		$	272,313		$	212,040		$	180,415		$	216,256
Net realized gain (loss)		(605,016	)		993,044			(284,933	)		(142,101	)		(396,134	)		(26,343	)
Net change in unrealized appreciation (depreciation) of investments		2,285,965			(5,256,470	)		627,855			(1,615,741	)		573,297			(1,797,890	)
Net increase (decrease) in net assets resulting from operations		2,004,262			(4,032,285	)		615,235			(1,545,802	)		357,578			(1,607,977	)
From Contractowners Transactions:
Payments received from contractowners		661,203			913,183			669,896			752,524			349,142			469,063
Transfers between Variable Investment Options including guaranteed interest account, net		(516,831	)		(896,274	)		2,527,535			(111,285	)		(72,102	)		(448,915	)
Redemptions for contract benefits and terminations		(4,530,334	)		(4,780,524	)		(3,787,765	)		(2,333,836	)		(1,387,509	)		(2,249,729	)
Contract maintenance charges		(1,302	)		(1,492	)		(834	)		(978	)		(438	)		(509	)
Net increase (decrease) in net assets resulting from contractowners transactions		(4,387,264	)		(4,765,107	)		(591,168	)		(1,693,575	)		(1,110,907	)		(2,230,090	)
Net Increase (Decrease) in Net Assets		(2,383,002	)		(8,797,392	)		24,067			(3,239,377	)		(753,329	)		(3,838,067	)
Net Assets — Beginning of Year		20,830,237			29,627,629			14,661,539			17,900,916			9,560,873			13,398,940
Net Assets — End of Year	$	18,447,235		$	20,830,237		$	14,685,606		$	14,661,539		$	8,807,544		$	9,560,873

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

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

FSA-29

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/EQUITY 500 INDEX**						EQ/GLOBAL EQUITY MANAGED VOLATILITY**						EQ/INTERNATIONAL CORE MANAGED VOLATILITY**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	1,288,259		$	1,346,973		$	125,235		$	25,898		$	293,691		$	200,791
Net realized gain (loss)		13,920,521			11,967,135			903,640			573,118			595,241			166,626
Net change in unrealized appreciation (depreciation) of investments		20,393,221			(48,792,288	)		2,882,591			(6,518,747	)		2,100,884			(3,863,538	)
Net increase (decrease) in net assets resulting from operations		35,602,001			(35,478,180	)		3,911,466			(5,919,731	)		2,989,816			(3,496,121	)
From Contractowners Transactions:
Payments received from contractowners		5,718,426			6,129,384			695,020			775,281			912,954			910,424
Transfers between Variable Investment Options including guaranteed interest account, net		(1,050,823	)		3,548,829			(176,446	)		(540,393	)		36,351			(738,386	)
Redemptions for contract benefits and terminations		(26,005,249	)		(14,036,807	)		(3,614,263	)		(2,494,992	)		(3,113,126	)		(2,238,089	)
Contract maintenance charges		(6,721	)		(7,244	)		(871	)		(955	)		(806	)		(865	)
Net increase (decrease) in net assets resulting from contractowners transactions		(21,344,367	)		(4,365,838	)		(3,096,560	)		(2,261,059	)		(2,164,627	)		(2,066,916	)
Net Increase (Decrease) in Net Assets		14,257,634			(39,844,018	)		814,906			(8,180,790	)		825,189			(5,563,037	)
Net Assets — Beginning of Year		150,403,130			190,247,148			20,301,424			28,482,214			19,464,576			25,027,613
Net Assets — End of Year	$	164,660,764		$	150,403,130		$	21,116,330		$	20,301,424		$	20,289,765		$	19,464,576

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

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

FSA-30

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/INVESCO COMSTOCK**						EQ/JANUS ENTERPRISE**						EQ/JPMORGAN GROWTH STOCK**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	147,771		$	192,467		$	(73,171	)	$	(174,381	)	$	(280,554	)	$	(291,808	)
Net realized gain (loss)		1,803,782			1,882,582			3,182,080			3,912,798			9,926,354			4,296,630
Net change in unrealized appreciation (depreciation) of investments		(646,361	)		(2,047,708	)		2,183,069			(11,330,668	)		12,077,155			(38,519,283	)
Net increase (decrease) in net assets resulting from operations		1,305,192			27,341			5,291,978			(7,592,251	)		21,722,955			(34,514,461	)
From Contractowners Transactions:
Payments received from contractowners		369,949			412,722			1,297,095			1,354,264			1,904,122			2,660,373
Transfers between Variable Investment Options including guaranteed interest account, net		(2,401,304	)		1,545,898			774,755			(2,231,083	)		2,157,408			(4,243,443	)
Redemptions for contract benefits and terminations		(1,487,260	)		(2,016,103	)		(5,711,753	)		(3,867,475	)		(10,819,501	)		(8,386,073	)
Contract maintenance charges		(628	)		(739	)		(1,883	)		(2,046	)		(3,143	)		(3,304	)
Net increase (decrease) in net assets resulting from contractowners transactions		(3,519,243	)		(58,222	)		(3,641,786	)		(4,746,340	)		(6,761,114	)		(9,972,447	)
Net Increase (Decrease) in Net Assets		(2,214,051	)		(30,881	)		1,650,192			(12,338,591	)		14,961,841			(44,486,908	)
Net Assets — Beginning of Year		13,749,269			13,780,150			33,733,127			46,071,718			49,632,031			94,118,939
Net Assets — End of Year	$	11,535,218		$	13,749,269		$	35,383,319		$	33,733,127		$	64,593,872		$	49,632,031

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

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

FSA-31

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/JPMORGAN VALUE OPPORTUNITIES**						EQ/LARGE CAP GROWTH INDEX**						EQ/LARGE CAP GROWTH MANAGED VOLATILITY**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	425,970		$	348,167		$	(340	)	$	(1,218	)	$	57,396		$	(74,137	)
Net realized gain (loss)		3,083,180			3,671,146			1,507,282			4,411,534			3,636,946			6,195,307
Net change in unrealized appreciation (depreciation) of investments		332,063			(3,977,692	)		8,611,383			(15,642,862	)		10,886,345			(25,591,440	)
Net increase (decrease) in net assets resulting from operations		3,841,213			41,621			10,118,325			(11,232,546	)		14,580,687			(19,470,270	)
From Contractowners Transactions:
Payments received from contractowners		1,279,754			1,403,729			1,157,712			1,218,513			902,371			919,562
Transfers between Variable Investment Options including guaranteed interest account, net		(1,228,528	)		3,490,437			2,725,507			(1,822,606	)		631,151			(1,302,671	)
Redemptions for contract benefits and terminations		(7,597,307	)		(4,932,014	)		(4,460,373	)		(2,870,262	)		(7,255,873	)		(5,656,985	)
Contract maintenance charges		(1,880	)		(2,034	)		(1,617	)		(1,580	)		(1,903	)		(2,010	)
Net increase (decrease) in net assets resulting from contractowners transactions		(7,547,961	)		(39,882	)		(578,771	)		(3,475,935	)		(5,724,254	)		(6,042,104	)
Net Increase (Decrease) in Net Assets		(3,706,748	)		1,739			9,539,554			(14,708,481	)		8,856,433			(25,512,374	)
Net Assets — Beginning of Year		42,128,226			42,126,487			24,840,010			39,548,491			40,269,839			65,782,213
Net Assets — End of Year	$	38,421,478		$	42,128,226		$	34,379,564		$	24,840,010		$	49,126,272		$	40,269,839

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

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

FSA-32

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/LARGE CAP VALUE MANAGED VOLATILITY**						EQ/MFS INTERNATIONAL GROWTH**						EQ/MID CAP INDEX**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	136,811		$	118,093		$	137,099		$	91,140		$	167,771		$	175,233
Net realized gain (loss)		464,014			478,781			380,524			332,594			754,558			1,636,460
Net change in unrealized appreciation (depreciation) of investments		684,371			(2,189,595	)		1,287,536			(2,918,477	)		2,369,803			(5,881,814	)
Net increase (decrease) in net assets resulting from operations		1,285,196			(1,592,721	)		1,805,159			(2,494,743	)		3,292,132			(4,070,121	)
From Contractowners Transactions:
Payments received from contractowners		438,154			513,028			801,109			804,908			973,788			994,033
Transfers between Variable Investment Options including guaranteed interest account, net		(289,140	)		(824,278	)		170,857			(289,376	)		(305,379	)		(1,279,661	)
Redemptions for contract benefits and terminations		(1,666,751	)		(1,329,378	)		(2,452,469	)		(1,178,827	)		(3,467,954	)		(2,773,027	)
Contract maintenance charges		(613	)		(673	)		(820	)		(820	)		(1,176	)		(1,229	)
Net increase (decrease) in net assets resulting from contractowners transactions		(1,518,350	)		(1,641,301	)		(1,481,323	)		(664,115	)		(2,800,721	)		(3,059,884	)
Net Increase (Decrease) in Net Assets		(233,154	)		(3,234,022	)		323,836			(3,158,858	)		491,411			(7,130,005	)
Net Assets — Beginning of Year		10,443,809			13,677,831			13,722,935			16,881,793			22,760,439			29,890,444
Net Assets — End of Year	$	10,210,655		$	10,443,809		$	14,046,771		$	13,722,935		$	23,251,850		$	22,760,439

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

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

FSA-33

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/MID CAP VALUE MANAGED VOLATILITY**						EQ/MODERATE ALLOCATION**						EQ/MODERATE-PLUS ALLOCATION**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	122,327		$	96,036		$	4,059,428		$	2,716,771		$	687,499		$	476,803
Net realized gain (loss)		392,359			147,274			(2,452,725	)		19,612,123			(778,412	)		5,065,248
Net change in unrealized appreciation (depreciation) of investments		824,761			(2,572,355	)		26,767,011			(70,710,557	)		7,301,718			(16,948,364	)
Net increase (decrease) in net assets resulting from operations		1,339,447			(2,329,045	)		28,373,714			(48,381,663	)		7,210,805			(11,406,313	)
From Contractowners Transactions:
Payments received from contractowners		518,851			606,709			19,950,995			22,261,172			2,019,556			2,832,195
Transfers between Variable Investment Options including guaranteed interest account, net		(834,260	)		(346,196	)		(4,708,051	)		(7,730,877	)		(605,592	)		2,109,449
Redemptions for contract benefits and terminations		(2,403,242	)		(1,374,442	)		(38,285,462	)		(34,387,529	)		(10,364,787	)		(6,688,148	)
Contract maintenance charges		(720	)		(791	)		(44,023	)		(45,967	)		(3,208	)		(3,719	)
Net increase (decrease) in net assets resulting from contractowners transactions		(2,719,371	)		(1,114,720	)		(23,086,541	)		(19,903,201	)		(8,954,031	)		(1,750,223	)
Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206		—			—			4,727			(5,586	)		—			—
Net Increase (Decrease) in Net Assets		(1,379,924	)		(3,443,765	)		5,291,900			(68,290,450	)		(1,743,226	)		(13,156,536	)
Net Assets — Beginning of Year		12,393,940			15,837,705			247,766,980			316,057,430			52,586,260			65,742,796
Net Assets — End of Year	$	11,014,016		$	12,393,940		$	253,058,880		$	247,766,980		$	50,843,034		$	52,586,260

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

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

FSA-34

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	EQ/PIMCO GLOBAL REAL RETURN**						EQ/SMALL COMPANY INDEX**						EQUITABLE CONSERVATIVE  GROWTH MF/ETF**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	27,534		$	303,790		$	186,471		$	158,664		$	69,562		$	43,663
Net realized gain (loss)		(398,873	)		(453,408	)		680,719			340,060			(123,704	)		14,849
Net change in unrealized appreciation (depreciation) of investments		471,161			(523,039	)		2,488,800			(6,427,696	)		306,338			(496,386	)
Net increase (decrease) in net assets resulting from operations		99,822			(672,657	)		3,355,990			(5,928,972	)		252,196			(437,874	)
From Contractowners Transactions:
Payments received from contractowners		143,838			177,720			964,463			1,004,390			152,836			155,037
Transfers between Variable Investment Options including guaranteed interest account, net		(185,180	)		(613,466	)		(369,536	)		(956,032	)		220,968			(203,605	)
Redemptions for contract benefits and terminations		(215,022	)		(561,693	)		(3,826,619	)		(2,610,960	)		(468,648	)		(31,006	)
Contract maintenance charges		(121	)		(158	)		(1,000	)		(1,125	)		(170	)		(187	)
Net increase (decrease) in net assets resulting from contractowners transactions		(256,485	)		(997,597	)		(3,232,692	)		(2,563,727	)		(95,014	)		(79,761	)
Net Increase (Decrease) in Net Assets		(156,663	)		(1,670,254	)		123,298			(8,492,699	)		157,182			(517,635	)
Net Assets — Beginning of Year		2,782,353			4,452,607			22,019,341			30,512,040			2,877,857			3,395,492
Net Assets — End of Year	$	2,625,690		$	2,782,353		$	22,142,639		$	22,019,341		$	3,035,039		$	2,877,857

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

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

FSA-35

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	MULTIMANAGER CORE BOND**						MULTIMANAGER TECHNOLOGY**						TARGET 2015 ALLOCATION**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	193,257		$	189,860		$	(99,975	)	$	(99,599	)	$	228,773		$	247,013
Net realized gain (loss)		(541,877	)		(143,272	)		(3,580,014	)		(813,755	)		(621,721	)		380,881
Net change in unrealized appreciation (depreciation) of investments		664,854			(1,370,224	)		12,344,332			(10,130,567	)		1,530,346			(3,377,228	)
Net increase (decrease) in net assets resulting from operations		316,234			(1,323,636	)		8,664,343			(11,043,921	)		1,137,398			(2,749,334	)
From Contractowners Transactions:
Payments received from contractowners		314,212			360,458			722,648			1,015,637			725			(80	)
Transfers between Variable Investment Options including guaranteed interest account, net		(85,899	)		353,687			2,613,110			(1,836,823	)		(570,536	)		(1,365,346	)
Redemptions for contract benefits and terminations		(2,214,733	)		(1,936,085	)		(3,569,918	)		(1,020,232	)		(3,370,047	)		(1,591,903	)
Contract maintenance charges		(332	)		(376	)		(968	)		(954	)		(527	)		(642	)
Net increase (decrease) in net assets resulting from contractowners transactions		(1,986,752	)		(1,222,316	)		(235,128	)		(1,842,372	)		(3,940,385	)		(2,957,971	)
Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206		—			452			—			—			(34	)		—
Net Increase (Decrease) in Net Assets		(1,670,518	)		(2,545,500	)		8,429,215			(12,886,293	)		(2,803,021	)		(5,707,305	)
Net Assets — Beginning of Year		8,388,296			10,933,796			17,822,814			30,709,107			13,851,827			19,559,132
Net Assets — End of Year	$	6,717,778		$	8,388,296		$	26,252,029		$	17,822,814		$	11,048,806		$	13,851,827

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

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

FSA-36

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	TARGET 2025 ALLOCATION**						TARGET 2035 ALLOCATION**						TARGET 2045 ALLOCATION**
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	455,350		$	403,803		$	266,002		$	225,311		$	128,356		$	107,969
Net realized gain (loss)		1,013,450			3,479,499			957,861			1,866,635			558,373			853,765
Net change in unrealized appreciation (depreciation) of investments		2,049,478			(10,057,721	)		1,646,020			(6,437,593	)		1,003,829			(3,274,460	)
Net increase (decrease) in net assets resulting from operations		3,518,278			(6,174,419	)		2,869,883			(4,345,647	)		1,690,558			(2,312,726	)
From Contractowners Transactions:
Payments received from contractowners		(748	)		(1,974	)		(2,961	)		(950	)		—			(662	)
Transfers between Variable Investment Options including guaranteed interest account, net		(39,122	)		(2,003,003	)		(126,331	)		(1,657,460	)		(386,137	)		(647,603	)
Redemptions for contract benefits and terminations		(4,817,763	)		(6,170,252	)		(2,454,914	)		(2,395,996	)		(826,913	)		(929,994	)
Contract maintenance charges		(1,505	)		(1,689	)		(1,248	)		(1,554	)		(1,476	)		(1,720	)
Net increase (decrease) in net assets resulting from contractowners transactions		(4,859,138	)		(8,176,918	)		(2,585,454	)		(4,055,960	)		(1,214,526	)		(1,579,979	)
Net Increase (Decrease) in Net Assets		(1,340,860	)		(14,351,337	)		284,429			(8,401,607	)		476,032			(3,892,705	)
Net Assets — Beginning of Year		28,714,563			43,065,900			18,968,370			27,369,977			10,119,281			14,011,986
Net Assets — End of Year	$	27,373,703		$	28,714,563		$	19,252,799		$	18,968,370		$	10,595,313		$	10,119,281

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

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

FSA-37

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	TARGET 2055 ALLOCATION**						VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO						VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	2,669		$	3,357		$	429,334		$	339,982		$	436,073		$	486,908
Net realized gain (loss)		28,871			18,577			(1,419,482	)		(882,262	)		2,690,701			8,822,872
Net change in unrealized appreciation (depreciation) of investments		20,923			(101,482	)		1,963,342			(2,758,081	)		11,012,281			(23,090,857	)
Net increase (decrease) in net assets resulting from operations		52,463			(79,548	)		973,194			(3,300,361	)		14,139,055			(13,781,077	)
From Contractowners Transactions:
Payments received from contractowners		—			—			1,277,360			1,080,063			4,456,897			3,820,148
Transfers between Variable Investment Options including guaranteed interest account, net		(969	)		(142	)		3,233,504			(1,157,267	)		2,241,709			(1,598,387	)
Redemptions for contract benefits and terminations		(154,942	)		(14,524	)		(3,081,709	)		(3,116,604	)		(6,807,568	)		(5,378,871	)
Contract maintenance charges		(214	)		(247	)		(965	)		(940	)		(2,860	)		(2,676	)
Net increase (decrease) in net assets resulting from contractowners transactions		(156,125	)		(14,913	)		1,428,190			(3,194,748	)		(111,822	)		(3,159,786	)
Net increase (decrease) in amount retained by Equitable Financial in Separate Account No. 206		—			21			(42	)		241			—			—
Net Increase (Decrease) in Net Assets		(103,662	)		(94,440	)		2,401,342			(6,494,868	)		14,027,233			(16,940,863	)
Net Assets — Beginning of Year		362,673			457,113			19,586,371			26,081,239			55,822,663			72,763,526
Net Assets — End of Year	$	259,011		$	362,673		$	21,987,713		$	19,586,371		$	69,849,896		$	55,822,663

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

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

FSA-38

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

The change in units outstanding for the years or periods ended December 31, 2023 and 2022 were as follows:

		2023			2022
	Share Class**	Units Issued (000’s)	Units Redeemed (000’s)	Net Increase (Decrease) (000’s)	Units Issued (000’s)	Units Redeemed (000’s)	Net Increase (Decrease) (000’s)
1290 AVANTIS® U.S. LARGE CAP GROWTH*	I	57	(57)	—	76	(56)	20
1290 RETIREMENT 2020	I	33	(115)	(82)	86	(231)	(145)
1290 RETIREMENT 2025	I	227	(371)	(144)	164	(356)	(192)
1290 RETIREMENT 2030	I	136	(98)	38	115	(93)	22
1290 RETIREMENT 2035	I	95	(151)	(56)	102	(112)	(10)
1290 RETIREMENT 2040	I	62	(26)	36	72	(10)	62
1290 RETIREMENT 2045	I	126	(74)	52	82	(23)	59
1290 RETIREMENT 2050	I	126	(23)	103	107	(7)	100
1290 RETIREMENT 2055	I	60	(49)	11	57	(18)	39
1290 VT EQUITY INCOME	K	43	(152)	(109)	127	(119)	8
1290 VT GAMCO MERGERS & ACQUISITIONS	K	30	(32)	(2)	66	(82)	(16)
1290 VT GAMCO SMALL COMPANY VALUE	K	85	(194)	(109)	76	(222)	(146)
1290 VT SMARTBETA EQUITY ESG	K	132	(328)	(196)	136	(291)	(155)
EQ/AB SMALL CAP GROWTH	K	100	(292)	(192)	131	(282)	(151)
EQ/AGGRESSIVE ALLOCATION	K	92	(250)	(158)	115	(229)	(114)
EQ/ALL ASSET GROWTH ALLOCATION	K	18	(28)	(10)	17	(7)	10
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG	K	109	(45)	64	22	(81)	(59)
EQ/CONSERVATIVE ALLOCATION	K	24	(94)	(70)	154	(172)	(18)
EQ/CONSERVATIVE-PLUS ALLOCATION	K	41	(321)	(280)	55	(353)	(298)
EQ/CORE BOND INDEX	K	319	(371)	(52)	105	(251)	(146)
EQ/CORE PLUS BOND	K	96	(200)	(104)	121	(314)	(193)
EQ/EQUITY 500 INDEX	K	319	(887)	(568)	513	(639)	(126)
EQ/GLOBAL EQUITY MANAGED VOLATILITY	K	48	(248)	(200)	40	(192)	(152)

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

FSA-39

SEPARATE ACCOUNT NO. 206

STATEMENTS OF CHANGES IN NET ASSETS (Concluded)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

		2023			2022
	Share Class**	Units Issued (000’s)	Units Redeemed (000’s)	Net Increase (Decrease) (000’s)	Units Issued (000’s)	Units Redeemed (000’s)	Net Increase (Decrease) (000’s)
EQ/INTERNATIONAL CORE MANAGED VOLATILITY	K	116	(303)	(187)	108	(289)	(181)
EQ/INVESCO COMSTOCK	K	55	(232)	(177)	187	(191)	(4)
EQ/JANUS ENTERPRISE	K	99	(218)	(119)	70	(231)	(161)
EQ/JPMORGAN GROWTH STOCK	K	184	(350)	(166)	114	(358)	(244)
EQ/JPMORGAN VALUE OPPORTUNITIES	K	108	(332)	(224)	261	(261)	—
EQ/LARGE CAP GROWTH INDEX	K	191	(207)	(16)	222	(311)	(89)
EQ/LARGE CAP GROWTH MANAGED VOLATILITY	K	50	(191)	(141)	34	(187)	(153)
EQ/LARGE CAP VALUE MANAGED VOLATILITY	K	68	(135)	(67)	46	(119)	(73)
EQ/MFS INTERNATIONAL GROWTH	K	133	(210)	(77)	103	(134)	(31)
EQ/MID CAP INDEX	K	81	(176)	(95)	52	(161)	(109)
EQ/MID CAP VALUE MANAGED VOLATILITY	K	18	(119)	(101)	50	(93)	(43)
EQ/MODERATE ALLOCATION	K	540	(1,957)	(1,417)	600	(1,808)	(1,208)
EQ/MODERATE-PLUS ALLOCATION	K	122	(588)	(466)	255	(356)	(101)
EQ/PIMCO GLOBAL REAL RETURN	K	60	(85)	(25)	100	(192)	(92)
EQ/SMALL COMPANY INDEX	K	89	(197)	(108)	96	(182)	(86)
EQUITABLE CONSERVATIVE GROWTH MF/ETF	K	37	(44)	(7)	29	(34)	(5)
MULTIMANAGER CORE BOND	K	93	(286)	(193)	131	(241)	(110)
MULTIMANAGER TECHNOLOGY	K	236	(242)	(6)	209	(245)	(36)
TARGET 2015 ALLOCATION	K	—	(250)	(250)	1	(193)	(192)
TARGET 2025 ALLOCATION	K	—	(260)	(260)	—	(437)	(437)
TARGET 2035 ALLOCATION	K	—	(126)	(126)	—	(202)	(202)
TARGET 2045 ALLOCATION	K	—	(55)	(55)	—	(75)	(75)
TARGET 2055 ALLOCATION	K	—	(9)	(9)	—	(1)	(1)
VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO	COMMON SHARES	702	(567)	135	444	(740)	(296)
VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO	COMMON SHARES	706	(713)	(7)	1,050	(1,212)	(162)

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

** Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 5 of these financial statements.

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

FSA-40

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements

December 31, 2023

1. Organization

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

The Account consists of the Variable Investment Options listed below.

1290 Trust*

• 1290 Avantis^® U.S. Large Cap Growth⁽¹⁾

• 1290 Retirement 2020

• 1290 Retirement 2025

• 1290 Retirement 2030

• 1290 Retirement 2035

• 1290 Retirement 2040

• 1290 Retirement 2045

• 1290 Retirement 2050

• 1290 Retirement 2055

EQ Advisors Trust*

• 1290 VT Equity Income

• 1290 VT GAMCO Mergers & Acquisitions

• 1290 VT GAMCO Small Company Value

• 1290 VT SmartBeta Equity ESG

• EQ/AB Small Cap Growth

• EQ/Aggressive Allocation⁽²⁾

• EQ/All Asset Growth Allocation

• EQ/Clearbridge Large Cap Growth ESG

• EQ/Conservative Allocation⁽²⁾

• EQ/Conservative-Plus Allocation⁽²⁾

• EQ/Core Bond Index

• EQ/Core Plus Bond⁽²⁾

• EQ/Equity 500 Index

• EQ/Global Equity Managed Volatility

• EQ/International Core Managed Volatility

• EQ/Invesco Comstock

• EQ/Janus Enterprise

• EQ/JPMorgan Growth Stock⁽³⁾

• EQ/JPMorgan Value Opportunities

• EQ/Large Cap Growth Index

• EQ/Large Cap Growth Managed Volatility

• EQ/Large Cap Value Managed Volatility

• EQ/MFS International Growth

• EQ/Mid Cap Index

• EQ/Mid Cap Value Managed Volatility

• EQ/Moderate Allocation⁽²⁾

• EQ/Moderate-Plus Allocation⁽²⁾

• EQ/PIMCO Global Real Return

• EQ/Small Company Index

• Equitable Conservative Growth MF/ETF

• Multimanager Core Bond

• Multimanager Technology

• Target 2015 Allocation⁽²⁾

• Target 2025 Allocation⁽²⁾

• Target 2035 Allocation⁽²⁾

• Target 2045 Allocation⁽²⁾

• Target 2055 Allocation⁽²⁾

Vanguard Variable Insurance Fund

• Vanguard Variable Insurance Fund Total Bond Market Index Portfolio

• Vanguard Variable Insurance Fund Total Stock Market Index Portfolio

(1) Formerly known as 1290 Retirement 2060

(2) The Variable Investment Option was previously held under EQ Premier VIP Trust until November 12, 2023

(3) Formerly known as EQ/T. Rowe Price Growth Stock

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

The Account is used to fund benefits for a deferred group annuity Contract (“Contract”), issued by Equitable Financial, including the Members Retirement Plan (“MRP”), Volume Submitter Plan and individually designed plans (collectively, the “ADA Program or “the Plan”). Through trusts (“Plan Trusts”) maintained under the ADA Program, contributions are allocated into the Variable Investment Options available in the Account based on the terms of the Plan. The ADA

FSA-41

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

1. Organization (Concluded)

Program provides members of the American Dental Association and their eligible employees retirement savings accumulation, on a tax-deferred basis.

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

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

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

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

2. Significant Accounting Policies

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

Investments:

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

Investment Transactions and Investment Income:

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

Due to and Due from:

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

Contract Payments and Transfers:

Payments received from Contractowners represent participant contributions under the plans (but exclude amounts allocated to the Money Market Guarantee Account of Separate Account No. 43 (“Separate Account No. 43”) and the General Account, and the Guaranteed Rate Accounts (“GRAs”) of Equitable Financial and Principal Life Insurance Company (“Principal”)) reduced by deductions and charges, including premium charges, as applicable, and state premium taxes.

FSA-42

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

2. Significant Accounting Policies (Concluded)

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

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

Taxes:

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

3. Fair Value Disclosures

Under GAAP, fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices that are publicly available for identical assets in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

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

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

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

FSA-43

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

4. Purchases and Sales of Portfolios

The cost of purchases and proceeds from sales of Portfolios for the year ended December 31, 2023 were as follows:

	Purchases		Sales
1290 AVANTIS® U.S. LARGE CAP GROWTH	$	775,456	$	787,454
1290 RETIREMENT 2020		590,273		1,383,760
1290 RETIREMENT 2025		3,385,984		4,565,319
1290 RETIREMENT 2030		1,895,154		1,230,613
1290 RETIREMENT 2035		1,443,590		1,900,898
1290 RETIREMENT 2040		876,358		347,807
1290 RETIREMENT 2045		1,799,848		982,814
1290 RETIREMENT 2050		1,742,463		314,018
1290 RETIREMENT 2055		874,672		653,147
1290 VT EQUITY INCOME		1,388,432		3,684,052
1290 VT GAMCO MERGERS & ACQUISITIONS		522,857		480,827
1290 VT GAMCO SMALL COMPANY VALUE		5,956,069		7,992,177
1290 VT SMARTBETA EQUITY ESG		2,322,616		4,453,688
EQ/AB SMALL CAP GROWTH		3,562,997		9,890,071
EQ/AGGRESSIVE ALLOCATION		3,300,501		5,541,762
EQ/ALL ASSET GROWTH ALLOCATION		410,171		494,381
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG		3,650,754		1,494,193
EQ/CONSERVATIVE ALLOCATION		526,641		1,159,803
EQ/CONSERVATIVE-PLUS ALLOCATION		1,473,982		5,119,375
EQ/CORE BOND INDEX		3,955,589		4,271,662
EQ/CORE PLUS BOND		1,259,437		2,188,466
EQ/EQUITY 500 INDEX		15,393,457		34,072,920
EQ/GLOBAL EQUITY MANAGED VOLATILITY		1,796,914		3,944,227
EQ/INTERNATIONAL CORE MANAGED VOLATILITY		1,933,105		3,647,037
EQ/INVESCO COMSTOCK		2,186,820		4,691,805
EQ/JANUS ENTERPRISE		5,472,922		6,916,929
EQ/JPMORGAN GROWTH STOCK		15,712,882		14,383,781
EQ/JPMORGAN VALUE OPPORTUNITIES		6,034,957		11,397,783
EQ/LARGE CAP GROWTH INDEX		8,994,343		8,366,595
EQ/LARGE CAP GROWTH MANAGED VOLATILITY		6,100,718		8,008,105
EQ/LARGE CAP VALUE MANAGED VOLATILITY		2,310,558		3,147,463
EQ/MFS INTERNATIONAL GROWTH		3,359,280		4,197,137
EQ/MID CAP INDEX		3,505,044		5,255,516
EQ/MID CAP VALUE MANAGED VOLATILITY		1,169,930		3,254,129
EQ/MODERATE ALLOCATION		19,390,200		33,050,109
EQ/MODERATE-PLUS ALLOCATION		4,725,657		11,521,360
EQ/PIMCO GLOBAL REAL RETURN		678,620		894,227
EQ/SMALL COMPANY INDEX		3,599,471		5,951,447
EQUITABLE CONSERVATIVE GROWTH MF/ETF		689,878		714,702
MULTIMANAGER CORE BOND		1,202,605		2,995,222
MULTIMANAGER TECHNOLOGY		12,535,844		11,776,888
TARGET 2015 ALLOCATION		809,285		3,997,589
TARGET 2025 ALLOCATION		1,457,039		4,985,859
TARGET 2035 ALLOCATION		658,552		2,671,877
TARGET 2045 ALLOCATION		348,766		1,261,208
TARGET 2055 ALLOCATION		6,526		157,449
VANGUARD VARIABLE INSURANCE FUND TOTAL BOND MARKET INDEX PORTFOLIO		7,670,803		5,808,148
VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO		15,856,062		11,946,922

FSA-44

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

5. Expenses and Related Party Transactions

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

EQAT, on behalf of each Portfolio, has entered into distribution agreements with Equitable Distributors, LLC (“Equitable Distributors”), an indirect wholly-owned subsidiary of Equitable Financial and an affiliate of 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 1290 Funds and 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 1290 Funds and EQAT, and pays fees to the sub-advisers for sub-advisory services to the respective Portfolios. Equitable Investment Management, LLC (“EIM”) serves as administrator of the Portfolios of 1290 Funds and EQAT. As the administrator, EIM either (1) carries out its responsibilities directly or (2) through sub-contracting with third-party providers. EIM receives administrative fees for services performed in its capacity as administrator of the Portfolios of 1290 Funds and EQAT. Expenses of the Portfolios of 1290 Funds and EQAT generally vary, depending on net asset levels for individual Portfolios, and range from a low annual rate of 0.29% to a high of 2.11% (after waivers, reimbursements, fees paid indirectly and including indirect expenses, as applicable) of the average daily net assets of the Portfolios of 1290 Funds and EQAT. Since these fees and expenses are reflected in the net asset value of the shares of the Portfolios and the total returns of the Variable Investment Options, they are not included in the expenses or expense ratios of the Variable Investment Options.

Equitable Financial, Equitable Advisors, LLC (“Equitable Advisors”) or Equitable Distributors may directly or indirectly receive 12b-1 fees and additional payments from certain unaffiliated Portfolios, their advisers, sub-advisers, distributors or affiliates, for providing certain administrative, marketing, distribution and/or shareholder support services in connection with the Variable Investment Options’ investment in the Portfolios. For the year ended December 31, 2023, there were no 12b-1 fees or additional payments from the unaffiliated portfolios. Equitable Advisors or Equitable Distributors may also receive payments from the advisers or sub-advisers of the unaffiliated Portfolios or their affiliates for certain distribution services, including expenses for sales meetings or seminar sponsorships that may relate to the policies and/or the advisers’ respective Portfolios.

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

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

FSA-45

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

5. Expenses and Related Party Transactions (Concluded)

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

Equitable Financial serves as the transfer agent for EQAT.

6. Asset-based Charges and Contractowner Charges

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

Charges	When charge is deducted	Amount deducted	How deducted
Program expense charge	Daily	12 month periods beginning May 1, 2023 – 0.48% (maximum 1.00%) Prior to May 1, 2022 – 0.46% (maximum 1.00%)	Deducted from the net unit value based on the value of assets in the Plan Trusts
Direct operating expense charge	Daily	12 month periods beginning May 1, 2021 and 2020 – 0.01%	Deducted from the net unit value based on the value of assets in the Plan Trusts
Record maintenance and report fee	Quarterly	Members Retirement Plan and Volume Submitter Plan – $3 Investment Only – $1	Unit liquidation of account value or dollar liquidation in the guaranteed options
Enrollment Fee	Upon enrollment	$25	Paid by employer
Annuity administrative charge	Upon purchase of an annuity payout option	$350	Deducted from the amount used to purchase an annuity payout option
State premium and other applicable taxes	Upon payment of premium	Varies by state and ranges from 0.00% to 1.00%	Deducted from the amount used to purchase an annuity payout option

FSA-46

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

7. Financial Highlights

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

	Years Ended December 31,
	Contract Charges*		Unit Value		Units Outstanding (000’s)+		Accumulation Unit Values (000’s)+		Investment Income Ratio**		Total Return***
1290 Avantis® U.S. Large Cap Growth
2023		0.48%		$14.47		127		$1,837		0.29%		13.14%
2022		0.46%		$12.79		127		$1,619		2.04%		(14.28)%
2021		0.46%		$14.92		107		$1,594		1.51%		18.60%
2020		0.47%		$12.58		67		$  846		2.03%		6.43%
2019		0.48%		$11.82		38		$  444		2.98%		24.42%
1290 Retirement 2020
2023		0.48%		$12.35		456		$5,635		2.27%		8.91%
2022		0.46%		$11.34		538		$6,098		2.34%		(13.44)%
2021		0.46%		$13.10		683		$8,946		1.21%		8.35%
2020		0.47%		$12.09		760		$9,185		1.91%		6.43%
2019		0.48%		$11.36		698		$7,932		4.01%		16.27%
1290 Retirement 2025
2023		0.48%		$12.76		1,176		$14,996		2.22%		9.91%
2022		0.46%		$11.61		1,320		$15,335		2.13%		(13.87)%
2021		0.46%		$13.48		1,512		$20,385		1.23%		10.22%
2020		0.47%		$12.23		1,719		$21,028		1.81%		6.53%
2019		0.48%		$11.48		1,603		$18,400		2.46%		17.99%
1290 Retirement 2030
2023		0.48%		$13.05		549		$7,162		2.00%		10.50%
2022		0.46%		$11.81		511		$6,040		2.26%		(14.05)%
2021		0.46%		$13.74		489		$6,715		1.56%		12.07%
2020		0.47%		$12.26		250		$3,070		1.82%		6.24%
2019		0.48%		$11.54		285		$3,286		2.26%		19.34%
1290 Retirement 2035
2023		0.48%		$13.30		640		$8,518		1.90%		11.02%
2022		0.46%		$11.98		696		$8,334		2.12%		(14.12)%
2021		0.46%		$13.95		706		$9,839		1.29%		13.05%
2020		0.47%		$12.34		567		$6,989		1.84%		6.56%
2019		0.48%		$11.58		440		$5,093		2.18%		20.12%
1290 Retirement 2040
2023		0.48%		$13.72		212		$2,915		2.07%		11.36%
2022		0.46%		$12.32		176		$2,172		2.23%		(14.03)%
2021		0.46%		$14.33		114		$1,639		1.38%		14.27%
2020		0.47%		$12.54		68		$  851		1.69%		7.64%
2019		0.48%		$11.65		73		$  849		3.28%		21.23%
1290 Retirement 2045
2023		0.48%		$13.89		390		$5,414		1.91%		11.93%
2022		0.46%		$12.41		338		$4,198		2.19%		(14.18)%
2021		0.46%		$14.46		279		$4,038		1.16%		15.40%
2020		0.47%		$12.53		270		$3,377		1.73%		7.28%
2019		0.48%		$11.68		217		$2,539		2.48%		21.92%
1290 Retirement 2050
2023		0.48%		$14.05		374		$5,259		1.97%		12.40%
2022		0.46%		$12.50		271		$3,389		2.35%		(14.15)%
2021		0.46%		$14.56		171		$2,493		1.25%		16.39%
2020		0.47%		$12.51		131		$1,643		2.11%		6.65%
2019		0.48%		$11.73		56		$  657		2.98%		22.96%

FSA-47

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

7. Financial Highlights (Continued)

	Years Ended December 31,
	Contract Charges*		Unit Value		Units Outstanding (000’s)+		Accumulation Unit Values (000’s)+		Investment Income Ratio**		Total Return***
1290 Retirement 2055
2023		0.48%		$14.18		146		$ 2,070		1.79%		12.81%
2022		0.46%		$12.57		135		$ 1,701		2.32%		(14.43)%
2021		0.46%		$14.69		96		$ 1,415		1.31%		17.61%
2020		0.47%		$12.49		66		$   827		2.09%		6.03%
2019		0.48%		$11.78		38		$   448		2.73%		23.87%
1290 VT Equity Income
2023		0.48%		$25.76		159		$ 4,104		2.06%		5.19%
2022		0.46%		$24.49		268		$ 6,558		1.96%		2.86%
2021		0.46%		$23.81		260		$ 6,200		1.97%		26.11%
2020		0.47%		$18.88		226		$ 4,272		2.00%		(4.74)%
2019		0.48%		$19.82		268		$ 5,306		2.66%		23.88%
1290 VT GAMCO Mergers & Acquisitions
2023		0.48%		$15.28		103		$ 1,572		2.24%		9.22%
2022		0.46%		$13.99		105		$ 1,472		0.47%		(6.17)%
2021		0.46%		$14.91		121		$ 1,803		0.83%		11.10%
2020		0.47%		$13.42		137		$ 1,843		0.34%		(1.47)%
2019		0.48%		$13.62		189		$ 2,577		4.27%		8.35%
1290 VT GAMCO Small Company Value
2023		0.48%		$45.12		740		$33,387		0.84%		20.80%
2022		0.46%		$37.35		849		$31,728		0.75%		(10.88)%
2021		0.46%		$41.91		995		$41,682		0.86%		24.88%
2020		0.47%		$33.56		1,075		$36,074		0.92%		9.24%
2019		0.48%		$30.72		1,323		$40,641		0.81%		23.08%
1290 VT SmartBeta Equity ESG
2023		0.48%		$14.56		1,542		$22,455		1.53%		16.29%
2022		0.46%		$12.52		1,738		$21,757		1.40%		(14.71)%
2021		0.46%		$14.68		1,893		$27,793		1.45%		22.74%
2020		0.47%		$11.96		2,152		$25,727		0.80%		19.12%
EQ/AB Small Cap Growth
2023		0.48%		$37.06		862		$31,947		0.45%		17.46%
2022		0.46%		$31.55		1,054		$33,267		0.35%		(28.60)%
2021		0.46%		$44.19		1,205		$53,245		—%		12.67%
2020		0.47%		$39.22		1,254		$49,169		0.29%		35.76%
2019		0.48%		$28.89		1,547		$44,690		0.38%		27.49%
EQ/Aggressive Allocation
2023		0.48%		$23.88		1,246		$29,756		1.57%		18.16%
2022		0.46%		$20.21		1,404		$28,369		1.11%		(18.54)%
2021		0.46%		$24.81		1,518		$37,665		4.21%		16.92%
2020		0.47%		$21.22		1,703		$36,130		3.03%		15.14%
2019		0.48%		$18.43		1,789		$32,963		1.77%		24.19%
EQ/All Asset Growth Allocation
2023		0.48%		$18.67		132		$ 2,464		1.98%		13.91%
2022		0.46%		$16.39		142		$ 2,331		1.66%		(14.68)%
2021		0.46%		$19.21		132		$ 2,528		4.16%		10.72%
2020		0.47%		$17.35		127		$ 2,200		1.29%		12.01%
2019		0.48%		$15.49		193		$ 2,991		1.94%		18.79%
EQ/ClearBridge Large Cap Growth ESG
2023		0.48%		$36.90		223		$ 8,236		—%		45.56%
2022		0.46%		$25.35		159		$ 4,039		—%		(32.27)%
2021		0.46%		$37.43		218		$ 8,168		—%		21.45%
2020		0.47%		$30.82		243		$ 7,481		—%		30.54%
2019		0.48%		$23.61		268		$ 6,329		0.25%		31.75%

FSA-48

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

7. Financial Highlights (Continued)

	Years Ended December 31,
	Contract Charges*		Unit Value		Units Outstanding (000’s)+		Accumulation Unit Values (000’s)+		Investment Income Ratio**		Total Return***
EQ/Conservative Allocation
2023		0.48%		$12.56		570		$   7,158		2.54%		7.72%
2022		0.46%		$11.66		640		$   7,458		1.68%		(12.79)%
2021		0.46%		$13.37		658		$   8,800		1.50%		2.53%
2020		0.47%		$13.04		851		$ 11,096		2.15%		7.06%
2019		0.48%		$12.18		869		$ 10,592		1.94%		8.94%
EQ/Conservative-Plus Allocation
2023		0.48%		$16.46		1,120		$ 18,440		2.10%		10.69%
2022		0.46%		$14.87		1,400		$ 20,825		1.46%		(14.74)%
2021		0.46%		$17.44		1,698		$ 29,618		2.28%		6.47%
2020		0.47%		$16.38		1,833		$ 30,025		2.31%		9.79%
2019		0.48%		$14.92		1,927		$ 28,758		1.81%		13.20%
EQ/Core Bond Index
2023		0.48%		$11.70		1,255		$ 14,680		2.45%		4.37%
2022		0.46%		$11.21		1,307		$ 14,657		1.81%		(8.94)%
2021		0.46%		$12.31		1,453		$ 17,894		1.52%		(2.38)%
2020		0.47%		$12.61		1,724		$ 21,730		1.65%		5.88%
2019		0.48%		$11.91		1,824		$ 21,726		2.10%		5.96%
EQ/Core Plus Bond
2023		0.48%		$11.24		783		$   8,804		2.50%		4.27%
2022		0.46%		$10.78		887		$   9,557		2.49%		(13.06)%
2021		0.46%		$12.40		1,080		$  13,394		1.46%		(1.90)%
2020		0.47%		$12.64		1,252		$  15,826		2.55%		14.60%
2019		0.48%		$11.03		1,217		$  13,425		2.21%		6.67%
EQ/Equity 500 Index
2023		0.48%		$41.96		3,922		$164,589		1.29%		25.29%
2022		0.46%		$33.49		4,490		$150,372		1.29%		(18.71)%
2021		0.46%		$41.20		4,616		$190,179		1.06%		27.71%
2020		0.47%		$32.26		4,892		$157,823		1.44%		17.48%
2019		0.48%		$27.46		5,855		$160,757		1.72%		30.39%
EQ/Global Equity Managed Volatility
2023		0.48%		$17.27		1,222		$  21,107		1.09%		21.02%
2022		0.46%		$14.27		1,422		$  20,297		0.58%		(21.12)%
2021		0.46%		$18.09		1,574		$  28,471		1.09%		15.66%
2020		0.47%		$15.64		1,742		$  27,256		0.86%		13.99%
2019		0.48%		$13.72		2,029		$  27,842		1.56%		24.95%
EQ/International Core Managed Volatility
2023		0.48%		$12.77		1,589		$  20,282		1.98%		16.51%
2022		0.46%		$10.96		1,776		$  19,460		1.45%		(14.31)%
2021		0.46%		$12.79		1,957		$  25,019		2.55%		9.79%
2020		0.47%		$11.65		2,015		$  23,469		1.66%		8.27%
2019		0.48%		$10.76		2,171		$  23,362		2.08%		22.13%
EQ/Invesco Comstock
2023		0.48%		$21.70		531		$  11,533		1.72%		11.74%
2022		0.46%		$19.42		708		$  13,748		1.90%		0.31%
2021		0.46%		$19.36		712		$  13,780		1.49%		32.69%
2020		0.47%		$14.59		638		$   9,313		2.08%		(1.02)%
2019		0.48%		$14.74		736		$  10,851		2.16%		24.70%
EQ/Janus Enterprise
2023		0.48%		$33.59		1,053		$  35,363		0.26%		16.75%
2022		0.46%		$28.77		1,172		$  33,719		—%		(16.75)%
2021		0.46%		$34.56		1,333		$  46,053		0.29%		16.60%
2020		0.47%		$29.64		1,384		$  41,009		—%		18.56%
2019		0.48%		$25.00		1,648		$  41,206		0.25%		36.09%

FSA-49

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

7. Financial Highlights (Continued)

	Years Ended December 31,
	Contract Charges*		Unit Value		Units Outstanding (000’s)+		Accumulation Unit Values (000’s)+		Investment Income Ratio**		Total Return***
EQ/JPMorgan Growth Stock
2023		0.48%		$47.68		1,354		$  64,568		—%		45.99%
2022		0.46%		$32.66		1,520		$  49,629		—%		(38.76)%
2021		0.46%		$53.33		1,764		$  94,079		—%		13.56%
2020		0.47%		$46.96		1,914		$  89,862		—%		36.27%
2019		0.48%		$34.46		2,311		$  79,648		—%		30.78%
EQ/JPMorgan Value Opportunities
2023		0.48%		$36.68		1,047		$  38,412		1.58%		10.65%
2022		0.46%		$33.15		1,271		$  42,123		1.29%		0.03%
2021		0.46%		$33.14		1,271		$  42,114		0.91%		22.92%
2020		0.47%		$26.96		1,315		$  35,455		1.28%		10.81%
2019		0.48%		$24.33		1,572		$  38,240		1.45%		27.25%
EQ/Large Cap Growth Index
2023		0.48%		$46.60		737		$  34,354		0.47%		41.25%
2022		0.46%		$32.99		753		$  24,829		0.46%		(29.69)%
2021		0.46%		$46.92		842		$  39,527		0.26%		26.43%
2020		0.47%		$37.11		878		$  32,573		0.53%		36.99%
2019		0.48%		$27.09		953		$  25,809		0.84%		35.04%
EQ/Large Cap Growth Managed Volatility
2023		0.48%		$47.86		1,026		$  49,102		0.60%		38.68%
2022		0.46%		$34.51		1,167		$  40,261		0.31%		(30.74)%
2021		0.46%		$49.83		1,320		$  65,761		—%		24.11%
2020		0.47%		$40.15		1,363		$  54,703		0.30%		31.73%
2019		0.48%		$30.48		1,591		$  48,496		0.64%		33.39%
EQ/Large Cap Value Managed Volatility
2023		0.48%		$24.96		409		$  10,204		1.82%		13.71%
2022		0.46%		$21.95		476		$  10,439		1.47%		(11.81)%
2021		0.46%		$24.89		549		$  13,672		1.20%		24.57%
2020		0.47%		$19.98		554		$  11,064		1.72%		5.44%
2019		0.48%		$18.95		665		$  12,605		2.18%		25.17%
EQ/MFS International Growth
2023		0.48%		$20.86		673		$  14,039		1.48%		14.11%
2022		0.46%		$18.28		750		$  13,717		1.13%		(15.37)%
2021		0.46%		$21.60		781		$  16,873		0.46%		9.20%
2020		0.47%		$19.78		820		$  16,212		0.69%		15.07%
2019		0.48%		$17.19		981		$  16,863		1.47%		26.96%
EQ/Mid Cap Index
2023		0.48%		$31.89		729		$  23,240		1.22%		15.50%
2022		0.46%		$27.61		824		$  22,753		1.16%		(13.80)%
2021		0.46%		$32.03		933		$  29,880		0.85%		23.62%
2020		0.47%		$25.91		967		$  25,064		1.14%		12.60%
2019		0.48%		$23.01		1,201		$  27,644		1.28%		25.05%
EQ/Mid Cap Value Managed Volatility
2023		0.48%		$29.49		373		$  11,008		1.55%		12.95%
2022		0.46%		$26.11		474		$  12,390		1.15%		(14.76)%
2021		0.46%		$30.63		517		$  15,832		0.84%		27.10%
2020		0.47%		$24.10		529		$  12,751		1.21%		4.74%
2019		0.48%		$23.01		691		$  15,910		1.60%		26.29%
EQ/Moderate Allocation
2023		0.48%		$17.44		14,506		$253,004		2.11%		12.08%
2022		0.46%		$15.56		15,923		$247,744		1.48%		(15.62)%
2021		0.46%		$18.44		17,131		$315,982		2.76%		8.15%
2020		0.47%		$17.05		18,320		$312,355		2.40%		11.00%

FSA-50

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Continued)

December 31, 2023

7. Financial Highlights (Continued)

	Years Ended December 31,
	Contract Charges*		Unit Value		Units Outstanding (000’s)+		Accumulation Unit Values (000’s)+		Investment Income Ratio**		Total Return***
2019		0.48%		$15.36		19,828		$304,551		1.83%		15.23%
EQ/Moderate-Plus Allocation
2023		0.48%		$20.73		2,452		$  50,829		1.83%		15.04%
2022		0.46%		$18.02		2,918		$  52,579		1.30%		(17.23)%
2021		0.46%		$21.77		3,019		$  65,724		3.60%		12.45%
2020		0.47%		$19.36		3,410		$  66,027		2.62%		13.82%
2019		0.48%		$17.01		3,954		$  67,250		1.73%		19.70%
EQ/PIMCO Global Real Return
2023		0.48%		$10.65		247		$   2,626		1.55%		3.90%
2022		0.46%		$10.25		272		$   2,782		8.55%		(16.33)%
2021		0.46%		$12.25		364		$   4,452		8.38%		3.81%
2020		0.47%		$11.80		526		$   6,206		—%		10.07%
2019		0.48%		$10.72		327		$   3,500		4.74%		7.96%
EQ/Small Company Index
2023		0.48%		$32.51		681		$  22,135		1.34%		16.57%
2022		0.46%		$27.89		789		$  22,016		1.11%		(19.99)%
2021		0.46%		$34.86		875		$  30,502		0.86%		14.82%
2020		0.47%		$30.36		885		$  26,873		1.26%		19.43%
2019		0.48%		$25.42		1,001		$  25,452		1.26%		24.91%
Equitable Conservative Growth MF/ETF
2023		0.48%		$17.28		176		$   3,035		2.85%		9.64%
2022		0.46%		$15.76		183		$   2,878		1.85%		(12.64)%
2021		0.46%		$18.04		188		$   3,395		0.91%		9.87%
2020		0.47%		$16.42		115		$   1,892		1.66%		12.85%
2019		0.48%		$14.55		61		$    881		2.07%		17.81%
Multimanager Core Bond
2023		0.48%		$10.75		625		$   6,717		3.08%		4.78%
2022		0.46%		$10.26		818		$   8,388		2.56%		(12.90)%
2021		0.46%		$11.78		928		$  10,933		1.68%		(1.59)%
2020		0.47%		$11.97		950		$  11,370		2.19%		6.02%
2019		0.48%		$11.29		969		$  10,946		2.40%		7.12%
Multimanager Technology
2023		0.48%		$57.05		460		$  26,229		0.02%		49.23%
2022		0.46%		$38.23		466		$  17,813		—%		(37.44)%
2021		0.46%		$61.11		502		$  30,685		—%		20.58%
2020		0.47%		$50.68		551		$  27,930		0.30%		52.93%
2019		0.48%		$33.14		658		$  21,818		0.35%		37.51%
Target 2015 Allocation
2023		0.48%		$16.62		664		$  11,042		2.36%		9.70%
2022		0.46%		$15.15		914		$  13,847		1.98%		(14.31)%
2021		0.46%		$17.68		1,106		$  19,551		1.87%		6.00%
2020		0.47%		$16.68		1,208		$  20,147		2.24%		10.10%
2019		0.48%		$15.15		1,420		$  21,512		1.79%		14.69%
Target 2025 Allocation
2023		0.48%		$20.00		1,368		$  27,361		2.12%		13.38%
2022		0.46%		$17.64		1,628		$  28,706		1.68%		(15.40)%
2021		0.46%		$20.85		2,065		$  43,050		1.89%		10.49%
2020		0.47%		$18.87		2,548		$  48,084		1.92%		11.99%
2019		0.48%		$16.85		3,030		$  51,048		1.84%		19.08%
Target 2035 Allocation
2023		0.48%		$22.39		859		$  19,242		1.88%		16.31%
2022		0.46%		$19.25		985		$  18,961		1.50%		(16.49)%
2021		0.46%		$23.05		1,187		$  27,358		1.94%		13.83%
2020		0.47%		$20.25		1,385		$  28,043		1.78%		13.38%
2019		0.48%		$17.86		1,724		$  30,774		1.75%		22.08%

FSA-51

SEPARATE ACCOUNT NO. 206

Notes to Financial Statements (Concluded)

December 31, 2023

7. Financial Highlights (Concluded)

	Years Ended December 31,
	Contract Charges*		Unit Value		Units Outstanding (000’s)+		Accumulation Unit Values (000’s)+		Investment Income Ratio**		Total Return***
Target 2045 Allocation
2023		0.48%		$23.82		445		$10,591		1.72%		17.86%
2022		0.46%		$20.21		500		$10,117		1.40%		(16.97)%
2021		0.46%		$24.34		575		$14,007		2.11%		16.07%
2020		0.47%		$20.97		615		$12,902		1.63%		13.84%
2019		0.48%		$18.42		782		$14,398		1.67%		24.04%
Target 2055 Allocation
2023		0.48%		$18.72		14		$    259		1.42%		19.54%
2022		0.46%		$15.66		23		$    363		1.34%		(17.71)%
2021		0.46%		$19.03		24		$    457		1.88%		17.98%
2020		0.47%		$16.13		39		$    622		1.54%		14.64%
2019		0.48%		$14.07		61		$    852		1.62%		26.42%
Vanguard Variable Insurance Fund Total Bond Market Index Portfolio
2023		0.48%		$10.48		2,099		$21,987		2.52%		5.12%
2022		0.46%		$9.97		1,964		$19,586		2.06%		(13.60)%
2021		0.46%		$11.54		2,260		$26,080		1.99%		(2.20)%
2020		0.47%		$11.80		2,633		$31,061		2.27%		7.08%
2019		0.48%		$11.02		1,754		$19,325		2.29%		8.15%
Vanguard Variable Insurance Fund Total Stock Market Index Portfolio
2023		0.48%		$18.64		3,747		$69,833		1.18%		25.35%
2022		0.46%		$14.87		3,754		$55,820		1.28%		(19.97)%
2021		0.46%		$18.58		3,916		$72,746		1.12%		25.03%
2020		0.47%		$14.86		3,479		$51,688		1.57%		20.03%
2019		0.48%		$12.38		3,170		$39,244		1.56%		30.04%

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

** This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the Variable Investment Option from the Portfolio, divided by the average daily net assets. This ratio excludes those expenses, such as asset-based 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 Option invests. For those Variable Investment Options with less than a year of operations, this ratio is not annualized but calculated from the effective date through the end of the reporting period.

*** This ratio represents the total return for the periods indicated, including changes in the value of the Portfolio, and expenses assessed through the reduction of unit value. This ratio does not include any expenses, such as 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. Variable Investment Options with a date notation indicate the effective date of the Variable Investment Option, without consideration if there were units outstanding as of such date. The total return is calculated for each period indicated from the effective date through the end of the reporting period. Where there are no units outstanding at period-end, the total return is calculated using the current offering price of the unit. 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.

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

8. Subsequent Events

All material subsequent transactions and events have been evaluated for the period from December 31, 2023 through April 12, 2024, the date on which the financial statements were issued. It has been determined that there are no transactions or events that require adjustment or disclosure in the financial statements.

FSA-52