Equitable America Variable Account K

N-VPFS 1 d932289dnvpfs.htm EQUITABLE AMERICA VARIABLE ACCOUNT K Equitable America Variable Account K

EQUITABLE AMERICA VARIABLE ACCOUNT K

INDEX TO FINANCIAL STATEMENTS


Report of Independent Registered Public Accounting Firm		FSA-2

Financial Statements:
Statements of Assets and Liabilities, December 31, 2024		FSA-4
Statements of Operations for the Year or Period Ended December 31, 2024		FSA-36
Statements of Changes in Net Assets for the Years or Periods Ended December 31, 2024 and 2023		FSA-58
Notes to Financial Statements		FSA-107

FSA-1

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of variable investment options of Equitable America Variable Account K indicated in the table below as of December 31, 2024, 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, 2024, 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 Equitable America Variable Account K as of December 31, 2024,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, 2024 in conformity with accounting principles generally accepted in the United States of America.


1290 VT CONVERTIBLE SECURITIES⁽¹⁾		EQ/LOOMIS SAYLES GROWTH⁽¹⁾
1290 VT DOUBLELINE OPPORTUNISTIC BOND⁽¹⁾		EQ/MFS INTERNATIONAL GROWTH⁽¹⁾
1290 VT EQUITY INCOME⁽¹⁾		EQ/MFS INTERNATIONAL INTRINSIC VALUE⁽¹⁾
1290 VT GAMCO MERGERS & ACQUISITIONS⁽¹⁾		EQ/MFS MID CAP FOCUSED GROWTH⁽¹⁾
1290 VT GAMCO SMALL COMPANY VALUE⁽¹⁾		EQ/MFS TECHNOLOGY⁽¹⁾
1290 VT MULTI-ALTERNATIVE STRATEGIES⁽¹⁾		EQ/MFS UTILITIES SERIES⁽¹⁾
1290 VT NATURAL RESOURCES⁽¹⁾		EQ/MID CAP INDEX⁽¹⁾
1290 VT REAL ESTATE⁽¹⁾		EQ/MID CAP VALUE MANAGED VOLATILITY⁽¹⁾
1290 VT SMALL CAP VALUE⁽¹⁾		EQ/MODERATE ALLOCATION⁽¹⁾
1290 VT SMARTBETA EQUITY ESG⁽¹⁾		EQ/MODERATE GROWTH STRATEGY⁽¹⁾
1290 VT SOCIALLY RESPONSIBLE⁽¹⁾		EQ/MODERATE-PLUS ALLOCATION⁽¹⁾
AB VPS DISCOVERY VALUE PORTFOLIO⁽¹⁾		EQ/MONEY MARKET⁽¹⁾
AB VPS RELATIVE VALUE PORTFOLIO⁽¹⁾		EQ/MORGAN STANLEY SMALL CAP GROWTH⁽¹⁾
AB VPS SUSTAINABLE GLOBAL THEMATIC PORTFOLIO⁽¹⁾		EQ/PIMCO GLOBAL REAL RETURN⁽¹⁾
AMERICAN FUNDS INSURANCE SERIES^® ASSET ALLOCATION FUND⁽¹⁾		EQ/PIMCO REAL RETURN⁽¹⁾
AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND⁽¹⁾		EQ/PIMCO TOTAL RETURN ESG⁽¹⁾
AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®⁽¹⁾		EQ/PIMCO ULTRA SHORT BOND⁽¹⁾
BLACKROCK GLOBAL ALLOCATION V.I. FUND⁽¹⁾		EQ/QUALITY BOND PLUS⁽¹⁾
BNY MELLON STOCK INDEX FUND, INC.⁽¹⁾		EQ/SMALL COMPANY INDEX⁽¹⁾
CLEARBRIDGE VARIABLE MID CAP PORTFOLIO⁽¹⁾		EQ/T. ROWE PRICE HEALTH SCIENCES⁽¹⁾
EQ/400 MANAGED VOLATILITY⁽¹⁾		EQ/VALUE EQUITY⁽¹⁾
EQ/500 MANAGED VOLATILITY⁽¹⁾		EQ/WELLINGTON ENERGY⁽¹⁾
EQ/2000 MANAGED VOLATILITY⁽¹⁾		EQUITABLE CONSERVATIVE GROWTH MF/ETF⁽¹⁾
EQ/AB SMALL CAP GROWTH⁽¹⁾		EQUITABLE GROWTH MF/ETF⁽²⁾
EQ/AB SUSTAINABLE U.S. THEMATIC⁽¹⁾		EQUITABLE MODERATE GROWTH MF/ETF⁽²⁾
EQ/AGGRESSIVE ALLOCATION⁽¹⁾		FIDELITY^® VIP ASSET MANAGER PORTFOLIO⁽¹⁾
EQ/ALL ASSET GROWTH ALLOCATION⁽¹⁾		FIDELITY^® VIP ASSET MANAGER: GROWTH PORTFOLIO⁽¹⁾
EQ/AMERICAN CENTURY MID CAP VALUE⁽¹⁾		FIDELITY^® VIP GROWTH & INCOME PORTFOLIO⁽¹⁾
EQ/BALANCED STRATEGY⁽¹⁾		FIDELITY^® VIP MID CAP PORTFOLIO⁽¹⁾
EQ/CAPITAL GROUP RESEARCH⁽¹⁾		FIDELITY^® VIP VALUE PORTFOLIO⁽¹⁾
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG⁽¹⁾		FRANKLIN INCOME VIP FUND⁽¹⁾
EQ/COMMON STOCK INDEX⁽¹⁾		FRANKLIN SMALL CAP VALUE VIP FUND⁽¹⁾
EQ/CONSERVATIVE ALLOCATION⁽¹⁾		INVESCO V.I. DIVERSIFIED DIVIDEND FUND⁽¹⁾
EQ/CONSERVATIVE GROWTH STRATEGY⁽¹⁾		INVESCO V.I. GLOBAL CORE EQUITY FUND⁽¹⁾
EQ/CONSERVATIVE STRATEGY⁽¹⁾		INVESCO V.I. HEALTH CARE FUND⁽¹⁾
EQ/CONSERVATIVE-PLUS ALLOCATION⁽¹⁾		INVESCO V.I. MAIN STREET MID CAP FUND⁽¹⁾
EQ/CORE BOND INDEX⁽¹⁾		INVESCO V.I. SMALL CAP EQUITY FUND⁽¹⁾
EQ/CORE PLUS BOND⁽¹⁾		INVESCO V.I. TECHNOLOGY FUND⁽¹⁾
EQ/EMERGING MARKETS EQUITY PLUS⁽¹⁾		JANUS HENDERSON BALANCED PORTFOLIO⁽¹⁾

FSA-2


EQ/EQUITY 500 INDEX⁽¹⁾		JANUS HENDERSON ENTERPRISE PORTFOLIO⁽¹⁾
EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP⁽¹⁾		JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO⁽¹⁾
EQ/FRANKLIN RISING DIVIDENDS⁽¹⁾		JANUS HENDERSON MID CAP VALUE PORTFOLIO⁽¹⁾
EQ/GLOBAL EQUITY MANAGED VOLATILITY⁽¹⁾		JANUS HENDERSON OVERSEAS PORTFOLIO⁽¹⁾
EQ/GOLDMAN SACHS MID CAP VALUE⁽¹⁾		LORD ABBETT SERIES FUND - BOND DEBENTURE PORTFOLIO⁽¹⁾
EQ/GROWTH STRATEGY⁽¹⁾		MACQUARIE VIP HIGH INCOME SERIES⁽¹⁾
EQ/INTERMEDIATE CORPORATE BOND⁽²⁾		MFS^® INVESTORS TRUST SERIES⁽¹⁾
EQ/INTERMEDIATE GOVERNMENT BOND⁽¹⁾		MFS^® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO⁽¹⁾
EQ/INTERNATIONAL CORE MANAGED VOLATILITY⁽¹⁾		MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO⁽¹⁾
EQ/INTERNATIONAL EQUITY INDEX⁽¹⁾		MULTIMANAGER AGGRESSIVE EQUITY⁽¹⁾
EQ/INTERNATIONAL MANAGED VOLATILITY⁽¹⁾		MULTIMANAGER CORE BOND⁽¹⁾
EQ/INTERNATIONAL VALUE MANAGED VOLATILITY⁽¹⁾		MULTIMANAGER TECHNOLOGY⁽¹⁾
EQ/INVESCO COMSTOCK⁽¹⁾		PIMCO COMMODITY REAL RETURN^® STRATEGY PORTFOLIO⁽¹⁾
EQ/INVESCO GLOBAL⁽¹⁾		T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO⁽¹⁾
EQ/INVESCO GLOBAL REAL ASSETS⁽¹⁾		T. ROWE PRICE EQUITY INCOME PORTFOLIO⁽¹⁾
EQ/JANUS ENTERPRISE⁽¹⁾		T. ROWE PRICE MID-CAP GROWTH PORTFOLIO⁽¹⁾
EQ/JPMORGAN GROWTH STOCK⁽¹⁾		TARGET 2025 ALLOCATION⁽¹⁾
EQ/JPMORGAN VALUE OPPORTUNITIES⁽¹⁾		TARGET 2035 ALLOCATION⁽¹⁾
EQ/LARGE CAP CORE MANAGED VOLATILITY⁽¹⁾		TARGET 2045 ALLOCATION⁽¹⁾
EQ/LARGE CAP GROWTH INDEX⁽¹⁾		TARGET 2055 ALLOCATION⁽¹⁾
EQ/LARGE CAP GROWTH MANAGED VOLATILITY⁽¹⁾		TEMPLETON DEVELOPING MARKETS VIP FUND⁽¹⁾
EQ/LARGE CAP VALUE INDEX⁽¹⁾		TEMPLETON GLOBAL BOND VIP FUND⁽¹⁾
EQ/LARGE CAP VALUE MANAGED VOLATILITY⁽¹⁾		VANECK VIP EMERGING MARKETS BOND FUND⁽¹⁾
EQ/LAZARD EMERGING MARKETS EQUITY⁽¹⁾		VANECK VIP EMERGING MARKETS FUND⁽¹⁾
EQ/LONG-TERM BOND⁽²⁾		VANECK VIP GLOBAL RESOURCES FUND⁽¹⁾

(1) Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023

(2) Statement of operations and statement of changes in net assets for the period May 13, 2024 (commencement of operations) through December 31, 2024

Basis for Opinions

These financial statements are the responsibility of the Equitable Financial Life Insurance Company of America management. Our responsibility is to express an opinion on the financial statements of each of the variable investment options of Equitable America Variable Account K based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the variable investment options of Equitable America Variable Account K 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, 2024 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

New York, New York

April 10, 2025

We have served as the auditor of one or more of the variable investment options of Equitable America Variable Account K since 2014.

FSA-3

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2024


	1290 VT CONVERTIBLE SECURITIES*		1290 VT DOUBLELINE OPPORTUNISTIC BOND*		1290 VT EQUITY INCOME*		1290 VT GAMCO MERGERS & ACQUISITIONS*		1290 VT GAMCO SMALL COMPANY VALUE*		1290 VT MULTI- ALTERNATIVE STRATEGIES*
Assets:
Investments in shares of the Portfolios, at fair value	$	3,210,274	$	3,828,955	$	6,693,261	$	3,865,165	$	80,120,217	$	174,441
Receivable for policy-related transactions		657		6,352		74		13,469		27,366		120

Total assets		3,210,931		3,835,307		6,693,335		3,878,634		80,147,583		174,561


Liabilities:
Payable for shares of the Portfolios purchased		657		6,340		74		13,373		27,366		16

Total liabilities		657		6,340		74		13,373		27,366		16

Net Assets	$	3,210,274	$	3,828,967	$	6,693,261	$	3,865,261	$	80,120,217	$	174,545


Net Assets:
Accumulation unit values	$	3,210,209	$	3,828,967	$	6,692,607	$	3,865,261	$	80,077,482	$	174,545
Retained by Equitable America in Equitable America Variable Account K		65		—		654		—		42,735		—

Total Net Assets	$	3,210,274	$	3,828,967	$	6,693,261	$	3,865,261	$	80,120,217	$	174,545


Investments in shares of the Portfolios, at cost	$	3,318,243	$	4,091,046	$	6,405,870	$	3,837,826	$	69,836,185	$	171,951

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

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

FSA-4

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	1290 VT NATURAL RESOURCES*		1290 VT REAL ESTATE*		1290 VT SMALL CAP VALUE*		1290 VT SMARTBETA EQUITY ESG*		1290 VT SOCIALLY RESPONSIBLE*		AB VPS DISCOVERY VALUE PORTFOLIO**
Assets:
Investments in shares of the Portfolios, at fair value	$	2,393,655	$	1,240,116	$	5,804,001	$	7,094,582	$	4,114,520	$	238,159
Receivable for shares of the Portfolios sold		—		—		—		—		—		1,261
Receivable for policy-related transactions		4,843		158		10,330		26,583		116		—

Total assets		2,398,498		1,240,274		5,814,331		7,121,165		4,114,636		239,420


Liabilities:
Payable for shares of the Portfolios purchased		4,534		51		10,006		26,257		116		—
Payable for policy-related transactions		—		—		—		—		—		1,222

Total liabilities		4,534		51		10,006		26,257		116		1,222

Net Assets	$	2,393,964	$	1,240,223	$	5,804,325	$	7,094,908	$	4,114,520	$	238,198


Net Assets:
Accumulation unit values	$	2,393,846	$	1,240,223	$	5,804,325	$	7,094,908	$	4,114,329	$	238,198
Retained by Equitable America in Equitable America Variable Account K		118		—		—		—		191		—

Total Net Assets	$	2,393,964	$	1,240,223	$	5,804,325	$	7,094,908	$	4,114,520	$	238,198


Investments in shares of the Portfolios, at cost	$	2,646,626	$	1,231,723	$	5,477,429	$	6,367,742	$	3,476,960	$	224,982

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

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

Denotes Variable Investment Options that invest in shares of a Portfolio of AB Variable Product Series Fund, Inc., and affiliate of Equitable America

FSA-5

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	AB VPS RELATIVE VALUE PORTFOLIO**		AB VPS SUSTAINABLE GLOBAL THEMATIC PORTFOLIO**		AMERICAN FUNDS INSURANCE SERIES^® ASSET ALLOCATION FUND		AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND		AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®		BLACKROCK GLOBAL ALLOCATION V.I. FUND
Assets:
Investments in shares of the Portfolios, at fair value	$	723,591	$	329,012	$	3,928,090	$	10,388,210	$	11,553,894	$	1,888,491
Receivable for policy-related transactions		57		34		19,811		35,297		39,315		2,745

Total assets		723,648		329,046		3,947,901		10,423,507		11,593,209		1,891,236


Liabilities:
Payable for shares of the Portfolios purchased		—		—		19,312		29,251		37,326		2,417

Total liabilities		—		—		19,312		29,251		37,326		2,417

Net Assets	$	723,648	$	329,046	$	3,928,589	$	10,394,256	$	11,555,883	$	1,888,819


Net Assets:
Accumulation unit values	$	723,648	$	329,046	$	3,928,589	$	10,388,737	$	11,555,162	$	1,888,819
Retained by Equitable America in Equitable America Variable Account K		—		—		—		5,519		721		—

Total Net Assets	$	723,648	$	329,046	$	3,928,589	$	10,394,256	$	11,555,883	$	1,888,819


Investments in shares of the Portfolios, at cost	$	710,441	$	314,735	$	3,625,660	$	11,711,298	$	11,488,186	$	1,905,615

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

Denotes Variable Investment Options that invest in shares of a Portfolio of AB Variable Product Series Fund, Inc., and affiliate of Equitable America

FSA-6

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	BNY MELLON STOCK INDEX FUND, INC.		CLEARBRIDGE VARIABLE MID CAP PORTFOLIO		EQ/400 MANAGED VOLATILITY*		EQ/500 MANAGED VOLATILITY*		EQ/2000 MANAGED VOLATILITY*		EQ/AB SMALL CAP GROWTH*
Assets:
Investments in shares of the Portfolios, at fair value	$	29,019,071	$	415,626	$	1,939,976	$	8,185,033	$	2,479,790	$	31,557,189
Receivable for policy-related transactions		—		3,114		—		1,945		160		16,489

Total assets		29,019,071		418,740		1,939,976		8,186,978		2,479,950		31,573,678


Liabilities:
Payable for shares of the Portfolios purchased		59		3,040		—		1,872		156		14,543
Payable for policy-related transactions		236,239		—		—		—		—		—

Total liabilities		236,298		3,040		—		1,872		156		14,543

Net Assets	$	28,782,773	$	415,700	$	1,939,976	$	8,185,106	$	2,479,794	$	31,559,135


Net Assets:
Accumulation unit values	$	28,782,773	$	415,700	$	1,939,976	$	8,185,106	$	2,479,794	$	31,559,135
Retained by Equitable America in Equitable America Variable Account K		—		—		—		—		—		—

Total Net Assets	$	28,782,773	$	415,700	$	1,939,976	$	8,185,106	$	2,479,794	$	31,559,135


Investments in shares of the Portfolios, at cost	$	25,136,757	$	376,117	$	1,886,321	$	7,567,578	$	2,634,237	$	32,875,639

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

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

FSA-7

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/AB SUSTAINABLE U.S. THEMATIC*		EQ/AGGRESSIVE ALLOCATION*		EQ/ALL ASSET GROWTH ALLOCATION*		EQ/AMERICAN CENTURY MID CAP VALUE*		EQ/BALANCED STRATEGY*		EQ/CAPITAL GROUP RESEARCH*
Assets:
Investments in shares of the Portfolios, at fair value	$	97,671	$	57,398,439	$	22,214,226	$	31,186,542	$	44,903,027	$	11,071,517
Receivable for policy-related transactions		12,193		66,632		11,055		9,267		—		734

Total assets		109,864		57,465,071		22,225,281		31,195,809		44,903,027		11,072,251


Liabilities:
Payable for shares of the Portfolios purchased		12,186		64,552		10,361		8,050		6,096		187
Payable for policy-related transactions		—		—		—		—		33,312		—

Total liabilities		12,186		64,552		10,361		8,050		39,408		187

Net Assets	$	97,678	$	57,400,519	$	22,214,920	$	31,187,759	$	44,863,619	$	11,072,064


Net Assets:
Accumulation unit values	$	97,678	$	57,400,519	$	22,214,920	$	31,187,759	$	44,835,823	$	10,997,613
Retained by Equitable America in Equitable America Variable Account K		—		—		—		—		27,796		74,451

Total Net Assets	$	97,678	$	57,400,519	$	22,214,920	$	31,187,759	$	44,863,619	$	11,072,064


Investments in shares of the Portfolios, at cost	$	91,957	$	59,213,116	$	22,643,549	$	32,085,709	$	43,369,386	$	9,519,902

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

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

FSA-8

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/CLEARBRIDGE LARGE CAP GROWTH ESG*		EQ/COMMON STOCK INDEX*		EQ/CONSERVATIVE ALLOCATION*		EQ/CONSERVATIVE GROWTH STRATEGY*		EQ/CONSERVATIVE STRATEGY*		EQ/CONSERVATIVE- PLUS ALLOCATION*
Assets:
Investments in shares of the Portfolios, at fair value	$	19,706,915	$	193,991,702	$	4,258,928	$	11,604,733	$	2,789,327	$	9,576,846
Receivable for policy-related transactions		12,226		100,742		977		325		431		13,159

Total assets		19,719,141		194,092,444		4,259,905		11,605,058		2,789,758		9,590,005


Liabilities:
Payable for shares of the Portfolios purchased		11,540		82,019		213		324		431		12,850

Total liabilities		11,540		82,019		213		324		431		12,850

Net Assets	$	19,707,601	$	194,010,425	$	4,259,692	$	11,604,734	$	2,789,327	$	9,577,155


Net Assets:
Accumulation unit values	$	19,707,601	$	194,010,425	$	4,259,692	$	11,604,734	$	2,789,320	$	9,577,155
Retained by Equitable America in Equitable America Variable Account K		—		—		—		—		7		—

Total Net Assets	$	19,707,601	$	194,010,425	$	4,259,692	$	11,604,734	$	2,789,327	$	9,577,155


Investments in shares of the Portfolios, at cost	$	15,142,569	$	159,657,980	$	4,607,999	$	11,933,077	$	2,922,411	$	10,479,285

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

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

FSA-9

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/CORE BOND INDEX*		EQ/CORE PLUS BOND*		EQ/EMERGING MARKETS EQUITY PLUS*		EQ/EQUITY 500 INDEX*		EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP*		EQ/FRANKLIN RISING DIVIDENDS*
Assets:
Investments in shares of the Portfolios, at fair value	$	26,515,301	$	21,680,333	$	2,354,134	$	350,984,705	$	24,024,258	$	29,238,421
Receivable for shares of the Portfolios sold		—		—		—		—		1,043		—
Receivable for policy-related transactions		24,128		13,218		432		144,654		—		17,879

Total assets		26,539,429		21,693,551		2,354,566		351,129,359		24,025,301		29,256,300


Liabilities:
Payable for shares of the Portfolios purchased		24,064		12,642		128		123,179		—		16,586
Payable for policy-related transactions		—		—		—		—		1,043		—

Total liabilities		24,064		12,642		128		123,179		1,043		16,586

Net Assets	$	26,515,365	$	21,680,909	$	2,354,438	$	351,006,180	$	24,024,258	$	29,239,714


Net Assets:
Accumulation unit values	$	26,468,150	$	21,680,909	$	2,354,438	$	351,006,180	$	24,012,856	$	29,239,714
Retained by Equitable America in Equitable America Variable Account K		47,215		—		—		—		11,402		—

Total Net Assets	$	26,515,365	$	21,680,909	$	2,354,438	$	351,006,180	$	24,024,258	$	29,239,714


Investments in shares of the Portfolios, at cost	$	27,587,395	$	23,160,053	$	2,414,148	$	251,803,807	$	18,104,386	$	22,652,253

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

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

FSA-10

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/GLOBAL EQUITY MANAGED VOLATILITY*		EQ/GOLDMAN SACHS MID CAP VALUE*		EQ/GROWTH STRATEGY*		EQ/INTERMEDIATE CORPORATE BOND*		EQ/INTERMEDIATE GOVERNMENT BOND*		EQ/INTERNATIONAL CORE MANAGED VOLATILITY*
Assets:
Investments in shares of the Portfolios, at fair value	$	11,603,851	$	10,302,955	$	86,164,223	$	31,817	$	11,386,695	$	6,526,465
Receivable for shares of the Portfolios sold		—		—		104,407		—		—		—
Receivable for policy-related transactions		197		8,441		—		12		107		272

Total assets		11,604,048		10,311,396		86,268,630		31,829		11,386,802		6,526,737


Liabilities:
Payable for shares of the Portfolios purchased		197		7,148		—		—		107		136
Payable for policy-related transactions		—		—		104,398		—		—		—

Total liabilities		197		7,148		104,398				107		136

Net Assets	$	11,603,851	$	10,304,248	$	86,164,232	$	31,829	$	11,386,695	$	6,526,601


Net Assets:
Accumulation unit values	$	11,603,477	$	10,304,248	$	86,164,232	$	31,829	$	11,253,723	$	6,526,601
Retained by Equitable America in Equitable America Variable Account K		374		—		—		—		132,972		—

Total Net Assets	$	11,603,851	$	10,304,248	$	86,164,232	$	31,829	$	11,386,695	$	6,526,601


Investments in shares of the Portfolios, at cost	$	11,662,307	$	9,750,941	$	81,024,604	$	33,576	$	11,586,729	$	6,430,840

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

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

FSA-11

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/INTERNATIONAL EQUITY INDEX*		EQ/INTERNATIONAL MANAGED VOLATILITY*		EQ/INTERNATIONAL VALUE MANAGED VOLATILITY*		EQ/INVESCO COMSTOCK*		EQ/INVESCO GLOBAL*		EQ/INVESCO GLOBAL REAL ASSETS*
Assets:
Investments in shares of the Portfolios, at fair value	$	41,751,926	$	2,024,961	$	6,452,465	$	8,891,196	$	3,332,369	$	11,909,073
Receivable for shares of the Portfolios sold		—		—		—		—		12		—
Receivable for policy-related transactions		6,126		—		2,207		5,413		869		6,211

Total assets		41,758,052		2,024,961		6,454,672		8,896,609		3,333,250		11,915,284


Liabilities:
Payable for shares of the Portfolios purchased		1,057		—		1,985		5,053		—		3,377

Total liabilities		1,057		—		1,985		5,053		—		3,377

Net Assets	$	41,756,995	$	2,024,961	$	6,452,687	$	8,891,556	$	3,333,250	$	11,911,907


Net Assets:
Accumulation unit values	$	41,756,995	$	2,024,961	$	6,452,687	$	8,891,556	$	3,333,250	$	11,909,251
Retained by Equitable America in Equitable America Variable Account K		—		—		—		—		—		2,656

Total Net Assets	$	41,756,995	$	2,024,961	$	6,452,687	$	8,891,556	$	3,333,250	$	11,911,907


Investments in shares of the Portfolios, at cost	$	38,606,710	$	1,933,660	$	6,471,656	$	8,414,798	$	2,920,246	$	12,357,730

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

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

FSA-12

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/JANUS ENTERPRISE*		EQ/JPMORGAN GROWTH STOCK*		EQ/JPMORGAN VALUE OPPORTUNITIES*		EQ/LARGE CAP CORE MANAGED VOLATILITY*		EQ/LARGE CAP GROWTH INDEX*		EQ/LARGE CAP GROWTH MANAGED VOLATILITY*
Assets:
Investments in shares of the Portfolios, at fair value	$	21,875,140	$	75,999,188	$	44,773,158	$	7,449,559	$	53,566,930	$	22,153,520
Receivable for policy-related transactions		1,238		55,694		37,781		50,388		13,266		5,325

Total assets		21,876,378		76,054,882		44,810,939		7,499,947		53,580,196		22,158,845


Liabilities:
Payable for shares of the Portfolios purchased		552		51,896		35,492		50,163		6,828		4,902

Total liabilities		552		51,896		35,492		50,163		6,828		4,902

Net Assets	$	21,875,826	$	76,002,986	$	44,775,447	$	7,449,784	$	53,573,368	$	22,153,943


Net Assets:
Accumulation unit values	$	21,875,826	$	76,002,986	$	44,775,447	$	7,449,784	$	53,573,368	$	22,153,943
Retained by Equitable America in Equitable America Variable Account K		—		—		—		—		—		—

Total Net Assets	$	21,875,826	$	76,002,986	$	44,775,447	$	7,449,784	$	53,573,368	$	22,153,943


Investments in shares of the Portfolios, at cost	$	20,791,953	$	62,826,214	$	45,425,398	$	7,287,785	$	41,636,970	$	21,346,438

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

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

FSA-13

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/LARGE CAP VALUE INDEX*		EQ/LARGE CAP VALUE MANAGED VOLATILITY*		EQ/LAZARD EMERGING MARKETS EQUITY*		EQ/LONG-TERM BOND*		EQ/LOOMIS SAYLES GROWTH*		EQ/MFS INTERNATIONAL GROWTH*
Assets:
Investments in shares of the Portfolios, at fair value	$	24,144,681	$	11,664,280	$	16,195,895	$	164,797	$	29,352,815	$	42,230,888
Receivable for shares of the Portfolios sold		—		—		8,292		—		—		—
Receivable for policy-related transactions		4,276		223		—		43		52		47,215

Total assets		24,148,957		11,664,503		16,204,187		164,840		29,352,867		42,278,103


Liabilities:
Payable for shares of the Portfolios purchased		1,051		223		—		—		58		44,189
Payable for policy-related transactions		—		—		7,699		—		—		—

Total liabilities		1,051		223		7,699		—		58		44,189

Net Assets	$	24,147,906	$	11,664,280	$	16,196,488	$	164,840	$	29,352,809	$	42,233,914


Net Assets:
Accumulation unit values	$	24,147,906	$	11,593,794	$	16,195,226	$	164,840	$	29,340,797	$	42,233,914
Retained by Equitable America in Equitable America Variable Account K		—		70,486		1,262		—		12,012		—

Total Net Assets	$	24,147,906	$	11,664,280	$	16,196,488	$	164,840	$	29,352,809	$	42,233,914


Investments in shares of the Portfolios, at cost	$	22,271,135	$	10,663,185	$	16,385,323	$	179,855	$	25,867,437	$	43,014,899

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

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

FSA-14

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/MFS INTERNATIONAL INTRINSIC VALUE*		EQ/MFS MID CAP FOCUSED GROWTH*		EQ/MFS TECHNOLOGY*		EQ/MFS UTILITIES SERIES*		EQ/MID CAP INDEX*		EQ/MID CAP VALUE MANAGED VOLATILITY*
Assets:
Investments in shares of the Portfolios, at fair value		45,880,007		27,884,587		35,800,546		954,608		39,142,682		9,595,311
Receivable for policy-related transactions		22,981		33,340		7,007		161		8,548		52,548

Total assets		45,902,988		27,917,927		35,807,553		954,769		39,151,230		9,647,859


Liabilities:
Payable for shares of the Portfolios purchased		19,535		31,233		4,144		46		5,182		52,548

Total liabilities		19,535		31,233		4,144		46		5,182		52,548

Net Assets		45,883,453		27,886,694		35,803,409		954,723		39,146,048		9,595,311


Net Assets:
Accumulation unit values	$	45,883,453	$	27,886,694	$	35,803,409	$	954,723	$	39,146,048	$	9,585,027
Retained by Equitable America in Equitable America Variable Account K		—		—		—		—		—		10,284

Total Net Assets	$	45,883,453	$	27,886,694	$	35,803,409	$	954,723	$	39,146,048	$	9,595,311


Investments in shares of the Portfolios, at cost	$	44,034,357	$	24,057,896	$	28,464,998	$	934,904	$	37,084,820	$	9,696,165

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

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

FSA-15

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/MODERATE ALLOCATION*		EQ/MODERATE GROWTH STRATEGY*		EQ/MODERATE- PLUS ALLOCATION*		EQ/MONEY MARKET*		EQ/MORGAN STANLEY SMALL CAP GROWTH*		EQ/PIMCO GLOBAL REAL RETURN*
Assets:
Investments in shares of the Portfolios, at fair value	$	72,036,751	$	151,296,962	$	158,366,344	$	28,206,981	$	15,765,570	$	1,117,053
Receivable for shares of the Portfolios sold		4,284		—		48,890		153,579		—		—
Receivable for policy-related transactions		2,444		9,764		58,145		—		1,907		3,565

Total assets		72,043,479		151,306,726		158,473,379		28,360,560		15,767,477		1,120,618


Liabilities:
Payable for shares of the Portfolios purchased		—		9,764		—		—		1,824		3,431
Payable for policy-related transactions		—		—		—		1,502,754		—		—

Total liabilities		—		9,764		—		1,502,754		1,824		3,431

Net Assets	$	72,043,479	$	151,296,962	$	158,473,379	$	26,857,806	$	15,765,653	$	1,117,187


Net Assets:
Accumulation unit values	$	72,043,479	$	151,282,728	$	158,473,379	$	26,857,806	$	15,720,812	$	1,117,187
Retained by Equitable America in Equitable America Variable Account K		—		14,234		—		—		44,841		—

Total Net Assets	$	72,043,479	$	151,296,962	$	158,473,379	$	26,857,806	$	15,765,653	$	1,117,187


Investments in shares of the Portfolios, at cost	$	78,361,650	$	150,417,216	$	169,843,569	$	28,211,835	$	14,629,885	$	1,194,161

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

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

FSA-16

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/PIMCO REAL RETURN*		EQ/PIMCO TOTAL RETURN ESG*		EQ/PIMCO ULTRA SHORT BOND*		EQ/QUALITY BOND PLUS*		EQ/SMALL COMPANY INDEX*		EQ/T. ROWE PRICE HEALTH SCIENCES*
Assets:
Investments in shares of the Portfolios, at fair value	$	13,247,949	$	25,265,602	$	12,487,928	$	3,693,174	$	34,643,404	$	6,962,296
Receivable for policy-related transactions		10,800		45,390		5,844		45		14,953		4,245

Total assets		13,258,749		25,310,992		12,493,772		3,693,219		34,658,357		6,966,541


Liabilities:
Payable for shares of the Portfolios purchased		10,228		44,489		5,742		45		3,032		3,472

Total liabilities		10,228		44,489		5,742		45		3,032		3,472

Net Assets	$	13,248,521	$	25,266,503	$	12,488,030	$	3,693,174	$	34,655,325	$	6,963,069


Net Assets:
Accumulation unit values	$	13,248,521	$	25,266,503	$	12,488,030	$	3,692,106	$	34,645,736	$	6,963,069
Retained by Equitable America in Equitable America Variable Account K		—		—		—		1,068		9,589		—

Total Net Assets	$	13,248,521	$	25,266,503	$	12,488,030	$	3,693,174	$	34,655,325	$	6,963,069


Investments in shares of the Portfolios, at cost	$	15,194,308	$	28,542,108	$	12,510,107	$	4,043,872	$	34,245,850	$	7,514,140

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

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

FSA-17

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	EQ/VALUE EQUITY*		EQ/WELLINGTON ENERGY*		EQUITABLE CONSERVATIVE GROWTH MF/ETF*		EQUITABLE GROWTH MF/ETF*		EQUITABLE MODERATE GROWTH MF/ETF*		FIDELITY^® VIP ASSET MANAGER PORTFOLIO
Assets:
Investments in shares of the Portfolios, at fair value	$	27,921,074	$	4,868,277	$	10,997,321	$	139,081	$	189,226	$	4,528
Receivable for policy-related transactions		4,789		27		8,168		70		84		—

Total assets		27,925,863		4,868,304		11,005,489		139,151		189,310		4,528


Liabilities:
Payable for shares of the Portfolios purchased		4,317		27		6,486		—		—		—

Total liabilities		4,317		27		6,486		—		—		—

Net Assets	$	27,921,546	$	4,868,277	$	10,999,003	$	139,151	$	189,310	$	4,528


Net Assets:
Accumulation unit values	$	27,921,546	$	4,868,050	$	10,999,003	$	139,151	$	189,310	$	4,521
Retained by Equitable America in Equitable America Variable Account K		—		227		—		—		—		7

Total Net Assets	$	27,921,546	$	4,868,277	$	10,999,003	$	139,151	$	189,310	$	4,528


Investments in shares of the Portfolios, at cost	$	27,050,807	$	4,079,360	$	10,976,923	$	141,293	$	191,923	$	4,249

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

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

FSA-18

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	FIDELITY^® VIP ASSET MANAGER: GROWTH PORTFOLIO		FIDELITY^® VIP GROWTH & INCOME PORTFOLIO		FIDELITY^® VIP MID CAP PORTFOLIO		FIDELITY^® VIP VALUE PORTFOLIO		FRANKLIN INCOME VIP FUND		FRANKLIN SMALL CAP VALUE VIP FUND
Assets:
Investments in shares of the Portfolios, at fair value	$	1,249,630	$	11,679,175	$	17,124,780	$	1,549,869	$	339,844	$	8,888,744
Receivable for policy-related transactions		346		13,762		12,080		6,028		—		3,543

Total assets		1,249,976		11,692,937		17,136,860		1,555,897		339,844		8,892,287


Liabilities:
Payable for shares of the Portfolios purchased		203		13,004		11,485		5,889		—		3,046

Total liabilities		203		13,004		11,485		5,889		—		3,046

Net Assets	$	1,249,773	$	11,679,933	$	17,125,375	$	1,550,008	$	339,844	$	8,889,241


Net Assets:
Accumulation unit values	$	1,249,773	$	11,679,933	$	17,125,375	$	1,550,008	$	339,553	$	8,889,241
Retained by Equitable America in Equitable America Variable Account K		—		—		—		—		291		—

Total Net Assets	$	1,249,773	$	11,679,933	$	17,125,375	$	1,550,008	$	339,844	$	8,889,241


Investments in shares of the Portfolios, at cost	$	1,178,191	$	10,066,330	$	16,843,436	$	1,522,837	$	352,939	$	8,219,999

The

accompanying notes are an integral part of these financial statements.

FSA-19

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	INVESCO V.I. DIVERSIFIED DIVIDEND FUND		INVESCO V.I. GLOBAL CORE EQUITY FUND		INVESCO V.I. HEALTH CARE FUND		INVESCO V.I. MAIN STREET MID CAP FUND		INVESCO V.I. SMALL CAP EQUITY FUND		INVESCO V.I. TECHNOLOGY FUND
Assets:
Investments in shares of the Portfolios, at fair value	$	540,699	$	530	$	53,566	$	1,757,511	$	2,249,606	$	85,106
Receivable for policy-related transactions		51		—		28		73		940		—

Total assets		540,750		530		53,594		1,757,584		2,250,546		85,106


Liabilities:
Payable for shares of the Portfolios purchased		—		—		—		—		940		—

Total liabilities		—		—		—		—		940		—

Net Assets	$	540,750	$	530	$	53,594	$	1,757,584	$	2,249,606	$	85,106


Net Assets:
Accumulation unit values	$	540,750	$	453	$	53,594	$	1,757,584	$	2,249,546	$	84,117
Retained by Equitable America in Equitable America Variable Account K		—		77		—		—		60		989

Total Net Assets	$	540,750	$	530	$	53,594	$	1,757,584	$	2,249,606	$	85,106


Investments in shares of the Portfolios, at cost	$	528,411	$	474	$	53,315	$	1,686,274	$	2,151,450	$	71,900

The

accompanying notes are an integral part of these financial statements.

FSA-20

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	JANUS HENDERSON BALANCED PORTFOLIO		JANUS HENDERSON ENTERPRISE PORTFOLIO		JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO		JANUS HENDERSON MID CAP VALUE PORTFOLIO		JANUS HENDERSON OVERSEAS PORTFOLIO		LORD ABBETT SERIES FUND-BOND DEBENTURE PORTFOLIO
Assets:
Investments in shares of the Portfolios, at fair value	$	5,308,318	$	3,847,438	$	36,564	$	3,031,625	$	150,994	$	6,004,324
Receivable for shares of the Portfolios sold		—		—		—		—		—		180
Receivable for policy-related transactions		9,433		—		—		—		—		1,031

Total assets		5,317,751		3,847,438		36,564		3,031,625		150,994		6,005,535


Liabilities:
Payable for shares of the Portfolios purchased		8,772		—		—		—		—		—
Payable for policy-related transactions		—		—		10,277		—		—		—

Total liabilities		8,772		—		10,277		—		—		—

Net Assets	$	5,308,979	$	3,847,438	$	26,287	$	3,031,625	$	150,994	$	6,005,535


Net Assets:
Accumulation unit values	$	5,308,979	$	3,846,496	$	13,849	$	3,029,960	$	150,984	$	6,005,083
Retained by Equitable America in Equitable America Variable Account K		—		942		12,438		1,665		10		452

Total Net Assets	$	5,308,979	$	3,847,438	$	26,287	$	3,031,625	$	150,994	$	6,005,535


Investments in shares of the Portfolios, at cost	$	4,662,468	$	3,472,760	$	25,217	$	2,831,809	$	158,302	$	6,192,148

The

accompanying notes are an integral part of these financial statements.

FSA-21

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	MACQUARIE VIP HIGH INCOME SERIES		MFS^® INVESTORS TRUST SERIES		MFS^® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO		MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO		MULTIMANAGER AGGRESSIVE EQUITY*		MULTIMANAGER CORE BOND*
Assets:
Investments in shares of the Portfolios, at fair value	$	25,965,081	$	1,089,892	$	4,486,876	$	79,982	$	17,874,470	$	15,566,886
Receivable for policy-related transactions		5,454		20		—		—		2,818		1,142

Total assets		25,970,535		1,089,912		4,486,876		79,982		17,877,288		15,568,028


Liabilities:
Payable for shares of the Portfolios purchased		4,196		20		—		—		880		1,143

Total liabilities		4,196		20		—		—		880		1,143

Net Assets	$	25,966,339	$	1,089,892	$	4,486,876	$	79,982	$	17,876,408	$	15,566,885


Net Assets:
Accumulation unit values	$	25,966,339	$	1,089,797	$	4,486,834	$	79,952	$	17,876,408	$	15,564,373
Retained by Equitable America in Equitable America Variable Account K		—		95		42		30		—		2,512

Total Net Assets	$	25,966,339	$	1,089,892	$	4,486,876	$	79,982	$	17,876,408	$	15,566,885


Investments in shares of the Portfolios, at cost	$	27,274,635	$	952,673	$	4,364,259	$	94,443	$	16,690,684	$	16,626,840

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

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

FSA-22

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	MULTIMANAGER TECHNOLOGY*		PIMCO COMMODITY REAL RETURN^® STRATEGY PORTFOLIO		T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO		T. ROWE PRICE EQUITY INCOME PORTFOLIO		T. ROWE PRICE MID-CAP GROWTH PORTFOLIO		TARGET 2025 ALLOCATION*
Assets:
Investments in shares of the Portfolios, at fair value	$	59,910,229	$	5,612,817	$	2,613,781	$	6,463,223	$	536,437		820,604
Receivable for policy-related transactions		63,974		425		5,970		2,061		8,640		—

Total assets		59,974,203		5,613,242		2,619,751		6,465,284		545,077		820,604


Liabilities:
Payable for shares of the Portfolios purchased		59,901		204		5,520		168		8,533		—

Total liabilities		59,901		204		5,520		168		8,533		—

Net Assets	$	59,914,302	$	5,613,038	$	2,614,231	$	6,465,116	$	536,544	$	820,604


Net Assets:
Accumulation unit values	$	59,914,302	$	5,613,038	$	2,614,231	$	6,463,543	$	536,544	$	820,604
Retained by Equitable America in Equitable America Variable Account K		—		—		—		1,573		—		—

Total Net Assets	$	59,914,302	$	5,613,038	$	2,614,231	$	6,465,116	$	536,544	$	820,604


Investments in shares of the Portfolios, at cost	$	54,435,722	$	6,855,234	$	2,266,765	$	6,430,473	$	562,737	$	900,415

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

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

FSA-23

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	TARGET 2035 ALLOCATION*		TARGET 2045 ALLOCATION*		TARGET 2055 ALLOCATION*		TEMPLETON DEVELOPING MARKETS VIP FUND		TEMPLETON GLOBAL BOND VIP FUND		VANECK VIP EMERGING MARKETS BOND FUND
Assets:
Investments in shares of the Portfolios, at fair value	$	2,841,002	$	2,893,350	$	5,279,558	$	5,818,901	$	13,245,117	$	33,488
Receivable for policy-related transactions		—		—		—		2,317		37,458		—

Total assets		2,841,002		2,893,350		5,279,558		5,821,218		13,282,575		33,488


Liabilities:
Payable for shares of the Portfolios purchased		—		—		—		2,056		36,761		—

Total liabilities		—		—		—		2,056		36,761		—

Net Assets	$	2,841,002	$	2,893,350	$	5,279,558	$	5,819,162	$	13,245,814	$	33,488


Net Assets:
Accumulation unit values	$	2,841,002	$	2,893,350	$	5,279,536	$	5,819,162	$	13,245,814	$	33,488
Retained by Equitable America in Equitable America Variable Account K		—		—		22		—		—		—

Total Net Assets	$	2,841,002	$	2,893,350	$	5,279,558	$	5,819,162	$	13,245,814	$	33,488


Investments in shares of the Portfolios, at cost	$	2,623,776	$	2,539,478	$	4,342,881	$	6,026,347	$	16,227,902	$	35,316

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

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

FSA-24

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	VANECK VIP EMERGING MARKETS FUND		VANECK VIP GLOBAL RESOURCES FUND
Assets:
Investments in shares of the Portfolios, at fair value	$	2,700	$	4,384,400
Receivable for shares of the Portfolios sold		—		4,640

Total assets		2,700		4,389,040


Liabilities:
Payable for policy-related transactions		—		4,599

Total liabilities		—		4,599

Net Assets	$	2,700	$	4,384,441


Net Assets:
Accumulation unit values	$	2,474	$	4,384,441
Retained by Equitable America in Equitable America Variable Account K		226		—

Total Net Assets	$	2,700	$	4,384,441


Investments in shares of the Portfolios, at cost	$	2,776	$	4,177,823

The

accompanying notes are an integral part of these financial statements.

FSA-25

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024

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


	Share Class**		Portfolio Shares Held (000’s)***
1290 VT CONVERTIBLE SECURITIES		IB		327

1290 VT DOUBLELINE OPPORTUNISTIC BOND		IB		454

1290 VT EQUITY INCOME		IB		1,390

1290 VT GAMCO MERGERS & ACQUISITIONS		IB		311

1290 VT GAMCO SMALL COMPANY VALUE		IB		1,109

1290 VT MULTI-ALTERNATIVE STRATEGIES		IB		19

1290 VT NATURAL RESOURCES		IB		268

1290 VT REAL ESTATE		IB		220

1290 VT SMALL CAP VALUE		IB		491

1290 VT SMARTBETA EQUITY ESG		IB		381

1290 VT SOCIALLY RESPONSIBLE		IB		181

AB VPS DISCOVERY VALUE PORTFOLIO		CLASS B		13

AB VPS RELATIVE VALUE PORTFOLIO		CLASS B		23

AB VPS SUSTAINABLE GLOBAL THEMATIC PORTFOLIO		CLASS B		10

AMERICAN FUNDS INSURANCE SERIES^® ASSET ALLOCATION FUND		CLASS 4		155

AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND		CLASS 4		611

AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®		CLASS 4		443

BLACKROCK GLOBAL ALLOCATION V.I. FUND		CLASS III		147

BNY MELLON STOCK INDEX FUND, INC.		INITIAL SHARES		364

CLEARBRIDGE VARIABLE MID CAP PORTFOLIO		CLASS II		17

EQ/400 MANAGED VOLATILITY		IB		84

EQ/500 MANAGED VOLATILITY		IB		268

EQ/2000 MANAGED VOLATILITY		IB		126

EQ/AB SMALL CAP GROWTH		IB		2,111

EQ/AB SUSTAINABLE U.S. THEMATIC		IB		9

EQ/AGGRESSIVE ALLOCATION		IB		5,512

EQ/ALL ASSET GROWTH ALLOCATION		IB		1,184

EQ/AMERICAN CENTURY MID CAP VALUE		IB		1,437

EQ/BALANCED STRATEGY		IB		2,843

EQ/CAPITAL GROUP RESEARCH		IB		326

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG		IB		1,131

EQ/COMMON STOCK INDEX		IA		21

EQ/COMMON STOCK INDEX		IB		3,938

EQ/CONSERVATIVE ALLOCATION		IB		523

EQ/CONSERVATIVE GROWTH STRATEGY		IB		845

EQ/CONSERVATIVE STRATEGY		IB		244

EQ/CONSERVATIVE-PLUS ALLOCATION		IB		1,166

EQ/CORE BOND INDEX		IB		2,878

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

FSA-26

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	Share Class**		Portfolio Shares Held (000’s)***
EQ/CORE PLUS BOND		IB		6,591

EQ/EMERGING MARKETS EQUITY PLUS		IB		263

EQ/EQUITY 500 INDEX		IB		4,163

EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP		K		75

EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP		IB		325

EQ/FRANKLIN RISING DIVIDENDS		IB		610

EQ/GLOBAL EQUITY MANAGED VOLATILITY		IB		723

EQ/GOLDMAN SACHS MID CAP VALUE		IB		474

EQ/GROWTH STRATEGY		IB		4,461

EQ/INTERMEDIATE CORPORATE BOND		IB		3

EQ/INTERMEDIATE GOVERNMENT BOND		IA		814

EQ/INTERMEDIATE GOVERNMENT BOND		IB		389

EQ/INTERNATIONAL CORE MANAGED VOLATILITY		IB		615

EQ/INTERNATIONAL EQUITY INDEX		IA		542

EQ/INTERNATIONAL EQUITY INDEX		IB		3,344

EQ/INTERNATIONAL MANAGED VOLATILITY		IB		147

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY		IB		507

EQ/INVESCO COMSTOCK		IB		428

EQ/INVESCO GLOBAL		IB		114

EQ/INVESCO GLOBAL REAL ASSETS		IB		810

EQ/JANUS ENTERPRISE		IB		1,036

EQ/JPMORGAN GROWTH STOCK		IB		1,063

EQ/JPMORGAN VALUE OPPORTUNITIES		IB		2,309

EQ/LARGE CAP CORE MANAGED VOLATILITY		IB		683

EQ/LARGE CAP GROWTH INDEX		IB		2,034

EQ/LARGE CAP GROWTH MANAGED VOLATILITY		IB		657

EQ/LARGE CAP VALUE INDEX		IB		2,286

EQ/LARGE CAP VALUE MANAGED VOLATILITY		IB		643

EQ/LAZARD EMERGING MARKETS EQUITY		IB		839

EQ/LONG-TERM BOND		IB		25

EQ/LOOMIS SAYLES GROWTH		IB		2,540

EQ/MFS INTERNATIONAL GROWTH		IB		5,686

EQ/MFS INTERNATIONAL INTRINSIC VALUE		IB		1,431

EQ/MFS MID CAP FOCUSED GROWTH		IB		1,500

EQ/MFS TECHNOLOGY		IB		918

EQ/MFS UTILITIES SERIES		K		2

EQ/MFS UTILITIES SERIES		IB		24

EQ/MID CAP INDEX		IB		2,443

EQ/MID CAP VALUE MANAGED VOLATILITY		IB		607

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

FSA-27

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	Share Class**		Portfolio Shares Held (000’s)***
EQ/MODERATE ALLOCATION		IB		6,041

EQ/MODERATE ALLOCATION		IA		1

EQ/MODERATE GROWTH STRATEGY		IB		9,157

EQ/MODERATE-PLUS ALLOCATION		IB		16,618

EQ/MONEY MARKET		IA		63

EQ/MONEY MARKET		IB		28,141

EQ/MORGAN STANLEY SMALL CAP GROWTH		IB		1,808

EQ/PIMCO GLOBAL REAL RETURN		IB		151

EQ/PIMCO REAL RETURN		IB		1,299

EQ/PIMCO TOTAL RETURN ESG		IB		2,764

EQ/PIMCO ULTRA SHORT BOND		IB		1,268

EQ/QUALITY BOND PLUS		IA		1

EQ/QUALITY BOND PLUS		IB		486

EQ/SMALL COMPANY INDEX		IB		3,024

EQ/T. ROWE PRICE HEALTH SCIENCES		IB		122

EQ/VALUE EQUITY		IB		1,239

EQ/WELLINGTON ENERGY		IB		1,171

EQUITABLE CONSERVATIVE GROWTH MF/ETF		IB		915

EQUITABLE GROWTH MF/ETF		IB		13

EQUITABLE MODERATE GROWTH MF/ETF		IB		18

FIDELITY^® VIP ASSET MANAGER: GROWTH PORTFOLIO		SERVICE CLASS 2		55

FIDELITY^® VIP ASSET MANAGER PORTFOLIO		INITIAL CLASS		—

FIDELITY^® VIP GROWTH & INCOME PORTFOLIO		INITIAL CLASS		7

FIDELITY^® VIP GROWTH & INCOME PORTFOLIO		SERVICE CLASS 2		389

FIDELITY^® VIP MID CAP PORTFOLIO		SERVICE CLASS 2		483

FIDELITY^® VIP VALUE PORTFOLIO		SERVICE CLASS 2		84

FRANKLIN INCOME VIP FUND		CLASS 2		24

FRANKLIN SMALL CAP VALUE VIP FUND		CLASS 2		621

INVESCO V.I. DIVERSIFIED DIVIDEND FUND		SERIES I		—

INVESCO V.I. DIVERSIFIED DIVIDEND FUND		SERIES II		21

INVESCO V.I. GLOBAL CORE EQUITY FUND		SERIES I		—

INVESCO V.I. HEALTH CARE FUND		SERIES I		2

INVESCO V.I. MAIN STREET MID CAP FUND		SERIES II		164

INVESCO V.I. SMALL CAP EQUITY FUND		SERIES II		130

INVESCO V.I. TECHNOLOGY FUND		SERIES I		4

JANUS HENDERSON BALANCED PORTFOLIO		SERVICE SHARES		98

JANUS HENDERSON ENTERPRISE PORTFOLIO		INSTITUTIONAL SHARES		46

JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO		INSTITUTIONAL SHARES		1

JANUS HENDERSON MID CAP VALUE PORTFOLIO		SERVICE SHARES		171

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

FSA-28

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	Share Class**		Portfolio Shares Held (000’s)***
JANUS HENDERSON OVERSEAS PORTFOLIO		INSTITUTIONAL SHARES		3

LORD ABBETT SERIES FUND — BOND DEBENTURE PORTFOLIO		VC SHARES		577

MACQUARIE VIP HIGH INCOME SERIES		SERVICE CLASS		8,862

MFS^® INVESTORS TRUST SERIES		SERVICE CLASS		28

MFS^® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO		SERVICE CLASS		192

MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO		CLASS I		15

MULTIMANAGER AGGRESSIVE EQUITY		IB		244

MULTIMANAGER CORE BOND		IB		1,833

MULTIMANAGER TECHNOLOGY		IB		1,642

PIMCO COMMODITY REAL RETURN^® STRATEGY PORTFOLIO		ADVISOR CLASS		1,009

T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO		CLASS II		46

T. ROWE PRICE EQUITY INCOME PORTFOLIO		CLASS II		229

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO		CLASS II		20

TARGET 2025 ALLOCATION		IB		80

TARGET 2035 ALLOCATION		IB		200

TARGET 2045 ALLOCATION		IB		188

TARGET 2055 ALLOCATION		IB		318

TEMPLETON DEVELOPING MARKETS VIP FUND		CLASS 2		689

TEMPLETON GLOBAL BOND VIP FUND		CLASS 2		1,164

VANECK VIP EMERGING MARKETS BOND FUND		INITIAL CLASS		5

VANECK VIP EMERGING MARKETS FUND		INITIAL CLASS		—

VANECK VIP GLOBAL RESOURCES FUND		INITIAL CLASS		21

VANECK VIP GLOBAL RESOURCES FUND		CLASS S		161

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

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

***

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

FSA-29

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024

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


	Contract Charges*		Share Class**		Unit Value		Unit Outstanding (000’s)***
1290 VT CONVERTIBLE SECURITIES+		0.00%		IB		$ 153.99		9
1290 VT CONVERTIBLE SECURITIES		0.00%		IB		$ 209.40		8

1290 VT DOUBLELINE OPPORTUNISTIC BOND+		0.00%		IB		$ 102.04		22
1290 VT DOUBLELINE OPPORTUNISTIC BOND		0.00%		IB		$ 107.78		14

1290 VT EQUITY INCOME		0.00%		IB		$ 57.88		26
1290 VT EQUITY INCOME+		0.00%		IB		$ 162.55		4
1290 VT EQUITY INCOME		0.00%		IB		$ 408.14		11

1290 VT GAMCO MERGERS & ACQUISITIONS+		0.00%		IB		$ 128.36		7
1290 VT GAMCO MERGERS & ACQUISITIONS		0.00%		IB		$ 243.89		12

1290 VT GAMCO SMALL COMPANY VALUE		0.00%		IB		$ 166.46		11
1290 VT GAMCO SMALL COMPANY VALUE+		0.00%		IB		$ 183.19		81
1290 VT GAMCO SMALL COMPANY VALUE		0.00%		IB		$ 758.48		84

1290 VT MULTI-ALTERNATIVE STRATEGIES+		0.00%		IB		$ 99.71		2

1290 VT NATURAL RESOURCES+		0.00%		IB		$ 143.45		17

1290 VT REAL ESTATE+		0.00%		IB		$ 89.78		14

1290 VT SMALL CAP VALUE+		0.00%		IB		$ 193.32		16
1290 VT SMALL CAP VALUE		0.00%		IB		$ 241.54		12

1290 VT SMARTBETA EQUITY ESG+		0.00%		IB		$ 175.69		18
1290 VT SMARTBETA EQUITY ESG		0.00%		IB		$ 237.89		16

1290 VT SOCIALLY RESPONSIBLE		0.00%		IB		$ 45.49		—
1290 VT SOCIALLY RESPONSIBLE+		0.00%		IB		$ 214.97		12
1290 VT SOCIALLY RESPONSIBLE		0.00%		IB		$ 505.30		3

AB VPS DISCOVERY VALUE PORTFOLIO+		0.00%		CLASS B		$ 124.46		2

AB VPS RELATIVE VALUE PORTFOLIO+		0.00%		CLASS B		$ 127.20		6

AB VPS SUSTAINABLE GLOBAL THEMATIC PORTFOLIO+		0.00%		CLASS B		$ 119.58		3

AMERICAN FUNDS INSURANCE SERIES^® ASSET ALLOCATION FUND+		0.00%		CLASS 4		$ 120.81		33

AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND+		0.00%		CLASS 4		$ 130.58		34
AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND		0.00%		CLASS 4		$ 196.65		30

AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®+		0.00%		CLASS 4		$ 141.28		39
AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®		0.00%		CLASS 4		$ 175.31		34

BLACKROCK GLOBAL ALLOCATION V.I. FUND+		0.00%		CLASS III		$ 103.64		18

BNY MELLON STOCK INDEX FUND, INC.		0.00%		INITIAL SHARES		$ 96.96		297

CLEARBRIDGE VARIABLE MID CAP PORTFOLIO+		0.00%		CLASS II		$ 103.30		4

EQ/400 MANAGED VOLATILITY		0.00%		IB		$ 370.41		5

EQ/500 MANAGED VOLATILITY		0.00%		IB		$ 515.84		16

EQ/2000 MANAGED VOLATILITY		0.00%		IB		$ 301.69		8

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

FSA-30

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	Contract Charges*		Share Class**		Unit Value		Unit Outstanding (000’s)***

EQ/AB SMALL CAP GROWTH		0.00%		IB		$ 58.17		—
EQ/AB SMALL CAP GROWTH+		0.00%		IB		$ 160.47		63
EQ/AB SMALL CAP GROWTH		0.00%		IB		$ 786.93		27

EQ/AB SUSTAINABLE U.S. THEMATIC+		0.00%		IB		$ 129.30		1

EQ/AGGRESSIVE ALLOCATION		0.00%		IB		$ 26.85		—
EQ/AGGRESSIVE ALLOCATION+		0.00%		IB		$ 166.05		100
EQ/AGGRESSIVE ALLOCATION		0.00%		IB		$ 435.90		94

EQ/ALL ASSET GROWTH ALLOCATION		0.00%		IB		$ 32.16		—
EQ/ALL ASSET GROWTH ALLOCATION+		0.00%		IB		$ 147.10		39
EQ/ALL ASSET GROWTH ALLOCATION		0.00%		IB		$ 247.74		66

EQ/AMERICAN CENTURY MID CAP VALUE+		0.00%		IB		$ 159.33		48
EQ/AMERICAN CENTURY MID CAP VALUE		0.00%		IB		$ 394.99		60

EQ/BALANCED STRATEGY		0.00%		IB		$ 229.29		196

EQ/CAPITAL GROUP RESEARCH		0.00%		IB		$ 58.98		2
EQ/CAPITAL GROUP RESEARCH		0.00%		IB		$ 836.08		13

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG+		0.00%		IB		$ 226.92		18
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG		0.00%		IB		$ 711.01		22

EQ/COMMON STOCK INDEX		0.00%		IA		$ 80.03		13
EQ/COMMON STOCK INDEX+		0.00%		IB		$ 212.44		391
EQ/COMMON STOCK INDEX		0.00%		IB		$ 511.34		215

EQ/CONSERVATIVE ALLOCATION		0.00%		IB		$ 15.90		—
EQ/CONSERVATIVE ALLOCATION+		0.00%		IB		$ 114.06		10
EQ/CONSERVATIVE ALLOCATION		0.00%		IB		$ 188.95		16

EQ/CONSERVATIVE GROWTH STRATEGY		0.00%		IB		$ 200.98		58

EQ/CONSERVATIVE STRATEGY		0.00%		IB		$ 153.42		18

EQ/CONSERVATIVE-PLUS ALLOCATION		0.00%		IB		$ 18.70		—
EQ/CONSERVATIVE-PLUS ALLOCATION+		0.00%		IB		$ 127.61		20
EQ/CONSERVATIVE-PLUS ALLOCATION		0.00%		IB		$ 239.75		29

EQ/CORE BOND INDEX		0.00%		IB		$ 17.25		107
EQ/CORE BOND INDEX+		0.00%		IB		$ 105.10		128
EQ/CORE BOND INDEX		0.00%		IB		$ 154.26		72

EQ/CORE PLUS BOND+		0.00%		IB		$ 110.01		42
EQ/CORE PLUS BOND		0.00%		IB		$ 157.50		108

EQ/EMERGING MARKETS EQUITY PLUS+		0.00%		IB		$ 121.04		19

EQ/EQUITY 500 INDEX+		0.00%		IB		$ 219.04		777
EQ/EQUITY 500 INDEX		0.00%		IB		$ 589.67		307

EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP		0.00%		IB		$ 567.33		34
EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP		0.00%		K		$ 90.39		52

EQ/FRANKLIN RISING DIVIDENDS		0.00%		IB		$ 181.44		57
EQ/FRANKLIN RISING DIVIDENDS		0.00%		IB		$ 493.37		38

EQ/GLOBAL EQUITY MANAGED VOLATILITY		0.00%		IB		$ 554.89		21

EQ/GOLDMAN SACHS MID CAP VALUE+		0.00%		IB		$ 178.46		32
EQ/GOLDMAN SACHS MID CAP VALUE		0.00%		IB		$ 375.91		12

EQ/GROWTH STRATEGY		0.00%		IB		$ 297.95		289

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

FSA-31

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	Contract Charges*		Share Class**		Unit Value		Unit Outstanding (000’s)***

EQ/INTERMEDIATE CORPORATE BOND		0.00%		IB		$ 105.94		—

EQ/INTERMEDIATE GOVERNMENT BOND		0.00%		IA		$ 19.23		402
EQ/INTERMEDIATE GOVERNMENT BOND+		0.00%		IB		$ 98.22		19
EQ/INTERMEDIATE GOVERNMENT BOND		0.00%		IB		$ 130.86		8
EQ/INTERMEDIATE GOVERNMENT BOND		0.00%		IB		$ 178.30		3

EQ/INTERNATIONAL CORE MANAGED VOLATILITY+		0.00%		IB		$ 137.87		6
EQ/INTERNATIONAL CORE MANAGED VOLATILITY		0.00%		IB		$ 232.37		25

EQ/INTERNATIONAL EQUITY INDEX		0.00%		IA		$ 20.83		284
EQ/INTERNATIONAL EQUITY INDEX+		0.00%		IB		$ 141.82		133
EQ/INTERNATIONAL EQUITY INDEX		0.00%		IB		$ 210.74		81

EQ/INTERNATIONAL MANAGED VOLATILITY		0.00%		IB		$ 176.45		11

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY		0.00%		IB		$ 25.25		3
EQ/INTERNATIONAL VALUE MANAGED VOLATILITY+		0.00%		IB		$ 134.52		8
EQ/INTERNATIONAL VALUE MANAGED VOLATILITY		0.00%		IB		$ 238.88		22

EQ/INVESCO COMSTOCK+		0.00%		IB		$ 193.68		12
EQ/INVESCO COMSTOCK		0.00%		IB		$ 459.57		14

EQ/INVESCO GLOBAL+		0.00%		IB		$ 177.15		19

EQ/INVESCO GLOBAL REAL ASSETS+		0.00%		IB		$ 114.66		18
EQ/INVESCO GLOBAL REAL ASSETS		0.00%		IB		$ 215.31		46

EQ/JANUS ENTERPRISE		0.00%		IB		$ 74.19		1
EQ/JANUS ENTERPRISE+		0.00%		IB		$ 172.87		21
EQ/JANUS ENTERPRISE		0.00%		IB		$ 605.01		30

EQ/JPMORGAN GROWTH STOCK		0.00%		IB		$ 83.57		—
EQ/JPMORGAN GROWTH STOCK+		0.00%		IB		$ 211.97		130
EQ/JPMORGAN GROWTH STOCK		0.00%		IB		$ 718.15		68

EQ/JPMORGAN VALUE OPPORTUNITIES		0.00%		IB		$ 37.30		—
EQ/JPMORGAN VALUE OPPORTUNITIES+		0.00%		IB		$ 201.32		90
EQ/JPMORGAN VALUE OPPORTUNITIES		0.00%		IB		$ 732.90		36

EQ/LARGE CAP CORE MANAGED VOLATILITY+		0.00%		IB		$ 210.57		10
EQ/LARGE CAP CORE MANAGED VOLATILITY		0.00%		IB		$ 516.15		11

EQ/LARGE CAP GROWTH INDEX		0.00%		IB		$ 19.17		5
EQ/LARGE CAP GROWTH INDEX+		0.00%		IB		$ 267.63		93
EQ/LARGE CAP GROWTH INDEX		0.00%		IB		$ 683.70		42

EQ/LARGE CAP GROWTH MANAGED VOLATILITY		0.00%		IB		$ 75.29		1
EQ/LARGE CAP GROWTH MANAGED VOLATILITY+		0.00%		IB		$ 236.11		14
EQ/LARGE CAP GROWTH MANAGED VOLATILITY		0.00%		IB		$1,185.45		16

EQ/LARGE CAP VALUE INDEX+		0.00%		IB		$ 166.11		73
EQ/LARGE CAP VALUE INDEX		0.00%		IB		$ 230.54		52

EQ/LARGE CAP VALUE MANAGED VOLATILITY		0.00%		IB		$ 50.49		1
EQ/LARGE CAP VALUE MANAGED VOLATILITY		0.00%		IB		$ 407.88		28

EQ/LAZARD EMERGING MARKETS EQUITY		0.00%		IB		$ 149.15		109

EQ/LONG-TERM BOND		0.00%		IB		$ 103.85		2

EQ/LOOMIS SAYLES GROWTH		0.00%		IB		$ 68.76		3
EQ/LOOMIS SAYLES GROWTH+		0.00%		IB		$ 236.07		28
EQ/LOOMIS SAYLES GROWTH		0.00%		IB		$ 929.66		24

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

FSA-32

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	Contract Charges*		Share Class**		Unit Value		Unit Outstanding (000’s)***
EQ/MFS INTERNATIONAL GROWTH		0.00%		IB		$ 36.57		141
EQ/MFS INTERNATIONAL GROWTH+		0.00%		IB		$ 150.54		79
EQ/MFS INTERNATIONAL GROWTH		0.00%		IB		$ 381.62		66

EQ/MFS INTERNATIONAL INTRINSIC VALUE+		0.00%		IB		$ 141.06		83
EQ/MFS INTERNATIONAL INTRINSIC VALUE		0.00%		IB		$ 316.10		108

EQ/MFS MID CAP FOCUSED GROWTH+		0.00%		IB		$ 178.15		49
EQ/MFS MID CAP FOCUSED GROWTH		0.00%		IB		$ 498.59		38

EQ/MFS TECHNOLOGY+		0.00%		IB		$ 149.25		66
EQ/MFS TECHNOLOGY		0.00%		IB		$ 203.04		128

EQ/MFS UTILITIES SERIES+		0.00%		IB		$ 120.39		7
EQ/MFS UTILITIES SERIES		0.00%		K		$ 90.39		1

EQ/MID CAP INDEX+		0.00%		IB		$ 176.53		95
EQ/MID CAP INDEX		0.00%		IB		$ 511.98		44

EQ/MID CAP VALUE MANAGED VOLATILITY		0.00%		IB		$ 44.46		10
EQ/MID CAP VALUE MANAGED VOLATILITY+		0.00%		IB		$ 161.53		13
EQ/MID CAP VALUE MANAGED VOLATILITY		0.00%		IB		$ 634.35		11

EQ/MODERATE ALLOCATION		0.00%		IA		$ 19.72		1
EQ/MODERATE ALLOCATION+		0.00%		IB		$ 133.70		194
EQ/MODERATE ALLOCATION		0.00%		IB		$ 276.79		167

EQ/MODERATE GROWTH STRATEGY		0.00%		IB		$ 261.73		578

EQ/MODERATE-PLUS ALLOCATION		0.00%		IB		$ 23.39		2
EQ/MODERATE-PLUS ALLOCATION+		0.00%		IB		$ 150.21		301
EQ/MODERATE-PLUS ALLOCATION		0.00%		IB		$ 356.18		318

EQ/MONEY MARKET		0.00%		IA		$ 13.09		5
EQ/MONEY MARKET+		0.00%		IB		$ 113.70		131
EQ/MONEY MARKET		0.00%		IB		$ 150.61		79

EQ/MORGAN STANLEY SMALL CAP GROWTH		0.00%		IB		$ 15.69		3
EQ/MORGAN STANLEY SMALL CAP GROWTH		0.00%		IB		$ 167.00		48
EQ/MORGAN STANLEY SMALL CAP GROWTH+		0.00%		IB		$ 194.93		39

EQ/PIMCO GLOBAL REAL RETURN+		0.00%		IB		$ 101.71		11

EQ/PIMCO REAL RETURN+		0.00%		IB		$ 113.56		40
EQ/PIMCO REAL RETURN		0.00%		IB		$ 146.50		59

EQ/PIMCO TOTAL RETURN ESG+		0.00%		IB		$ 103.75		69
EQ/PIMCO TOTAL RETURN ESG		0.00%		IB		$ 140.04		130

EQ/PIMCO ULTRA SHORT BOND		0.00%		IB		$ 16.77		166
EQ/PIMCO ULTRA SHORT BOND+		0.00%		IB		$ 114.47		25
EQ/PIMCO ULTRA SHORT BOND		0.00%		IB		$ 142.51		48

EQ/QUALITY BOND PLUS		0.00%		IA		$ 12.12		1
EQ/QUALITY BOND PLUS		0.00%		IB		$ 181.20		20

EQ/SMALL COMPANY INDEX		0.00%		IB		$ 33.06		47
EQ/SMALL COMPANY INDEX+		0.00%		IB		$ 161.28		93
EQ/SMALL COMPANY INDEX		0.00%		IB		$ 596.81		30

EQ/T. ROWE PRICE HEALTH SCIENCES+		0.00%		IB		$ 147.61		47

EQ/VALUE EQUITY+		0.00%		IB		$ 155.57		27
EQ/VALUE EQUITY		0.00%		IB		$ 821.06		29

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

FSA-33

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2024


	Contract Charges*		Share Class**		Unit Value		Unit Outstanding (000’s)***
EQ/WELLINGTON ENERGY		0.00%		IB		$ 93.26		52

EQUITABLE CONSERVATIVE GROWTH MF/ETF+		0.00%		IB		$ 139.09		9
EQUITABLE CONSERVATIVE GROWTH MF/ETF		0.00%		IB		$ 179.29		55

EQUITABLE GROWTH MF/ETF		0.00%		IB		$ 112.02		1

EQUITABLE MODERATE GROWTH MF/ETF		0.00%		IB		$ 110.23		2

FIDELITY^® VIP ASSET MANAGER PORTFOLIO		0.00%		INITIAL CLASS		$ 33.64		—

FIDELITY^® VIP ASSET MANAGER: GROWTH PORTFOLIO+		0.00%		SERVICE CLASS 2		$ 112.95		11

FIDELITY^® VIP GROWTH & INCOME PORTFOLIO		0.00%		INITIAL CLASS		$ 58.55		4
FIDELITY^® VIP GROWTH & INCOME PORTFOLIO+		0.00%		SERVICE CLASS 2		$ 216.00		24
FIDELITY^® VIP GROWTH & INCOME PORTFOLIO		0.00%		SERVICE CLASS 2		$ 528.15		12

FIDELITY^® VIP MID CAP PORTFOLIO+		0.00%		SERVICE CLASS 2		$ 184.48		30
FIDELITY^® VIP MID CAP PORTFOLIO		0.00%		SERVICE CLASS 2		$ 392.49		30

FIDELITY^® VIP VALUE PORTFOLIO+		0.00%		SERVICE CLASS 2		$ 132.21		12

FRANKLIN INCOME VIP FUND		0.00%		CLASS 2		$ 24.67		14

FRANKLIN SMALL CAP VALUE VIP FUND+		0.00%		CLASS 2		$ 174.52		25
FRANKLIN SMALL CAP VALUE VIP FUND		0.00%		CLASS 2		$ 365.76		13

INVESCO V.I. DIVERSIFIED DIVIDEND FUND		0.00%		SERIES I		$ 24.28		—
INVESCO V.I. DIVERSIFIED DIVIDEND FUND+		0.00%		SERIES II		$ 124.22		4

INVESCO V.I. GLOBAL CORE EQUITY FUND		0.00%		SERIES I		$ 30.55		—

INVESCO V.I. HEALTH CARE FUND		0.00%		SERIES I		$ 51.11		1

INVESCO V.I. MAIN STREET MID CAP FUND		0.00%		SERIES II		$ 304.92		6

INVESCO V.I. SMALL CAP EQUITY FUND		0.00%		SERIES II		$ 366.12		6

INVESCO V.I. TECHNOLOGY FUND		0.00%		SERIES I		$ 83.13		1

JANUS HENDERSON BALANCED PORTFOLIO+		0.00%		SERVICE SHARES		$ 123.17		43

JANUS HENDERSON ENTERPRISE PORTFOLIO		0.00%		INSTITUTIONAL SHARES		$ 48.45		79

JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO		0.00%		INSTITUTIONAL SHARES		$ 34.41		—

JANUS HENDERSON MID CAP VALUE PORTFOLIO		0.00%		SERVICE SHARES		$ 52.67		58

JANUS HENDERSON OVERSEAS PORTFOLIO		0.00%		INSTITUTIONAL SHARES		$ 33.60		4

LORD ABBETT SERIES FUND — BOND DEBENTURE PORTFOLIO+		0.00%		VC SHARES		$ 115.30		52

MACQUARIE VIP HIGH INCOME SERIES		0.00%		SERVICE CLASS		$ 123.59		74
MACQUARIE VIP HIGH INCOME SERIES		0.00%		SERVICE CLASS		$ 158.10		106

MFS^® INVESTORS TRUST SERIES		0.00%		SERVICE CLASS		$ 485.10		2

MFS^® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO		0.00%		SERVICE CLASS		$ 602.44		7

MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO		0.00%		CLASS I		$ 36.98		2

MULTIMANAGER AGGRESSIVE EQUITY+		0.00%		IB		$ 233.84		22
MULTIMANAGER AGGRESSIVE EQUITY		0.00%		IB		$ 543.91		24

MULTIMANAGER CORE BOND		0.00%		IB		$ 15.30		645

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

FSA-34

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF ASSETS AND LIABILITIES (Concluded)

DECEMBER 31, 2024


	Contract Charges*		Share Class**		Unit Value		Unit Outstanding (000’s)***
MULTIMANAGER CORE BOND		0.00%		IB		$ 193.31		29

MULTIMANAGER TECHNOLOGY+		0.00%		IB		$ 247.82		93
MULTIMANAGER TECHNOLOGY		0.00%		IB		$1,775.35		21

PIMCO COMMODITYREALRETURN^® STRATEGY PORTFOLIO		0.00%		ADVISOR CLASS		$ 97.62		39
PIMCO COMMODITYREALRETURN^® STRATEGY PORTFOLIO+		0.00%		ADVISOR CLASS		$ 150.68		12

T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO+		0.00%		CLASS II		$ 208.25		13

T. ROWE PRICE EQUITY INCOME PORTFOLIO+		0.00%		CLASS II		$ 167.55		13
T. ROWE PRICE EQUITY INCOME PORTFOLIO		0.00%		CLASS II		$ 355.20		12

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO+		0.00%		CLASS II		$ 138.22		4

TARGET 2025 ALLOCATION		0.00%		IB		$ 170.25		5

TARGET 2035 ALLOCATION		0.00%		IB		$ 191.20		15

TARGET 2045 ALLOCATION		0.00%		IB		$ 204.68		14

TARGET 2055 ALLOCATION		0.00%		IB		$ 222.03		24

TEMPLETON DEVELOPING MARKETS VIP FUND+		0.00%		CLASS 2		$ 122.86		17
TEMPLETON DEVELOPING MARKETS VIP FUND+		0.00%		CLASS 2		$ 145.15		26

TEMPLETON GLOBAL BOND VIP FUND+		0.00%		CLASS 2		$ 79.72		32
TEMPLETON GLOBAL BOND VIP FUND		0.00%		CLASS 2		$ 101.10		106

VANECK VIP EMERGING MARKETS BOND FUND		0.00%		INITIAL CLASS		$ 26.57		1

VANECK VIP EMERGING MARKETS FUND		0.00%		INITIAL CLASS		$ 29.25		—

VANECK VIP GLOBAL RESOURCES FUND		0.00%		CLASS S		$ 94.77		36
VANECK VIP GLOBAL RESOURCES FUND+		0.00%		CLASS S		$ 99.27		5
VANECK VIP GLOBAL RESOURCES FUND		0.00%		INITIAL CLASS		$ 43.98		12

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

Contract charges reflect the annual mortality and expense risk related to the Variable Investment Options.

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

***

Variable Investment Options where Units outstanding are less than 500 are denoted by a —.

The Variable Investment Option is subject to an Investment Expense Reduction (See Note 7).

FSA-35

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024


	1290 VT CONVERTIBLE SECURITIES*			1290 VT DOUBLELINE OPPORTUNISTIC BOND*			1290 VT EQUITY INCOME*			1290 VT GAMCO MERGERS & ACQUISITIONS*		1290 VT GAMCO SMALL COMPANY VALUE*		1290 VT MULTI- ALTERNATIVE STRATEGIES*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	54,684		$	174,141		$	136,104		$	69,582	$	468,398	$	3,893

Expenses:

Net Investment Income (Loss)		54,684			174,141			136,104			69,582		468,398		3,893


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(120,104	)		(84,710	)		(56,850	)		6,373		1,115,571		(613	)
Net realized gain distribution from the Portfolios		—			—			529,974			164,379		5,846,291		—

Net realized gain (loss)		(120,104	)		(84,710	)		473,124			170,752		6,961,862		(613	)


Net change in unrealized appreciation (depreciation) of investments		336,446			14,242			(9,478	)		80,539		788,327		8,539


Net Realized and Unrealized Gain (Loss) on Investments		216,342			(70,468	)		463,646			251,291		7,750,189		7,926


Net Increase (Decrease) in Net Assets Resulting from Operations	$	271,026		$	103,673		$	599,750		$	320,873	$	8,218,587	$	11,819

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 America.

FSA-36

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	1290 VT NATURAL RESOURCES*			1290 VT REAL ESTATE*			1290 VT SMALL CAP VALUE*		1290 VT SMARTBETA EQUITY ESG*		1290 VT SOCIALLY RESPONSIBLE*		AB VPS DISCOVERY VALUE PORTFOLIO**
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	73,312		$	37,760		$	78,489	$	63,177	$	17,907	$	1,049

Expenses:

Net Investment Income (Loss)		73,312			37,760			78,489		63,177		17,907		1,049


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		20,844			(7,511	)		27,359		81,465		125,117		2,337
Net realized gain distribution from the Portfolios		—			—			367,830		415,409		184,540		8,270

Net realized gain (loss)		20,844			(7,511	)		395,189		496,874		309,657		10,607


Net change in unrealized appreciation (depreciation) of investments		(233,291	)		(22,556	)		482,069		381,200		369,376		5,157


Net Realized and Unrealized Gain (Loss) on Investments		(212,447	)		(30,067	)		877,258		878,074		679,033		15,764


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(139,135	)	$	7,693		$	955,747	$	941,251	$	696,940	$	16,813

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 America.

Denotes Variable Investment Options that invest in shares of a Portfolio of AB Variable Product Series Fund, Inc., an affiliate of Equitable America.

FSA-37

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	AB VPS RELATIVE VALUE PORTFOLIO**		AB VPS SUSTAINABLE GLOBAL THEMATIC PORTFOLIO**		AMERICAN FUNDS INSURANCE SERIES^® ASSET ALLOCATION FUND		AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND			AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®		BLACKROCK GLOBAL ALLOCATION V.I. FUND
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	4,485	$	—	$	69,446	$	78,131		$	132,565	$	27,114

Expenses:

Net Investment Income (Loss)		4,485		—		69,446		78,131			132,565		27,114


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		5,859		2,028		13,638		(285,773	)		53,885		3,033
Net realized gain distribution from the Portfolios		12,620		756		121,763		338,766			49,486		145,388

Net realized gain (loss)		18,479		2,784		135,401		52,993			103,371		148,421


Net change in unrealized appreciation (depreciation) of investments		10,667		5,376		208,637		55,892			368,765		(55,675	)


Net Realized and Unrealized Gain (Loss) on Investments		29,146		8,160		344,038		108,885			472,136		92,746


Net Increase (Decrease) in Net Assets Resulting from Operations	$	33,631	$	8,160	$	413,484	$	187,016		$	604,701	$	119,860

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

Denotes Variable Investment Options that invest in shares of a Portfolio of AB Variable Product Series Fund, Inc., an affiliate of Equitable America.

FSA-38

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	BNY MELLON STOCK INDEX FUND, INC.			CLEARBRIDGE VARIABLE MID CAP PORTFOLIO			EQ/400 MANAGED VOLATILITY*		EQ/500 MANAGED VOLATILITY*		EQ/2000 MANAGED VOLATILITY*			EQ/AB SMALL CAP GROWTH*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	355,706		$	1,416		$	20,338	$	84,321	$	33,829		$	88,352

Expenses:

Net Investment Income (Loss)		355,706			1,416			20,338		84,321		33,829			88,352


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		5,453,596			(2,349	)		16,325		146,498		(1,698	)		(192,067	)
Net realized gain distribution from the Portfolios		1,935,527			9,057			170,448		1,244,456		159,959			2,957,665

Net realized gain (loss)		7,389,123			6,708			186,773		1,390,954		158,261			2,765,598


Net change in unrealized appreciation (depreciation) of investments		(722,975	)		25,730			7,583		128,326		51,417			850,087


Net Realized and Unrealized Gain (Loss) on Investments		6,666,148			32,438			194,356		1,519,280		209,678			3,615,685


Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,021,854		$	33,854		$	214,694	$	1,603,601	$	243,507		$	3,704,037

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 America.

FSA-39

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/AB SUSTAINABLE U.S. THEMATIC*		EQ/AGGRESSIVE ALLOCATION*		EQ/ALL ASSET GROWTH ALLOCATION*			EQ/AMERICAN CENTURY MID CAP VALUE*			EQ/BALANCED STRATEGY*		EQ/CAPITAL GROUP RESEARCH*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	115	$	1,213,687	$	506,002		$	560,433		$	1,180,083	$	169,328

Expenses:

Net Investment Income (Loss)		115		1,213,687		506,002			560,433			1,180,083		169,328


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		658		30,942		(144,836	)		135,644			270,491		161,486
Net realized gain distribution from the Portfolios		—		2,965,040		565,395			1,726,874			1,882,856		1,228,467

Net realized gain (loss)		658		2,995,982		420,559			1,862,518			2,153,347		1,389,953


Net change in unrealized appreciation (depreciation) of investments		2,828		2,549,669		1,238,271			(150,165	)		497,961		1,032,587


Net Realized and Unrealized Gain (Loss) on Investments		3,486		5,545,651		1,658,830			1,712,353			2,651,308		2,422,540


Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,601	$	6,759,338	$	2,164,832		$	2,272,786		$	3,831,391	$	2,591,868

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 America.

FSA-40

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/CLEARBRIDGE LARGE CAP GROWTH ESG*		EQ/COMMON STOCK INDEX*		EQ/CONSERVATIVE ALLOCATION*			EQ/CONSERVATIVE GROWTH STRATEGY*		EQ/CONSERVATIVE STRATEGY*			EQ/CONSERVATIVE- PLUS ALLOCATION*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	—	$	1,401,110	$	130,288		$	318,563	$	83,369		$	260,647

Expenses:

Net Investment Income (Loss)		—		1,401,110		130,288			318,563		83,369			260,647


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		492,669		2,310,628		(55,721	)		9,077		(6,541	)		(155,591	)
Net realized gain distribution from the Portfolios		1,317,105		12,418,937		79,584			402,394		30,575			373,792

Net realized gain (loss)		1,809,774		14,729,565		23,863			411,471		24,034			218,201


Net change in unrealized appreciation (depreciation) of investments		2,419,939		18,697,812		33,781			99,102		17,764			134,822


Net Realized and Unrealized Gain (Loss) on Investments		4,229,713		33,427,377		57,644			510,573		41,798			353,023


Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,229,713	$	34,828,487	$	187,932		$	829,136	$	125,167		$	613,670

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 America.

FSA-41

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/CORE BOND INDEX*			EQ/CORE PLUS BOND*			EQ/EMERGING MARKETS EQUITY PLUS*			EQ/EQUITY 500 INDEX*		EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP*		EQ/FRANKLIN RISING DIVIDENDS*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	647,748		$	1,114,209		$	49,734		$	2,861,065	$	94,653	$	251,947

Expenses:

Net Investment Income (Loss)		647,748			1,114,209			49,734			2,861,065		94,653		251,947


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(23,940	)		(175,344	)		(56,204	)		4,435,758		597,337		492,497
Net realized gain distribution from the Portfolios		—			—			—			6,887,445		1,564,090		857,972

Net realized gain (loss)		(23,940	)		(175,344	)		(56,204	)		11,323,203		2,161,427		1,350,469


Net change in unrealized appreciation (depreciation) of investments		(20,540	)		(1,055,463	)		76,185			48,071,657		2,312,701		1,055,507


Net Realized and Unrealized Gain (Loss) on Investments		(44,480	)		(1,230,807	)		19,981			59,394,860		4,474,128		2,405,976


Net Increase (Decrease) in Net Assets Resulting from Operations	$	603,268		$	(116,598	)	$	69,715		$	62,255,925	$	4,568,781	$	2,657,923

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 America.

FSA-42

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/GLOBAL EQUITY MANAGED VOLATILITY*			EQ/GOLDMAN SACHS MID CAP VALUE*		EQ/GROWTH STRATEGY*		EQ/INTERMEDIATE CORPORATE BOND*^(a)			EQ/INTERMEDIATE GOVERNMENT BOND*			EQ/INTERNATIONAL CORE MANAGED VOLATILITY*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	145,227		$	79,314	$	2,033,200	$	1,049		$	285,855		$	142,184

Expenses:

Net Investment Income (Loss)		145,227			79,314		2,033,200		1,049			285,855			142,184


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		267,882			40,109		993,290		(29	)		(173,019	)		102,865
Net realized gain distribution from the Portfolios		1,228,255			470,299		4,534,936		278			—			315,048

Net realized gain (loss)		1,496,137			510,408		5,528,226		249			(173,019	)		417,913


Net change in unrealized appreciation (depreciation) of investments		(297,744	)		421,406		2,098,474		(1,759	)		114,230			(361,450	)


Net Realized and Unrealized Gain (Loss) on Investments		1,198,393			931,814		7,626,700		(1,510	)		(58,789	)		56,463


Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,343,620		$	1,011,128	$	9,659,900	$	(461	)	$	227,066		$	198,647

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 America.

(a)

Units were made available on May 13, 2024.

FSA-43

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/INTERNATIONAL EQUITY INDEX*			EQ/INTERNATIONAL MANAGED VOLATILITY*			EQ/INTERNATIONAL VALUE MANAGED VOLATILITY*			EQ/INVESCO COMSTOCK*		EQ/INVESCO GLOBAL*			EQ/INVESCO GLOBAL REAL ASSETS*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	1,264,581		$	54,248		$	160,921		$	127,224	$	—		$	276,128

Expenses:

Net Investment Income (Loss)		1,264,581			54,248			160,921			127,224		—			276,128


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		684,935			21,074			55,106			174,850		(25,277	)		(8,388	)
Net realized gain distribution from the Portfolios		—			31,927			364,974			797,918		160,055			44,060

Net realized gain (loss)		684,935			53,001			420,080			972,768		134,778			35,672


Net change in unrealized appreciation (depreciation) of investments		(272,336	)		(55,201	)		(493,230	)		10,314		228,724			(273,615	)


Net Realized and Unrealized Gain (Loss) on Investments		412,599			(2,200	)		(73,150	)		983,082		363,502			(237,943	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,677,180		$	52,048		$	87,771		$	1,110,306	$	363,502		$	38,185

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 America.

FSA-44

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/JANUS ENTERPRISE*		EQ/JPMORGAN GROWTH STOCK*		EQ/JPMORGAN VALUE OPPORTUNITIES*			EQ/LARGE CAP CORE MANAGED VOLATILITY*			EQ/LARGE CAP GROWTH INDEX*		EQ/LARGE CAP GROWTH MANAGED VOLATILITY*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	2,737	$	—	$	499,879		$	70,045		$	17,480	$	69,890

Expenses:

Net Investment Income (Loss)		2,737		—		499,879			70,045			17,480		69,890


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		165,763		1,044,842		201,047			79,520			1,547,710		351,630
Net realized gain distribution from the Portfolios		1,678,325		3,755,627		5,126,732			1,258,544			3,642,997		2,548,107

Net realized gain (loss)		1,844,088		4,800,469		5,327,779			1,338,064			5,190,707		2,899,737


Net change in unrealized appreciation (depreciation) of investments		867,757		13,925,107		(282,112	)		(25,319	)		7,209,140		2,280,321


Net Realized and Unrealized Gain (Loss) on Investments		2,711,845		18,725,576		5,045,667			1,312,745			12,399,847		5,180,058


Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,714,582	$	18,725,576	$	5,545,546		$	1,382,790		$	12,417,327	$	5,249,948

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 affiliates of Equitable America.

FSA-45

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/LARGE CAP VALUE INDEX*		EQ/LARGE CAP VALUE MANAGED VOLATILITY*		EQ/LAZARD EMERGING MARKETS EQUITY*			EQ/LONG-TERM BOND*^(a)			EQ/LOOMIS SAYLES GROWTH*		EQ/MFS INTERNATIONAL GROWTH*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	349,381	$	179,033	$	653,593		$	6,047		$	—	$	314,883

Expenses:

Net Investment Income (Loss)		349,381		179,033		653,593			6,047			—		314,883


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		214,840		220,245		61,350			(35	)		504,055		142,374
Net realized gain distribution from the Portfolios		1,238,874		1,067,828		652,898			—			4,944,074		2,473,075

Net realized gain (loss)		1,453,714		1,288,073		714,248			(35	)		5,448,129		2,615,449


Net change in unrealized appreciation (depreciation) of investments		864,743		1,627		(251,324	)		(15,058	)		1,928,054		377,962


Net Realized and Unrealized Gain (Loss) on Investments		2,318,457		1,289,700		462,924			(15,093	)		7,376,183		2,993,411


Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,667,838	$	1,468,733	$	1,116,517		$	(9,046	)	$	7,376,183	$	3,308,294

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 America.

(a)

Units were made available on May 13, 2024.

FSA-46

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/MFS INTERNATIONAL INTRINSIC VALUE*			EQ/MFS MID CAP FOCUSED GROWTH*		EQ/MFS TECHNOLOGY*		EQ/MFS UTILITIES SERIES*			EQ/MID CAP INDEX*		EQ/MID CAP VALUE MANAGED VOLATILITY*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	675,484		$	—	$	—	$	13,993		$	338,370	$	129,445

Expenses:

Net Investment Income (Loss)		675,484			—		—		13,993			338,370		129,445


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		515,946			474,457		1,311,407		(7,256	)		347,464		192,562
Net realized gain distribution from the Portfolios		2,867,045			2,358,482		3,597,658		13,783			2,465,575		1,025,980

Net realized gain (loss)		3,382,991			2,832,939		4,909,065		6,527			2,813,039		1,218,542


Net change in unrealized appreciation (depreciation) of investments		(1,227,734	)		552,130		3,858,349		61,024			1,113,843		(361,135	)


Net Realized and Unrealized Gain (Loss) on Investments		2,155,257			3,385,069		8,767,414		67,551			3,926,882		857,407


Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,830,741		$	3,385,069	$	8,767,414	$	81,544		$	4,265,252	$	986,852

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 America.

FSA-47

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/MODERATE ALLOCATION*			EQ/MODERATE GROWTH STRATEGY*		EQ/MODERATE- PLUS ALLOCATION*			EQ/MONEY MARKET*			EQ/MORGAN STANLEY SMALL CAP GROWTH*			EQ/PIMCO GLOBAL REAL RETURN*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	1,919,382		$	3,794,327	$	3,799,373		$	1,340,161		$	1,404		$	5,804

Expenses:

Net Investment Income (Loss)		1,919,382			3,794,327		3,799,373			1,340,161			1,404			5,804


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(478,816	)		1,316,093		(703,084	)		1,927			(1,580,128	)		(64,689	)
Net realized gain distribution from the Portfolios		2,845,491			8,899,990		8,760,410			5,827			—			—

Net realized gain (loss)		2,366,675			10,216,083		8,057,326			7,754			(1,580,128	)		(64,689	)


Net change in unrealized appreciation (depreciation) of investments		788,436			894,321		3,410,711			(4,848	)		4,288,096			55,360


Net Realized and Unrealized Gain (Loss) on Investments		3,155,111			11,110,404		11,468,037			2,906			2,707,968			(9,329	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,074,493		$	14,904,731	$	15,267,410		$	1,343,067		$	2,709,372		$	(3,525	)

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 America.

FSA-48

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/PIMCO REAL RETURN*			EQ/PIMCO TOTAL RETURN ESG*			EQ/PIMCO ULTRA SHORT BOND*		EQ/QUALITY BOND PLUS*			EQ/SMALL COMPANY INDEX*			EQ/T. ROWE PRICE HEALTH SCIENCES*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	493,975		$	1,084,204		$	557,282	$	111,331		$	430,327		$	—

Expenses:

Net Investment Income (Loss)		493,975			1,084,204			557,282		111,331			430,327			—


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(80,625	)		(241,423	)		182,492		(25,406	)		(171,107	)		(8,693	)
Net realized gain distribution from the Portfolios		497,981			—			—		—			2,068,058			382,364

Net realized gain (loss)		417,356			(241,423	)		182,492		(25,406	)		1,896,951			373,671


Net change in unrealized appreciation (depreciation) of investments		(682,754	)		(368,052	)		67,092		(22,937	)		979,714			(400,436	)


Net Realized and Unrealized Gain (Loss) on Investments		(265,398	)		(609,475	)		249,584		(48,343	)		2,876,665			(26,765	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	228,577		$	474,729		$	806,866	$	62,988		$	3,306,992		$	(26,765	)

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 affiliates of Equitable America.

FSA-49

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	EQ/VALUE EQUITY*		EQ/WELLINGTON ENERGY*			EQUITABLE CONSERVATIVE GROWTH MF/ETF*		EQUITABLE GROWTH MF/ETF*^(a)			EQUITABLE MODERATE GROWTH MF/ETF*^(a)			FIDELITY^® VIP ASSET MANAGER PORTFOLIO
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	275,332	$	139,425		$	341,764	$	1,101		$	3,732		$	110

Expenses:

Net Investment Income (Loss)		275,332		139,425			341,764		1,101			3,732			110


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		223,569		294,139			89,241		178			558			15
Net realized gain distribution from the Portfolios		1,029,614		—			104,237		—			—			27

Net realized gain (loss)		1,253,183		294,139			193,478		178			558			42


Net change in unrealized appreciation (depreciation) of investments		382,573		(131,931	)		197,787		(2,212	)		(2,697	)		200


Net Realized and Unrealized Gain (Loss) on Investments		1,635,756		162,208			391,265		(2,034	)		(2,139	)		242


Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,911,088	$	301,633		$	733,029	$	(933	)	$	1,593		$	352

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 affiliates of Equitable America.

(a)

Units were made available on May 13, 2024.

FSA-50

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	FIDELITY^® VIP ASSET MANAGER: GROWTH PORTFOLIO		FIDELITY^® VIP GROWTH & INCOME PORTFOLIO		FIDELITY^® VIP MID CAP PORTFOLIO		FIDELITY^® VIP VALUE PORTFOLIO			FRANKLIN INCOME VIP FUND			FRANKLIN SMALL CAP VALUE VIP FUND
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	21,765	$	141,132	$	57,567	$	17,579		$	17,212		$	70,742

Expenses:

Net Investment Income (Loss)		21,765		141,132		57,567		17,579			17,212			70,742


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		1,963		394,824		104,046		5,109			(1,513	)		(26,058	)
Net realized gain distribution from the Portfolios		10,282		751,061		2,196,542		143,837			1,410			174,852

Net realized gain (loss)		12,245		1,145,885		2,300,588		148,946			(103	)		148,794


Net change in unrealized appreciation (depreciation) of investments		56,311		708,274		13,794		(38,804	)		5,806			624,978


Net Realized and Unrealized Gain (Loss) on Investments		68,556		1,854,159		2,314,382		110,142			5,703			773,772


Net Increase (Decrease) in Net Assets Resulting from Operations	$	90,321	$	1,995,291	$	2,371,949	$	127,721		$	22,915		$	844,514

The

accompanying notes are an integral part of these financial statements.

FSA-51

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	INVESCO V.I. DIVERSIFIED DIVIDEND FUND			INVESCO V.I. GLOBAL CORE EQUITY FUND		INVESCO V.I. HEALTH CARE FUND		INVESCO V.I. MAIN STREET MID CAP FUND			INVESCO V.I. SMALL CAP EQUITY FUND			INVESCO V.I. TECHNOLOGY FUND
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	10,147		$	6	$	—	$	2,130		$	—		$	—

Expenses:

Net Investment Income (Loss)		10,147			6		—		2,130			—			—


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(10,360	)		84		806		(27,785	)		(17,255	)		(131	)
Net realized gain distribution from the Portfolios		24,701			5		—		42,651			109,549			3,310

Net realized gain (loss)		14,341			89		806		14,866			92,294			3,179


Net change in unrealized appreciation (depreciation) of investments		42,001			35		1,332		239,422			249,346			18,395


Net Realized and Unrealized Gain (Loss) on Investments		56,342			124		2,138		254,288			341,640			21,574


Net Increase (Decrease) in Net Assets Resulting from Operations	$	66,489		$	130	$	2,138	$	256,418		$	341,640		$	21,574

The

accompanying notes are an integral part of these financial statements.

FSA-52

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	JANUS HENDERSON BALANCED PORTFOLIO		JANUS HENDERSON ENTERPRISE PORTFOLIO			JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO		JANUS HENDERSON MID CAP VALUE PORTFOLIO		JANUS HENDERSON OVERSEAS PORTFOLIO			LORD ABBETT SERIES FUND - BOND DEBENTURE PORTFOLIO
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	80,466	$	35,965		$	260	$	26,942	$	3,321		$	326,910

Expenses:

Net Investment Income (Loss)		80,466		35,965			260		26,942		3,321			326,910


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		40,905		(104,162	)		77		86,127		19,117			(50,595	)
Net realized gain distribution from the Portfolios		—		201,753			1,087		181,321		—			—

Net realized gain (loss)		40,905		97,591			1,164		267,448		19,117			(50,595	)


Net change in unrealized appreciation (depreciation) of investments		429,466		379,354			5,584		90,099		(14,518	)		28,932


Net Realized and Unrealized Gain (Loss) on Investments		470,371		476,945			6,748		357,547		4,599			(21,663	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	550,837	$	512,910		$	7,008	$	384,489	$	7,920		$	305,247

The

accompanying notes are an integral part of these financial statements.

FSA-53

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	MACQUARIE VIP HIGH INCOME SERIES			MFS^® INVESTORS TRUST SERIES		MFS^® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO		MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO			MULTIMANAGER AGGRESSIVE EQUITY*		MULTIMANAGER CORE BOND*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	1,465,387		$	4,840	$	5,620	$	7,873		$	69,554	$	529,468

Expenses:

Net Investment Income (Loss)		1,465,387			4,840		5,620		7,873			69,554		529,468


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(153,450	)		32,764		23,585		(402	)		282,553		(770,763	)
Net realized gain distribution from the Portfolios		—			75,536		391,016		—			2,394,631		—

Net realized gain (loss)		(153,450	)		108,300		414,601		(402	)		2,677,184		(770,763	)


Net change in unrealized appreciation (depreciation) of investments		82,254			66,581		212,686		589			1,415,016		564,244


Net Realized and Unrealized Gain (Loss) on Investments		(71,196	)		174,881		627,287		187			4,092,200		(206,519	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,394,191		$	179,721	$	632,907	$	8,060		$	4,161,754	$	322,949

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 America.

FSA-54

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2024


	MULTIMANAGER TECHNOLOGY*		PIMCO COMMODITY REAL RETURN^® STRATEGY PORTFOLIO			T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO		T. ROWE PRICE EQUITY INCOME PORTFOLIO		T. ROWE PRICE MID-CAP GROWTH PORTFOLIO			TARGET 2025 ALLOCATION*
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	—	$	111,218		$	—	$	103,106	$	—		$	20,780

Expenses:

Net Investment Income (Loss)		—		111,218			—		103,106		—			20,780


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		753,701		(127,362	)		106,006		109,353		2,061			(46,947	)
Net realized gain distribution from the Portfolios		6,870,951		—			110,837		423,206		50,791			56,646

Net realized gain (loss)		7,624,652		(127,362	)		216,843		532,559		52,852			9,699


Net change in unrealized appreciation (depreciation) of investments		4,397,765		221,619			256,173		35,035		(31,802	)		41,011


Net Realized and Unrealized Gain (Loss) on Investments		12,022,417		94,257			473,016		567,594		21,050			50,710


Net Increase (Decrease) in Net Assets Resulting from Operations	$	12,022,417	$	205,475		$	473,016	$	670,700	$	21,050		$	71,490

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 America.

FSA-55

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024


	TARGET 2035 ALLOCATION*		TARGET 2045 ALLOCATION*		TARGET 2055 ALLOCATION*		TEMPLETON DEVELOPING MARKETS VIP FUND			TEMPLETON GLOBAL BOND VIP FUND
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	56,778	$	49,270	$	72,766	$	219,162		$	—

Expenses:

Net Investment Income (Loss)		56,778		49,270		72,766		219,162			—


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		16,133		25,018		218,711		(56,049	)		(170,443	)
Net realized gain distribution from the Portfolios		64,116		47,198		58,908		42,119			—

Net realized gain (loss)		80,249		72,216		277,619		(13,930	)		(170,443	)


Net change in unrealized appreciation (depreciation) of investments		135,707		192,993		304,632		193,761			(1,414,624	)


Net Realized and Unrealized Gain (Loss) on Investments		215,956		265,209		582,251		179,831			(1,585,067	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	272,734	$	314,479	$	655,017	$	398,993		$	(1,585,067	)

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 America.

FSA-56

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF OPERATIONS (Concluded)

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024


	VANECK VIP EMERGING MARKETS BOND FUND			VANECK VIP EMERGING MARKETS FUND			VANECK VIP GLOBAL RESOURCES FUND
Income and Expenses:
Investment Income:
Dividends from the Portfolios	$	2,380		$	47		$	108,369

Expenses:
Less: Asset-based charges		—			—			—

Net Investment Income (Loss)		2,380			47			108,369


Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		(15	)		1			70,133
Net realized gain distribution from the Portfolios		—			—			—

Net realized gain (loss)		(15	)		1			70,133


Net change in unrealized appreciation (depreciation) of investments		(1,477	)		(19	)		(304,121	)


Net Realized and Unrealized Gain (Loss) on Investments		(1,492	)		(18	)		(233,988	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	888		$	29		$	(125,619	)

The

accompanying notes are an integral part of these financial statements.

FSA-57

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	1290 VT CONVERTIBLE SECURITIES*						1290 VT DOUBLELINE OPPORTUNISTIC BOND*						1290 VT EQUITY INCOME*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	54,684		$	61,425		$	174,141		$	129,747		$	136,104		$	123,028
Net realized gain (loss)		(120,104	)		(102,142	)		(84,710	)		(48,749	)		473,124			351,868
Net change in unrealized appreciation (depreciation) of investments		336,446			337,868			14,242			96,161			(9,478	)		(183,275	)


Net increase (decrease) in net assets resulting from operations		271,026			297,151			103,673			177,159			599,750			291,621


From Contractowners Transactions:
Payments received from contractowners		575,587			519,112			862,129			882,676			586,421			680,268
Transfers between Variable Investment Options including guaranteed interest account, net		(4,014	)		13,275			(61,302	)		67,751			(130,626	)		(465,676	)
Redemptions for contract benefits and terminations		(31,910	)		(7,487	)		(8,399	)		(37,261	)		(129,323	)		(120,932	)
Contract maintenance charges		(251,907	)		(225,115	)		(230,811	)		(205,729	)		(383,404	)		(360,473	)


Net increase (decrease) in net assets resulting from contractowners transactions		287,756			299,785			561,617			707,437			(56,932	)		(266,813	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		1,745			1,475			(2,836	)		8,270			—			321


Net Increase (Decrease) in Net Assets		560,529			598,411			662,454			892,866			542,817			25,129
Net Assets — Beginning of Year or Period		2,649,745			2,051,334			3,166,513			2,273,647			6,150,444			6,125,315


Net Assets — End of Year or Period	$	3,210,274		$	2,649,745		$	3,828,967		$	3,166,513		$	6,693,261		$	6,150,444

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 affiliates of Equitable America

FSA-58

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	1290 VT GAMCO MERGERS & ACQUISITIONS*						1290 VT GAMCO SMALL COMPANY VALUE*						1290 VT MULTI- ALTERNATIVE STRATEGIES*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	69,582		$	61,816		$	468,398		$	406,844		$	3,893		$	2,426
Net realized gain (loss)		170,752			86,144			6,961,862			5,606,281			(613	)		(5,526	)
Net change in unrealized appreciation (depreciation) of investments		80,539			147,810			788,327			6,157,902			8,539			8,456


Net increase (decrease) in net assets resulting from operations		320,873			295,770			8,218,587			12,171,027			11,819			5,356


From Contractowners Transactions:
Payments received from contractowners		484,981			572,434			8,831,821			8,176,926			40,495			50,175
Transfers between Variable Investment Options including guaranteed interest account, net		(93,537	)		(78,849	)		(1,838,121	)		(2,798,489	)		15,465			(25,848	)
Redemptions for contract benefits and terminations		(71,719	)		(40,217	)		(1,583,310	)		(1,467,468	)		(706	)		(848	)
Contract maintenance charges		(249,782	)		(239,982	)		(3,655,172	)		(3,434,771	)		(10,808	)		(8,299	)


Net increase (decrease) in net assets resulting from contractowners transactions		69,943			213,386			1,755,218			476,198			44,446			15,180


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		936			967			—			7,042			226			187


Net Increase (Decrease) in Net Assets		391,752			510,123			9,973,806			12,654,267			56,490			20,723
Net Assets — Beginning of Year or Period		3,473,509			2,963,386			70,146,411			57,492,144			118,055			97,332


Net Assets — End of Year or Period	$	3,865,261		$	3,473,509		$	80,120,217		$	70,146,411		$	174,545		$	118,055

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 America.

FSA-59

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	1290 VT NATURAL RESOURCES*						1290 VT REAL ESTATE*						1290 VT SMALL CAP VALUE*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	73,312		$	78,314		$	37,760		$	20,433		$	78,489		$	45,981
Net realized gain (loss)		20,844			104,580			(7,511	)		(32,686	)		395,189			367,336
Net change in unrealized appreciation (depreciation) of investments		(233,291	)		(158,526	)		(22,556	)		88,149			482,069			(183,262	)


Net increase (decrease) in net assets resulting from operations		(139,135	)		24,368			7,693			75,896			955,747			230,055


From Contractowners Transactions:
Payments received from contractowners		641,033			969,180			433,989			382,817			1,190,532			985,798
Transfers between Variable Investment Options including guaranteed interest account, net		(74,863	)		(538,475	)		62,863			15,309			(103,180	)		(40,447	)
Redemptions for contract benefits and terminations		(30,457	)		(4,789	)		(3,631	)		(5,788	)		(73,533	)		(55,710	)
Contract maintenance charges		(262,420	)		(278,516	)		(89,413	)		(60,053	)		(333,952	)		(283,008	)


Net increase (decrease) in net assets resulting from contractowners transactions		273,293			147,400			403,808			332,285			679,867			606,633


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		3,733			2,954			1,589			861			5,058			4,826


Net Increase (Decrease) in Net Assets		137,892			174,722			413,090			409,042			1,640,671			841,514
Net Assets — Beginning of Year or Period		2,256,072			2,081,350			827,133			418,091			4,163,654			3,322,140


Net Assets — End of Year or Period	$	2,393,964		$	2,256,072		$	1,240,223		$	827,133		$	5,804,325		$	4,163,654

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 America.

FSA-60

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	1290 VT SMARTBETA EQUITY ESG*						1290 VT SOCIALLY RESPONSIBLE*						AB VPS DISCOVERY VALUE PORTFOLIO**
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	63,177		$	67,539		$	17,907		$	20,555		$	1,049		$	674
Net realized gain (loss)		496,874			136,883			309,657			86,277			10,607			6,586
Net change in unrealized appreciation (depreciation) of investments		381,200			511,671			369,376			497,289			5,157			8,339


Net increase (decrease) in net assets resulting from operations		941,251			716,093			696,940			604,121			16,813			15,599


From Contractowners Transactions:
Payments received from contractowners		1,269,048			1,298,029			935,221			654,331			124,421			98,724
Transfers between Variable Investment Options including guaranteed interest account, net		(186,611	)		136,245			(259,909	)		(4,130	)		(14,641	)		(747	)
Redemptions for contract benefits and terminations		(82,050	)		(189,614	)		(47,555	)		(8,838	)		(1,267	)		(18	)
Contract maintenance charges		(366,608	)		(318,393	)		(263,329	)		(227,871	)		(19,672	)		(14,841	)


Net increase (decrease) in net assets resulting from contractowners transactions		633,779			926,267			364,428			413,492			88,841			83,118


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		8,132			1,423			2,459			2,645			482			232


Net Increase (Decrease) in Net Assets		1,583,163			1,643,783			1,063,828			1,020,258			106,136			98,949
Net Assets — Beginning of Year or Period		5,511,745			3,867,962			3,050,692			2,030,434			132,062			33,113


Net Assets — End of Year or Period	$	7,094,908		$	5,511,745		$	4,114,520		$	3,050,692		$	238,198		$	132,062

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 America.

Denotes Variable Investment Options that invest in shares of Portfolio of AB Variable Product Series Fund, Inc., an affiliate of Equitable America.

FSA-61

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	AB VPS RELATIVE VALUE PORTFOLIO**						AB VPS SUSTAINABLE GLOBAL THEMATIC PORTFOLIO**						AMERICAN FUNDS INSURANCE SERIES^® ASSET ALLOCATION FUND
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	4,485		$	3,436		$	—		$	28		$	69,446		$	37,121
Net realized gain (loss)		18,479			20,187			2,784			5,957			135,401			(33,423	)
Net change in unrealized appreciation (depreciation) of investments		10,667			2,268			5,376			8,936			208,637			211,216


Net increase (decrease) in net assets resulting from operations		33,631			25,891			8,160			14,921			413,484			214,914


From Contractowners Transactions:
Payments received from contractowners		271,273			183,164			204,666			104,808			1,929,023			1,463,316
Transfers between Variable Investment Options including guaranteed interest account, net		164,143			(10,201	)		(9,778	)		7,824			130,892			(249,648	)
Redemptions for contract benefits and terminations		1			—			(12	)		—			(76,737	)		(14,379	)
Contract maintenance charges		(38,137	)		(22,375	)		(24,868	)		(14,915	)		(547,442	)		(315,133	)


Net increase (decrease) in net assets resulting from contractowners transactions		397,280			150,588			170,008			97,717			1,435,736			884,156


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		629			344			234			629			4,545			2,460


Net Increase (Decrease) in Net Assets		431,539			176,823			178,403			113,267			1,853,763			1,101,530
Net Assets — Beginning of Year or Period		292,109			115,286			150,643			37,376			2,074,826			973,296


Net Assets — End of Year or Period	$	723,648		$	292,109		$	329,046		$	150,643		$	3,928,589		$	2,074,826

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

Denotes Variable Investment Options that invest in shares of Portfolio of AB Variable Product Series Fund, Inc., an affiliate of Equitable America.

FSA-62

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND						AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®						BLACKROCK GLOBAL ALLOCATION V.I. FUND
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	78,131		$	2,001		$	132,565		$	111,693		$	27,114		$	29,919
Net realized gain (loss)		52,993			(197,112	)		103,371			(34,106	)		148,421			(20,469	)
Net change in unrealized appreciation (depreciation) of investments		55,892			1,279,641			368,765			1,161,556			(55,675	)		107,339


Net increase (decrease) in net assets resulting from operations		187,016			1,084,530			604,701			1,239,143			119,860			116,789


From Contractowners Transactions:
Payments received from contractowners		1,991,638			1,761,436			2,333,422			2,040,458			767,585			697,470
Transfers between Variable Investment Options including guaranteed interest account, net		304,149			47,274			(98,302	)		(240,878	)		21,245			(8,537	)
Redemptions for contract benefits and terminations		(88,147	)		(72,237	)		(244,956	)		(90,789	)		(13,286	)		(6,441	)
Contract maintenance charges		(523,529	)		(471,026	)		(738,733	)		(659,655	)		(248,829	)		(190,836	)


Net increase (decrease) in net assets resulting from contractowners transactions		1,684,111			1,265,447			1,251,431			1,049,136			526,715			491,656


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		11,151			4,986			13,961			9,303			2,174			3,243


Net Increase (Decrease) in Net Assets		1,882,278			2,354,963			1,870,094			2,297,582			648,750			611,688
Net Assets — Beginning of Year or Period		8,511,978			6,157,015			9,685,789			7,388,207			1,240,069			628,381


Net Assets — End of Year or Period	$	10,394,256		$	8,511,978		$	11,555,883		$	9,685,789		$	1,888,819		$	1,240,069

The

accompanying notes are an integral part of these financial statements.

FSA-63

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	BNY MELLON STOCK INDEX FUND, INC.						CLEARBRIDGE VARIABLE MID CAP PORTFOLIO						EQ/400 MANAGED VOLATILITY*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	355,706		$	373,224		$	1,416		$	50		$	20,338		$	17,663
Net realized gain (loss)		7,389,123			1,837,931			6,708			(8,307	)		186,773			45,697
Net change in unrealized appreciation (depreciation) of investments		(722,975	)		4,026,119			25,730			40,655			7,583			153,975


Net increase (decrease) in net assets resulting from operations		7,021,854			6,237,274			33,854			32,398			214,694			217,335


From Contractowners Transactions:
Payments received from contractowners		9,946,131			1,281,659			146,797			158,565			156,930			164,896
Transfers between Variable Investment Options including guaranteed interest account, net		(1,976,492	)		(292,231	)		(33,044	)		11,614			78,549			(28,686	)
Redemptions for contract benefits and terminations		(14,585,500	)		(716,824	)		(5,764	)		(13,194	)		(17,855	)		(22,582	)
Contract maintenance charges		(1,040,206	)		(1,064,934	)		(45,966	)		(36,665	)		(110,887	)		(90,366	)


Net increase (decrease) in net assets resulting from contractowners transactions		(7,656,067	)		(792,330	)		62,023			120,320			106,737			23,262


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		(150,289	)		(86,010	)		1,056			668			—			1


Net Increase (Decrease) in Net Assets		(784,503	)		5,358,934			96,934			153,386			321,430			240,598
Net Assets — Beginning of Year or Period		29,567,276			24,208,342			318,766			165,380			1,618,546			1,377,948


Net Assets — End of Year or Period	$	28,782,773		$	29,567,276		$	415,700		$	318,766		$	1,939,976		$	1,618,546

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 America

FSA-64

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/500 MANAGED VOLATILITY*						EQ/2000 MANAGED VOLATILITY*						EQ/AB SMALL CAP GROWTH*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	84,321		$	69,428		$	33,829		$	27,402		$	88,352		$	67,500
Net realized gain (loss)		1,390,954			450,960			158,261			1,220			2,765,598			(393,674	)
Net change in unrealized appreciation (depreciation) of investments		128,326			860,603			51,417			292,485			850,087			4,112,383


Net increase (decrease) in net assets resulting from operations		1,603,601			1,380,991			243,507			321,107			3,704,037			3,786,209


From Contractowners Transactions:
Payments received from contractowners		474,526			507,304			170,666			194,403			4,710,683			4,096,647
Transfers between Variable Investment Options including guaranteed interest account, net		(221,714	)		(2,745	)		(123,810	)		(104,784	)		(792,202	)		159,280
Redemptions for contract benefits and terminations		(17,997	)		(262,836	)		(25,480	)		(16,451	)		(471,586	)		(529,727	)
Contract maintenance charges		(391,172	)		(366,350	)		(125,508	)		(130,281	)		(1,604,448	)		(1,514,565	)


Net increase (decrease) in net assets resulting from contractowners transactions		(156,357	)		(124,627	)		(104,132	)		(57,113	)		1,842,447			2,211,635


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		14			35			—			1			13,458			8,248


Net Increase (Decrease) in Net Assets		1,447,257			1,256,399			139,378			263,995			5,559,943			6,006,092
Net Assets — Beginning of Year or Period		6,737,849			5,481,450			2,340,416			2,076,421			25,999,192			19,993,100


Net Assets — End of Year or Period	$	8,185,106		$	6,737,849		$	2,479,794		$	2,340,416		$	31,559,135		$	25,999,192

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 America.

FSA-65

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/AB SUSTAINABLE U.S. THEMATIC*						EQ/AGGRESSIVE ALLOCATION*						EQ/ALL ASSET GROWTH ALLOCATION*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	115		$	94		$	1,213,687		$	628,759		$	506,002		$	340,998
Net realized gain (loss)		658			102			2,995,982			1,082,797			420,559			29,940
Net change in unrealized appreciation (depreciation) of investments		2,828			3,008			2,549,669			5,762,558			1,238,271			1,880,393


Net increase (decrease) in net assets resulting from operations		3,601			3,204			6,759,338			7,474,114			2,164,832			2,251,331


From Contractowners Transactions:
Payments received from contractowners		62,389			29,764			8,122,685			7,152,271			3,420,859			4,056,649
Transfers between Variable Investment Options including guaranteed interest account, net		5,202			(873	)		(1,038,751	)		(1,308,863	)		(626,973	)		(524,518	)
Redemptions for contract benefits and terminations		(206	)		—			(2,068,329	)		(1,751,626	)		(266,925	)		(332,496	)
Contract maintenance charges		(7,263	)		(2,913	)		(3,209,559	)		(2,827,373	)		(1,627,104	)		(1,444,592	)


Net increase (decrease) in net assets resulting from contractowners transactions		60,122			25,978			1,806,046			1,264,409			899,857			1,755,043


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		(468	)		621			29,807			30,322			7,513			4,369


Net Increase (Decrease) in Net Assets		63,256			29,803			8,595,191			8,768,845			3,072,203			4,010,743
Net Assets — Beginning of Year or Period		34,422			4,619			48,805,328			40,036,483			19,142,717			15,131,974


Net Assets — End of Year or Period	$	97,678		$	34,422		$	57,400,519		$	48,805,328		$	22,214,920		$	19,142,717

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 America.

FSA-66

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/AMERICAN CENTURY MID CAP VALUE*						EQ/BALANCED STRATEGY*						EQ/CAPITAL GROUP RESEARCH*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	560,433		$	436,156		$	1,180,083		$	634,202		$	169,328		$	27,806
Net realized gain (loss)		1,862,518			1,045,877			2,153,347			571,046			1,389,953			430,264
Net change in unrealized appreciation (depreciation) of investments		(150,165	)		44,698			497,961			3,946,421			1,032,587			1,200,474


Net increase (decrease) in net assets resulting from operations		2,272,786			1,526,731			3,831,391			5,151,669			2,591,868			1,658,544


From Contractowners Transactions:
Payments received from contractowners		4,180,954			4,379,935			3,853,168			4,123,311			631,545			717,306
Transfers between Variable Investment Options including guaranteed interest account, net		(276,856	)		(486,702	)		(2,289,696	)		(525,244	)		(387,835	)		(309,780	)
Redemptions for contract benefits and terminations		(462,734	)		(430,425	)		(771,512	)		(1,108,900	)		(96,638	)		(113,773	)
Contract maintenance charges		(1,458,277	)		(1,404,335	)		(3,124,401	)		(3,304,671	)		(423,211	)		(416,235	)


Net increase (decrease) in net assets resulting from contractowners transactions		1,983,087			2,058,473			(2,332,441	)		(815,504	)		(276,139	)		(122,482	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		10,705			7,926			(92	)		9			—			(2	)


Net Increase (Decrease) in Net Assets		4,266,579			3,593,130			1,498,858			4,336,174			2,315,728			1,536,060
Net Assets — Beginning of Year or Period		26,921,180			23,328,050			43,364,761			39,028,587			8,756,336			7,220,276


Net Assets — End of Year or Period	$	31,187,759		$	26,921,180		$	44,863,619		$	43,364,761		$	11,072,064		$	8,756,336

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 affiliates of Equitable America.

FSA-67

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/CLEARBRIDGE LARGE CAP GROWTH ESG*						EQ/COMMON STOCK INDEX*						EQ/CONSERVATIVE ALLOCATION*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	—		$	—		$	1,401,110		$	1,477,813		$	130,288		$	94,069
Net realized gain (loss)		1,809,774			594,817			14,729,565			6,684,179			23,863			(99,129	)
Net change in unrealized appreciation (depreciation) of investments		2,419,939			4,557,536			18,697,812			19,391,159			33,781			318,893


Net increase (decrease) in net assets resulting from operations		4,229,713			5,152,353			34,828,487			27,553,151			187,932			313,833


From Contractowners Transactions:
Payments received from contractowners		1,806,714			1,808,528			33,397,173			29,339,318			700,458			704,413
Transfers between Variable Investment Options including guaranteed interest account, net		(1,054,707	)		(769,975	)		(3,750,341	)		(1,235,974	)		(14,398	)		(364,332	)
Redemptions for contract benefits and terminations		(466,439	)		(696,920	)		(2,839,130	)		(2,021,600	)		(229,997	)		(200,655	)
Contract maintenance charges		(824,466	)		(794,739	)		(12,896,346	)		(10,550,898	)		(452,556	)		(443,991	)


Net increase (decrease) in net assets resulting from contractowners transactions		(538,898	)		(453,106	)		13,911,356			15,530,846			3,507			(304,565	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		7,130			4,138			195,584			94,285			2,144			1,500


Net Increase (Decrease) in Net Assets		3,697,944			4,703,385			48,935,428			43,178,282			193,584			10,768
Net Assets — Beginning of Year or Period		16,009,657			11,306,272			145,074,997			101,896,715			4,066,108			4,055,340


Net Assets — End of Year or Period	$	19,707,601		$	16,009,657		$	194,010,425		$	145,074,997		$	4,259,692		$	4,066,108

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 America.

FSA-68

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/CONSERVATIVE GROWTH STRATEGY*						EQ/CONSERVATIVE STRATEGY*						EQ/CONSERVATIVE-PLUS ALLOCATION*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	318,563		$	169,179		$	83,369		$	42,604		$	260,647		$	171,495
Net realized gain (loss)		411,471			105,368			24,034			(25,609	)		218,201			(114,714	)
Net change in unrealized appreciation (depreciation) of investments		99,102			867,333			17,764			186,033			134,822			804,154


Net increase (decrease) in net assets resulting from operations		829,136			1,141,880			125,167			203,028			613,670			860,935


From Contractowners Transactions:
Payments received from contractowners		933,330			997,280			317,538			331,190			1,686,394			1,622,830
Transfers between Variable Investment Options including guaranteed interest account, net		(87,705	)		422,150			2,213			(129,860	)		(294,569	)		(174,961	)
Redemptions for contract benefits and terminations		(191,947	)		(222,524	)		(25,190	)		(61,746	)		(201,661	)		(439,767	)
Contract maintenance charges		(1,006,403	)		(1,045,809	)		(246,765	)		(287,638	)		(986,964	)		(857,764	)


Net increase (decrease) in net assets resulting from contractowners transactions		(352,725	)		151,097			47,796			(148,054	)		203,200			150,338


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		(292	)		292			—			1			4,467			4,513


Net Increase (Decrease) in Net Assets		476,119			1,293,269			172,964			54,975			821,336			1,015,786
Net Assets — Beginning of Year or Period		11,128,615			9,835,346			2,616,363			2,561,388			8,755,819			7,740,033


Net Assets — End of Year or Period	$	11,604,734		$	11,128,615		$	2,789,327		$	2,616,363		$	9,577,155		$	8,755,819

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 or affiliates of Equitable America.

FSA-69

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/CORE BOND INDEX*						EQ/CORE PLUS BOND*						EQ/EMERGING MARKETS EQUITY PLUS*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	647,748		$	456,811		$	1,114,209		$	441,945		$	49,734		$	37,638
Net realized gain (loss)		(23,940	)		(452,603	)		(175,344	)		(364,319	)		(56,204	)		(6,100	)
Net change in unrealized appreciation (depreciation) of investments		(20,540	)		877,589			(1,055,463	)		765,955			76,185			94,861


Net increase (decrease) in net assets resulting from operations		603,268			881,797			(116,598	)		843,581			69,715			126,399


From Contractowners Transactions:
Payments received from contractowners		8,108,129			5,562,626			3,870,271			3,192,111			885,380			560,652
Transfers between Variable Investment Options including guaranteed interest account, net		448,442			282,315			333,182			(370,809	)		4,177			108,544
Redemptions for contract benefits and terminations		(3,140,999	)		(327,797	)		(388,662	)		(366,545	)		(6,122	)		(15,337	)
Contract maintenance charges		(2,083,162	)		(1,746,246	)		(1,580,511	)		(1,436,450	)		(213,626	)		(171,372	)


Net increase (decrease) in net assets resulting from contractowners transactions		3,332,410			3,770,898			2,234,280			1,018,307			669,809			482,487


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		—			6,678			4,477			4,690			884			4,089


Net Increase (Decrease) in Net Assets		3,935,678			4,659,373			2,122,159			1,866,578			740,409			612,975
Net Assets — Beginning of Year or Period		22,579,687			17,920,314			19,558,750			17,692,172			1,614,029			1,001,054


Net Assets — End of Year or Period	$	26,515,365		$	22,579,687		$	21,680,909		$	19,558,750		$	2,354,438		$	1,614,029

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 America.

FSA-70

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/EQUITY 500 INDEX*						EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP*						EQ/FRANKLIN RISING DIVIDENDS*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	2,861,065		$	2,380,104		$	94,653		$	80,628		$	251,947		$	248,698
Net realized gain (loss)		11,323,203			5,941,768			2,161,427			921,970			1,350,469			538,332
Net change in unrealized appreciation (depreciation) of investments		48,071,657			36,913,435			2,312,701			3,504,527			1,055,507			1,703,406


Net increase (decrease) in net assets resulting from operations		62,255,925			45,235,307			4,568,781			4,507,125			2,657,923			2,490,436


From Contractowners Transactions:
Payments received from contractowners		70,731,993			50,056,371			1,260,672			1,379,465			4,294,646			3,688,493
Transfers between Variable Investment Options including guaranteed interest account, net		2,846,691			(1,217,505	)		556,506			86,245			485,418			(68,748	)
Redemptions for contract benefits and terminations		(4,761,869	)		(2,861,251	)		(229,238	)		(734,879	)		(265,493	)		(546,654	)
Contract maintenance charges		(19,272,383	)		(14,878,501	)		(850,339	)		(814,777	)		(1,582,167	)		(1,394,850	)


Net increase (decrease) in net assets resulting from contractowners transactions		49,544,432			31,099,114			737,601			(83,946	)		2,932,404			1,678,241


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		207,147			109,110			—			—			13,272			7,900


Net Increase (Decrease) in Net Assets		112,007,505			76,443,531			5,306,383			4,423,179			5,603,598			4,176,577
Net Assets — Beginning of Year or Period		238,998,675			162,555,144			18,717,875			14,294,696			23,636,116			19,459,539


Net Assets — End of Year or Period	$	351,006,180		$	238,998,675		$	24,024,258		$	18,717,875		$	29,239,714		$	23,636,116

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 America.

FSA-71

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/GLOBAL EQUITY MANAGED VOLATILITY*						EQ/GOLDMAN SACHS MID CAP VALUE*						EQ/GROWTH STRATEGY*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	145,227		$	89,829		$	79,314		$	56,181		$	2,033,200		$	1,028,268
Net realized gain (loss)		1,496,137			584,927			510,408			277,413			5,528,226			2,117,334
Net change in unrealized appreciation (depreciation) of investments		(297,744	)		1,278,639			421,406			483,941			2,098,474			7,929,521


Net increase (decrease) in net assets resulting from operations		1,343,620			1,953,395			1,011,128			817,535			9,659,900			11,075,123


From Contractowners Transactions:
Payments received from contractowners		656,443			660,605			1,743,259			1,996,102			6,985,104			8,409,257
Transfers between Variable Investment Options including guaranteed interest account, net		(410,233	)		(181,135	)		97,261			42,431			(2,352,164	)		(1,992,752	)
Redemptions for contract benefits and terminations		(331,373	)		(565,208	)		(107,084	)		(52,989	)		(1,991,063	)		(1,249,677	)
Contract maintenance charges		(483,100	)		(479,975	)		(637,196	)		(575,337	)		(4,664,997	)		(4,735,962	)


Net increase (decrease) in net assets resulting from contractowners transactions		(568,263	)		(565,713	)		1,096,240			1,410,207			(2,023,120	)		430,866


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		—			—			14,712			9,326			(197	)		189


Net Increase (Decrease) in Net Assets		775,356			1,387,682			2,122,080			2,237,068			7,636,582			11,506,178
Net Assets — Beginning of Year or Period		10,828,495			9,440,813			8,182,168			5,945,100			78,527,650			67,021,472


Net Assets — End of Year or Period	$	11,603,851		$	10,828,495		$	10,304,248		$	8,182,168		$	86,164,232		$	78,527,650

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 America.

FSA-72

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/INTERMEDIATE *CORPORATE BOND^(a)**			EQ/INTERMEDIATE GOVERNMENT BOND*						EQ/INTERNATIONAL CORE MANAGED VOLATILITY*
	2024			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	1,049		$	285,855		$	150,330		$	142,184		$	103,015
Net realized gain (loss)		249			(173,019	)		(112,672	)		417,913			112,264
Net change in unrealized appreciation (depreciation) of investments		(1,759	)		114,230			161,493			(361,450	)		706,184


Net increase (decrease) in net assets resulting from operations		(461	)		227,066			199,151			198,647			921,463


From Contractowners Transactions:
Payments received from contractowners		33,752			1,820,471			1,345,529			616,278			590,360
Transfers between Variable Investment Options including guaranteed interest account, net		136			5,000,565			74,243			9,584			(420,689	)
Redemptions for contract benefits and terminations		—			(22,070	)		(48,068	)		(142,021	)		(163,582	)
Contract maintenance charges		(1,610	)		(1,172,135	)		(1,350,919	)		(353,758	)		(363,133	)


Net increase (decrease) in net assets resulting from contractowners transactions		32,278			5,626,831			20,785			130,083			(357,044	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		12			45,319			(15,696	)		1,697			1,581


Net Increase (Decrease) in Net Assets		31,829			5,899,217			204,240			330,426			566,000
Net Assets — Beginning of Year or Period		—			5,487,478			5,283,238			6,196,175			5,630,175


Net Assets — End of Year or Period	$	31,829		$	11,386,695		$	5,487,478		$	6,526,601		$	6,196,175

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 America.

(a)

Units were made available on May 13, 2024.

FSA-73

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/INTERNATIONAL EQUITY INDEX*						EQ/INTERNATIONAL MANAGED VOLATILITY*						EQ/INTERNATIONAL VALUE MANAGED VOLATILITY*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	1,264,581		$	939,966		$	54,248		$	42,253		$	160,921		$	129,044
Net realized gain (loss)		684,935			347,771			53,001			2,449			420,080			66,357
Net change in unrealized appreciation (depreciation) of investments		(272,336	)		3,837,391			(55,201	)		242,201			(493,230	)		787,001


Net increase (decrease) in net assets resulting from operations		1,677,180			5,125,128			52,048			286,903			87,771			982,402


From Contractowners Transactions:
Payments received from contractowners		7,811,621			6,152,602			93,487			110,159			588,813			693,402
Transfers between Variable Investment Options including guaranteed interest account, net		(502,393	)		1,470,388			18,440			(22,894	)		(162,587	)		(112,218	)
Redemptions for contract benefits and terminations		(438,102	)		(622,174	)		(10,828	)		(24,955	)		(86,901	)		(146,718	)
Contract maintenance charges		(2,206,576	)		(1,829,141	)		(92,717	)		(94,428	)		(350,077	)		(334,189	)


Net increase (decrease) in net assets resulting from contractowners transactions		4,664,550			5,171,675			8,382			(32,118	)		(10,752	)		100,277


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		54,473			33,086			—			(1	)		2,974			2,361


Net Increase (Decrease) in Net Assets		6,396,203			10,329,889			60,432			254,784			79,992			1,085,040
Net Assets — Beginning of Year or Period		35,360,792			25,030,903			1,964,529			1,709,745			6,372,695			5,287,655


Net Assets — End of Year or Period	$	41,756,995		$	35,360,792		$	2,024,961		$	1,964,529		$	6,452,687		$	6,372,695

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 America.

FSA-74

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/INVESCO COMSTOCK*						EQ/INVESCO GLOBAL*						EQ/INVESCO GLOBAL REAL ASSETS*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	127,224		$	110,440		$	—		$	7		$	276,128		$	231,452
Net realized gain (loss)		972,768			762,353			134,778			(6,804	)		35,672			286,504
Net change in unrealized appreciation (depreciation) of investments		10,314			(90,702	)		228,724			499,114			(273,615	)		502,144


Net increase (decrease) in net assets resulting from operations		1,110,306			782,091			363,502			492,317			38,185			1,020,100


From Contractowners Transactions:
Payments received from contractowners		1,090,066			969,043			1,039,032			690,563			1,630,112			1,591,958
Transfers between Variable Investment Options including guaranteed interest account, net		(130,504	)		(437,785	)		(6,554	)		(28,556	)		(73,009	)		(72,317	)
Redemptions for contract benefits and terminations		(159,031	)		(324,112	)		(59,560	)		(17,479	)		(220,378	)		(198,083	)
Contract maintenance charges		(402,694	)		(365,519	)		(234,899	)		(196,172	)		(641,421	)		(628,301	)


Net increase (decrease) in net assets resulting from contractowners transactions		397,837			(158,373	)		738,019			448,356			695,304			693,257


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		3,224			1,922			8,863			6,372			6,338			3,370


Net Increase (Decrease) in Net Assets		1,511,368			625,640			1,110,385			947,045			739,829			1,716,727
Net Assets — Beginning of Year or Period		7,380,188			6,754,548			2,222,865			1,275,820			11,172,078			9,455,351


Net Assets — End of Year or Period	$	8,891,556		$	7,380,188		$	3,333,250		$	2,222,865		$	11,911,907		$	11,172,078

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 America.

FSA-75

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/JANUS ENTERPRISE*						EQ/JPMORGAN GROWTH STOCK*						EQ/JPMORGAN VALUE OPPORTUNITIES*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	2,737		$	6,009		$	—		$	—		$	499,879		$	452,725
Net realized gain (loss)		1,844,088			1,301,199			4,800,469			7,901,510			5,327,779			1,486,784
Net change in unrealized appreciation (depreciation) of investments		867,757			1,441,620			13,925,107			8,603,481			(282,112	)		1,257,147


Net increase (decrease) in net assets resulting from operations		2,714,582			2,748,828			18,725,576			16,504,991			5,545,546			3,196,656


From Contractowners Transactions:
Payments received from contractowners		2,011,490			2,067,647			9,484,889			9,008,731			8,233,116			7,373,633
Transfers between Variable Investment Options including guaranteed interest account, net		(510,571	)		(29,009	)		(1,933,708	)		(1,520,006	)		(200,237	)		(111,343	)
Redemptions for contract benefits and terminations		(534,659	)		(445,421	)		(921,893	)		(788,679	)		(754,780	)		(346,055	)
Contract maintenance charges		(1,027,740	)		(1,036,037	)		(3,439,745	)		(3,131,862	)		(2,078,100	)		(1,819,114	)


Net increase (decrease) in net assets resulting from contractowners transactions		(61,480	)		557,180			3,189,543			3,568,184			5,199,999			5,097,121


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		6,357			5,082			41,296			24,188			24,522			13,552


Net Increase (Decrease) in Net Assets		2,659,460			3,311,090			21,956,414			20,097,363			10,770,069			8,307,329
Net Assets — Beginning of Year or Period		19,216,366			15,905,276			54,046,572			33,949,209			34,005,378			25,698,049


Net Assets — End of Year or Period	$	21,875,826		$	19,216,366		$	76,002,986		$	54,046,572		$	44,775,447		$	34,005,378

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 America.

FSA-76

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/LARGE CAP CORE MANAGED VOLATILITY*						EQ/LARGE CAP GROWTH INDEX*						EQ/LARGE CAP GROWTH MANAGED VOLATILITY*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	70,045		$	93,003		$	17,480		$	74,603		$	69,890		$	65,425
Net realized gain (loss)		1,338,064			445,956			5,190,707			1,734,901			2,899,737			1,752,545
Net change in unrealized appreciation (depreciation) of investments		(25,319	)		594,084			7,209,140			7,860,299			2,280,321			3,121,904


Net increase (decrease) in net assets resulting from operations		1,382,790			1,133,043			12,417,327			9,669,803			5,249,948			4,939,874


From Contractowners Transactions:
Payments received from contractowners		514,372			442,716			8,954,543			7,586,815			1,451,770			1,535,885
Transfers between Variable Investment Options including guaranteed interest account, net		147,852			(196,397	)		(307,913	)		(190,415	)		(1,017,173	)		(12,076	)
Redemptions for contract benefits and terminations		(100,888	)		(51,159	)		(755,627	)		(504,904	)		(420,230	)		(555,586	)
Contract maintenance charges		(304,910	)		(260,398	)		(2,751,188	)		(2,211,482	)		(840,999	)		(785,948	)


Net increase (decrease) in net assets resulting from contractowners transactions		256,426			(65,238	)		5,139,815			4,680,014			(826,632	)		182,275


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		2,427			620			66,314			30,865			4,270			1,012


Net Increase (Decrease) in Net Assets		1,641,643			1,068,425			17,623,454			14,380,682			4,427,589			5,123,161
Net Assets — Beginning of Year or Period		5,808,141			4,739,716			35,949,914			21,569,232			17,726,354			12,603,193


Net Assets — End of Year or Period	$	7,449,784		$	5,808,141		$	53,573,368		$	35,949,914		$	22,153,943		$	17,726,354

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 affiliates of Equitable America.

FSA-77

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/LARGE CAP VALUE INDEX*						EQ/LARGE CAP VALUE MANAGED VOLATILITY*						EQ/LAZARD EMERGING MARKETS EQUITY*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	349,381		$	287,770		$	179,033		$	159,945		$	653,593		$	557,945
Net realized gain (loss)		1,453,714			598,798			1,288,073			728,125			714,248			(47,957	)
Net change in unrealized appreciation (depreciation) of investments		864,743			866,601			1,627			400,340			(251,324	)		2,238,868


Net increase (decrease) in net assets resulting from operations		2,667,838			1,753,169			1,468,733			1,288,410			1,116,517			2,748,856


From Contractowners Transactions:
Payments received from contractowners		4,471,326			4,131,243			625,590			614,792			1,394,397			1,555,775
Transfers between Variable Investment Options including guaranteed interest account, net		(246,821	)		11,915			(122,064	)		(201,761	)		(530,105	)		(847,663	)
Redemptions for contract benefits and terminations		(333,510	)		(175,943	)		(208,453	)		(277,002	)		(280,738	)		(322,161	)
Contract maintenance charges		(1,459,729	)		(1,204,868	)		(492,619	)		(486,363	)		(737,414	)		(732,741	)


Net increase (decrease) in net assets resulting from contractowners transactions		2,431,266			2,762,347			(197,546	)		(350,334	)		(153,860	)		(346,790	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		36,310			21,393			—			(1	)		—			1


Net Increase (Decrease) in Net Assets		5,135,415			4,536,909			1,271,189			938,075			962,657			2,402,067
Net Assets — Beginning of Year or Period		19,012,491			14,475,582			10,393,091			9,455,016			15,233,831			12,831,764


Net Assets — End of Year or Period	$	24,147,906		$	19,012,491		$	11,664,280		$	10,393,091		$	16,196,488		$	15,233,831

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 America.

FSA-78

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/LONG-TERM BOND*^(a)			EQ/LOOMIS SAYLES GROWTH*						EQ/MFS INTERNATIONAL GROWTH*
	2024			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	6,047		$	—		$	—		$	314,883		$	447,922
Net realized gain (loss)		(35	)		5,448,129			1,012,493			2,615,449			1,161,711
Net change in unrealized appreciation (depreciation) of investments		(15,058	)		1,928,054			5,521,674			377,962			2,867,168


Net increase (decrease) in net assets resulting from operations		(9,046	)		7,376,183			6,534,167			3,308,294			4,476,801


From Contractowners Transactions:
Payments received from contractowners		38,311			3,577,560			2,826,088			5,861,956			5,927,398
Transfers between Variable Investment Options including guaranteed interest account, net		139,412			(1,796,394	)		(725,201	)		(1,824,136	)		341,428
Redemptions for contract benefits and terminations		—			(507,619	)		(305,032	)		(678,767	)		(682,753	)
Contract maintenance charges		(3,879	)		(1,203,746	)		(1,084,064	)		(2,193,841	)		(2,098,355	)


Net increase (decrease) in net assets resulting from contractowners transactions		173,844			69,801			711,791			1,165,212			3,487,718


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		43			—			2,840			31,556			18,987


Net Increase (Decrease) in Net Assets		164,840			7,445,986			7,248,798			4,505,063			7,983,506
Net Assets — Beginning of Year or Period		—			21,906,823			14,658,025			37,728,851			29,745,345


Net Assets — End of Year or Period	$	164,840		$	29,352,809		$	21,906,823		$	42,233,914		$	37,728,851

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 America.

(a)

Units were made available on May 13, 2024.

FSA-79

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/MFS INTERNATIONAL INTRINSIC VALUE*						EQ/MFS MID CAP FOCUSED GROWTH*						EQ/MFS TECHNOLOGY*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	675,484		$	483,950		$	—		$	—		$	—		$	—
Net realized gain (loss)		3,382,991			924,694			2,832,939			413,365			4,909,065			275,901
Net change in unrealized appreciation (depreciation) of investments		(1,227,734	)		4,344,189			552,130			3,589,196			3,858,349			7,205,982


Net increase (decrease) in net assets resulting from operations		2,830,741			5,752,833			3,385,069			4,002,561			8,767,414			7,481,883


From Contractowners Transactions:
Payments received from contractowners		6,616,780			6,405,507			3,984,234			3,741,557			5,636,388			3,409,653
Transfers between Variable Investment Options including guaranteed interest account, net		(606,810	)		(1,352,771	)		(660,347	)		(518,069	)		570,204			88,556
Redemptions for contract benefits and terminations		(763,554	)		(620,736	)		(441,999	)		(413,564	)		(538,563	)		(320,950	)
Contract maintenance charges		(2,482,246	)		(2,319,005	)		(1,214,538	)		(1,128,886	)		(1,445,526	)		(1,041,290	)


Net increase (decrease) in net assets resulting from contractowners transactions		2,764,170			2,112,995			1,667,350			1,681,038			4,222,503			2,135,969


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		37,066			23,828			22,807			14,301			23,310			7,597


Net Increase (Decrease) in Net Assets		5,631,977			7,889,656			5,075,226			5,697,900			13,013,227			9,625,449
Net Assets — Beginning of Year or Period		40,251,476			32,361,820			22,811,468			17,113,568			22,790,182			13,164,733


Net Assets — End of Year or Period	$	45,883,453		$	40,251,476		$	27,886,694		$	22,811,468		$	35,803,409		$	22,790,182

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 America.

FSA-80

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/MFS UTILITIES SERIES*						EQ/MID CAP INDEX*						EQ/MID CAP VALUE MANAGED VOLATILITY*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	13,993		$	13,710		$	338,370		$	294,827		$	129,445		$	117,197
Net realized gain (loss)		6,527			11,389			2,813,039			1,438,414			1,218,542			549,622
Net change in unrealized appreciation (depreciation) of investments		61,024			(32,054	)		1,113,843			2,278,041			(361,135	)		328,974


Net increase (decrease) in net assets resulting from operations		81,544			(6,955	)		4,265,252			4,011,282			986,852			995,793


From Contractowners Transactions:
Payments received from contractowners		342,210			376,495			7,252,048			6,095,605			909,103			863,724
Transfers between Variable Investment Options including guaranteed interest account, net		37,688			(26,253	)		(753,027	)		262,273			(179,800	)		82,900
Redemptions for contract benefits and terminations		(59,662	)		(10,851	)		(584,158	)		(692,582	)		(131,555	)		(341,074	)
Contract maintenance charges		(103,776	)		(78,598	)		(2,129,389	)		(1,807,478	)		(471,210	)		(463,289	)


Net increase (decrease) in net assets resulting from contractowners transactions		216,460			260,793			3,785,474			3,857,818			126,538			142,261


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		1,962			1,149			36,987			20,902			—			616


Net Increase (Decrease) in Net Assets		299,964			254,987			8,087,714			7,890,002			1,113,389			1,138,670
Net Assets — Beginning of Year or Period		654,759			399,772			31,058,334			23,168,332			8,481,922			7,343,252


Net Assets — End of Year or Period	$	954,723		$	654,759		$	39,146,048		$	31,058,334		$	9,595,311		$	8,481,922

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 America.

FSA-81

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/MODERATE ALLOCATION*						EQ/MODERATE GROWTH STRATEGY*						EQ/MODERATE-PLUS ALLOCATION*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	1,919,382		$	1,164,024		$	3,794,327		$	1,943,474		$	3,799,373		$	2,178,903
Net realized gain (loss)		2,366,675			610,406			10,216,083			3,851,645			8,057,326			1,776,773
Net change in unrealized appreciation (depreciation) of investments		788,436			4,899,398			894,321			12,355,804			3,410,711			14,406,377


Net increase (decrease) in net assets resulting from operations		5,074,493			6,673,828			14,904,731			18,150,923			15,267,410			18,362,053


From Contractowners Transactions:
Payments received from contractowners		13,837,137			11,889,032			13,049,256			13,830,319			21,851,862			21,474,594
Transfers between Variable Investment Options including guaranteed interest account, net		(1,527,763	)		(1,521,436	)		(3,277,153	)		1,138,590			(3,495,655	)		(4,624,786	)
Redemptions for contract benefits and terminations		(1,642,789	)		(1,275,613	)		(4,144,152	)		(3,475,766	)		(4,505,491	)		(4,311,582	)
Contract maintenance charges		(6,311,506	)		(5,511,699	)		(9,460,294	)		(9,559,645	)		(10,819,897	)		(9,565,919	)


Net increase (decrease) in net assets resulting from contractowners transactions		4,355,079			3,580,284			(3,832,343	)		1,933,498			3,030,819			2,972,307


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		67,322			39,950			—			(1	)		225,864			87,393


Net Increase (Decrease) in Net Assets		9,496,894			10,294,062			11,072,389			20,084,420			18,524,092			21,421,753
Net Assets — Beginning of Year or Period		62,546,585			52,252,523			140,224,573			120,140,153			139,949,287			118,527,534


Net Assets — End of Year or Period	$	72,043,479		$	62,546,585		$	151,296,962		$	140,224,573		$	158,473,379		$	139,949,287

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 America.

FSA-82

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/MONEY MARKET*						EQ/MORGAN STANLEY SMALL CAP GROWTH*						EQ/PIMCO GLOBAL REAL RETURN*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	1,340,161		$	1,112,565		$	1,404		$	165		$	5,804		$	12,830
Net realized gain (loss)		7,754			(1,086	)		(1,580,128	)		(1,172,695	)		(64,689	)		(41,801	)
Net change in unrealized appreciation (depreciation) of investments		(4,848	)		1,084			4,288,096			3,962,028			55,360			66,536


Net increase (decrease) in net assets resulting from operations		1,343,067			1,112,563			2,709,372			2,789,498			(3,525	)		37,565


From Contractowners Transactions:
Payments received from contractowners		37,672,726			46,788,579			2,721,850			2,715,312			321,110			389,906
Transfers between Variable Investment Options including guaranteed interest account, net		(29,421,393	)		(29,896,430	)		(686,057	)		71,686			(13,699	)		2,633
Redemptions for contract benefits and terminations		(7,377,639	)		(6,298,404	)		(138,824	)		(101,816	)		(24,052	)		(4,300	)
Contract maintenance charges		(4,350,145	)		(4,136,513	)		(823,446	)		(779,891	)		(127,139	)		(144,604	)


Net increase (decrease) in net assets resulting from contractowners transactions		(3,476,451	)		6,457,232			1,073,523			1,905,291			156,220			243,635


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		55,964			47,131			—			4,697			1,577			1,194


Net Increase (Decrease) in Net Assets		(2,077,420	)		7,616,926			3,782,895			4,699,486			154,272			282,394
Net Assets — Beginning of Year or Period		28,935,226			21,318,300			11,982,758			7,283,272			962,915			680,521


Net Assets — End of Year or Period	$	26,857,806		$	28,935,226		$	15,765,653		$	11,982,758		$	1,117,187		$	962,915

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 America.

FSA-83

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/PIMCO REAL RETURN*						EQ/PIMCO TOTAL RETURN ESG*						EQ/PIMCO ULTRA SHORT BOND*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	493,975		$	133,297		$	1,084,204		$	589,886		$	557,282		$	473,188
Net realized gain (loss)		417,356			46,435			(241,423	)		(278,742	)		182,492			32,831
Net change in unrealized appreciation (depreciation) of investments		(682,754	)		196,656			(368,052	)		891,061			67,092			178,156


Net increase (decrease) in net assets resulting from operations		228,577			376,388			474,729			1,202,205			806,866			684,175


From Contractowners Transactions:
Payments received from contractowners		2,292,603			2,162,718			3,754,584			3,789,854			1,461,254			1,696,548
Transfers between Variable Investment Options including guaranteed interest account, net		646,118			177,408			825,734			(129,455	)		(650,458	)		(204,351	)
Redemptions for contract benefits and terminations		(241,501	)		(165,337	)		(720,150	)		(478,441	)		(255,325	)		(387,714	)
Contract maintenance charges		(935,967	)		(852,840	)		(1,876,205	)		(1,885,222	)		(942,514	)		(902,515	)


Net increase (decrease) in net assets resulting from contractowners transactions		1,761,253			1,321,949			1,983,963			1,296,736			(387,043	)		201,968


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		4,536			5,618			5,716			24,842			3,521			1,985


Net Increase (Decrease) in Net Assets		1,994,366			1,703,955			2,464,409			2,523,783			423,344			888,128
Net Assets — Beginning of Year or Period		11,254,155			9,550,200			22,802,094			20,278,311			12,064,686			11,176,558


Net Assets — End of Year or Period	$	13,248,521		$	11,254,155		$	25,266,503		$	22,802,094		$	12,488,030		$	12,064,686

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 America.

FSA-84

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/QUALITY BOND PLUS*						EQ/SMALL COMPANY INDEX*						EQ/T. ROWE PRICE HEALTH SCIENCES*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	111,331		$	70,712		$	430,327		$	286,859		$	—		$	—
Net realized gain (loss)		(25,406	)		(50,771	)		1,896,951			704,874			373,671			58,550
Net change in unrealized appreciation (depreciation) of investments		(22,937	)		113,702			979,714			2,753,455			(400,436	)		165,958


Net increase (decrease) in net assets resulting from operations		62,988			133,643			3,306,992			3,745,188			(26,765	)		224,508


From Contractowners Transactions:
Payments received from contractowners		377,119			397,482			6,312,893			5,119,977			2,049,115			1,911,287
Transfers between Variable Investment Options including guaranteed interest account, net		213,372			(63,211	)		(250,703	)		546,625			409,592			(67,107	)
Redemptions for contract benefits and terminations		(84,893	)		(160,793	)		(351,815	)		(474,088	)		(80,146	)		(75,138	)
Contract maintenance charges		(236,028	)		(233,655	)		(1,758,148	)		(1,484,486	)		(578,577	)		(507,791	)


Net increase (decrease) in net assets resulting from contractowners transactions		269,570			(60,177	)		3,952,227			3,708,028			1,799,984			1,261,251


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		—			(1	)		39,955			14,245			9,580			6,260


Net Increase (Decrease) in Net Assets		332,558			73,465			7,299,174			7,467,461			1,782,799			1,492,019
Net Assets — Beginning of Year or Period		3,360,616			3,287,151			27,356,151			19,888,690			5,180,270			3,688,251


Net Assets — End of Year or Period	$	3,693,174		$	3,360,616		$	34,655,325		$	27,356,151		$	6,963,069		$	5,180,270

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 America.

FSA-85

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQ/VALUE EQUITY*						EQ/WELLINGTON ENERGY*						EQUITABLE CONSERVATIVE GROWTH MF/ETF*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	275,332		$	280,037		$	139,425		$	147,417		$	341,764		$	258,701
Net realized gain (loss)		1,253,183			150,517			294,139			287,192			193,478			5,653
Net change in unrealized appreciation (depreciation) of investments		382,573			3,855,862			(131,931	)		(162,652	)		197,787			662,473


Net increase (decrease) in net assets resulting from operations		1,911,088			4,286,416			301,633			271,957			733,029			926,827


From Contractowners Transactions:
Payments received from contractowners		2,831,464			3,219,992			500,490			541,053			1,535,545			1,282,464
Transfers between Variable Investment Options including guaranteed interest account, net		(1,177,728	)		(396,675	)		(134,643	)		(778,697	)		(255,500	)		(286,663	)
Redemptions for contract benefits and terminations		(477,678	)		(674,249	)		(104,794	)		(93,304	)		(397,449	)		(147,717	)
Contract maintenance charges		(1,453,862	)		(1,421,566	)		(269,910	)		(283,292	)		(821,680	)		(819,798	)


Net increase (decrease) in net assets resulting from contractowners transactions		(277,804	)		727,502			(8,857	)		(614,240	)		60,916			28,286


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		6,036			3,676			—			—			2,892			1,738


Net Increase (Decrease) in Net Assets		1,639,320			5,017,594			292,777			(342,283	)		796,835			956,851
Net Assets — Beginning of Year or Period		26,282,226			21,264,632			4,575,500			4,917,783			10,202,168			9,245,317


Net Assets — End of Year or Period	$	27,921,546		$	26,282,226		$	4,868,277		$	4,575,500		$	10,999,003		$	10,202,168

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 affiliates of Equitable America.

FSA-86

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	EQUITABLE *GROWTH MF/ETF^(a)**			EQUITABLE MODERATE *GROWTH MF/ETF^(a)**			FIDELITY^® VIP ASSET MANAGER PORTFOLIO
	2024			2024			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	1,101		$	3,732		$	110		$	93
Net realized gain (loss)		178			558			42			46
Net change in unrealized appreciation (depreciation) of investments		(2,212	)		(2,697	)		200			334


Net increase (decrease) in net assets resulting from operations		(933	)		1,593			352			473


From Contractowners Transactions:
Payments received from contractowners		123,262			203,734			7			7
Transfers between Variable Investment Options including guaranteed interest account, net		23,664			(8,583	)		135			135
Contract maintenance charges		(6,911	)		(7,519	)		(98	)		(99	)


Net increase (decrease) in net assets resulting from contractowners transactions		140,015			187,632			44			43


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		70			84			—			—


Net Increase (Decrease) in Net Assets		139,151			189,310			396			516
Net Assets — Beginning of Year or Period		—			—			4,132			3,616


Net Assets — End of Year or Period	$	139,151		$	189,310		$	4,528		$	4,132

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 America.

(a)

Units were made available on May 13, 2024.

FSA-87

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	FIDELITY^® VIP ASSET MANAGER: GROWTH PORTFOLIO						FIDELITY^® VIP GROWTH & INCOME PORTFOLIO						FIDELITY^® VIP MID CAP PORTFOLIO
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	21,765		$	11,745		$	141,132		$	115,013		$	57,567		$	48,738
Net realized gain (loss)		12,245			(6,817	)		1,145,885			439,640			2,300,588			341,366
Net change in unrealized appreciation (depreciation) of investments		56,311			80,938			708,274			642,817			13,794			1,305,419


Net increase (decrease) in net assets resulting from operations		90,321			85,866			1,995,291			1,197,470			2,371,949			1,695,523


From Contractowners Transactions:
Payments received from contractowners		591,002			284,738			2,616,030			1,782,866			2,654,017			2,433,896
Transfers between Variable Investment Options including guaranteed interest account, net		(40,382	)		42,381			151,090			283,970			(209,522	)		(519,935	)
Redemptions for contract benefits and terminations		(657	)		(684	)		(671,917	)		(149,234	)		(207,876	)		(275,595	)
Contract maintenance charges		(121,173	)		(75,479	)		(823,872	)		(648,404	)		(903,952	)		(820,450	)


Net increase (decrease) in net assets resulting from contractowners transactions		428,790			250,956			1,271,331			1,269,198			1,332,667			817,916


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		1,074			1,311			15,619			10,030			7,181			4,522


Net Increase (Decrease) in Net Assets		520,185			338,133			3,282,240			2,476,698			3,711,796			2,517,961
Net Assets — Beginning of Year or Period		729,588			391,455			8,397,693			5,920,995			13,413,579			10,895,618


Net Assets — End of Year or Period	$	1,249,773		$	729,588		$	11,679,933		$	8,397,693		$	17,125,375		$	13,413,579

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

FSA-88

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	FIDELITY^® VIP VALUE PORTFOLIO						FRANKLIN INCOME VIP FUND						FRANKLIN SMALL CAP VALUE VIP FUND
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	17,579		$	8,780		$	17,212		$	15,574		$	70,742		$	28,792
Net realized gain (loss)		148,946			25,251			(103	)		20,923			148,794			212,252
Net change in unrealized appreciation (depreciation) of investments		(38,804	)		88,873			5,806			(10,541	)		624,978			509,595


Net increase (decrease) in net assets resulting from operations		127,721			122,904			22,915			25,956			844,514			750,639


From Contractowners Transactions:
Payments received from contractowners		603,803			462,346			10,555			9,390			1,669,568			1,680,430
Transfers between Variable Investment Options including guaranteed interest account, net		72,072			(12,298	)		(3,870	)		(4,094	)		(24,010	)		147,934
Redemptions for contract benefits and terminations		(1,288	)		(1,502	)		—			(26,040	)		(41,748	)		(72,532	)
Contract maintenance charges		(149,007	)		(89,235	)		(6,468	)		(6,675	)		(455,372	)		(404,531	)


Net increase (decrease) in net assets resulting from contractowners transactions		525,580			359,311			217			(27,419	)		1,148,438			1,351,301


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		1,955			1,025			—			(1	)		5,499			3,272


Net Increase (Decrease) in Net Assets		655,256			483,240			23,132			(1,464	)		1,998,452			2,105,212
Net Assets — Beginning of Year or Period		894,752			411,512			316,712			318,176			6,890,789			4,785,577


Net Assets — End of Year or Period	$	1,550,008		$	894,752		$	339,844		$	316,712		$	8,889,241		$	6,890,789

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

FSA-89

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	INVESCO V.I. DIVERSIFIED DIVIDEND FUND						INVESCO V.I. GLOBAL CORE EQUITY FUND						INVESCO V.I. HEALTH CARE FUND
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	10,147		$	7,475		$	6		$	5		$	—		$	—
Net realized gain (loss)		14,341			30,606			89			33			806			(830	)
Net change in unrealized appreciation (depreciation) of investments		42,001			(2,140	)		35			135			1,332			1,968


Net increase (decrease) in net assets resulting from operations		66,489			35,941			130			173			2,138			1,138


From Contractowners Transactions:
Payments received from contractowners		213,470			173,583			25			23			2,123			1,370
Transfers between Variable Investment Options including guaranteed interest account, net		(133,942	)		(5,226	)		(37	)		(26	)		19			34
Redemptions for contract benefits and terminations		(910	)		(12,314	)		(326	)		—			(455	)		(11,920	)
Contract maintenance charges		(55,371	)		(46,064	)		(126	)		(197	)		(1,496	)		(1,615	)


Net increase (decrease) in net assets resulting from contractowners transactions		23,247			109,979			(464	)		(200	)		191			(12,131	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		(7,623	)		9,021			—			—			(1,438	)		1,441


Net Increase (Decrease) in Net Assets		82,115			154,941			(333	)		(27	)		891			(9,552	)
Net Assets — Beginning of Year or Period		458,635			303,694			863			890			52,703			62,255


Net Assets — End of Year or Period	$	540,750		$	458,635		$	530		$	863		$	53,594		$	52,703

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

FSA-90

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	INVESCO V.I. MAIN STREET MID CAP FUND						INVESCO V.I. SMALL CAP EQUITY FUND						INVESCO V.I. TECHNOLOGY FUND
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	2,130		$	556		$	—		$	—		$	—		$	—
Net realized gain (loss)		14,866			(20,121	)		92,294			20,155			3,179			(701	)
Net change in unrealized appreciation (depreciation) of investments		239,422			205,150			249,346			246,389			18,395			21,014


Net increase (decrease) in net assets resulting from operations		256,418			185,585			341,640			266,544			21,574			20,313


From Contractowners Transactions:
Payments received from contractowners		100,641			98,681			167,656			164,957			2,123			708
Transfers between Variable Investment Options including guaranteed interest account, net		(10,762	)		10,746			(9,824	)		(103,647	)		32			3
Redemptions for contract benefits and terminations		(29,603	)		(10,909	)		(29,225	)		(15,503	)		—			—
Contract maintenance charges		(67,129	)		(66,109	)		(89,221	)		(87,546	)		(1,769	)		(1,463	)


Net increase (decrease) in net assets resulting from contractowners transactions		(6,853	)		32,409			39,386			(41,739	)		386			(752	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		(2,863	)		2,881			—			—			—			(1	)


Net Increase (Decrease) in Net Assets		246,703			220,875			381,027			224,805			21,961			19,560
Net Assets — Beginning of Year or Period		1,510,881			1,290,006			1,868,579			1,643,774			63,145			43,585


Net Assets — End of Year or Period	$	1,757,584		$	1,510,881		$	2,249,606		$	1,868,579		$	85,106		$	63,145

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

FSA-91

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	JANUS HENDERSON BALANCED PORTFOLIO						JANUS HENDERSON ENTERPRISE PORTFOLIO						JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	80,466		$	47,158		$	35,965		$	5,575		$	260		$	250
Net realized gain (loss)		40,905			(51,403	)		97,591			274,969			1,164			787
Net change in unrealized appreciation (depreciation) of investments		429,466			322,550			379,354			321,486			5,584			5,283


Net increase (decrease) in net assets resulting from operations		550,837			318,305			512,910			602,030			7,008			6,320


From Contractowners Transactions:
Payments received from contractowners		2,126,233			2,265,118			(1,403	)		134,330			—			—
Transfers between Variable Investment Options including guaranteed interest account, net		(78,659	)		(43,162	)		(285,533	)		(71,579	)		—			—
Redemptions for contract benefits and terminations		(15,683	)		(239	)		(54,325	)		(105,447	)		—			—
Contract maintenance charges		(629,926	)		(407,116	)		(126,802	)		(142,102	)		(243	)		(237	)


Net increase (decrease) in net assets resulting from contractowners transactions		1,401,965			1,814,601			(468,063	)		(184,798	)		(243	)		(237	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		6,392			3,336			—			(1	)		(10,277	)		—


Net Increase (Decrease) in Net Assets		1,959,195			2,136,242			44,846			417,231			(3,511	)		6,083
Net Assets — Beginning of Year or Period		3,349,784			1,213,542			3,802,592			3,385,361			29,798			23,715


Net Assets — End of Year or Period	$	5,308,979		$	3,349,784		$	3,847,438		$	3,802,592		$	26,287		$	29,798

The

accompanying notes are an integral part of these financial statements.

FSA-92

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	JANUS HENDERSON MID CAP VALUE PORTFOLIO						JANUS HENDERSON OVERSEAS PORTFOLIO						LORD ABBETT SERIES FUND - BOND DEBENTURE PORTFOLIO
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	26,942		$	29,423		$	3,321		$	2,338		$	326,910		$	147,777
Net realized gain (loss)		267,448			156,119			19,117			50,949			(50,595	)		(34,416	)
Net change in unrealized appreciation (depreciation) of investments		90,099			151,097			(14,518	)		(33,824	)		28,932			43,985


Net increase (decrease) in net assets resulting from operations		384,489			336,639			7,920			19,463			305,247			157,346


From Contractowners Transactions:
Payments received from contractowners		(1,404	)		132,045			309			310			1,672,073			1,269,930
Transfers between Variable Investment Options including guaranteed interest account, net		(544,403	)		94,704			26,428			(172,471	)		1,504,134			200,334
Redemptions for contract benefits and terminations		(53,795	)		(64,072	)		(314	)		—			(47,735	)		(14,481	)
Contract maintenance charges		(109,780	)		(126,736	)		(4,218	)		(4,589	)		(392,119	)		(304,163	)


Net increase (decrease) in net assets resulting from contractowners transactions		(709,382	)		35,941			22,205			(176,750	)		2,736,353			1,151,620


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		—			1			—			(1	)		7,575			3,341


Net Increase (Decrease) in Net Assets		(324,892	)		372,581			30,126			(157,288	)		3,049,178			1,312,307
Net Assets — Beginning of Year or Period		3,356,517			2,983,936			120,868			278,156			2,956,357			1,644,050


Net Assets — End of Year or Period	$	3,031,625		$	3,356,517		$	150,994		$	120,868		$	6,005,535		$	2,956,357

The

accompanying notes are an integral part of these financial statements.

FSA-93

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	MACQUARIE VIP HIGH INCOME SERIES						MFS^® INVESTORS TRUST SERIES						MFS^® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	1,465,387		$	1,127,534		$	4,840		$	4,214		$	5,620		$	1,796
Net realized gain (loss)		(153,450	)		(288,623	)		108,300			67,119			414,601			188,321
Net change in unrealized appreciation (depreciation) of investments		82,254			1,210,214			66,581			85,271			212,686			574,831


Net increase (decrease) in net assets resulting from operations		1,394,191			2,049,125			179,721			156,604			632,907			764,948


From Contractowners Transactions:
Payments received from contractowners		4,431,281			3,881,887			83,128			82,481			397,022			436,396
Transfers between Variable Investment Options including guaranteed interest account, net		1,517,252			401,939			(67,131	)		(20,301	)		(539,426	)		264,923
Redemptions for contract benefits and terminations		(420,162	)		(267,773	)		(35,490	)		(12,707	)		(86,839	)		(66,332	)
Contract maintenance charges		(1,602,559	)		(1,426,393	)		(57,280	)		(74,836	)		(151,263	)		(148,047	)


Net increase (decrease) in net assets resulting from contractowners transactions		3,925,812			2,589,660			(76,773	)		(25,363	)		(380,506	)		486,940


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		12,074			7,690			—			1			—			(1	)


Net Increase (Decrease) in Net Assets		5,332,077			4,646,475			102,950			131,242			252,402			1,251,887
Net Assets — Beginning of Year or Period		20,634,262			15,987,787			986,942			855,700			4,234,474			2,982,587


Net Assets — End of Year or Period	$	25,966,339		$	20,634,262		$	1,089,892		$	986,942		$	4,486,876		$	4,234,474

The

accompanying notes are an integral part of these financial statements.

FSA-94

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO						MULTIMANAGER AGGRESSIVE EQUITY*						MULTIMANAGER CORE BOND*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	7,873		$	5,675		$	69,554		$	46,057		$	529,468		$	407,273
Net realized gain (loss)		(402	)		(13,353	)		2,677,184			222,799			(770,763	)		(211,779	)
Net change in unrealized appreciation (depreciation) of investments		589			15,611			1,415,016			3,319,371			564,244			488,331


Net increase (decrease) in net assets resulting from operations		8,060			7,933			4,161,754			3,588,227			322,949			683,825


From Contractowners Transactions:
Payments received from contractowners		1,667			2,385			2,213,147			1,731,385			463,907			808,774
Transfers between Variable Investment Options including guaranteed interest account, net		(174	)		(244	)		(682,572	)		(228,110	)		880,611			1,651,809
Redemptions for contract benefits and terminations		—			(13,082	)		(336,097	)		(242,448	)		(210,007	)		(327,141	)
Contract maintenance charges		(827	)		(761	)		(743,989	)		(676,487	)		(701,662	)		(732,090	)


Net increase (decrease) in net assets resulting from contractowners transactions		666			(11,702	)		450,489			584,340			432,849			1,401,352


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		—			1			7,423			3,786			—			(2	)


Net Increase (Decrease) in Net Assets		8,725			(3,768	)		4,619,666			4,176,353			755,797			2,085,175
Net Assets — Beginning of Year or Period		71,257			75,025			13,256,742			9,080,389			14,811,088			12,725,913


Net Assets — End of Year or Period	$	79,982		$	71,257		$	17,876,408		$	13,256,742		$	15,566,885		$	14,811,088

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 America.

FSA-95

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	MULTIMANAGER TECHNOLOGY*						PIMCO COMMODITY REAL RETURN^® STRATEGY PORTFOLIO						T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	—		$	—		$	111,218		$	834,484		$	—		$	—
Net realized gain (loss)		7,624,652			2,113,860			(127,362	)		(307,098	)		216,843			26,530
Net change in unrealized appreciation (depreciation) of investments		4,397,765			12,090,186			221,619			(955,738	)		256,173			91,065


Net increase (decrease) in net assets resulting from operations		12,022,417			14,204,046			205,475			(428,352	)		473,016			117,595


From Contractowners Transactions:
Payments received from contractowners		8,816,874			7,673,819			929,454			1,190,936			1,385,646			615,056
Transfers between Variable Investment Options including guaranteed interest account, net		(2,567,568	)		(767,543	)		92,137			(915,980	)		(16,607	)		229,356
Redemptions for contract benefits and terminations		(1,000,724	)		(583,093	)		(116,010	)		(93,429	)		(2,102	)		(683	)
Contract maintenance charges		(2,605,404	)		(2,285,844	)		(381,931	)		(421,414	)		(162,324	)		(41,960	)


Net increase (decrease) in net assets resulting from contractowners transactions		2,643,178			4,037,339			523,650			(239,887	)		1,204,613			801,769


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		29,733			14,458			1,362			2,423			3,716			732


Net Increase (Decrease) in Net Assets		14,695,328			18,255,843			730,487			(665,816	)		1,681,347			920,096
Net Assets — Beginning of Year or Period		45,218,974			26,963,131			4,882,551			5,548,367			932,884			12,788


Net Assets — End of Year or Period	$	59,914,302		$	45,218,974		$	5,613,038		$	4,882,551		$	2,614,231		$	932,884

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 America.

FSA-96

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	T. ROWE PRICE EQUITY INCOME PORTFOLIO						T. ROWE PRICE MID-CAP GROWTH PORTFOLIO						TARGET 2025 ALLOCATION*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	103,106		$	101,800		$	—		$	—		$	20,780		$	17,979
Net realized gain (loss)		532,559			252,106			52,852			9,197			9,699			17,734
Net change in unrealized appreciation (depreciation) of investments		35,035			146,594			(31,802	)		5,502			41,011			67,719


Net increase (decrease) in net assets resulting from operations		670,700			500,500			21,050			14,699			71,490			103,432


From Contractowners Transactions:
Payments received from contractowners		808,934			918,404			334,018			145,818			100,363			125,780
Transfers between Variable Investment Options including guaranteed interest account, net		(563,190	)		(200,553	)		72,866			1,198			(187,463	)		70,907
Redemptions for contract benefits and terminations		(43,875	)		(64,837	)		(320	)		(207	)		(44,179	)		(9,367	)
Contract maintenance charges		(356,902	)		(368,314	)		(42,999	)		(10,738	)		(62,671	)		(75,799	)


Net increase (decrease) in net assets resulting from contractowners transactions		(155,033	)		284,700			363,565			136,071			(193,950	)		111,521


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		5,730			3,036			971			189			—			—


Net Increase (Decrease) in Net Assets		521,401			788,236			385,585			150,959			(122,460	)		214,953
Net Assets — Beginning of Year or Period		5,943,715			5,155,479			150,959			—			943,064			728,111


Net Assets — End of Year or Period	$	6,465,116		$	5,943,715		$	536,544		$	150,959		$	820,604		$	943,064

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 America.

FSA-97

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	TARGET 2035 ALLOCATION*						TARGET 2045 ALLOCATION*						TARGET 2055 ALLOCATION*
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	56,778		$	36,384		$	49,270		$	35,040		$	72,766		$	62,337
Net realized gain (loss)		80,249			44,015			72,216			90,501			277,619			61,342
Net change in unrealized appreciation (depreciation) of investments		135,707			236,063			192,993			246,655			304,632			598,382


Net increase (decrease) in net assets resulting from operations		272,734			316,462			314,479			372,196			655,017			722,061


From Contractowners Transactions:
Payments received from contractowners		291,940			307,664			314,501			371,754			648,629			646,911
Transfers between Variable Investment Options including guaranteed interest account, net		186,247			(2,980	)		(5,627	)		(314,983	)		(368,020	)		290,561
Redemptions for contract benefits and terminations		(31,841	)		(54,437	)		(26	)		(47,423	)		(122,999	)		(33,910	)
Contract maintenance charges		(159,625	)		(165,766	)		(137,304	)		(133,165	)		(269,422	)		(269,329	)


Net increase (decrease) in net assets resulting from contractowners transactions		286,721			84,481			171,544			(123,817	)		(111,812	)		634,233


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		286			(285	)		(18	)		—			—			—


Net Increase (Decrease) in Net Assets		559,741			400,658			486,004			248,397			543,204			1,356,295
Net Assets — Beginning of Year or Period		2,281,261			1,880,603			2,407,346			2,158,949			4,736,354			3,380,059


Net Assets — End of Year or Period	$	2,841,002		$	2,281,261		$	2,893,350		$	2,407,346		$	5,279,558		$	4,736,354

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 America.

FSA-98

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	TEMPLETON DEVELOPING MARKETS VIP FUND						TEMPLETON GLOBAL BOND VIP FUND						VANECK VIP EMERGING MARKETS BOND FUND
	2024			2023			2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	219,162		$	94,188		$	—		$	—		$	2,380		$	1,247
Net realized gain (loss)		(13,930	)		(86,388	)		(170,443	)		(224,863	)		(15	)		(965	)
Net change in unrealized appreciation (depreciation) of investments		193,761			536,871			(1,414,624	)		615,104			(1,477	)		3,411


Net increase (decrease) in net assets resulting from operations		398,993			544,671			(1,585,067	)		390,241			888.15			3,693


From Contractowners Transactions:
Payments received from contractowners		1,046,151			970,779			2,108,141			2,263,924			2,154.17			1,480
Transfers from Separate Account MLOA L
Transfers between Variable Investment Options including guaranteed interest account, net		(168,025	)		(334,319	)		776,943			(4,367	)		(28	)		(46	)
Redemptions for contract benefits and terminations		(84,736	)		(73,320	)		(267,199	)		(186,527	)		—			(13,297	)
Contract maintenance charges		(371,135	)		(358,843	)		(953,318	)		(926,959	)		(763.39	)		(810	)


Net increase (decrease) in net assets resulting from contractowners transactions		422,255			204,297			1,664,567			1,146,071			1,362.93			(12,673	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		2,870			2,006			7,129			7,332			(2,786	)		2,784


Net Increase (Decrease) in Net Assets		824,118			750,974			86,629			1,543,644			(534	)		(6,196	)
Net Assets — Beginning of Year or Period		4,995,044			4,244,070			13,159,185			11,615,541			34,022			40,218


Net Assets — End of Year or Period	$	5,819,162		$	4,995,044		$	13,245,814		$	13,159,185		$	33,488		$	34,022

The

accompanying notes are an integral part of these financial statements.

FSA-99

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


	VANECK VIP EMERGING MARKETS FUND						VANECK VIP GLOBAL RESOURCES FUND
	2024			2023			2024			2023
Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss)	$	47		$	90		$	108,369		$	129,099
Net realized gain (loss)		1			(3,460	)		70,133			392,338
Net change in unrealized appreciation (depreciation) of investments		(19	)		4,475			(304,121	)		(710,086	)


Net increase (decrease) in net assets resulting from operations		29			1,105			(125,619	)		(188,649	)


From Contractowners Transactions:
Payments received from contractowners		—			776			574,612			743,173
Transfers between Variable Investment Options including guaranteed interest account, net		141			(18	)		(607,095	)		(660,501	)
Redemptions for contract benefits and terminations		—			(13,957	)		(87,358	)		(92,150	)
Contract maintenance charges		(62	)		(71	)		(277,860	)		(316,222	)


Net increase (decrease) in net assets resulting from contractowners transactions		79			(13,270	)		(397,701	)		(325,700	)


Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K		—			—			537			(1	)


Net Increase (Decrease) in Net Assets		108			(12,165	)		(522,784	)		(514,350	)
Net Assets — Beginning of Year or Period		2,592			14,757			4,907,225			5,421,575


Net Assets — End of Year or Period	$	2,700		$	2,592		$	4,384,441		$	4,907,225

The

accompanying notes are an integral part of these financial statements.

FSA-100

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023

The change in units outstanding for the years or periods ended December 31, 2024 and 2023 were as follows:


		2024			2023
	Share Class**	Units Issued (000)	Units Redeemed (000)	Net Increase (Decrease)	Units Issued	Units Redeemed	Net Increase (Decrease)

1290 VT CONVERTIBLE SECURITIES	IB	4	(2)	2	3	(1)	2

1290 VT DOUBLELINE OPPORTUNISTIC BOND	IB	13	(7)	6	10	(3)	7

1290 VT EQUITY INCOME	IB	2	(2)	—	4	(11)	(7)

1290 VT GAMCO MERGERS & ACQUISITIONS	IB	3	(2)	1	3	(1)	2

1290 VT GAMCO SMALL COMPANY VALUE	IB	22	(7)	15	21	(12)	8

1290 VT MULTI-ALTERNATIVE STRATEGIES	IB	—	—	—	1	—	—

1290 VT NATURAL RESOURCES	IB	4	(2)	2	7	(6)	1

1290 VT REAL ESTATE	IB	6	(1)	5	6	(2)	4

1290 VT SMALL CAP VALUE	IB	6	(2)	4	8	(4)	4

1290 VT SMARTBETA EQUITY ESG	IB	6	(2)	4	10	(4)	6

1290 VT SOCIALLY RESPONSIBLE	IB	3	(1)	2	3	(1)	2

AB VPS DISCOVERY VALUE PORTFOLIO	CLASS B	1	—	1	1	—	1

AB VPS RELATIVE VALUE PORTFOLIO	CLASS B	3	—	3	2	—	1

AB VPS SUSTAINABLE GLOBAL THEMATIC PORTFOLIO	CLASS B	1	—	1	1	—	1

AMERICAN FUNDS INSURANCE SERIES^® ASSET ALLOCATION FUND	CLASS 4	16	(3)	13	13	(4)	9

AMERICAN FUNDS INSURANCE SERIES^® GLOBAL SMALL CAPITALIZATION FUND	CLASS 4	15	(3)	12	13	(3)	10

AMERICAN FUNDS INSURANCE SERIES^® NEW WORLD FUND^®	CLASS 4	14	(5)	9	13	(4)	8

BLACKROCK GLOBAL ALLOCATION V.I. FUND	CLASS III	6	(1)	5	7	(2)	6

BNY MELLON STOCK INDEX FUND, INC.	INITIAL SHARES	114	(196)	(82)	133	(143)	(11)

CLEARBRIDGE VARIABLE MID CAP PORTFOLIO	CLASS II	2	(1)	1	2	—	1

EQ/400 MANAGED VOLATILITY	IB	1	(1)	—	1	—	—

EQ/500 MANAGED VOLATILITY	IB	1	(1)	—	1	(1)	—

EQ/2000 MANAGED VOLATILITY	IB	1	(1)	—	1	(1)	—

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

FSA-101

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


		2024			2023
	Share Class**	Units Issued (000)	Units Redeemed (000)	Net Increase (Decrease)	Units Issued	Units Redeemed	Net Increase (Decrease)

EQ/AB SMALL CAP GROWTH	IB	17	(4)	13	17	(2)	15

EQ/AB SUSTAINABLE U.S. THEMATIC	IB	—	—	—	—	—	—

EQ/AGGRESSIVE ALLOCATION	IB	31	(11)	20	30	(13)	17

EQ/ALL ASSET GROWTH ALLOCATION	IB	15	(8)	7	22	(8)	14

EQ/AMERICAN CENTURY MID CAP VALUE	IB	16	(5)	11	17	(5)	12

EQ/BALANCED STRATEGY	IB	6	(17)	(11)	14	(18)	(4)

EQ/CAPITAL GROUP RESEARCH	IB	1	(1)	—	1	(1)	—

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG	IB	5	(4)	1	8	(6)	2

EQ/COMMON STOCK INDEX	IA	6	(17)	(11)	2	(6)	(4)

EQ/COMMON STOCK INDEX	IB	102	(24)	78	131	(32)	99

EQ/CONSERVATIVE ALLOCATION	IB	4	(3)	1	5	(5)	(1)

EQ/CONSERVATIVE GROWTH STRATEGY	IB	2	(4)	(2)	7	(6)	1

EQ/CONSERVATIVE STRATEGY	IB	1	(1)	—	1	(2)	(1)

EQ/CONSERVATIVE-PLUS ALLOCATION	IB	7	(5)	2	11	(9)	2

EQ/CORE BOND INDEX	IB	185	(218)	(33)	417	(425)	(8)

EQ/CORE PLUS BOND	IB	29	(10)	19	21	(11)	10

EQ/EMERGING MARKETS EQUITY PLUS	IB	8	(2)	6	5	—	4

EQ/EQUITY 500 INDEX	IB	263	(29)	234	225	(33)	191

EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP	K	13	(1)	12	19	(7)	12

EQ/FIDELITY INSTITUTIONAL AM^® LARGE CAP	IB	2	(3)	(1)	2	(4)	(2)

EQ/FRANKLIN RISING DIVIDENDS	IB	21	(5)	16	17	(6)	11

EQ/GLOBAL EQUITY MANAGED VOLATILITY	IB	1	(2)	(1)	1	(2)	(1)

EQ/GOLDMAN SACHS MID CAP VALUE	IB	8	(2)	6	12	(3)	9

EQ/GROWTH STRATEGY	IB	9	(16)	(7)	15	(14)	2

EQ/INTERMEDIATE CORPORATE BOND	IB	—	—	—	—	—	—

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

FSA-102

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


		2024			2023
	Share Class**	Units Issued (000)	Units Redeemed (000)	Net Increase (Decrease)	Units Issued	Units Redeemed	Net Increase (Decrease)

EQ/INTERMEDIATE GOVERNMENT BOND	IA	309	(76)	233	52	(74)	(22)

EQ/INTERMEDIATE GOVERNMENT BOND	IB	15	(3)	12	7	(3)	4

EQ/INTERNATIONAL CORE MANAGED VOLATILITY	IB	4	(3)	1	2	(4)	(2)

EQ/INTERNATIONAL EQUITY INDEX	IA	23	(83)	(60)	39	(27)	12

EQ/INTERNATIONAL EQUITY INDEX	IB	58	(16)	42	47	(10)	37

EQ/INTERNATIONAL MANAGED VOLATILITY	IB	1	(1)	—	1	(1)	—

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY	IB	3	(3)	—	5	(3)	2

EQ/INVESCO COMSTOCK	IB	5	(2)	3	5	(4)	1

EQ/INVESCO GLOBAL	IB	6	(2)	4	5	(2)	3

EQ/INVESCO GLOBAL REAL ASSETS	IB	9	(4)	5	9	(4)	5

EQ/JANUS ENTERPRISE	IB	5	(3)	2	6	(2)	4

EQ/JPMORGAN GROWTH STOCK	IB	28	(11)	17	37	(11)	27

EQ/JPMORGAN VALUE OPPORTUNITIES	IB	30	(5)	25	32	(5)	28

EQ/LARGE CAP CORE MANAGED VOLATILITY	IB	3	(2)	1	2	(2)	—

EQ/LARGE CAP GROWTH INDEX	IB	31	(9)	22	31	(6)	25

EQ/LARGE CAP GROWTH MANAGED VOLATILITY	IB	5	(5)	—	7	(3)	4

EQ/LARGE CAP VALUE INDEX	IB	23	(7)	16	25	(5)	20

EQ/LARGE CAP VALUE MANAGED VOLATILITY	IB	1	(2)	(1)	1	(2)	(1)

EQ/LAZARD EMERGING MARKETS EQUITY	IB	7	(8)	(1)	6	(9)	(3)

EQ/LONG-TERM BOND	IB	2	—	2	—	—	—

EQ/LOOMIS SAYLES GROWTH	IB	10	(6)	4	12	(7)	6

EQ/MFS INTERNATIONAL GROWTH	IB	37	(61)	(24)	57	(21)	36

EQ/MFS INTERNATIONAL INTRINSIC VALUE	IB	26	(8)	18	24	(8)	17

EQ/MFS MID CAP FOCUSED GROWTH	IB	13	(3)	10	15	(5)	10

EQ/MFS TECHNOLOGY	IB	51	(19)	32	36	(14)	21

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

FSA-103

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


		2024			2023
	Share Class**	Units Issued (000)	Units Redeemed (000)	Net Increase (Decrease)	Units Issued	Units Redeemed	Net Increase (Decrease)

EQ/MFS UTILITIES SERIES	K	—	—	—	—	—	—

EQ/MFS UTILITIES SERIES	IB	3	(1)	2	3	(1)	3

EQ/MID CAP INDEX	IB	30	(7)	23	31	(5)	25

EQ/MID CAP VALUE MANAGED VOLATILITY	IB	4	(3)	1	4	(2)	2

EQ/MODERATE ALLOCATION	IA	—	—	—	—	—	—

EQ/MODERATE ALLOCATION	IB	59	(17)	42	57	(21)	36

EQ/MODERATE GROWTH STRATEGY	IB	14	(29)	(15)	33	(23)	9

EQ/MODERATE-PLUS ALLOCATION	IB	78	(35)	43	99	(55)	44

EQ/MONEY MARKET	IA	110	(125)	(15)	33	(169)	(136)

EQ/MONEY MARKET	IB	389	(418)	(29)	501	(427)	75

EQ/MORGAN STANLEY SMALL CAP GROWTH	IB	16	(9)	7	30	(21)	9

EQ/PIMCO GLOBAL REAL RETURN	IB	3	(1)	2	4	(1)	2

EQ/PIMCO REAL RETURN	IB	20	(5)	15	19	(7)	12

EQ/PIMCO TOTAL RETURN ESG	IB	31	(13)	18	26	(14)	13

EQ/PIMCO ULTRA SHORT BOND	IB	200	(308)	(108)	108	(139)	(31)

EQ/QUALITY BOND PLUS	IA	—	—	—	—	—	—

EQ/QUALITY BOND PLUS	IB	2	(1)	1	2	(2)	—

EQ/SMALL COMPANY INDEX	IB	39	(22)	17	41	(14)	27

EQ/T. ROWE PRICE HEALTH SCIENCES	IB	13	(2)	11	13	(3)	9

EQ/VALUE EQUITY	IB	6	(4)	2	11	(4)	7

EQ/WELLINGTON ENERGY	IB	6	(6)	—	5	(13)	(7)

EQUITABLE CONSERVATIVE GROWTH MF/ETF	IB	8	(7)	1	6	(5)	1

EQUITABLE GROWTH MF/ETF	IB	1	—	1	—	—	—

EQUITABLE MODERATE GROWTH MF/ETF	IB	2	—	2	—	—	—

FIDELITY^® VIP ASSET MANAGER PORTFOLIO	INITIAL CLASS	—	—	—	—	—	—

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

FSA-104

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


		2024			2023
	Share Class**	Units Issued (000)	Units Redeemed (000)	Net Increase (Decrease)	Units Issued	Units Redeemed	Net Increase (Decrease)

FIDELITY^® VIP ASSET MANAGER: GROWTH PORTFOLIO	SERVICE CLASS 2	5	(1)	4	3	—	3

FIDELITY^® VIP GROWTH & INCOME PORTFOLIO	INITIAL CLASS	—	—	—	1	(5)	(4)

FIDELITY^® VIP GROWTH & INCOME PORTFOLIO	SERVICE CLASS 2	11	(6)	5	9	(2)	7

FIDELITY^® VIP MID CAP PORTFOLIO	SERVICE CLASS 2	9	(2)	7	10	(4)	6

FIDELITY^® VIP VALUE PORTFOLIO	SERVICE CLASS 2	4	—	4	4	(1)	3

FRANKLIN INCOME VIP FUND	CLASS 2	1	(1)	—	2	(3)	(1)

FRANKLIN SMALL CAP VALUE VIP FUND	CLASS 2	8	(2)	6	10	(2)	8

INVESCO V.I. DIVERSIFIED DIVIDEND FUND	SERIES I	—	—	—	1	(1)	(1)

INVESCO V.I. DIVERSIFIED DIVIDEND FUND	SERIES II	1	(1)	—	1	—	1

INVESCO V.I. GLOBAL CORE EQUITY FUND	SERIES I	—	—	—	—	—	—

INVESCO V.I. HEALTH CARE FUND	SERIES I	—	—	—	—	(1)	—

INVESCO V.I. MAIN STREET MID CAP FUND	SERIES II	—	—	—	—	—	—

INVESCO V.I. SMALL CAP EQUITY FUND	SERIES II	1	(1)	—	1	(1)	—

INVESCO V.I. TECHNOLOGY FUND	SERIES I	—	—	—	—	—	—

JANUS HENDERSON BALANCED PORTFOLIO	SERVICE SHARES	15	(3)	12	22	(4)	18

JANUS HENDERSON ENTERPRISE PORTFOLIO	INSTITUTIONAL SHARES	33	(44)	(11)	19	(24)	(5)

JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO	INSTITUTIONAL SHARES	—	—	—	—	—	—

JANUS HENDERSON MID CAP VALUE PORTFOLIO	SERVICE SHARES	2	(16)	(14)	9	(8)	1

JANUS HENDERSON OVERSEAS PORTFOLIO	INSTITUTIONAL SHARES	10	(9)	1	—	(6)	(6)

LORD ABBETT SERIES FUND — BOND DEBENTURE PORTFOLIO	VC SHARES	27	(2)	25	13	(1)	11

MACQUARIE VIP HIGH INCOME SERIES	SERVICE CLASS	36	(6)	30	33	(10)	23

MFS^® INVESTORS TRUST SERIES	SERVICE CLASS	—	—	—	—	—	—

MFS^® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO	SERVICE CLASS	—	(1)	(1)	2	(1)	1

MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO	CLASS I	—	—	—	1	(1)	—

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

FSA-105

EQUITABLE AMERICA VARIABLE ACCOUNT K

STATEMENTS OF CHANGES IN NET ASSETS (Concluded)

FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2024 AND 2023


		2024			2023
	Share Class**	Units Issued (000)	Units Redeemed (000)	Net Increase (Decrease)	Units Issued	Units Redeemed	Net Increase (Decrease)

MULTIMANAGER AGGRESSIVE EQUITY	IB	8	(4)	4	7	(3)	4

MULTIMANAGER CORE BOND	IB	292	(278)	14	147	(44)	103

MULTIMANAGER TECHNOLOGY	IB	21	(5)	16	27	(5)	22

PIMCO COMMODITYREALRETURN^® STRATEGY PORTFOLIO	ADVISOR CLASS	10	(5)	5	12	(15)	(3)

T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO	CLASS II	8	(2)	6	7	(1)	6

T. ROWE PRICE EQUITY INCOME PORTFOLIO	CLASS II	4	(4)	—	6	(3)	2

T. ROWE PRICE MID-CAP GROWTH PORTFOLIO	CLASS II	3	—	3	1	—	1

TARGET 2025 ALLOCATION	IB	1	(2)	(1)	1	—	1

TARGET 2035 ALLOCATION	IB	3	(1)	2	1	(1)	1

TARGET 2045 ALLOCATION	IB	2	(1)	1	2	(3)	(1)

TARGET 2055 ALLOCATION	IB	3	(4)	(1)	4	(1)	4

TEMPLETON DEVELOPING MARKETS VIP FUND	CLASS 2	6	(3)	3	7	(5)	2

TEMPLETON GLOBAL BOND VIP FUND	CLASS 2	23	(6)	17	19	(7)	12

VANECK VIP EMERGING MARKETS BOND FUND	INITIAL CLASS	—	—	—	1	(1)	(1)

VANECK VIP EMERGING MARKETS FUND	INITIAL CLASS	—	—	—	1	(1)	—

VANECK VIP GLOBAL RESOURCES FUND	INITIAL CLASS	3	(15)	(12)	4	(7)	(3)

VANECK VIP GLOBAL RESOURCES FUND	CLASS S	5	(4)	1	8	(10)	(2)

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

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

The

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

FSA-106

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements

December 31, 2024

Organization

Equitable America Variable Account K (the “Account”) was established by Equitable Financial Life Insurance Company of America (“Equitable America”) in 2013. Equitable America changed its name effective December 13, 2019, and the Account changed its name subsequent to December 31, 2019. Equitable America is an Arizona stock life insurance company. On October 1, 2013, Equitable America entered into a reinsurance agreement with Protective Life Insurance Company (“Protective Life”) to reinsure an in-force book of life insurance and annuity policies written primarily prior to 2004.

The Account operates as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 (the “1940 Act”). The Account follows the investment company and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of accounting principles generally accepted in the United States of America (“GAAP”). The Account has Variable Investment Options, each of which invest in shares of a mutual fund portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), American Funds Insurance Series^®, Blackrock Variable Series Funds, Inc., BNY Mellon Investment Adviser, Inc., EQ Advisors Trust (“EQAT”), Fidelity^® Variable Insurance Products, Franklin Templeton Variable Insurance Products Trust, Ivy Variable Insurance Portfolios Janus Aspen Series, Legg Mason Partners Variable Equity Trust, Lord Abbet Series Fund, INC., MFS^® Variable Insurance Trust, PIMCO Variable Insurance Trust, T. Rowe Price Equity Series, Inc., The Universal Institutional Fund, Inc., and VanEck VIP Trust (collectively, “the Trusts”). The Trusts are registered under the 1940 Act as 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.

AB Variable Products Series Fund, Inc.

•

AB VPS Discovery Portfolio

•

AB VPS Relative Value Portfolio

•

AB VPS Sustainable Global Thematic Portfolio

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

•

Invesco V.I. Diversified Dividend Fund

•

Invesco V.I. Global Core Equity Fund

•

Invesco V.I. Health Care Fund

•

Invesco V.I. Main Street Mid Cap Fund

•

Invesco V.I. Small Cap Equity Fund

•

Invesco V.I. Technology Fund

American Funds Insurance Series^®

•

American Funds Insurance Series^® Asset Allocation Fund^SM

•

American Funds Insurance Series^® Global Small Capitalization Fund^SM

•

American Funds Insurance Series^® New World Fund^®

Blackrock Variable Series Funds, Inc.

•

Blackrock Global Allocation V.I. Fund

BNY Mellon Investment Adviser, Inc.

•

BNY Mellon Stock Index Fund, Inc.

EQ Advisors Trust*

•

1290 VT Convertible Securities

•

1290 VT DoubleLine Opportunistic Bond

•

1290 VT Equity Income⁽²⁾

•

1290 VT GAMCO Mergers & Acquisitions

•

1290 VT GAMCO Small Company Value

•

1290 VT Multi-Alternative Strategies

•

1290 VT Natural Resources

•

1290 VT Real Estate

•

1290 VT Small Cap Value

•

1290 VT SmartBeta Equity ESG

•

1290 VT Socially Responsible⁽²⁾

•

EQ/400 Managed Volatility

•

EQ/500 Managed Volatility

•

EQ/2000 Managed Volatility

•

EQ/AB Small Cap Growth⁽²⁾

•

EQ/AB Sustaunable U.S. Thematic Portfolio

•

EQ/Aggressive Allocation⁽²⁾

•

EQ/All Asset Growth Allocation

•

EQ/American Century Mid Cap Value

•

EQ/Balanced Strategy

•

EQ/Capital Group Research⁽²⁾

•

EQ/Clearbridge Large Cap Growth ESG

•

EQ/Common Stock Index

•

EQ/Conservative Allocation⁽²⁾

•

EQ/Conservative Growth Strategy

•

EQ/Conservative Strategy

FSA-107

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Organization (Continued)

•

EQ/Conservative-Plus Allocation⁽²⁾

•

EQ/Core Bond Index⁽²⁾

•

EQ/Core Plus Bond

•

EQ/Emerging Markets Equity Plus

•

EQ/Equity 500 Index

•

EQ/Fidelity Institutional AM^® Large Cap

•

EQ/Franklin Rising Dividends

•

EQ/Global Equity Managed Volatility

•

EQ/Goldman Sachs Mid Cap Value

•

EQ/Growth Strategy

•

EQ/Intermediate Corporate Bond

•

EQ/Intermediate Government Bond

•

EQ/International Core Managed Volatility

•

EQ/International Equity Index

•

EQ/International Managed Volatility

•

EQ/International Value Managed Volatility⁽²⁾

•

EQ/Invesco Comstock

•

EQ/Invesco Global

•

EQ/Invesco Global Real Assets

•

EQ/Janus Enterprise⁽²⁾

•

EQ/JPMorgan Growth Stock

•

EQ/JPMorgan Value Opportunities⁽²⁾

•

EQ/Large Cap Core Managed Volatility

•

EQ/Large Cap Growth Index

•

EQ/Large Cap Growth Managed Volatility⁽²⁾

•

EQ/Large Cap Value Index

•

EQ/Large Cap Value Managed Volatility⁽²⁾

•

EQ/Lazard Emerging Markets Equity

•

EQ/Long-Term Bond

•

EQ/Loomis Sayles Growth

•

EQ/MFS International Growth

•

EQ/MFS International Intrinsic Value

•

EQ/MFS Mid Cap Focused Growth

•

EQ/MFS Technology

•

EQ/MFS Utilities Series

•

EQ/Mid Cap Index

•

EQ/Mid Cap Value Managed Volatility⁽²⁾

•

EQ/Moderate Allocation

•

EQ/Moderate Growth Strategy

•

EQ/Moderate-Plus Allocation⁽²⁾

•

EQ/Money Market

•

EQ/Morgan Stanley Small Cap Growth

•

EQ/PIMCO Global Real Return

•

EQ/PIMCO Real Return

•

EQ/PIMCO Total Return ESG

•

EQ/PIMCO Ultra Short Bond⁽²⁾

•

EQ/Quality Bond PLUS

•

EQ/Small Company Index⁽²⁾

•

EQ/T. Rowe Price Health Sciences

•

EQ/Value Equity

•

EQ/Wellington Energy

•

Equitable Conservative Growth MF/ETF

•

Equitable Growth MF/ETF

•

Equitable Moderate Growth MF/ETF

•

Multimanager Aggressive Equity

•

Multimanager Core Bond⁽²⁾

•

Multimanager Technology

•

Target 2025 Allocation

•

Target 2035 Allocation

•

Target 2045 Allocation

•

Target 2055 Allocation

Fidelity^® Variable Insurance Products Fund

•

Fidelity^® VIP Asset Manager Portfolio

•

Fidelity^® VIP Asset Manager: Growth Portfolio

•

Fidelity^® VIP Growth & Income Portfolio

•

Fidelity^® VIP Mid Cap Portfolio

•

Fidelity^® VIP Value Portfolio

Franklin Templeton Variable Insurance Products Trust

•

Franklin Income VIP Fund

•

Franklin Small Cap Value VIP Fund

•

Templeton Developing Markets VIP Fund

•

Templeton Global Bond VIP Fund

Delaware VIP^® Trust

•

Macquarie VIP High Income Series⁽¹⁾

Janus Aspen Series

•

Janus Henderson Balanced Portfolio

•

Janus Henderson Enterprise Portfolio

•

Janus Henderson Global Research Portfolio

•

Janus Henderson Mid Cap Value Portfolio

•

Janus Henderson Overseas Portfolio

Legg Mason Partners Variable Equity Trust

•

Clearbridge Variable Mid Cap Portfolio

Lord Abbet Series Fund, Inc.

•

Lord Abbett Series Fund — Bond Debenture Portfolio

MFS^® Variable Insurance Trust

•

MFS^® Investors Trust Series

•

MFS^® Massachusetts Investors Growth Stock Portfolio

PIMCO Variable Insurance Trust

•

PIMCO CommodityRealReturn^® Strategy Portfolio

FSA-108

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Organization (Concluded)

T. Rowe Price Equity Series, Inc.

•

T. Rowe Price Blue Chip Growth Portfolio

•

T. Rowe Price Equity Income Portfolio

•

T. Rowe Price Mid-Cap Growth Portfolio

The Universal Institutional Fund, Inc.

•

Morgan Stanley Variable Insurance Fund Inc. Emerging Markets Debt Portfolio

VanEck VIP Trust

•

VanEck VIP Emerging Markets Bond Fund

•

VanEck VIP Emerging Markets Fund

•

VanEck VIP Global Resources Fund

(1)

Formerly known as Delaware Ivy High Income Effective June 21, 2024, the Class IA shares of this Variable Investment Option were combined with the Class IB of the same

(2)

Variable investment Option

An affiliate of Equitable America 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 support MONY Corporate Sponsored Variable Universal Life (CSVUL), Incentive Life Legacy^®, Incentive Life Legacy^® II, Incentive Life Legacy^® III, VUL Legacy^SM, Incentive Life Optimizer^® III, VUL Optimizer^SM and Equitable Advantage (collectively, the “Variable Life Policies”). These policies are issued by Equitable America, which is a wholly-owned subsidiary of Equitable Holdings, Inc.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from Equitable America’s other assets and liabilities. All Contracts are issued by Equitable America. The assets of the Account are the property of Equitable America. 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 America may conduct.

The amount retained by Equitable America in the Account arises primarily from (1) contributions from Equitable America 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 of units. Amounts retained by Equitable America are not subject to charges for mortality and expense charges and administrative charges. Amounts retained by Equitable America in the Account may be transferred at any time by Equitable America 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 America to the Contractowners of the Variable Investment Options of the Account.

In the normal course of business, Equitable America 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.

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.

FSA-109

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Significant Accounting Policies (Concluded)

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 America’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 Contractowner contributions under the Variable Life Policies reduced by deductions and charges, including premium charges, as applicable, and state premium taxes. Contractowners may allocate amounts in their individual accounts to the Variable Investment Options, to the guaranteed interest account of Equitable America’s General Account, and/or index fund options of Separate Account LIO, if available.

Transfers between Variable Investment Options including the guaranteed interest account with market value adjustment, net, are amounts that Contractowners have directed to be moved among Portfolios, including permitted transfers to and from the guaranteed interest account, and/or index fund options of Separate Account LIO, if available. The net assets of any Variable Investment Option may not be less than the aggregate value of the Contractowner accounts allocated to that Variable Investment Option. Equitable America is required by state insurance law to set aside additional assets in Equitable America’s General Account to provide for other policy benefits. Equitable America’s General Account is subject to creditor rights.

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

Income Tax:

The operations of the Account are included in the federal income tax return of Equitable America, 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 Variable Life Policies participating in the Account by reasons of applicable provisions of the Internal Revenue Code, and no federal income tax payable by Equitable America is expected to affect the unit values of Variable Life Policies participating in the Account. Accordingly, no provision for income taxes is required. However, Equitable America retains the right to charge for any federal income tax, which is attributable to the Account, if the law is changed.

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.

FSA-110

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Fair Value Disclosures (Concluded)

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.

Segment Reporting

The Separate Account adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The adoption of this new standard impacted financial statement disclosures only and did not affect the Separate Account’s financial position or its results of operations.

Equitable America has identified its President and the President of Equitable Investment Management Group, LLC (“EIMG”) as the Chief Operating Decision Makers (“CODM”) assessing performance and making decisions about resource allocation for the Separate Account. Separate Account is comprised of multiple subaccounts; each subaccount represents a variable investment option. As an investment company, Separate Account engages in a single line of business, which typically involves managing funds that are segregated from the general assets of the Separate Account’s parent company. The Separate Account is used for products such as variable annuities and life insurance policies, where contractholders can choose from various investment options across different asset classes, which allow contractholders to diversify their portfolios according to their risk tolerance and investment goals.

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

Purchases and Sales of Portfolios

The cost of purchases and proceeds from sales of Portfolios for the year ended December 31, 2024 were as follows:


	Purchases		Sales
1290 VT Convertible Securities	$	648,580	$	304,150
1290 VT Doubleline Opportunistic Bond		1,414,477		675,421
1290 VT Equity Income		1,094,669		485,524
1290 VT GAMCO Mergers & Acquisitions		705,448		400,704
1290 VT GAMCO Small Company Value		11,469,360		3,399,452
1290 VT Multi-Alternative Strategies		56,693		8,125
1290 VT Natural Resources		731,875		381,536
1290 VT Real Estate		562,197		118,943
1290 VT Small Cap Value		1,568,115		436,734
1290 VT SmartBeta Equity ESG		1,597,864		477,150
1290 VT Socially Responsible		1,000,123		429,987
AB VPS Discovery Value Portfolio		121,107		22,394
AB VPS Relative Value Portfolio		458,127		42,949
AB VPS Sustainable Global Thematic Portfolio		187,214		15,853
American Funds Insurance Series^® Asset Allocation Fund		1,959,748		328,464
American Funds Insurance Series^® Global Small Capitalization Fund		2,637,799		531,222
American Funds Insurance Series^® New World Fund^®		2,335,840		889,513
Blackrock Global Allocation V.I. Fund		794,065		91,510
BNY Mellon Stock Index Fund Inc.		13,402,857		18,767,692
ClearBridge Variable Mid Cap Portfolio		135,530		61,888
EQ/400 Managed Volatility		501,770		204,248
EQ/500 Managed Volatility		1,660,101		487,682
EQ/2000 Managed Volatility		292,105		202,447
EQ/AB Small Cap Growth		6,663,778		1,762,684

FSA-111

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Purchases and Sales of Portfolios (Continued)


	Purchases		Sales
EQ/AB Sustainable U.S. Thematic	$	63,526	$	3,139
EQ/Aggressive Allocation		9,414,167		3,398,611
EQ/All Asset Growth Allocation		3,560,259		1,582,135
EQ/American Century Mid Cap Value		6,017,131		1,737,200
EQ/Balanced Strategy		4,517,899		3,747,993
EQ/Capital Group Research		1,902,554		780,899
EQ/ClearBridge Large Cap Growth ESG		2,574,429		1789779
EQ/Common Stock Index		36,646,559		8,727,064
EQ/Conservative Allocation		677,824		462,389
EQ/Conservative Growth Strategy		1,097,918		729,686
EQ/Conservative Strategy		332,131		170,390
EQ/Conservative-Plus Allocation		1,677,030		834,739
EQ/Core Bond Index		8,836,061		4,855,903
EQ/Core Plus Bond		4,772,351		1,418,427
EQ/Emerging Markets Equity Plus		954,455		232,083
EQ/Equity 500 Index		69,179,849		9,690,358
EQ/Fidelity Institutional Am^® Large Cap		3,858,983		1,462,638
EQ/Franklin Rising Dividends		5,448,432		1,393,446
EQ/Global Equity Managed Volatility		1,636,847		831,629
EQ/Goldman Sachs Mid Cap Value		2,108,661		448377
EQ/Growth Strategy		9,220,324		4,695,741
EQ/Intermediate Corporate Bond		36,940		3,335
EQ/Intermediate Government Bond		7,696,186		1,783,499
EQ/International Core Managed Volatility		1,175,671		586,648
EQ/International Equity Index		10,441,746		4,459,876
EQ/International Managed Volatility		200,868		106,309
EQ/International Value Managed Volatility		1,037,155		519,243
EQ/Invesco Comstock		1,903,729		577,885
EQ/Invesco Global		1,166,239		259,503
EQ/Invesco Global Real Assets		1,730,578		711,574
EQ/Janus Enterprise		2,936,989		1,311,500
EQ/JPMorgan Growth Stock		11,183,715		4,198,580
EQ/JPMorgan Value Opportunities		12,980,252		2,130,025
EQ/Large Cap Core Managed Volatility		2,063,538		476,321
EQ/Large Cap Growth Index		12,622,013		3,760,056
EQ/Large Cap Growth Managed Volatility		3,973,237		2,178,022
EQ/Large Cap Value Index		5,431,395		1,376,862
EQ/Large Cap Value Managed Volatility		1,720,152		670,835
EQ/Lazard Emerging Markets Equity		2,260,216		1,107,585
EQ/Long-Term Bond		198,946		19056
EQ/Loomis Sayles Growth		7,583,082		2,569,206
EQ/MFS International Growth		7,736,105		3,752,599
EQ/MFS International Intrinsic Value		8,558,909		2,216,025
EQ/MFS Mid Cap Focused Growth		5,392,866		1,344,964
EQ/MFS Technology		11,054,136		3,211,843
EQ/MFS Utilities Series		371,761		125,545
EQ/Mid Cap Index		8,837,492		2,211,972
EQ/Mid Cap Value Managed Volatility		2,018,965		737,003
EQ/Moderate Allocation		12,844,966		3,660,497
EQ/Moderate Growth Strategy		16,080,406		7,218,431
EQ/Moderate-Plus Allocation		24594139		8876030
EQ/Money Market		49,706,569		50,980,256
EQ/Morgan Stanley Small Cap Growth		2,454,834		1,379,907
EQ/PIMCO Global Real Return		303,386		139,792
EQ/PIMCO Real Return		3,374,860		617,687
EQ/PIMCOTotal Return ESG		4,763,950		1,681,680

FSA-112

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Purchases and Sales of Portfolios (Continued)


	Purchases		Sales
EQ/PIMCO Ultra Short Bond	$	5,836,518	$	5,662,860
EQ/Quality Bond PLUS		591,261		210,360
EQ/Small Company Index		8,871,142		2,391,004
EQ/T. Rowe Price Health Sciences		2,432,885		241,040
EQ/Value Equity		2,930,054		1,897,263
EQ/Wellington Energy		726,882		596,313
Equitable Conservative Growth MF/ETF		1,768,387		1,259,265
Equitable Growth MF/ETF		143,912		2,797
Equitable Moderate Growth MF/ETF		203,704		12,339
Fidelity^® VIP Asset Manager Portfolio		286		105
Fidelity^® VIP Asset Manager Growth Portfolio		543,914		81,571
Fidelity^® VIP Growth & Income Portfolio		3,746,508		1,567,347
Fidelity^® VIP Mid Cap Portfolio		4,353,288		759,520
Fidelity^® VIP Value Portfolio		739,332		50,297
Franklin Income VIP Fund		32,570		13,731
Franklin Small Cap Value VIP Fund		1,994,304		594,758
Invesco V.I. Diversified Dividend Fund		225,152		166,147
Invesco V.I. Global Core Equity Fund		36		488
Invesco V.I. Health Care Fund		6,181		5,990
Invesco V.I. Main Street Mid Cap Fund		178,278		140,349
Invesco V.I. Small Cap Equity Fund		363,020		214,084
Invesco V.I. Technology Fund		5,466		1,769
Janus Henderson Balanced Portfolio		1,857,809		369,204
Janus Henderson Enterprise Portfolio		1,740,421		1,970,767
Janus Henderson Global Research Portfolio		1,348		243
Janus Henderson Mid Cap Value Portfolio		291,504		792,622
Janus Henderson Overseas Portfolio		322,478		296,951
Lord Abbett Series Fund — Bond Debenture Portfolio		3,316,348		246,338
Macquarie VIP High Income Series		6,286,014		882,933
MFS^® Investors Trust Series		146,076		142,471
MFS^® Massachusetts Investors Growth Stock Portfolio		778,140		762,009
Morgan Stanley Variable Insurance Fund Inc. Emerging Markets Debt Portfolio		9,545		1,007
Multimanager Aggressive Equity		4,249,825		1,329,666
Multimanager Core Bond		5,430,636		4,468,320
Multimanager Technology		13,259,028		3,717,497
PIMCO CommodityRealReturn^® Strategy Portfolio T. Rowe Price Blue Chip Growth Portfolio		1,682,650		363,776
T. Rowe Price Equity Income Portfolio		1,423,135		1,047,699
T. Rowe Price Mid-Cap Growth Portfolio		438,501		23,093
Target 2025 Allocation		193,833		310,359
Target 2035 Allocation		519,872		112,257
Target 2045 Allocation		392,626		124,615
Target 2055 Allocation		769,145		749,284
Templeton Developing Markets VIP Fund		1,127,915		441,585
Templeton Global Bond VIP Fund		2,244,706		573,707
Vaneck VIP Emerging Markets Bond Fund		4,540		797
Vaneck VIP Emerging Markets Fund		191		63
Vaneck VIP Global Resources Fund		797,156		1,085,993

Expenses and Related Party Transactions

Investment Manager and Advisors:

The assets in each Variable Investment Option are invested in shares of a corresponding Portfolio of the Trusts. Shares are offered by the Portfolios at net asset value. Shares in which the Variable Investment Options invest are categorized

FSA-113

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Expenses and Related Party Transactions (Continued)

by the share class of the Portfolio. EQAT issues Class IA, Class IB and Class K shares. All share classes issued by EQAT are subject to fees for investment management, administration and other Portfolio expenses. Class IA and Class IB are also subject to distribution fees imposed under distribution plans (“Distribution Plans”) and adopted by EQAT in the manner prescribed under Rule 12b-1 under the 1940 Act. The Distribution Plans provide that EQAT, on behalf of each related Portfolio, may charge a maximum annual distribution fee (“12b-1 fee”) of 0.25% of the average daily net assets of a Portfolio attributable to its Class IA and Class IB shares. The class-specific expenses attributable to the investment in each share class of the Portfolios in which the Variable Investment Options invest are borne by the specific unit classes of the Variable Investment Options to which the investments are attributable.

EQAT on behalf of each Portfolio, have entered into distribution agreements with Equitable Distributors, LLC (“Equitable Distributors”), and EIMG, affiliates of Equitable America. The Distribution Plans provide that Equitable Distributors will be entitled to receive a maximum 12b-1 fee as described above.

EIMG, serves as investment adviser of the Portfolios of EQAT. EIMG either (1) directly manages the Portfolios or (2) contracts with and oversees the activities of the investment sub-advisers with respect to the Portfolios. EIMG receives management fees for services performed in its capacity as investment adviser of the Portfolios of EQAT and pays fees to the sub-advisers for sub-advisory services to the respective Portfolios. Equitable Investment Management, LLC (“EIM”), an affiliate of Equitable America, serves as administrator of the Portfolios of EQAT and VIP. As the administrator, EIM either (1) carries out its responsibilities directly or (2) through sub-contracting with third-party providers. EIM receives administrative fees for services performed in its capacity as administrator of the Portfolios of EQAT and VIP. Expenses of the Portfolios of EQAT and VIP generally vary, depending on net asset levels for individual Portfolios, and range from a low annual rate of 0.54% to a high of 2.57% (after waivers, reimbursements, fees paid indirectly and including indirect expenses, as applicable) of the average daily net assets of the Portfolios of EQAT. Since these fees and expenses are reflected in the net asset value of the shares of the Portfolios and the total returns of the Variable Investment Options, they are not included in the expenses or expense ratios of the Variable Investment Options.

Equitable America, Equitable Advisors, LLC (“Equitable Advisors”) or Equitable Distributors may directly or indirectly receive 12b-1 fees and additional payments from certain unaffiliated Portfolios, their advisers, sub-advisers, distributors or affiliates, for providing certain administrative, marketing, distribution and/or shareholder support services in connection with the Variable Investment Options’ investment in the Portfolios. These fees and payments range from 0.00% to 0.60% of the unaffiliated Portfolios’ average daily net assets. Equitable Advisors or Equitable Distributors may also receive payments from the advisers or sub-advisers of the unaffiliated Portfolios or their affiliates for certain distribution services, including expenses for sales meetings or seminar sponsorships that may relate to the policies and/or the advisers’ respective Portfolios.

AllianceBernstein L.P. (“AllianceBernstein”) serves as an investment sub-advisor for a number of Portfolios in EQAT and VIP including 1290 VT Natural Resources, 1290 VT Real Estate, EQ/AB Small Cap Growth, EQ/AB Sustainable US Thematic, EQ/Common Stock Index, EQ/Equity 500 Index, EQ/Intermediate Corporate Bond, EQ/ International Equity Index, EQ/Large Cap Growth Index, EQ/Large Cap Value Index, EQ/Long-Term Bond, EQ/ Mid Cap Index and EQ/Small Company Index, as well as a portion of EQ/Emerging Markets Equity Plus, EQ/ Large Cap Value Managed Volatility, EQ/Quality Bond PLUS, Multimanager Aggressive Equity and Multimanager Technology. AllianceBernstein is a limited partnership, which is indirectly majority-owned by Equitable Holdings, Inc.

Contract Distribution and Principal Underwriter:

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

The Variable Life Policies are sold by financial professionals who are registered representatives of Equitable Advisors and licensed insurance agents of Equitable Network, LLC (“Equitable Network”), or its subsidiaries (affiliates of Equitable America). Equitable Network receives commissions under its General Sales Agreement with Equitable America and its Networking Agreement with Equitable Advisors. Equitable Advisors receives service related payments under its Supervisory and Distribution Agreement with Equitable America. The financial professionals are compensated on a commission basis by Equitable Network. The Variable Life Policies are also sold through licensed insurance agents (both affiliated and unaffiliated with Equitable America) and their affiliated broker-dealers (who are registered with the SEC and are members of the FINRA) that have entered into selling agreements with Equitable Distributors. The licensed insurance

FSA-114

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Expenses and Related Party Transactions (Concluded)

agents who sell Equitable America policies for these companies are appointed agents of Equitable America, and are registered representatives of the broker- dealers under contracts with Equitable Distributors.

Equitable Financial Life Insurance Company, an affiliate of Equitable America, serves as the transfer agent for EQAT.

Contractowner Charges

The table below lists the current fees deducted from either the Variable Investment Option assessed as a redemption of units or as a percentage of premium paid. Actual charges amounts may vary or may be zero depending on the terms of the various policies. These charges are reflected as part of “Contractowners Transactions” in the Statement of Changes in Net Assets.


Charges	When charge is deducted	Amount deducted	How deducted

Premium Charge	From each premium	0% to 19%	Deducted from each premium payment and is netted against “Payments received from Contractowners”

Mortality & Expense Risk Charge	Monthly	0% to 1.75%	Unit liquidation from account value

Administrative Charge	Monthly	$0 to $20 A charge between $0.03 and $1.82 per $1,000 of the initial base policy face amount and any face amount increase above the previous highest face amount is also deducted at the beginning of each policy month in the first ten policy years and for ten years following a face amount increase.	Unit liquidation from account value

Cost of Insurance	Monthly	Varies as per policy	Unit liquidation from account value

Transfer Charge	Upon transfer (Equitable America does not currently assess this charge, but reserves the right to impose a transfer charge)	$0 to $25	Unit liquidation from account value

Partial Surrender Charge	Upon a partial surrender under the Policy	$0 to $25	Unit liquidation from account value

Surrender Charge	At time of full policy surrender	Varies as per policy	Unit liquidation from account value

Reinstatement Fee	At the time the Policy is reinstated	Current Charge — $150	Unit liquidation from account value

Loan Interest Rate Spread	Annually on each contract date anniversary after a loan is taken or on loan termination	0% to 1.60% depending on the policy year	Unit liquidation from account value

Illustration Projection Report Charge	At time of transaction	$0 to $25	Charges for this service must be paid using funds outside of policy

Charge for State and Local Tax Expense	At time of transaction	0% to 5%	Deduct from premium

Charge for Federal Tax Expense	At time of transaction	Current Charge — 1.25%	Deduct from premium

Riders	Monthly (while the rider is in effect)	Charge per $1,000 of rider benefit amount or a percentage of all other monthly charges, depending on the rider.	Unit liquidation from account value

FSA-115

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Contractowner Charges (Concluded)

The VUL Legacy, VUL Optimizer, Equitable Advantage and VUL Incentive Life Protect policies have an expense reduction in the calculation of the daily unit values of each Variable Investment Option of the Account (the “Investment Expense Reduction”). The Investment Expense Reduction for each Variable Investment Option will be determined based upon the Net Total Annual Portfolio Operating Expenses of each Variable Investment Option’s corresponding Portfolio. The Net Total Annual Portfolio Operating Expense is defined as the total annual portfolio operating expense after the application of any contractual expense limitation arrangements that are in place for more than one year. The Investment Expense Reduction for each Variable Investment Option will be initially determined and then annually updated, based upon the Net Total Annual Portfolio Operating Expense of each Variable Investment Option’s corresponding Portfolio either (1) as shown in the annual Portfolio prospectuses dated on or about May 1st of each calendar year, for existing Portfolios which are effective as of that date; or (2) as shown in the initial effective Portfolio prospectuses, for new portfolios that become effective after that date, as applicable. The Investment Expense Reduction will be calculated based upon which of these three ranges that the Net Total Annual Portfolio Operating Expense falls into; (1) less than 0.80%, (2) 0.80% through 1.15%, (3) or greater than 1.15%. The Investment Expense Reduction will be the amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.40%, the amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.80%, or 0.15%, respectively. In no event will the Annual Investment Expense Reduction exceed the Net Total Annual Portfolio Operating Expenses if the Net Total Annual Operating Expenses, before the Investment Expense Reduction, are below 1.15%. These ranges and formula amounts will not change while the policy remains in effect.

For policies with the Market Stabilizer Option, there is an additional charge ranging from 0.40% to 1.40% of any policy account value allocated to each segment of the Market Stabilizer Option on a current basis. The guaranteed maximum charge associated with the Market Stabilizer Option ranges from 1.60% to 2.40%. The current percentage charge for Market Stabilizer Option is lower than the guaranteed charge.

For policies with the Market Stabilizer Option II, there is an additional charge of 0.40% of any policy account value allocated to each segment of the Market Stabilizer Option II on a current basis. The guaranteed maximum charge associated with the Market Stabilizer Option II is 1.65%.

Financial Highlights

Shown below is accumulation unit value information for units outstanding, investment income ratio and total return at the period indicated.


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
1290 VT Convertible Securities (Class IB)
2024	17		$	3,210		$	153.99		$	209.40			1.92%		9.78%		9.95%
2023	16		$	2,650		$	140.06		$	190.74			2.69%		13.68%		13.85%
2022	14		$	2,051		$	123.02		$	167.79			1.32%		(20.92)%		(20.75)%
2021	10		$	1,946		$	155.23		$	212.19			14.09%		1.00%		1.35%
2020	7		$	1,328		$	153.16		$	210.09			1.63%		39.09%		39.48%

1290 VT Doubleline Opportunistic Bond (Class IB)
2024	36		$	3,829		$	102.04		$	107.78			4.79%		2.84%		2.99%
2023	31		$	3,161		$	99.08		$	104.80			4.84%		6.54%		6.70%
2022	24		$	2,274		$	92.86		$	98.37			3.53%		(13.39)%		(13.26)%
2021	16		$	1,796		$	107.06		$	113.58			2.59%		(0.44)%		(0.29)%
2020	9		$	1,057		$	107.37		$	114.08			2.71%		4.30%		4.49%

1290 VT Equity Income, Class IB
2024	41		$	6,693		$	57.88		$	408.14			2.07%		9.81%		9.96%
2023	15		$	4,727		$	147.82		$	371.71			2.10%		5.41%		5.57%
2022	14		$	4,366		$	140.02		$	352.63			1.60%		3.07%		3.22%
2021	12		$	4,014		$	135.65		$	342.13			1.54%		26.39%		26.57%
2020	12		$	3,182		$	107.17		$	270.70			2.09%		(4.54)%		(4.40)%

FSA-116

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest

1290 VT GAMCO Mergers & Acquisitions, Class IB
2024	19		$	3,865		$	128.36		$	243.89			1.89%		9.05%		9.22%
2023	18		$	3,473		$	117.52		$	223.64			1.94%		9.52%		9.68%
2022	16		$	2,963		$	107.15		$	204.20			0.33%		(6.02)%		(5.88)%
2021	16		$	3,212		$	113.84		$	217.29			0.70%		11.39%		11.55%
2020	14		$	2,643		$	102.05		$	195.08			0.19%		(1.30)%		(1.15)%

1290 VT GAMCO Small Company Value, Class IB
2024	176		$	80,077		$	166.46		$	758.48			0.62%		11.58%		11.86%
2023	161		$	70,077		$	149.19		$	679.77			0.65%		21.05%		21.05%
2022	153		$	57,422		$	123.25		$	561.57			0.55%		(10.68)%		(10.68)%
2021	133		$	61,572		$	137.98		$	628.70			0.66%		25.14%		25.14%
2020	119		$	48,337		$	110.26		$	502.41			0.81%		9.50%		9.51%

1290 VT Multi-Alternative Strategies, Class IB
2024	2		$	175		$	99.71		$	99.71			2.73%		9.32%		9.32%
2023	1		$	118		$	91.21		$	91.21			2.07%		5.21%		5.21%
2022	1		$	97		$	86.69		$	86.69			2.79%		(11.21)%		(11.21)%
2021	—		$	37		$	97.64		$	97.64			17.94%		(2.91)%		(2.91)%

1290 VT Natural Resources, Class IB
2024	17		$	2,394		$	143.45		$	143.45			3.03%		(5.36)%		(5.36)%
2023	15		$	2,256		$	151.57		$	151.57			3.67%		1.23%		1.23%
2022	14		$	2,081		$	149.73		$	149.73			4.38%		32.69%		32.69%
2021	7		$	757		$	112.84		$	112.84			6.96%		30.18%		30.18%
2020	—		$	29		$	86.68		$	86.68			6.10%		(15.57)%		(15.57)%
1290 VT Real Estate, Class IB
2024	14		$	1,240		$	89.78		$	89.78			3.73%		0.99%		0.99%
2023	9		$	827		$	88.90		$	88.90			3.73%		9.64%		9.64%
2022	5		$	418		$	81.08		$	81.08			0.29%		(24.93)%		(24.93)%
2021	1		$	58		$	108.01		$	108.01			7.69%		7.81%		7.81%
1290 VT Small Cap Value, Class IB
2024	28		$	5,804		$	193.32		$	241.54			1.57%		20.81%		21.07%
2023	23		$	4,163		$	159.68		$	199.94			1.27%		5.74%		6.11%
2022	19		$	3,322		$	150.49		$	189.09			0.48%		0.09%		0.44%
2021	14		$	2,630		$	149.83		$	188.92			1.24%		38.57%		39.05%
2020	11		$	1,541		$	107.75		$	136.34			2.81%		(1.18)%		29.88%
1290 VT Smartbeta Equity ESG, Class IB
2024	34		$	7,095		$	175.69		$	237.89			0.98%		16.37%		16.72%
2023	31		$	5,512		$	150.52		$	204.43			1.49%		16.56%		16.91%
2022	25		$	3,868		$	128.75		$	175.39			1.78%		(14.56)%		(14.31)%
2021	12		$	2,114		$	150.25		$	205.29			1.55%		23.09%		23.48%
2020	7		$	1,090		$	121.68		$	166.78			0.73%		10.98%		11.37%
1290 VT Socially Responsible, Class IB
2024	15		$	4,114		$	45.49		$	505.30			0.48%		21.66%		21.86%
2023	13		$	3,049		$	176.41		$	415.28			0.83%		27.50%		27.69%
2022	10		$	2,029		$	138.15		$	325.71			0.72%		(22.11)%		(22.00)%
2021	8		$	2,091		$	177.11		$	418.17			0.66%		30.31%		30.51%
2020	3		$	823		$	135.71		$	320.90			0.67%		19.96%		20.14%
AB VPS Discovery Value Portfolio, Class B
2024	2		$	238		$	124.46		$	124.46			0.59%		10.01%		10.01%
2023	1		$	132		$	113.14		$	113.14			0.82%		17.16%		17.16%
2022	—		$	33		$	96.57		$	96.57			0.03%		(1.24)%		(1.24)%
AB VPS Relative Value Portfolio, Class B
2024	6		$	724		$	127.20		$	127.20			1.17%		12.94%		12.94%
2023	3		$	292		$	112.63		$	112.63			1.59%		11.89%		11.89%
2022	1		$	115		$	100.66		$	100.66			0.41%		3.05%		3.05%

FSA-117

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
AB VPS Sustainable Global Thematic Portfolio, Class B
2024	3		$	329		$	119.58		$	119.58			0.00%		6.19%		6.19%
2023	1		$	150		$	112.61		$	112.61			0.03%		16.10%		16.10%
2022	—		$	37		$	96.99		$	96.99			0.00%		(2.73)%		(2.73)%
American Funds Insurance Series^® Asset Allocation Fund, Class 4
2024	33		$	3,929		$	120.81		$	120.81			2.34%		16.29%		16.29%
2023	20		$	2,075		$	103.89		$	103.89			2.40%		14.20%		14.20%
2022	11		$	973		$	90.97		$	90.97			2.48%		(13.53)%		(13.53)%
2021	2		$	255		$	105.21		$	105.21			2.80%		4.55%		4.55%
American Funds Insurance Series^® Global Small Capitalization Fund, Class 4
2024	64		$	10,389		$	130.58		$	196.65			0.83%		2.12%		2.27%
2023	52		$	8,512		$	127.68		$	192.57			0.03%		15.78%		16.04%
2022	43		$	6,157		$	110.03		$	166.32			0.00%		(29.69)%		(29.49)%
2021	31		$	6,631		$	156.05		$	236.55			0.00%		6.43%		6.58%
2020	22		$	4,772		$	146.41		$	222.26			0.12%		29.39%		29.59%
American Funds Insurance Series^® New World Fund^®, Class 4
2024	73		$	11,555		$	141.28		$	175.31			1.23%		6.33%		6.62%
2023	65		$	9,686		$	132.51		$	164.87			1.31%		15.67%		15.98%
2022	57		$	7,388		$	114.25		$	142.53			1.17%		(22.25)%		(22.03)%
2021	44		$	7,580		$	146.54		$	183.33			0.72%		4.63%		4.93%
2020	29		$	5,036		$	139.65		$	175.22			0.04%		23.30%		23.60%
Blackrock Global Allocation V.I. Fund, Class III
2024	18		$	1,889		$	103.64		$	103.64			1.75%		9.16%		9.16%
2023	13		$	1,239		$	94.94		$	94.94			3.24%		12.73%		12.73%
2022	7		$	628		$	84.22		$	84.22			0.00%		(15.91)%		(15.91)%
2021	2		$	205		$	100.15		$	100.15			0.89%		(0.31)%		(0.31)%
BNY Mellon Stock Index Fund, Inc., Initial shares
2024	297		$	28,783		$	96.96		$	96.96			1.13%		24.66%		24.66%
2023	379		$	29,464		$	77.78		$	77.78			1.42%		25.94%		25.94%
2022	390		$	24,058		$	61.76		$	61.76			1.34%		(18.32)%		(18.32)%
2021	439		$	33,218		$	75.61		$	75.61			1.13%		28.41%		28.41%
2020	499		$	29,403		$	58.88		$	58.88			1.59%		18.00%		18.00%
Clearbridge Variable Mid Cap Portfolio, Class II
2024	4		$	416		$	103.30		$	103.30			0.39%		10.05%		10.05%
2023	3		$	319		$	93.87		$	93.87			0.02%		12.92%		12.92%
2022	2		$	165		$	83.13		$	83.13			0.15%		(25.29)%		(25.29)%
2021	—		$	27		$	111.27		$	111.27			0.00%		10.41%		10.41%
EQ/400 Managed Volatility, Class IB
2024	5		$	1,940		$	370.41		$	370.41			1.10%		12.89%		12.89%
2023	5		$	1,619		$	328.13		$	328.13			1.19%		15.44%		15.44%
2022	5		$	1,378		$	284.25		$	284.25			0.77%		(15.51)%		(15.51)%
2021	5		$	1,630		$	336.44		$	336.44			0.40%		23.67%		23.67%
2020	5		$	1,324		$	272.04		$	272.04			0.70%		13.44%		13.44%
EQ/500 Managed Volatility, Class IB
2024	16		$	8,185		$	515.84		$	515.84			1.11%		23.91%		23.91%
2023	16		$	6,738		$	416.30		$	416.30			1.14%		25.24%		25.24%
2022	16		$	5,481		$	332.39		$	332.39			0.82%		(19.99)%		(19.99)%
2021	17		$	7,161		$	415.44		$	415.44			0.58%		27.61%		27.61%
2020	16		$	5,318		$	325.55		$	325.55			1.02%		17.02%		17.02%

FSA-118

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/2000 Managed Volatility, Class IB
2024	8		$	2,480		$	301.69		$	301.69			1.41%		10.67%		10.67%
2023	9		$	2,340		$	272.60		$	272.60			1.31%		15.98%		15.98%
2022	9		$	2,076		$	235.04		$	235.04			0.77%		(22.40)%		(22.40)%
2021	8		$	2,533		$	302.90		$	302.90			0.39%		13.93%		13.93%
2020	8		$	2,065		$	265.87		$	265.87			0.87%		19.29%		19.29%
EQ/AB Small Cap Growth, Class IB
2024	91		$	31,559		$	58.17		$	786.93			0.31%		13.92%		14.08%
2023	78		$	25,994		$	140.66		$	690.82			0.30%		17.73%		17.90%
2022	64		$	19,988		$	119.30		$	586.80			0.20%		(28.46)%		(28.35)%
2021	35		$	18,647		$	166.51		$	820.23			0.00%		12.92%		13.09%
2020	24		$	14,531		$	147.24		$	726.39			0.10%		36.06%		36.27%
EQ/AB Sustainable US Thematic, Class IB
2024	1		$	98		$	129.30		$	129.30			0.19%		10.56%		10.56%
2023	—		$	34		$	116.95		$	116.95			0.70%		20.75%		20.75%
2022	—		$	5		$	96.85		$	96.85			0.38%		(0.87)%		(0.87)%
EQ/Aggressive Allocation, Class IB
2024	194		$	57,401		$	26.85		$	435.90			2.26%		13.72%		13.98%
2023	174		$	48,805		$	145.68		$	383.26			1.42%		18.44%		18.84%
2022	157		$	40,036		$	122.58		$	323.60			0.92%		(18.36)%		(18.13)%
2021	136		$	46,561		$	149.73		$	396.36			4.30%		17.18%		17.36%
2020	118		$	37,843		$	127.58		$	338.25			2.85%		15.40%		15.57%
EQ/All Asset Growth Allocation, Class IB
2024	105		$	22,215		$	32.16		$	247.74			2.42%		11.16%		11.34%
2023	99		$	19,143		$	28.93		$	222.85			2.03%		14.16%		14.17%
2022	85		$	15,132		$	25.34		$	195.21			1.38%		(14.48)%		(14.47)%
2021	75		$	16,142		$	29.63		$	228.24			4.09%		10.89%		10.93%
2020	68		$	13,671		$	26.72		$	205.76			1.64%		12.28%		12.32%
EQ/American Century Mid Cap Value, Class IB
2024	108		$	31,188		$	159.33		$	394.99			1.93%		8.34%		8.56%
2023	96		$	26,918		$	146.77		$	364.60			1.79%		6.00%		6.21%
2022	84		$	23,324		$	138.19		$	343.97			2.95%		(1.49)%		(1.29)%
2021	76		$	22,886		$	140.00		$	349.17			1.22%		23.00%		23.25%
2020	62		$	16,442		$	113.59		$	283.87			1.43%		1.32%		1.53%
EQ/Balanced Strategy, Class IB
2024	196		$	44,866		$	229.29		$	229.29			2.67%		9.14%		9.14%
2023	206		$	43,365		$	210.08		$	210.08			1.56%		13.23%		13.23%
2022	210		$	39,029		$	185.54		$	185.54			0.94%		(15.57)%		(15.57)%
2021	215		$	47,265		$	219.75		$	219.75			1.83%		9.49%		9.49%
2020	213		$	42,816		$	200.71		$	200.71			1.84%		11.21%		11.21%
EQ/Capital Group Research, Class IB
2024	15		$	10,998		$	58.98		$	836.08			1.68%		29.85%		29.87%
2023	13		$	8,627		$	643.79		$	643.79			0.35%		22.99%		22.99%
2022	14		$	7,114		$	523.46		$	523.46			0.17%		(18.98)%		(18.98)%
2021	13		$	8,547		$	646.08		$	646.08			0.00%		23.06%		23.06%
2020	13		$	6,679		$	525.00		$	525.00			0.14%		23.27%		23.27%
EQ/Clearbridge Large Cap Growth ESG, Class IB
2024	40		$	19,708		$	226.92		$	711.01			0.00%		26.76%		27.01%
2023	39		$	16,010		$	178.66		$	560.93			0.00%		45.88%		46.17%
2022	37		$	11,306		$	122.23		$	384.52			0.00%		(32.12)%		(31.98)%
2021	31		$	15,508		$	179.70		$	566.44			0.00%		21.72%		21.98%
2020	28		$	12,379		$	147.32		$	465.37			0.00%		30.86%		31.17%
EQ/Common Stock Index, Class IA
2024	13		$	1,050		$	80.03		$	80.03			0.81%		23.09%		23.09%
2023	24		$	1,581		$	65.02		$	65.02			1.21%		25.13%		25.13%
2022	29		$	1,496		$	51.96		$	51.96			0.85%		(19.49)%		(19.49)%
2021	30		$	1,911		$	64.54		$	64.54			0.77%		24.91%		24.91%
2020	23		$	1,194		$	51.67		$	51.67			1.21%		19.77%		19.77%

FSA-119

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/Common Stock Index, Class IB
2024	606		$	192,961		$	212.44		$	511.34			0.81%		23.07%		23.41%
2023	528		$	143,494		$	172.14		$	415.48			1.21%		25.13%		25.48%
2022	428		$	100,380		$	137.19		$	332.03			0.85%		(19.49)%		(19.26)%
2021	327		$	106,836		$	169.92		$	412.42			0.77%		24.93%		25.28%
2020	235		$	70,682		$	135.63		$	330.12			1.21%		19.77%		20.12%
EQ/Conservative Allocation, Class IB
2024	26		$	4,260		$	15.90		$	188.95			3.15%		4.67%		4.84%
2023	26		$	4,066		$	108.79		$	180.59			2.39%		7.95%		8.16%
2022	26		$	4,055		$	100.58		$	167.29			1.36%		(12.59)%		(12.42)%
2021	26		$	4,753		$	114.85		$	191.39			1.59%		2.70%		2.93%
2020	22		$	4,069		$	111.58		$	186.35			1.85%		7.32%		7.55%
EQ/Conservative Growth Strategy, Class IB
2024	58		$	11,605		$	200.98		$	200.98			2.81%		7.63%		7.63%
2023	60		$	11,128		$	186.73		$	186.73			1.63%		11.58%		11.58%
2022	59		$	9,835		$	167.35		$	167.35			0.96%		(14.52)%		(14.52)%
2021	60		$	11,753		$	195.77		$	195.77			1.53%		7.09%		7.09%
2020	63		$	11,496		$	182.81		$	182.81			1.72%		9.93%		9.93%
EQ/Conservative Strategy, Class IB
2024	18		$	2,789		$	153.42		$	153.42			3.09%		4.80%		4.80%
2023	18		$	2,616		$	146.40		$	146.40			1.67%		8.28%		8.28%
2022	19		$	2,561		$	135.20		$	135.20			1.00%		(12.27)%		(12.27)%
2021	20		$	3,062		$	154.11		$	154.11			1.09%		2.46%		2.46%
2020	19		$	2,913		$	150.41		$	150.41			1.50%		7.33%		7.33%
EQ/Conservative-Plus Allocation, Class IB
2024	49		$	9,577		$	18.70		$	239.75			2.85%		7.04%		7.24%
2023	47		$	8,756		$	119.00		$	224.01			2.11%		10.93%		11.24%
2022	44		$	7,724		$	106.98		$	201.94			1.32%		(14.55)%		(14.31)%
2021	40		$	8,702		$	124.85		$	236.33			2.26%		6.73%		7.05%
2020	36		$	7,714		$	116.63		$	221.42			2.12%		9.99%		10.31%
EQ/Core Bond Index, Class IB
2024	307		$	26,468		$	17.25		$	154.26			2.63%		2.43%		2.67%
2023	159		$	19,464		$	102.37		$	150.61			2.35%		4.56%		4.82%
2022	116		$	14,113		$	97.66		$	144.04			1.74%		(8.74)%		(8.52)%
2021	94		$	13,106		$	106.75		$	157.84			1.62%		(2.10)%		(1.84)%
2020	64		$	9,796		$	108.75		$	161.22			1.53%		6.07%		6.35%
EQ/Core Plus Bond, Class IB
2024	150		$	21,681		$	110.01		$	157.50			5.33%		(0.67)%		(0.52)%
2023	131		$	19,557		$	110.59		$	158.57			2.45%		4.52%		4.69%
2022	121		$	17,692		$	105.64		$	151.71			5.23%		(12.94)%		2.90%
2021	45		$	7,925		$	174.25		$	174.25			1.77%		(1.68)%		(1.68)%
2020	20		$	3,623		$	177.22		$	177.22			2.26%		14.86%		14.86%
EQ/Emerging Markets Equity Plus, Class IB
2024	19		$	2,354		$	121.04		$	121.04			2.58%		4.13%		4.13%
2023	14		$	1,612		$	116.24		$	116.24			2.93%		10.53%		10.53%
2022	10		$	1,001		$	105.17		$	105.17			2.55%		(17.46)%		(17.46)%
2021	5		$	636		$	127.41		$	127.41			1.79%		(0.43)%		(0.43)%
2020	1		$	161		$	127.96		$	127.96			2.01%		14.25%		14.25%
EQ/Equity 500 Index, Class IB
2024	1,084		$	351,006		$	219.04		$	589.67			0.96%		24.31%		24.50%
2023	849		$	238,999		$	175.93		$	474.34			1.20%		25.57%		25.76%
2022	658		$	162,555		$	139.89		$	377.74			1.16%		(18.54)%		(18.42)%
2021	485		$	165,008		$	171.47		$	463.70			0.94%		27.97%		28.17%
2020	343		$	108,353		$	133.78		$	362.34			1.40%		17.77%		17.98%

FSA-120

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/Fidelity Institutional AM^® Large Cap, Class IB
2024	34		$	19,342		$	567.33		$	567.33			0.44%		24.51%		24.81%
2023	35		$	15,811		$	455.65		$	455.65			0.50%		31.38%		31.38%
2022	37		$	12,761		$	346.81		$	346.81			0.53%		(21.06)%		(21.06)%
2021	36		$	15,962		$	439.35		$	439.35			0.43%		25.22%		25.22%
2020	37		$	12,852		$	350.87		$	350.87			0.76%		26.33%		26.33%
EQ/Fidelity Institutional AM^® Large Cap, Class K
2024	52		$	4,671		$	90.39		$	90.39			0.44%		24.81%		24.81%
2023	40		$	2,898		$	72.42		$	72.42			0.50%		31.72%		31.72%
2022	28		$	1,527		$	54.98		$	54.98			0.53%		(20.87)%		(20.87)%
2021	40		$	2,802		$	69.48		$	69.48			0.43%		25.53%		25.53%
2020	41		$	2,283		$	55.35		$	55.35			0.76%		26.66%		26.66%
EQ/Franklin Rising Dividends, Class IB
2024	95		$	29,240		$	181.44		$	493.37			0.93%		10.79%		10.96%
2023	79		$	23,636		$	163.52		$	445.33			1.16%		12.13%		12.29%
2022	68		$	19,459		$	145.62		$	397.15			0.80%		(10.61)%		(10.48)%
2021	57		$	19,704		$	162.66		$	444.30			0.72%		26.78%		26.97%
2020	44		$	13,729		$	128.11		$	350.45			1.00%		16.18%		16.35%
EQ/Global Equity Managed Volatility, Class IB
2024	21		$	11,603		$	554.89		$	554.89			1.26%		12.62%		12.62%
2023	22		$	10,828		$	492.69		$	492.69			0.89%		21.33%		21.33%
2022	23		$	9,441		$	406.07		$	406.07			0.35%		(20.94)%		(20.94)%
2021	23		$	11,855		$	513.65		$	513.65			0.91%		15.89%		15.89%
2020	23		$	10,322		$	443.21		$	443.21			0.66%		14.28%		14.28%
EQ/Goldman Sachs Mid Cap Value, Class IB
2024	44		$	10,304		$	178.46		$	375.91			0.85%		11.91%		12.24%
2023	38		$	8,182		$	159.00		$	335.90			0.83%		11.23%		11.55%
2022	29		$	5,945		$	142.54		$	302.00			0.70%		(10.61)%		(10.35)%
2021	20		$	5,176		$	159.00		$	337.85			0.29%		30.50%		30.89%
2020	14		$	3,184		$	121.48		$	258.88			0.68%		8.48%		8.79%
EQ/Growth Strategy, Class IB
2024	289		$	86,164		$	297.95		$	297.95			2.43%		12.39%		12.39%
2023	296		$	78,527		$	265.11		$	265.11			1.43%		16.50%		16.50%
2022	295		$	67,021		$	227.56		$	227.56			0.88%		(17.44)%		(17.44)%
2021	288		$	79,363		$	275.62		$	275.62			2.33%		14.33%		14.33%
2020	279		$	67,169		$	241.08		$	241.08			2.15%		13.62%		13.62%
EQ/Intermediate Corporate Bond (Class IB)
2024	—		$	32		$	105.94		$	105.94			13.09%		4.35%		4.35%
EQ/Intermediate Government Bond, Class IA
2024	402		$	7,724		$	19.23		$	19.23			3.46%		2.40%		2.40%
2023	168		$	3,159		$	18.78		$	18.78			2.76%		3.87%		3.87%
2022	191		$	3,448		$	18.08		$	18.08			0.96%		(7.61)%		(7.61)%
2021	208		$	4,070		$	19.57		$	19.57			0.72%		(2.15)%		(2.15)%
2020	228		$	4,551		$	20.00		$	20.00			0.93%		4.33%		4.33%
EQ/Intermediate Government Bond, Class IB
2024	30		$	3,530		$	98.22		$	178.30			3.46%		2.40%		2.65%
2023	18		$	2,241		$	95.68		$	174.12			2.76%		3.87%		4.12%
2022	14		$	1,736		$	91.89		$	167.63			0.96%		(7.64)%		(7.41)%
2021	11		$	1,593		$	99.24		$	181.50			0.72%		(2.13)%		(0.93)%
2020	10		$	1,474		$	136.11		$	185.45			0.93%		4.30%		4.30%
EQ/International Core Managed Volatility, Class IB
2024	31		$	6,527		$	137.87		$	232.37			2.22%		3.28%		3.56%
2023	29		$	6,196		$	133.13		$	224.98			1.76%		16.78%		17.11%
2022	31		$	5,630		$	113.68		$	192.66			1.31%		(14.12)%		(13.88)%
2021	29		$	6,206		$	132.00		$	224.33			2.43%		10.03%		10.31%
2020	26		$	5,262		$	119.66		$	203.88			1.48%		8.47%		8.74%

FSA-121

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/International Equity Index, Class IA
2024	284		$	5,918		$	20.83		$	20.83			3.15%		4.88%		4.88%
2023	345		$	6,845		$	19.86		$	19.86			3.17%		19.06%		19.06%
2022	332		$	5,545		$	16.68		$	16.68			2.71%		(11.93)%		(11.93)%
2021	332		$	6,279		$	18.94		$	18.94			3.48%		10.95%		10.95%
2020	347		$	5,930		$	17.07		$	17.07			2.08%		3.83%		3.83%
EQ/International Equity Index, Class IB
2024	214		$	35,839		$	141.82		$	210.74			3.15%		4.87%		5.22%
2023	172		$	28,516		$	134.79		$	200.96			3.17%		19.06%		19.49%
2022	135		$	19,486		$	112.80		$	168.79			2.71%		(11.91)%		(11.56)%
2021	106		$	18,215		$	127.55		$	191.60			3.48%		10.95%		11.38%
2020	77		$	12,952		$	114.52		$	172.69			2.08%		3.83%		4.15%
EQ/International Managed Volatility, Class IB
2024	11		$	2,025		$	176.45		$	176.45			2.65%		2.67%		2.67%
2023	11		$	1,965		$	171.86		$	171.86			2.30%		16.90%		16.90%
2022	12		$	1,710		$	147.02		$	147.02			1.15%		(14.99)%		(14.99)%
2021	11		$	1,928		$	172.95		$	172.95			3.24%		10.65%		10.65%
2020	11		$	1,694		$	156.30		$	156.30			1.74%		6.63%		6.63%
EQ/International Value Managed Volatility, Class IB
2024	33		$	6,453		$	25.25		$	238.88			2.43%		1.45%		1.68%
2023	30		$	6,307		$	132.30		$	235.51			2.18%		18.59%		18.92%
2022	29		$	5,232		$	111.25		$	198.59			1.59%		(13.66)%		(13.42)%
2021	27		$	5,746		$	128.50		$	230.00			2.28%		10.32%		10.59%
2020	24		$	4,812		$	116.19		$	208.49			1.45%		4.19%		4.41%
EQ/Invesco Comstock, Class IB
2024	26		$	8,892		$	193.68		$	459.57			1.54%		14.85%		15.08%
2023	23		$	7,380		$	168.30		$	400.14			1.63%		12.00%		12.22%
2022	22		$	6,754		$	149.97		$	357.27			1.64%		0.50%		0.71%
2021	19		$	6,390		$	148.92		$	355.48			1.17%		33.00%		33.27%
2020	18		$	4,829		$	111.74		$	267.27			2.16%		(0.76)%		(0.57)%
EQ/Invesco Global, Class IB
2024	19		$	3,333		$	177.15		$	177.15			0.00%		16.17%		16.17%
2023	15		$	2,223		$	152.49		$	152.49			0.00%		34.31%		34.31%
2022	11		$	1,276		$	113.54		$	113.54			0.00%		(31.79)%		(31.79)%
2021	5		$	845		$	166.45		$	166.45			0.00%		15.48%		15.48%
2020	2		$	240		$	144.14		$	144.14			0.00%		27.49%		27.49%
EQ/Invesco Global Real Assets, Class IB
2024	64		$	11,909		$	114.66		$	215.31			2.39%		0.24%		0.46%
2023	59		$	11,172		$	114.14		$	214.79			2.32%		10.13%		10.44%
2022	53		$	9,455		$	103.35		$	195.03			1.68%		(9.00)%		(8.86)%
2021	49		$	9,888		$	113.40		$	214.31			3.21%		21.00%		21.18%
2020	42		$	7,215		$	93.58		$	177.12			2.67%		(12.21)%		(12.07)%
EQ/Janus Enterprise, Class IB
2024	52		$	21,876		$	74.19		$	605.01			0.01%		14.14%		14.43%
2023	49		$	19,179		$	151.07		$	530.05			0.03%		17.02%		17.31%
2022	45		$	15,872		$	128.78		$	452.97			0.00%		(16.58)%		(16.38)%
2021	39		$	18,213		$	154.01		$	543.01			0.10%		16.84%		17.14%
2020	35		$	15,031		$	131.48		$	464.75			0.00%		18.82%		19.10%
EQ/JPMorgan Growth Stock, Class IB,
2024	198		$	76,003		$	83.57		$	718.15			0.00%		33.78%		34.01%
2023	180		$	54,047		$	62.47		$	536.81			0.00%		46.32%		46.33%
2022	153		$	33,946		$	42.69		$	366.87			0.00%		(38.65)%		(38.64)%
2021	107		$	44,306		$	69.58		$	597.87			0.00%		13.83%		13.84%
2020	75		$	32,885		$	61.12		$	525.24			0.00%		36.55%		36.55%

FSA-122

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/JPMorgan Value Opportunities, Class IB
2024	126		$	44,775		$	37.30		$	732.90			1.26%		15.44%		15.61%
2023	101		$	34,004		$	174.13		$	634.95			1.55%		10.92%		11.09%
2022	74		$	25,697		$	156.74		$	572.46			1.24%		0.23%		0.39%
2021	48		$	19,172		$	156.13		$	571.15			0.77%		23.20%		23.42%
2020	31		$	12,613		$	126.50		$	463.61			1.24%		11.07%		11.27%
EQ/Large Cap Core Managed Volatility, Class IB
2024	21		$	7,450		$	210.57		$	516.15			1.04%		23.63%		23.82%
2023	19		$	5,808		$	170.06		$	417.48			1.77%		23.94%		24.12%
2022	19		$	4,738		$	137.01		$	336.84			0.01%		(18.40)%		(18.27)%
2021	15		$	5,188		$	167.64		$	412.78			0.41%		27.32%		27.51%
2020	14		$	4,013		$	131.47		$	324.20			0.73%		16.28%		16.45%
EQ/Large Cap Growth Index, Class IB
2024	140		$	53,573		$	19.17		$	683.70			0.04%		32.39%		32.76%
2023	118		$	35,950		$	14.48		$	516.68			0.26%		41.54%		41.58%
2022	93		$	21,567		$	10.23		$	364.94			0.26%		(29.55)%		(5.97)%
2021	65		$	26,122		$	200.83		$	518.00			0.05%		26.73%		27.15%
2020	48		$	17,504		$	157.95		$	408.75			0.34%		37.31%		37.77%
EQ/Large Cap Growth Managed Volatility, Class IB
2024	31		$	22,154		$	75.29		$	1,185.45			0.35%		30.10%		30.31%
2023	30		$	17,658		$	181.19		$	911.10			0.43%		38.98%		39.18%
2022	26		$	12,552		$	130.18		$	655.55			0.07%		(30.59)%		(30.49)%
2021	22		$	17,887		$	187.27		$	944.45			0.00%		24.38%		24.56%
2020	20		$	14,329		$	150.34		$	759.35			0.08%		32.01%		32.21%
EQ/Large Cap Value Index, Class IB
2024	125		$	24,148		$	166.11		$	230.54			1.59%		13.54%		13.93%
2023	110		$	19,012		$	145.80		$	203.04			1.79%		10.73%		11.10%
2022	90		$	14,476		$	131.23		$	183.36			1.64%		(8.23)%		(7.92)%
2021	67		$	12,566		$	142.51		$	199.80			1.37%		24.28%		24.71%
2020	56		$	8,867		$	114.27		$	160.77			2.07%		2.21%		2.55%
EQ/Large Cap Value Managed Volatility, Class IB
2024	29		$	11,594		$	50.49		$	407.88			1.58%		14.13%		14.15%
2023	29		$	10,266		$	357.37		$	357.37			1.64%		13.97%		13.97%
2022	30		$	9,345		$	313.57		$	313.57			1.29%		(11.60)%		(11.60)%
2021	31		$	10,925		$	354.70		$	354.70			0.97%		24.82%		24.82%
2020	31		$	8,887		$	284.16		$	284.16			1.62%		5.68%		5.68%
EQ/Lazard Emerging Markets Equity, Class IB
2024	109		$	16,195		$	149.15		$	149.15			4.05%		7.34%		7.34%
2023	110		$	15,233		$	138.95		$	138.95			3.99%		21.72%		21.72%
2022	112		$	12,831		$	114.16		$	114.16			4.24%		(14.89)%		(14.89)%
2021	109		$	14,653		$	134.14		$	134.14			2.79%		5.86%		5.86%
2020	104		$	13,204		$	126.71		$	126.71			1.93%		(1.50)%		(1.50)%
EQ/Long-Term Bond(Class IB)
2024	2		$	165		$	103.85		$	103.85			21.01%		1.24%		1.24%
EQ/Loomis Sayles Growth (Class IB)
2024	55		$	29,341		$	68.76		$	929.66			0.00%		33.77%		34.10%
2023	51		$	21,887		$	51.40		$	694.98			0.00%		43.74%		43.74%
2022	46		$	14,640		$	35.76		$	483.50			0.00%		(27.99)%		(27.99)%
2021	39		$	18,531		$	49.66		$	671.39			0.00%		16.18%		16.19%
2020	39		$	15,156		$	42.74		$	577.90			0.00%		30.90%		30.92%
EQ/MFS International Growth (Class IB)
2024	286		$	42,234		$	36.57		$	381.62			0.78%		8.77%		9.10%
2023	310		$	37,729		$	33.62		$	350.83			1.33%		14.38%		14.39%
2022	275		$	29,744		$	29.39		$	306.72			1.10%		(15.19)%		(15.18)%
2021	223		$	23,472		$	34.65		$	361.65			0.25%		9.41%		9.43%

FSA-123

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/MFS International Intrinsic Value (Class IB)
2024	191		$	45,883		$	141.06		$	316.10			1.51%		7.00%		7.38%
2023	173		$	40,251		$	131.37		$	295.43			1.34%		17.35%		17.76%
2022	156		$	32,360		$	111.56		$	251.75			0.45%		(23.80)%		(23.54)%
2021	126		$	36,789		$	145.90		$	330.40			0.39%		10.24%		10.62%
2020	102		$	28,712		$	131.89		$	299.71			0.27		20.03%		20.46%
EQ/MFS Mid Cap Focused Growth (Class IB)
2024	87		$	27,887		$	178.15		$	498.59			0.00%		14.49%		14.84%
2023	77		$	22,811		$	155.13		$	435.49			0.00%		22.32%		22.68%
2022	67		$	17,114		$	126.45		$	356.03			0.00%		(27.06)%		(26.84)%
2021	54		$	20,594		$	172.83		$	488.09			0.00%		18.87%		19.23%
2020	40		$	14,762		$	144.96		$	410.60			0.00%		29.70%		30.09%
EQ/MFS Technology (Class IB)
2024	194		$	35,803		$	149.25		$	203.04			0.00%		36.06%		36.53%
2023	162		$	22,789		$	109.32		$	149.23			0.00%		54.12%		54.63%
2022	141		$	13,163		$	70.70		$	96.83			0.00%		(36.29)%		(36.09)%
2021	125		$	18,808		$	110.63		$	151.99			0.00%		8.96%		13.78%
2020	116		$	15,528		$	133.58		$	133.58			0.06%		29.19%		29.19%
EQ/MFS Utilities Series (Class IB)
2024	7		$	897		$	120.39		$	120.39			1.76%		11.51%		11.51%
2023	6		$	603		$	107.96		$	107.96			2.66%		(2.12)%		(2.12)%
2022	3		$	336		$	110.30		$	110.30			7.39%		0.69%		0.69%
2021	1		$	74		$	109.54		$	109.54			1.95%		9.35%		9.35%
2020	—		$	—		$	0.00		$	0.00			0.00%		—%		—%
EQ/MFS Utilities Series (Class K)
2024	1		$	58		$	90.39		$	90.39			1.76%		11.51%		11.51%
2023	1		$	52		$	81.06		$	81.06			2.66%		(2.13)%		(2.13)%
2022	1		$	64		$	82.82		$	82.82			7.39%		0.69%		0.69%
2021	1		$	64		$	82.25		$	82.25			1.95%		14.19%		14.19%
2020	1		$	56		$	72.03		$	72.03			2.68%		5.82%		5.82%
EQ/Mid Cap Index (Class IB)
2024	139		$	39,146		$	176.53		$	511.98			0.95%		13.19%		13.48%
2023	116		$	31,058		$	155.56		$	452.31			1.12%		15.75%		16.05%
2022	91		$	23,167		$	134.04		$	390.76			1.06%		(13.61)%		(13.37)%
2021	67		$	22,831		$	154.72		$	452.31			0.69%		23.88%		24.27%
2020	50		$	16,198		$	124.50		$	365.11			1.09%		12.85%		13.22%
EQ/Mid Cap Value Managed Volatility (Class IB)
2024	34		$	9,585		$	44.46		$	634.35			1.43%		11.68%		11.86%
2023	22		$	8,054		$	144.41		$	568.08			1.52%		13.19%		13.36%
2022	19		$	6,953		$	127.39		$	501.87			0.96%		(14.57)%		(14.43)%
2021	16		$	7,771		$	148.88		$	587.46			0.59%		27.40%		27.61%
2020	14		$	6,030		$	116.67		$	461.11			1.23%		4.97%		5.14%
EQ/Moderate Allocation (Class IA)
2024	1		$	10		$	19.72		$	19.72			2.83%		7.88%		7.88%
2023	—		$	8		$	18.28		$	18.28			2.05%		12.35%		12.35%
2022	—		$	8		$	16.27		$	16.27			1.35%		(15.44)%		(15.44)%
2021	1		$	10		$	19.24		$	19.24			2.77%		8.39%		8.39%
2020	1		$	9		$	17.75		$	17.75			2.29%		11.29%		11.29%
EQ/Moderate Allocation (Class IB)
2024	361		$	72,033		$	133.70		$	276.79			2.83%		7.91%		8.24%
2023	319		$	62,538		$	123.52		$	256.49			2.05%		12.35%		12.66%
2022	283		$	52,245		$	109.64		$	228.29			1.35%		(15.47)%		(15.24)%
2021	235		$	55,983		$	129.35		$	270.06			2.77%		8.42%		8.72%
2020	199		$	47,556		$	118.97		$	249.09			2.29%		11.26%		11.58%

FSA-124

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/Moderate Growth Strategy (Class IB)
2024	578		$	151,283		$	261.73		$	261.73			2.57%		10.75%		10.75%
2023	593		$	140,212		$	236.32		$	236.32			1.50%		14.86%		14.86%
2022	584		$	120,129		$	205.74		$	205.74			0.92%		(16.48)%		(16.48)%
2021	580		$	142,848		$	246.34		$	246.34			2.06%		11.88%		11.88%
2020	574		$	126,327		$	220.18		$	220.18			1.97%		12.38%		12.38%
EQ/Moderate-Plus Allocation (Class IB)
2024	621		$	158,473		$	23.39		$	356.18			2.51%		10.75%		11.13%
2023	576		$	139,912		$	135.16		$	321.54			1.70%		15.33%		15.69%
2022	532		$	118,496		$	116.83		$	278.81			1.13%		(17.06)%		(16.79)%
2021	450		$	132,628		$	140.41		$	336.15			3.63%		12.68%		13.03%
2020	398		$	112,967		$	124.22		$	298.33			2.63%		14.10%		14.47%
EQ/Money Market (Class IA)
2024	5		$	63		$	13.09		$	13.09			4.51%		4.72%		4.72%
2023	20		$	249		$	12.50		$	12.50			4.38%		4.43%		4.43%
2022	155		$	1,860		$	11.97		$	11.97			1.12%		1.10%		1.10%
2021	88		$	1,042		$	11.84		$	11.84			0.00%		0.17%		0.17%
2020	79		$	939		$	11.82		$	11.82			0.30%		0.17%		0.17%
EQ/Money Market (Class IB)
2024	210		$	26,795		$	113.70		$	150.61			4.51%		4.68%		4.98%
2023	239		$	28,686		$	108.31		$	143.88			4.38%		4.45%		4.76%
2022	165		$	19,457		$	103.39		$	137.75			1.12%		1.09%		1.40%
2021	163		$	19,403		$	101.96		$	136.26			0.00%		0.18%		0.49%
2020	88		$	11,135		$	101.46		$	136.01			0.30%		0.21%		0.52%
EQ/Morgan Stanley Small Cap Growth (Class IB)
2024	90		$	15,721		$	15.69		$	194.93			0.01%		20.69%		21.16%
2023	84		$	11,925		$	13.00		$	160.89			0.00%		34.44%		34.78%
2022	74		$	7,233		$	9.67		$	119.37			0.01%		(44.17)%		(44.04)%
2021	53		$	9,034		$	17.32		$	213.33			0.00%		2.73%		3.12%
2020	38		$	6,263		$	16.86		$	206.88			0.00%		75.44%		96.34%
EQ/PIMCO Global Real Return (Class IB)
2024	11		$	1,117		$	101.71		$	101.71			0.56%		(0.15)%		(0.15)%
2023	9		$	963		$	101.86		$	101.86			1.63%		4.29%		4.29%
2022	7		$	681		$	97.67		$	97.67			12.24%		(16.03)%		(16.03)%
2021	4		$	470		$	116.31		$	116.31			19.90%		4.19%		4.19%
2020	1		$	88		$	111.63		$	111.63			0.00%		10.52%		10.52%
EQ/PIMCO Real Return (Class IB)
2024	99		$	13,249		$	113.56		$	146.50			4.02%		1.93%		2.08%
2023	85		$	11,253		$	111.25		$	143.73			1.28%		3.59%		3.83%
2022	73		$	9,549		$	107.15		$	138.75			6.37%		(11.40)%		(11.14)%
2021	63		$	9,536		$	120.58		$	156.60			4.13%		5.32%		5.48%
2020	49		$	7,204		$	114.32		$	148.69			1.43%		11.34%		11.51%
EQ/PIMCO Total Return ESG (Class IB)
2024	199		$	25,267		$	103.75		$	140.04			4.54%		2.00%		2.23%
2023	180		$	22,794		$	101.49		$	137.29			2.80%		5.64%		6.03%
2022	167		$	20,278		$	95.72		$	129.96			3.31%		(14.00)%		(13.70)%
2021	149		$	21,433		$	110.92		$	151.12			1.85%		(1.42)%		(1.14)%
2020	123		$	18,459		$	112.20		$	153.30			2.00%		8.63%		8.79%
EQ/PIMCO Ultra Short Bond (Class IB)
2024	239		$	12,488		$	16.77		$	142.51			3.94%		5.80%		6.00%
2023	59		$	7,512		$	107.99		$	134.65			3.80%		5.63%		5.79%
2022	51		$	6,278		$	102.08		$	127.47			1.26%		(0.61)%		(0.46)%
2021	47		$	5,962		$	102.55		$	128.25			0.42%		(0.45)%		(0.27)%
2020	38		$	4,883		$	102.83		$	128.83			0.67%		1.11%		1.33%

FSA-125

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
EQ/Quality Bond Plus (Class IA)
2024	1		$	11		$	12.12		$	12.12			3.18%		1.76%		1.76%
2023	1		$	11		$	11.91		$	11.91			2.15%		4.20%		4.20%
2022	1		$	12		$	11.43		$	11.43			0.69%		(10.21)%		(10.21)%
2021	1		$	16		$	12.73		$	12.73			0.82%		(2.15)%		(2.15)%
2020	1		$	17		$	13.01		$	13.01			1.34%		6.03%		6.03%
EQ/Quality Bond Plus (Class IB)
2024	20		$	3,682		$	181.20		$	181.20			3.18%		1.77%		1.77%
2023	19		$	3,349		$	178.04		$	178.04			2.15%		4.23%		4.23%
2022	19		$	3,274		$	170.82		$	170.82			0.69%		(10.21)%		(10.21)%
2021	19		$	3,583		$	190.25		$	190.25			0.82%		(2.11)%		(2.11)%
2020	16		$	3,183		$	194.36		$	194.36			1.34%		5.98%		5.98%
EQ/Small Company Index (Class IB)
2024	170		$	34,646		$	33.06		$	596.81			1.37%		11.13%		11.38%
2023	95		$	25,616		$	144.80		$	537.10			1.28%		16.80%		17.07%
2022	68		$	18,389		$	123.69		$	459.83			0.98%		(19.81)%		(19.63)%
2021	48		$	19,277		$	153.91		$	573.46			0.71%		15.06%		15.33%
2020	32		$	14,510		$	133.45		$	498.40			1.11%		19.73%		20.01%
EQ/T. Rowe Price Health Sciences (Class IB)
2024	47		$	6,963		$	147.61		$	147.61			0.00%		1.73%		1.73%
2023	36		$	5,180		$	145.10		$	145.10			0.00%		4.13%		4.13%
2022	26		$	3,688		$	139.34		$	139.34			0.00%		(13.25)%		(13.25)%
2021	16		$	2,542		$	160.63		$	160.63			0.00%		9.67%		9.67%
2020	6		$	879		$	146.47		$	146.47			0.00%		27.11%		27.11%
EQ/Value Equity (Class IB)
2024	56		$	27,922		$	155.57		$	821.06			0.98%		7.23%		7.40%
2023	54		$	26,282		$	144.85		$	765.67			1.21%		19.52%		19.70%
2022	47		$	21,264		$	121.01		$	640.62			1.09%		(15.11)%		(14.99)%
2021	41		$	24,192		$	142.34		$	754.65			0.71%		25.37%		25.55%
2020	34		$	18,442		$	113.37		$	601.93			2.03%		2.82%		2.98%
EQ/Wellington Energy (Class IB)
2024	52		$	4,868		$	93.26		$	93.26			2.85%		6.56%		6.56%
2023	52		$	4,575		$	87.52		$	87.52			3.12%		6.03%		6.03%
2022	60		$	4,918		$	82.54		$	82.54			4.23%		32.40%		32.40%
2021	56		$	3,508		$	62.34		$	62.34			3.44%		35.58%		35.58%
2020	53		$	2,453		$	45.98		$	45.98			3.83%		(37.31)%		(37.31)%
Equitable Conservative Growth MF/ETF (Class IB)
2024	64		$	10,999		$	139.09		$	179.29			3.19%		7.23%		7.55%
2023	62		$	10,202		$	129.33		$	167.20			2.70%		9.91%		10.19%
2022	62		$	9,245		$	117.37		$	152.12			1.78%		(12.45)%		(12.32)%
2021	—		$	—		$	0.00		$	0.00			0.00%		—%		—%
2020	—		$	—		$	0.00		$	0.00			0.00%		—%		—%
Equitable Growth MF/ETF (Class IB)
2024	1		$	139		$	112.02		$	112.02			3.42%		8.06%		8.06%
EquitableModerate Growth MF/ETF (Class IB)
2024	2		$	189		$	110.23		$	110.23			8.23%		6.57%		6.57%
Fidelity^® VIP Asset Manager Portfolio (Initial Class)
2024	—		$	5		$	33.64		$	33.64			2.51%		8.48%		8.48%
2023	—		$	4		$	31.01		$	31.01			2.40%		12.97%		12.97%
2022	—		$	4		$	27.45		$	27.45			1.18%		(14.94)%		(14.94)%
2021	—		$	14		$	32.27		$	32.27			1.48%		9.91%		9.91%
2020	1		$	15		$	29.36		$	29.36			1.44%		14.87%		14.87%
Fidelity^® VIP Asset Manager: Growth Portfolio (Service Class 2)
2024	11		$	1,250		$	112.95		$	112.95			2.20%		10.72%		10.72%
2023	7		$	729		$	102.01		$	102.01			2.23%		16.22%		16.22%
2022	4		$	391		$	87.77		$	87.77			2.37%		(16.92)%		(16.92)%
2021	2		$	244		$	105.65		$	105.65			4.72%		4.83%		4.83%
2020						$	0.00		$	0.00					—%		—%

FSA-126

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
Fidelity^® VIP Growth & Income Portfolio (Initial Class)
2024	4		$	223		$	58.55		$	58.55			1.35%		22.23%		22.23%
2023	4		$	182		$	47.90		$	47.90			1.64%		18.71%		18.71%
2022	7		$	297		$	40.35		$	40.35			1.55%		(4.95)%		(4.95)%
2021	16		$	689		$	42.45		$	42.45			2.44%		25.93%		25.93%
2020	14		$	476		$	33.71		$	33.71			2.03%		7.87%		7.87%
Fidelity^® VIP Growth & Income Portfolio (Service Class 2)
2024	36		$	11,457		$	216.00		$	528.15			1.35%		21.96%		22.39%
2023	30		$	8,215		$	176.49		$	433.05			1.64%		18.36%		18.80%
2022	23		$	5,624		$	148.56		$	365.86			1.55%		(5.17)%		(4.81)%
2021	17		$	4,959		$	156.07		$	385.82			2.44%		25.64%		26.13%
2020	12		$	3,125		$	123.74		$	307.09			2.03%		7.60%		7.93%
Fidelity^® VIP Mid Cap Portfolio (Service Class 2)
2024	60		$	17,125		$	184.48		$	392.49			0.37%		17.18%		17.35%
2023	52		$	13,414		$	157.20		$	334.96			0.41%		14.80%		14.97%
2022	46		$	10,896		$	136.73		$	291.77			0.29%		(14.97)%		(14.84)%
2021	38		$	11,492		$	160.55		$	343.13			0.39%		25.31%		25.49%
2020	31		$	8,092		$	127.94		$	273.83			0.41%		17.87%		18.05%
Fidelity^® VIP Value Portfolio (Service Class 2)
2024	12		$	1,550		$	132.21		$	132.21			1.39%		11.25%		11.25%
2023	8		$	895		$	118.84		$	118.84			1.40%		19.65%		19.65%
2022	4		$	412		$	99.32		$	99.32			2.20%		(4.15)%		(4.15)%
2021	1		$	68		$	103.62		$	103.62			4.04%		3.35%		3.35%
2020	—		$	—		$	0.00		$	0.00			0.00%		—%		—%
Franklin Income VIP Fund (Class 2)
2024	14		$	340		$	24.67		$	24.67			5.19%		7.21%		7.21%
2023	14		$	316		$	23.01		$	23.01			5.12%		8.64%		8.64%
2022	15		$	318		$	21.18		$	21.18			4.66%		(5.49)%		(5.49)%
2021	17		$	387		$	22.41		$	22.41			4.65%		16.78%		16.78%
2020	17		$	332		$	19.19		$	19.19			5.86%		0.68%		0.68%
Franklin Small Cap Value VIP Fund (Class 2)
2024	38		$	8,889		$	174.52		$	365.76			0.91%		11.70%		11.87%
2023	31		$	6,891		$	156.00		$	327.44			0.52%		12.75%		12.91%
2022	22		$	4,786		$	138.16		$	290.42			0.93%		(10.06)%		(9.93)%
2021	14		$	3,683		$	153.39		$	322.92			1.02%		25.37%		25.55%
2020	10		$	2,436		$	122.17		$	257.58			1.48%		5.19%		5.35%
Invesco V.I. Diversified Dividend Fund (Series I)
2024	—		$	6		$	24.28		$	24.28			1.90%		13.25%		13.25%
2023	—		$	5		$	21.44		$	21.44			2.07%		9.00%		9.00%
2022	1		$	16		$	19.67		$	19.67			2.94%		(1.65)%		(1.65)%
2021	1		$	17		$	20.00		$	20.00			2.32%		18.91%		18.91%
2020	1		$	14		$	16.82		$	16.82			3.16%		0.12%		0.12%
Invesco V.I. Diversified Dividend Fund (Series II)
2024	4		$	535		$	124.22		$	124.22			1.90%		13.13%		13.13%
2023	4		$	445		$	109.80		$	109.80			2.07%		8.93%		8.93%
2022	3		$	288		$	100.80		$	100.80			2.94%		(1.77)%		(1.77)%
2021	—		$	28		$	102.62		$	102.62			2.32%		2.30%		2.30%
Invesco V.I. Global Core Equity Fund (Series I)
2024	—		$	—		$	30.55		$	30.55			0.83%		16.87%		16.87%
2023	—		$	1		$	26.14		$	26.14			0.57%		21.69%		21.69%
2022	—		$	1		$	21.48		$	21.48			0.28%		(21.86)%		(21.86)%
2021	—		$	1		$	27.49		$	27.49			0.93%		15.99%		15.99%
2020	—		$	1		$	23.70		$	23.70			1.28%		13.23%		13.23%

FSA-127

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
Invesco V.I. Health Care Fund (Series I)
2024	1		$	54		$	51.11		$	51.11			0.00%		4.18%		4.18%
2023	1		$	51		$	49.06		$	49.06			0.00%		3.02%		3.02%
2022	1		$	62		$	47.62		$	47.62			0.00%		(13.32)%		(13.32)%
2021	1		$	72		$	54.94		$	54.94			0.21%		12.31%		12.31%
2020	1		$	65		$	48.92		$	48.92			0.32%		14.46%		14.46%
Invesco V.I. Main Street Mid Cap Fund (Series II)
2024	6		$	1,758		$	304.92		$	304.92			0.13%		16.80%		16.80%
2023	6		$	1,508		$	261.07		$	261.07			0.04%		14.14%		14.14%
2022	6		$	1,290		$	228.72		$	228.72			0.07%		(14.46)%		(14.46)%
2021	6		$	1,499		$	267.37		$	267.37			0.24%		22.87%		22.87%
2020	6		$	1,379		$	217.61		$	217.61			0.51%		8.94%		8.94%
Invesco V.I. Small Cap Equity Fund (Series II)
2024	6		$	2,250		$	366.12		$	366.12			0.00%		17.85%		17.85%
2023	6		$	1,869		$	310.66		$	310.66			0.00%		16.26%		16.26%
2022	6		$	1,644		$	267.22		$	267.22			0.00%		(20.73)%		(20.73)%
2021	6		$	2,164		$	337.11		$	337.11			0.00%		20.10%		20.10%
2020	6		$	1,730		$	280.70		$	280.70			0.03%		26.86%		26.86%
Invesco V.I. Technology Fund (Series I)
2024	1		$	84		$	83.13		$	83.13			0.00%		34.28%		34.28%
2023	1		$	62		$	61.91		$	61.91			0.00%		46.92%		46.92%
2022	1		$	43		$	42.14		$	42.14			0.00%		(39.95)%		(39.95)%
2021	1		$	72		$	70.17		$	70.17			0.00%		14.41%		14.41%
2020	1		$	64		$	61.33		$	61.33			0.00%		46.13%		46.13%
Janus Henderson Balanced Portfolio (Service Shares)
2024	43		$	5,309		$	123.17		$	123.17			1.92%		15.32%		15.32%
2023	31		$	3,350		$	106.81		$	106.81			2.21%		15.31%		15.31%
2022	13		$	1,214		$	92.63		$	92.63			1.35%		(16.49)%		(16.49)%
2021	3		$	323		$	110.92		$	110.92			0.54%		10.11%		10.11%
Janus Henderson Enterprise Portfolio (Institutional Shares)
2024	79		$	3,846		$	48.45		$	48.45			0.89%		15.60%		15.60%
2023	91		$	3,802		$	41.91		$	41.91			0.15%		18.09%		18.09%
2022	95		$	3,385		$	35.49		$	35.49			0.20%		(15.94)%		(15.94)%
2021	91		$	3,852		$	42.22		$	42.22			0.36%		16.82%		16.82%
2020	169		$	6,113		$	36.14		$	36.14			0.07%		19.47%		19.47%
Janus Henderson Global Research Portfolio (Institutional Shares)
2024	—		$	14		$	34.41		$	34.41			0.76%		23.60%		23.60%
2023	—		$	11		$	27.84		$	27.84			0.94%		26.78%		26.78%
2022	—		$	9		$	21.96		$	21.96			0.99%		(19.41)%		(19.41)%
2021	1		$	17		$	27.25		$	27.25			0.52%		18.07%		18.07%
2020	1		$	15		$	23.08		$	23.08			0.74%		20.08%		20.08%
Janus Henderson Mid Cap Value Portfolio (Service Shares)
2024	58		$	3,030		$	52.67		$	52.67			0.84%		12.81%		12.81%
2023	72		$	3,355		$	46.69		$	46.69			0.98%		11.11%		11.11%
2022	71		$	2,983		$	42.02		$	42.02			1.13%		(5.78)%		(5.78)%
2021	79		$	3,508		$	44.60		$	44.60			0.43%		19.44%		19.44%
2020	54		$	2,000		$	37.34		$	37.34			1.08%		(1.22)%		(1.22)%
Janus Henderson Overseas Portfolio (Institutional Shares)
2024	4		$	151		$	33.60		$	33.60			1.72%		5.83%		5.83%
2023	4		$	121		$	31.75		$	31.75			1.23%		10.86%		10.86%
2022	10		$	278		$	28.64		$	28.64			1.83%		(8.59)%		(8.59)%
2021	9		$	277		$	31.33		$	31.33			1.18%		13.56%		13.56%
2020	8		$	225		$	27.59		$	27.59			1.34%		16.32%		16.32%

FSA-128

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
Lord Abbett Series Fund — Bond Debenture Portfolio (VC Shares)
2024	52		$	6,005		$	115.30		$	115.30			6.96%		6.88%		6.88%
2023	27		$	2,956		$	107.88		$	107.88			6.74%		6.72%		6.72%
2022	16		$	1,644		$	101.09		$	101.09			5.75%		(12.67)%		(12.67)%
2021	9		$	996		$	115.76		$	115.76			5.03%		3.43%		3.43%
2020	3		$	295		$	111.92		$	111.92			9.54%		7.46%		7.46%
Macquarie VIP High Income Series (Service Shares)
2024	180		$	25,966		$	123.59		$	158.10			6.25%		6.19%		6.37%
2023	27		$	2,956		$	107.88		$	107.88			6.74%		6.72%		6.72%
2022	16		$	1,644		$	101.09		$	101.09			5.75%		(12.67)%		(12.67)%
2021	9		$	996		$	115.76		$	115.76			5.03%		3.43%		3.43%
2020	3		$	295		$	111.92		$	111.92			9.54%		7.46%		7.46%
MFS^® Investors Trust Series (Service Class)
2024	2		$	1,090		$	485.10		$	485.10			0.46%		19.22%		19.22%
2023	2		$	987		$	406.89		$	406.89			0.47%		18.66%		18.66%
2022	2		$	856		$	342.89		$	342.89			0.39%		(16.69)%		(16.69)%
2021	3		$	1,098		$	411.57		$	411.57			0.42%		26.51%		26.51%
2020	3		$	818		$	325.33		$	325.33			0.43%		13.60%		13.60%
MFS^® Massachusetts Investors Growth Stock Portfolio (Service Class)
2024	7		$	4,487		$	602.44		$	602.44			0.13%		15.98%		15.98%
2023	8		$	4,234		$	519.43		$	519.43			0.05%		23.70%		23.70%
2022	7		$	2,983		$	419.90		$	419.90			0.00%		(19.45)%		(19.45)%
2021	8		$	4,211		$	521.27		$	521.27			0.03%		25.66%		25.66%
2020	7		$	3,029		$	414.83		$	414.83			0.24%		22.20%		22.20%
Morgan Stanley Variable Insurance Fund Inc. Emerging Markets Debt Portfolio (Class I)
2024	2		$	80		$	36.98		$	36.98			10.31%		11.25%		11.25%
2023	2		$	71		$	33.24		$	33.24			8.45%		11.84%		11.84%
2022	3		$	75		$	29.72		$	29.72			6.93%		(18.75)%		(18.75)%
2021	3		$	118		$	36.58		$	36.58			5.13%		(2.01)%		(2.01)%
2020	3		$	119		$	37.33		$	37.33			4.53%		5.54%		5.54%
Multimanager Aggressive Equity (Class IB)
2024	46		$	17,876		$	233.84		$	543.91			0.44%		30.85%		31.11%
2023	41		$	13,256		$	178.35		$	415.66			0.41%		38.30%		38.55%
2022	38		$	9,079		$	128.73		$	300.56			0.00%		(32.17)%		(32.06)%
2021	31		$	11,809		$	189.48		$	443.08			0.00%		20.50%		20.72%
2020	27		$	9,395		$	156.96		$	367.70			0.00%		38.82%		39.07%
Multimanager Core Bond (Class IB)
2024	674		$	15,564		$	15.30		$	193.31			3.54%		1.97%		2.00%
2023	28		$	5,315		$	189.57		$	189.57			2.93%		5.09%		5.09%
2022	29		$	5,162		$	180.39		$	180.39			2.33%		(12.73)%		(12.73)%
2021	29		$	5,910		$	206.71		$	206.71			1.45%		(1.43)%		(1.43)%
2020	25		$	5,317		$	209.71		$	209.71			1.91%		6.26%		6.26%
Multimanager Technology (Class IB)
2024	114		$	59,914		$	247.82		$	1,775.35			0.00%		26.09%		26.28%
2023	98		$	45,219		$	196.25		$	1,408.01			0.00%		49.54%		49.77%
2022	76		$	26,961		$	131.03		$	941.54			0.00%		(37.30)%		(37.20)%
2021	48		$	35,076		$	208.66		$	1,501.58			0.00%		20.82%		21.00%
2020	30		$	25,712		$	172.44		$	1,242.78			0.13%		53.27%		53.50%

FSA-129

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Continued)

December 31, 2024

Financial Highlights (Continued)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
PIMCO CommodityRealReturn^® Strategy Portfolio (Advisor Class)
2024	51		$	5,613		$	97.62		$	150.68			2.10%		3.97%		4.12%
2023	47		$	4,881		$	93.89		$	144.72			15.89%		(7.93)%		(7.77)%
2022	50		$	5,547		$	101.98		$	156.91			20.09%		8.66%		8.88%
2021	40		$	3,888		$	93.85		$	144.11			4.20%		33.10%		33.31%
2020	39		$	2,748		$	70.51		$	108.10			6.12%		1.23%		1.38%
T. Rowe Price Blue Chip Growth Portfolio (Class II)
2024	13		$	2,614		$	208.25		$	208.25			0.00%		35.44%		35.44%
2023	6		$	933		$	153.76		$	153.76			0.00%		49.25%		49.25%
T. Rowe Price Equity Income Portfolio (Class II)
2024	25		$	6,464		$	167.55		$	355.20			1.62%		11.38%		11.60%
2023	25		$	5,944		$	150.14		$	318.91			1.91%		9.31%		9.52%
2022	23		$	5,155		$	137.09		$	291.74			1.65%		(3.59)%		(3.40)%
2021	22		$	5,608		$	141.92		$	302.59			1.41%		25.21%		25.45%
2020	18		$	3,936		$	113.13		$	241.66			2.17%		0.96%		1.15%
T. Rowe Price Mid-Cap Growth Portfolio(Class II)
2024	4		$	537		$	138.22		$	138.22			0.00%		9.35%		9.35%
2023	1		$	151		$	126.40		$	126.40			0.00%		19.98%		19.98%
Target 2025 Allocation (Class IB)
2024	5		$	821		$	170.25		$	170.25			2.47%		8.69%		8.69%
2023	6		$	943		$	156.64		$	156.64			2.16%		13.63%		13.63%
2022	5		$	728		$	137.85		$	137.85			1.63%		(15.24)%		(15.24)%
2021	7		$	1,096		$	162.64		$	162.64			2.10%		10.74%		10.74%
2020	6		$	903		$	146.87		$	146.87			1.97%		12.27%		12.27%
Target 2035 Allocation (Class IB)
2024	15		$	2,841		$	191.20		$	191.20			2.19%		11.49%		11.49%
2023	13		$	2,282		$	171.50		$	171.50			1.77%		16.53%		16.53%
2022	13		$	1,881		$	147.17		$	147.17			1.35%		(16.29)%		(16.29)%
2021	14		$	2,387		$	175.81		$	175.81			1.98%		14.07%		14.07%
2020	12		$	1,868		$	154.12		$	154.12			1.76%		13.67%		13.67%
Target 2045 Allocation (Class IB)
2024	14		$	2,893		$	204.68		$	204.68			1.85%		12.97%		12.97%
2023	13		$	2,407		$	181.18		$	181.18			1.55%		18.12%		18.12%
2022	14		$	2,159		$	153.38		$	153.38			1.37%		(16.78)%		(16.78)%
2021	12		$	2,245		$	184.30		$	184.30			2.01%		16.31%		16.31%
2020	12		$	1,830		$	158.45		$	158.45			1.69%		14.09%		14.09%
Target 2055 Allocation (Class IB)
2024	24		$	5,280		$	222.03		$	222.03			1.46%		14.32%		14.32%
2023	24		$	4,736		$	194.22		$	194.22			1.56%		19.83%		19.83%
2022	21		$	3,380		$	162.08		$	162.08			1.13%		(17.56)%		(17.56)%
2021	20		$	3,946		$	196.61		$	196.61			2.11%		18.26%		18.26%
2020	19		$	3,081		$	166.25		$	166.25			1.68%		14.92%		14.92%
Templeton Developing Markets VIP Fund (Class 2)
2024	43		$	5,819		$	122.86		$	145.15			3.92%		7.67%		7.84%
2023	39		$	4,995		$	113.93		$	134.81			2.05%		12.62%		12.79%
2022	37		$	4,244		$	101.01		$	119.70			2.59%		(21.98)%		(21.87)%
2021	30		$	4,416		$	129.28		$	153.43			0.86%		(5.74)%		(5.60)%
2020	24		$	3,887		$	136.95		$	162.77			4.08%		17.19%		17.36%
Templeton Global Bond VIP Fund (Class 2)
2024	138		$	13,246		$	79.72		$	101.10			0.00%		(11.37)%		(11.05)%
2023	120		$	13,158		$	89.62		$	114.07			0.00%		2.89%		3.26%
2022	108		$	11,616		$	86.79		$	110.87			0.00%		(4.95)%		(4.62)%
2021	101		$	11,509		$	90.99		$	116.64			0.00%		(4.99)%		(4.66)%
2020	79		$	9,647		$	95.44		$	122.77			8.31%		(5.28)%		(4.93)%

FSA-130

EQUITABLE AMERICA VARIABLE ACCOUNT K

Notes to Financial Statements (Concluded)

December 31, 2024

Financial Highlights (Concluded)


	At the Year ended											For the Year ended
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Unit Value						Investment Income Ratio**			Total Return***
	Units Outstanding (000’s)*	Accumulation Unit Values (000’s)*			Lowest			Highest			Investment Income Ratio**			Lowest		Highest
Vaneck VIP Emerging Markets Bond Fund (Initial Class)
2024	1		$	33		$	26.57		$	26.57			7.33%		2.75%		2.75%
2023	1		$	31		$	25.86		$	25.86			4.03%		11.42%		11.42%
2022	2		$	40		$	23.21		$	23.21			4.53%		(6.94)%		(6.94)%
2021	2		$	43		$	24.94		$	24.94			5.14%		(4.04)%		(4.04)%
2020	2		$	44		$	25.99		$	25.99			7.35%		8.93%		8.93%
Vaneck VIP Emerging Markets Fund (Initial Class)
2024	—		$	2		$	29.25		$	29.25			1.68%		1.21%		1.21%
2023	—		$	2		$	28.90		$	28.90			2.22%		9.76%		9.76%
2022	1		$	15		$	26.33		$	26.33			0.28%		(24.38)%		(24.38)%
2021	1		$	19		$	34.82		$	34.82			0.92%		(11.87)%		(11.87)%
2020	1		$	22		$	39.51		$	39.51			2.07%		17.28%		17.28%
Vaneck VIP Global Resources Fund (Class S)
2024	41		$	3,862		$	94.77		$	99.27			2.32%		(3.09)%		(2.93)%
2023	39		$	3,840		$	97.79		$	102.27			2.59%		(3.84)%		(3.70)%
2022	41		$	4,158		$	101.69		$	106.20			1.62%		8.12%		8.29%
2021	40		$	3,763		$	94.05		$	94.05			0.34%		18.68%		18.68%
2020	41		$	3,267		$	79.25		$	79.25			0.79%		18.82%		18.82%
Vaneck VIP Global Resources Fund (Initial Class)
2024	12		$	522		$	43.98		$	43.98			2.32%		(2.83)%		(2.83)%
2023	24		$	1,067		$	45.26		$	45.26			2.59%		(3.58)%		(3.58)%
2022	27		$	1,264		$	46.94		$	46.94			1.62%		8.38%		8.38%
2021	28		$	1,215		$	43.31		$	43.31			0.34%		18.92%		18.92%
2020	26		$	963		$	36.42		$	36.42			0.79%		19.10%		19.10%

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

This ratio represents the 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.

Subsequent Events

All material subsequent transactions and events have been evaluated for the period from December 31, 2024 through April 10, 2025, the date on which the financial statements were issued. Except as noted below, it has been determined that there are no transactions or events that require adjustment or disclosure in the financial statements.

On February 23, 2025, Equitable Financial Life Insurance Company, as well as Equitable America and Equitable Financial Life and Annuity Company, entered into a master transaction agreement with Reinsurance Group of America (“RGA”) pursuant to which at closing and subject to the terms and conditions set forth in such agreement, RGA would enter into reinsurance agreements, as reinsurer, with each such subsidiary, as ceding company, to effect the RGA Reinsurance Transaction. The transaction is expected to close in mid-2025.

FSA-131