FS VARIABLE Separate ACCOUNT

Type of contract:

Response:

Identify reinsurance

contract(s):

Has the insured event(s)

triggering contract coverage

been recognized?

Assumption reinsurance – new for the reporting period

Yes [ ] No [ X ]

Non-proportional reinsurance, which does not result in significant surplus relief

Yes [ ] No [ X ]

FS Variable Separate Account

The United States Life Insurance Company in the City of New York

Financial Statements

December 31, 2023

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The United States Life Insurance Company in the City of New York and the Contract Owners of FS Variable Separate Account.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the subaccounts of FS Variable Separate Account indicated in the table below as of December 31, 2023, and the related statements of operations, and changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of FS Variable Separate Account as of December 31, 2023, and the results of each of their operations, and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


American Funds IS Asset Allocation Fund Class 2 (1)		SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3 (1)
American Funds IS Asset Allocation Fund Class 4 (1)		SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3 (1)
American Funds IS Capital Income Builder Class 4 (1)		SAST SA DFA Ultra Short Bond Portfolio Class 1 (1)
American Funds IS Capital World Bond Fund Class 4 (1)		SAST SA DFA Ultra Short Bond Portfolio Class 3 (1)
American Funds IS Global Growth Fund Class 2 (1)		SAST SA Emerging Markets Equity Index Portfolio Class 3 (1)
American Funds IS Global Growth Fund Class 4 (1)		SAST SA Federated Hermes Corporate Bond Portfolio Class 1 (1)
American Funds IS Global Small Capitalization Fund Class 4 (1)		SAST SA Federated Hermes Corporate Bond Portfolio Class 3 (1)
American Funds IS Growth Fund Class 2 (1)		SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3 (1)
American Funds IS Growth Fund Class 4 (1)		SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1 (1)
American Funds IS Growth-Income Fund Class 2 (1)		SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3 (1)
American Funds IS Growth-Income Fund Class 4 (1)		SAST SA Fixed Income Index Portfolio Class 3 (1)
American Funds IS The Bond Fund of America Class 4 (1)		SAST SA Fixed Income Intermediate Index Portfolio Class 3 (1)
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III (1)		SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1 (1)
BlackRock Global Allocation V.I. Fund Class III (1)		SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3 (1)
Columbia VP Income Opportunities Fund Class 1 (1)		SAST SA Franklin Small Company Value Portfolio Class 3 (1)
Columbia VP Large Cap Growth Fund Class 1 (1)		SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3 (1)
Columbia VP Limited Duration Credit Fund Class 2 (1)		SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1 (1)
FTVIP Franklin Allocation VIP Fund Class 2 (1)		SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3 (1)
FTVIP Franklin Income VIP Fund Class 2 (1)		SAST SA Franklin Tactical Opportunities Portfolio Class 3 (1)
FTVIP Franklin Mutual Global Discovery VIP Fund Class 2 (1)		SAST SA Global Index Allocation 60/40 Portfolio Class 3 (1)
FTVIP Franklin Rising Dividends VIP Fund Class 2 (1)		SAST SA Global Index Allocation 75/25 Portfolio Class 3 (1)
FTVIP Franklin Strategic Income VIP Fund Class 2 (1)		SAST SA Global Index Allocation 90/10 Portfolio Class 3 (1)
FTVIP Templeton Global Bond VIP Fund Class 2 (1)		SAST SA Goldman Sachs Global Bond Portfolio Class 1 (1)
Goldman Sachs VIT Government Money Market Fund Institutional Shares (1)		SAST SA Goldman Sachs Global Bond Portfolio Class 3 (1)
Goldman Sachs VIT Government Money Market Fund Service Shares (1)		SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3 (1)
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares (1)		SAST SA Index Allocation 60/40 Portfolio Class 3 (1)
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares (1)		SAST SA Index Allocation 80/20 Portfolio Class 3 (1)
Invesco V.I. American Franchise Fund Series II (1)		SAST SA Index Allocation 90/10 Portfolio Class 3 (1)
Invesco V.I. American Value Fund Series II (1)		SAST SA International Index Portfolio Class 3 (1)
Invesco V.I. Balanced-Risk Allocation Fund Series II (1)		SAST SA Invesco Growth Opportunities Portfolio Class 1 (1)
Invesco V.I. Comstock Fund Series II (1)		SAST SA Invesco Growth Opportunities Portfolio Class 3 (1)
Invesco V.I. Equity and Income Fund Series II (1)		SAST SA Janus Focused Growth Portfolio Class 1 (1)
Invesco V.I. Growth and Income Fund Series II (1)		SAST SA Janus Focused Growth Portfolio Class 3 (1)
Lord Abbett Bond Debenture Portfolio Class VC (1)		SAST SA JPMorgan Diversified Balanced Portfolio Class 1 (1)
Lord Abbett Developing Growth Portfolio Class VC (1)		SAST SA JPMorgan Diversified Balanced Portfolio Class 3 (1)
Lord Abbett Fundamental Equity Portfolio Class VC (1)		SAST SA JPMorgan Equity-Income Portfolio Class 1 (1)
Lord Abbett Growth and Income Portfolio Class VC (1)		SAST SA JPMorgan Equity-Income Portfolio Class 3 (1)
Lord Abbett Mid Cap Stock Portfolio Class VC (1)		SAST SA JPMorgan Global Equities Portfolio Class 1 (1)
Lord Abbett Short Duration Income Portfolio Class VC (1)		SAST SA JPMorgan Global Equities Portfolio Class 3 (1)
MFS VIT III Growth Allocation Portfolio Service Class (2)		SAST SA JPMorgan Large Cap Core Portfolio Class 1 (1)
Morgan Stanley VIF Global Infrastructure Portfolio Class II (1)		SAST SA JPMorgan Large Cap Core Portfolio Class 3 (1)
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S (1)		SAST SA JPMorgan MFS Core Bond Portfolio Class 1 (1)
PIMCO All Asset Portfolio Advisor Class (1)		SAST SA JPMorgan MFS Core Bond Portfolio Class 3 (1)
PIMCO Dynamic Bond Portfolio Advisor Class (1)		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1 (1)
PIMCO Emerging Markets Bond Portfolio Advisor Class (1)		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3 (1)
PIMCO Total Return Portfolio Advisor Class (1)		SAST SA Large Cap Growth Index Portfolio Class 3 (1)
PVC Core Plus Bond Account Class 1 (1)		SAST SA Large Cap Index Portfolio Class 3 (1)
PVC Diversified International Account Class 1 (1)		SAST SA Large Cap Value Index Portfolio Class 3 (1)
PVC Equity Income Account Class 2 (1)		SAST SA MFS Blue Chip Growth Portfolio Class 1 (1)
PVC Government & High Quality Bond Account Class 1 (1)		SAST SA MFS Blue Chip Growth Portfolio Class 3 (1)
PVC Large Cap Growth Account I Class 1 (1)		SAST SA MFS Massachusetts Investors Trust Portfolio Class 1 (1)
PVC MidCap Account Class 2 (1)		SAST SA MFS Massachusetts Investors Trust Portfolio Class 3 (1)
PVC Principal Capital Appreciation Account Class 2 (1)		SAST SA MFS Total Return Portfolio Class 1 (1)
PVC SAM Balanced Portfolio Class 2 (1)		SAST SA MFS Total Return Portfolio Class 3 (1)

LOGO


PVC SAM Conservative Balanced Portfolio Class 2 (1)		SAST SA Mid Cap Index Portfolio Class 3 (1)
PVC SAM Conservative Growth Portfolio Class 2 (1)		SAST SA Morgan Stanley International Equities Portfolio Class 1 (1)
PVC SAM Flexible Income Portfolio Class 2 (1)		SAST SA Morgan Stanley International Equities Portfolio Class 3 (1)
PVC SAM Strategic Growth Portfolio Class 2 (1)		SAST SA PIMCO RAE International Value Portfolio Class 3 (1)
PVC Short-Term Income Account Class 1 (1)		SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3 (1)
PVC SmallCap Account Class 2 (1)		SAST SA PineBridge High-Yield Bond Portfolio Class 1 (1)
SST SA Allocation Balanced Portfolio Class 3 (1)		SAST SA PineBridge High-Yield Bond Portfolio Class 3 (1)
SST SA Allocation Growth Portfolio Class 3 (1)		SAST SA Putnam International Growth and Income Portfolio Class 1 (1)
SST SA Allocation Moderate Growth Portfolio Class 3 (1)		SAST SA Putnam International Growth and Income Portfolio Class 3 (1)
SST SA Allocation Moderate Portfolio Class 3 (1)		SAST SA Schroders VCP Global Allocation Portfolio Class 3 (1)
SST SA American Century Inflation Protection Portfolio Class 3 (1)		SAST SA Small Cap Index Portfolio Class 3 (1)
SST SA Columbia Focused Value Portfolio Class 3 (1)		SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3 (1)
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3 (1)		SAST SA T. Rowe Price VCP Balanced Portfolio Class 3 (1)
SST SA Multi-Managed International Equity Portfolio Class 3 (1)		SAST SA VCP Dynamic Allocation Portfolio Class 3 (1)
SST SA Multi-Managed Large Cap Growth Portfolio Class 3 (1)		SAST SA VCP Dynamic Strategy Portfolio Class 3 (1)
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3 (1)		SAST SA VCP Index Allocation Portfolio Class 3 (1)
SST SA Multi-Managed Mid Cap Value Portfolio Class 3 (1)		SAST SA Wellington Capital Appreciation Portfolio Class 1 (1)
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3 (1)		SAST SA Wellington Capital Appreciation Portfolio Class 3 (1)
SAST SA AB Growth Portfolio Class 1 (1)		SAST SA Wellington Government and Quality Bond Portfolio Class 1 (1)
SAST SA AB Growth Portfolio Class 3 (1)		SAST SA Wellington Government and Quality Bond Portfolio Class 3 (1)
SAST SA JPMorgan Emerging Markets Portfolio Class 1 (1)		SAST SA Wellington Strategic Multi-Asset Portfolio Class 1 (1)
SAST SA JPMorgan Emerging Markets Portfolio Class 3 (1)		SAST SA Wellington Strategic Multi-Asset Portfolio Class 3 (1)
SAST SA AB Small & Mid Cap Value Portfolio Class 3 (1)		VALIC Company I International Equities Index Fund (1)
SAST SA American Funds Asset Allocation Portfolio Class 3 (1)		VALIC Company I Mid Cap Index Fund (1)
SAST SA American Funds Global Growth Portfolio Class 3 (1)		VALIC Company I Nasdaq-100 Index Fund (1)
SAST SA American Funds Growth Portfolio Class 3 (1)		VALIC Company I Small Cap Index Fund (1)
SAST SA American Funds Growth-Income Portfolio Class 3 (1)		VALIC Company I Stock Index Fund (1)
SAST SA American Funds VCP Managed Allocation Portfolio Class 3 (1)


(1)		Statement of Operations and Changes in Net Assets for the years ended December 31, 2023 and 2022
(2)		Statements of Operations and Changes in Net Assets for the period May 1, 2023 (commencement of operations) through December 31, 2023

Basis for Opinions

These financial statements are the responsibility of The United States Life Insurance Company in the City of New York management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of FS Variable Separate Account 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 sub-accounts of FS Variable Separate Account 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, 2023 by correspondence with the transfer agents of the investee mutual funds and the custodians We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

April 23, 2024

We have served as the auditor of one or more of the sub-accounts of AIG Life and Retirement Separate Account Group since at least 1994. We have not been able to determine the specific year we began serving as auditor.

PricewaterhouseCoopers LLP, 1000 Louisiana Street, Suite 5800, Houston, TX 77002-5021

T: (713) 356 4000, www.pwc.com/us

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023


Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net		Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves
American Funds IS Asset Allocation Fund Class 2	$	2,685,012	$	—	$	2,685,012	$	—	$	2,685,012	$	2,685,012

American Funds IS Asset Allocation Fund Class 4		3,724,150		—		3,724,150		—		3,724,150		3,724,150

American Funds IS Capital Income Builder Class 4		317,128		—		317,128		—		317,128		317,128

American Funds IS Capital World Bond Fund Class 4		103,366		—		103,366		—		103,366		103,366

American Funds IS Global Growth Fund Class 2		4,435,211		—		4,435,211		17,251		4,417,960		4,435,211

American Funds IS Global Growth Fund Class 4		405,502		—		405,502		—		405,502		405,502

American Funds IS Global Small Capitalization Fund Class 4		174,839		—		174,839		—		174,839		174,839

American Funds IS Growth Fund Class 2		6,576,898		—		6,576,898		91,525		6,485,373		6,576,898

American Funds IS Growth Fund Class 4		271,427		—		271,427		—		271,427		271,427

American Funds IS Growth-Income Fund Class 2		6,306,710		—		6,306,710		65,121		6,241,589		6,306,710

American Funds IS Growth-Income Fund Class 4		699,414		—		699,414		—		699,414		699,414

American Funds IS The Bond Fund of America Class 4		369,858		—		369,858		—		369,858		369,858

BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		51,720		—		51,720		—		51,720		51,720

BlackRock Global Allocation V.I. Fund Class III		11,793		—		11,793		—		11,793		11,793

Columbia VP Income Opportunities Fund Class 1		82,798		—		82,798		—		82,798		82,798

Columbia VP Large Cap Growth Fund Class 1		299,402		—		299,402		—		299,402		299,402

Columbia VP Limited Duration Credit Fund Class 2		21,924		—		21,924		—		21,924		21,924

FTVIP Franklin Allocation VIP Fund Class 2		3,913,838		—		3,913,838		—		3,913,838		3,913,838

FTVIP Franklin Income VIP Fund Class 2		18,096,692		—		18,096,692		—		18,096,692		18,096,692

FTVIP Franklin Mutual Global Discovery VIP Fund Class 2		73,319		—		73,319		—		73,319		73,319

FTVIP Franklin Rising Dividends VIP Fund Class 2		10,318		—		10,318		—		10,318		10,318

FTVIP Franklin Strategic Income VIP Fund Class 2		106,295		—		106,295		—		106,295		106,295

FTVIP Templeton Global Bond VIP Fund Class 2		37,020		—		37,020		—		37,020		37,020

Goldman Sachs VIT Government Money Market Fund Institutional Shares		144,096		—		144,096		—		144,096		144,096

Goldman Sachs VIT Government Money Market Fund Service Shares		27,840,172		—		27,840,172		—		27,840,172		27,840,172

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		171,040		—		171,040		—		171,040		171,040

Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		43,449		—		43,449		—		43,449		43,449

Invesco V.I. American Franchise Fund Series II		9,146,425		—		9,146,425		—		9,146,425		9,146,425

Invesco V.I. American Value Fund Series II		56,545		—		56,545		—		56,545		56,545

Invesco V.I. Comstock Fund Series II		16,366,545		—		16,366,545		3,693		16,362,852		16,366,545

Invesco V.I. Equity and Income Fund Series II		148,773		—		148,773		—		148,773		148,773

Invesco V.I. Growth and Income Fund Series II		19,340,715		—		19,340,715		1,558		19,339,157		19,340,715

Lord Abbett Bond Debenture Portfolio Class VC		232,927		—		232,927		—		232,927		232,927

Lord Abbett Developing Growth Portfolio Class VC		163,405		—		163,405		—		163,405		163,405

Lord Abbett Fundamental Equity Portfolio Class VC		64,239		—		64,239		—		64,239		64,239

Lord Abbett Growth and Income Portfolio Class VC		8,454,255		—		8,454,255		536		8,453,719		8,454,255

Lord Abbett Mid Cap Stock Portfolio Class VC		111,103		—		111,103		—		111,103		111,103

Lord Abbett Short Duration Income Portfolio Class VC		300,367		—		300,367		—		300,367		300,367

Lord Abbett Total Return Portfolio Class VC		58,219		—		58,219		—		58,219		58,219

MFS VIT III Growth Allocation Portfolio Service Class		196,306		—		196,306		—		196,306		196,306

Morgan Stanley VIF Global Infrastructure Portfolio Class II		22,364		—		22,364		—		22,364		22,364

Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		9,279		—		9,279		—		9,279		9,279

PIMCO Dynamic Bond Portfolio Advisor Class		4,961		—		4,961		—		4,961		4,961

PIMCO Emerging Markets Bond Portfolio Advisor Class		602,657		—		602,657		—		602,657		602,657

PIMCO Total Return Portfolio Advisor Class		26,844,665		—		26,844,665		—		26,844,665		26,844,665

PVC Core Plus Bond Account Class 1		13,790		—		13,790		—		13,790		13,790

PVC Diversified International Account Class 1		23,264		—		23,264		—		23,264		23,264

PVC Equity Income Account Class 2		220,408		—		220,408		—		220,408		220,408

PVC Government & High Quality Bond Account Class 1		326		—		326		—		326		326

PVC Large Cap Growth Account I Class 1		3,033		—		3,033		—		3,033		3,033

PVC MidCap Account Class 2		941,014		—		941,014		—		941,014		941,014

PVC Principal Capital Appreciation Account Class 2		192,864		—		192,864		—		192,864		192,864

PVC SAM Balanced Portfolio Class 2		3,483,099		—		3,483,099		32,082		3,451,017		3,483,099

PVC SAM Conservative Balanced Portfolio Class 2		29,116		—		29,116		—		29,116		29,116

PVC SAM Conservative Growth Portfolio Class 2		562,777		—		562,777		—		562,777		562,777

PVC SAM Flexible Income Portfolio Class 2		74,683		—		74,683		—		74,683		74,683

PVC SAM Strategic Growth Portfolio Class 2		429,386		—		429,386		—		429,386		429,386

PVC Short-Term Income Account Class 1		26,170		—		26,170		—		26,170		26,170

PVC SmallCap Account Class 2		8,107		—		8,107		—		8,107		8,107

SST SA Allocation Balanced Portfolio Class 3		18,054,399		—		18,054,399		—		18,054,399		18,054,399

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023


Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net		Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves

SST SA Allocation Growth Portfolio Class 3	$	30,260,175	$	—	$	30,260,175	$	—	$	30,260,175	$	30,260,175

SST SA Allocation Moderate Growth Portfolio Class 3		26,284,396		—		26,284,396		—		26,284,396		26,284,396

SST SA Allocation Moderate Portfolio Class 3		19,892,633		—		19,892,633		23,801		19,868,832		19,892,633

SST SA American Century Inflation Protection Portfolio Class 3		22,924,771		—		22,924,771		1,580		22,923,191		22,924,771

SST SA Columbia Focused Value Portfolio Class 3		6,685		—		6,685		—		6,685		6,685

SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		101,290		—		101,290		—		101,290		101,290

SST SA Multi-Managed International Equity Portfolio Class 3		40,247		—		40,247		—		40,247		40,247

SST SA Multi-Managed Large Cap Growth Portfolio Class 3		45,434		—		45,434		—		45,434		45,434

SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		7,426		—		7,426		—		7,426		7,426

SST SA Multi-Managed Mid Cap Value Portfolio Class 3		6,018		—		6,018		—		6,018		6,018

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		9,382,915		—		9,382,915		—		9,382,915		9,382,915

SAST SA AB Growth Portfolio Class 1		20,624,941		—		20,624,941		393,056		20,231,885		20,624,941

SAST SA AB Growth Portfolio Class 3		37,108,304		—		37,108,304		—		37,108,304		37,108,304

SAST SA AB Small & Mid Cap Value Portfolio Class 3		21,952,750		—		21,952,750		9,024		21,943,726		21,952,750

SAST SA American Funds Asset Allocation Portfolio Class 3		131,377,406		—		131,377,406		—		131,377,406		131,377,406

SAST SA American Funds Global Growth Portfolio Class 3		19,532,625		—		19,532,625		7,503		19,525,122		19,532,625

SAST SA American Funds Growth Portfolio Class 3		52,603,252		—		52,603,252		7,834		52,595,418		52,603,252

SAST SA American Funds Growth-Income Portfolio Class 3		26,367,914		—		26,367,914		5,189		26,362,725		26,367,914

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		190,827,437		—		190,827,437		—		190,827,437		190,827,437

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		7,205,813		—		7,205,813		—		7,205,813		7,205,813

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		72,566,518		—		72,566,518		—		72,566,518		72,566,518

SAST SA DFA Ultra Short Bond Portfolio Class 1		932,311		—		932,311		2,835		929,476		932,311

SAST SA DFA Ultra Short Bond Portfolio Class 3		21,976,317		—		21,976,317		70,585		21,905,732		21,976,317

SAST SA Emerging Markets Equity Index Portfolio Class 3		1,420,620		—		1,420,620		—		1,420,620		1,420,620

SAST SA Federated Hermes Corporate Bond Portfolio Class 1		1,124,598		—		1,124,598		9,438		1,115,160		1,124,598

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		59,494,605		—		59,494,605		1,302		59,493,303		59,494,605

SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		2,416,530		—		2,416,530		—		2,416,530		2,416,530

SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		679,688		—		679,688		—		679,688		679,688

SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		8,787,359		—		8,787,359		1,389		8,785,970		8,787,359

SAST SA Fixed Income Index Portfolio Class 3		9,912,937		—		9,912,937		—		9,912,937		9,912,937

SAST SA Fixed Income Intermediate Index Portfolio Class 3		8,197,698		—		8,197,698		—		8,197,698		8,197,698

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		12,713,530		—		12,713,530		111,592		12,601,938		12,713,530

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		19,706,436		—		19,706,436		1,160		19,705,276		19,706,436

SAST SA Franklin Small Company Value Portfolio Class 3		12,930,014		—		12,930,014		733		12,929,281		12,930,014

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		790,356		—		790,356		—		790,356		790,356

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		1,081,123		—		1,081,123		—		1,081,123		1,081,123

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		13,199,495		—		13,199,495		—		13,199,495		13,199,495

SAST SA Franklin Tactical Opportunities Portfolio Class 3		7,888,650		—		7,888,650		—		7,888,650		7,888,650

SAST SA Global Index Allocation 60/40 Portfolio Class 3		12,060,792		—		12,060,792		—		12,060,792		12,060,792

SAST SA Global Index Allocation 75/25 Portfolio Class 3		9,239,523		—		9,239,523		—		9,239,523		9,239,523

SAST SA Global Index Allocation 90/10 Portfolio Class 3		25,483,133		—		25,483,133		—		25,483,133		25,483,133

SAST SA Goldman Sachs Global Bond Portfolio Class 1		403,996		—		403,996		6,091		397,905		403,996

SAST SA Goldman Sachs Global Bond Portfolio Class 3		20,545,017		—		20,545,017		4,490		20,540,527		20,545,017

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		8,497,450		—		8,497,450		—		8,497,450		8,497,450

SAST SA Index Allocation 60/40 Portfolio Class 3		29,272,171		—		29,272,171		—		29,272,171		29,272,171

SAST SA Index Allocation 80/20 Portfolio Class 3		75,946,706		—		75,946,706		—		75,946,706		75,946,706

SAST SA Index Allocation 90/10 Portfolio Class 3		129,911,710		—		129,911,710		—		129,911,710		129,911,710

SAST SA International Index Portfolio Class 3		2,448,822		—		2,448,822		—		2,448,822		2,448,822

SAST SA Invesco Growth Opportunities Portfolio Class 1		274,600		—		274,600		—		274,600		274,600

SAST SA Invesco Growth Opportunities Portfolio Class 3		9,318,520		—		9,318,520		867		9,317,653		9,318,520

SAST SA Janus Focused Growth Portfolio Class 1		956,283		—		956,283		—		956,283		956,283

SAST SA Janus Focused Growth Portfolio Class 3		10,282,911		—		10,282,911		428		10,282,483		10,282,911

SAST SA JPMorgan Diversified Balanced Portfolio Class 1		3,522,119		—		3,522,119		18,301		3,503,818		3,522,119

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		22,293,973		—		22,293,973		—		22,293,973		22,293,973

SAST SA JPMorgan Emerging Markets Portfolio Class 1		778,092		—		778,092		32,767		745,325		778,092

SAST SA JPMorgan Emerging Markets Portfolio Class 3		7,431,401		—		7,431,401		—		7,431,401		7,431,401

SAST SA JPMorgan Equity-Income Portfolio Class 1		5,223,973		—		5,223,973		29,750		5,194,223		5,223,973

SAST SA JPMorgan Equity-Income Portfolio Class 3		21,395,852		—		21,395,852		—		21,395,852		21,395,852

SAST SA JPMorgan Global Equities Portfolio Class 1		936,289		—		936,289		1,167		935,122		936,289

SAST SA JPMorgan Global Equities Portfolio Class 3		3,632,776		—		3,632,776		—		3,632,776		3,632,776

SAST SA JPMorgan Large Cap Core Portfolio Class 1		1,477,839		—		1,477,839		37,277		1,440,562		1,477,839

SAST SA JPMorgan Large Cap Core Portfolio Class 3		10,008,498		—		10,008,498		—		10,008,498		10,008,498

SAST SA JPMorgan MFS Core Bond Portfolio Class 1		597,384		—		597,384		12,668		584,716		597,384

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		53,489,425		—		53,489,425		21,681		53,467,744		53,489,425

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023


Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net		Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1	$	3,803,420	$	—	$	3,803,420	$	6,990	$	3,796,430	$	3,803,420

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		25,433,832		—		25,433,832		386		25,433,446		25,433,832

SAST SA Large Cap Growth Index Portfolio Class 3		4,799,400		—		4,799,400		—		4,799,400		4,799,400

SAST SA Large Cap Index Portfolio Class 3		10,016,169		—		10,016,169		—		10,016,169		10,016,169

SAST SA Large Cap Value Index Portfolio Class 3		6,125,523		—		6,125,523		—		6,125,523		6,125,523

SAST SA MFS Blue Chip Growth Portfolio Class 1		971,358		—		971,358		—		971,358		971,358

SAST SA MFS Blue Chip Growth Portfolio Class 3		12,679,887		—		12,679,887		798		12,679,089		12,679,887

SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		2,577,741		—		2,577,741		4,155		2,573,586		2,577,741

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		12,765,384		—		12,765,384		1,695		12,763,689		12,765,384

SAST SA MFS Total Return Portfolio Class 1		2,993,119		—		2,993,119		89,632		2,903,487		2,993,119

SAST SA MFS Total Return Portfolio Class 3		15,311,661		—		15,311,661		1,016		15,310,645		15,311,661

SAST SA Mid Cap Index Portfolio Class 3		6,100,504		—		6,100,504		—		6,100,504		6,100,504

SAST SA Morgan Stanley International Equities Portfolio Class 1		1,095,884		—		1,095,884		322		1,095,562		1,095,884

SAST SA Morgan Stanley International Equities Portfolio Class 3		6,198,604		—		6,198,604		—		6,198,604		6,198,604

SAST SA PIMCO RAE International Value Portfolio Class 3		14,937,995		—		14,937,995		2,782		14,935,213		14,937,995

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		96,086,562		—		96,086,562		—		96,086,562		96,086,562

SAST SA PineBridge High-Yield Bond Portfolio Class 1		1,115,982		—		1,115,982		4,778		1,111,204		1,115,982

SAST SA PineBridge High-Yield Bond Portfolio Class 3		8,316,090		—		8,316,090		636		8,315,454		8,316,090

SAST SA Putnam International Growth and Income Portfolio Class 1		1,694,478		—		1,694,478		19,273		1,675,205		1,694,478

SAST SA Putnam International Growth and Income Portfolio Class 3		6,137,082		—		6,137,082		—		6,137,082		6,137,082

SAST SA Schroders VCP Global Allocation Portfolio Class 3		51,720,238		—		51,720,238		—		51,720,238		51,720,238

SAST SA Small Cap Index Portfolio Class 3		5,772,869		—		5,772,869		—		5,772,869		5,772,869

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		53,418,372		—		53,418,372		—		53,418,372		53,418,372

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		132,689,596		—		132,689,596		—		132,689,596		132,689,596

SAST SA VCP Dynamic Allocation Portfolio Class 3		709,931,107		—		709,931,107		218,536		709,712,571		709,931,107

SAST SA VCP Dynamic Strategy Portfolio Class 3		539,044,404		—		539,044,404		220,230		538,824,174		539,044,404

SAST SA VCP Index Allocation Portfolio Class 3		66,011,787		—		66,011,787		—		66,011,787		66,011,787

SAST SA Wellington Capital Appreciation Portfolio Class 1		11,706,529		—		11,706,529		173,285		11,533,244		11,706,529

SAST SA Wellington Capital Appreciation Portfolio Class 3		68,343,266		—		68,343,266		30,734		68,312,532		68,343,266

SAST SA Wellington Government and Quality Bond Portfolio Class 1		1,223,723		—		1,223,723		25,049		1,198,674		1,223,723

SAST SA Wellington Government and Quality Bond Portfolio Class 3		29,599,518		—		29,599,518		822		29,598,696		29,599,518

SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		176,157		—		176,157		—		176,157		176,157

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		12,317,534		—		12,317,534		—		12,317,534		12,317,534

VALIC Company I International Equities Index Fund		116,209		—		116,209		—		116,209		116,209

VALIC Company I Mid Cap Index Fund		452,852		—		452,852		—		452,852		452,852

VALIC Company I Nasdaq-100 Index Fund		241,010		—		241,010		—		241,010		241,010

VALIC Company I Small Cap Index Fund		152,510		—		152,510		—		152,510		152,510

VALIC Company I Stock Index Fund		1,330,251		—		1,330,251		—		1,330,251		1,330,251

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023


Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held		Level*

American Funds IS Asset Allocation Fund Class 2		114,110	$	23.53	$	2,685,012	$	2,877,910	1

American Funds IS Asset Allocation Fund Class 4		159,561		23.34		3,724,150		3,883,368	1

American Funds IS Capital Income Builder Class 4		27,339		11.60		317,128		296,059	1

American Funds IS Capital World Bond Fund Class 4		10,462		9.88		103,366		108,897	1

American Funds IS Global Growth Fund Class 2		132,632		33.44		4,435,211		3,973,964	1

American Funds IS Global Growth Fund Class 4		12,258		33.08		405,502		344,218	1

American Funds IS Global Small Capitalization Fund Class 4		10,014		17.46		174,839		205,661	1

American Funds IS Growth Fund Class 2		66,975		98.20		6,576,898		5,440,269	1

American Funds IS Growth Fund Class 4		2,836		95.70		271,427		221,692	1

American Funds IS Growth-Income Fund Class 2		108,177		58.30		6,306,710		5,119,425	1

American Funds IS Growth-Income Fund Class 4		12,198		57.34		699,414		563,892	1

American Funds IS The Bond Fund of America Class 4		39,557		9.35		369,858		433,736	1

BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		3,933		13.15		51,720		45,293	1

BlackRock Global Allocation V.I. Fund Class III		905		13.03		11,793		13,262	1

Columbia VP Income Opportunities Fund Class 1		13,039		6.35		82,798		93,613	1

Columbia VP Large Cap Growth Fund Class 1		8,031		37.28		299,402		129,131	1

Columbia VP Limited Duration Credit Fund Class 2		2,325		9.43		21,924		22,184	1

FTVIP Franklin Allocation VIP Fund Class 2		798,742		4.90		3,913,838		4,199,377	1

FTVIP Franklin Income VIP Fund Class 2		1,274,415		14.20		18,096,692		19,019,549	1

FTVIP Franklin Mutual Global Discovery VIP Fund Class 2		3,989		18.38		73,319		70,477	1

FTVIP Franklin Rising Dividends VIP Fund Class 2		383		26.93		10,318		9,609	1

FTVIP Franklin Strategic Income VIP Fund Class 2		11,797		9.01		106,295		107,204	1

FTVIP Templeton Global Bond VIP Fund Class 2		2,883		12.84		37,020		36,149	1

Goldman Sachs VIT Government Money Market Fund Institutional Shares		144,096		1.00		144,096		144,096	1

Goldman Sachs VIT Government Money Market Fund Service Shares		27,840,172		1.00		27,840,172		27,840,172	1

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		19,348		8.84		171,040		182,411	1

Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		3,828		11.35		43,449		47,552	1

Invesco V.I. American Franchise Fund Series II		171,893		53.21		9,146,425		9,928,943	1

Invesco V.I. American Value Fund Series II		4,118		13.73		56,545		66,430	1

Invesco V.I. Comstock Fund Series II		835,881		19.58		16,366,545		14,854,612	1

Invesco V.I. Equity and Income Fund Series II		9,094		16.36		148,773		171,810	1

Invesco V.I. Growth and Income Fund Series II		1,024,945		18.87		19,340,715		18,700,707	1

Lord Abbett Bond Debenture Portfolio Class VC		22,570		10.32		232,927		272,469	1

Lord Abbett Developing Growth Portfolio Class VC		6,820		23.96		163,405		244,772	1

Lord Abbett Fundamental Equity Portfolio Class VC		3,826		16.79		64,239		67,395	1

Lord Abbett Growth and Income Portfolio Class VC		234,450		36.06		8,454,255		8,012,818	1

Lord Abbett Mid Cap Stock Portfolio Class VC		4,308		25.79		111,103		94,891	1

Lord Abbett Short Duration Income Portfolio Class VC		23,052		13.03		300,367		328,771	1

Lord Abbett Total Return Portfolio Class VC		4,100		14.20		58,219		59,600	1

MFS VIT III Growth Allocation Portfolio Service Class		20,448		9.60		196,306		204,028	1

Morgan Stanley VIF Global Infrastructure Portfolio Class II		3,703		6.04		22,364		26,501	1

Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		984		9.43		9,279		8,722	1

PIMCO Dynamic Bond Portfolio Advisor Class		571		8.68		4,961		5,501	1

PIMCO Emerging Markets Bond Portfolio Advisor Class		57,124		10.55		602,657		651,025	1

PIMCO Total Return Portfolio Advisor Class		2,924,255		9.18		26,844,665		29,187,445	1

PVC Core Plus Bond Account Class 1		1,432		9.63		13,790		16,211	1

PVC Diversified International Account Class 1		1,502		15.49		23,264		22,673	1

PVC Equity Income Account Class 2		8,130		27.11		220,408		191,465	1

PVC Government & High Quality Bond Account Class 1		39		8.42		326		398	1

PVC Large Cap Growth Account I Class 1		75		40.42		3,033		2,879	1

PVC MidCap Account Class 2		15,180		61.99		941,014		730,450	1

PVC Principal Capital Appreciation Account Class 2		5,582		34.55		192,864		148,434	1

PVC SAM Balanced Portfolio Class 2		257,626		13.52		3,483,099		3,672,296	1

PVC SAM Conservative Balanced Portfolio Class 2		2,681		10.86		29,116		31,294	1

PVC SAM Conservative Growth Portfolio Class 2		29,296		19.21		562,777		531,303	1

PVC SAM Flexible Income Portfolio Class 2		7,046		10.60		74,683		85,315	1

PVC SAM Strategic Growth Portfolio Class 2		19,143		22.43		429,386		384,133	1

PVC Short-Term Income Account Class 1		10,468		2.50		26,170		26,544	1

PVC SmallCap Account Class 2		544		14.89		8,107		8,157	1

SST SA Allocation Balanced Portfolio Class 3		2,033,153		8.88		18,054,399		19,998,748	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023


Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held		Level*

SST SA Allocation Growth Portfolio Class 3		2,207,161	$	13.71	$	30,260,175	$	32,422,298	1

SST SA Allocation Moderate Growth Portfolio Class 3		2,787,317		9.43		26,284,396		29,336,558	1

SST SA Allocation Moderate Portfolio Class 3		2,129,832		9.34		19,892,633		22,208,445	1

SST SA American Century Inflation Protection Portfolio Class 3		2,675,002		8.57		22,924,771		25,793,977	1

SST SA Columbia Focused Value Portfolio Class 3		349		19.16		6,685		6,568	1

SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		10,089		10.04		101,290		116,758	1

SST SA Multi-Managed International Equity Portfolio Class 3		4,664		8.63		40,247		40,222	1

SST SA Multi-Managed Large Cap Growth Portfolio Class 3		4,238		10.72		45,434		51,465	1

SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		759		9.78		7,426		10,700	1

SST SA Multi-Managed Mid Cap Value Portfolio Class 3		379		15.87		6,018		6,010	1

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		781,259		12.01		9,382,915		9,661,438	1

SAST SA AB Growth Portfolio Class 1		377,470		54.64		20,624,941		17,771,676	1

SAST SA AB Growth Portfolio Class 3		716,100		51.82		37,108,304		37,261,037	1

SAST SA AB Small & Mid Cap Value Portfolio Class 3		1,745,052		12.58		21,952,750		21,877,468	1

SAST SA American Funds Asset Allocation Portfolio Class 3		8,764,337		14.99		131,377,406		133,529,055	1

SAST SA American Funds Global Growth Portfolio Class 3		1,767,658		11.05		19,532,625		20,343,929	1

SAST SA American Funds Growth Portfolio Class 3		3,919,765		13.42		52,603,252		53,429,059	1

SAST SA American Funds Growth-Income Portfolio Class 3		2,114,508		12.47		26,367,914		24,836,287	1

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		12,781,476		14.93		190,827,437		182,523,335	1

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		463,396		15.55		7,205,813		7,155,578	1

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		7,473,380		9.71		72,566,518		80,865,819	1

SAST SA DFA Ultra Short Bond Portfolio Class 1		87,788		10.62		932,311		920,181	1

SAST SA DFA Ultra Short Bond Portfolio Class 3		2,125,369		10.34		21,976,317		21,588,115	1

SAST SA Emerging Markets Equity Index Portfolio Class 3		104,151		13.64		1,420,620		1,605,267	1

SAST SA Federated Hermes Corporate Bond Portfolio Class 1		97,199		11.57		1,124,598		1,273,781	1

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		5,186,975		11.47		59,494,605		66,181,369	1

SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		141,732		17.05		2,416,530		2,386,397	1

SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		56,406		12.05		679,688		715,314	1

SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		737,814		11.91		8,787,359		9,131,858	1

SAST SA Fixed Income Index Portfolio Class 3		1,051,213		9.43		9,912,937		10,798,981	1

SAST SA Fixed Income Intermediate Index Portfolio Class 3		832,254		9.85		8,197,698		8,377,671	1

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		705,915		18.01		12,713,530		13,381,698	1

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		1,103,384		17.86		19,706,436		20,633,502	1

SAST SA Franklin Small Company Value Portfolio Class 3		836,353		15.46		12,930,014		13,805,591	1

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		44,527		17.75		790,356		820,183	1

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		98,463		10.98		1,081,123		1,220,647	1

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		1,227,860		10.75		13,199,495		14,833,447	1

SAST SA Franklin Tactical Opportunities Portfolio Class 3		675,977		11.67		7,888,650		7,649,394	1

SAST SA Global Index Allocation 60/40 Portfolio Class 3		710,713		16.97		12,060,792		11,886,157	1

SAST SA Global Index Allocation 75/25 Portfolio Class 3		523,782		17.64		9,239,523		8,931,957	1

SAST SA Global Index Allocation 90/10 Portfolio Class 3		1,386,460		18.38		25,483,133		23,734,306	1

SAST SA Goldman Sachs Global Bond Portfolio Class 1		42,481		9.51		403,996		472,901	1

SAST SA Goldman Sachs Global Bond Portfolio Class 3		2,221,083		9.25		20,545,017		23,725,152	1

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		808,511		10.51		8,497,450		8,594,980	1

SAST SA Index Allocation 60/40 Portfolio Class 3		2,272,684		12.88		29,272,171		27,794,673	1

SAST SA Index Allocation 80/20 Portfolio Class 3		5,314,675		14.29		75,946,706		67,112,484	1

SAST SA Index Allocation 90/10 Portfolio Class 3		8,660,781		15.00		129,911,710		116,534,349	1

SAST SA International Index Portfolio Class 3		193,277		12.67		2,448,822		2,341,432	1

SAST SA Invesco Growth Opportunities Portfolio Class 1		44,219		6.21		274,600		342,037	1

SAST SA Invesco Growth Opportunities Portfolio Class 3		1,774,956		5.25		9,318,520		12,649,411	1

SAST SA Janus Focused Growth Portfolio Class 1		57,194		16.72		956,283		809,734	1

SAST SA Janus Focused Growth Portfolio Class 3		670,770		15.33		10,282,911		10,008,059	1

SAST SA JPMorgan Diversified Balanced Portfolio Class 1		198,094		17.78		3,522,119		4,094,436	1

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		1,268,144		17.58		22,293,973		24,116,415	1

SAST SA JPMorgan Emerging Markets Portfolio Class 1		105,719		7.36		778,092		825,304	1

SAST SA JPMorgan Emerging Markets Portfolio Class 3		1,023,609		7.26		7,431,401		8,350,628	1

SAST SA JPMorgan Equity-Income Portfolio Class 1		164,173		31.82		5,223,973		5,342,722	1

SAST SA JPMorgan Equity-Income Portfolio Class 3		680,097		31.46		21,395,852		23,682,675	1

SAST SA JPMorgan Global Equities Portfolio Class 1		49,592		18.88		936,289		924,093	1

SAST SA JPMorgan Global Equities Portfolio Class 3		195,206		18.61		3,632,776		3,562,190	1

SAST SA JPMorgan Large Cap Core Portfolio Class 1		71,084		20.79		1,477,839		1,356,551	1

SAST SA JPMorgan Large Cap Core Portfolio Class 3		485,378		20.62		10,008,498		10,181,020	1

SAST SA JPMorgan MFS Core Bond Portfolio Class 1		73,479		8.13		597,384		687,224	1

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		6,644,649		8.05		53,489,425		59,163,023	1

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		224,126		16.97		3,803,420		4,846,085	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023


Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held		Level*

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		1,719,664	$	14.79	$	25,433,832	$	31,500,851	1

SAST SA Large Cap Growth Index Portfolio Class 3		218,452		21.97		4,799,400		4,844,010	1

SAST SA Large Cap Index Portfolio Class 3		300,155		33.37		10,016,169		9,662,352	1

SAST SA Large Cap Value Index Portfolio Class 3		336,937		18.18		6,125,523		5,972,804	1

SAST SA MFS Blue Chip Growth Portfolio Class 1		70,033		14		971,358.00		911,167	1

SAST SA MFS Blue Chip Growth Portfolio Class 3		936,476		13.54		12,679,887		12,441,334	1

SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		123,573		20.86		2,577,741		2,711,025	1

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		616,387		20.71		12,765,384		13,467,577	1

SAST SA MFS Total Return Portfolio Class 1		167,588		17.86		2,993,119		3,050,421	1

SAST SA MFS Total Return Portfolio Class 3		860,206		17.80		15,311,661		16,038,755	1

SAST SA Mid Cap Index Portfolio Class 3		444,319		13.73		6,100,504		6,110,586	1

SAST SA Morgan Stanley International Equities Portfolio Class 1		114,873		9.54		1,095,884		1,016,762	1

SAST SA Morgan Stanley International Equities Portfolio Class 3		653,861		9.48		6,198,604		6,071,824	1

SAST SA PIMCO RAE International Value Portfolio Class 3		1,101,622		13.56		14,937,995		14,526,145	1

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		10,276,638		9.35		96,086,562		110,662,319	1

SAST SA PineBridge High-Yield Bond Portfolio Class 1		216,696		5.15		1,115,982		1,247,871	1

SAST SA PineBridge High-Yield Bond Portfolio Class 3		1,627,415		5.11		8,316,090		8,610,428	1

SAST SA Putnam International Growth and Income Portfolio Class 1		147,346		11.50		1,694,478		1,335,717	1

SAST SA Putnam International Growth and Income Portfolio Class 3		531,349		11.55		6,137,082		4,465,924	1

SAST SA Schroders VCP Global Allocation Portfolio Class 3		5,245,460		9.86		51,720,238		55,720,003	1

SAST SA Small Cap Index Portfolio Class 3		479,076		12.05		5,772,869		6,172,759	1

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		3,899,151		13.70		53,418,372		50,189,262	1

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		11,943,258		11.11		132,689,596		139,184,624	1

SAST SA VCP Dynamic Allocation Portfolio Class 3		65,673,553		10.81		709,931,107		803,957,124	1

SAST SA VCP Dynamic Strategy Portfolio Class 3		48,301,470		11.16		539,044,404		617,553,712	1

SAST SA VCP Index Allocation Portfolio Class 3		5,632,405		11.72		66,011,787		62,498,732	1

SAST SA Wellington Capital Appreciation Portfolio Class 1		365,943		31.99		11,706,529		13,833,932	1

SAST SA Wellington Capital Appreciation Portfolio Class 3		2,750,232		24.85		68,343,266		74,296,944	1

SAST SA Wellington Government and Quality Bond Portfolio Class 1		92,777		13.19		1,223,723		1,405,998	1

SAST SA Wellington Government and Quality Bond Portfolio Class 3		2,249,203		13.16		29,599,518		33,138,746	1

SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		20,946		8.41		176,157		164,808	1

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		1,476,923		8.34		12,317,534		12,929,089	1

VALIC Company I International Equities Index Fund		14,490		8.02		116,209		100,814	1

VALIC Company I Mid Cap Index Fund		17,498		25.88		452,852		408,543	1

VALIC Company I Nasdaq-100 Index Fund		10,335		23.32		241,010		171,547	1

VALIC Company I Small Cap Index Fund		10,194		14.96		152,510		169,057	1

VALIC Company I Stock Index Fund		25,997		51.17		1,330,251		1,035,000	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	American Funds IS Asset Allocation Fund Class 2			American Funds IS Asset Allocation Fund Class 4			American Funds IS Capital Income Builder Class 4			American Funds IS Capital World Bond Fund Class 4			American Funds IS Global Growth Fund Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	56,726		$	68,017		$	7,329		$	—		$	38,497
Mortality and expense risk and administrative charges		(21,588	)		(30,071	)		(2,765	)		(1,103	)		(56,877	)
Net investment income (loss)		35,138			37,946			4,564			(1,103	)		(18,380	)
Net realized gain (loss)		14,269			(26,954	)		256			(428	)		96,862
Capital gain distribution from mutual funds		97,300			111,351			—			—			342,968
Change in unrealized appreciation (depreciation) of investments		172,854			262,636			13,808			6,439			409,721
Increase (decrease) in net assets from operations		319,561			384,979			18,628			4,908			831,171

From contract transactions:
Payments received from contract owners		24,737			973,697			129,000			28,750			—
Payments for contract benefits or terminations		(176,504	)		(55,017	)		(716	)		(594	)		(361,290	)
Transfers between sub-accounts (including fixed account), net		1,583			25,219			5,625			3,719			(191,855	)
Contract maintenance charges		(13,128	)		(66,056	)		(823	)		(402	)		(18,205	)
Increase (decrease) in net assets from contract transactions		(163,312	)		877,843			133,086			31,473			(571,350	)

Increase (decrease) in net assets		156,249			1,262,822			151,714			36,381			259,821
Net assets at beginning of period		2,528,763			2,461,328			165,414			66,985			4,175,390
Net assets at end of period	$	2,685,012		$	3,724,150		$	317,128		$	103,366		$	4,435,211

Beginning units		65,190			165,294			13,560			7,747			71,019
Units issued		796			65,366			10,623			3,794			410
Units redeemed		(4,890	)		(9,394	)		(127	)		(114	)		(9,032	)
Ending units		61,096			221,266			24,056			11,427			62,397

For the Year Ended December 31, 2022
From operations:
Dividends	$	50,302		$	42,054		$	3,522		$	134		$	29,957
Mortality and expense risk and administrative charges		(22,677	)		(22,834	)		(1,677	)		(681	)		(58,935	)
Net investment income (loss)		27,625			19,220			1,845			(547	)		(28,978	)
Net realized gain (loss)		20,488			(17,615	)		2,309			(191	)		106,864
Capital gain distribution from mutual funds		277,125			234,167			—			1,055			506,985
Change in unrealized appreciation (depreciation) of investments		(753,397	)		(576,896	)		(17,328	)		(11,507	)		(2,096,299	)
Increase (decrease) in net assets from operations		(428,159	)		(341,124	)		(13,174	)		(11,190	)		(1,511,428	)

From contract transactions:
Payments received from contract owners		—			749,888			71,377			36,751			50
Payments for contract benefits or terminations		(90,830	)		(45,103	)		(16,759	)		—			(387,653	)
Transfers between sub-accounts (including fixed account), net		(30,042	)		(41,252	)		(10,597	)		1,131			157,252
Contract maintenance charges		(13,191	)		(49,031	)		(421	)		(270	)		(18,931	)
Increase (decrease) in net assets from contract transactions		(134,063	)		614,502			43,600			37,612			(249,282	)

Increase (decrease) in net assets		(562,222	)		273,378			30,426			26,422			(1,760,710	)
Net assets at beginning of period		3,090,985			2,187,950			134,988			40,563			5,936,100
Net assets at end of period	$	2,528,763		$	2,461,328		$	165,414		$	66,985		$	4,175,390

Beginning units		68,413			125,706			10,149			3,812			75,102
Units issued		154			50,384			5,751			4,008			4,023
Units redeemed		(3,377	)		(10,796	)		(2,340	)		(73	)		(8,106	)
Ending units		65,190			165,294			13,560			7,747			71,019

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	American Funds IS Global Growth Fund Class 4			American Funds IS Global Small Capitalization Fund Class 4			American Funds IS Growth Fund Class 2			American Funds IS Growth Fund Class 4			American Funds IS Growth-Income Fund Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	2,634		$	36		$	21,855		$	417		$	80,390
Mortality and expense risk and administrative charges		(4,403	)		(1,638	)		(86,171	)		(2,789	)		(80,014	)
Net investment income (loss)		(1,769	)		(1,602	)		(64,316	)		(2,372	)		376
Net realized gain (loss)		1,085			(7,647	)		178,428			1,763			99,905
Capital gain distribution from mutual funds		28,800			1,527			350,000			13,812			314,683
Change in unrealized appreciation (depreciation) of investments		41,899			24,704			1,422,436			58,528			883,690
Increase (decrease) in net assets from operations		70,015			16,982			1,886,548			71,731			1,298,654

From contract transactions:
Payments received from contract owners		—			67,500			—			25,000			—
Payments for contract benefits or terminations		—			(465	)		(511,940	)		—			(429,351	)
Transfers between sub-accounts (including fixed account), net		(213	)		(3,325	)		(165,124	)		(4,848	)		(77,746	)
Contract maintenance charges		(109	)		(559	)		(17,135	)		(691	)		(16,837	)
Increase (decrease) in net assets from contract transactions		(322	)		63,151			(694,199	)		19,461			(523,934	)

Increase (decrease) in net assets		69,693			80,133			1,192,349			91,192			774,720
Net assets at beginning of period		335,809			94,706			5,384,549			180,235			5,531,990
Net assets at end of period	$	405,502		$	174,839		$	6,576,898		$	271,427		$	6,306,710

Beginning units		20,807			7,698			78,889			8,503			114,106
Units issued		55			5,291			44			1,082			119
Units redeemed		(70	)		(561	)		(8,278	)		(203	)		(9,596	)
Ending units		20,792			12,428			70,655			9,382			104,629

For the Year Ended December 31, 2022
From operations:
Dividends	$	1,573		$	—		$	19,723		$	211		$	76,357
Mortality and expense risk and administrative charges		(4,193	)		(1,001	)		(88,818	)		(2,427	)		(83,079	)
Net investment income (loss)		(2,620	)		(1,001	)		(69,095	)		(2,216	)		(6,722	)
Net realized gain (loss)		1,271			(1,710	)		152,263			663			74,660
Capital gain distribution from mutual funds		40,003			30,058			905,794			29,881			607,145
Change in unrealized appreciation (depreciation) of investments		(155,084	)		(54,582	)		(3,493,593	)		(108,809	)		(1,957,015	)
Increase (decrease) in net assets from operations		(116,430	)		(27,235	)		(2,504,631	)		(80,481	)		(1,281,932	)

From contract transactions:
Payments received from contract owners		—			30,251			89,668			—			65,956
Payments for contract benefits or terminations		—			—			(578,760	)		—			(498,249	)
Transfers between sub-accounts (including fixed account), net		2,169			10,861			129,721			1,046			(116,379	)
Contract maintenance charges		(1,023	)		(286	)		(18,151	)		(611	)		(17,592	)
Adjustments to net assets allocated to contracts in payout period		—			—			2,473			—			1,271
Increase (decrease) in net assets from contract transactions		1,146			40,826			(375,049	)		435			(564,993	)

Increase (decrease) in net assets		(115,284	)		13,591			(2,879,680	)		(80,046	)		(1,846,925	)
Net assets at beginning of period		451,093			81,115			8,264,229			260,281			7,378,915
Net assets at end of period	$	335,809		$	94,706		$	5,384,549		$	180,235		$	5,531,990

Beginning units		20,739			4,586			83,753			8,480			125,504
Units issued		204			3,327			3,796			51			2,451
Units redeemed		(136	)		(215	)		(8,660	)		(28	)		(13,849	)
Ending units		20,807			7,698			78,889			8,503			114,106

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	American Funds IS Growth-Income Fund Class 4			American Funds IS The Bond Fund of America Class 4			BlackRock 60/40 Target Allocation ETF V.I. Fund Class III			BlackRock Global Allocation V.I. Fund Class III			Columbia VP Income Opportunities Fund Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	7,519		$	11,618		$	922		$	285		$	5,264
Mortality and expense risk and administrative charges		(6,634	)		(4,092	)		(528	)		(155	)		(1,596	)
Net investment income (loss)		885			7,526			394			130			3,668
Net realized gain (loss)		1,808			(1,080	)		49			(50	)		(7,234	)
Capital gain distribution from mutual funds		33,283			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		101,823			5,269			5,932			1,082			12,222
Increase (decrease) in net assets from operations		137,799			11,715			6,375			1,162			8,656

From contract transactions:
Payments received from contract owners		—			32,500			—			—			—
Payments for contract benefits or terminations		—			—			—			—			(24,176	)
Transfers between sub-accounts (including fixed account), net		(673	)		10,041			—			—			3,458
Contract maintenance charges		(1,427	)		(1,236	)		—			—			(738	)
Increase (decrease) in net assets from contract transactions		(2,100	)		41,305			—			—			(21,456	)

Increase (decrease) in net assets		135,699			53,020			6,375			1,162			(12,800	)
Net assets at beginning of period		563,715			316,838			45,345			10,631			95,598
Net assets at end of period	$	699,414		$	369,858		$	51,720		$	11,793		$	82,798

Beginning units		32,371			32,204			3,369			894			3,629
Units issued		2			4,315			—			—			183
Units redeemed		(111	)		(190	)		—			—			(934	)
Ending units		32,262			36,329			3,369			894			2,878

For the Year Ended December 31, 2022
From operations:
Dividends	$	6,384		$	8,939		$	885		$	—		$	5,407
Mortality and expense risk and administrative charges		(6,282	)		(3,956	)		(713	)		(569	)		(1,665	)
Net investment income (loss)		102			4,983			172			(569	)		3,742
Net realized gain (loss)		1,792			(1,851	)		1,048			(10,429	)		(2,117	)
Capital gain distribution from mutual funds		58,869			3,883			20			313			3,614
Change in unrealized appreciation (depreciation) of investments		(181,362	)		(57,758	)		(14,086	)		(2,232	)		(18,603	)
Increase (decrease) in net assets from operations		(120,599	)		(50,743	)		(12,846	)		(12,917	)		(13,364	)

From contract transactions:
Payments received from contract owners		—			7,500			—			—			—
Payments for contract benefits or terminations		—			—			(25,510	)		(48,513	)		(749	)
Transfers between sub-accounts (including fixed account), net		41			(5,889	)		2			(16,819	)		(5,816	)
Contract maintenance charges		(1,737	)		(1,429	)		(21	)		—			(757	)
Increase (decrease) in net assets from contract transactions		(1,696	)		182			(25,529	)		(65,332	)		(7,322	)

Increase (decrease) in net assets		(122,295	)		(50,561	)		(38,375	)		(78,249	)		(20,686	)
Net assets at beginning of period		686,010			367,399			83,720			88,880			116,284
Net assets at end of period	$	563,715		$	316,838		$	45,345		$	10,631		$	95,598

Beginning units		32,463			32,194			5,291			6,100			3,907
Units issued		24			1,250			—			33			58
Units redeemed		(116	)		(1,240	)		(1,922	)		(5,239	)		(336	)
Ending units		32,371			32,204			3,369			894			3,629

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Columbia VP Large Cap Growth Fund Class 1			Columbia VP Limited Duration Credit Fund Class 2			FTVIP Franklin Allocation VIP Fund Class 2			FTVIP Franklin Income VIP Fund Class 2			FTVIP Franklin Mutual Global Discovery VIP Fund Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	—		$	639		$	52,435		$	910,262		$	1,754
Mortality and expense risk and administrative charges		(4,557	)		(222	)		(53,451	)		(241,629	)		(593	)
Net investment income (loss)		(4,557	)		417			(1,016	)		668,633			1,161
Net realized gain (loss)		53,286			(29	)		(210,956	)		(267,564	)		(201	)
Capital gain distribution from mutual funds		—			—			60,865			1,103,528			3,816
Change in unrealized appreciation (depreciation) of investments		53,014			687			603,948			(286,337	)		4,302
Increase (decrease) in net assets from operations		101,743			1,075			452,841			1,218,260			9,078

From contract transactions:
Payments received from contract owners		—			—			267,159			1,123,692			47,500
Payments for contract benefits or terminations		(9,211	)		—			(405,374	)		(1,102,286	)		(367	)
Transfers between sub-accounts (including fixed account), net		(70,957	)		1,637			93,362			74,410			(3,779	)
Contract maintenance charges		(1,408	)		—			(26,216	)		(175,812	)		(248	)
Increase (decrease) in net assets from contract transactions		(81,576	)		1,637			(71,069	)		(79,996	)		43,106

Increase (decrease) in net assets		20,167			2,712			381,772			1,138,264			52,184
Net assets at beginning of period		279,235			19,212			3,532,066			16,958,428			21,135
Net assets at end of period	$	299,402		$	21,924		$	3,913,838		$	18,096,692		$	73,319

Beginning units		14,737			1,932			233,309			967,982			1,745
Units issued		49			224			26,824			129,489			3,668
Units redeemed		(3,568	)		(66	)		(31,456	)		(134,261	)		(314	)
Ending units		11,218			2,090			228,677			963,210			5,099

For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	100		$	64,457		$	813,982		$	196
Mortality and expense risk and administrative charges		(5,233	)		(222	)		(55,833	)		(231,626	)		(155	)
Net investment income (loss)		(5,233	)		(122	)		8,624			582,356			41
Net realized gain (loss)		50,130			(74	)		(265,506	)		35,030			(190	)
Capital gain distribution from mutual funds		—			—			387,429			330,399			1,174
Change in unrealized appreciation (depreciation) of investments		(192,848	)		(1,485	)		(906,104	)		(2,161,706	)		(1,460	)
Increase (decrease) in net assets from operations		(147,951	)		(1,681	)		(775,557	)		(1,213,921	)		(435	)

From contract transactions:
Payments received from contract owners		—			—			242,138			2,726,651			22,500
Payments for contract benefits or terminations		(45,148	)		—			(440,412	)		(1,358,263	)		—
Transfers between sub-accounts (including fixed account), net		(4,658	)		(1,900	)		75,693			323,095			(868	)
Contract maintenance charges		(1,555	)		—			(25,797	)		(175,592	)		(62	)
Increase (decrease) in net assets from contract transactions		(51,361	)		(1,900	)		(148,378	)		1,515,891			21,570

Increase (decrease) in net assets		(199,312	)		(3,581	)		(923,935	)		301,970			21,135
Net assets at beginning of period		478,547			22,793			4,456,001			16,656,458			—
Net assets at end of period	$	279,235		$	19,212		$	3,532,066		$	16,958,428		$	21,135

Beginning units		17,054			2,123			243,913			890,564			—
Units issued		1,629			81			26,709			274,985			1,829
Units redeemed		(3,946	)		(272	)		(37,313	)		(197,567	)		(84	)
Ending units		14,737			1,932			233,309			967,982			1,745

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	FTVIP Franklin Rising Dividends VIP Fund Class 2			FTVIP Franklin Strategic Income VIP Fund Class 2			FTVIP Templeton Global Bond VIP Fund Class 2			Goldman Sachs VIT Government Money Market Fund Institutional Shares			Goldman Sachs VIT Government Money Market Fund Service Shares
For the Year Ended December 31, 2023
From operations:
Dividends	$	105		$	4,560		$	—		$	6,913		$	1,259,588
Mortality and expense risk and administrative charges		(123	)		(883	)		(297	)		(1,958	)		(373,093	)
Net investment income (loss)		(18	)		3,677			(297	)		4,955			886,495
Net realized gain (loss)		302			(62	)		(196	)		—			—
Capital gain distribution from mutual funds		1,202			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(407	)		1,741			1,058			—			—
Increase (decrease) in net assets from operations		1,079			5,356			565			4,955			886,495

From contract transactions:
Payments received from contract owners		329			53,750			30,000			—			1,906,021
Payments for contract benefits or terminations		(2,808	)		—			(622	)		—			(6,024,955	)
Transfers between sub-accounts (including fixed account), net		360			3,244			1,612			64,458			4,642,652
Contract maintenance charges		(106	)		(262	)		(131	)		(46	)		(460,741	)
Increase (decrease) in net assets from contract transactions		(2,225	)		56,732			30,859			64,412			62,977

Increase (decrease) in net assets		(1,146	)		62,088			31,424			69,367			949,472
Net assets at beginning of period		11,464			44,207			5,596			74,729			26,890,700
Net assets at end of period	$	10,318		$	106,295		$	37,020		$	144,096		$	27,840,172

Beginning units		581			4,547			695			7,640			2,789,638
Units issued		34			5,622			3,894			6,586			1,328,200
Units redeemed		(144	)		(33	)		(97	)		(4	)		(1,323,514	)
Ending units		471			10,136			4,492			14,222			2,794,324

For the Year Ended December 31, 2022
From operations:
Dividends	$	109		$	941		$	—		$	1,163		$	359,641
Mortality and expense risk and administrative charges		(148	)		(239	)		(32	)		(1,039	)		(358,069	)
Net investment income (loss)		(39	)		702			(32	)		124			1,572
Net realized gain (loss)		633			(81	)		(136	)		—			—
Capital gain distribution from mutual funds		1,733			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(4,168	)		(2,580	)		57			—			—
Increase (decrease) in net assets from operations		(1,841	)		(1,959	)		(111	)		124			1,572

From contract transactions:
Payments received from contract owners		—			34,085			5,000			—			2,092,073
Payments for contract benefits or terminations		(2,318	)		—			(544	)		—			(8,818,446	)
Transfers between sub-accounts (including fixed account), net		(838	)		(195	)		(1	)		—			15,835,086
Contract maintenance charges		(113	)		(30	)		(16	)		(31	)		(458,313	)
Increase (decrease) in net assets from contract transactions		(3,269	)		33,860			4,439			(31	)		8,650,400

Increase (decrease) in net assets		(5,110	)		31,901			4,328			93			8,651,972
Net assets at beginning of period		16,574			12,306			1,268			74,636			18,238,728
Net assets at end of period	$	11,464		$	44,207		$	5,596		$	74,729		$	26,890,700

Beginning units		743			1,145			148			7,644			1,886,481
Units issued		9			3,460			615			—			2,808,368
Units redeemed		(171	)		(58	)		(68	)		(4	)		(1,905,211	)
Ending units		581			4,547			695			7,640			2,789,638

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares			Goldman Sachs VIT Trend Driven Allocation Fund Service Shares			Invesco V.I. American Franchise Fund Series II			Invesco V.I. American Value Fund Series II			Invesco V.I. Balanced-Risk Allocation Fund Series II
For the Year Ended December 31, 2023
From operations:
Dividends	$	10,725		$	713		$	—		$	202		$	—
Mortality and expense risk and administrative charges		(1,933	)		(447	)		(97,059	)		(644	)		—
Net investment income (loss)		8,792			266			(97,059	)		(442	)		—
Net realized gain (loss)		(356	)		(75	)		(950,575	)		(1,603	)		—
Capital gain distribution from mutual funds		—			—			180,809			11,249			—
Change in unrealized appreciation (depreciation) of investments		2,150			5,250			3,276,357			(1,858	)		—
Increase (decrease) in net assets from operations		10,586			5,441			2,409,532			7,346			—

From contract transactions:
Payments received from contract owners		—			—			371,108			—			—
Payments for contract benefits or terminations		(15,429	)		—			(313,505	)		—			—
Transfers between sub-accounts (including fixed account), net		(234	)		(1	)		425,664			(2,630	)		—
Contract maintenance charges		(2	)		—			(128,658	)		(111	)		—
Increase (decrease) in net assets from contract transactions		(15,665	)		(1	)		354,609			(2,741	)		—

Increase (decrease) in net assets		(5,079	)		5,440			2,764,141			4,605			—
Net assets at beginning of period		176,119			38,009			6,382,284			51,940			—
Net assets at end of period	$	171,040		$	43,449		$	9,146,425		$	56,545		$	—

Beginning units		18,694			3,504			203,667			3,814			—
Units issued		—			—			45,587			298			—
Units redeemed		(1,684	)		—			(39,659	)		(467	)		—
Ending units		17,010			3,504			209,595			3,645			—

For the Year Ended December 31, 2022
From operations:
Dividends	$	6,137		$	—		$	—		$	266		$	—
Mortality and expense risk and administrative charges		(1,616	)		(457	)		(81,786	)		(678	)		(29	)
Net investment income (loss)		4,521			(457	)		(81,786	)		(412	)		(29	)
Net realized gain (loss)		(401	)		(53	)		(125,242	)		(1,251	)		31
Capital gain distribution from mutual funds		—			1,552			2,002,102			10,763			—
Change in unrealized appreciation (depreciation) of investments		(15,592	)		(10,571	)		(4,147,572	)		(11,223	)		(366	)
Increase (decrease) in net assets from operations		(11,472	)		(9,529	)		(2,352,498	)		(2,123	)		(364	)

From contract transactions:
Payments received from contract owners		—			—			802,801			—			—
Payments for contract benefits or terminations		(10,758	)		—			(275,783	)		—			(4,443	)
Transfers between sub-accounts (including fixed account), net		162,429			—			1,839,555			(8,407	)		(2	)
Contract maintenance charges		(2	)		—			(112,706	)		(110	)		—
Increase (decrease) in net assets from contract transactions		151,669			—			2,253,867			(8,517	)		(4,445	)

Increase (decrease) in net assets		140,197			(9,529	)		(98,631	)		(10,640	)		(4,809	)
Net assets at beginning of period		35,922			47,538			6,480,915			62,580			4,809
Net assets at end of period	$	176,119		$	38,009		$	6,382,284		$	51,940		$	—

Beginning units		3,647			3,504			140,886			4,411			339
Units issued		16,261			—			76,136			195			—
Units redeemed		(1,214	)		—			(13,355	)		(792	)		(339	)
Ending units		18,694			3,504			203,667			3,814			—

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Invesco V.I. Comstock Fund Series II			Invesco V.I. Equity and Income Fund Series II			Invesco V.I. Growth and Income Fund Series II			Lord Abbett Bond Debenture Portfolio Class VC			Lord Abbett Developing Growth Portfolio Class VC
For the Year Ended December 31, 2023
From operations:
Dividends	$	249,201		$	2,458		$	247,384		$	11,697		$	—
Mortality and expense risk and administrative charges		(221,377	)		(1,684	)		(275,826	)		(2,509	)		(1,882	)
Net investment income (loss)		27,824			774			(28,442	)		9,188			(1,882	)
Net realized gain (loss)		619,620			(683	)		25,701			(1,101	)		(683	)
Capital gain distribution from mutual funds		1,794,675			7,463			2,419,540			—			—
Change in unrealized appreciation (depreciation) of investments		(830,716	)		4,679			(458,517	)		3,317			13,105
Increase (decrease) in net assets from operations		1,611,403			12,233			1,958,282			11,404			10,540

From contract transactions:
Payments received from contract owners		606,481			—			147,179			30,000			—
Payments for contract benefits or terminations		(1,491,408	)		—			(2,106,690	)		(1,600	)		—
Transfers between sub-accounts (including fixed account), net		(4,150	)		125			371,731			1,107			280
Contract maintenance charges		(222,608	)		(315	)		(200,218	)		(722	)		(346	)
Adjustments to net assets allocated to contracts in payout period		6			—			—			—			—
Increase (decrease) in net assets from contract transactions		(1,111,679	)		(190	)		(1,787,998	)		28,785			(66	)

Increase (decrease) in net assets		499,724			12,043			170,284			40,189			10,474
Net assets at beginning of period		15,866,821			136,730			19,170,431			192,738			152,931
Net assets at end of period	$	16,366,545		$	148,773		$	19,340,715		$	232,927		$	163,405

Beginning units		569,204			9,520			701,562			17,314			10,253
Units issued		83,854			257			50,025			2,747			20
Units redeemed		(121,954	)		(267	)		(112,539	)		(237	)		(25	)
Ending units		531,104			9,510			639,048			19,824			10,248

For the Year Ended December 31, 2022
From operations:
Dividends	$	230,950		$	2,073		$	264,288		$	9,016		$	—
Mortality and expense risk and administrative charges		(233,683	)		(1,735	)		(300,018	)		(2,367	)		(2,050	)
Net investment income (loss)		(2,733	)		338			(35,730	)		6,649			(2,050	)
Net realized gain (loss)		653,666			373			472,508			(758	)		(542	)
Capital gain distribution from mutual funds		526,626			19,131			1,937,446			542			—
Change in unrealized appreciation (depreciation) of investments		(1,280,293	)		(33,548	)		(4,006,347	)		(36,833	)		(86,202	)
Increase (decrease) in net assets from operations		(102,734	)		(13,706	)		(1,632,123	)		(30,400	)		(88,794	)

From contract transactions:
Payments received from contract owners		2,097,250			—			1,214,770			5,000			—
Payments for contract benefits or terminations		(1,526,536	)		—			(1,720,425	)		(1,409	)		—
Transfers between sub-accounts (including fixed account), net		(1,057,671	)		(10,534	)		(1,556,466	)		(580	)		480
Contract maintenance charges		(228,075	)		(315	)		(220,085	)		(664	)		(379	)
Increase (decrease) in net assets from contract transactions		(715,032	)		(10,849	)		(2,282,206	)		2,347			101

Increase (decrease) in net assets		(817,766	)		(24,555	)		(3,914,329	)		(28,053	)		(88,693	)
Net assets at beginning of period		16,684,587			161,285			23,084,760			220,791			241,624
Net assets at end of period	$	15,866,821		$	136,730		$	19,170,431		$	192,738		$	152,931

Beginning units		589,410			10,240			775,982			17,097			10,247
Units issued		182,763			75			109,440			477			34
Units redeemed		(202,969	)		(795	)		(183,860	)		(260	)		(28	)
Ending units		569,204			9,520			701,562			17,314			10,253

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Lord Abbett Fundamental Equity Portfolio Class VC			Lord Abbett Growth and Income Portfolio Class VC			Lord Abbett Mid Cap Stock Portfolio Class VC			Lord Abbett Short Duration Income Portfolio Class VC			Lord Abbett Total Return Portfolio Class VC
For the Year Ended December 31, 2023
From operations:
Dividends	$	358		$	76,251		$	492		$	13,335		$	2,445
Mortality and expense risk and administrative charges		(647	)		(118,574	)		(917	)		(3,926	)		(568	)
Net investment income (loss)		(289	)		(42,323	)		(425	)		9,409			1,877
Net realized gain (loss)		(63	)		(6,633	)		2,599			(2,933	)		(177	)
Capital gain distribution from mutual funds		1,804			165,968			3,024			—			—
Change in unrealized appreciation (depreciation) of investments		6,131			782,962			8,890			4,372			655
Increase (decrease) in net assets from operations		7,583			899,974			14,088			10,848			2,355

From contract transactions:
Payments received from contract owners		—			436,209			—			—			37,500
Payments for contract benefits or terminations		—			(946,530	)		(3,693	)		(25,076	)		(473	)
Transfers between sub-accounts (including fixed account), net		—			266,488			1,155			8,369			3,054
Contract maintenance charges		—			(88,371	)		(236	)		(10	)		(207	)
Increase (decrease) in net assets from contract transactions		—			(332,204	)		(2,774	)		(16,717	)		39,874

Increase (decrease) in net assets		7,583			567,770			11,314			(5,869	)		42,229
Net assets at beginning of period		56,656			7,886,485			99,789			306,236			15,990
Net assets at end of period	$	64,239		$	8,454,255		$	111,103		$	300,367		$	58,219

Beginning units		3,734			342,142			3,279			30,728			1,662
Units issued		—			48,083			60			1,065			4,174
Units redeemed		—			(59,427	)		(144	)		(2,836	)		(69	)
Ending units		3,734			330,798			3,195			28,957			5,767

For the Year Ended December 31, 2022
From operations:
Dividends	$	631		$	109,156		$	850		$	8,780		$	534
Mortality and expense risk and administrative charges		(637	)		(124,186	)		(981	)		(4,083	)		(138	)
Net investment income (loss)		(6	)		(15,030	)		(131	)		4,697			396
Net realized gain (loss)		12			94,674			7,242			(1,412	)		(35	)
Capital gain distribution from mutual funds		7,581			665,012			6,459			—			35
Change in unrealized appreciation (depreciation) of investments		(16,011	)		(1,759,541	)		(29,744	)		(24,275	)		(2,036	)
Increase (decrease) in net assets from operations		(8,424	)		(1,014,885	)		(16,174	)		(20,990	)		(1,640	)

From contract transactions:
Payments received from contract owners		—			320,697			—			—			17,126
Payments for contract benefits or terminations		—			(708,662	)		(12,384	)		(472	)		—
Transfers between sub-accounts (including fixed account), net		—			(181,551	)		(2,891	)		(8,451	)		561
Contract maintenance charges		—			(89,078	)		(252	)		(11	)		(57	)
Increase (decrease) in net assets from contract transactions		—			(658,594	)		(15,527	)		(8,934	)		17,630

Increase (decrease) in net assets		(8,424	)		(1,673,479	)		(31,701	)		(29,924	)		15,990
Net assets at beginning of period		65,080			9,559,964			131,490			336,160			—
Net assets at end of period	$	56,656		$	7,886,485		$	99,789		$	306,236		$	15,990

Beginning units		3,734			368,455			3,802			31,597			—
Units issued		—			36,951			6			350			1,687
Units redeemed		—			(63,264	)		(529	)		(1,219	)		(25	)
Ending units		3,734			342,142			3,279			30,728			1,662

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	MFS VIT III Growth Allocation Portfolio Service Class			Morgan Stanley VIF Global Infrastructure Portfolio Class II			Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S			PIMCO All Asset Portfolio Advisor Class			PIMCO Dynamic Bond Portfolio Advisor Class
For the Year Ended December 31, 2023
From operations:
Dividends	$	3,274		$	1,213		$	—		$	—		$	337
Mortality and expense risk and administrative charges		(659	)		(749	)		(235	)		—			(139	)
Net investment income (loss)		2,615			464			(235	)		—			198
Net realized gain (loss)		(342	)		(9,771	)		(558	)		—			(2,366	)
Capital gain distribution from mutual funds		12,461			7,536			—			—			—
Change in unrealized appreciation (depreciation) of investments		(7,723	)		1,516			3,407			—			2,590
Increase (decrease) in net assets from operations		7,011			(255	)		2,614			—			422

From contract transactions:
Payments received from contract owners		189,113			—			—			—			—
Payments for contract benefits or terminations		—			(43,208	)		(16,477	)		—			(10,090	)
Transfers between sub-accounts (including fixed account), net		1,020			727			(1	)		—			1
Contract maintenance charges		(838	)		(8	)		(3	)		—			(2	)
Increase (decrease) in net assets from contract transactions		189,295			(42,489	)		(16,481	)		—			(10,091	)

Increase (decrease) in net assets		196,306			(42,744	)		(13,867	)		—			(9,669	)
Net assets at beginning of period		—			65,108			23,146			—			14,630
Net assets at end of period	$	196,306		$	22,364		$	9,279		$	—		$	4,961

Beginning units		—			5,541			2,115			—			1,451
Units issued		18,317			59			—			—			—
Units redeemed		(164	)		(3,826	)		(1,367	)		—			(985	)
Ending units		18,153			1,774			748			—			466

For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	1,821		$	—		$	710		$	397
Mortality and expense risk and administrative charges		—			(1,022	)		(336	)		(166	)		(211	)
Net investment income (loss)		—			799			(336	)		544			186
Net realized gain (loss)		—			(28	)		40			(1,842	)		(47	)
Capital gain distribution from mutual funds		—			3,853			4,144			1,199			1,578
Change in unrealized appreciation (depreciation) of investments		—			(11,609	)		(7,182	)		(2,930	)		(2,953	)
Increase (decrease) in net assets from operations		—			(6,985	)		(3,334	)		(3,029	)		(1,236	)

From contract transactions:
Payments for contract benefits or terminations		—			(196	)		(230	)		(13,468	)		(132	)
Transfers between sub-accounts (including fixed account), net		—			(604	)		2			1			—
Contract maintenance charges		—			(9	)		(3	)		—			(2	)
Increase (decrease) in net assets from contract transactions		—			(809	)		(231	)		(13,467	)		(134	)

Increase (decrease) in net assets		—			(7,794	)		(3,565	)		(16,496	)		(1,370	)
Net assets at beginning of period		—			72,902			26,711			16,496			16,000
Net assets at end of period	$	—		$	65,108		$	23,146		$	—		$	14,630

Beginning units		—			5,600			2,136			1,197			1,464
Units issued		—			25			—			—			—
Units redeemed		—			(84	)		(21	)		(1,197	)		(13	)
Ending units		—			5,541			2,115			—			1,451

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PIMCO Emerging Markets Bond Portfolio Advisor Class			PIMCO Total Return Portfolio Advisor Class			PVC Core Plus Bond Account Class 1			PVC Diversified International Account Class 1			PVC Equity Income Account Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	29,670		$	796,011		$	403		$	279		$	4,107
Mortality and expense risk and administrative charges		(6,557	)		(295,871	)		(242	)		(353	)		(3,765	)
Net investment income (loss)		23,113			500,140			161			(74	)		342
Net realized gain (loss)		(11,002	)		(513,376	)		(455	)		2			16,276
Capital gain distribution from mutual funds		—			—			—			—			10,163
Change in unrealized appreciation (depreciation) of investments		37,076			1,080,705			777			3,204			(7,440	)
Increase (decrease) in net assets from operations		49,187			1,067,469			483			3,132			19,341

From contract transactions:
Payments received from contract owners		87,134			3,992,444			—			—			—
Payments for contract benefits or terminations		(6,124	)		(1,113,161	)		(1,913	)		—			(48,794	)
Transfers between sub-accounts (including fixed account), net		28,839			3,275,162			(1	)		—			—
Contract maintenance charges		(7,821	)		(429,673	)		—			—			(55	)
Increase (decrease) in net assets from contract transactions		102,028			5,724,772			(1,914	)		—			(48,849	)

Increase (decrease) in net assets		151,215			6,792,241			(1,431	)		3,132			(29,508	)
Net assets at beginning of period		451,442			20,052,424			15,221			20,132			249,916
Net assets at end of period	$	602,657		$	26,844,665		$	13,790		$	23,264		$	220,408

Beginning units		52,363			2,279,484			1,663			2,444			10,226
Units issued		15,079			917,164			—			—			—
Units redeemed		(3,728	)		(275,497	)		(208	)		—			(1,960	)
Ending units		63,714			2,921,151			1,455			2,444			8,266

For the Year Ended December 31, 2022
From operations:
Dividends	$	19,626		$	461,638		$	518		$	552		$	4,603
Mortality and expense risk and administrative charges		(5,200	)		(233,748	)		(292	)		(343	)		(4,229	)
Net investment income (loss)		14,426			227,890			226			209			374
Net realized gain (loss)		(14,576	)		(444,506	)		(309	)		18			9,054
Capital gain distribution from mutual funds		—			—			196			1,963			29,639
Change in unrealized appreciation (depreciation) of investments		(73,125	)		(2,812,270	)		(3,190	)		(7,636	)		(76,433	)
Increase (decrease) in net assets from operations		(73,275	)		(3,028,886	)		(3,077	)		(5,446	)		(37,366	)

From contract transactions:
Payments received from contract owners		128,116			5,562,862			—			—			—
Payments for contract benefits or terminations		(17,638	)		(480,086	)		(2,249	)		—			(19,845	)
Transfers between sub-accounts (including fixed account), net		3,638			941,175			(1	)		—			(1	)
Contract maintenance charges		(6,550	)		(349,943	)		—			—			(66	)
Increase (decrease) in net assets from contract transactions		107,566			5,674,008			(2,250	)		—			(19,912	)

Increase (decrease) in net assets		34,291			2,645,122			(5,327	)		(5,446	)		(57,278	)
Net assets at beginning of period		417,151			17,407,302			20,548			25,578			307,194
Net assets at end of period	$	451,442		$	20,052,424		$	15,221		$	20,132		$	249,916

Beginning units		39,908			1,672,554			1,895			2,444			11,050
Units issued		19,113			929,970			—			—			—
Units redeemed		(6,658	)		(323,040	)		(232	)		—			(824	)
Ending units		52,363			2,279,484			1,663			2,444			10,226

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC Government & High Quality Bond Account Class 1			PVC Large Cap Growth Account I Class 1			PVC MidCap Account Class 2			PVC Principal Capital Appreciation Account Class 2			PVC SAM Balanced Portfolio Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	7		$	—		$	—		$	1,176		$	74,814
Mortality and expense risk and administrative charges		(5	)		(42	)		(14,064	)		(2,930	)		(56,175	)
Net investment income (loss)		2			(42	)		(14,064	)		(1,754	)		18,639
Net realized gain (loss)		(1	)		(40	)		(358	)		8,072			(66,503	)
Capital gain distribution from mutual funds		—			139			21,393			11,653			148,864
Change in unrealized appreciation (depreciation) of investments		8			816			173,406			19,387			336,401
Increase (decrease) in net assets from operations		9			873			180,377			37,358			437,401

From contract transactions:
Payments for contract benefits or terminations		—			(398	)		(6,389	)		(18,986	)		(251,224	)
Transfers between sub-accounts (including fixed account), net		—			(1	)		(1	)		(1,045	)		(522	)
Contract maintenance charges		—			(3	)		(806	)		(96	)		(12,125	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			(2,772	)
Increase (decrease) in net assets from contract transactions		—			(402	)		(7,196	)		(20,127	)		(266,643	)

Increase (decrease) in net assets		9			471			173,181			17,231			170,758
Net assets at beginning of period		317			2,562			767,833			175,633			3,312,341
Net assets at end of period	$	326		$	3,033		$	941,014		$	192,864		$	3,483,099

Beginning units		46			215			22,727			4,812			190,047
Units issued		—			—			—			5			1,562
Units redeemed		(1	)		(31	)		(200	)		(522	)		(16,089	)
Ending units		45			184			22,527			4,295			175,520

For the Year Ended December 31, 2022
From operations:
Dividends	$	5		$	—		$	—		$	1,171		$	79,966
Mortality and expense risk and administrative charges		(6	)		(50	)		(13,816	)		(3,088	)		(63,192	)
Net investment income (loss)		(1	)		(50	)		(13,816	)		(1,917	)		16,774
Net realized gain (loss)		(1	)		163			2,690			5,588			(41,277	)
Capital gain distribution from mutual funds		—			347			86,367			22,880			497,803
Change in unrealized appreciation (depreciation) of investments		(47	)		(2,057	)		(328,503	)		(66,657	)		(1,282,351	)
Increase (decrease) in net assets from operations		(49	)		(1,597	)		(253,262	)		(40,106	)		(809,051	)

From contract transactions:
Payments for contract benefits or terminations		—			(933	)		(17,719	)		(11,053	)		(658,713	)
Transfers between sub-accounts (including fixed account), net		—			—			1			805			(101,466	)
Contract maintenance charges		—			(3	)		(806	)		(82	)		(13,346	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			2,533
Increase (decrease) in net assets from contract transactions		—			(936	)		(18,524	)		(10,330	)		(770,992	)

Increase (decrease) in net assets		(49	)		(2,533	)		(271,786	)		(50,436	)		(1,580,043	)
Net assets at beginning of period		366			5,095			1,039,619			226,069			4,892,384
Net assets at end of period	$	317		$	2,562		$	767,833		$	175,633		$	3,312,341

Beginning units		46			277			23,249			5,085			231,469
Units issued		—			—			—			33			336
Units redeemed		—			(62	)		(522	)		(306	)		(41,758	)
Ending units		46			215			22,727			4,812			190,047

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC SAM Conservative Balanced Portfolio Class 2			PVC SAM Conservative Growth Portfolio Class 2			PVC SAM Flexible Income Portfolio Class 2			PVC SAM Strategic Growth Portfolio Class 2			PVC Short-Term Income Account Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	728		$	8,592		$	2,229		$	4,752		$	478
Mortality and expense risk and administrative charges		(466	)		(8,935	)		(1,259	)		(6,080	)		(410	)
Net investment income (loss)		262			(343	)		970			(1,328	)		68
Net realized gain (loss)		(27	)		11,275			(1,592	)		311			(75	)
Capital gain distribution from mutual funds		197			28,976			—			14,711			—
Change in unrealized appreciation (depreciation) of investments		2,197			48,894			6,029			56,996			1,011
Increase (decrease) in net assets from operations		2,629			88,802			5,407			70,690			1,004

From contract transactions:
Payments for contract benefits or terminations		(2	)		(82,283	)		(4,702	)		—			(1,920	)
Transfers between sub-accounts (including fixed account), net		—			(1	)		(1	)		—			1,048
Contract maintenance charges		(30	)		(252	)		(10	)		(428	)		(27	)
Adjustments to net assets allocated to contracts in payout period		—			—			(1,825	)		—			—
Increase (decrease) in net assets from contract transactions		(32	)		(82,536	)		(6,538	)		(428	)		(899	)

Increase (decrease) in net assets		2,597			6,266			(1,131	)		70,262			105
Net assets at beginning of period		26,519			556,511			75,814			359,124			26,065
Net assets at end of period	$	29,116		$	562,777		$	74,683		$	429,386		$	26,170

Beginning units		2,371			27,531			6,374			15,439			3,630
Units issued		—			—			—			—			171
Units redeemed		(3	)		(3,763	)		(513	)		(17	)		(303	)
Ending units		2,368			23,768			5,861			15,422			3,498

For the Year Ended December 31, 2022
From operations:
Dividends	$	623		$	11,114		$	2,143		$	7,412		$	308
Mortality and expense risk and administrative charges		(474	)		(9,352	)		(1,369	)		(5,947	)		(416	)
Net investment income (loss)		149			1,762			774			1,465			(108	)
Net realized gain (loss)		23			4,211			(189	)		729			(24	)
Capital gain distribution from mutual funds		2,637			65,408			6,362			41,186			38
Change in unrealized appreciation (depreciation) of investments		(7,911	)		(205,648	)		(20,515	)		(134,552	)		(1,304	)
Increase (decrease) in net assets from operations		(5,102	)		(134,267	)		(13,568	)		(91,172	)		(1,398	)

From contract transactions:
Payments for contract benefits or terminations		—			(10,870	)		(4,928	)		—			(407	)
Transfers between sub-accounts (including fixed account), net		—			1			—			1			(803	)
Contract maintenance charges		(30	)		(274	)		(10	)		(428	)		(27	)
Adjustments to net assets allocated to contracts in payout period		—			—			1,645			—			—
Increase (decrease) in net assets from contract transactions		(30	)		(11,143	)		(3,293	)		(427	)		(1,237	)

Increase (decrease) in net assets		(5,132	)		(145,410	)		(16,861	)		(91,599	)		(2,635	)
Net assets at beginning of period		31,651			701,921			92,675			450,723			28,700
Net assets at end of period	$	26,519		$	556,511		$	75,814		$	359,124		$	26,065

Beginning units		2,373			28,037			6,631			15,456			3,800
Units issued		—			—			126			—			56
Units redeemed		(2	)		(506	)		(383	)		(17	)		(226	)
Ending units		2,371			27,531			6,374			15,439			3,630

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC SmallCap Account Class 2			SST SA Allocation Balanced Portfolio Class 3			SST SA Allocation Growth Portfolio Class 3			SST SA Allocation Moderate Growth Portfolio Class 3			SST SA Allocation Moderate Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	4		$	391,455		$	612,875		$	587,483		$	439,867
Mortality and expense risk and administrative charges		(118	)		(222,387	)		(339,561	)		(316,678	)		(240,031	)
Net investment income (loss)		(114	)		169,068			273,314			270,805			199,836
Net realized gain (loss)		(34	)		(319,606	)		45,950			(376,081	)		(292,577	)
Capital gain distribution from mutual funds		—			929,452			2,514,671			1,976,789			1,337,350
Change in unrealized appreciation (depreciation) of investments		1,124			795,669			1,046,436			1,223,176			841,837
Increase (decrease) in net assets from operations		976			1,574,583			3,880,371			3,094,689			2,086,446

From contract transactions:
Payments received from contract owners		—			2,120,058			3,410,324			3,209,507			1,388,255
Payments for contract benefits or terminations		(191	)		(1,094,464	)		(773,572	)		(1,690,531	)		(888,824	)
Transfers between sub-accounts (including fixed account), net		(1	)		567,435			1,334,979			87,498			953,694
Contract maintenance charges		(2	)		(259,598	)		(475,549	)		(422,365	)		(268,225	)
Increase (decrease) in net assets from contract transactions		(194	)		1,333,431			3,496,182			1,184,109			1,184,900

Increase (decrease) in net assets		782			2,908,014			7,376,553			4,278,798			3,271,346
Net assets at beginning of period		7,325			15,146,385			22,883,622			22,005,598			16,621,287
Net assets at end of period	$	8,107		$	18,054,399		$	30,260,175		$	26,284,396		$	19,892,633

Beginning units		454			922,390			1,141,337			1,183,327			930,338
Units issued		—			162,457			254,296			193,850			132,043
Units redeemed		(12	)		(86,322	)		(79,429	)		(126,584	)		(71,435	)
Ending units		442			998,525			1,316,204			1,250,593			990,946

For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	428,531		$	570,451		$	655,340		$	498,371
Mortality and expense risk and administrative charges		(124	)		(208,905	)		(275,664	)		(287,440	)		(227,711	)
Net investment income (loss)		(124	)		219,626			294,787			367,900			270,660
Net realized gain (loss)		75			(220,415	)		48,866			(291,630	)		(93,351	)
Capital gain distribution from mutual funds		1,392			779,433			1,354,518			1,538,108			1,129,581
Change in unrealized appreciation (depreciation) of investments		(3,477	)		(3,666,885	)		(5,995,163	)		(5,963,775	)		(4,577,899	)
Increase (decrease) in net assets from operations		(2,134	)		(2,888,241	)		(4,296,992	)		(4,349,397	)		(3,271,009	)

From contract transactions:
Payments received from contract owners		—			1,791,215			6,638,335			5,377,659			2,477,131
Payments for contract benefits or terminations		(432	)		(1,209,051	)		(991,978	)		(1,617,954	)		(867,875	)
Transfers between sub-accounts (including fixed account), net		1			523,824			906,513			(666,122	)		456,113
Contract maintenance charges		(2	)		(244,840	)		(391,279	)		(380,805	)		(260,254	)
Increase (decrease) in net assets from contract transactions		(433	)		861,148			6,161,591			2,712,778			1,805,115

Increase (decrease) in net assets		(2,567	)		(2,027,093	)		1,864,599			(1,636,619	)		(1,465,894	)
Net assets at beginning of period		9,892			17,173,478			21,019,023			23,642,217			18,087,181
Net assets at end of period	$	7,325		$	15,146,385		$	22,883,622		$	22,005,598		$	16,621,287

Beginning units		477			872,369			833,461			1,048,936			839,345
Units issued		—			151,281			396,674			329,430			160,267
Units redeemed		(23	)		(101,260	)		(88,798	)		(195,039	)		(69,274	)
Ending units		454			922,390			1,141,337			1,183,327			930,338

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA American Century Inflation Protection Portfolio Class 3			SST SA Columbia Focused Value Portfolio Class 3			SST SA Multi- Managed Diversified Fixed Income Portfolio Class 3			SST SA Multi- Managed International Equity Portfolio Class 3			SST SA Multi- Managed Large Cap Growth Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	1,078,073		$	83		$	2,099		$	795		$	—
Mortality and expense risk and administrative charges		(309,121	)		(70	)		(1,355	)		(465	)		(470	)
Net investment income (loss)		768,952			13			744			330			(470	)
Net realized gain (loss)		(327,104	)		9			(6,239	)		(7	)		(3,877	)
Capital gain distribution from mutual funds		—			396			—			116			150
Change in unrealized appreciation (depreciation) of investments		(52,459	)		(149	)		10,887			4,659			17,544
Increase (decrease) in net assets from operations		389,389			269			5,392			5,098			13,347

From contract transactions:
Payments received from contract owners		862,311			—			—			—			—
Payments for contract benefits or terminations		(2,011,492	)		—			(41,914	)		—			—
Transfers between sub-accounts (including fixed account), net		1,991,013			(1	)		6,751			(102	)		(7,779	)
Contract maintenance charges		(416,138	)		—			—			—			—
Increase (decrease) in net assets from contract transactions		425,694			(1	)		(35,163	)		(102	)		(7,779	)

Increase (decrease) in net assets		815,083			268			(29,771	)		4,996			5,568
Net assets at beginning of period		22,109,688			6,417			131,061			35,251			39,866
Net assets at end of period	$	22,924,771		$	6,685		$	101,290		$	40,247		$	45,434

Beginning units		1,980,049			332			13,784			3,060			2,220
Units issued		337,003			—			719			52			48
Units redeemed		(303,631	)		—			(4,285	)		(58	)		(401	)
Ending units		2,013,421			332			10,218			3,054			1,867

For the Year Ended December 31, 2022
From operations:
Dividends	$	530,839		$	98		$	2,544		$	662		$	—
Mortality and expense risk and administrative charges		(316,370	)		(70	)		(1,640	)		(450	)		(679	)
Net investment income (loss)		214,469			28			904			212			(679	)
Net realized gain (loss)		81,169			14			(1,601	)		(70	)		(7,700	)
Capital gain distribution from mutual funds		341,766			690			—			2,522			7,353
Change in unrealized appreciation (depreciation) of investments		(3,693,363	)		(937	)		(23,426	)		(9,931	)		(30,256	)
Increase (decrease) in net assets from operations		(3,055,959	)		(205	)		(24,123	)		(7,267	)		(31,282	)

From contract transactions:
Payments received from contract owners		2,454,209			—			—			—			—
Payments for contract benefits or terminations		(1,823,106	)		—			(3,296	)		—			(17,951	)
Transfers between sub-accounts (including fixed account), net		353,586			1			298			226			11,714
Contract maintenance charges		(420,598	)		—			—			—			—
Increase (decrease) in net assets from contract transactions		564,091			1			(2,998	)		226			(6,237	)

Increase (decrease) in net assets		(2,491,868	)		(204	)		(27,121	)		(7,041	)		(37,519	)
Net assets at beginning of period		24,601,556			6,621			158,182			42,292			77,385
Net assets at end of period	$	22,109,688		$	6,417		$	131,061		$	35,251		$	39,866

Beginning units		1,939,086			332			14,062			3,025			2,713
Units issued		599,667			—			892			213			611
Units redeemed		(558,704	)		—			(1,170	)		(178	)		(1,104	)
Ending units		1,980,049			332			13,784			3,060			2,220

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA Multi- Managed Mid Cap Growth Portfolio Class 3			SST SA Multi- Managed Mid Cap Value Portfolio Class 3			SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3			SAST SA AB Growth Portfolio Class 1			SAST SA AB Growth Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	—		$	55		$	136,214		$	—		$	—
Mortality and expense risk and administrative charges		(74	)		(61	)		(109,266	)		(282,294	)		(479,342	)
Net investment income (loss)		(74	)		(6	)		26,948			(282,294	)		(479,342	)
Net realized gain (loss)		(50	)		(5	)		(50,107	)		309,704			192,308
Capital gain distribution from mutual funds		—			440			—			1,407,913			2,710,860
Change in unrealized appreciation (depreciation) of investments		1,347			249			1,503,212			3,868,171			7,222,956
Increase (decrease) in net assets from operations		1,223			678			1,480,053			5,303,494			9,646,782

From contract transactions:
Payments received from contract owners		—			—			957,304			57,778			2,974,876
Payments for contract benefits or terminations		—			—			(418,131	)		(1,282,189	)		(3,180,467	)
Transfers between sub-accounts (including fixed account), net		—			—			(204,959	)		(167,750	)		(2,220,985	)
Contract maintenance charges		—			—			(158,318	)		(3,290	)		(366,137	)
Increase (decrease) in net assets from contract transactions		—			—			175,896			(1,395,451	)		(2,792,713	)

Increase (decrease) in net assets		1,223			678			1,655,949			3,908,043			6,854,069
Net assets at beginning of period		6,203			5,340			7,726,966			16,716,898			30,254,235
Net assets at end of period	$	7,426		$	6,018		$	9,382,915		$	20,624,941		$	37,108,304

Beginning units		337			337			558,274			173,625			565,244
Units issued		—			—			72,456			1,104			91,997
Units redeemed		—			—			(61,133	)		(16,802	)		(103,492	)
Ending units		337			337			569,597			157,927			553,749

For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	29		$	90,265		$	—		$	—
Mortality and expense risk and administrative charges		(73	)		(60	)		(99,647	)		(293,102	)		(456,712	)
Net investment income (loss)		(73	)		(31	)		(9,382	)		(293,102	)		(456,712	)
Net realized gain (loss)		(16	)		4			37,180			737,152			787,124
Capital gain distribution from mutual funds		2,093			783			1,341,105			2,947,746			5,403,553
Change in unrealized appreciation (depreciation) of investments		(4,633	)		(1,349	)		(2,975,978	)		(11,024,647	)		(17,526,316	)
Increase (decrease) in net assets from operations		(2,629	)		(593	)		(1,607,075	)		(7,632,851	)		(11,792,351	)

From contract transactions:
Payments received from contract owners		—			—			1,308,481			17,138			4,749,061
Payments for contract benefits or terminations		—			—			(290,391	)		(1,483,768	)		(2,396,954	)
Transfers between sub-accounts (including fixed account), net		—			—			223,810			(404,808	)		1,942,981
Contract maintenance charges		—			—			(153,136	)		(3,639	)		(305,763	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			78,458			—
Increase (decrease) in net assets from contract transactions		—			—			1,088,764			(1,796,619	)		3,989,325

Increase (decrease) in net assets		(2,629	)		(593	)		(518,311	)		(9,429,470	)		(7,803,026	)
Net assets at beginning of period		8,832			5,933			8,245,277			26,146,368			38,057,261
Net assets at end of period	$	6,203		$	5,340		$	7,726,966		$	16,716,898		$	30,254,235

Beginning units		337			337			485,603			185,707			469,511
Units issued		—			—			135,629			4,538			163,224
Units redeemed		—			—			(62,958	)		(16,620	)		(67,491	)
Ending units		337			337			558,274			173,625			565,244

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA AB Small & Mid Cap Value Portfolio Class 3			SAST SA American Funds Asset Allocation Portfolio Class 3			SAST SA American Funds Global Growth Portfolio Class 3			SAST SA American Funds Growth Portfolio Class 3			SAST SA American Funds Growth- Income Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	143,925		$	3,097,751		$	133,564		$	665,489		$	544,188
Mortality and expense risk and administrative charges		(309,250	)		(1,606,644	)		(275,336	)		(644,319	)		(334,435	)
Net investment income (loss)		(165,325	)		1,491,107			(141,772	)		21,170			209,753
Net realized gain (loss)		(868,321	)		680,558			119,873			132,256			237,311
Capital gain distribution from mutual funds		1,921,843			12,513,283			2,541,299			5,482,940			2,020,041
Change in unrealized appreciation (depreciation) of investments		2,172,526			26,246			1,082,209			8,786,128			2,776,892
Increase (decrease) in net assets from operations		3,060,723			14,711,194			3,601,609			14,422,494			5,243,997

From contract transactions:
Payments received from contract owners		848,710			5,570,976			691,700			5,448,054			1,554,364
Payments for contract benefits or terminations		(1,863,003	)		(6,824,398	)		(1,934,564	)		(4,315,963	)		(1,963,865	)
Transfers between sub-accounts (including fixed account), net		(323,438	)		441,597			(681,976	)		(1,278,141	)		21,374
Contract maintenance charges		(246,445	)		(2,179,033	)		(261,334	)		(638,766	)		(269,022	)
Adjustments to net assets allocated to contracts in payout period		—			—			(8	)		41			12
Increase (decrease) in net assets from contract transactions		(1,584,176	)		(2,990,858	)		(2,186,182	)		(784,775	)		(657,137	)

Increase (decrease) in net assets		1,476,547			11,720,336			1,415,427			13,637,719			4,586,860
Net assets at beginning of period		20,476,203			119,657,070			18,117,198			38,965,533			21,781,054
Net assets at end of period	$	21,952,750		$	131,377,406		$	19,532,625		$	52,603,252		$	26,367,914

Beginning units		682,189			5,515,313			672,171			1,141,543			818,722
Units issued		80,476			457,414			52,816			235,401			96,005
Units redeemed		(123,998	)		(587,099	)		(125,247	)		(247,484	)		(118,160	)
Ending units		638,667			5,385,628			599,740			1,129,460			796,567

For the Year Ended December 31, 2022
From operations:
Dividends	$	180,389		$	2,243,632		$	—		$	205,427		$	202,021
Mortality and expense risk and administrative charges		(319,363	)		(1,574,966	)		(282,308	)		(525,960	)		(318,975	)
Net investment income (loss)		(138,974	)		668,666			(282,308	)		(320,533	)		(116,954	)
Net realized gain (loss)		(174,432	)		825,790			(360,655	)		638,868			(79,274	)
Capital gain distribution from mutual funds		5,546,116			4,212,608			120,943			5,425,102			692,061
Change in unrealized appreciation (depreciation) of investments		(9,478,067	)		(25,393,011	)		(5,785,447	)		(19,744,397	)		(5,126,000	)
Increase (decrease) in net assets from operations		(4,245,357	)		(19,685,947	)		(6,307,467	)		(14,000,960	)		(4,630,167	)

From contract transactions:
Payments received from contract owners		2,052,248			15,815,863			1,306,827			8,631,515			3,093,662
Payments for contract benefits or terminations		(2,009,233	)		(6,494,970	)		(1,630,261	)		(2,284,549	)		(1,812,105	)
Transfers between sub-accounts (including fixed account), net		243,783			1,700,679			1,295,157			5,309,213			(60,222	)
Contract maintenance charges		(245,516	)		(2,180,330	)		(271,117	)		(508,510	)		(242,138	)
Increase (decrease) in net assets from contract transactions		41,065			8,841,242			700,606			11,147,669			979,197

Increase (decrease) in net assets		(4,204,292	)		(10,844,705	)		(5,606,861	)		(2,853,291	)		(3,650,970	)
Net assets at beginning of period		24,680,495			130,501,775			23,724,059			41,818,824			25,432,024
Net assets at end of period	$	20,476,203		$	119,657,070		$	18,117,198		$	38,965,533		$	21,781,054

Beginning units		672,177			5,133,811			651,980			848,099			788,901
Units issued		113,649			893,222			145,094			415,336			157,344
Units redeemed		(103,637	)		(511,720	)		(124,903	)		(121,892	)		(127,523	)
Ending units		682,189			5,515,313			672,171			1,141,543			818,722

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA American Funds VCP Managed Allocation Portfolio Class 3			SAST SA BlackRock Multi- Factor 70/30 Portfolio Class 3			SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3			SAST SA DFA Ultra Short Bond Portfolio Class 1			SAST SA DFA Ultra Short Bond Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	3,298,478		$	132,817		$	491,250		$	10,625		$	196,787
Mortality and expense risk and administrative charges		(2,502,287	)		(87,405	)		(953,992	)		(13,803	)		(276,915	)
Net investment income (loss)		796,191			45,412			(462,742	)		(3,178	)		(80,128	)
Net realized gain (loss)		3,236,580			(174,218	)		(1,486,461	)		(1,863	)		(55,747	)
Capital gain distribution from mutual funds		6,237,067			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		14,059,422			881,754			9,016,943			32,870			736,063
Increase (decrease) in net assets from operations		24,329,260			752,948			7,067,740			27,829			600,188

From contract transactions:
Payments received from contract owners		4,609,850			1,499,411			3,022,014			566			1,244,851
Payments for contract benefits or terminations		(15,452,259	)		(138,895	)		(6,217,755	)		(74,003	)		(2,293,660	)
Transfers between sub-accounts (including fixed account), net		(201,561	)		(376,046	)		662,124			41,283			3,936,789
Contract maintenance charges		(3,614,339	)		(123,867	)		(1,360,317	)		(562	)		(345,646	)
Increase (decrease) in net assets from contract transactions		(14,658,309	)		860,603			(3,893,934	)		(32,716	)		2,542,334

Increase (decrease) in net assets		9,670,951			1,613,551			3,173,806			(4,887	)		3,142,522
Net assets at beginning of period		181,156,486			5,592,262			69,392,712			937,198			18,833,795
Net assets at end of period	$	190,827,437		$	7,205,813		$	72,566,518		$	932,311		$	21,976,317

Beginning units		11,848,995			566,841			6,345,855			83,459			2,212,383
Units issued		749,170			199,086			545,318			22,907			910,140
Units redeemed		(1,652,697	)		(112,005	)		(888,563	)		(25,857	)		(624,746	)
Ending units		10,945,468			653,922			6,002,610			80,509			2,497,777

For the Year Ended December 31, 2022
From operations:
Dividends	$	1,887,068		$	95,058		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(2,644,643	)		(59,763	)		(1,020,791	)		(13,744	)		(249,216	)
Net investment income (loss)		(757,575	)		35,295			(1,020,791	)		(13,744	)		(249,216	)
Net realized gain (loss)		2,869,567			(50,167	)		(1,092,463	)		(4,823	)		(222,038	)
Capital gain distribution from mutual funds		6,651,003			55,535			5,005			—			—
Change in unrealized appreciation (depreciation) of investments		(50,312,092	)		(809,020	)		(14,352,794	)		(8,848	)		(107,648	)
Increase (decrease) in net assets from operations		(41,549,097	)		(768,357	)		(16,461,043	)		(27,415	)		(578,902	)

From contract transactions:
Payments received from contract owners		7,705,178			2,540,596			3,548,155			840			2,752,730
Payments for contract benefits or terminations		(12,889,801	)		(108,143	)		(4,344,761	)		(81,494	)		(1,637,608	)
Transfers between sub-accounts (including fixed account), net		4,006,795			68,025			(153,348	)		203,855			520,798
Contract maintenance charges		(3,850,910	)		(83,693	)		(1,466,643	)		(746	)		(309,949	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			3			(12	)
Increase (decrease) in net assets from contract transactions		(5,028,738	)		2,416,785			(2,416,597	)		122,458			1,325,959

Increase (decrease) in net assets		(46,577,835	)		1,648,428			(18,877,640	)		95,043			747,057
Net assets at beginning of period		227,734,321			3,943,834			88,270,352			842,155			18,086,738
Net assets at end of period	$	181,156,486		$	5,592,262		$	69,392,712		$	937,198		$	18,833,795

Beginning units		12,177,018			331,206			6,553,109			72,732			2,051,558
Units issued		1,045,375			280,314			417,275			24,626			968,138
Units redeemed		(1,373,398	)		(44,679	)		(624,529	)		(13,899	)		(807,313	)
Ending units		11,848,995			566,841			6,345,855			83,459			2,212,383

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS




	SAST SA Emerging Markets Equity Index Portfolio Class 3			SAST SA Federated Hermes Corporate Bond Portfolio Class 1			SAST SA Federated Hermes Corporate Bond Portfolio Class 3			SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3			SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	32,774		$	39,252		$	1,911,966		$	4,105		$	13,926
Mortality and expense risk and administrative charges		(17,105	)		(16,525	)		(753,453	)		(27,444	)		(10,451	)
Net investment income (loss)		15,669			22,727			1,158,513			(23,339	)		3,475
Net realized gain (loss)		(30,638	)		(19,751	)		(1,283,328	)		(114,695	)		(39,709	)
Capital gain distribution from mutual funds		—			—			—			—			35,972
Change in unrealized appreciation (depreciation) of investments		104,645			66,093			3,457,697			627,897			79,906
Increase (decrease) in net assets from operations		89,676			69,069			3,332,882			489,863			79,644

From contract transactions:
Payments received from contract owners		85,459			123			3,756,569			249,725			—
Payments for contract benefits or terminations		(27,602	)		(110,862	)		(4,502,047	)		(66,147	)		(26,159	)
Transfers between sub-accounts (including fixed account), net		99,533			50,732			5,760,061			5,829			(103,365	)
Contract maintenance charges		(20,249	)		(253	)		(920,691	)		(37,783	)		(146	)
Increase (decrease) in net assets from contract transactions		137,141			(60,260	)		4,093,892			151,624			(129,670	)

Increase (decrease) in net assets		226,817			8,809			7,426,774			641,487			(50,026	)
Net assets at beginning of period		1,193,803			1,115,789			52,067,831			1,775,043			729,714
Net assets at end of period	$	1,420,620		$	1,124,598		$	59,494,605		$	2,416,530		$	679,688

Beginning units		139,298			36,672			2,876,328			165,929			17,670
Units issued		28,344			1,950			642,598			47,663			121
Units redeemed		(13,305	)		(3,895	)		(414,597	)		(33,647	)		(3,135	)
Ending units		154,337			34,727			3,104,329			179,945			14,656

For the Year Ended December 31, 2022
From operations:
Dividends	$	21,071		$	45,964		$	1,923,365		$	—		$	8,287
Mortality and expense risk and administrative charges		(15,358	)		(19,984	)		(756,887	)		(22,517	)		(13,162	)
Net investment income (loss)		5,713			25,980			1,166,478			(22,517	)		(4,875	)
Net realized gain (loss)		(7,597	)		(36,653	)		(1,132,414	)		(103,118	)		(7,390	)
Capital gain distribution from mutual funds		—			4,249			191,677			189,993			70,516
Change in unrealized appreciation (depreciation) of investments		(280,294	)		(238,455	)		(10,122,652	)		(631,858	)		(355,167	)
Increase (decrease) in net assets from operations		(282,178	)		(244,879	)		(9,896,911	)		(567,500	)		(296,916	)

From contract transactions:
Payments received from contract owners		222,011			213			5,663,527			499,581			—
Payments for contract benefits or terminations		(42,699	)		(202,608	)		(4,242,144	)		(19,228	)		(26,762	)
Transfers between sub-accounts (including fixed account), net		26,764			(36,272	)		(1,717,379	)		62,985			(18,205	)
Contract maintenance charges		(17,731	)		(289	)		(925,733	)		(30,275	)		(177	)
Adjustments to net assets allocated to contracts in payout period		—			(2	)		—			—			—
Increase (decrease) in net assets from contract transactions		188,345			(238,958	)		(1,221,729	)		513,063			(45,144	)

Increase (decrease) in net assets		(93,833	)		(483,837	)		(11,118,640	)		(54,437	)		(342,060	)
Net assets at beginning of period		1,287,636			1,599,626			63,186,471			1,829,480			1,071,774
Net assets at end of period	$	1,193,803		$	1,115,789		$	52,067,831		$	1,775,043		$	729,714

Beginning units		117,856			44,390			2,928,721			123,772			18,674
Units issued		42,908			759			534,520			70,233			992
Units redeemed		(21,466	)		(8,477	)		(586,913	)		(28,076	)		(1,996	)
Ending units		139,298			36,672			2,876,328			165,929			17,670

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3			SAST SA Fixed Income Index Portfolio Class 3			SAST SA Fixed Income Intermediate Index Portfolio Class 3			SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1			SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	176,520		$	197,838		$	115,460		$	303,997		$	432,203
Mortality and expense risk and administrative charges		(128,632	)		(119,197	)		(88,552	)		(188,601	)		(281,988	)
Net investment income (loss)		47,888			78,641			26,908			115,396			150,215
Net realized gain (loss)		(263,534	)		(158,637	)		(75,602	)		(289,816	)		(337,049	)
Capital gain distribution from mutual funds		518,548			—			—			1,216,389			1,951,256
Change in unrealized appreciation (depreciation) of investments		746,914			429,208			296,202			(344,519	)		(684,480	)
Increase (decrease) in net assets from operations		1,049,816			349,212			247,508			697,450			1,079,942

From contract transactions:
Payments received from contract owners		350,906			334,768			1,663,584			1,640			1,096,624
Payments for contract benefits or terminations		(800,417	)		(303,821	)		(225,070	)		(840,426	)		(2,226,487	)
Transfers between sub-accounts (including fixed account), net		(221,185	)		1,474,178			777,550			(135,627	)		(57,640	)
Contract maintenance charges		(104,530	)		(151,558	)		(109,689	)		(2,330	)		(182,832	)
Adjustments to net assets allocated to contracts in payout period		7			—			—			—			—
Increase (decrease) in net assets from contract transactions		(775,219	)		1,353,567			2,106,375			(976,743	)		(1,370,335	)

Increase (decrease) in net assets		274,597			1,702,779			2,353,883			(279,293	)		(290,393	)
Net assets at beginning of period		8,512,762			8,210,158			5,843,815			12,992,823			19,996,829
Net assets at end of period	$	8,787,359		$	9,912,937		$	8,197,698		$	12,713,530		$	19,706,436

Beginning units		446,444			881,489			615,089			138,278			556,652
Units issued		61,187			260,394			293,987			699			90,619
Units redeemed		(95,588	)		(120,603	)		(76,466	)		(11,035	)		(118,594	)
Ending units		412,043			1,021,280			832,610			127,942			528,677

For the Year Ended December 31, 2022
From operations:
Dividends	$	63,067		$	133,281		$	64,644		$	231,910		$	312,136
Mortality and expense risk and administrative charges		(133,618	)		(98,517	)		(69,540	)		(202,005	)		(304,258	)
Net investment income (loss)		(70,551	)		34,764			(4,896	)		29,905			7,878
Net realized gain (loss)		92,735			(161,512	)		(48,215	)		(153,048	)		481,372
Capital gain distribution from mutual funds		772,712			21,066			1,510			2,208,619			3,550,841
Change in unrealized appreciation (depreciation) of investments		(3,824,094	)		(1,037,320	)		(413,788	)		(2,502,371	)		(4,678,712	)
Increase (decrease) in net assets from operations		(3,029,198	)		(1,143,002	)		(465,389	)		(416,895	)		(638,621	)

From contract transactions:
Payments received from contract owners		767,608			1,442,971			1,182,306			1,680			1,907,748
Payments for contract benefits or terminations		(796,722	)		(376,134	)		(182,366	)		(838,440	)		(1,844,949	)
Transfers between sub-accounts (including fixed account), net		983,490			788,232			441,123			(295,522	)		(1,493,852	)
Contract maintenance charges		(102,237	)		(130,861	)		(83,549	)		(2,483	)		(179,761	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			(52	)		—
Increase (decrease) in net assets from contract transactions		852,139			1,724,208			1,357,514			(1,134,817	)		(1,610,814	)

Increase (decrease) in net assets		(2,177,059	)		581,206			892,125			(1,551,712	)		(2,249,435	)
Net assets at beginning of period		10,689,821			7,628,952			4,951,690			14,544,535			22,246,264
Net assets at end of period	$	8,512,762		$	8,210,158		$	5,843,815		$	12,992,823		$	19,996,829

Beginning units		387,052			702,251			476,389			150,434			571,457
Units issued		126,204			305,272			230,144			566			113,110
Units redeemed		(66,812	)		(126,034	)		(91,444	)		(12,722	)		(127,915	)
Ending units		446,444			881,489			615,089			138,278			556,652

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Franklin Small Company Value Portfolio Class 3			SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3			SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1			SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3			SAST SA Franklin Tactical Opportunities Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	31,641		$	9,404		$	18,645		$	203,010		$	111,414
Mortality and expense risk and administrative charges		(180,262	)		(9,105	)		(15,835	)		(180,722	)		(89,476	)
Net investment income (loss)		(148,621	)		299			2,810			22,288			21,938
Net realized gain (loss)		(539,619	)		1,437			(25,532	)		(746,496	)		44,244
Capital gain distribution from mutual funds		936,862			66,240			—			—			9,603
Change in unrealized appreciation (depreciation) of investments		1,077,267			56,880			90,149			1,599,443			855,607
Increase (decrease) in net assets from operations		1,325,889			124,856			67,427			875,235			931,392

From contract transactions:
Payments received from contract owners		496,127			81,690			—			343,748			1,825,466
Payments for contract benefits or terminations		(980,204	)		(22,887	)		(37,259	)		(955,452	)		(221,726	)
Transfers between sub-accounts (including fixed account), net		752,538			10,104			59,227			(216,588	)		(339,361	)
Contract maintenance charges		(128,412	)		(11,356	)		(152	)		(167,151	)		(123,510	)
Increase (decrease) in net assets from contract transactions		140,049			57,551			21,816			(995,443	)		1,140,869

Increase (decrease) in net assets		1,465,938			182,407			89,243			(120,208	)		2,072,261
Net assets at beginning of period		11,464,076			607,949			991,880			13,319,703			5,816,389
Net assets at end of period	$	12,930,014		$	790,356		$	1,081,123		$	13,199,495		$	7,888,650

Beginning units		505,866			49,035			22,547			368,131			508,396
Units issued		88,346			9,849			1,909			40,045			192,279
Units redeemed		(81,438	)		(5,573	)		(1,433	)		(67,978	)		(95,727	)
Ending units		512,774			53,311			23,023			340,198			604,948

For the Year Ended December 31, 2022
From operations:
Dividends	$	49,911		$	11,285		$	19,228		$	233,155		$	62,234
Mortality and expense risk and administrative charges		(167,191	)		(7,944	)		(15,289	)		(189,788	)		(67,700	)
Net investment income (loss)		(117,280	)		3,341			3,939			43,367			(5,466	)
Net realized gain (loss)		(272,140	)		6,079			(4,770	)		(258,005	)		20,147
Capital gain distribution from mutual funds		2,554,658			78,974			232,767			3,289,878			266,802
Change in unrealized appreciation (depreciation) of investments		(3,622,132	)		(172,685	)		(325,485	)		(4,445,312	)		(1,046,852	)
Increase (decrease) in net assets from operations		(1,456,894	)		(84,291	)		(93,549	)		(1,370,072	)		(765,369	)

From contract transactions:
Payments received from contract owners		941,172			162,589			—			771,665			1,877,639
Payments for contract benefits or terminations		(746,008	)		(12,942	)		(90,718	)		(745,492	)		(136,310	)
Transfers between sub-accounts (including fixed account), net		624,574			46,477			107,851			(391,445	)		143,583
Contract maintenance charges		(128,940	)		(10,675	)		(173	)		(175,894	)		(97,479	)
Increase (decrease) in net assets from contract transactions		690,798			185,449			16,960			(541,166	)		1,787,433

Increase (decrease) in net assets		(766,096	)		101,158			(76,589	)		(1,911,238	)		1,022,064
Net assets at beginning of period		12,230,172			506,791			1,068,469			15,230,941			4,794,325
Net assets at end of period	$	11,464,076		$	607,949		$	991,880		$	13,319,703		$	5,816,389

Beginning units		478,849			34,930			22,080			382,344			356,288
Units issued		106,501			25,606			4,477			53,546			190,698
Units redeemed		(79,484	)		(11,501	)		(4,010	)		(67,759	)		(38,590	)
Ending units		505,866			49,035			22,547			368,131			508,396

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Global Index Allocation 60/40 Portfolio Class 3			SAST SA Global Index Allocation 75/25 Portfolio Class 3			SAST SA Global Index Allocation 90/10 Portfolio Class 3			SAST SA Goldman Sachs Global Bond Portfolio Class 1			SAST SA Goldman Sachs Global Bond Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	172,476		$	125,165		$	409,217		$	—		$	—
Mortality and expense risk and administrative charges		(146,779	)		(100,078	)		(301,594	)		(6,428	)		(275,511	)
Net investment income (loss)		25,697			25,087			107,623			(6,428	)		(275,511	)
Net realized gain (loss)		58,895			82,213			520,546			(20,123	)		(629,971	)
Capital gain distribution from mutual funds		346,424			295,255			862,967			—			—
Change in unrealized appreciation (depreciation) of investments		858,899			669,374			2,156,584			36,768			1,410,380
Increase (decrease) in net assets from operations		1,289,915			1,071,929			3,647,720			10,217			504,898

From contract transactions:
Payments received from contract owners		425,034			1,066,043			1,119,783			142			746,250
Payments for contract benefits or terminations		(493,109	)		(230,094	)		(1,681,302	)		(81,815	)		(1,665,598	)
Transfers between sub-accounts (including fixed account), net		345,182			366,381			296,695			20,090			1,572,210
Contract maintenance charges		(208,432	)		(145,013	)		(465,758	)		(97	)		(365,358	)
Increase (decrease) in net assets from contract transactions		68,675			1,057,317			(730,582	)		(61,680	)		287,504

Increase (decrease) in net assets		1,358,590			2,129,246			2,917,138			(51,463	)		792,402
Net assets at beginning of period		10,702,202			7,110,277			22,565,995			455,459			19,752,615
Net assets at end of period	$	12,060,792		$	9,239,523		$	25,483,133		$	403,996		$	20,545,017

Beginning units		978,909			636,991			1,990,376			24,680			1,869,631
Units issued		77,376			151,689			157,071			1,110			302,782
Units redeemed		(72,211	)		(63,815	)		(216,027	)		(4,476	)		(278,508	)
Ending units		984,074			724,865			1,931,420			21,314			1,893,905

For the Year Ended December 31, 2022
From operations:
Dividends	$	4,856		$	8,318		$	298,097		$	—		$	—
Mortality and expense risk and administrative charges		(135,551	)		(90,886	)		(287,290	)		(7,813	)		(294,933	)
Net investment income (loss)		(130,695	)		(82,568	)		10,807			(7,813	)		(294,933	)
Net realized gain (loss)		65,482			75,977			262,863			(10,743	)		(406,472	)
Capital gain distribution from mutual funds		102,966			90,129			418,278			—			—
Change in unrealized appreciation (depreciation) of investments		(1,765,710	)		(1,415,156	)		(5,072,698	)		(104,969	)		(4,366,777	)
Increase (decrease) in net assets from operations		(1,727,957	)		(1,331,618	)		(4,380,750	)		(123,525	)		(5,068,182	)

From contract transactions:
Payments received from contract owners		2,445,676			1,106,190			3,025,014			6,011			1,065,405
Payments for contract benefits or terminations		(477,318	)		(303,810	)		(780,024	)		(60,805	)		(1,816,267	)
Transfers between sub-accounts (including fixed account), net		296,089			235,014			(4,724	)		(1,766	)		835,448
Contract maintenance charges		(198,723	)		(142,130	)		(465,898	)		(107	)		(391,365	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			202			—
Increase (decrease) in net assets from contract transactions		2,065,724			895,264			1,774,368			(56,465	)		(306,779	)

Increase (decrease) in net assets		337,767			(436,354	)		(2,606,382	)		(179,990	)		(5,374,961	)
Net assets at beginning of period		10,364,435			7,546,631			25,172,377			635,449			25,127,576
Net assets at end of period	$	10,702,202		$	7,110,277		$	22,565,995		$	455,459		$	19,752,615

Beginning units		801,141			564,025			1,834,393			27,493			1,886,352
Units issued		267,463			122,867			324,425			746			263,226
Units redeemed		(89,695	)		(49,901	)		(168,442	)		(3,559	)		(279,947	)
Ending units		978,909			636,991			1,990,376			24,680			1,869,631

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3			SAST SA Index Allocation 60/40 Portfolio Class 3			SAST SA Index Allocation 80/20 Portfolio Class 3			SAST SA Index Allocation 90/10 Portfolio Class 3			SAST SA International Index Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	73,759		$	393,794		$	1,088,710		$	1,908,034		$	52,843
Mortality and expense risk and administrative charges		(101,729	)		(358,205	)		(892,628	)		(1,488,902	)		(25,244	)
Net investment income (loss)		(27,970	)		35,589			196,082			419,132			27,599
Net realized gain (loss)		(20,226	)		323,221			971,883			1,939,003			11,653
Capital gain distribution from mutual funds		—			1,149,270			3,430,055			5,835,234			—
Change in unrealized appreciation (depreciation) of investments		1,117,548			1,968,800			6,268,597			11,636,694			248,373
Increase (decrease) in net assets from operations		1,069,352			3,476,880			10,866,617			19,830,063			287,625

From contract transactions:
Payments received from contract owners		1,027,004			1,789,319			5,142,840			14,191,882			297,544
Payments for contract benefits or terminations		(255,801	)		(1,560,568	)		(2,862,568	)		(5,323,980	)		(14,559	)
Transfers between sub-accounts (including fixed account), net		(33,529	)		8,757			146,813			1,126,986			331,273
Contract maintenance charges		(126,194	)		(476,451	)		(1,253,999	)		(2,099,521	)		(26,745	)
Increase (decrease) in net assets from contract transactions		611,480			(238,943	)		1,173,086			7,895,367			587,513

Increase (decrease) in net assets		1,680,832			3,237,937			12,039,703			27,725,430			875,138
Net assets at beginning of period		6,816,618			26,034,234			63,907,003			102,186,280			1,573,684
Net assets at end of period	$	8,497,450		$	29,272,171		$	75,946,706		$	129,911,710		$	2,448,822

Beginning units		611,058			2,040,143			4,617,545			7,150,247			155,147
Units issued		97,777			179,229			407,148			1,205,028			62,481
Units redeemed		(46,171	)		(197,996	)		(328,245	)		(686,895	)		(9,206	)
Ending units		662,664			2,021,376			4,696,448			7,668,380			208,422

For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	351,968		$	931,465		$	1,511,433		$	40,184
Mortality and expense risk and administrative charges		(81,339	)		(356,845	)		(823,663	)		(1,308,764	)		(18,221	)
Net investment income (loss)		(81,339	)		(4,877	)		107,802			202,669			21,963
Net realized gain (loss)		4,340			361,258			753,337			1,383,642			727
Capital gain distribution from mutual funds		360,797			939,730			2,120,627			2,977,648			4,502
Change in unrealized appreciation (depreciation) of investments		(1,378,846	)		(6,126,542	)		(15,194,134	)		(25,026,068	)		(245,392	)
Increase (decrease) in net assets from operations		(1,095,048	)		(4,830,431	)		(12,212,368	)		(20,462,109	)		(218,200	)

From contract transactions:
Payments received from contract owners		2,089,189			2,879,007			10,431,063			16,160,320			469,625
Payments for contract benefits or terminations		(161,752	)		(1,105,659	)		(2,945,303	)		(3,954,357	)		(14,027	)
Transfers between sub-accounts (including fixed account), net		299,987			284,591			1,850,886			1,511,403			(45,988	)
Contract maintenance charges		(105,963	)		(478,273	)		(1,231,670	)		(1,981,943	)		(18,439	)
Increase (decrease) in net assets from contract transactions		2,121,461			1,579,666			8,104,976			11,735,423			391,171

Increase (decrease) in net assets		1,026,413			(3,250,765	)		(4,107,392	)		(8,726,686	)		172,971
Net assets at beginning of period		5,790,205			29,284,999			68,014,395			110,912,966			1,400,713
Net assets at end of period	$	6,816,618		$	26,034,234		$	63,907,003		$	102,186,280		$	1,573,684

Beginning units		428,586			1,926,448			4,066,731			6,367,813			116,270
Units issued		211,578			321,654			862,000			1,310,137			59,853
Units redeemed		(29,106	)		(207,959	)		(311,186	)		(527,703	)		(20,976	)
Ending units		611,058			2,040,143			4,617,545			7,150,247			155,147

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Invesco Growth Opportunities Portfolio Class 1			SAST SA Invesco Growth Opportunities Portfolio Class 3			SAST SA Janus Focused Growth Portfolio Class 1			SAST SA Janus Focused Growth Portfolio Class 3			SAST SA JPMorgan Diversified Balanced Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	—		$	—		$	—		$	—		$	53,348
Mortality and expense risk and administrative charges		(3,318	)		(127,161	)		(13,039	)		(125,477	)		(53,336	)
Net investment income (loss)		(3,318	)		(127,161	)		(13,039	)		(125,477	)		12
Net realized gain (loss)		(14,314	)		(896,249	)		80,135			(743,617	)		(87,192	)
Change in unrealized appreciation (depreciation) of investments		37,684			1,954,958			222,872			3,740,185			544,631
Increase (decrease) in net assets from operations		20,052			931,548			289,968			2,871,091			457,451

From contract transactions:
Payments received from contract owners		—			423,165			—			1,050,396			—
Payments for contract benefits or terminations		(19,649	)		(568,678	)		(168,628	)		(691,428	)		(434,870	)
Transfers between sub-accounts (including fixed account), net		91,591			96,608			23,263			(964,402	)		(139,174	)
Contract maintenance charges		(52	)		(129,302	)		(382	)		(109,453	)		(938	)
Increase (decrease) in net assets from contract transactions		71,890			(178,207	)		(145,747	)		(714,887	)		(574,982	)

Increase (decrease) in net assets		91,942			753,341			144,221			2,156,204			(117,531	)
Net assets at beginning of period		182,658			8,565,179			812,062			8,126,707			3,639,650
Net assets at end of period	$	274,600		$	9,318,520		$	956,283		$	10,282,911		$	3,522,119

Beginning units		12,767			391,003			24,187			274,469			117,041
Units issued		5,905			44,210			2,046			48,438			509
Units redeemed		(1,351	)		(56,032	)		(5,504	)		(70,385	)		(17,935	)
Ending units		17,321			379,181			20,729			252,522			99,615

For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	—		$	44,881
Mortality and expense risk and administrative charges		(3,330	)		(123,889	)		(13,368	)		(122,179	)		(60,882	)
Net investment income (loss)		(3,330	)		(123,889	)		(13,368	)		(122,179	)		(16,001	)
Net realized gain (loss)		(10,754	)		(220,213	)		63,915			180,569			9,967
Capital gain distribution from mutual funds		47,901			2,460,391			191,228			1,978,694			510,522
Change in unrealized appreciation (depreciation) of investments		(157,018	)		(6,268,644	)		(687,995	)		(5,909,521	)		(1,318,333	)
Increase (decrease) in net assets from operations		(123,201	)		(4,152,355	)		(446,220	)		(3,872,437	)		(813,845	)

From contract transactions:
Payments received from contract owners		—			687,639			—			659,793			—
Payments for contract benefits or terminations		(43,133	)		(611,218	)		(110,475	)		(1,215,812	)		(257,829	)
Transfers between sub-accounts (including fixed account), net		(5,331	)		2,156,568			(4	)		1,867,141			(103,148	)
Contract maintenance charges		(59	)		(123,427	)		(371	)		(95,423	)		(1,022	)
Increase (decrease) in net assets from contract transactions		(48,523	)		2,109,562			(110,850	)		1,215,699			(361,999	)

Increase (decrease) in net assets		(171,724	)		(2,042,793	)		(557,070	)		(2,656,738	)		(1,175,844	)
Net assets at beginning of period		354,382			10,607,972			1,369,132			10,783,445			4,815,494
Net assets at end of period	$	182,658		$	8,565,179		$	812,062		$	8,126,707		$	3,639,650

Beginning units		15,768			315,571			26,726			239,123			128,178
Units issued		36			129,788			—			96,722			101
Units redeemed		(3,037	)		(54,356	)		(2,539	)		(61,376	)		(11,238	)
Ending units		12,767			391,003			24,187			274,469			117,041

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan Diversified Balanced Portfolio Class 3			SAST SA JPMorgan Emerging Markets Portfolio Class 1			SAST SA JPMorgan Emerging Markets Portfolio Class 3			SAST SA JPMorgan Equity- Income Portfolio Class 1			SAST SA JPMorgan Equity- Income Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	288,524		$	29,931		$	265,312		$	127,481		$	465,977
Mortality and expense risk and administrative charges		(284,679	)		(12,013	)		(101,896	)		(80,411	)		(266,818	)
Net investment income (loss)		3,845			17,918			163,416			47,070			199,159
Net realized gain (loss)		(657,206	)		14,729			(54,600	)		106,814			42,587
Capital gain distribution from mutual funds		—			—			—			474,795			1,916,652
Change in unrealized appreciation (depreciation) of investments		3,387,115			32,032			461,560			(479,099	)		(1,495,750	)
Increase (decrease) in net assets from operations		2,733,754			64,679			570,376			149,580			662,648

From contract transactions:
Payments received from contract owners		753,972			—			174,335			865			1,601,648
Payments for contract benefits or terminations		(1,856,297	)		(63,573	)		(568,482	)		(669,894	)		(1,461,108	)
Transfers between sub-accounts (including fixed account), net		159,000			(2,211	)		641,591			(27,048	)		2,180,149
Contract maintenance charges		(306,313	)		(189	)		(83,026	)		(1,065	)		(258,044	)
Increase (decrease) in net assets from contract transactions		(1,249,638	)		(65,973	)		164,418			(697,142	)		2,062,645

Increase (decrease) in net assets		1,484,116			(1,294	)		734,794			(547,562	)		2,725,293
Net assets at beginning of period		20,809,857			779,386			6,696,607			5,771,535			18,670,559
Net assets at end of period	$	22,293,973		$	778,092		$	7,431,401		$	5,223,973		$	21,395,852

Beginning units		1,030,012			43,554			543,338			66,830			626,655
Units issued		81,163			275			81,464			346			146,587
Units redeemed		(138,310	)		(3,802	)		(65,687	)		(8,510	)		(68,682	)
Ending units		972,865			40,027			559,115			58,666			704,560

For the Year Ended December 31, 2022
From operations:
Dividends	$	207,482		$	25,527		$	193,823		$	111,818		$	325,973
Mortality and expense risk and administrative charges		(296,501	)		(13,900	)		(105,325	)		(90,823	)		(250,399	)
Net investment income (loss)		(89,019	)		11,627			88,498			20,995			75,574
Net realized gain (loss)		(172,525	)		60,467			39,034			304,003			401,733
Capital gain distribution from mutual funds		2,938,028			7,227			61,207			649,470			2,157,814
Change in unrealized appreciation (depreciation) of investments		(7,014,900	)		(378,428	)		(2,499,359	)		(1,219,920	)		(3,255,613	)
Increase (decrease) in net assets from operations		(4,338,416	)		(299,107	)		(2,310,620	)		(245,452	)		(620,492	)

From contract transactions:
Payments received from contract owners		1,675,852			—			364,718			21,757			3,039,997
Payments for contract benefits or terminations		(1,914,917	)		(143,324	)		(500,026	)		(510,415	)		(1,285,012	)
Transfers between sub-accounts (including fixed account), net		558,537			(31,992	)		547,645			(214,316	)		(569,203	)
Contract maintenance charges		(322,668	)		(185	)		(81,428	)		(1,311	)		(237,744	)
Adjustments to net assets allocated to contracts in payout period		—			(1	)		—			335			—
Increase (decrease) in net assets from contract transactions		(3,196	)		(175,502	)		330,909			(703,950	)		948,038

Increase (decrease) in net assets		(4,341,612	)		(474,609	)		(1,979,711	)		(949,402	)		327,546
Net assets at beginning of period		25,151,469			1,253,995			8,676,318			6,720,937			18,343,013
Net assets at end of period	$	20,809,857		$	779,386		$	6,696,607		$	5,771,535		$	18,670,559

Beginning units		1,022,473			51,455			508,785			75,243			590,658
Units issued		146,255			504			114,199			1,490			188,626
Units redeemed		(138,716	)		(8,405	)		(79,646	)		(9,903	)		(152,629	)
Ending units		1,030,012			43,554			543,338			66,830			626,655

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan Global Equities Portfolio Class 1			SAST SA JPMorgan Global Equities Portfolio Class 3			SAST SA JPMorgan Large Cap Core Portfolio Class 1			SAST SA JPMorgan Large Cap Core Portfolio Class 3			SAST SA JPMorgan MFS Core Bond Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	13,146		$	38,319		$	10,385		$	44,554		$	16,967
Mortality and expense risk and administrative charges		(14,062	)		(41,956	)		(19,922	)		(113,286	)		(9,125	)
Net investment income (loss)		(916	)		(3,637	)		(9,537	)		(68,732	)		7,842
Net realized gain (loss)		5,035			(9,803	)		90,622			(224,029	)		(10,159	)
Capital gain distribution from mutual funds		29,763			103,326			43,121			273,257			—
Change in unrealized appreciation (depreciation) of investments		151,845			506,365			175,126			1,928,329			31,326
Increase (decrease) in net assets from operations		185,727			596,251			299,332			1,908,825			29,009

From contract transactions:
Payments received from contract owners		—			469,652			—			850,740			—
Payments for contract benefits or terminations		(203,698	)		(265,741	)		(153,398	)		(550,502	)		(46,452	)
Transfers between sub-accounts (including fixed account), net		(36,145	)		153,618			64,166			408,186			(21,561	)
Contract maintenance charges		(201	)		(38,391	)		(236	)		(98,589	)		(91	)
Increase (decrease) in net assets from contract transactions		(240,044	)		319,138			(89,468	)		609,835			(68,104	)

Increase (decrease) in net assets		(54,317	)		915,389			209,864			2,518,660			(39,095	)
Net assets at beginning of period		990,606			2,717,387			1,267,975			7,489,838			636,479
Net assets at end of period	$	936,289		$	3,632,776		$	1,477,839		$	10,008,498		$	597,384

Beginning units		25,817			137,328			25,464			274,434			22,930
Units issued		26			40,012			1,761			60,750			558
Units redeemed		(5,837	)		(23,731	)		(3,588	)		(40,757	)		(2,980	)
Ending units		20,006			153,609			23,637			294,427			20,508

For the Year Ended December 31, 2022
From operations:
Dividends	$	18,222		$	42,633		$	13,292		$	57,121		$	16,978
Mortality and expense risk and administrative charges		(16,104	)		(38,190	)		(20,689	)		(101,632	)		(11,027	)
Net investment income (loss)		2,118			4,443			(7,397	)		(44,511	)		5,951
Net realized gain (loss)		36,903			34,563			69,788			65,307			(9,399	)
Capital gain distribution from mutual funds		178,229			488,755			305,942			1,827,645			—
Change in unrealized appreciation (depreciation) of investments		(434,328	)		(1,044,863	)		(719,633	)		(3,605,831	)		(117,767	)
Increase (decrease) in net assets from operations		(217,078	)		(517,102	)		(351,300	)		(1,757,390	)		(121,215	)

From contract transactions:
Payments received from contract owners		8,390			442,299			9,750			1,790,001			—
Payments for contract benefits or terminations		(66,168	)		(172,523	)		(82,064	)		(434,044	)		(111,545	)
Transfers between sub-accounts (including fixed account), net		(45,690	)		(91,128	)		(1,090	)		362,160			(15,159	)
Contract maintenance charges		(189	)		(31,603	)		(252	)		(79,551	)		(117	)
Adjustments to net assets allocated to contracts in payout period		—			—			109			—			56
Increase (decrease) in net assets from contract transactions		(103,657	)		147,045			(73,547	)		1,638,566			(126,765	)

Increase (decrease) in net assets		(320,735	)		(370,057	)		(424,847	)		(118,824	)		(247,980	)
Net assets at beginning of period		1,311,341			3,087,444			1,692,822			7,608,662			884,459
Net assets at end of period	$	990,606		$	2,717,387		$	1,267,975		$	7,489,838		$	636,479

Beginning units		28,336			126,304			26,723			217,284			27,261
Units issued		332			31,463			360			97,065			1,415
Units redeemed		(2,851	)		(20,439	)		(1,619	)		(39,915	)		(5,746	)
Ending units		25,817			137,328			25,464			274,434			22,930

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan MFS Core Bond Portfolio Class 3			SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1			SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3			SAST SA Large Cap Growth Index Portfolio Class 3			SAST SA Large Cap Index Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	1,403,189		$	—		$	—		$	13,801		$	109,093
Mortality and expense risk and administrative charges		(721,027	)		(54,967	)		(320,722	)		(54,244	)		(102,809	)
Net investment income (loss)		682,162			(54,967	)		(320,722	)		(40,443	)		6,284
Net realized gain (loss)		(873,337	)		(7,455	)		(1,659,221	)		(77,978	)		126,653
Capital gain distribution from mutual funds		—			—			—			106,373			368,369
Change in unrealized appreciation (depreciation) of investments		2,667,694			777,678			6,450,583			1,037,983			1,296,820
Increase (decrease) in net assets from operations		2,476,519			715,256			4,470,640			1,025,935			1,798,126

From contract transactions:
Payments received from contract owners		2,218,999			5,178			828,579			919,843			705,406
Payments for contract benefits or terminations		(4,845,901	)		(137,240	)		(1,919,004	)		(343,860	)		(141,448	)
Transfers between sub-accounts (including fixed account), net		3,609,620			(240,920	)		1,691,633			(285,888	)		818,504
Contract maintenance charges		(884,320	)		(638	)		(281,303	)		(73,368	)		(99,838	)
Increase (decrease) in net assets from contract transactions		98,398			(373,620	)		319,905			216,727			1,282,624

Increase (decrease) in net assets		2,574,917			341,636			4,790,545			1,242,662			3,080,750
Net assets at beginning of period		50,914,508			3,461,784			20,643,287			3,556,738			6,935,419
Net assets at end of period	$	53,489,425		$	3,803,420		$	25,433,832		$	4,799,400		$	10,016,169

Beginning units		3,616,789			92,854			568,068			246,018			461,696
Units issued		497,542			384			92,022			67,199			113,016
Units redeemed		(490,406	)		(9,255	)		(84,401	)		(52,756	)		(37,400	)
Ending units		3,623,925			83,983			575,689			260,461			537,312

For the Year Ended December 31, 2022
From operations:
Dividends	$	1,129,951		$	—		$	—		$	8,872		$	79,864
Mortality and expense risk and administrative charges		(756,581	)		(56,548	)		(296,349	)		(39,408	)		(84,833	)
Net investment income (loss)		373,370			(56,548	)		(296,349	)		(30,536	)		(4,969	)
Net realized gain (loss)		(669,835	)		52,890			18,073			56,099			117,245
Capital gain distribution from mutual funds		—			871,011			5,788,403			515,439			420,382
Change in unrealized appreciation (depreciation) of investments		(8,654,821	)		(2,241,713	)		(12,997,550	)		(1,598,979	)		(2,044,562	)
Increase (decrease) in net assets from operations		(8,951,286	)		(1,374,360	)		(7,487,423	)		(1,057,977	)		(1,511,904	)

From contract transactions:
Payments received from contract owners		3,902,975			5,398			1,671,927			1,426,406			1,162,077
Payments for contract benefits or terminations		(4,577,565	)		(212,251	)		(1,467,059	)		(127,126	)		(233,142	)
Transfers between sub-accounts (including fixed account), net		(1,074,704	)		78,450			2,307,568			390,343			321,282
Contract maintenance charges		(934,678	)		(685	)		(272,352	)		(52,314	)		(79,392	)
Adjustments to net assets allocated to contracts in payout period		188			—			—			—			—
Increase (decrease) in net assets from contract transactions		(2,683,784	)		(129,088	)		2,240,084			1,637,309			1,170,825

Increase (decrease) in net assets		(11,635,070	)		(1,503,448	)		(5,247,339	)		579,332			(341,079	)
Net assets at beginning of period		62,549,578			4,965,232			25,890,626			2,977,406			7,276,498
Net assets at end of period	$	50,914,508		$	3,461,784		$	20,643,287		$	3,556,738		$	6,935,419

Beginning units		3,775,350			95,667			512,817			142,723			389,653
Units issued		591,787			5,452			142,942			123,584			116,451
Units redeemed		(750,348	)		(8,265	)		(87,691	)		(20,289	)		(44,408	)
Ending units		3,616,789			92,854			568,068			246,018			461,696

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Large Cap Value Index Portfolio Class 3			SAST SA MFS Blue Chip Growth Portfolio Class 1			SAST SA MFS Blue Chip Growth Portfolio Class 3			SAST SA MFS Massachusetts Investors Trust Portfolio Class 1			SAST SA MFS Massachusetts Investors Trust Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	83,001		$	4,455		$	33,720		$	21,165		$	75,190
Mortality and expense risk and administrative charges		(73,258	)		(11,179	)		(157,965	)		(36,938	)		(180,330	)
Net investment income (loss)		9,743			(6,724	)		(124,245	)		(15,773	)		(105,140	)
Net realized gain (loss)		10,985			451			(291,253	)		1,669			(50,819	)
Capital gain distribution from mutual funds		502,252			14,904			201,696			206,695			1,063,911
Change in unrealized appreciation (depreciation) of investments		552,471			218,000			4,041,580			198,540			1,102,034
Increase (decrease) in net assets from operations		1,075,451			226,631			3,827,778			391,131			2,009,986

From contract transactions:
Payments received from contract owners		663,205			763			766,205			—			146,012
Payments for contract benefits or terminations		(140,595	)		(2,889	)		(1,102,932	)		(154,187	)		(1,516,531	)
Transfers between sub-accounts (including fixed account), net		(392,105	)		218,788			(819,898	)		(6,037	)		(217,283	)
Contract maintenance charges		(94,962	)		(56	)		(125,240	)		(331	)		(154,956	)
Increase (decrease) in net assets from contract transactions		35,543			216,606			(1,281,865	)		(160,555	)		(1,742,758	)

Increase (decrease) in net assets		1,110,994			443,237			2,545,913			230,576			267,228
Net assets at beginning of period		5,014,529			528,121			10,133,974			2,347,165			12,498,156
Net assets at end of period	$	6,125,523		$	971,358		$	12,679,887		$	2,577,741		$	12,765,384

Beginning units		366,341			29,958			385,632			34,828			362,150
Units issued		69,556			11,380			40,632			545			15,542
Units redeemed		(62,753	)		(1,685	)		(84,556	)		(2,754	)		(62,046	)
Ending units		373,144			39,653			341,708			32,619			315,646

For the Year Ended December 31, 2022
From operations:
Dividends	$	86,470		$	—		$	—		$	29,517		$	118,060
Mortality and expense risk and administrative charges		(56,989	)		(9,456	)		(141,718	)		(39,160	)		(195,246	)
Net investment income (loss)		29,481			(9,456	)		(141,718	)		(9,643	)		(77,186	)
Net realized gain (loss)		119,253			8,914			187,987			66,033			317,348
Capital gain distribution from mutual funds		398,556			119,793			2,249,463			512,259			2,760,958
Change in unrealized appreciation (depreciation) of investments		(801,266	)		(363,963	)		(6,091,486	)		(1,112,411	)		(5,815,284	)
Increase (decrease) in net assets from operations		(253,976	)		(244,712	)		(3,795,754	)		(543,762	)		(2,814,164	)

From contract transactions:
Payments received from contract owners		1,553,228			1,425			1,869,795			—			236,985
Payments for contract benefits or terminations		(166,594	)		(19,746	)		(736,752	)		(237,025	)		(1,281,238	)
Transfers between sub-accounts (including fixed account), net		251,452			(17,203	)		1,409,086			(62,516	)		344,730
Contract maintenance charges		(75,724	)		(122	)		(103,147	)		(443	)		(167,592	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			10			—
Increase (decrease) in net assets from contract transactions		1,562,362			(35,646	)		2,438,982			(299,974	)		(867,115	)

Increase (decrease) in net assets		1,308,386			(280,358	)		(1,356,772	)		(843,736	)		(3,681,279	)
Net assets at beginning of period		3,706,143			808,479			11,490,746			3,190,901			16,179,435
Net assets at end of period	$	5,014,529		$	528,121		$	10,133,974		$	2,347,165		$	12,498,156

Beginning units		251,900			31,704			315,297			39,020			385,040
Units issued		181,994			612			118,257			6			31,852
Units redeemed		(67,553	)		(2,358	)		(47,922	)		(4,198	)		(54,742	)
Ending units		366,341			29,958			385,632			34,828			362,150

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA MFS Total Return Portfolio Class 1			SAST SA MFS Total Return Portfolio Class 3			SAST SA Mid Cap Index Portfolio Class 3			SAST SA Morgan Stanley International Equities Portfolio Class 1			SAST SA Morgan Stanley International Equities Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	56,610		$	251,454		$	59,759		$	16,187		$	78,687
Mortality and expense risk and administrative charges		(43,311	)		(196,449	)		(67,879	)		(16,308	)		(88,595	)
Net investment income (loss)		13,299			55,005			(8,120	)		(121	)		(9,908	)
Net realized gain (loss)		9,032			(170,499	)		140,837			(135	)		(55,669	)
Capital gain distribution from mutual funds		97,084			496,148			144,674			—			—
Change in unrealized appreciation (depreciation) of investments		122,821			831,364			476,549			147,415			899,257
Increase (decrease) in net assets from operations		242,236			1,212,018			753,940			147,159			833,680

From contract transactions:
Payments received from contract owners		—			1,288,593			722,015			520			170,912
Payments for contract benefits or terminations		(153,446	)		(1,104,651	)		(306,330	)		(68,240	)		(672,335	)
Transfers between sub-accounts (including fixed account), net		32,936			(19,909	)		373,165			212			184,634
Contract maintenance charges		(845	)		(194,415	)		(92,484	)		(156	)		(50,901	)
Adjustments to net assets allocated to contracts in payout period		—			(4	)		—			—			—
Increase (decrease) in net assets from contract transactions		(121,355	)		(30,386	)		696,366			(67,664	)		(367,690	)

Increase (decrease) in net assets		120,881			1,181,632			1,450,306			79,495			465,990
Net assets at beginning of period		2,872,238			14,130,029			4,650,198			1,016,389			5,732,614
Net assets at end of period	$	2,993,119		$	15,311,661		$	6,100,504		$	1,095,884		$	6,198,604

Beginning units		53,691			620,769			356,189			64,398			441,607
Units issued		819			107,268			89,787			960			50,945
Units redeemed		(3,025	)		(104,296	)		(37,158	)		(4,879	)		(73,399	)
Ending units		51,485			623,741			408,818			60,479			419,153

For the Year Ended December 31, 2022
From operations:
Dividends	$	48,246		$	185,278		$	33,586		$	29,914		$	156,856
Mortality and expense risk and administrative charges		(47,020	)		(198,429	)		(52,723	)		(16,540	)		(90,451	)
Net investment income (loss)		1,226			(13,151	)		(19,137	)		13,374			66,405
Net realized gain (loss)		91,677			(13,725	)		76,438			4,677			(61,816	)
Capital gain distribution from mutual funds		278,515			1,289,189			324,031			113,136			663,866
Change in unrealized appreciation (depreciation) of investments		(768,423	)		(3,144,354	)		(979,212	)		(328,945	)		(1,748,737	)
Increase (decrease) in net assets from operations		(397,005	)		(1,882,041	)		(597,880	)		(197,758	)		(1,080,282	)

From contract transactions:
Payments received from contract owners		—			787,350			1,672,446			540			364,575
Payments for contract benefits or terminations		(319,678	)		(1,096,103	)		(53,426	)		(167,380	)		(617,386	)
Transfers between sub-accounts (including fixed account), net		(82,299	)		696,448			(78,959	)		(34,377	)		(235,505	)
Contract maintenance charges		(858	)		(195,496	)		(72,828	)		(199	)		(47,125	)
Adjustments to net assets allocated to contracts in payout period		191			—			—			—			—
Increase (decrease) in net assets from contract transactions		(402,644	)		192,199			1,467,233			(201,416	)		(535,441	)

Increase (decrease) in net assets		(799,649	)		(1,689,842	)		869,353			(399,174	)		(1,615,723	)
Net assets at beginning of period		3,671,887			15,819,871			3,780,845			1,415,563			7,348,337
Net assets at end of period	$	2,872,238		$	14,130,029		$	4,650,198		$	1,016,389		$	5,732,614

Beginning units		61,081			603,654			246,966			75,987			473,895
Units issued		148			165,797			144,793			888			66,390
Units redeemed		(7,538	)		(148,682	)		(35,570	)		(12,477	)		(98,678	)
Ending units		53,691			620,769			356,189			64,398			441,607

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA PIMCO RAE International Value Portfolio Class 3			SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3			SAST SA PineBridge High- Yield Bond Portfolio Class 1			SAST SA PineBridge High- Yield Bond Portfolio Class 3			SAST SA Putnam International Growth and Income Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	597,202		$	3,884,056		$	67,739		$	453,904		$	41,408
Mortality and expense risk and administrative charges		(220,178	)		(1,308,294	)		(16,256	)		(98,473	)		(24,205	)
Net investment income (loss)		377,024			2,575,762			51,483			355,431			17,203
Net realized gain (loss)		(386,120	)		(2,662,041	)		(11,888	)		(123,421	)		4,606
Change in unrealized appreciation (depreciation) of investments		2,149,730			9,436,285			104,148			721,286			239,004
Increase (decrease) in net assets from operations		2,140,634			9,350,006			143,743			953,296			260,813

From contract transactions:
Payments received from contract owners		149,196			904,943			—			624,847			570
Payments for contract benefits or terminations		(1,642,022	)		(9,221,984	)		(43,007	)		(532,724	)		(53,999	)
Transfers between sub-accounts (including fixed account), net		(230,590	)		457,465			(26,422	)		731,292			(8,708	)
Contract maintenance charges		(182,143	)		(1,873,713	)		(275	)		(67,756	)		(292	)
Adjustments to net assets allocated to contracts in payout period		(13	)		—			—			(1	)		—
Increase (decrease) in net assets from contract transactions		(1,905,572	)		(9,733,289	)		(69,704	)		755,658			(62,429	)

Increase (decrease) in net assets		235,062			(383,283	)		74,039			1,708,954			198,384
Net assets at beginning of period		14,702,933			96,469,845			1,041,943			6,607,136			1,496,094
Net assets at end of period	$	14,937,995		$	96,086,562		$	1,115,982		$	8,316,090		$	1,694,478

Beginning units		1,222,736			7,468,257			29,947			358,597			79,994
Units issued		48,392			287,947			828			91,642			222
Units redeemed		(200,365	)		(1,010,000	)		(2,742	)		(51,409	)		(3,236	)
Ending units		1,070,763			6,746,204			28,033			398,830			76,980

For the Year Ended December 31, 2022
From operations:
Dividends	$	636,674		$	—		$	62,838		$	378,211		$	24,233
Mortality and expense risk and administrative charges		(243,915	)		(1,477,718	)		(17,215	)		(98,829	)		(21,387	)
Net investment income (loss)		392,759			(1,477,718	)		45,623			279,382			2,846
Net realized gain (loss)		(736,642	)		(1,745,340	)		(8,364	)		(182,983	)		(3,776	)
Capital gain distribution from mutual funds		821,521			251,892			—			—			67,391
Change in unrealized appreciation (depreciation) of investments		(2,213,456	)		(20,596,873	)		(182,833	)		(1,008,954	)		(204,764	)
Increase (decrease) in net assets from operations		(1,735,818	)		(23,568,039	)		(145,574	)		(912,555	)		(138,303	)

From contract transactions:
Payments received from contract owners		260,043			2,018,002			—			353,053			590
Payments for contract benefits or terminations		(1,720,286	)		(8,291,363	)		(46,525	)		(675,456	)		(87,658	)
Transfers between sub-accounts (including fixed account), net		(1,120,302	)		427,632			(74,802	)		(292,563	)		126,209
Contract maintenance charges		(206,653	)		(2,113,442	)		(307	)		(65,374	)		(293	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			52
Increase (decrease) in net assets from contract transactions		(2,787,198	)		(7,959,171	)		(121,634	)		(680,340	)		38,900

Increase (decrease) in net assets		(4,523,016	)		(31,527,210	)		(267,208	)		(1,592,895	)		(99,403	)
Net assets at beginning of period		19,225,949			127,997,055			1,309,151			8,200,031			1,595,497
Net assets at end of period	$	14,702,933		$	96,469,845		$	1,041,943		$	6,607,136		$	1,496,094

Beginning units		1,440,934			8,049,940			33,421			393,208			78,400
Units issued		116,374			497,145			643			37,004			10,720
Units redeemed		(334,572	)		(1,078,828	)		(4,117	)		(71,615	)		(9,126	)
Ending units		1,222,736			7,468,257			29,947			358,597			79,994

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Putnam International Growth and Income Portfolio Class 3			SAST SA Schroders VCP Global Allocation Portfolio Class 3			SAST SA Small Cap Index Portfolio Class 3			SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3			SAST SA T. Rowe Price VCP Balanced Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	123,866		$	637,973		$	42,973		$	443,908		$	2,104,287
Mortality and expense risk and administrative charges		(80,147	)		(684,075	)		(67,297	)		(597,495	)		(1,738,093	)
Net investment income (loss)		43,719			(46,102	)		(24,324	)		(153,587	)		366,194
Net realized gain (loss)		107,047			(1,222,223	)		61,899			571,342			(1,599,941	)
Capital gain distribution from mutual funds		—			—			25,229			379,978			—
Change in unrealized appreciation (depreciation) of investments		721,538			7,806,668			693,689			6,866,575			19,106,049
Increase (decrease) in net assets from operations		872,304			6,538,343			756,493			7,664,308			17,872,302

From contract transactions:
Payments received from contract owners		131,064			586,506			727,039			5,651,096			2,766,309
Payments for contract benefits or terminations		(449,839	)		(4,180,139	)		(323,834	)		(1,960,178	)		(10,723,791	)
Transfers between sub-accounts (including fixed account), net		518,122			(255,304	)		117,568			2,870,335			(2,470,213	)
Contract maintenance charges		(45,004	)		(980,143	)		(89,837	)		(801,300	)		(2,461,746	)
Increase (decrease) in net assets from contract transactions		154,343			(4,829,080	)		430,936			5,759,953			(12,889,441	)

Increase (decrease) in net assets		1,026,647			1,709,263			1,187,429			13,424,261			4,982,861
Net assets at beginning of period		5,110,435			50,010,975			4,585,440			39,994,111			127,706,735
Net assets at end of period	$	6,137,082		$	51,720,238		$	5,772,869		$	53,418,372		$	132,689,596

Beginning units		368,620			4,455,359			410,052			3,192,958			9,780,463
Units issued		77,055			156,028			114,216			763,701			425,801
Units redeemed		(52,547	)		(558,545	)		(73,641	)		(328,980	)		(1,350,685	)
Ending units		393,128			4,052,842			450,627			3,627,679			8,855,579

For the Year Ended December 31, 2022
From operations:
Dividends	$	81,925		$	378,741		$	23,904		$	143,987		$	1,111,052
Mortality and expense risk and administrative charges		(80,175	)		(744,208	)		(52,887	)		(481,947	)		(1,850,786	)
Net investment income (loss)		1,750			(365,467	)		(28,983	)		(337,960	)		(739,734	)
Net realized gain (loss)		79,060			(227,186	)		30,677			562,928			647,439
Capital gain distribution from mutual funds		272,703			7,337,435			454,308			2,853,161			17,379,048
Change in unrealized appreciation (depreciation) of investments		(837,765	)		(19,519,192	)		(1,441,502	)		(11,113,243	)		(49,388,721	)
Increase (decrease) in net assets from operations		(484,252	)		(12,774,410	)		(985,500	)		(8,035,114	)		(32,101,968	)

From contract transactions:
Payments received from contract owners		358,640			1,302,453			1,345,222			6,836,657			5,613,085
Payments for contract benefits or terminations		(313,763	)		(3,688,792	)		(77,553	)		(1,298,716	)		(8,476,107	)
Transfers between sub-accounts (including fixed account), net		(439,765	)		136,924			300,103			3,456,530			3,652,922
Contract maintenance charges		(41,199	)		(1,082,130	)		(68,810	)		(725,652	)		(2,659,658	)
Increase (decrease) in net assets from contract transactions		(436,087	)		(3,331,545	)		1,498,962			8,268,819			(1,869,758	)

Increase (decrease) in net assets		(920,339	)		(16,105,955	)		513,462			233,705			(33,971,726	)
Net assets at beginning of period		6,030,774			66,116,930			4,071,978			39,760,406			161,678,461
Net assets at end of period	$	5,110,435		$	50,010,975		$	4,585,440		$	39,994,111		$	127,706,735

Beginning units		388,845			4,731,245			284,081			2,558,932			9,898,489
Units issued		74,373			274,252			151,337			879,336			915,511
Units redeemed		(94,598	)		(550,138	)		(25,366	)		(245,310	)		(1,033,537	)
Ending units		368,620			4,455,359			410,052			3,192,958			9,780,463

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA VCP Dynamic Allocation Portfolio Class 3			SAST SA VCP Dynamic Strategy Portfolio Class 3			SAST SA VCP Index Allocation Portfolio Class 3			SAST SA Wellington Capital Appreciation Portfolio Class 1			SAST SA Wellington Capital Appreciation Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	15,184,640		$	13,052,347		$	864,686		$	—		$	—
Mortality and expense risk and administrative charges		(9,878,491	)		(7,527,162	)		(811,141	)		(158,932	)		(814,080	)
Net investment income (loss)		5,306,149			5,525,185			53,545			(158,932	)		(814,080	)
Net realized gain (loss)		(20,321,959	)		(7,380,024	)		237,465			(505,635	)		(16,951,425	)
Capital gain distribution from mutual funds		30,845,856			46,017,080			812,772			—			—
Change in unrealized appreciation (depreciation) of investments		63,229,584			9,139,663			7,191,525			3,996,402			36,716,434
Increase (decrease) in net assets from operations		79,059,630			53,301,904			8,295,307			3,331,835			18,950,929

From contract transactions:
Payments received from contract owners		8,800,135			4,322,297			4,478,571			1,369			5,564,105
Payments for contract benefits or terminations		(67,358,113	)		(53,673,429	)		(2,982,466	)		(385,192	)		(3,688,602	)
Transfers between sub-accounts (including fixed account), net		(3,049,289	)		1,565,610			1,031,470			(419,688	)		(3,040,568	)
Contract maintenance charges		(14,481,980	)		(10,979,263	)		(1,188,633	)		(1,318	)		(815,960	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			(21	)
Increase (decrease) in net assets from contract transactions		(76,089,247	)		(58,764,785	)		1,338,942			(804,829	)		(1,981,046	)

Increase (decrease) in net assets		2,970,383			(5,462,881	)		9,634,249			2,527,006			16,969,883
Net assets at beginning of period		706,960,724			544,507,285			56,377,538			9,179,523			51,373,383
Net assets at end of period	$	709,931,107		$	539,044,404		$	66,011,787		$	11,706,529		$	68,343,266

Beginning units		46,333,105			36,287,867			4,993,771			52,947			1,086,426
Units issued		1,065,040			872,779			607,964			589			238,707
Units redeemed		(5,819,760	)		(4,656,380	)		(490,535	)		(4,344	)		(255,649	)
Ending units		41,578,385			32,504,266			5,111,200			49,192			1,069,484

For the Year Ended December 31, 2022
From operations:
Dividends	$	18,849,390		$	13,220,656		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(11,121,143	)		(8,581,480	)		(759,057	)		(164,033	)		(737,353	)
Net investment income (loss)		7,728,247			4,639,176			(759,057	)		(164,033	)		(737,353	)
Net realized gain (loss)		(6,382,347	)		769,304			(473	)		(202,674	)		(4,609,267	)
Capital gain distribution from mutual funds		63,593,169			33,753,870			217,908			2,877,589			18,341,065
Change in unrealized appreciation (depreciation) of investments		(234,097,414	)		(150,077,428	)		(11,191,682	)		(8,220,679	)		(38,701,366	)
Increase (decrease) in net assets from operations		(169,158,345	)		(110,915,078	)		(11,733,304	)		(5,709,797	)		(25,706,921	)

From contract transactions:
Payments received from contract owners		17,502,531			5,478,339			6,300,891			1,820			8,434,070
Payments for contract benefits or terminations		(70,997,457	)		(54,129,741	)		(2,391,020	)		(769,509	)		(3,721,293	)
Transfers between sub-accounts (including fixed account), net		(3,161,932	)		(9,896,503	)		1,547,197			(89,392	)		7,860,993
Contract maintenance charges		(16,251,649	)		(12,517,444	)		(1,141,683	)		(1,435	)		(694,694	)
Adjustments to net assets allocated to contracts in payout period		137			137			—			(556	)		—
Increase (decrease) in net assets from contract transactions		(72,908,370	)		(71,065,212	)		4,315,385			(859,072	)		11,879,076

Increase (decrease) in net assets		(242,066,715	)		(181,980,290	)		(7,417,919	)		(6,568,869	)		(13,827,845	)
Net assets at beginning of period		949,027,439			726,487,575			63,795,457			15,748,392			65,201,228
Net assets at end of period	$	706,960,724		$	544,507,285		$	56,377,538		$	9,179,523		$	51,373,383

Beginning units		50,841,205			40,822,360			4,632,541			57,058			831,725
Units issued		2,395,795			1,040,319			769,158			418			426,590
Units redeemed		(6,903,895	)		(5,574,812	)		(407,928	)		(4,529	)		(171,889	)
Ending units		46,333,105			36,287,867			4,993,771			52,947			1,086,426

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Wellington Government and Quality Bond Portfolio Class 1			SAST SA Wellington Government and Quality Bond Portfolio Class 3			SAST SA Wellington Strategic Multi- Asset Portfolio Class 1			SAST SA Wellington Strategic Multi- Asset Portfolio Class 3			VALIC Company I International Equities Index Fund
For the Year Ended December 31, 2023
From operations:
Dividends	$	26,986		$	572,903		$	2,537		$	154,912		$	2,769
Mortality and expense risk and administrative charges		(18,780	)		(411,418	)		(2,482	)		(150,052	)		(1,307	)
Net investment income (loss)		8,206			161,485			55			4,860			1,462
Net realized gain (loss)		(24,321	)		(922,306	)		1,070			(70,042	)		635
Change in unrealized appreciation (depreciation) of investments		57,902			1,651,048			20,490			1,504,603			14,177
Increase (decrease) in net assets from operations		41,787			890,227			21,615			1,439,421			16,274

From contract transactions:
Payments received from contract owners		—			1,648,108			—			1,638,146			—
Payments for contract benefits or terminations		(154,082	)		(3,176,001	)		(18,186	)		(436,044	)		(5,914	)
Transfers between sub-accounts (including fixed account), net		85,787			2,910,185			1,021			(357,156	)		(194	)
Contract maintenance charges		(313	)		(421,667	)		(74	)		(205,403	)		(20	)
Increase (decrease) in net assets from contract transactions		(68,608	)		960,625			(17,239	)		639,543			(6,128	)

Increase (decrease) in net assets		(26,821	)		1,850,852			4,376			2,078,964			10,146
Net assets at beginning of period		1,250,544			27,748,666			171,781			10,238,570			106,063
Net assets at end of period	$	1,223,723		$	29,599,518		$	176,157		$	12,317,534		$	116,209

Beginning units		61,595			2,209,104			2,346			837,729			9,158
Units issued		2,470			539,481			13			183,813			79
Units redeemed		(7,694	)		(453,854	)		(239	)		(132,906	)		(576	)
Ending units		56,371			2,294,731			2,120			888,636			8,661

For the Year Ended December 31, 2022
From operations:
Dividends	$	17,653		$	283,790		$	1,578		$	68,818		$	3,761
Mortality and expense risk and administrative charges		(20,825	)		(436,934	)		(2,520	)		(122,937	)		(1,402	)
Net investment income (loss)		(3,172	)		(153,144	)		(942	)		(54,119	)		2,359
Net realized gain (loss)		(9,377	)		(822,286	)		389			(28,343	)		1,258
Capital gain distribution from mutual funds		21,272			450,696			17,253			1,007,797			—
Change in unrealized appreciation (depreciation) of investments		(236,227	)		(4,729,745	)		(55,172	)		(2,777,761	)		(26,532	)
Increase (decrease) in net assets from operations		(227,504	)		(5,254,479	)		(38,472	)		(1,852,426	)		(22,915	)

From contract transactions:
Payments received from contract owners		—			1,656,775			—			1,988,297			—
Payments for contract benefits or terminations		(84,899	)		(2,936,681	)		(1,850	)		(221,131	)		(15,178	)
Transfers between sub-accounts (including fixed account), net		(16,200	)		(2,033,332	)		(1	)		957,647			(512	)
Contract maintenance charges		(340	)		(451,352	)		(66	)		(181,699	)		(20	)
Adjustments to net assets allocated to contracts in payout period		99			—			—			—			—
Increase (decrease) in net assets from contract transactions		(101,340	)		(3,764,590	)		(1,917	)		2,543,114			(15,710	)

Increase (decrease) in net assets		(328,844	)		(9,019,069	)		(40,389	)		690,688			(38,625	)
Net assets at beginning of period		1,579,388			36,767,735			212,170			9,547,882			144,688
Net assets at end of period	$	1,250,544		$	27,748,666		$	171,781		$	10,238,570		$	106,063

Beginning units		66,494			2,483,206			2,372			639,042			10,557
Units issued		477			355,865			—			270,497			259
Units redeemed		(5,376	)		(629,967	)		(26	)		(71,810	)		(1,658	)
Ending units		61,595			2,209,104			2,346			837,729			9,158

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Mid Cap Index Fund			VALIC Company I Nasdaq-100 Index Fund			VALIC Company I Small Cap Index Fund			VALIC Company I Stock Index Fund
For the Year Ended December 31, 2023
From operations:
Dividends	$	6,087		$	852		$	2,678		$	16,243
Mortality and expense risk and administrative charges		(5,635	)		(3,209	)		(2,170	)		(14,536	)
Net investment income (loss)		452			(2,357	)		508			1,707
Net realized gain (loss)		(18,448	)		47,630			(26,048	)		47,428
Capital gain distribution from mutual funds		63,263			35,284			41,087			88,495
Change in unrealized appreciation (depreciation) of investments		17,165			34,235			5,873			140,048
Increase (decrease) in net assets from operations		62,432			114,792			21,420			277,678

From contract transactions:
Payments for contract benefits or terminations		(124,523	)		(84,098	)		(52,745	)		(120,090	)
Transfers between sub-accounts (including fixed account), net		(2,510	)		(37,405	)		85			(34,983	)
Contract maintenance charges		(54	)		(31	)		(29	)		(81	)
Increase (decrease) in net assets from contract transactions		(127,087	)		(121,534	)		(52,689	)		(155,154	)

Increase (decrease) in net assets		(64,655	)		(6,742	)		(31,269	)		122,524
Net assets at beginning of period		517,507			247,752			183,779			1,207,727
Net assets at end of period	$	452,852		$	241,010		$	152,510		$	1,330,251

Beginning units		29,495			10,015			12,359			60,486
Units issued		166			33			157			134
Units redeemed		(7,329	)		(3,880	)		(3,755	)		(7,228	)
Ending units		22,332			6,168			8,761			53,392

For the Year Ended December 31, 2022
From operations:
Dividends	$	7,821		$	647		$	1,585		$	17,002
Mortality and expense risk and administrative charges		(6,728	)		(3,353	)		(2,608	)		(15,433	)
Net investment income (loss)		1,093			(2,706	)		(1,023	)		1,569
Net realized gain (loss)		(7,315	)		1,754			(4,262	)		45,413
Capital gain distribution from mutual funds		49,712			26,656			21,733			116,839
Change in unrealized appreciation (depreciation) of investments		(138,975	)		(140,323	)		(69,401	)		(465,092	)
Increase (decrease) in net assets from operations		(95,485	)		(114,619	)		(52,953	)		(301,271	)

From contract transactions:
Payments for contract benefits or terminations		(50,167	)		(644	)		(14,340	)		(88,722	)
Transfers between sub-accounts (including fixed account), net		(21,508	)		28,814			3,339			(2,004	)
Contract maintenance charges		(63	)		(28	)		(39	)		(93	)
Increase (decrease) in net assets from contract transactions		(71,738	)		28,142			(11,040	)		(90,819	)

Increase (decrease) in net assets		(167,223	)		(86,477	)		(63,993	)		(392,090	)
Net assets at beginning of period		684,730			334,229			247,772			1,599,817
Net assets at end of period	$	517,507		$	247,752		$	183,779		$	1,207,727

Beginning units		33,405			9,003			13,005			64,715
Units issued		543			1,037			315			1,163
Units redeemed		(4,453	)		(25	)		(961	)		(5,392	)
Ending units		29,495			10,015			12,359			60,486

The accompanying Notes to Financial Statements are an integral part of this statement.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS

1.	Organization

FS Variable Separate Account (“the Separate Account”) is a segregated investment account established by The United States Life Insurance Company in the City of New York (“USL”) to receive and invest premium payments from variable annuity contracts issued by USL. USL is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life”), which is wholly owned by Corebridge Life Holdings, Inc. (formerly known as AIG Life Holdings, Inc.) (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”), which American International Group, Inc. (“AIG”) owns 52.2% of their outstanding common stock as of December 31, 2023. AIG is a holding company, which through its subsidiaries provides a wide range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers in more than 190 countries and jurisdictions. The term “AIG” means American International Group, Inc. and not any of AIG’s consolidated subsidiaries.

The Separate Account includes the following variable annuity products:


FSA Advisor		Polaris II A-Class Platinum Series

ICAP II		Polaris Platinum III

Polaris		Polaris Platinum O-Series

Polaris Advantage		Polaris Preferred Solution

Polaris Advantage II		Polaris Retirement Protector

Polaris Choice		Polaris Select Investor

Polaris Choice III		WM Diversified Strategies III

Polaris Choice IV		Vista Capital Advantage

Polaris II

The Separate Account contracts are sold through USL’s affiliated broker-dealers, independent broker-dealers, full-service securities firms, and financial institutions. The distributor of the Separate Account is Corebridge Capital Services, Inc., formerly known as AIG Capital Services, Inc., an affiliate of USL. No underwriting fees are paid in connection with the distribution of these contracts.

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust under the Investment Company Act of 1940, as amended. The Separate Account consists of various sub-accounts. Each sub-account invests all its investible assets in a corresponding eligible mutual fund, which is registered under the 1940 Act as an open-ended management investment company. The names in bold in the table below are the diversified, open-ended management investment companies and the names below them are the names of the sub-accounts/corresponding eligible mutual funds. Collectively, all of the mutual funds are referred to as “Funds” throughout these financial statements.

For each sub-account, the financial statements are comprised of a Statement of Assets and Liabilities, including a Schedule of Portfolio Investments, as of December 31, 2023 and related Statements of Operations and Changes in Net Assets for each of the years in the period then ended, all periods to reflect a full twelve months, except as noted below.


American Funds Insurance Series (American Funds IS)

American Funds IS Asset Allocation Fund Class 2		American Funds IS Growth Fund Class 2

American Funds IS Asset Allocation Fund Class 4		American Funds IS Growth Fund Class 4

American Funds IS Capital Income Builder Class 4		American Funds IS Growth-Income Fund Class 2

American Funds IS Capital World Bond Fund Class 4		American Funds IS Growth-Income Fund Class 4

American Funds IS Global Growth Fund Class 2		American Funds IS International Fund Class 4^(c)

American Funds IS Global Growth Fund Class 4		American Funds IS The Bond Fund of America Class 4

American Funds IS Global Small Capitalization Fund Class 4

BlackRock Variable Series Funds, Inc. (BlackRock)

BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		BlackRock Global Allocation V.I. Fund Class III

Columbia Funds VIT Variable Series Trust (Columbia VP)

Columbia VP Emerging Markets Bond Fund Class 2^(c)		Columbia VP Large Cap Growth Fund Class 1

Columbia VP Income Opportunities Fund Class 1		Columbia VP Limited Duration Credit Fund Class 2

Delaware Ivy Variable Insurance Portfolios (Delaware Ivy VIP)

Delaware Ivy VIP Asset Strategy Class II^(c)

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Franklin Templeton Variable Insurance Products Trust (FTVIP)
FTVIP Franklin Allocation VIP Fund Class 2		FTVIP Franklin Rising Dividends VIP Fund Class 2
FTVIP Franklin Income VIP Fund Class 2		FTVIP Franklin Strategic Income VIP Fund Class 2
FTVIP Franklin Mutual Global Discovery VIP Fund Class 2		FTVIP Templeton Global Bond VIP Fund Class 2

Goldman Sachs Variable Insurance Trust (Goldman Sachs VIT)
Goldman Sachs VIT Government Money Market Fund Institutional Shares		Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares
Goldman Sachs VIT Government Money Market Fund Service Shares		Goldman Sachs VIT Trend Driven Allocation Fund Service Shares

Invesco Variable Insurance Funds (Invesco V.I.)
Invesco V.I. American Franchise Fund Series II		Invesco V.I. Comstock Fund Series II
Invesco V.I. American Value Fund Series II		Invesco V.I. Equity and Income Fund Series II
Invesco V.I. Balanced-Risk Allocation Fund Series II^(f)		Invesco V.I. Growth and Income Fund Series II

Lord Abbett Series Fund, Inc. (Lord Abbett)
Lord Abbett Bond Debenture Portfolio Class VC		Lord Abbett Mid Cap Stock Portfolio Class VC
Lord Abbett Developing Growth Portfolio Class VC		Lord Abbett Short Duration Income Portfolio Class VC
Lord Abbett Fundamental Equity Portfolio Class VC		Lord Abbett Total Return Portfolio Class VC^(c)
Lord Abbett Growth and Income Portfolio Class VC

MFS Variable Insurance Trust III (MFS VIT III)
MFS VIT III Growth Allocation Portfolio Service Class^(e)

Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley VIF)
Morgan Stanley VIF Global Infrastructure Portfolio Class II

Neuberger Berman Advisers Management Trust (Neuberger Berman AMT)
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S

PIMCO Variable Insurance Trust (PIMCO)
PIMCO All Asset Portfolio Advisor Class^(f)		PIMCO Emerging Markets Bond Portfolio Advisor Class
PIMCO Dynamic Bond Portfolio Advisor Class		PIMCO Total Return Portfolio Advisor Class

Principal Variable Contracts Funds, Inc. (PVC)
PVC Core Plus Bond Account Class 1		PVC SAM Balanced Portfolio Class 2
PVC Diversified International Account Class 1		PVC SAM Conservative Balanced Portfolio Class 2
PVC Equity Income Account Class 2		PVC SAM Conservative Growth Portfolio Class 2
PVC Government & High Quality Bond Account Class 1		PVC SAM Flexible Income Portfolio Class 2
PVC Large Cap Growth Account I Class 1		PVC SAM Strategic Growth Portfolio Class 2
PVC MidCap Account Class 2		PVC Short-Term Income Account Class 1
PVC Principal Capital Appreciation Account Class 2		PVC SmallCap Account Class 2
PVC Real Estate Securities Account Class 2^(c)

Seasons Series Trust (SST)^(a)
SST SA Allocation Balanced Portfolio Class 3		SST SA Multi-Managed Large Cap Growth Portfolio Class 3
SST SA Allocation Growth Portfolio Class 3		SST SA Multi-Managed Large Cap Value Portfolio Class 3^(c)
SST SA Allocation Moderate Growth Portfolio Class 3		SST SA Multi-Managed Mid Cap Growth Portfolio Class 3
SST SA Allocation Moderate Portfolio Class 3		SST SA Multi-Managed Mid Cap Value Portfolio Class 3
SST SA American Century Inflation Protection Portfolio Class 3		SST SA Multi-Managed Small Cap Portfolio Class 3^(c)
SST SA Columbia Focused Value Portfolio Class 3		SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		SST SA T. Rowe Price Growth Stock Portfolio Class 3^(c)
SST SA Multi-Managed International Equity Portfolio Class 3

SunAmerica Series Trust (SAST)^(a)
SAST SA AB Growth Portfolio Class 1		SAST SA JPMorgan Emerging Markets Portfolio Class 1
SAST SA AB Growth Portfolio Class 3		SAST SA JPMorgan Emerging Markets Portfolio Class 3

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


SunAmerica Series Trust (SAST)^(a)
SAST SA AB Small & Mid Cap Value Portfolio Class 3		SAST SA JPMorgan Equity-Income Portfolio Class 1
SAST SA American Funds Asset Allocation Portfolio Class 3		SAST SA JPMorgan Equity-Income Portfolio Class 3
SAST SA American Funds Global Growth Portfolio Class 3		SAST SA JPMorgan Global Equities Portfolio Class 1
SAST SA American Funds Growth Portfolio Class 3		SAST SA JPMorgan Global Equities Portfolio Class 3
SAST SA American Funds Growth-Income Portfolio Class 3		SAST SA JPMorgan Large Cap Core Portfolio Class 1^(b)
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		SAST SA JPMorgan Large Cap Core Portfolio Class 3^(b)
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		SAST SA JPMorgan MFS Core Bond Portfolio Class 1
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		SAST SA JPMorgan MFS Core Bond Portfolio Class 3
SAST SA DFA Ultra Short Bond Portfolio Class 1		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1
SAST SA DFA Ultra Short Bond Portfolio Class 3		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3
SAST SA Emerging Markets Equity Index Portfolio Class 3		SAST SA Large Cap Growth Index Portfolio Class 3
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		SAST SA Large Cap Index Portfolio Class 3
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		SAST SA Large Cap Value Index Portfolio Class 3
SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		SAST SA MFS Blue Chip Growth Portfolio Class 1
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		SAST SA MFS Blue Chip Growth Portfolio Class 3
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		SAST SA MFS Massachusetts Investors Trust Portfolio Class 1
SAST SA Fixed Income Index Portfolio Class 3		SAST SA MFS Massachusetts Investors Trust Portfolio Class 3
SAST SA Fixed Income Intermediate Index Portfolio Class 3		SAST SA MFS Total Return Portfolio Class 1
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		SAST SA MFS Total Return Portfolio Class 3
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		SAST SA Mid Cap Index Portfolio Class 3
SAST SA Franklin Small Company Value Portfolio Class 3		SAST SA Morgan Stanley International Equities Portfolio Class 1
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		SAST SA Morgan Stanley International Equities Portfolio Class 3
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		SAST SA PIMCO RAE International Value Portfolio Class 3
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3
SAST SA Franklin Tactical Opportunities Portfolio Class 3		SAST SA PineBridge High-Yield Bond Portfolio Class 1
SAST SA Global Index Allocation 60/40 Portfolio Class 3		SAST SA PineBridge High-Yield Bond Portfolio Class 3
SAST SA Global Index Allocation 75/25 Portfolio Class 3		SAST SA Putnam International Growth and Income Portfolio Class 1
SAST SA Global Index Allocation 90/10 Portfolio Class 3		SAST SA Putnam International Growth and Income Portfolio Class 3
SAST SA Goldman Sachs Global Bond Portfolio Class 1		SAST SA Schroders VCP Global Allocation Portfolio Class 3
SAST SA Goldman Sachs Global Bond Portfolio Class 3		SAST SA Small Cap Index Portfolio Class 3
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3
SAST SA Index Allocation 60/40 Portfolio Class 3		SAST SA T. Rowe Price VCP Balanced Portfolio Class 3
SAST SA Index Allocation 80/20 Portfolio Class 3		SAST SA VCP Dynamic Allocation Portfolio Class 3
SAST SA Index Allocation 90/10 Portfolio Class 3		SAST SA VCP Dynamic Strategy Portfolio Class 3
SAST SA International Index Portfolio Class 3		SAST SA VCP Index Allocation Portfolio Class 3
SAST SA Invesco Growth Opportunities Portfolio Class 1		SAST SA Wellington Capital Appreciation Portfolio Class 1
SAST SA Invesco Growth Opportunities Portfolio Class 3		SAST SA Wellington Capital Appreciation Portfolio Class 3
SAST SA Janus Focused Growth Portfolio Class 1		SAST SA Wellington Government and Quality Bond Portfolio Class 1
SAST SA Janus Focused Growth Portfolio Class 3		SAST SA Wellington Government and Quality Bond Portfolio Class 3
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		SAST SA Wellington Strategic Multi-Asset Portfolio Class 1
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		SAST SA Wellington Strategic Multi-Asset Portfolio Class 3

VALIC Company I^(d)
VALIC Company I International Equities Index Fund		VALIC Company I Nasdaq-100 Index Fund
VALIC Company I International Socially Responsible Fund(c)		VALIC Company I Small Cap Index Fund
VALIC Company I Mid Cap Index Fund		VALIC Company I Stock Index Fund

(a)	These are affiliated investment companies. SunAmerica Asset Management Corp.(“SunAmerica”), an affiliate of USL, serves as the investment advisor to Seasons Series Trust and SunAmerica Series Trust.

(b)	Formerly SAST SA Invesco Main Street Large Cap Portfolio.

(c)	Sub-account had no activity during the current or prior year and no assets or liabilities as of December 31, 2023.

(d)

VALIC Company I is an affiliated investment company. The Variable Annuity Life Insurance Company (VALIC), an affiliate of USL, serves as the investment advisor to VALIC Company I. VALIC Retirement Services Company, a direct, wholly owned subsidiary of VALIC, serves as the transfer agent and accounting services agent to VALIC Company I. SunAmerica, an affiliate of USL, serves as the administrator to each series of VALIC Company I and as the investment sub-advisor to certain series of VALIC Company I.

(e)	Statements of Operations and Changes in Net Assets for the period May 1, 2023 (commencement of operations) through December 31, 2023.

(f)	Sub-account had no activity for the period January 1, 2023 to December 31, 2023 and no assets and liabilities as of December 31, 2023, and is therefore not included in the Statements of Assets and Liabilities and the Schedule of Portfolio Investments.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In addition to the sub-accounts above, a contract owner may allocate contract funds to a fixed account, which is part of USL’s General Account and not included in these financial statements. Contract owners should refer to the product prospectus for the available Funds and fixed account.

The assets of each of the sub-accounts of the Separate Account are registered in the name of USL. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from USL’s other assets and liabilities. The Separate Account assets are not chargeable with liabilities arising out of any other business USL may conduct. Net premiums from the contracts are allocated to the sub-accounts and invested in the Funds in accordance with contract owner instructions and are recorded as contract transactions in the Statements of Operations and Changes in Net Assets.

2.	Summary of Significant Accounting Policy

The financial statements of the Separate Account have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Separate Account in the preparation of its financial statements.

Use of Estimates: The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from assumptions used, the financial statements of the Separate Account could be materially affected.

Investments: Investments in mutual funds are valued at their closing net asset value per share as determined by the respective mutual funds, which generally value their securities at fair value. Purchases and sales of shares of the Funds are made at the net asset values of such Funds. Transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are recognized at the date of sale and are determined on a first-in, first-out basis. Dividends and capital gain distributions from the Funds are recorded on the ex-dividend date and reinvested upon receipt.

Reserves for Annuity Contracts in Payout: Net assets allocated to contracts in the payout period are based on industry standard mortality tables depending on the calendar year of annuitization as well as other assumptions, including provisions for the risk of adverse deviation from assumptions.

An assumed interest rate of 3.50 percent is used in determining annuity payments except for ICAP contracts which have an assumed interest rate of 5.00 percent.

At each reporting period, the assumptions must be evaluated based on current experience, and the reserves must be adjusted accordingly. To the extent additional reserves are established due to mortality risk experience, USL makes payments to the Separate Account. If there are excess reserves remaining at the time annuity payments cease, the assets supporting those reserves are transferred from the Separate Account to the General Account. Transfers between the General Account and the Separate Account, if any, are disclosed as adjustments to net assets allocated to contracts in payout period in the Statements of Operations and Changes in Net Assets. Annuity benefit payments are recorded as payments for contract benefits or terminations in the Statements of Operations and Changes in Net Assets.

Accumulation Unit: This is the basic valuation unit used to calculate the contract owner’s interest. Such units are valued daily to reflect investment performance and the prorated daily deduction for expense charges.

Income Taxes: The operations of the Separate Account are included in the federal income tax return of USL, which is taxed as a life insurance company under the provision of the Internal Revenue Code (the Code). Under the current provisions of the Code, USL does not expect to incur federal income taxes on the earnings of the Separate Account to the extent that the earnings are credited under the contracts. As a result, no charge is currently made to the Separate Account for federal income taxes. The Separate Account is not treated as a regulated investment company under the Code. USL will periodically review changes in the tax law. USL retains the right to charge for any federal income tax incurred which is applicable to the Separate Account if the law is changed.

3.	Fair Value Measurements

Assets recorded at fair value in the Separate Account’s Statement of Assets and Liabilities are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•

Level 1— Fair value measurements based on quoted prices (unadjusted) in active markets that the Separate Account has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Separate Account does not adjust the quoted price for such instruments.

•

Level 2— Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•

Level 3—Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair value positions in Level 3. The circumstances for these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Separate Account makes certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Separate Account assets measured at fair value as of December 31, 2023 consist of investments in registered mutual funds that generally trade daily and are measured at fair value using quoted prices in active markets for identical assets, which are classified as Level 1 throughout the year. As such, no transfers between fair value hierarchy levels occurred during the year. See the Schedule of Portfolio Investments for the table presenting information about assets measured at fair value on a recurring basis at December 31, 2023, and respective hierarchy levels.

4.	Expenses

Expense charges are applied against the current value of the Separate Account and are paid to USL as follows:

Separate Account Annual Charges: Deductions for the mortality and expense risk charges and distribution charges are calculated daily, at an annual rate, on the actual prior day’s net asset value of the underlying Funds comprising the sub-accounts attributable to the contract owners and are paid to USL. The mortality risk charge represents compensation to USL for the mortality risks assumed under the contract, which is the obligation to provide payments during the payout period for the life of the contract and to provide the standard death benefit. The expense risk charge represents compensation to USL for assuming the risk that the current contract administration charges will be insufficient to cover the cost of administering the contract in the future. The distribution expense charge covers all expenses associated with the distribution of the contract. These charges are included on the mortality and expense risk and administrative charges line in the Statements of Operations and Changes in Net Assets.

The exact rate depends on the particular product issued and the death benefits elected for each product. Expense charges for each product are as follows:


Products		Separate Account Annual Charges*

FSA Advisor		1.52%

ICAP II Variable Annuity		1.40%

Polaris		1.52%

Polaris Advantage		1.65% or 1.90%

Polaris Advantage II		1.30%, 1.55%, 1.90% or 2.15%

Polaris Choice		1.52% or 1.72%

Polaris Choice III		1.52% or 1.77%

Polaris Choice IV		1.65% or 1.90%

Polaris II		1.52%

Polaris II A-Class Platinum Series		0.85%

Polaris Platinum III		1.15%, 1.30%, 1.55%, 1.70% or 1.95%

Polaris Platinum O-Series		0.95% or 1.20%

Polaris Preferred Solution		1.00%, 1.15%, 1.40%, 1.55%, or 1.80%

Polaris Retirement Protector		1.30%, 1.55% or 1.80%

Polaris Select Investor		1.10%, 1.35%, 1.40% or 1.70%

Vista Capital Advantage		1.40%

WM Diversified Strategies III		1.55% or 1.70%

*	The distribution charge is deducted at an annual rate of 0.15 percent of the net asset value of each portfolio and is included in the respective separate account annual charge rate.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Contract Maintenance Charge: During the accumulation phase, an annual contract maintenance charge is assessed by USL on the contract anniversary. In the event of a full surrender, a contract maintenance charge is assessed at the date of surrender and deducted from the withdrawal proceeds. The contract maintenance charge represents a reimbursement of administrative expenses incurred by USL related to the establishment and maintenance of the record keeping function for the sub-accounts. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

The contract maintenance charge ranges from $30 to $50 for certain contracts. No contract maintenance charge is assessed under the FSA Advisor contract.

Withdrawal Charge: A withdrawal charge is applicable to certain contract withdrawals pursuant to the contract and is payable to USL. The withdrawal charges are included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

Withdrawal charges may be assessed for withdrawals in excess of the free withdrawal amount as defined in the contracts. Withdrawal amounts in excess of the free withdrawal amount are assessed withdrawal charges based on tables of charges applicable to specific contracts.

The maximum withdrawal charge of 5 percent is assessed on amount withdrawn in excess of free withdrawals for the ICAP II variable annuity and the maximum withdrawal charge of 6% is assessed on amounts withdrawn in excess of free withdrawal amounts for the Vista Capital Advantage variable annuity. For all other products, the maximum withdrawal charge of 9 percent is assessed on amount withdrawn in excess of free withdrawals. There are no withdrawal charges under the FSA Advisor variable annuity.

Transfer Fee: A transfer fee may be assessed on each transfer of funds in excess of the maximum transactions allowed within a contract year depending on the contract provision. The transfer fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

Depending on the contract provisions, a transfer fee of $25 ($10 in Pennsylvania and Texas) is assessed on each transfer in excess of the maximum transactions allowed for the product.

Premium Based Charge: For certain products, an up-front sales charge is applied against the gross purchase payments made on the contract. The sales charge is calculated as a percentage of the gross purchase payment invested, depending on the investment amount and the year of receipt, and is deducted from the contract value on a quarterly basis over a period of seven years. The premium based charge is paid to USL by redemption of units outstanding and included as part of the payments for contract benefits or terminations line of the Statements of Operations and Changes in Net Assets.

The premium based charge ranges from 0.50 percent to 5.75 percent and is assessed on the Polaris II A-Class Platinum Series and Polaris Platinum O-Series contract.

Premium Tax Charge: Certain states charge taxes on purchase payments up to a maximum of 3.50 percent. Some states assess premium taxes at the time of purchase payments, while some other states assess premium taxes when annuity payments begin or upon surrender. There are certain states that do not assess premium taxes. If the law of the state requires premium taxes to be paid when purchase payments are made, USL will deduct the tax from such payments prior to depositing the payments into the Separate Account. Otherwise, such tax will be deducted from the account value when annuity payments begin. Premium taxes are included as part of the payments received from contract owners line in the Statements of Operations and Changes in Net Assets.

Annuity Charge: There may be an annuity charge in the event that the contract is switched to the payout phase. Option 1 for payouts provides a life income with installments guaranteed, Option 2 provides a joint and survivor life payout, and Option 3 provides income for a specified period. No annuity charge is assessed if Option 1 or Option 2 is elected. If Option 3 is elected, an annuity charge equal to the withdrawal charge if the contract were surrendered may apply. No annuity charged will be assessed if Option 3 is elected by a beneficiary under the death benefit. The annuity charge is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

Capital Protector Fee: This optional feature provides a guaranteed minimum contract value at the end of an applicable waiting period. The annual fee is calculated as a percentage of the contract value minus purchase payments received after the 90^th day from the date of contract issuance and deducted quarterly from the contract value during the waiting period. This optional feature is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

The annual fee for the Capital Protector Program ranges from 0.25 percent to 0.65 percent. This optional feature is offered under Polaris Advantage, Polaris Choice, Polaris Choice III, Polaris II, Polaris Preferred Solution, and WM Diversified Strategies III contracts.

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

MarketLock, Marketlock for Two, MarketLock for Life Plus, MarketLock Income Plus and MarketLock for Life: These optional features provide a guaranteed withdrawal stream by locking in market gains during an applicable evaluation period.

•

MarketLock, MarketLock for Two and Income Rewards

The annual fee is calculated as a percentage of the maximum anniversary value benefit base and deducted quarterly from the contract value. The maximum anniversary value benefit base is calculated as the greater of eligible purchase payments received during the first two years, adjusted for withdrawals, or the maximum anniversary date contract value occurring in the first ten contract years, adjusted for withdrawals. The annual fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

•

MarketLock for Life, MarketLock for Life Plus and MarketLock Income Plus

The annual fee is calculated as a percentage of the income base and deducted quarterly from the contract value. The income base is calculated as the greater of purchase payments made in the first contract year and purchase payments made in contract years 2-5, capped at 100 percent of purchase payments made in the first year plus a bonus, if eligible, or the highest anniversary date contract value less purchase payments made in years 2-5 greater than the purchase payments received in the first year. The annual fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

Income Rewards: This optional feature provides a guaranteed withdrawal stream during an applicable period of time.

The annual fee is calculated as a percentage of the benefit base and deducted quarterly from the contract value. The benefit base is equal to purchase payments received during the first 90 days, adjusted for withdrawals, before the benefit availability date (the availability date is up to the first 10 contract years, based on election). After the benefit availability date, the benefit base is increased by up to 50 percent of premiums received during the first 90 days, adjusted for withdrawals. The annual fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

The annual fees for the optional features discussed above are as follows:


Optional Features	Products Offered	Annual Fees

MarketLock	Polaris Advantage	0.50% to 0.65%

	Polaris Choice

	Polaris Choice III

	Polaris II

	Polaris II A-Class Platinum Series

	Polaris Preferred Solution

	WM Diversified Strategies III

MarketLock for Two	Polaris Choice	0.40% prior to the first withdrawal

	Polaris Choice III	0.80% after the first withdrawal

	Polaris II

	Polaris Preferred Solution

	WM Diversified Strategies III

Income Rewards	Polaris Choice	0.65% in years zero to seven

	Polaris Choice III	0.45% in years eight to ten

	Polaris II

	Polaris Preferred Solution

	WM Diversified Strategies III

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Optional Features	Products Offered	Annual Fees

MarketLock for Life	FSA Polaris Advantage	0.70% for one covered person

	FSA Polaris Choice III	0.95% for two covered person

	FSA Polaris Choice IV

	FSA Polaris II

	FSA Polaris II A-Class Platinum Series

	FSA Polaris Platinum III

	FSA Polaris Preferred Solution

MarketLock for Life Plus	FSA Polaris Advantage	0.65% to 0.95% for one covered person

	FSA Polaris Choice III	0.90% to 1.25% for two covered person

	FSA Polaris II

	FSA Polaris II A-Class Platinum Series

	FSA Polaris Platinum III

	FSA Polaris Preferred Solution

MarketLock Income Plus	Polaris Advantage	0.85% to 1.10% for one covered person

	Polaris Choice III	1.10% to 1.35% for two covered person

	Polaris II

	Polaris II A-Class Platinum Series

	Polaris Platinum III

	Polaris Preferred Solution

Polaris Income Plus, Polaris Income Builder, Polaris Income Plus Daily, Polaris Income Builder Daily, Polaris Income Plus Flex, Polaris Income Plus Daily Flex, Polaris Income Builder Daily Flex and Polaris Income Max Fee: These optional features provide a guaranteed withdrawal stream by locking in market gains during an applicable evaluation period. The annual fee is calculated as a percentage of the maximum anniversary value benefit base and deducted quarterly from the contract value.

The maximum anniversary value benefit base is calculated as the greater of eligible purchase payments received during the applicable time period, adjusted for withdrawals plus a credit, if eligible, or the maximum anniversary date contract value. The fee may change after the first year based on an index of market volatility. The annual fee included as part of the payments for contract benefits or terminations line of the Statements of Operations and Changes in Net Assets.

The annual fees for the optional features discussed above are as follows:


Optional Features	Products Offered	Annual Fees

Polaris Income Plus	Polaris Advantage	0.60% to 2.20% for one covered person

	Polaris Advantage II	0.60% to 2.70% for two covered persons

	Polaris Choice III

	Polaris Choice IV

	Polaris Platinum III

	Polaris Platinum O-Series

	Polaris Preferred Solution

	Polaris Retirement Protector

Polaris Income Builder	Polaris Advantage	0.60% to 2.20% for one covered person

	Polaris Advantage II	0.60% to 2.70% for two covered persons

	Polaris Choice III

	Polaris Choice IV

	Polaris Platinum III

	Polaris Preferred Solution

Polaris Income Plus Daily	Polaris Platinum III	0.60% to 2.50% for one covered person

	Polaris Preferred Solution	0.60% to 2.50% for two covered persons

Polaris Income Builder Daily	Polaris Platinum O-Series	0.60% to 2.50% for one covered person

		0.60% to 2.50% for two covered persons

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Optional Features	Products Offered	Annual Fees

Polaris Income Plus Flex	Polaris Platinum III	0.60% to 2.50% for one covered person

	Polaris Preferred Solution	0.60% to 2.50% for two covered persons

Polaris Income Plus Daily Flex	Polaris Platinum III	0.60% to 2.50% for one covered person

	Polaris Preferred Solution	0.60% to 2.50% for two covered persons

Polaris Income Max	Polaris Platinum III	0.60% to 2.50% for one covered person

	Polaris Preferred Solution	0.60% to 2.50% for two covered persons

Polaris Income Builder Daily Flex	Polaris Platinum O-Series	0.60% to 2.50% for one covered person

		0.60% to 2.50% for two covered persons

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

5.	Purchases and Sales of Investments

For the year ended December 31, 2023, the aggregate cost of purchases and proceeds from the sales of investments were:



Sub-accounts	Cost of Purchases		Proceeds from Sales
American Funds IS Asset Allocation Fund Class 2	$	182,404	$	213,278
American Funds IS Asset Allocation Fund Class 4		1,192,051		164,911
American Funds IS Capital Income Builder Class 4		141,890		4,239
American Funds IS Capital World Bond Fund Class 4		32,458		2,088
American Funds IS Global Growth Fund Class 2		404,065		650,828
American Funds IS Global Growth Fund Class 4		32,388		5,679
American Funds IS Global Small Capitalization Fund Class 4		71,228		8,151
American Funds IS Growth Fund Class 2		372,044		780,559
American Funds IS Growth Fund Class 4		39,224		8,321
American Funds IS Growth-Income Fund Class 2		395,697		604,573
American Funds IS Growth-Income Fund Class 4		40,825		8,756
American Funds IS The Bond Fund of America Class 4		54,473		5,642
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		922		528
BlackRock Global Allocation V.I. Fund Class III		285		155
Columbia VP Income Opportunities Fund Class 1		10,354		28,143
Columbia VP Large Cap Growth Fund Class 1		1,130		87,263
Columbia VP Limited Duration Credit Fund Class 2		2,943		889
FTVIP Franklin Allocation VIP Fund Class 2		541,599		552,818
FTVIP Franklin Income VIP Fund Class 2		4,114,991		2,422,828
FTVIP Franklin Mutual Global Discovery VIP Fund Class 2		53,068		4,986
FTVIP Franklin Rising Dividends VIP Fund Class 2		2,019		3,060
FTVIP Franklin Strategic Income VIP Fund Class 2		61,620		1,212
FTVIP Templeton Global Bond VIP Fund Class 2		31,610		1,048
Goldman Sachs VIT Government Money Market Fund Institutional Shares		71,368		2,001
Goldman Sachs VIT Government Money Market Fund Service Shares		12,824,058		11,874,585
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		10,725		17,598
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		713		447
Invesco V.I. American Franchise Fund Series II		1,949,018		1,510,661
Invesco V.I. American Value Fund Series II		15,337		7,271
Invesco V.I. Comstock Fund Series II		3,974,651		3,263,832
Invesco V.I. Equity and Income Fund Series II		13,637		5,590
Invesco V.I. Growth and Income Fund Series II		3,775,583		3,172,482
Lord Abbett Bond Debenture Portfolio Class VC		42,960		4,987
Lord Abbett Developing Growth Portfolio Class VC		305		2,253
Lord Abbett Fundamental Equity Portfolio Class VC		2,161		647
Lord Abbett Growth and Income Portfolio Class VC		1,239,800		1,448,358
Lord Abbett Mid Cap Stock Portfolio Class VC		5,325		5,499
Lord Abbett Short Duration Income Portfolio Class VC		24,363		31,671
Lord Abbett Total Return Portfolio Class VC		42,993		1,242
MFS VIT III Growth Allocation Portfolio Service Class		206,699		2,328
Morgan Stanley VIF Global Infrastructure Portfolio Class II		9,475		43,964
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		0		16,716
PIMCO Dynamic Bond Portfolio Advisor Class		337		10,231
PIMCO Emerging Markets Bond Portfolio Advisor Class		159,881		34,740
PIMCO Total Return Portfolio Advisor Class		8,081,760		1,856,848
PVC Core Plus Bond Account Class 1		403		2,155
PVC Diversified International Account Class 1		279		353
PVC Equity Income Account Class 2		14,270		52,615
PVC Government & High Quality Bond Account Class 1		7		6
PVC Large Cap Growth Account I Class 1		139		446
PVC MidCap Account Class 2		21,393		21,260
PVC Principal Capital Appreciation Account Class 2		13,040		23,269

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts	Cost of Purchases		Proceeds from Sales
PVC SAM Balanced Portfolio Class 2	$	254,225	$	353,365
PVC SAM Conservative Balanced Portfolio Class 2		925		498
PVC SAM Conservative Growth Portfolio Class 2		37,569		91,471
PVC SAM Flexible Income Portfolio Class 2		2,229		7,797
PVC SAM Strategic Growth Portfolio Class 2		19,463		6,508
PVC Short-Term Income Account Class 1		1,736		2,568
PVC SmallCap Account Class 2		4		310
SST SA Allocation Balanced Portfolio Class 3		3,952,279		1,520,329
SST SA Allocation Growth Portfolio Class 3		7,939,837		1,655,670
SST SA Allocation Moderate Growth Portfolio Class 3		5,967,923		2,536,220
SST SA Allocation Moderate Portfolio Class 3		4,135,367		1,413,280
SST SA American Century Inflation Protection Portfolio Class 3		4,403,106		3,208,460
SST SA Columbia Focused Value Portfolio Class 3		479		70
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		8,879		43,298
SST SA Multi-Managed International Equity Portfolio Class 3		1,547		1,203
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		1,171		9,270
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		0		74
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		495		61
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		1,182,147		979,303
SAST SA AB Growth Portfolio Class 1		1,493,095		1,762,926
SAST SA AB Growth Portfolio Class 3		6,737,105		7,298,299
SAST SA AB Small & Mid Cap Value Portfolio Class 3		4,027,924		3,855,582
SAST SA American Funds Asset Allocation Portfolio Class 3		22,422,449		11,408,917
SAST SA American Funds Global Growth Portfolio Class 3		3,905,957		3,692,612
SAST SA American Funds Growth Portfolio Class 3		14,368,983		9,649,648
SAST SA American Funds Growth-Income Portfolio Class 3		5,159,089		3,586,431
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		18,301,043		25,926,093
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		2,074,839		1,168,825
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		5,486,412		9,843,089
SAST SA DFA Ultra Short Bond Portfolio Class 1		272,295		308,189
SAST SA DFA Ultra Short Bond Portfolio Class 3		7,363,753		4,901,546
SAST SA Emerging Markets Equity Index Portfolio Class 3		281,681		128,872
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		99,105		136,638
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		11,712,603		6,460,198
SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		549,498		421,212
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		54,707		144,929
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		1,555,265		1,764,047
SAST SA Fixed Income Index Portfolio Class 3		2,484,515		1,052,307
SAST SA Fixed Income Intermediate Index Portfolio Class 3		2,880,879		747,595
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		1,572,371		1,217,330
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		4,741,525		4,010,390
SAST SA Franklin Small Company Value Portfolio Class 3		2,820,799		1,892,509
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		199,463		75,374
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		102,524		77,897
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		1,525,614		2,498,769
SAST SA Franklin Tactical Opportunities Portfolio Class 3		2,341,887		1,169,477
SAST SA Global Index Allocation 60/40 Portfolio Class 3		1,333,570		892,775
SAST SA Global Index Allocation 75/25 Portfolio Class 3		2,142,768		765,109
SAST SA Global Index Allocation 90/10 Portfolio Class 3		2,921,661		2,681,653
SAST SA Goldman Sachs Global Bond Portfolio Class 1		20,133		88,240
SAST SA Goldman Sachs Global Bond Portfolio Class 3		2,779,328		2,767,335
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		1,131,254		547,744
SAST SA Index Allocation 60/40 Portfolio Class 3		3,674,694		2,728,778
SAST SA Index Allocation 80/20 Portfolio Class 3		9,829,751		5,030,530
SAST SA Index Allocation 90/10 Portfolio Class 3		23,669,214		9,519,481
SAST SA International Index Portfolio Class 3		705,085		89,973

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts	Cost of Purchases		Proceeds from Sales
SAST SA Invesco Growth Opportunities Portfolio Class 1	$	91,536	$	22,963
SAST SA Invesco Growth Opportunities Portfolio Class 3		1,034,895		1,340,263
SAST SA Janus Focused Growth Portfolio Class 1		84,863		243,650
SAST SA Janus Focused Growth Portfolio Class 3		1,718,840		2,559,203
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		54,079		629,048
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		1,805,645		3,051,438
SAST SA JPMorgan Emerging Markets Portfolio Class 1		34,006		82,061
SAST SA JPMorgan Emerging Markets Portfolio Class 3		1,161,394		833,560
SAST SA JPMorgan Equity-Income Portfolio Class 1		617,523		792,800
SAST SA JPMorgan Equity-Income Portfolio Class 3		6,104,664		1,926,210
SAST SA JPMorgan Global Equities Portfolio Class 1		42,909		254,107
SAST SA JPMorgan Global Equities Portfolio Class 3		927,243		508,416
SAST SA JPMorgan Large Cap Core Portfolio Class 1		155,628		211,511
SAST SA JPMorgan Large Cap Core Portfolio Class 3		2,088,916		1,274,558
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		32,256		92,518
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		7,443,332		6,662,769
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		6,954		435,542
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		3,240,559		3,241,377
SAST SA Large Cap Growth Index Portfolio Class 3		1,105,400		822,743
SAST SA Large Cap Index Portfolio Class 3		2,296,481		639,206
SAST SA Large Cap Value Index Portfolio Class 3		1,527,950		980,411
SAST SA MFS Blue Chip Growth Portfolio Class 1		272,086		47,301
SAST SA MFS Blue Chip Growth Portfolio Class 3		1,577,209		2,781,622
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		265,009		234,643
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		1,561,703		2,345,690
SAST SA MFS Total Return Portfolio Class 1		189,465		200,438
SAST SA MFS Total Return Portfolio Class 3		2,782,463		2,261,696
SAST SA Mid Cap Index Portfolio Class 3		1,339,042		506,121
SAST SA Morgan Stanley International Equities Portfolio Class 1		31,256		99,041
SAST SA Morgan Stanley International Equities Portfolio Class 3		715,514		1,093,113
SAST SA PIMCO RAE International Value Portfolio Class 3		1,100,611		2,629,158
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		6,934,830		14,092,357
SAST SA PineBridge High-Yield Bond Portfolio Class 1		98,235		116,457
SAST SA PineBridge High-Yield Bond Portfolio Class 3		2,103,325		992,235
SAST SA Putnam International Growth and Income Portfolio Class 1		43,968		89,193
SAST SA Putnam International Growth and Income Portfolio Class 3		1,071,535		873,472
SAST SA Schroders VCP Global Allocation Portfolio Class 3		1,911,060		6,786,242
SAST SA Small Cap Index Portfolio Class 3		1,260,131		828,289
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		9,753,746		3,767,402
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		5,548,470		18,071,718
SAST SA VCP Dynamic Allocation Portfolio Class 3		54,903,340		94,840,582
SAST SA VCP Dynamic Strategy Portfolio Class 3		66,455,052		73,677,573
SAST SA VCP Index Allocation Portfolio Class 3		7,568,185		5,362,926
SAST SA Wellington Capital Appreciation Portfolio Class 1		108,924		1,072,685
SAST SA Wellington Capital Appreciation Portfolio Class 3		10,780,244		13,575,370
SAST SA Wellington Government and Quality Bond Portfolio Class 1		100,828		161,229
SAST SA Wellington Government and Quality Bond Portfolio Class 3		6,417,581		5,295,472
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		2,537		19,721
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		2,218,479		1,574,077
VALIC Company I International Equities Index Fund		3,690		8,357
VALIC Company I Mid Cap Index Fund		71,834		135,205
VALIC Company I Nasdaq-100 Index Fund		37,232		125,839
VALIC Company I Small Cap Index Fund		45,691		56,785
VALIC Company I Stock Index Fund		107,318		172,267

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

6.	Financial Highlights

The summary of unit values and units outstanding for sub-accounts, investment income ratios, total return and expense ratios, excluding expenses of the underlying mutual funds, for each of the five years in the period ended December 31, 2023, follows:


	December 31, 2023								For the Year Ended December 31, 2023
			Unit Value ($)^(a) (f)				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
American Funds IS Asset Allocation Fund Class 2		61,096		41.24		43.99		2,685,012		2.18		0.85		1.20		12.91		13.30
American Funds IS Asset Allocation Fund Class 4		221,266		16.53		16.88		3,724,150		2.20		0.95		1.20		12.67		12.95
American Funds IS Capital Income Builder Class 4		24,056		12.93		13.34		317,128		3.04		0.95		1.40		7.25		7.73
American Funds IS Capital World Bond Fund Class 4		11,427		9.04		9.24		103,366		0.00		0.95		1.20		4.64		4.90
American Funds IS Global Growth Fund Class 2		62,397		65.18		78.40		4,435,211		0.89		0.85		1.72		20.52		21.57
American Funds IS Global Growth Fund Class 4		20,792		19.49		19.91		405,502		0.71		0.95		1.20		20.84		21.14
American Funds IS Global Small Capitalization Fund Class 4		12,428		14.06		14.36		174,839		0.03		0.95		1.20		14.41		14.69
American Funds IS Growth Fund Class 2		70,655		87.40		105.12		6,576,898		0.37		0.85		1.72		36.13		37.31
American Funds IS Growth Fund Class 4		9,382		28.92		29.55		271,427		0.18		0.95		1.20		36.50		36.84
American Funds IS Growth-Income Fund Class 2		104,629		55.92		67.29		6,306,710		1.36		0.85		1.72		23.99		25.07
American Funds IS Growth-Income Fund Class 4		32,262		21.44		21.91		699,414		1.19		0.95		1.20		24.33		24.64
American Funds IS The Bond Fund of America Class 4		36,329				10.18		369,858		3.38				1.20				3.48
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		3,369				15.35		51,720		1.90				1.10				14.06
BlackRock Global Allocation V.I. Fund Class III		894				13.19		11,793		2.54				1.40				10.93
Columbia VP Income Opportunities Fund Class 1		2,878		28.11		29.74		82,798		5.90		1.52		1.77		9.61		9.88
Columbia VP Large Cap Growth Fund Class 1		11,218		26.39		26.80		299,402		0.00		1.52		1.72		40.73		41.01
Columbia VP Limited Duration Credit Fund Class 2		2,090				10.49		21,924		3.11				1.10				5.50
FTVIP Franklin Allocation VIP Fund Class 2		228,677		15.91		18.82		3,913,838		1.41		0.85		1.90		12.46		13.64
FTVIP Franklin Income VIP Fund Class 2		963,210		17.22		20.39		18,096,692		5.19		0.85		1.90		6.58		7.71
FTVIP Franklin Mutual Global Discovery VIP Fund Class 2		5,099		14.30		14.61		73,319		3.71		0.95		1.20		18.88		19.18
FTVIP Franklin Rising Dividends VIP Fund Class 2		471		21.72		22.19		10,318		0.96		0.95		1.20		10.74		11.02
FTVIP Franklin Strategic Income VIP Fund Class 2		10,136		10.01		10.57		106,295		6.06		0.95		1.40		6.68		7.16
FTVIP Templeton Global Bond VIP Fund Class 2		4,492		8.19		8.37		37,020		0.00		0.95		1.20		1.66		1.91
Goldman Sachs VIT Government Money Market Fund Institutional Shares		14,222				10.13		144,096		6.32				1.40				3.59
Goldman Sachs VIT Government Money Market Fund Service Shares		2,794,324		9.57		10.18		27,840,172		4.60		1.10		1.90		2.82		3.64
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		17,010		9.62		10.08		171,040		6.18		1.10		1.40		6.04		6.36
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		3,504				12.40		43,449		1.75				1.10				14.31
Invesco V.I. American Franchise Fund Series II		209,595		39.95		44.64		9,146,425		0.00		0.85		1.90		37.96		39.41
Invesco V.I. American Value Fund Series II		3,645				15.51		56,545		0.37				1.20				13.92
Invesco V.I. Comstock Fund Series II		531,104		26.53		42.69		16,366,545		1.55		0.85		1.90		9.99		11.15
Invesco V.I. Equity and Income Fund Series II		9,510				15.64		148,773		1.72				1.20				8.93
Invesco V.I. Growth and Income Fund Series II		639,048		24.56		43.14		19,340,715		1.28		0.85		1.90		10.30		11.46
Lord Abbett Bond Debenture Portfolio Class VC		19,824		11.71		11.97		232,927		5.50		0.95		1.20		5.28		5.55
Lord Abbett Developing Growth Portfolio Class VC		10,248		15.94		16.29		163,405		0.00		0.95		1.20		6.89		7.15
Lord Abbett Fundamental Equity Portfolio Class VC		3,734				17.20		64,239		0.59				1.10				13.38
Lord Abbett Growth and Income Portfolio Class VC		330,798		21.32		34.23		8,454,255		0.93		0.85		1.90		11.06		12.23
Lord Abbett Mid Cap Stock Portfolio Class VC		3,195		32.90		35.12		111,103		0.47		0.85		1.20		14.05		14.44
Lord Abbett Short Duration Income Portfolio Class VC		28,957		10.29		10.54		300,367		4.40		1.10		1.40		3.59		3.90
Lord Abbett Total Return Portfolio Class VC		5,767		10.09		10.31		58,219		6.59		0.95		1.20		5.07		5.33
MFS VIT III Growth Allocation Portfolio Service Class		18,153				10.81		196,306		1.90				0.95				13.94
Morgan Stanley VIF Global Infrastructure Portfolio Class II		1,774		12.49		12.91		22,364		2.77		1.10		1.40		2.82		3.13
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		748				12.41		9,279		0.00				1.40				13.41
PIMCO Dynamic Bond Portfolio Advisor Class		466				10.64		4,961		3.44				1.40				5.51
PIMCO Emerging Markets Bond Portfolio Advisor Class		63,714		9.34		9.58		602,657		5.63		0.95		1.55		9.30		9.96
PIMCO Total Return Portfolio Advisor Class		2,921,151		8.92		9.35		26,844,665		3.39		0.95		1.80		3.94		4.83
PVC Core Plus Bond Account Class 1		1,455				9.48		13,790		2.78				1.70				3.57
PVC Diversified International Account Class 1		2,444		9.36		9.70		23,264		1.29		1.55		1.70		15.47		15.65
PVC Equity Income Account Class 2		8,266		26.02		26.90		220,408		1.75		1.55		1.70		9.06		9.22
PVC Government & High Quality Bond Account Class 1		45				7.18		326		2.18				1.70				2.88
PVC Large Cap Growth Account I Class 1		184				16.46		3,033		0.00				1.55				38.19
PVC MidCap Account Class 2		22,527		41.62		42.87		941,014		0.00		1.55		1.70		23.63		23.81
PVC Principal Capital Appreciation Account Class 2		4,295		44.19		45.68		192,864		0.64		1.55		1.70		22.75		22.93
PVC SAM Balanced Portfolio Class 2		175,520		19.33		20.46		3,483,099		2.20		1.52		1.77		13.63		13.91
PVC SAM Conservative Balanced Portfolio Class 2		2,368				12.30		29,116		2.62				1.70				9.92
PVC SAM Conservative Growth Portfolio Class 2		23,768		22.66		23.81		562,777		1.54		1.55		1.77		16.97		17.22
PVC SAM Flexible Income Portfolio Class 2		5,861		12.72		13.14		74,683		2.96		1.55		1.70		7.37		7.53
PVC SAM Strategic Growth Portfolio Class 2		15,422		27.03		27.93		429,386		1.21		1.55		1.70		19.53		19.71
PVC Short-Term Income Account Class 1		3,498				7.48		26,170		1.83				1.55				3.98
PVC SmallCap Account Class 2		442				18.35		8,107		0.05				1.55				13.62
SST SA Allocation Balanced Portfolio Class 3		998,525		12.18		16.70		18,054,399		2.36		0.95		1.90		9.32		10.36
SST SA Allocation Growth Portfolio Class 3		1,316,204		14.40		21.84		30,260,175		2.31		0.85		1.90		14.99		16.20
SST SA Allocation Moderate Growth Portfolio Class 3		1,250,593		13.52		19.35		26,284,396		2.43		0.95		1.90		12.89		13.96
SST SA Allocation Moderate Portfolio Class 3		990,946		12.99		18.44		19,892,633		2.41		0.95		1.90		11.56		12.62
SST SA American Century Inflation Protection Portfolio Class 3		2,013,421		10.54		12.39		22,924,771		4.79		0.85		1.90		1.35		2.41
SST SA Columbia Focused Value Portfolio Class 3		332				20.13		6,685		1.27				1.10				4.19
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		10,218		9.73		10.09		101,290		1.81		1.10		1.40		4.55		4.86
SST SA Multi-Managed International Equity Portfolio Class 3		3,054		13.09		13.26		40,247		2.11		1.10		1.40		14.23		14.58

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2023								For the Year Ended December 31, 2023
			Unit Value ($)^(a) (f)				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		1,867				24.34		45,434		0.00				1.10				35.52
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		337				22.05		7,426		0.00				1.10				19.72
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		337				17.86		6,018		0.91				1.10				12.70
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		569,597		16.19		16.66		9,382,915		1.59		1.15		1.55		18.77		19.25
SAST SA AB Growth Portfolio Class 1		157,927		18.94		169.61		20,624,941		0.00		1.40		1.52		33.00		33.16
SAST SA AB Growth Portfolio Class 3		553,749		44.95		48.99		37,108,304		0.00		0.85		1.90		32.18		33.57
SAST SA AB Small & Mid Cap Value Portfolio Class 3		638,667		28.29		31.89		21,952,750		0.68		0.85		1.90		14.42		15.62
SAST SA American Funds Asset Allocation Portfolio Class 3		5,385,628		19.27		22.12		131,377,406		2.47		1.00		1.90		11.77		12.77
SAST SA American Funds Global Growth Portfolio Class 3		599,740		24.77		30.27		19,532,625		0.71		1.10		1.90		20.06		21.02
SAST SA American Funds Growth Portfolio Class 3		1,129,460		37.63		42.75		52,603,252		1.45		1.10		1.90		35.41		36.50
SAST SA American Funds Growth-Income Portfolio Class 3		796,567		28.30		30.59		26,367,914		2.26		1.00		1.90		23.49		24.60
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		10,945,468		15.95		17.85		190,827,437		1.77		1.15		2.15		13.12		14.26
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		653,922		10.93		11.15		7,205,813		2.08		0.95		1.55		11.36		12.03
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		6,002,610		11.58		12.29		72,566,518		0.69		1.15		1.90		9.94		10.77
SAST SA DFA Ultra Short Bond Portfolio Class 1		80,509		11.57		11.85		932,311		1.14		1.40		1.52		3.06		3.18
SAST SA DFA Ultra Short Bond Portfolio Class 3		2,497,777		7.83		10.67		21,976,317		0.96		0.85		1.90		2.43		3.51
SAST SA Emerging Markets Equity Index Portfolio Class 3		154,337		9.07		9.39		1,420,620		2.51		0.95		1.55		7.08		7.72
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		34,727				32.38		1,124,598		3.50				1.52				6.43
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		3,104,329		16.61		28.55		59,494,605		3.43		0.85		1.90		5.73		6.84
SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		179,945		13.26		13.73		2,416,530		0.20		0.80		1.55		25.14		26.08
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		14,656				46.38		679,688		1.98				1.52				12.30
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		412,043		14.70		60.36		8,787,359		2.04		0.85		1.90		11.72		12.89
SAST SA Fixed Income Index Portfolio Class 3		1,021,280		9.41		10.19		9,912,937		2.18		0.95		1.80		3.61		4.49
SAST SA Fixed Income Intermediate Index Portfolio Class 3		832,610		9.54		9.93		8,197,698		1.64		1.15		1.80		2.94		3.61
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		127,942		99.22		101.64		12,713,530		2.37		1.40		1.52		5.77		5.89
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		528,677		24.89		42.62		19,706,436		2.18		0.85		1.90		5.16		6.27
SAST SA Franklin Small Company Value Portfolio Class 3		512,774		23.94		26.40		12,930,014		0.26		0.85		1.90		10.58		11.74
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		53,311		14.68		14.94		790,356		1.35		1.15		1.55		19.35		19.82
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		23,023				46.96		1,081,123		1.80				1.52				6.74
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		340,198		35.69		59.67		13,199,495		1.53		0.85		1.90		6.02		7.14
SAST SA Franklin Tactical Opportunities Portfolio Class 3		604,948		12.88		13.13		7,888,650		1.63		0.95		1.55		13.80		14.48
SAST SA Global Index Allocation 60/40 Portfolio Class 3		984,074		12.08		12.50		12,060,792		1.52		0.95		1.55		11.81		12.48
SAST SA Global Index Allocation 75/25 Portfolio Class 3		724,865		12.54		12.94		9,239,523		1.53		1.00		1.55		13.85		14.47
SAST SA Global Index Allocation 90/10 Portfolio Class 3		1,931,420		12.99		13.44		25,483,133		1.70		0.95		1.55		16.04		16.74
SAST SA Goldman Sachs Global Bond Portfolio Class 1		21,314				18.95		403,996		0.00				1.52				2.71
SAST SA Goldman Sachs Global Bond Portfolio Class 3		1,893,905		9.57		15.14		20,545,017		0.00		0.85		1.90		2.10		3.17
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		662,664		12.68		12.92		8,497,450		0.96		0.95		1.55		14.80		15.49
SAST SA Index Allocation 60/40 Portfolio Class 3		2,021,376		13.67		14.27		29,272,171		1.42		0.95		1.55		13.29		13.97
SAST SA Index Allocation 80/20 Portfolio Class 3		4,696,448		15.89		16.50		75,946,706		1.56		1.00		1.55		16.56		17.20
SAST SA Index Allocation 90/10 Portfolio Class 3		7,668,380		15.20		16.65		129,911,710		1.64		0.95		1.55		18.26		18.97
SAST SA International Index Portfolio Class 3		208,422		11.56		11.85		2,448,822		2.63		1.15		1.55		15.35		15.82
SAST SA Invesco Growth Opportunities Portfolio Class 1		17,321				15.85		274,600		0.00				1.52				10.81
SAST SA Invesco Growth Opportunities Portfolio Class 3		379,181		17.01		27.34		9,318,520		0.00		0.85		1.90		10.31		11.47
SAST SA Janus Focused Growth Portfolio Class 1		20,729				46.13		956,283		0.00				1.40				37.40
SAST SA Janus Focused Growth Portfolio Class 3		252,522		36.90		41.13		10,282,911		0.00		0.85		1.90		36.38		37.81
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		99,615				35.36		3,522,119		1.49				1.52				13.70
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		972,865		20.56		22.56		22,293,973		1.34		0.85		1.90		12.95		14.14
SAST SA JPMorgan Emerging Markets Portfolio Class 1		40,027				19.44		778,092		3.84				1.52				8.63
SAST SA JPMorgan Emerging Markets Portfolio Class 3		559,115		10.75		26.03		7,431,401		3.76		0.85		1.90		8.07		9.21
SAST SA JPMorgan Equity-Income Portfolio Class 1		58,666				89.05		5,223,973		2.32				1.52				3.11
SAST SA JPMorgan Equity-Income Portfolio Class 3		704,560		27.01		31.25		21,395,852		2.33		0.85		1.90		2.44		3.52
SAST SA JPMorgan Global Equities Portfolio Class 1		20,006				46.80		936,289		1.36				1.52				21.97
SAST SA JPMorgan Global Equities Portfolio Class 3		153,609		19.38		22.41		3,632,776		1.21		0.95		1.90		21.15		22.30
SAST SA JPMorgan Large Cap Core Portfolio Class 1		23,637				62.52		1,477,839		0.76				1.52				25.56
SAST SA JPMorgan Large Cap Core Portfolio Class 3		294,427		29.53		43.11		10,008,498		0.51		0.85		1.90		24.74		26.06
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		20,508				29.13		597,384		2.75				1.52				4.94
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		3,623,925		12.79		21.58		53,489,425		2.69		0.85		1.90		4.46		5.56
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		83,983				45.29		3,803,420		0.00				1.52				21.48
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		575,689		39.64		41.08		25,433,832		0.00		0.85		1.90		20.74		22.01
SAST SA Large Cap Growth Index Portfolio Class 3		260,461		18.15		18.57		4,799,400		0.33		1.15		1.55		27.07		27.58
SAST SA Large Cap Index Portfolio Class 3		537,312		18.28		18.75		10,016,169		1.29		1.15		1.55		23.69		24.18
SAST SA Large Cap Value Index Portfolio Class 3		373,144		16.17		16.55		6,125,523		1.49		1.15		1.55		19.62		20.10
SAST SA MFS Blue Chip Growth Portfolio Class 1		39,653				24.50		971,358		0.59				1.52				38.96
SAST SA MFS Blue Chip Growth Portfolio Class 3		341,708		25.27		36.81		12,679,887		0.30		0.85		1.90		38.21		39.66
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		32,619				79.03		2,577,741		0.86				1.52				17.26
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		315,646		32.52		39.68		12,765,384		0.60		0.85		1.90		16.51		17.74
SAST SA MFS Total Return Portfolio Class 1		51,485		57.95		59.36		2,993,119		1.93		1.40		1.52		8.65		8.78
SAST SA MFS Total Return Portfolio Class 3		623,741		19.78		35.37		15,311,661		1.71		0.85		1.90		7.99		9.12
SAST SA Mid Cap Index Portfolio Class 3		408,818		14.67		15.04		6,100,504		1.11		1.15		1.55		13.95		14.40
SAST SA Morgan Stanley International Equities Portfolio Class 1		60,479				18.12		1,095,884		1.53				1.52				14.81
SAST SA Morgan Stanley International Equities Portfolio Class 3		419,153		12.27		13.12		6,198,604		1.32		0.85		1.90		14.17		15.37
SAST SA PIMCO RAE International Value Portfolio Class 3		1,070,763		10.88		12.92		14,937,995		4.03		0.85		1.90		15.12		16.33
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		6,746,204		12.25		13.48		96,086,562		4.03		1.00		1.90		9.69		10.67

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2023								For the Year Ended December 31, 2023
			Unit Value ($)^(a) (f)				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
SAST SA PineBridge High-Yield Bond Portfolio Class 1		28,033				39.81		1,115,982		6.28				1.52				14.42
SAST SA PineBridge High-Yield Bond Portfolio Class 3		398,830		17.68		30.47		8,316,090		6.08		0.85		1.90		13.56		14.76
SAST SA Putnam International Growth and Income Portfolio Class 1		76,980		21.94		22.47		1,694,478		2.60		1.40		1.52		17.68		17.82
SAST SA Putnam International Growth and Income Portfolio Class 3		393,128		11.58		18.88		6,137,082		2.20		0.85		1.90		16.94		18.17
SAST SA Schroders VCP Global Allocation Portfolio Class 3		4,052,842		12.23		12.98		51,720,238		1.25		1.15		1.90		13.09		13.94
SAST SA Small Cap Index Portfolio Class 3		450,627		12.60		12.92		5,772,869		0.83		1.15		1.55		14.18		14.64
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		3,627,679		14.50		14.66		53,418,372		0.95		0.95		1.55		17.28		17.99
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		8,855,579		14.34		15.46		132,689,596		1.62		0.95		1.90		14.10		15.19
SAST SA VCP Dynamic Allocation Portfolio Class 3		41,578,385		15.64		18.04		709,931,107		2.14		0.95		2.15		11.09		12.42
SAST SA VCP Dynamic Strategy Portfolio Class 3		32,504,266		15.15		15.24		539,044,404		2.41		0.95		2.15		9.71		11.03
SAST SA VCP Index Allocation Portfolio Class 3		5,111,200		12.73		13.18		66,011,787		1.41		1.00		1.55		14.11		14.74
SAST SA Wellington Capital Appreciation Portfolio Class 1		49,192		229.78		478.54		11,706,529		0.00		1.40		1.52		37.60		37.76
SAST SA Wellington Capital Appreciation Portfolio Class 3		1,069,484		51.36		79.79		68,343,266		0.00		0.85		1.90		36.68		38.12
SAST SA Wellington Government and Quality Bond Portfolio Class 1		56,371		20.20		47.68		1,223,723		2.18		1.40		1.52		3.49		3.62
SAST SA Wellington Government and Quality Bond Portfolio Class 3		2,294,731		10.56		17.05		29,599,518		2.00		0.85		1.90		2.81		3.89
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		2,120				83.11		176,157		1.46				1.40				13.52
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		888,636		13.61		14.21		12,317,534		1.37		0.95		1.55		13.08		13.76
VALIC Company I International Equities Index Fund		8,661		13.32		13.46		116,209		2.49		1.10		1.40		15.63		15.97
VALIC Company I Mid Cap Index Fund		22,332		18.88		20.61		452,852		1.25		1.10		1.40		14.33		14.68
VALIC Company I Nasdaq-100 Index Fund		6,168		36.34		39.20		241,010		0.35		1.10		1.40		52.36		52.81
VALIC Company I Small Cap Index Fund		8,761		16.23		18.41		152,510		1.59		1.10		1.40		14.74		15.09
VALIC Company I Stock Index Fund		53,392		23.47		25.20		1,330,251		1.28		1.10		1.40		24.06		24.43


	December 31, 2022								For the Year Ended December 31, 2022
			Unit Value ($)^(a) (f)				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
American Funds IS Asset Allocation Fund Class 2		65,190		36.53		38.83		2,528,763		1.79		0.85		1.20		-14.44		-14.14
American Funds IS Asset Allocation Fund Class 4		165,294		14.67		14.95		2,461,328		1.81		0.95		1.20		-14.69		-14.48
American Funds IS Capital Income Builder Class 4		13,560		12.06		12.38		165,414		2.34		0.95		1.40		-8.66		-8.25
American Funds IS Capital World Bond Fund Class 4		7,747		8.64		8.81		66,985		0.25		0.95		1.20		-18.82		-18.62
American Funds IS Global Growth Fund Class 2		71,019		54.08		64.49		4,175,390		0.59		0.85		1.72		-26.02		-25.38
American Funds IS Global Growth Fund Class 4		20,807		16.13		16.43		335,809		0.40		0.95		1.20		-25.81		-25.63
American Funds IS Global Small Capitalization Fund Class 4		7,698		12.29		12.52		94,706		0.00		0.95		1.20		-30.53		-30.35
American Funds IS Growth Fund Class 2		78,889		64.21		76.56		5,384,549		0.29		0.85		1.72		-31.13		-30.53
American Funds IS Growth Fund Class 4		8,503		21.19		21.59		180,235		0.10		0.95		1.20		-30.95		-30.77
American Funds IS Growth-Income Fund Class 2		114,106		45.10		53.80		5,531,990		1.18		0.85		1.72		-17.91		-17.20
American Funds IS Growth-Income Fund Class 4		32,371		17.25		17.58		563,715		1.02		0.95		1.20		-17.70		-17.49
American Funds IS The Bond Fund of America Class 4		32,204				9.84		316,838		2.61				1.20				-13.79
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		3,369				13.46		45,345		1.37				1.10				-15.96
BlackRock Global Allocation V.I. Fund Class III		894				11.89		10,631		0.00				1.40				-17.24
Columbia VP Income Opportunities Fund Class 1		3,629		25.65		27.07		95,598		5.10		1.52		1.77		-11.59		-11.37
Columbia VP Large Cap Growth Fund Class 1		14,737		18.75		19.01		279,235		0.00		1.52		1.72		-32.55		-32.42
Columbia VP Limited Duration Credit Fund Class 2		1,932				9.94		19,212		0.48				1.10				-7.38
FTVIP Franklin Allocation VIP Fund Class 2		233,309		14.15		16.56		3,532,066		1.61		0.85		1.90		-17.58		-16.71
FTVIP Franklin Income VIP Fund Class 2		967,982		16.15		18.93		16,958,428		4.84		0.85		1.90		-7.25		-6.27
FTVIP Franklin Mutual Global Discovery VIP Fund Class 2		1,745		12.03		12.26		21,135		0.93		0.95		1.20		-5.88		-5.65
FTVIP Franklin Rising Dividends VIP Fund Class 2		581		19.61		19.99		11,464		0.78		0.95		1.20		-11.64		-11.41
FTVIP Franklin Strategic Income VIP Fund Class 2		4,547		9.39		9.87		44,207		3.33		0.95		1.40		-11.99		-11.59
FTVIP Templeton Global Bond VIP Fund Class 2		695				8.06		5,596		0.00				1.20				-6.08
Goldman Sachs VIT Government Money Market Fund Institutional Shares		7,640				9.78		74,729		1.56				1.40				0.17
Goldman Sachs VIT Government Money Market Fund Service Shares		2,789,638		9.31		9.98		26,890,700		1.59		0.85		1.90		-0.53		0.52
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		18,694		9.07		9.47		176,119		5.79		1.10		1.40		-7.91		-7.63
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		3,504				10.85		38,009		0.00				1.10				-20.05
Invesco V.I. American Franchise Fund Series II		203,667		28.95		32.02		6,382,284		0.00		0.85		1.90		-32.59		-31.88
Invesco V.I. American Value Fund Series II		3,814				13.62		51,940		0.46				1.20				-4.02
Invesco V.I. Balanced-Risk Allocation Fund Series II		—				13.16		—		0.00				1.10				-7.33
Invesco V.I. Comstock Fund Series II		569,204		24.12		38.41		15,866,821		1.42		0.85		1.90		-1.05		-0.01
Invesco V.I. Equity and Income Fund Series II		9,520				14.36		136,730		1.39				1.20				-8.81
Invesco V.I. Growth and Income Fund Series II		701,562		22.27		38.71		19,170,431		1.25		0.85		1.90		-7.77		-6.80
Lord Abbett Bond Debenture Portfolio Class VC		17,314		11.13		11.34		192,738		4.36		0.95		1.20		-13.84		-13.62
Lord Abbett Developing Growth Portfolio Class VC		10,253		14.91		15.20		152,931		0.00		0.95		1.20		-36.75		-36.59
Lord Abbett Fundamental Equity Portfolio Class VC		3,734				15.17		56,656		1.04				1.10				-12.94
Lord Abbett Growth and Income Portfolio Class VC		342,142		19.19		30.50		7,886,485		1.25		0.85		1.90		-11.14		-10.20
Lord Abbett Mid Cap Stock Portfolio Class VC		3,279		28.85		30.69		99,789		0.74		0.85		1.20		-12.27		-11.96
Lord Abbett Short Duration Income Portfolio Class VC		30,728		9.64		10.14		306,236		2.73		1.10		1.70		-6.66		-6.10
Lord Abbett Total Return Portfolio Class VC		1,662		9.60		9.79		15,990		3.34		0.95		1.20		-15.07		-14.86
Morgan Stanley VIF Global Infrastructure Portfolio Class II		5,541		11.29		12.52		65,108		2.64		1.10		1.70		-9.86		-9.32
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		2,115				10.94		23,146		0.00				1.40				-12.51
PIMCO All Asset Portfolio Advisor Class		—				11.31		—		4.73				1.40				-17.96
PIMCO Dynamic Bond Portfolio Advisor Class		1,451				10.08		14,630		2.59				1.40				-7.75
PIMCO Emerging Markets Bond Portfolio Advisor Class		52,363		8.54		8.71		451,442		4.52		0.95		1.55		-17.09		-16.60

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2022								For the Year Ended December 31, 2022
			Unit Value ($)^(a) (f)				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
PIMCO Total Return Portfolio Advisor Class		2,279,484		8.58		8.92		20,052,424		2.46		0.95		1.80		-15.91		-15.19
PVC Core Plus Bond Account Class 1		1,663				9.15		15,221		2.90				1.70				-15.57
PVC Diversified International Account Class 1		2,444		8.10		8.39		20,132		2.42		1.55		1.70		-21.35		-21.23
PVC Equity Income Account Class 2		10,226		23.86		24.63		249,916		1.65		1.55		1.70		-12.22		-12.09
PVC Government & High Quality Bond Account Class 1		46				6.98		317		1.46				1.70				-13.29
PVC Large Cap Growth Account I Class 1		215				11.91		2,562		0.00				1.55				-35.17
PVC MidCap Account Class 2		22,727		33.66		34.63		767,833		0.00		1.55		1.70		-24.46		-24.34
PVC Principal Capital Appreciation Account Class 2		4,812		36.00		37.16		175,633		0.58		1.55		1.70		-18.02		-17.90
PVC SAM Balanced Portfolio Class 2		190,047		17.01		17.96		3,312,341		1.95		1.52		1.77		-17.76		-17.55
PVC SAM Conservative Balanced Portfolio Class 2		2,371				11.19		26,519		2.14				1.70				-16.13
PVC SAM Conservative Growth Portfolio Class 2		27,531		19.38		20.31		556,511		1.77		1.55		1.77		-19.41		-19.23
PVC SAM Flexible Income Portfolio Class 2		6,374		11.84		12.22		75,814		2.54		1.55		1.70		-14.83		-14.70
PVC SAM Strategic Growth Portfolio Class 2		15,439		22.61		23.33		359,124		1.83		1.55		1.70		-20.34		-20.22
PVC Short-Term Income Account Class 1		3,630		6.98		7.19		26,065		1.12		1.55		1.70		-5.07		-4.93
PVC SmallCap Account Class 2		454				16.15		7,325		0.00				1.55				-22.10
SST SA Allocation Balanced Portfolio Class 3		922,390		11.04		15.28		15,146,385		2.65		0.95		1.90		-17.09		-16.30
SST SA Allocation Growth Portfolio Class 3		1,141,337		12.34		18.66		22,883,622		2.60		0.95		1.95		-19.10		-18.29
SST SA Allocation Moderate Growth Portfolio Class 3		1,183,327		11.86		17.14		22,005,598		2.87		0.95		1.90		-18.30		-17.53
SST SA Allocation Moderate Portfolio Class 3		930,338		11.54		16.53		16,621,287		2.87		0.95		1.90		-17.85		-17.07
SST SA American Century Inflation Protection Portfolio Class 3		1,980,049		10.40		12.10		22,109,688		2.27		0.85		1.90		-12.81		-11.89
SST SA Columbia Focused Value Portfolio Class 3		332				19.32		6,417		1.50				1.10				-3.09
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		13,784		9.31		9.62		131,061		1.76		1.10		1.40		-15.68		-15.42
SST SA Multi-Managed International Equity Portfolio Class 3		3,060		11.46		11.57		35,251		1.88		1.10		1.40		-17.73		-17.49
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		2,220				17.96		39,866		0.00				1.10				-38.70
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		337				18.42		6,203		0.00				1.10				-29.76
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		337				15.85		5,340		0.51				1.10				-10.00
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		558,274		13.63		13.97		7,726,966		1.13		1.15		1.55		-18.66		-18.33
SAST SA AB Growth Portfolio Class 1		173,625		14.22		127.52		16,716,898		0.00		1.40		1.52		-29.68		-29.60
SAST SA AB Growth Portfolio Class 3		565,244		33.65		37.06		30,254,235		0.00		0.85		1.90		-30.12		-29.39
SAST SA AB Small & Mid Cap Value Portfolio Class 3		682,189		24.69		27.59		20,476,203		0.80		0.85		1.95		-17.59		-16.68
SAST SA American Funds Asset Allocation Portfolio Class 3		5,515,313		19.79		22.32		119,657,070		1.79		1.15		1.90		-15.21		-14.57
SAST SA American Funds Global Growth Portfolio Class 3		672,171		20.47		25.21		18,117,198		0.00		1.10		1.90		-26.38		-25.79
SAST SA American Funds Growth Portfolio Class 3		1,141,543		27.57		31.57		38,965,533		0.51		1.10		1.90		-31.40		-30.85
SAST SA American Funds Growth-Income Portfolio Class 3		818,722		22.50		24.73		21,781,054		0.86		1.10		1.95		-18.35		-17.65
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		11,848,995		14.10		15.62		181,156,486		0.92		1.15		2.15		-18.94		-18.13
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		566,841		9.82		9.95		5,592,262		1.99		0.95		1.55		-17.28		-16.79
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		6,345,855		10.53		11.09		69,392,712		0.00		1.15		1.90		-19.26		-18.65
SAST SA DFA Ultra Short Bond Portfolio Class 1		83,459		11.23		11.49		937,198		0.00		1.40		1.52		-3.02		-2.90
SAST SA DFA Ultra Short Bond Portfolio Class 3		2,212,383		7.64		10.31		18,833,795		0.00		0.85		1.90		-3.71		-2.69
SAST SA Emerging Markets Equity Index Portfolio Class 3		139,298		8.47		8.71		1,193,803		1.70		0.95		1.55		-21.77		-21.30
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		36,672				30.43		1,115,789		3.39				1.52				-15.57
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		2,876,328		15.71		26.72		52,067,831		3.34		0.85		1.90		-16.11		-15.23
SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		165,929		10.59		10.89		1,775,043		0.00		0.80		1.55		-27.85		-27.31
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		17,670				41.30		729,714		0.92				1.52				-28.05
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		446,444		13.16		53.47		8,512,762		0.66		0.85		1.90		-28.54		-27.78
SAST SA Fixed Income Index Portfolio Class 3		881,489		9.09		9.75		8,210,158		1.68		0.95		1.80		-14.63		-13.90
SAST SA Fixed Income Intermediate Index Portfolio Class 3		615,089		9.26		9.58		5,843,815		1.20		1.15		1.80		-9.10		-8.51
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		138,278		93.81		95.98		12,992,823		1.68		1.40		1.52		-2.83		-2.71
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		556,652		23.67		40.10		19,996,829		1.48		0.85		1.90		-3.45		-2.43
SAST SA Franklin Small Company Value Portfolio Class 3		505,866		21.65		23.63		11,464,076		0.42		0.85		1.90		-12.36		-11.44
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		49,035		12.30		12.46		607,949		2.02		1.15		1.55		-14.73		-14.39
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		22,547				43.99		991,880		1.87				1.52				-9.09
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		368,131		33.66		55.70		13,319,703		1.63		0.85		1.90		-9.63		-8.68
SAST SA Franklin Tactical Opportunities Portfolio Class 3		508,396		11.32		11.47		5,816,389		1.17		0.95		1.55		-15.23		-14.72
SAST SA Global Index Allocation 60/40 Portfolio Class 3		978,909		10.81		11.11		10,702,202		0.05		0.95		1.55		-15.66		-15.15
SAST SA Global Index Allocation 75/25 Portfolio Class 3		636,991		11.02		11.30		7,110,277		0.11		1.00		1.55		-16.80		-16.34
SAST SA Global Index Allocation 90/10 Portfolio Class 3		1,990,376		11.19		11.51		22,565,995		1.25		0.95		1.55		-17.60		-17.10
SAST SA Goldman Sachs Global Bond Portfolio Class 1		24,680				18.45		455,459		0.00				1.52				-20.15
SAST SA Goldman Sachs Global Bond Portfolio Class 3		1,869,631		9.37		14.67		19,752,615		0.00		0.85		1.90		-20.70		-19.87
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		611,058		11.04		11.19		6,816,618		0.00		0.95		1.55		-17.63		-17.13
SAST SA Index Allocation 60/40 Portfolio Class 3		2,040,143		11.99		12.60		26,034,234		1.27		0.95		1.55		-16.24		-15.74
SAST SA Index Allocation 80/20 Portfolio Class 3		4,617,545		13.63		14.08		63,907,003		1.41		1.00		1.55		-17.47		-17.01
SAST SA Index Allocation 90/10 Portfolio Class 3		7,150,247		12.78		14.08		102,186,280		1.42		0.95		1.55		-18.11		-17.62
SAST SA International Index Portfolio Class 3		155,147		10.02		10.23		1,573,684		2.70		1.15		1.55		-16.06		-15.73
SAST SA Invesco Growth Opportunities Portfolio Class 1		12,767				14.31		182,658		0.00				1.52				-36.34
SAST SA Invesco Growth Opportunities Portfolio Class 3		391,003		15.26		24.78		8,565,179		0.00		0.85		1.90		-36.82		-36.15
SAST SA Janus Focused Growth Portfolio Class 1		24,187				33.57		812,062		0.00				1.40				-34.46
SAST SA Janus Focused Growth Portfolio Class 3		274,469		27.06		29.84		8,126,707		0.00		0.85		1.90		-34.95		-34.26
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		117,041				31.10		3,639,650		1.06				1.52				-17.23
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		1,030,012		18.20		19.77		20,809,857		0.90		0.85		1.90		-17.71		-16.85
SAST SA JPMorgan Emerging Markets Portfolio Class 1		43,554				17.89		779,386		2.51				1.52				-26.57
SAST SA JPMorgan Emerging Markets Portfolio Class 3		543,338		9.94		23.84		6,696,607		2.52		0.85		1.90		-27.06		-26.29
SAST SA JPMorgan Equity-Income Portfolio Class 1		66,830				86.36		5,771,535		1.79				1.52				-3.32
SAST SA JPMorgan Equity-Income Portfolio Class 3		626,655		26.37		30.19		18,670,559		1.76		0.85		1.90		-3.91		-2.90

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2022								For the Year Ended December 31, 2022
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
SAST SA JPMorgan Global Equities Portfolio Class 1		25,817				38.37		990,606		1.58				1.52				-17.09
SAST SA JPMorgan Global Equities Portfolio Class 3		137,328		15.99		18.33		2,717,387		1.47		0.95		1.90		-17.60		-16.82
SAST SA JPMorgan Large Cap Core Portfolio Class 1		25,464				49.80		1,267,975		0.90				1.52				-21.39
SAST SA JPMorgan Large Cap Core Portfolio Class 3		274,434		23.67		34.20		7,489,838		0.76		0.85		1.90		-21.89		-21.07
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		22,930				27.76		636,479		2.23				1.52				-14.45
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		3,616,789		12.24		20.44		50,914,508		1.99		0.85		1.90		-15.09		-14.20
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		92,854				37.28		3,461,784		0.00				1.52				-28.17
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		568,068		32.49		34.02		20,643,287		0.00		0.85		1.90		-28.62		-27.87
SAST SA Large Cap Growth Index Portfolio Class 3		246,018		14.28		14.55		3,556,738		0.27		1.15		1.55		-30.88		-30.60
SAST SA Large Cap Index Portfolio Class 3		461,696		14.78		15.10		6,935,419		1.12		1.15		1.55		-19.79		-19.47
SAST SA Large Cap Value Index Portfolio Class 3		366,341		13.52		13.78		5,014,529		1.98		1.15		1.55		-7.24		-6.87
SAST SA MFS Blue Chip Growth Portfolio Class 1		29,958				17.63		528,121		0.00				1.52				-30.87
SAST SA MFS Blue Chip Growth Portfolio Class 3		385,632		18.10		26.64		10,133,974		0.00		0.85		1.90		-31.36		-30.63
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		34,828				67.39		2,347,165		1.07				1.52				-17.59
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		362,150		27.91		33.70		12,498,156		0.82		0.85		1.90		-18.09		-17.22
SAST SA MFS Total Return Portfolio Class 1		53,691		53.34		54.57		2,872,238		1.47		1.40		1.52		-11.05		-10.95
SAST SA MFS Total Return Portfolio Class 3		620,769		18.31		32.41		14,130,029		1.24		0.85		1.90		-11.59		-10.66
SAST SA Mid Cap Index Portfolio Class 3		356,189		12.87		13.14		4,650,198		0.80		1.15		1.55		-14.97		-14.63
SAST SA Morgan Stanley International Equities Portfolio Class 1		64,398				15.78		1,016,389		2.46				1.52				-15.28
SAST SA Morgan Stanley International Equities Portfolio Class 3		441,607		10.74		11.37		5,732,614		2.40		0.85		1.90		-15.79		-14.91
SAST SA PIMCO RAE International Value Portfolio Class 3		1,222,736		9.45		11.11		14,702,933		3.75		0.85		1.90		-10.13		-9.18
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		7,468,257		11.07		12.29		96,469,845		0.00		1.00		1.90		-19.22		-18.49
SAST SA PineBridge High-Yield Bond Portfolio Class 1		29,947				34.79		1,041,943		5.35				1.52				-11.18
SAST SA PineBridge High-Yield Bond Portfolio Class 3		358,597		15.57		26.55		6,607,136		5.11		0.85		1.90		-11.52		-10.59
SAST SA Putnam International Growth and Income Portfolio Class 1		79,994		18.64		19.07		1,496,094		1.57		1.40		1.52		-8.11		-8.00
SAST SA Putnam International Growth and Income Portfolio Class 3		368,620		9.91		15.97		5,110,435		1.47		0.85		1.90		-8.72		-7.76
SAST SA Schroders VCP Global Allocation Portfolio Class 3		4,455,359		10.81		11.39		50,010,975		0.65		1.15		1.90		-20.12		-19.52
SAST SA Small Cap Index Portfolio Class 3		410,052		11.03		11.27		4,585,440		0.55		1.15		1.55		-22.21		-21.89
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		3,192,958		12.36		12.43		39,994,111		0.36		0.95		1.55		-19.56		-19.08
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		9,780,463		12.57		13.42		127,706,735		0.77		0.95		1.90		-20.50		-19.74
SAST SA VCP Dynamic Allocation Portfolio Class 3		46,333,105		14.08		16.05		706,960,724		2.28		0.95		2.15		-18.91		-17.93
SAST SA VCP Dynamic Strategy Portfolio Class 3		36,287,867		13.64		13.89		544,507,285		2.08		0.95		2.15		-16.34		-15.34
SAST SA VCP Index Allocation Portfolio Class 3		4,993,771		11.16		11.49		56,377,538		0.00		1.00		1.55		-18.20		-17.75
SAST SA Wellington Capital Appreciation Portfolio Class 1		52,947		167.00		347.37		9,179,523		0.00		1.40		1.52		-37.30		-37.22
SAST SA Wellington Capital Appreciation Portfolio Class 3		1,086,426		37.58		57.77		51,373,383		0.00		0.85		1.90		-37.67		-37.02
SAST SA Wellington Government and Quality Bond Portfolio Class 1		61,595		19.52		46.02		1,250,544		1.25		1.40		1.52		-14.71		-14.61
SAST SA Wellington Government and Quality Bond Portfolio Class 3		2,209,104		10.27		16.41		27,748,666		0.88		0.85		1.90		-15.29		-14.40
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		2,346				73.21		171,781		0.82				1.40				-18.15
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		837,729		12.03		12.49		10,238,570		0.70		0.95		1.55		-18.49		-18.00
VALIC Company I International Equities Index Fund		9,158		11.52		11.61		106,063		3.00		1.10		1.40		-15.71		-15.45
VALIC Company I Mid Cap Index Fund		29,495		15.34		17.97		517,507		1.30		1.10		1.70		-14.81		-14.30
VALIC Company I Nasdaq-100 Index Fund		10,015		21.94		25.65		247,752		0.22		1.10		1.70		-33.94		-33.54
VALIC Company I Small Cap Index Fund		12,359		13.26		15.99		183,779		0.73		1.10		1.70		-22.00		-21.53
VALIC Company I Stock Index Fund		60,486		17.96		20.25		1,207,727		1.21		1.10		1.70		-19.70		-19.22


	December 31, 2021								For the Year Ended December 31, 2021
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
American Funds IS Asset Allocation Fund Class 2		68,413		42.69		45.22		3,090,985		1.75		0.85		1.20		13.73		14.13
American Funds IS Asset Allocation Fund Class 4		125,706		17.19		17.48		2,187,950		1.81		0.95		1.20		13.47		13.76
American Funds IS Capital Income Builder Class 4		10,149		13.20		13.74		134,988		2.10		1.10		1.40		13.09		13.43
American Funds IS Capital World Bond Fund Class 4		3,812				10.64		40,563		1.56				1.20				-6.31
American Funds IS Global Growth Fund Class 2		75,102		73.11		86.42		5,936,100		0.34		0.85		1.72		14.44		15.44
American Funds IS Global Growth Fund Class 4		20,739		21.74		22.10		451,093		0.22		0.95		1.20		14.75		15.04
American Funds IS Global Small Capitalization Fund Class 4		4,586				17.69		81,115		0.00				1.20				5.16
American Funds IS Growth Fund Class 2		83,753		93.23		110.20		8,264,229		0.22		0.85		1.72		19.91		20.96
American Funds IS Growth Fund Class 4		8,480		30.69		31.19		260,281		0.06		0.95		1.20		20.23		20.53
American Funds IS Growth-Income Fund Class 2		125,504		54.94		64.98		7,378,915		1.12		0.85		1.72		21.98		23.05
American Funds IS Growth-Income Fund Class 4		32,463		20.95		21.30		686,010		0.97		0.95		1.20		22.32		22.63
American Funds IS The Bond Fund of America Class 4		32,194				11.41		367,399		1.41				1.20				-1.77
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		5,291		15.29		16.02		83,720		1.62		1.10		1.40		10.15		10.48
BlackRock Global Allocation V.I. Fund Class III		6,100		14.36		15.00		88,880		0.70		1.10		1.40		4.94		5.25
Columbia VP Income Opportunities Fund Class 1		3,907		29.01		30.54		116,284		9.21		1.52		1.77		2.66		2.92
Columbia VP Large Cap Growth Fund Class 1		17,054		27.73		28.12		478,547		0.00		1.52		1.77		26.47		26.79
Columbia VP Limited Duration Credit Fund Class 2		2,123				10.74		22,793		1.39				1.10				-1.93
FTVIP Franklin Allocation VIP Fund Class 2		243,913		17.17		19.88		4,456,001		1.71		0.85		1.90		9.58		10.74
FTVIP Franklin Income VIP Fund Class 2		890,564		17.42		20.20		16,656,458		4.66		0.85		1.90		14.56		15.77
FTVIP Franklin Rising Dividends VIP Fund Class 2		743		22.19		22.57		16,574		0.87		0.95		1.20		25.28		25.59
FTVIP Franklin Strategic Income VIP Fund Class 2		1,145		10.67		11.04		12,306		0.80		1.10		1.40		0.69		0.99
FTVIP Templeton Global Bond VIP Fund Class 2		148				8.58		1,268		0.00				1.20				-6.13
Goldman Sachs VIT Government Money Market Fund Institutional Shares		7,644				9.76		74,636		0.01				1.40				-1.38

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
Goldman Sachs VIT Government Money Market Fund Service Shares		1,886,481		9.36		9.79		18,238,728		0.01		1.10		1.90		-1.88		-1.09
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		3,647				9.85		35,922		1.04				1.40				3.20
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		3,504				13.57		47,538		0.00				1.10				14.90
Invesco V.I. American Franchise Fund Series II		140,886		42.95		47.00		6,480,915		0.00		0.85		1.90		9.55		10.70
Invesco V.I. American Value Fund Series II		4,411				14.19		62,580		0.23				1.20				26.10
Invesco V.I. Balanced-Risk Allocation Fund Series II		339				14.20		4,809		0.68				1.10				8.07
Invesco V.I. Comstock Fund Series II		589,410		24.38		38.41		16,684,587		1.70		0.85		1.90		30.54		31.92
Invesco V.I. Equity and Income Fund Series II		10,240				15.75		161,285		2.73				1.20				16.94
Invesco V.I. Growth and Income Fund Series II		775,982		23.52		41.53		23,084,760		1.37		0.85		2.15		25.46		27.10
Lord Abbett Bond Debenture Portfolio Class VC		17,097		12.91		13.13		220,791		3.45		0.95		1.20		2.05		2.30
Lord Abbett Developing Growth Portfolio Class VC		10,247		23.57		23.97		241,624		0.00		0.95		1.20		-3.91		-3.67
Lord Abbett Fundamental Equity Portfolio Class VC		3,734				17.43		65,080		0.87				1.10				25.92
Lord Abbett Growth and Income Portfolio Class VC		368,455		21.60		33.96		9,559,964		1.07		0.85		1.90		26.59		27.93
Lord Abbett Mid Cap Stock Portfolio Class VC		3,802		32.89		34.86		131,490		0.61		0.85		1.20		27.16		27.61
Lord Abbett Short Duration Income Portfolio Class VC		31,597		10.33		10.80		336,160		2.07		1.10		1.70		-1.07		-0.47
Morgan Stanley VIF Global Infrastructure Portfolio Class II		5,600		12.53		13.81		72,902		2.21		1.10		1.70		12.08		12.76
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		2,136				12.51		26,711		0.25				1.40				16.30
PIMCO All Asset Portfolio Advisor Class		1,197				13.79		16,496		11.19				1.40				14.43
PIMCO Dynamic Bond Portfolio Advisor Class		1,464				10.93		16,000		1.66				1.40				-0.22
PIMCO Emerging Markets Bond Portfolio Advisor Class		39,908		10.30		12.17		417,151		4.45		1.10		1.55		-4.16		-3.72
PIMCO Total Return Portfolio Advisor Class		1,672,554		10.20		10.51		17,407,302		1.71		0.95		1.80		-3.12		-2.30
PVC Core Plus Bond Account Class 1		1,895				10.84		20,548		2.53				1.70				-2.13
PVC Diversified International Account Class 1		2,444		10.30		10.65		25,578		1.06		1.55		1.70		7.90		8.06
PVC Equity Income Account Class 2		11,050		27.18		28.02		307,194		1.90		1.55		1.70		20.09		20.27
PVC Government & High Quality Bond Account Class 1		46				8.04		366		2.87				1.70				-2.99
PVC Large Cap Growth Account I Class 1		277				18.37		5,095		0.00				1.55				20.02
PVC MidCap Account Class 2		23,249		44.56		45.77		1,039,619		0.00		1.55		1.70		23.09		23.27
PVC Principal Capital Appreciation Account Class 2		5,085		43.92		45.26		226,069		0.73		1.55		1.70		25.35		25.54
PVC SAM Balanced Portfolio Class 2		231,469		20.69		21.78		4,892,384		1.25		1.52		1.77		11.40		11.68
PVC SAM Conservative Balanced Portfolio Class 2		2,373				13.34		31,651		1.70				1.70				7.63
PVC SAM Conservative Growth Portfolio Class 2		28,037		24.04		25.15		701,921		1.05		1.55		1.77		15.38		15.64
PVC SAM Flexible Income Portfolio Class 2		6,631		13.90		14.32		92,675		2.31		1.55		1.70		4.82		4.97
PVC SAM Strategic Growth Portfolio Class 2		15,456		28.38		29.24		450,723		0.81		1.55		1.70		17.52		17.70
PVC Short-Term Income Account Class 1		3,800		7.35		7.57		28,700		1.54		1.55		1.70		-2.39		-2.24
PVC SmallCap Account Class 2		477				20.73		9,892		0.14				1.55				18.02
SST SA Allocation Balanced Portfolio Class 3		872,369		13.19		18.43		17,173,478		0.94		0.95		1.90		5.29		6.30
SST SA Allocation Growth Portfolio Class 3		833,461		15.11		23.07		21,019,023		1.78		0.95		1.95		13.46		14.60
SST SA Allocation Moderate Growth Portfolio Class 3		1,048,936		14.38		20.98		23,642,217		1.83		0.95		1.90		10.35		11.40
SST SA Allocation Moderate Portfolio Class 3		839,345		13.91		20.12		18,087,181		1.96		0.95		1.90		8.35		9.38
SST SA American Century Inflation Protection Portfolio Class 3		1,939,086		11.93		13.73		24,601,556		2.43		0.85		1.90		2.28		3.36
SST SA Columbia Focused Value Portfolio Class 3		332				19.93		6,621		3.80				1.10				23.93
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		14,062		11.04		11.37		158,182		3.33		1.10		1.40		-3.06		-2.76
SST SA Multi-Managed International Equity Portfolio Class 3		3,025		13.93		14.02		42,292		2.55		1.10		1.40		9.38		9.71
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		2,713		27.34		29.30		77,385		0.00		1.10		1.40		14.59		14.94
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		337				26.22		8,832		0.00				1.10				7.97
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		337				17.61		5,933		1.56				1.10				25.70
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		485,603		16.75		17.11		8,245,277		2.25		1.15		1.55		16.38		16.85
SAST SA AB Growth Portfolio Class 1		185,707		20.20		181.34		26,146,368		0.00		1.40		1.52		26.86		27.01
SAST SA AB Growth Portfolio Class 3		469,511		47.66		53.04		38,057,261		0.00		0.85		1.90		26.05		27.38
SAST SA AB Small & Mid Cap Value Portfolio Class 3		672,177		29.21		33.11		24,680,495		0.47		0.85		2.15		33.18		34.92
SAST SA American Funds Asset Allocation Portfolio Class 3		5,133,811		19.98		23.34		130,501,775		1.11		1.00		1.90		12.64		13.66
SAST SA American Funds Global Growth Portfolio Class 3		651,980		27.58		34.24		23,724,059		0.06		1.10		1.90		13.93		14.84
SAST SA American Funds Growth Portfolio Class 3		848,099		39.87		46.03		41,818,824		0.03		1.10		1.90		19.40		20.36
SAST SA American Funds Growth-Income Portfolio Class 3		788,901		27.32		30.29		25,432,024		1.05		1.10		1.95		21.30		22.33
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		12,177,018		14.55		17.39		227,734,321		1.22		1.00		2.15		12.29		13.59
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		331,206		11.87		11.96		3,943,834		2.10		0.95		1.55		11.58		12.25
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		6,553,109		12.85		13.64		88,270,352		0.86		1.15		2.15		5.32		6.38
SAST SA DFA Ultra Short Bond Portfolio Class 1		72,732		11.58		11.83		842,155		0.05		1.40		1.52		-2.02		-1.90
SAST SA DFA Ultra Short Bond Portfolio Class 3		2,051,558		7.94		10.60		18,086,738		0.00		0.85		1.90		-2.65		-1.62
SAST SA Emerging Markets Equity Index Portfolio Class 3		117,856		10.83		10.99		1,287,636		1.38		1.15		1.55		-5.06		-4.68
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		44,390				36.04		1,599,626		2.76				1.52				-0.91
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		2,928,721		18.24		31.52		63,186,471		3.04		0.85		2.15		-1.80		-0.51
SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		123,772		14.68		14.98		1,829,480		0.00		0.80		1.55		10.22		11.05
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		18,674				57.39		1,071,774		1.53				1.52				37.13
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		387,052		18.41		74.03		10,689,821		1.29		0.85		1.90		36.29		37.73
SAST SA Fixed Income Index Portfolio Class 3		702,251		10.64		11.33		7,628,952		1.99		0.95		1.80		-3.96		-3.14
SAST SA Fixed Income Intermediate Index Portfolio Class 3		476,389		10.19		10.48		4,951,690		1.07		1.15		1.80		-3.54		-2.91
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		150,434		96.54		98.65		14,544,535		1.85		1.40		1.52		27.91		28.06
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		571,457		24.52		41.10		22,246,264		1.68		0.85		1.90		27.09		28.43
SAST SA Franklin Small Company Value Portfolio Class 3		478,849		24.07		26.68		12,230,172		0.97		0.85		2.15		22.34		23.94
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		34,930		14.43		14.56		506,791		0.00		1.15		1.55		23.49		23.98
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		22,080				48.39		1,068,469		2.27				1.52				22.23
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		382,344		37.25		60.99		15,230,941		2.35		0.85		1.90		21.43		22.71
SAST SA Franklin Tactical Opportunities Portfolio Class 3		356,288		13.35		13.44		4,794,325		1.05		0.95		1.55		13.06		13.74

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
SAST SA Global Index Allocation 60/40 Portfolio Class 3		801,141		12.81		13.10		10,364,435		1.45		0.95		1.55		7.93		8.58
SAST SA Global Index Allocation 75/25 Portfolio Class 3		564,025		13.24		13.51		7,546,631		1.45		1.00		1.55		10.69		11.30
SAST SA Global Index Allocation 90/10 Portfolio Class 3		1,834,393		13.58		13.89		25,172,377		1.04		0.95		1.55		13.70		14.38
SAST SA Goldman Sachs Global Bond Portfolio Class 1		27,493				23.11		635,449		2.38				1.52				-8.71
SAST SA Goldman Sachs Global Bond Portfolio Class 3		1,886,352		11.52		18.31		25,127,576		2.40		0.85		2.15		-9.49		-8.31
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		428,586		13.40		13.63		5,790,205		0.26		1.15		1.55		12.90		13.35
SAST SA Index Allocation 60/40 Portfolio Class 3		1,926,448		14.23		14.93		29,284,999		0.08		0.95		1.70		11.15		11.98
SAST SA Index Allocation 80/20 Portfolio Class 3		4,066,731		16.52		16.97		68,014,395		1.09		1.00		1.55		16.41		17.05
SAST SA Index Allocation 90/10 Portfolio Class 3		6,367,813		15.51		17.07		110,912,966		1.12		0.95		1.70		18.58		19.47
SAST SA International Index Portfolio Class 3		116,270		11.94		12.14		1,400,713		1.80		1.15		1.55		8.77		9.20
SAST SA Invesco Growth Opportunities Portfolio Class 1		15,768				22.47		354,382		0.00				1.52				5.71
SAST SA Invesco Growth Opportunities Portfolio Class 3		315,571		23.90		39.23		10,607,972		0.00		0.85		1.90		5.09		6.20
SAST SA Janus Focused Growth Portfolio Class 1		26,726				51.23		1,369,132		0.00				1.40				21.60
SAST SA Janus Focused Growth Portfolio Class 3		239,123		40.53		45.40		10,783,445		0.00		0.85		2.15		20.37		21.94
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		128,178				37.57		4,815,494		0.86				1.52				10.13
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		1,022,473		22.12		23.77		25,151,469		0.60		0.85		1.90		9.44		10.60
SAST SA JPMorgan Emerging Markets Portfolio Class 1		51,455				24.37		1,253,995		1.76				1.52				-0.33
SAST SA JPMorgan Emerging Markets Portfolio Class 3		508,785		13.63		32.34		8,676,318		1.70		0.85		1.90		-1.01		0.04
SAST SA JPMorgan Equity-Income Portfolio Class 1		75,243				89.32		6,720,937		1.85				1.52				23.92
SAST SA JPMorgan Equity-Income Portfolio Class 3		590,658		27.44		31.09		18,343,013		1.91		0.85		1.90		23.13		24.42
SAST SA JPMorgan Global Equities Portfolio Class 1		28,336				46.28		1,311,341		1.66				1.52				21.46
SAST SA JPMorgan Global Equities Portfolio Class 3		126,304		19.41		22.03		3,087,444		1.68		0.95		1.90		20.68		21.83
SAST SA JPMorgan Large Cap Core Portfolio Class 1		26,723				63.35		1,692,822		0.63				1.52				25.85
SAST SA JPMorgan Large Cap Core Portfolio Class 3		217,284		29.45		43.32		7,608,662		0.51		0.85		2.15		24.77		26.40
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		27,261				32.44		884,459		2.32				1.52				-2.41
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		3,775,350		14.05		23.82		62,549,578		2.39		0.85		2.15		-3.25		-1.99
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		95,667				51.90		4,965,232		0.00				1.52				9.16
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		512,817		45.04		46.45		25,890,626		0.00		0.85		2.15		8.19		9.61
SAST SA Large Cap Growth Index Portfolio Class 3		142,723		20.66		20.97		2,977,406		0.64		1.15		1.55		29.26		29.78
SAST SA Large Cap Index Portfolio Class 3		389,653		18.43		18.75		7,276,498		1.59		1.15		1.55		26.09		26.60
SAST SA Large Cap Value Index Portfolio Class 3		251,900		14.58		14.79		3,706,143		2.85		1.15		1.55		22.16		22.65
SAST SA MFS Blue Chip Growth Portfolio Class 1		31,704				25.50		808,479		0.21				1.52				27.04
SAST SA MFS Blue Chip Growth Portfolio Class 3		315,297		26.09		38.80		11,490,746		0.02		0.85		1.90		26.28		27.62
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		39,020				81.78		3,190,901		0.71				1.52				24.99
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		385,040		33.20		40.71		16,179,435		0.46		0.85		2.15		23.90		25.52
SAST SA MFS Total Return Portfolio Class 1		61,081		59.96		61.28		3,671,887		1.48		1.40		1.52		12.31		12.45
SAST SA MFS Total Return Portfolio Class 3		603,654		20.72		36.28		15,819,871		1.34		0.85		1.90		11.60		12.78
SAST SA Mid Cap Index Portfolio Class 3		246,966		15.14		15.40		3,780,845		0.87		1.15		1.55		21.90		22.39
SAST SA Morgan Stanley International Equities Portfolio Class 1		75,987				18.63		1,415,563		1.20				1.52				2.76
SAST SA Morgan Stanley International Equities Portfolio Class 3		473,895		12.42		13.36		7,348,337		1.05		0.85		2.15		1.84		3.18
SAST SA PIMCO RAE International Value Portfolio Class 3		1,440,934		10.51		12.23		19,225,949		2.02		0.85		1.90		6.33		7.45
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		8,049,940		13.58		14.88		127,997,055		0.00		1.00		2.15		5.77		6.99
SAST SA PineBridge High-Yield Bond Portfolio Class 1		33,421				39.17		1,309,151		5.03				1.52				4.42
SAST SA PineBridge High-Yield Bond Portfolio Class 3		393,208		17.60		29.70		8,200,031		4.90		0.85		1.90		3.64		4.73
SAST SA Putnam International Growth and Income Portfolio Class 1		78,400		20.29		20.73		1,595,497		2.05		1.40		1.52		13.25		13.39
SAST SA Putnam International Growth and Income Portfolio Class 3		388,845		10.85		17.32		6,030,774		1.82		0.85		1.90		12.53		13.71
SAST SA Schroders VCP Global Allocation Portfolio Class 3		4,731,245		13.54		14.15		66,116,930		0.37		1.15		1.90		10.28		11.11
SAST SA Small Cap Index Portfolio Class 3		284,081		14.18		14.42		4,071,978		0.51		1.15		1.55		12.09		12.53
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		2,558,932		15.27		15.36		39,760,406		0.00		0.95		1.70		14.04		14.90
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		9,898,489		15.81		16.73		161,678,461		0.89		0.95		1.90		10.18		11.23
SAST SA VCP Dynamic Allocation Portfolio Class 3		50,841,205		17.36		19.55		949,027,439		1.56		0.95		2.15		6.99		8.28
SAST SA VCP Dynamic Strategy Portfolio Class 3		40,822,360		16.12		16.60		726,487,575		1.49		0.95		2.15		7.74		9.04
SAST SA VCP Index Allocation Portfolio Class 3		4,632,541		13.64		13.96		63,795,457		0.97		1.00		1.55		12.24		12.86
SAST SA Wellington Capital Appreciation Portfolio Class 1		57,058		266.34		553.35		15,748,392		0.00		1.40		1.52		4.03		4.16
SAST SA Wellington Capital Appreciation Portfolio Class 3		831,725		58.69		91.72		65,201,228		0.00		0.85		2.15		3.13		4.48
SAST SA Wellington Government and Quality Bond Portfolio Class 1		66,494		22.89		53.89		1,579,388		1.54		1.40		1.52		-3.34		-3.23
SAST SA Wellington Government and Quality Bond Portfolio Class 3		2,483,206		12.12		19.17		36,767,735		1.37		0.85		1.90		-3.95		-2.93
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		2,372				89.44		212,170		0.29				1.40				6.16
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		639,042		14.76		15.24		9,547,882		0.18		0.95		1.55		5.82		6.45
VALIC Company I International Equities Index Fund		10,557		13.67		13.73		144,688		1.07		1.10		1.40		9.49		9.81
VALIC Company I Mid Cap Index Fund		33,405		18.01		20.97		684,730		1.21		1.10		1.70		22.23		22.96
VALIC Company I Nasdaq-100 Index Fund		9,003		33.22		38.60		334,229		0.30		1.10		1.70		24.79		25.54
VALIC Company I Small Cap Index Fund		13,005		17.00		20.38		247,772		0.82		1.10		1.70		12.51		13.19
VALIC Company I Stock Index Fund		64,715		22.37		25.07		1,599,817		1.46		1.10		1.70		26.19		26.95


	December 31, 2020								For the Year Ended December 31, 2020
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
American Funds IS Asset Allocation Fund Class 2		44,978		37.54		39.62		1,779,901		1.58		0.85		1.20		11.12		11.51
American Funds IS Asset Allocation Fund Class 4		34,321		15.15		15.36		521,609		1.36		0.95		1.20		10.82		11.10
American Funds IS Capital Income Builder Class 4		14,304		11.67		12.11		169,490		2.42		1.10		1.40		2.67		2.98

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2020								For the Year Ended December 31, 2020
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
American Funds IS Capital World Bond Fund Class 4		2,886				11.36		32,776		0.48				1.20				8.31
American Funds IS Global Growth Fund Class 2		89,192		63.89		74.86		6,154,200		0.33		0.85		1.72		28.24		29.36
American Funds IS Global Growth Fund Class 4		20,768		18.94		19.21		393,634		0.15		0.95		1.20		28.61		28.94
American Funds IS Global Small Capitalization Fund Class 4		487				16.82		8,193		0.04				1.20				27.85
American Funds IS Growth Fund Class 2		95,481		77.75		91.11		7,842,503		0.29		0.85		1.72		49.49		50.79
American Funds IS Growth Fund Class 4		8,542		25.52		25.88		218,052		0.23		0.95		1.20		49.91		50.28
American Funds IS Growth-Income Fund Class 2		149,495		45.04		52.81		7,216,176		1.23		0.85		1.72		11.61		12.58
American Funds IS Growth-Income Fund Class 4		32,586		17.13		17.37		562,218		1.10		0.95		1.20		11.90		12.18
American Funds IS The Bond Fund of America Class 4		20,245				11.62		235,203		0.56				1.20				8.08
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		6,460		13.88		14.50		92,086		1.38		1.10		1.40		12.76		13.10
BlackRock Global Allocation V.I. Fund Class III		8,112		13.69		14.25		113,417		1.22		1.10		1.40		19.03		19.39
Columbia VP Income Opportunities Fund Class 1		3,702		28.26		29.67		107,142		4.52		1.52		1.77		4.04		4.30
Columbia VP Large Cap Growth Fund Class 1		20,344		21.92		22.18		450,493		0.00		1.52		1.77		32.37		32.70
Columbia VP Limited Duration Credit Fund Class 2		1,854				10.95		20,302		2.25				1.10				4.42
FTVIP Franklin Allocation VIP Fund Class 2		242,404		15.67		17.28		4,018,713		1.41		1.15		1.90		9.64		10.47
FTVIP Franklin Income VIP Fund Class 2		927,896		15.20		17.45		15,056,274		5.28		0.85		1.90		-1.20		-0.16
FTVIP Franklin Rising Dividends VIP Fund Class 2		816		17.72		17.97		14,520		1.97		0.95		1.20		14.59		14.87
FTVIP Franklin Strategic Income VIP Fund Class 2		8,011		10.59		10.94		87,294		4.56		1.10		1.40		1.99		2.30
FTVIP Templeton Global Bond VIP Fund Class 2		157				9.14		1,432		8.41				1.20				-6.41
Goldman Sachs VIT Government Money Market Fund Institutional Shares		7,647				9.90		75,714		0.30				1.40				-0.98
Goldman Sachs VIT Government Money Market Fund Service Shares		2,623,759		9.54		9.90		25,610,849		0.23		1.10		1.90		-1.62		-0.83
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		5,642		9.55		9.91		54,219		1.54		1.10		1.40		5.10		5.41
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		3,504				11.81		41,372		0.27				1.10				2.97
Invesco V.I. American Franchise Fund Series II		68,113		39.21		42.46		2,792,700		0.00		0.85		1.90		39.33		40.80
Invesco V.I. Balanced-Risk Allocation Fund Series II		2,832				13.14		37,219		13.27				1.10				8.79
Invesco V.I. Comstock Fund Series II		605,808		18.24		29.12		13,232,241		2.04		0.85		2.15		-3.19		-1.93
Invesco V.I. Equity and Income Fund Series II		2,300				13.47		30,975		2.03				1.20				8.34
Invesco V.I. Growth and Income Fund Series II		882,296		18.75		32.68		20,883,286		1.86		0.85		2.15		-0.32		0.99
Lord Abbett Bond Debenture Portfolio Class VC		13,228		12.65		12.83		167,398		3.58		0.95		1.20		6.02		6.29
Lord Abbett Developing Growth Portfolio Class VC		10,245		24.53		24.88		251,390		0.00		0.95		1.20		70.54		70.97
Lord Abbett Fundamental Equity Portfolio Class VC		3,734				13.84		51,683		1.14				1.10				0.66
Lord Abbett Growth and Income Portfolio Class VC		409,829		16.68		26.55		8,433,101		1.55		0.85		2.15		0.51		1.83
Lord Abbett Mid Cap Stock Portfolio Class VC		3,981		25.86		27.32		107,912		0.92		0.85		1.20		1.27		1.63
Lord Abbett Short Duration Income Portfolio Class VC		35,015		10.44		10.85		375,108		2.55		1.10		1.70		1.39		2.00
Lord Abbett Total Return Portfolio Class VC		—				11.09		—		0.00				0.95				1.41
Morgan Stanley VIF Global Infrastructure Portfolio Class II		6,431		11.18		12.25		74,841		1.41		1.10		1.70		-3.10		-2.51
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		3,177				10.75		34,159		0.90				1.40				6.75
PIMCO All Asset Portfolio Advisor Class		1,197				12.05		14,416		4.50				1.40				6.41
PIMCO Dynamic Bond Portfolio Advisor Class		2,081				10.95		22,791		2.86				1.40				3.25
PIMCO Emerging Markets Bond Portfolio Advisor Class		21,837		10.75		12.64		241,225		4.32		1.10		1.55		4.96		5.43
PIMCO Total Return Portfolio Advisor Class		552,530		10.53		10.73		5,902,113		1.55		1.15		1.80		6.60		7.30
PVC Core Plus Bond Account Class 1		2,156		11.08		11.10		23,878		3.51		1.55		1.70		7.71		7.87
PVC Diversified International Account Class 1		1,641		9.55		9.86		16,025		2.33		1.55		1.70		14.21		14.38
PVC Equity Income Account Class 2		11,633		22.63		23.29		268,688		1.55		1.55		1.70		4.36		4.51
PVC Government & High Quality Bond Account Class 1		73		8.29		8.52		608		2.64		1.55		1.70		1.13		1.28
PVC Large Cap Growth Account I Class 1		323				15.31		4,942		0.02				1.55				34.11
PVC MidCap Account Class 2		30,284		36.20		37.13		1,099,256		0.46		1.55		1.70		16.08		16.25
PVC Principal Capital Appreciation Account Class 2		5,454		35.04		36.05		193,242		0.99		1.55		1.70		16.44		16.62
PVC SAM Balanced Portfolio Class 2		303,876		18.57		19.51		5,736,578		1.88		1.52		1.77		9.01		9.28
PVC SAM Conservative Balanced Portfolio Class 2		2,392		12.39		12.73		29,643		1.94		1.55		1.70		7.41		7.57
PVC SAM Conservative Growth Portfolio Class 2		28,447		20.84		21.75		616,026		1.51		1.55		1.77		10.71		10.95
PVC SAM Flexible Income Portfolio Class 2		7,185		13.27		13.64		95,885		2.51		1.55		1.70		5.22		5.38
PVC SAM Strategic Growth Portfolio Class 2		15,538		24.15		24.85		384,997		1.45		1.55		1.70		13.19		13.36
PVC Short-Term Income Account Class 1		3,633		7.53		7.74		28,074		2.09		1.55		1.70		1.62		1.77
PVC SmallCap Account Class 2		484				17.57		8,504		0.23				1.55				20.00
SST SA Allocation Balanced Portfolio Class 3		847,726		17.50		19.40		15,817,921		1.13		1.15		1.90		9.71		10.54
SST SA Allocation Growth Portfolio Class 3		667,052		14.17		20.33		14,824,816		0.00		1.00		1.95		13.88		14.96
SST SA Allocation Moderate Growth Portfolio Class 3		1,001,504		13.65		19.01		20,120,852		0.00		1.00		1.90		12.56		13.58
SST SA Allocation Moderate Portfolio Class 3		810,101		12.72		18.13		15,969,530		0.00		0.95		2.15		11.22		12.57
SST SA American Century Inflation Protection Portfolio Class 3		1,730,326		11.40		13.29		21,270,316		0.00		0.85		2.15		4.51		5.88
SST SA Columbia Focused Value Portfolio Class 3		332				16.09		5,342		0.00				1.10				6.17
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		15,245		11.39		11.69		176,826		0.00		1.10		1.40		6.08		6.40
SST SA Multi-Managed International Equity Portfolio Class 3		2,988		12.73		12.78		38,131		0.00		1.10		1.40		9.75		10.08
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		2,687		23.86		25.49		66,740		0.00		1.10		1.40		46.39		46.83
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		337				24.28		8,180		0.00				1.10				41.54
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		337				14.01		4,720		0.00				1.10				4.29
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		399,898		14.39		14.64		5,818,731		0.00		1.15		1.55		12.02		12.47
SAST SA AB Growth Portfolio Class 1		201,272		15.90		142.95		22,797,952		0.00		1.40		1.52		33.57		33.73
SAST SA AB Growth Portfolio Class 3		411,806		37.42		42.08		28,533,132		0.00		0.85		1.90		32.74		34.14
SAST SA AB Small & Mid Cap Value Portfolio Class 3		756,968		21.94		24.54		21,013,601		0.52		0.85		2.15		1.77		3.10
SAST SA American Funds Asset Allocation Portfolio Class 3		4,308,395		17.58		20.72		96,573,182		0.00		1.00		1.90		10.03		11.02
SAST SA American Funds Global Growth Portfolio Class 3		641,027		24.01		29.37		20,281,926		0.05		1.10		2.15		27.32		28.67
SAST SA American Funds Growth Portfolio Class 3		627,091		33.13		37.66		25,562,586		0.75		1.10		2.15		48.49		50.06

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2020								For the Year Ended December 31, 2020
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
SAST SA American Funds Growth-Income Portfolio Class 3		697,255		22.50		24.40		18,181,934		1.55		1.00		2.15		10.84		12.12
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		12,590,639		12.81		15.49		207,839,413		0.00		1.00		2.15		6.99		8.23
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		49,798		10.64		10.65		530,109		0.31		1.15		1.55		6.37		6.47
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		6,524,117		12.20		12.82		82,772,732		0.04		1.15		2.15		3.26		4.30
SAST SA DFA Ultra Short Bond Portfolio Class 1		90,861		11.81		12.06		1,073,719		1.53		1.40		1.52		-1.30		-1.19
SAST SA DFA Ultra Short Bond Portfolio Class 3		1,751,062		7.94		10.77		16,213,219		1.67		0.85		2.15		-2.02		-0.73
SAST SA Emerging Markets Equity Index Portfolio Class 3		32,996		11.41		11.53		377,837		2.43		1.15		1.55		15.08		15.54
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		54,588				36.37		1,985,228		3.81				1.52				7.38
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		2,415,702		18.57		31.68		53,154,106		3.70		0.85		2.15		6.44		7.84
SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		25,484		13.32		13.41		341,021		0.25		1.15		1.55		20.47		20.95
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		17,896				41.85		749,051		1.82				1.52				-2.60
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		458,517		13.20		53.75		9,370,945		1.57		0.85		2.15		-3.48		-2.21
SAST SA Fixed Income Index Portfolio Class 3		557,672		11.08		11.70		6,273,895		2.58		0.95		1.80		6.50		7.40
SAST SA Fixed Income Intermediate Index Portfolio Class 3		319,914		10.56		10.79		3,432,385		1.99		1.15		1.80		4.00		4.67
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		168,833		75.47		77.03		12,759,225		1.87		1.40		1.52		-2.76		-2.64
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		643,916		18.85		32.00		19,906,382		1.72		0.85		2.15		-3.64		-2.37
SAST SA Franklin Small Company Value Portfolio Class 3		484,768		19.68		21.52		9,980,694		0.96		0.85		2.15		2.74		4.08
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		15,545		11.69		11.74		182,179		2.18		1.15		1.55		8.04		8.47
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		24,516				39.59		970,638		2.12				1.52				5.88
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		357,373		29.98		49.70		11,470,964		2.09		0.85		2.15		4.94		6.31
SAST SA Franklin Tactical Opportunities Portfolio Class 3		235,535		11.81		11.96		2,797,726		1.28		1.15		1.55		6.58		7.01
SAST SA Global Index Allocation 60/40 Portfolio Class 3		645,573		11.87		12.06		7,721,094		1.83		0.95		1.55		9.75		10.41
SAST SA Global Index Allocation 75/25 Portfolio Class 3		447,920		11.96		12.14		5,399,042		1.61		1.00		1.55		10.49		11.10
SAST SA Global Index Allocation 90/10 Portfolio Class 3		1,223,509		11.95		12.12		14,724,305		0.00		1.00		1.55		10.43		11.04
SAST SA Goldman Sachs Global Bond Portfolio Class 1		31,562				25.32		799,114		0.60				1.52				10.15
SAST SA Goldman Sachs Global Bond Portfolio Class 3		1,608,268		12.73		19.97		23,533,683		0.38		0.85		2.15		9.18		10.61
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		320,993		11.87		12.03		3,836,677		0.17		1.15		1.55		9.52		9.96
SAST SA Index Allocation 60/40 Portfolio Class 3		1,654,579		12.71		13.43		22,544,168		1.33		0.95		1.70		11.57		12.41
SAST SA Index Allocation 80/20 Portfolio Class 3		3,780,041		14.19		14.50		54,169,358		0.00		1.00		1.55		12.67		13.29
SAST SA Index Allocation 90/10 Portfolio Class 3		5,139,693		14.40		14.79		75,177,216		0.00		1.00		1.70		12.54		13.33
SAST SA International Index Portfolio Class 3		47,226		10.98		11.12		522,356		2.26		1.15		1.55		5.71		6.13
SAST SA Invesco Growth Opportunities Portfolio Class 1		16,785				21.26		356,874		0.00				1.52				53.48
SAST SA Invesco Growth Opportunities Portfolio Class 3		274,325		22.51		36.45		8,171,900		0.00		0.85		2.15		52.11		54.10
SAST SA Janus Focused Growth Portfolio Class 1		26,989				42.13		1,137,070		0.08				1.40				37.07
SAST SA Janus Focused Growth Portfolio Class 3		232,334		33.67		37.23		8,635,857		0.00		0.85		2.15		35.65		37.42
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		69,460				34.11		2,369,590		2.14				1.52				12.61
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		800,257		20.21		21.50		17,505,006		1.83		0.85		1.90		11.89		13.07
SAST SA JPMorgan Emerging Markets Portfolio Class 1		56,110				24.45		1,372,048		1.76				1.52				14.65
SAST SA JPMorgan Emerging Markets Portfolio Class 3		417,004		13.46		32.33		7,344,076		1.52		0.85		2.15		13.64		15.12
SAST SA JPMorgan Equity-Income Portfolio Class 1		82,443				72.08		5,942,864		1.89				1.52				1.66
SAST SA JPMorgan Equity-Income Portfolio Class 3		466,698		21.76		24.99		11,862,426		1.80		0.85		2.15		0.75		2.07
SAST SA JPMorgan Global Equities Portfolio Class 1		32,371				38.10		1,233,354		1.34				1.52				8.11
SAST SA JPMorgan Global Equities Portfolio Class 3		103,258		16.05		16.09		2,169,064		1.22		1.10		1.90		7.50		8.36
SAST SA JPMorgan Large Cap Core Portfolio Class 1		31,000				50.33		1,560,332		1.01				1.52				11.67
SAST SA JPMorgan Large Cap Core Portfolio Class 3		184,829		23.60		34.28		5,248,588		0.84		0.85		2.15		10.74		12.19
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		31,908				33.25		1,060,816		2.55				1.52				6.74
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		3,400,595		14.52		24.30		58,121,790		2.36		0.85		2.15		5.91		7.29
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		64,229				47.55		3,053,755		0.16				1.52				46.30
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		275,501		41.09		42.93		12,615,122		0.00		0.85		2.15		45.04		46.93
SAST SA Large Cap Growth Index Portfolio Class 3		71,603		15.99		16.16		1,151,586		1.16		1.15		1.55		30.16		30.68
SAST SA Large Cap Index Portfolio Class 3		177,163		14.62		14.81		2,611,453		1.45		1.15		1.55		15.92		16.38
SAST SA Large Cap Value Index Portfolio Class 3		128,312		11.93		12.06		1,540,402		2.55		1.15		1.55		-0.44		-0.04
SAST SA MFS Blue Chip Growth Portfolio Class 1		35,545				20.07		713,515		0.50				1.52				28.71
SAST SA MFS Blue Chip Growth Portfolio Class 3		298,599		20.44		30.73		8,369,258		0.36		0.85		1.90		27.86		29.20
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		41,770				65.42		2,732,782		0.65				1.52				12.61
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		444,071		26.79		32.44		15,085,720		0.39		0.85		2.15		11.61		13.07
SAST SA MFS Total Return Portfolio Class 1		66,010		53.39		54.49		3,532,030		1.89		1.40		1.52		7.95		8.08
SAST SA MFS Total Return Portfolio Class 3		571,280		18.56		32.17		13,582,170		1.71		0.85		1.90		7.26		8.39
SAST SA Mid Cap Index Portfolio Class 3		114,830		12.42		12.58		1,438,423		1.44		1.15		1.55		11.16		11.60
SAST SA Morgan Stanley International Equities Portfolio Class 1		81,293				18.13		1,473,681		1.71				1.52				9.82
SAST SA Morgan Stanley International Equities Portfolio Class 3		454,366		12.20		12.95		6,900,903		1.44		0.85		2.15		8.94		10.37
SAST SA PIMCO RAE International Value Portfolio Class 3		1,519,168		9.66		11.38		19,114,279		2.23		0.85		2.15		-5.45		-4.22
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		8,634,249		12.69		14.07		128,674,939		0.44		1.00		2.15		6.35		7.58
SAST SA PineBridge High-Yield Bond Portfolio Class 1		35,173				37.51		1,319,459		5.38				1.52				6.44
SAST SA PineBridge High-Yield Bond Portfolio Class 3		367,161		16.58		28.36		7,424,375		5.57		0.85		2.15		5.54		6.92
SAST SA Putnam International Growth and Income Portfolio Class 1		84,774		17.91		18.28		1,522,934		2.14		1.40		1.52		2.18		2.31
SAST SA Putnam International Growth and Income Portfolio Class 3		394,207		9.64		15.23		5,517,833		1.98		0.85		1.90		1.51		2.59
SAST SA Schroders VCP Global Allocation Portfolio Class 3		5,189,846		12.27		12.74		65,409,203		0.12		1.15		1.90		-1.52		-0.78
SAST SA Small Cap Index Portfolio Class 3		117,249		12.65		12.82		1,496,185		0.80		1.15		1.55		17.24		17.71
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		1,674,529		13.36		13.39		22,729,812		0.63		0.95		1.70		15.07		15.94
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		10,143,080		14.17		15.04		149,542,353		0.09		0.95		2.15		6.55		7.83
SAST SA VCP Dynamic Allocation Portfolio Class 3		55,212,480		16.23		18.06		955,646,677		1.08		0.95		2.15		10.69		12.03
SAST SA VCP Dynamic Strategy Portfolio Class 3		35,652,801		15.41		16.78		583,837,083		1.14		1.15		2.15		7.85		8.93

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2020								For the Year Ended December 31, 2020
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
SAST SA VCP Index Allocation Portfolio Class 3		4,218,679		12.16		12.37		51,639,112		1.22		1.00		1.55		6.04		6.63
SAST SA Wellington Capital Appreciation Portfolio Class 1		58,931		256.01		531.25		15,625,739		0.00		1.40		1.52		62.05		62.25
SAST SA Wellington Capital Appreciation Portfolio Class 3		405,005		56.91		87.79		35,100,591		0.00		0.85		2.15		60.63		62.73
SAST SA Wellington Government and Quality Bond Portfolio Class 1		74,281		23.68		55.69		1,819,190		1.92		1.40		1.52		5.49		5.62
SAST SA Wellington Government and Quality Bond Portfolio Class 3		2,329,080		12.33		19.75		35,860,833		1.77		0.85		2.15		4.60		5.97
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		2,393				84.25		201,649		1.04				1.40				16.48
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		421,161		13.95		14.19		5,933,008		1.01		1.15		1.55		15.99		16.45
VALIC Company I International Equities Index Fund		14,656		12.48		12.50		183,135		2.36		1.10		1.40		5.89		6.20
VALIC Company I Mid Cap Index Fund		55,008		14.74		17.06		925,070		1.29		1.10		1.70		11.39		12.06
VALIC Company I Nasdaq-100 Index Fund		9,402		26.62		30.75		278,904		0.73		1.10		1.70		45.45		46.33
VALIC Company I Small Cap Index Fund		17,951		15.11		18.01		307,462		1.42		1.10		1.70		17.47		18.18
VALIC Company I Stock Index Fund		78,675		17.73		19.75		1,535,200		1.77		1.10		1.70		16.00		16.70


	December 31, 2019								For the Year Ended December 31, 2019
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
American Funds IS Asset Allocation Fund Class 2		46,239		33.78		35.53		1,641,104		1.78		0.85		1.20		19.79		20.21
American Funds IS Asset Allocation Fund Class 4		27,176				13.67		371,599		1.92				1.20				19.48
American Funds IS Capital Income Builder Class 4		13,217		11.37		11.76		152,210		2.68		1.10		1.40		15.98		16.33
American Funds IS Capital World Bond Fund Class 4		9,694		10.49		10.61		102,492		1.37		0.95		1.20		6.25		6.52
American Funds IS Global Growth Fund Class 2		103,594		49.82		57.87		5,545,604		1.12		0.85		1.72		32.97		34.13
American Funds IS Global Growth Fund Class 4		20,922		14.73		14.90		308,306		0.97		0.95		1.20		33.27		33.60
American Funds IS Global Small Capitalization Fund Class 4		147				13.16		1,935		0.00				1.20				29.68
American Funds IS Growth Fund Class 2		113,118		52.01		60.42		6,201,405		0.75		0.85		1.72		28.54		29.67
American Funds IS Growth Fund Class 4		12,293				17.03		209,310		0.71				1.20				28.88
American Funds IS Growth-Income Fund Class 2		171,558		40.36		46.91		7,369,116		1.67		0.85		1.72		23.99		25.07
American Funds IS Growth-Income Fund Class 4		32,587		15.31		15.49		501,790		1.65		0.95		1.20		24.35		24.66
American Funds IS The Bond Fund of America Class 4		10,558		10.75		10.88		114,336		3.04		0.95		1.20		7.78		8.05
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		6,334		12.31		12.82		79,943		2.25		1.10		1.40		19.54		19.90
BlackRock Global Allocation V.I. Fund Class III		8,298		11.50		11.94		97,299		1.30		1.10		1.40		16.12		16.47
Columbia VP Income Opportunities Fund Class 1		3,524		27.16		28.45		97,843		4.77		1.52		1.77		14.43		14.71
Columbia VP Large Cap Growth Fund Class 1		24,436		16.56		16.71		407,820		0.00		1.52		1.77		33.52		33.85
Columbia VP Limited Duration Credit Fund Class 2		1,728				10.48		18,119		2.15				1.10				6.29
FTVIP Franklin Allocation VIP Fund Class 2		234,018		14.29		16.20		3,519,937		3.94		0.85		1.90		17.60		18.84
FTVIP Franklin Income VIP Fund Class 2		905,628		15.39		17.48		14,798,219		5.36		0.85		1.90		13.87		15.08
FTVIP Franklin Rising Dividends VIP Fund Class 2		8,667		15.46		15.64		134,202		1.85		0.95		1.20		27.69		28.01
FTVIP Franklin Strategic Income VIP Fund Class 2		7,518		10.39		10.69		80,091		4.92		1.10		1.40		6.55		6.87
FTVIP Templeton Global Bond VIP Fund Class 2		158				9.76		1,541		7.14				1.20				0.80
Goldman Sachs VIT Government Money Market Fund Service Shares		638,789		9.69		9.98		6,311,860		1.78		1.10		1.90		-0.04		0.76
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		6,690		9.08		9.40		61,063		2.55		1.10		1.40		7.09		7.42
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		3,504				11.47		40,177		1.50				1.10				10.71
Invesco V.I. American Franchise Fund Series II		56,671		28.14		30.16		1,629,994		0.00		0.85		1.90		33.86		35.27
Invesco V.I. Balanced-Risk Allocation Fund Series II		17,437				12.08		210,683		0.00				1.10				13.63
Invesco V.I. Comstock Fund Series II		615,579		18.85		29.69		13,788,202		1.67		0.85		2.15		22.28		23.88
Invesco V.I. Equity and Income Fund Series II		2,307				12.43		28,685		2.38				1.20				18.58
Invesco V.I. Growth and Income Fund Series II		885,350		18.81		32.36		20,941,476		1.54		0.85		2.15		22.19		23.79
Lord Abbett Bond Debenture Portfolio Class VC		10,953		11.93		12.07		131,340		4.42		0.95		1.20		12.00		12.28
Lord Abbett Developing Growth Portfolio Class VC		7,436				14.39		106,967		0.00				1.20				30.19
Lord Abbett Fundamental Equity Portfolio Class VC		3,734				13.75		51,345		1.32				1.10				20.19
Lord Abbett Growth and Income Portfolio Class VC		415,347		16.60		26.07		8,517,940		1.60		0.85		2.15		19.89		21.46
Lord Abbett Mid Cap Stock Portfolio Class VC		4,832		25.54		26.88		129,224		0.71		0.85		1.20		21.18		21.60
Lord Abbett Short Duration Income Portfolio Class VC		38,467		10.30		10.64		404,451		4.47		1.10		1.70		3.28		3.91
Lord Abbett Total Return Portfolio Class VC		6,595				10.93		72,105		2.54				0.95				7.38
Morgan Stanley VIF Global Infrastructure Portfolio Class II		6,978		11.53		12.56		83,788		2.57		1.10		1.70		25.71		26.47
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		4,199				10.07		42,292		0.16				1.40				13.66
PIMCO All Asset Portfolio Advisor Class		1,197				11.32		13,548		2.85				1.40				10.19
PIMCO Dynamic Bond Portfolio Advisor Class		2,698				10.61		28,621		4.47				1.40				3.37
PIMCO Emerging Markets Bond Portfolio Advisor Class		4,580		11.99		12.28		51,557		3.96		1.10		1.40		13.05		13.39
PIMCO Total Return Portfolio Advisor Class		68,386		9.88		10.00		679,994		0.20		1.15		1.80		-1.23		-1.08
PVC Core Plus Bond Account Class 1		2,499		10.28		10.29		25,705		3.30		1.55		1.70		2.85		2.94
PVC Diversified International Account Class 1		2,363		8.36		8.62		20,133		1.16		1.55		1.70		20.46		20.64
PVC Equity Income Account Class 2		15,527		21.69		22.29		343,318		1.72		1.55		1.70		26.61		26.80
PVC Government & High Quality Bond Account Class 1		73		8.20		8.42		602		2.71		1.55		1.70		4.56		4.71
PVC Large Cap Growth Account I Class 1		340				11.42		3,881		0.05				1.55				14.16
PVC MidCap Account Class 2		30,781		31.19		31.94		962,439		0.05		1.55		1.70		40.32		40.53
PVC Principal Capital Appreciation Account Class 2		5,898		30.09		30.92		179,245		1.45		1.55		1.70		29.87		30.07
PVC SAM Balanced Portfolio Class 2		346,538		17.03		17.85		6,009,868		2.30		1.52		1.77		17.64		17.93
PVC SAM Conservative Balanced Portfolio Class 2		2,842		11.54		11.83		32,793		2.95		1.55		1.70		13.72		13.89
PVC SAM Conservative Growth Portfolio Class 2		34,276		18.82		19.60		667,955		1.77		1.55		1.77		21.51		21.78
PVC SAM Flexible Income Portfolio Class 2		7,607		12.61		12.95		96,560		3.16		1.55		1.70		11.07		11.23
PVC SAM Strategic Growth Portfolio Class 2		15,559		21.34		21.92		340,118		1.34		1.55		1.70		24.99		25.18

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
PVC Short-Term Income Account Class 1		3,524		7.41		7.61		26,759		3.37		1.55		1.70		2.95		3.10
PVC SmallCap Account Class 2		491				14.64		7,181		0.05				1.55				25.17
SST SA Allocation Balanced Portfolio Class 3		896,753		15.95		17.55		15,156,281		1.60		1.15		1.90		13.84		14.70
SST SA Allocation Growth Portfolio Class 3		520,854		12.32		17.85		10,049,625		0.01		1.00		1.95		21.12		22.28
SST SA Allocation Moderate Growth Portfolio Class 3		872,294		12.02		16.89		15,455,456		1.51		1.00		1.90		18.34		19.41
SST SA Allocation Moderate Portfolio Class 3		983,643		11.30		16.30		17,222,636		1.58		0.95		2.15		16.22		17.62
SST SA American Century Inflation Protection Portfolio Class 3		1,784,567		10.90		12.55		20,789,922		0.33		0.85		2.15		3.29		4.64
SST SA Columbia Focused Value Portfolio Class 3		332				15.15		5,032		0.46				1.10				25.06
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		14,842		10.73		10.99		161,928		2.93		1.10		1.40		7.81		8.13
SST SA Multi-Managed International Equity Portfolio Class 3		2,961		11.60		11.61		34,365		2.29		1.10		1.40		20.74		21.10
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		3,160		16.30		17.36		53,725		0.22		1.10		1.40		28.36		28.75
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		337				17.16		5,779		0.00				1.10				34.27
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		337				13.43		4,526		0.30				1.10				23.70
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		356,378		12.85		13.02		4,618,996		1.31		1.15		1.55		17.96		18.44
SAST SA AB Growth Portfolio Class 1		214,281		11.89		107.02		18,377,037		0.00		1.40		1.52		32.84		33.00
SAST SA AB Growth Portfolio Class 3		376,817		27.89		31.70		21,677,683		0.00		0.85		1.90		32.01		33.41
SAST SA AB Small & Mid Cap Value Portfolio Class 3		756,384		21.56		23.80		20,643,251		0.00		0.85		2.15		17.17		18.71
SAST SA American Funds Asset Allocation Portfolio Class 3		3,754,306		15.83		18.84		75,971,292		1.94		1.00		1.90		18.63		19.70
SAST SA American Funds Global Growth Portfolio Class 3		760,020		18.66		23.07		18,712,711		0.80		1.10		2.15		32.06		33.45
SAST SA American Funds Growth Portfolio Class 3		665,102		22.08		25.36		18,053,532		0.00		1.10		2.15		27.62		28.97
SAST SA American Funds Growth-Income Portfolio Class 3		694,728		20.07		22.02		15,946,487		0.00		1.00		2.15		23.08		24.50
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		12,695,850		11.84		14.47		194,206,405		0.27		1.00		2.15		15.97		17.31
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		6,658,013		11.82		12.29		81,155,574		0.83		1.15		2.15		13.23		14.36
SAST SA DFA Ultra Short Bond Portfolio Class 1		100,022		11.97		12.20		1,197,783		1.92		1.40		1.52		0.73		0.85
SAST SA DFA Ultra Short Bond Portfolio Class 3		1,460,443		8.30		10.85		13,781,367		1.84		0.85		1.90		0.07		1.13
SAST SA Emerging Markets Equity Index Portfolio Class 3		12,908		9.91		9.98		128,286		0.00		1.15		1.55		16.56		17.03
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		59,797				33.87		2,025,249		5.30				1.52				13.14
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		2,294,983		17.45		29.38		47,382,219		5.04		0.85		2.15		12.16		13.62
SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3		6,024		11.08		11.09		66,745		0.30		1.15		1.30		10.76		10.87
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		18,156				42.97		780,176		2.02				1.52				24.31
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3		452,291		13.67		54.97		9,600,751		1.99		0.85		2.15		23.28		24.90
SAST SA Fixed Income Index Portfolio Class 3		267,929		10.41		10.56		2,814,180		0.24		1.15		1.80		6.86		7.56
SAST SA Fixed Income Intermediate Index Portfolio Class 3		199,001		10.16		10.31		2,041,252		0.20		1.15		1.80		4.09		4.77
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		182,258		77.61		79.12		14,164,204		2.03		1.40		1.52		23.79		23.94
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		619,394		19.56		32.78		20,130,470		1.86		0.85		2.15		22.72		24.32
SAST SA Franklin Small Company Value Portfolio Class 3		469,845		19.15		20.68		9,326,380		0.70		0.85		2.15		23.50		25.11
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		2,030				10.82		21,968		0.32				1.30				8.22
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		25,251				37.39		944,184		2.47				1.52				22.90
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		313,762		28.57		46.75		9,453,484		2.43		0.85		2.15		21.86		23.45
SAST SA Franklin Tactical Opportunities Portfolio Class 3		162,633		11.08		11.18		1,809,556		1.67		1.15		1.55		16.47		16.94
SAST SA Global Index Allocation 60/40 Portfolio Class 3		355,651		10.82		10.89		3,863,315		0.00		1.15		1.55		16.06		16.52
SAST SA Global Index Allocation 75/25 Portfolio Class 3		248,357		10.83		10.93		2,702,965		0.00		1.00		1.55		18.53		19.18
SAST SA Global Index Allocation 90/10 Portfolio Class 3		1,139,009		10.82		10.92		12,379,747		0.00		1.00		1.55		21.11		21.77
SAST SA Goldman Sachs Global Bond Portfolio Class 1		34,670				22.99		796,888		0.00				1.52				5.25
SAST SA Goldman Sachs Global Bond Portfolio Class 3		1,662,122		11.66		18.05		22,035,852		0.00		0.85		2.15		4.34		5.71
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		240,774		10.84		10.94		2,622,236		2.38		1.15		1.55		16.99		17.46
SAST SA Index Allocation 60/40 Portfolio Class 3		1,516,011		12.04		12.23		18,448,775		0.00		1.15		1.70		17.55		18.20
SAST SA Index Allocation 80/20 Portfolio Class 3		3,008,962		12.59		12.80		38,181,261		0.00		1.00		1.55		21.75		22.42
SAST SA Index Allocation 90/10 Portfolio Class 3		4,553,839		12.79		13.05		58,915,342		0.00		1.00		1.70		23.42		24.28
SAST SA International Index Portfolio Class 3		29,639		10.38		10.48		309,198		0.07		1.15		1.55		18.99		19.47
SAST SA Invesco Growth Opportunities Portfolio Class 1		18,035				13.85		249,833		0.00				1.52				27.03
SAST SA Invesco Growth Opportunities Portfolio Class 3		380,506		14.61		23.97		7,221,979		0.00		0.85		2.15		25.96		27.60
SAST SA Janus Focused Growth Portfolio Class 1		31,220				30.74		959,625		0.00				1.40				34.32
SAST SA Janus Focused Growth Portfolio Class 3		252,860		24.82		27.09		6,902,953		0.00		0.85		2.15		33.06		34.80
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		76,633				30.29		2,321,507		2.19				1.52				17.18
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		857,270		18.06		19.01		16,745,656		2.16		0.85		1.90		16.49		17.71
SAST SA JPMorgan Emerging Markets Portfolio Class 1		56,119				21.33		1,196,929		2.91				1.52				19.31
SAST SA JPMorgan Emerging Markets Portfolio Class 3		440,549		11.84		28.08		6,821,332		2.78		0.85		2.15		18.23		19.78
SAST SA JPMorgan Equity-Income Portfolio Class 1		88,743				70.91		6,292,566		2.40				1.52				25.24
SAST SA JPMorgan Equity-Income Portfolio Class 3		426,960		21.59		24.48		10,759,629		2.31		0.85		2.15		24.14		25.76
SAST SA JPMorgan Global Equities Portfolio Class 1		35,201				35.24		1,240,545		2.26				1.52				18.08
SAST SA JPMorgan Global Equities Portfolio Class 3		92,657		14.81		14.96		1,862,787		2.05		1.10		1.90		17.32		18.27
SAST SA JPMorgan Large Cap Core Portfolio Class 1		34,137				45.07		1,538,669		1.24				1.52				29.93
SAST SA JPMorgan Large Cap Core Portfolio Class 3		168,601		21.32		30.55		4,365,562		1.03		0.85		2.15		28.78		30.46
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		35,678				31.15		1,111,240		2.95				1.52				7.82
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		3,206,094		13.71		22.65		51,820,188		2.75		0.85		2.15		6.72		8.11
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		67,158				32.50		2,182,482		0.00				1.52				37.47
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		297,130		27.97		29.60		9,256,489		0.00		0.85		2.15		36.29		38.07
SAST SA Large Cap Growth Index Portfolio Class 3		33,155		12.28		12.36		408,402		0.01		1.15		1.55		28.39		28.91
SAST SA Large Cap Index Portfolio Class 3		128,745		12.61		12.72		1,631,693		0.02		1.15		1.55		28.61		29.12
SAST SA Large Cap Value Index Portfolio Class 3		58,366		11.99		12.07		701,946		0.03		1.15		1.55		29.22		29.74
SAST SA MFS Blue Chip Growth Portfolio Class 1		44,209				15.60		689,461		0.61				1.52				30.23
SAST SA MFS Blue Chip Growth Portfolio Class 3		319,918		15.82		24.03		6,837,180		0.36		0.85		1.90		29.39		30.75

FS VARIABLE SEPARATE ACCOUNT

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
			Unit Value ($)^{(a) (f)}				Net		Investment Income		Expense Ratio (%)^{(d) (f)}				Total Return (%)^{(e) (f)}


Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		45,435				58.10		2,639,689		0.89				1.52				29.81
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		482,194		24.01		28.69		14,680,834		0.64		0.85		2.15		28.70		30.39
SAST SA MFS Total Return Portfolio Class 1		70,480		49.46		50.42		3,492,997		2.25		1.40		1.52		18.54		18.69
SAST SA MFS Total Return Portfolio Class 3		562,337		17.31		29.68		12,686,615		2.29		0.85		1.90		17.80		19.04
SAST SA Mid Cap Index Portfolio Class 3		32,481		11.17		11.27		365,345		0.00		1.15		1.55		23.27		23.76
SAST SA Morgan Stanley International Equities Portfolio Class 1		86,169				16.51		1,422,397		2.54				1.52				18.81
SAST SA Morgan Stanley International Equities Portfolio Class 3		503,306		11.20		11.73		6,937,122		2.37		0.85		2.15		17.64		19.18
SAST SA PIMCO RAE International Value Portfolio Class 3		1,481,499		10.21		11.88		19,554,534		0.08		0.85		2.15		9.52		10.95
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		9,278,213		11.80		13.23		128,965,209		0.00		1.00		2.15		16.24		17.58
SAST SA PineBridge High-Yield Bond Portfolio Class 1		43,195				35.24		1,522,379		7.86				1.52				13.15
SAST SA PineBridge High-Yield Bond Portfolio Class 3		370,309		15.71		26.52		7,037,710		7.30		0.85		2.15		12.03		13.49
SAST SA Putnam International Growth and Income Portfolio Class 1		87,732		17.53		17.87		1,542,523		2.30		1.40		1.52		18.51		18.65
SAST SA Putnam International Growth and Income Portfolio Class 3		401,348		9.50		14.84		5,569,705		2.17		0.85		1.90		17.77		19.01
SAST SA Schroders VCP Global Allocation Portfolio Class 3		5,278,329		12.46		12.84		67,189,877		1.40		1.15		1.90		16.68		17.56
SAST SA Small Cap Index Portfolio Class 3		69,237		10.79		10.89		751,119		0.00		1.15		1.55		22.59		23.08
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		1,285,472		11.64		11.79		15,103,032		1.16		1.10		1.70		22.16		22.90
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		10,022,020		13.30		13.95		137,554,099		1.47		0.95		2.15		19.67		21.12
SAST SA VCP Dynamic Allocation Portfolio Class 3		61,360,569		14.66		16.12		951,562,334		0.00		0.95		2.15		17.83		19.26
SAST SA VCP Dynamic Strategy Portfolio Class 3		38,675,868		14.29		15.40		582,680,338		0.00		1.15		2.15		16.87		18.04
SAST SA VCP Index Allocation Portfolio Class 3		3,158,875		11.46		11.60		36,380,075		0.08		1.00		1.55		21.10		21.77
SAST SA Wellington Capital Appreciation Portfolio Class 1		62,478		157.98		327.43		10,198,832		0.00		1.40		1.52		29.19		29.34
SAST SA Wellington Capital Appreciation Portfolio Class 3		404,739		35.43		53.95		23,105,080		0.00		0.85		2.15		28.06		29.73
SAST SA Wellington Government and Quality Bond Portfolio Class 1		87,679		22.45		52.72		2,021,013		2.47		1.40		1.52		5.70		5.83
SAST SA Wellington Government and Quality Bond Portfolio Class 3		2,187,927		11.79		18.63		32,411,328		2.36		0.85		2.15		4.78		6.15
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		2,414				72.33		174,579		0.00				1.40				17.42
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		229,612		12.03		12.19		2,780,992		0.00		1.15		1.55		17.05		17.52
VALIC Company I International Equities Index Fund		14,311		11.77		11.79		168,510		3.39		1.10		1.40		19.61		19.97
VALIC Company I Mid Cap Index Fund		58,317		13.23		15.22		874,905		1.40		1.10		1.70		23.59		24.34
VALIC Company I Nasdaq-100 Index Fund		10,895		18.30		21.01		222,259		0.41		1.10		1.70		36.33		37.15
VALIC Company I Small Cap Index Fund		20,182		12.87		15.24		291,029		1.04		1.10		1.70		23.04		23.78
VALIC Company I Stock Index Fund		83,882		15.28		16.92		1,400,171		1.47		1.10		1.70		28.88		29.66

(a)	Because the unit values are presented as a range of lowest to highest, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract unit values are not within the ranges presented.

(b)	These amounts represent the net asset value before adjustments allocated to the contracts in payout period.

(c)

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-account from the Funds, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the Funds in which the sub-account invests. The average net assets are calculated using the net asset balances at the beginning and end of the year. If there are no assets at either the beginning or end of the year, the asset balance of the first or last day the sub-account had assets is used.

(d)

These amounts represent the annualized contract expenses of the sub-account, consisting of distribution, mortality and expense charges, for each period indicated. The ratios include only those expenses that result in direct reduction to unit values. Charges made directly to the contract owners account through the redemption of units and expenses of the Funds have been excluded. For additional information on charges and deductions, see Note 4.

(e)

These amounts represent the total return for the periods indicated, including changes in the value of the Funds, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each of the periods indicated or from the effective date through the end of the reporting period. Because the total return is presented as a range of minimum and maximum values, based on the product grouping representing the minimum and maximum expense ratios, some individual contract total returns are not within the ranges presented.

(f)	A blank in the lowest unit value, lowest expense ratio and lowest total return columns indicates that the lowest value is the same as the highest value.

7.	Subsequent Events

Management considered Separate Accounts related events and transactions that occurred after the date of the Statement of Assets and Liabilities, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that required additional disclosures. Management has evaluated events through the date the financial statements were issued.

The United States Life Insurance Company in the

City of New York

(An indirect wholly owned subsidiary of Corebridge Financial, Inc.)

Statutory Financial Statements and

Supplemental Information and

Report of Independent Auditors

At December 31, 2023 and 2022 and

for each of the three years ended December 31, 2023

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

TABLE OF CONTENTS


STATUTORY FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION			Page

Report of Independent Auditors			2

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus at December 31, 2023 and 2022			4

Statutory Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021			6

Statutory Statements of Changes in Capital and Surplus for the Years Ended December 31, 2023, 2022 and 2021			7

Statutory Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021			8

Notes to Statutory Financial Statements			9

Supplemental Schedule of Selected Financial Data			62

Supplemental Investment Risks Interrogatories			64

Supplemental Summary Investment Schedule			70

Supplemental Schedule of Reinsurance Disclosures			71

Report of Independent Auditors

To the Board of Directors and Shareholder of The United States Life Insurance Company in the City of New York

Opinions

We have audited the accompanying statutory financial statements of The United States Life Insurance Company in the City of New York (the “Company”), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2023 and 2022 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2023.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of selected financial data, investment risks interrogatories, summary investment schedule, and schedule of reinsurance disclosures (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2023 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 18, 2024

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS


	December 31,
(in millions)	2023		2022
Admitted assets
Cash and investments
Bonds	$	19,390	$	19,008
Preferred stock		45		27
Common stock		18		18
Cash, cash equivalents and short-term investments		227		389
Mortgage loans		3,876		3,906
Contract loans		132		141
Derivatives		46		91
Derivative cash collateral		63		196
Other invested assets		1,669		1,924
Total cash and investments		25,466		25,700
Amounts recoverable from reinsurers		25		49
Amounts receivable under reinsurance contracts		39		7
Current federal income tax recoverable		—		11
Deferred tax asset		168		186
Due and accrued investment income		209		196
Premiums due, deferred and uncollected		55		49
Receivables from affiliates		19		28
Other assets		7		30
Separate account assets		5,774		5,412
Total admitted assets	$	31,762	$	31,668

See accompanying Notes to Statutory Financial Statements.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS (CONTINUED)


	December 31,
(in millions, except for share data)	2023		2022
Liabilities
Policy reserves and contractual liabilities
Life, annuity and modco reserves	$	21,767	$	22,128
Liabilities for deposit-type contracts		761		780
Accident and health reserves		191		207
Premiums received in advance		1		1
Policy and contract claims		106		125
Policyholder dividends		1		1
Total policy reserves and contractual liabilities		22,827		23,242
Experience rated refund		75		75
Payable to affiliates		18		36
Interest maintenance reserve		222		297
Federal income taxes payable		24		—
Derivatives		2		183
Repurchase agreements		—		20
Collateral for derivatives program		40		78
Accrued expenses and other liabilities		207		359
Net transfers from separate accounts due or accrued		(114)		(120)
Asset valuation reserve		448		453
Separate account liabilities		5,774		5,412
Total liabilities		29,523		30,035
Commitments and contingencies (see Note 20)

Capital and surplus
Common stock, $2 par value; 1,980,658 shares authorized, issued and outstanding		4		4
Gross paid-in and contributed surplus		1,913		1,913
Unassigned surplus		322		(284)
Total capital and surplus		2,239		1,633
Total liabilities and capital and surplus	$	31,762	$	31,668

See accompanying Notes to Statutory Financial Statements.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF OPERATIONS


	December 31,
(in millions)	2023		2022		2021
Revenues
Premiums and annuity considerations	$	2,382	$	2,209	$	2,472
Net investment income		1,123		1,204		1,169
Amortization of interest maintenance reserve		17		28		32
Reserve adjustments on reinsurance ceded		(381)		(624)		(496)
Commissions and expense allowances		58		52		69
Separate account fees		114		124		138
Other income		25		18		27
Total revenues		3,338		3,011		3,411
Benefits and expenses
Death benefits		165		189		190
Annuity benefits		208		224		339
Surrender benefits		2,410		1,411		1,182
Other benefits		159		172		122
Change in reserves		(397)		674		111
Commissions		109		94		88
General insurance expenses		115		107		104
Net transfers to (from) separate accounts		(60)		(13)		847
Other expenses		4		16		15
Total benefits and expenses		2,713		2,874		2,998
Net gain from operations before dividends to policyholders and federal income taxes		625		137		413
Net gain from operations after dividends to policyholders and before federal income taxes		625		137		413
Federal income tax expense		46		143		132
Net gain (loss) from operations		579		(6)		281
Net realized capital gains (losses), net of tax after transfers to interest maintenance reserves		30		(72)		(103)
Net income (loss)	$	609	$	(78)	$	178

See accompanying Notes to Statutory Financial Statements.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS


(in millions)	Common Stock		Gross Paid- In and Contributed Surplus		Unassigned Surplus			Total Capital and Surplus
Balance, January 1, 2021	$	4	$	1,913	$	(127	)	$	1,790
Net income (loss)		—		—		178			178
Change in net unrealized capital gains (losses)		—		—		200			200
Change in net unrealized foreign exchange capital gains (losses)		—		—		(46	)		(46	)
Change in deferred tax		—		—		50			50
Change in non-admitted assets		—		—		25			25
Change in liability for reinsurance in unauthorized and certified companies		—		—		(7	)		(7	)
Change in asset valuation reserve		—		—		(62	)		(62	)
Change in surplus from separate accounts		—		—		27			27
Other changes in surplus in separate accounts		—		—		(27	)		(27	)
Change in surplus as a result of reinsurance		—		—		(2	)		(2	)
Dividends		—		—		(101	)		(101	)
Prior period corrections		—		—		(5	)		(5	)
Balance, December 31, 2021	$	4	$	1,913	$	103		$	2,020
Net income (loss)		—		—		(78	)		(78	)
Change in net unrealized capital gains (losses)		—		—		(57	)		(57	)
Change in net unrealized foreign exchange capital gains (losses)		—		—		(101	)		(101	)
Change in deferred tax		—		—		95			95
Change in non-admitted assets		—		—		(90	)		(90	)
Change in asset valuation reserve		—		—		39			39
Change in surplus from separate accounts		—		—		9			9
Other changes in surplus in separate accounts		—		—		(9	)		(9	)
Change in surplus as a result of reinsurance		—		—		(2	)		(2	)
Dividends		—		—		(200	)		(200	)
Prior period corrections		—		—		7			7
Balance, December 31, 2022	$	4	$	1,913	$	(284	)	$	1,633
Net income (loss)		—		—		609			609
Change in net unrealized capital gains (losses)		—		—		(25	)		(25	)
Change in net unrealized foreign exchange capital gains (losses)		—		—		59			59
Change in deferred tax		—		—		(64	)		(64	)
Change in non-admitted assets		—		—		24			24
Change in liability for reinsurance in unauthorized and certified companies		—		—		7			7
Change in asset valuation reserve		—		—		6			6
Change in surplus from separate accounts		—		—		10			10
Other changes in surplus in separate accounts		—		—		(10	)		(10	)
Change in surplus as a result of reinsurance		—		—		(2	)		(2	)
Dividends		—		—		—			—
Prior period corrections		—		—		(8	)		(8	)
Balance, December 31, 2023	$	4	$	1,913	$	322		$	2,239

See accompanying Notes to Statutory Financial Statements.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF CASH FLOWS


	December 31,
(in millions)	2023		2022		2021
Cash from operations
Premium and annuity considerations, collected, net of reinsurance	$	2,382	$	2,196	$	1,996
Net investment income collected		1,035		1,242		1,062
Other income		(181)		(430)		(262)
Total revenue received		3,236		3,008		2,796
Benefits paid		2,948		1,792		1,811
Net transfers from (to) separate accounts		(9)		(20)		896
Commissions and expenses paid		236		211		198
Dividends paid to policyholders		1		—		1
Federal income taxes paid		21		109		123
Total benefits and expenses paid		3,197		2,092		3,029
Net cash provided by (used in) operations		39		916		(233)
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds		1,421		2,640		4,630
Stocks		9		10		6
Mortgage loans		424		469		307
Other invested assets		422		667		587
Derivatives		—		102		—
Securities lending reinvested collateral assets		—		258		37
Other, net		(11)				27
Total proceeds from investments sold, matured or repaid		2,265		4,146		5,594
Cost of investments acquired:
Bonds		1,783		1,978		4,042
Stocks		22		19		2
Mortgage loans		322		1,243		325
Other invested assets		372		895		829
Derivatives		58		—		—
Other, net		(133)		24		76
Total cost of investments acquired		2,424		4,159		5,274
Net adjustment in contract loans		(9)		(7)		(12)
Net cash provided by (used in) investing activities		(150)		(6)		332
Cash from financing and miscellaneous sources
Cash provided (applied):
Capital and paid-in surplus		(2)		(2)		(2)
Net deposits on (withdrawals from) deposit-type contracts		(18)		(2)		(2)
Dividends to parent		—		(200)		(101)
Change in securities lending		—		(261)		—
Other, net		(31)		(233)		(22)
Net cash provided by (used in) financing and miscellaneous activities		(51)		(698)		(127)
Net increase (decrease) in cash, cash equivalents and short-term investments		(162)		212		(28)
Cash, cash equivalents and short-term investments at beginning of year		389		177		205
Cash, cash equivalents and short-term investments at end of year	$	227	$	389	$	177

Non-cash activities, excluded from above:
Non-cash pension risk transfer premiums	$	—	$	—	$	480
Non-cash Modco to FRL settlements		187		—		—
Non-cash transfer from collateral other invested assets to bonds		137		—		—
Non-cash transfer from separate to general account		58		—		—
Non-cash transfer from other invested assets to mortgage loans		47		—		2
Non-cash premium transfer from AGL to USL		—		—		4
Non-cash transfer from common stock to other invested assets		—		3		3
Non-cash transfer from other invested assets to common stock		2		—		—

See accompanying Notes to Statutory Financial Statements.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS

The United States Life Insurance Company in the City of New York (“USL” or the “Company”) is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life” or the “Parent”), a Missouri-domiciled life insurance company, which is wholly owned by Corebridge Life Holdings, Inc. (formerly known as AIG Life Holdings, Inc.) (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”), which American International Group, Inc. (“AIG”) owns 52.2% of their outstanding common stock as of December 31, 2023. AIG is a holding company, which through its subsidiaries provides a wide range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers in more than 190 countries and jurisdictions. The term “AIG” means American International Group, Inc. and not any of AIG’s consolidated subsidiaries.

The Company is a stock life insurance company domiciled and licensed under the laws of the State of New York and is subject to regulation by the New York State Department of Financial Services (“NYDFS”). The Company is also subject to regulation by the states in which it is authorized to transact business. The Company is licensed to sell life and accident and health insurance in all 50 states and the District of Columbia. The Company is also licensed in the U.S. Virgin Islands.

The Company’s fixed annuity products include single premium fixed annuities, immediate annuities and deferred income annuities. The Company’s variable annuity products include variable annuities that offer a combination of growth potential, death benefit features and income protection features. The Company’s fixed index annuities include products that provide growth potential based in part on the performance of a market index, and certain of the Company’s fixed index annuity products offer optional income protection features. The Company also offers pension risk transfer annuities. The Company’s distribution channels include banks, wirehouses, broker dealers, independent marketing organizations and independent insurance agents.

The Company’s individual life insurance products are primarily term life and universal life insurance, distributed through independent marketing organizations, independent insurance agents, financial advisors and direct marketing.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the NYDFS. These accounting practices vary in certain respects from accounting principles generally accepted in the United States of America (“U.S. GAAP”), as described herein.

The NYDFS recognizes only statutory accounting practices (“SAP”) prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under New York Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of New York. The State of New York has the right to permit other specific practices that deviate from prescribed practices.

The Company does not employ any prescribed or permitted accounting practices that differ from the NAIC SAP.

Certain prior year amounts have been reclassified to conform to the current year presentation.

The statement of cash flows in this report has balances that are different from those in the annual statement filed with the NAIC. The annual statement for 2023 had net cash provided by operations, investments and financing of $92 million, $(304) million and $49 million, respectively, while this report has $39 million, $(150) million and $(51) million, respectively.

Use of Estimates

The preparation of financial statements in conformity with accounting practices prescribed or permitted by the NYDFS requires management to make estimates and assumptions that affect the reported amounts in the statutory financial statements and the accompanying notes. It also requires disclosure of contingent assets and liabilities at the date of the statutory financial statements and the reported amounts of revenue and expense during the period. The areas of significant judgments and estimates include the following:

•

application of other-than-temporary impairments;

•

estimates with respect to income taxes, including recoverability of deferred tax assets;

•

fair value measurements of certain financial assets; and

•

policy reserves for life, annuity and accident and health insurance contracts, including guarantees.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, Statutory Statements of Operations and Statutory Statements of Cash Flows could be materially affected.

Significant Accounting Policies

Bonds not backed by other loans are carried at amortized cost except for those with a NAIC designation of “6” or “6*”. Bonds with a NAIC 6 designation are carried at the lower of amortized cost or fair value, with unrealized losses charged directly to unassigned surplus. Bonds that have not been filed and have not received a designation in over one year from the NAIC’s Investment Analysis Office (“IAO”) receive a “6*” designation and are carried at zero, with the unrealized loss charged directly to unassigned surplus. Bonds filed with the IAO which receive a “6*” designation may carry a value greater than zero. Securities are assigned a NAIC 5* designation if the Company certifies that (1) the documentation necessary to permit a full credit analysis does not exist, (2) the issuer or obligor is current on all contracted interest and principal payments and (3) the Company has an actual expectation of ultimate repayment of all contracted interest and principal. Securities with NAIC 5* designations are deemed to possess the credit characteristics of securities assigned a NAIC 5 designation. The discount or premium on bonds is amortized using the effective yield method.

Loan-backed and structured securities (“LBaSS”) include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), pass-thru securities, lease-backed securities,

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

equipment trust certificates, loan-backed securities issued by special purpose corporations or trusts, and securities where there is not direct recourse to the issuer. LBaSS are carried on a basis consistent with that of bonds not backed by loans. Income recognition for LBaSS is determined using the effective yield method and estimated cash flows. Prepayment assumptions for single-class and multi-class mortgage-backed securities (“MBS”) and ABS were obtained from an outside vendor or internal estimates. The Company uses independent pricing services and broker quotes in determining the fair value of its LBaSS. The Company uses the retrospective adjustment method to account for the effect of unscheduled payments affecting high credit quality securities, while securities with less than high credit quality and securities for which the collection of all contractual cash flows is not probable are both accounted for using the prospective adjustment method.

Reference to “non-rated residual tranches or interests” intends to capture securitization tranches, beneficial interests, interests of structured finance investments, as well as other structures that reflect loss layers without contractual interest or principal payments. Payments to holders of these investments occur after contractual interest and principal payments have been made to other tranches or interests and are based on the remaining available funds. Although payments to holders can occur throughout an investment’s duration (and not just at maturity), such instances still reflect the residual amount permitted to be distributed after other holders have received contractual interest and principal payments.

NAIC designations are determined with a multi-step approach. The initial designation is used to determine the carrying value of the security. The final NAIC designation is used for reporting and affects risk-based capital (“RBC”). The final NAIC designation is determined for most RMBS and CMBS by financial modeling conducted by BlackRock. For credit tenant loans, equipment trust certificates, any corporate-like securities rated by the IAO, interest-only securities, and those securities with an original NAIC designation of 5, 5*, 6, or 6*, the final NAIC designation is based on the IAO or Credit Rating Provider rating and is not subject to financial modeling.

Redeemable preferred stocks with NAIC designations of “1” through “3” are carried at amortized cost. All other redeemable preferred stocks are stated at the lower of cost, amortized cost or fair value, with unrealized capital losses charged directly to unassigned surplus. Perpetual preferred stocks are valued at fair value, not to exceed any currently effective call price. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary.

Unaffiliated common stocks are carried at fair value, with unrealized capital gains and losses credited or charged directly to unassigned surplus. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary. For Federal Home Loan Bank (“FHLB”) capital stock, which is only redeemable at par, the fair value shall be presumed to be par, unless considered other-than-temporarily impaired.

Subsidiary, controlled, and affiliated (“SCA”) entities: The Company has no investments in insurance SCA entities. Investments in non-insurance SCA entities are recorded based on the equity of the investee per audited financial statements prepared pursuant to U.S. GAAP, which is adjusted to a statutory basis of accounting, if applicable. All investments in non-insurance SCA entities for which audited U.S. GAAP financial statements are not available are non-admitted as assets. Undistributed equity in earnings of affiliates is included in unassigned surplus as a component of unrealized capital gains or losses. Dividends received from such affiliates are recorded as investment income when declared.

Mortgage and mezzanine real estate loans are carried at unpaid principal balances less allowances for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on performing loans is accrued as earned.

Mortgage and mezzanine real estate loans are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property occupancy, profile of the borrower and of the major property tenants, and economic trends in the market where the property is located. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Cash, cash equivalents and short-term investments include cash on hand and amounts due from banks, highly liquid debt instruments that have original maturities within one year of date of purchase and are carried at amortized cost, interest-bearing money market funds, investment pools and other investments with original maturities within one year from the date of purchase.

Contract loans are carried at unpaid balances, which include unpaid principal plus accrued interest, including 90 days or more past due. All loan amounts in excess of the contract cash surrender value are considered non-admitted assets.

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are reported in a manner consistent with the hedged asset or liability (“hedge accounting”). Changes in statement value or cash flow of derivatives that qualify for hedge accounting are recorded consistently with how the changes in the statement value or cash flow of the hedged asset or liability are recorded. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge (“ineffective hedges”) are accounted for at fair value and the changes in fair value are recorded as unrealized gains or losses.

Starting in 2022 the Company designated, under Statement of Statutory Accounting Principles (“SSAP”) 86, Derivatives, certain foreign exchange derivatives as effective hedges of certain invested assets. Starting in 2023, the Company elected fair value hedge accounting for the hedge of a portfolio of similar assets using the “portfolio layer method.” The portfolio layer method represents a new method of achieving hedge accounting that had recently been adopted for statutory reporting purposes pursuant to guidance in SSAP 86.

Other invested assets principally consist of investments in limited partnerships and limited liability companies. Investments in these assets, except for joint ventures, partnerships and limited liability companies with a minor ownership interest, are reported using the equity method. Under SAP, such investments are generally reported based on audited U.S. GAAP equity of the investee, with subsequent adjustment to a statutory basis of accounting, if applicable.

Joint ventures, partnerships and limited liability companies in which the Company has a minor ownership interest (i.e., less than 10 percent) or lacks control, are generally recorded based on the underlying audited U.S. GAAP equity of the investee, with some prescribed exceptions. SAP allows the use of (a) the U.S. GAAP equity as set forth in the footnote reconciliation of foreign GAAP equity and income to U.S. GAAP within audited foreign GAAP financial statements or (b) the International Financial Reporting Standards (“IFRS”) basis equity in audited IFRS financial statements as an acceptable basis for the valuation of minor/non-controlled investments. The audited U.S. tax basis equity may also be used in certain circumstances.

All other investments in entities for which audited U.S. GAAP financial statements, or another acceptable audited basis of accounting as described above were not available have been non-admitted as assets. Undistributed accumulated earnings of such entities are included in unassigned surplus as a component of unrealized capital gains or losses. Distributions received that are not in excess of the undistributed accumulated earnings are recognized as investment income. Impairments that are determined to be other than temporary are recognized as realized capital losses.

Securities lending and repurchase agreements: The Company has a securities lending program, which was approved by its Board of Directors, and lends securities from its investment portfolio to supplement liquidity or for other uses as deemed appropriate by management. Under the program, securities are lent to financial institutions, and in return the Company receives cash as collateral equal to 102 percent of the fair value of the loaned securities. The cash collateral received is invested in cash and/or short-term investments that may be sold or repledged or partially used for short-term liquidity purposes based on conservative cash flow forecasts. Securities lent by the Company under these transactions may be sold or repledged by the counterparties. The liability for cash collateral received would be reported in payable for securities lending in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. The Company monitors the fair value of securities loaned and obtains additional collateral as necessary. At the termination of the transactions, the Company and its counterparties are obligated to return the collateral provided and the securities lent, respectively. These transactions are treated as secured financing arrangements.

In addition, the Company is a party to secured financing transactions involving securities sold under agreements to repurchase (repurchase agreements), in which the Company transfers securities in exchange for cash, with an agreement by the Company to repurchase the same or substantially similar securities on agreed upon dates specified in the agreements.

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Investment income due and accrued is non-admitted from investment income for bonds and other invested assets when collection of interest is overdue by more than 90 days, or is uncertain, and for mortgage loans when loans are foreclosed, or delinquent in payment for greater than 180 days, or when collection of interest is uncertain.

Net realized capital gains and losses, which are determined by using the specific identification method, are reflected in income net of applicable federal income taxes and transfers to the interest maintenance reserve.

The Company regularly evaluates its investments for other-than-temporary impairment (“OTTI”) in value. The determination that a security has incurred an OTTI in value and the amount of any loss recognition requires the judgment of the Company’s management and a continual review of its investments. For bonds, other than LBaSS, an OTTI shall be considered to have occurred if it is probable that the Company will not be able to collect all amounts due under the contractual terms in effect at the acquisition date of the debt security. If it is determined an OTTI has occurred, the cost basis of bonds are written down to fair value and the amount of the write-down is recognized as a realized capital loss.

For LBaSS, a non-interest related OTTI resulting from a decline in value due to fundamental credit problems of the issuer is recognized when the projected discounted cash flows for a particular security are less than its amortized cost. When a non-interest related OTTI occurs, the LBaSS is written down to the present value of future cash flows expected to be collected. An OTTI is also deemed to have occurred if the Company intends to sell the LBaSS or does not have the intent and ability to retain the LBaSS until recovery. If the decline is interest-related, the LBaSS is written down to fair value.

In periods subsequent to the recognition of an OTTI loss, the Company generally accretes the difference between the new cost basis and the future cash flows expected to be collected, if applicable, as interest income over the remaining life of the security based on the amount and timing of estimated future cash flows.

Non-admitted assets are excluded from admitted assets and the change in the aggregate amount of such assets is reflected as a separate component of unassigned surplus. Non-admitted assets include all assets specifically designated as non-admitted and assets not designated as admitted, such as a certain portion of DTAs, prepaid expenses, electronic data processing (“EDP”) equipment assets, agents’ balances or other receivables over 90 days. Non-admitted assets were $655 million and $679 million at December 31, 2023 and 2022, respectively.

Interest maintenance reserve (“IMR”) is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related investment gains and losses resulting from sales (net of taxes) and interest-related OTTI (net of taxes). IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. An OTTI occurs when the Company, at the reporting date, has the intent to sell an investment or does not have the intent and ability to hold the security before recovery of the cost of the investment. For LBaSS, if the Company recognizes an interest-related OTTI, the non-interest-related OTTI is recorded to the asset valuation reserve, and the interest-related portion to IMR. Such gains and losses are deferred into the IMR and amortized into income using the grouped method over the remaining contractual lives of the securities sold.

Asset valuation reserve (“AVR”) is used to stabilize surplus from fluctuations in the market value of bonds, stocks, mortgage loans, real estate, limited partnerships and other investments. Changes in the AVR are recorded as direct increases or decreases in surplus.

Separate account assets and liabilities generally represent funds for which the contract holder, rather than the Company, bears the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company, except for certain guaranteed products. Separate account assets are generally reported at fair value. In addition, certain products with fixed guarantees and market-value-adjusted (“MVA”) fixed annuity contracts in which the assets are generally carried at amortized cost are required by certain states to be carried in a separate account. The operations of the separate accounts are excluded from the Statutory Statements of Operations and Statutory Statements of Cash Flows of the Company. The Company receives fees for assuming mortality and certain expense risks. Such fees are included in separate account fees in the Statutory Statements of Operations. Reserves for variable annuity contracts are provided in accordance with the Variable Annuity Commissioners’ Annuity Reserve Valuation Method (“VACARVM”) under subsection 21 of the Valuation Manual (“VM-21”). Reserves for variable universal life accounts are provided in accordance with subsection 20 of the Valuation Manual (“VM-20”) for new business issued beginning in 2020, and in accordance with the Commissioners’ Reserve Valuation Method (“CRVM”) for policies issued prior to 2020.

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Policy reserves are established according to different methods.

Life, annuity, and health reserves are developed by actuarial methods and are generally determined based on published tables using specified interest rates, mortality or morbidity assumptions, and valuation methods prescribed or permitted by statutes that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the NYDFS.

Principle-based reserving (“PBR”) is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the previous prescribed approach. Reserve requirements for the Company’s life insurance policies issued after January 1, 2020 are contained in VM-20, Requirements for Principle-Based Reserves for Life Products, policies issued prior to 2020 are reserved for using the CRVM. Under VM-20, these reserves are generally more sensitive to changes in actuarial assumptions. The Company’s regulatory reserving practices are governed by New York Regulation 213 which entails some potential deviations from the PBR reserving guidance in VM-20. Under this Regulation, the reserves for term life policies are equal to the greater of i) 70% of the CRVM determined policy level reserve and ii) the PBR (VM-20) reserve, while required universal life reserves are equal to the greater of i) CRVM established reserves and ii) PBR reserves.

The Company waives the deduction of deferred fractional premiums on the death of the life and annuity policy insured and for traditional life insurance returns any portion of the final premium for periods beyond the date of death. The Company reported additional reserves for surrender values in excess of the corresponding policy reserves.

The Company performs annual cash flow testing in accordance with the Actuarial Opinion and Memorandum Regulation to ensure adequacy of the reserves. Additional reserves are established where the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or where the net premiums exceed the gross premiums on any insurance in force. Total cash flow testing reserves were $1.0 billion and $1.4 billion at December 31, 2023 and 2022, respectively.

A majority of the Company’s variable annuity products are issued with a guaranteed minimum death benefit (“GMDB”) which provides that, upon the death of a contractholder, the contractholder’s beneficiary will receive the greater of (1) the contractholder’s account value, or (2) a GMDB that varies by product. Depending on the product, the GMDB may equal the principal invested, adjusted for withdrawals; or the greatest contract value, adjusted for withdrawals, at the specified contract anniversaries; or the principal invested, adjusted for withdrawals, accumulated at the specified rate per annum. These benefits have issue age and other restrictions to reduce mortality risk exposure. The Company bears the risk that death claims following a decline in the financial markets may exceed contract holder account balances, and that the fees collected under the contract are insufficient to cover the costs of the benefit to be provided. Death benefits on GMDB policies generally reduce on a proportional basis or on a dollar-for-dollar basis when a partial withdrawal occurs.

Reserves for GMDB benefits are included in the VACARVM reserve. Variable Annuity (“VA”) reserving requirements are contained in VM-21, Reserves for Variable Requirements for Principle-Based Annuities.

Life policies underwritten as substandard are charged extra premiums. Reserves are computed for a substandard policy by adding the reserve for an otherwise identical non-substandard policy plus a factor times the extra premium charge for the year. The factor varies by duration, type of plan, and underwriting. In addition, an extra mortality reserve is reported for ordinary life insurance policies classified as group conversions. Substandard structured settlement annuity reserves are determined by making a constant addition to the mortality rate of the applicable valuation mortality table so that the life expectancy on the adjusted table is equal to the life expectancy determined by the Company’s underwriters at issue.

The liabilities related to policyholder funds left on deposit with the Company generally are equal to fund balances less applicable surrender charges.

In addition, an extra mortality reserve is held for ordinary life insurance policies classified as group conversions, equal to the excess, if any, of a substandard reserve over a standard reserve based on mortality rates appropriately increased over the standard class mortality rates.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula, except for universal life insurance and deferred annuity reserves, which include fund accumulations for which tabular interest has been determined from basic data. For the determination of tabular interest on funds not involving life contingencies, the actual credited interest is used.

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

For long-term disability products, disabled life reserves were established using the 1964 Commissioner’s Disability Table for claims incurred prior to January 1, 1989, and the 1987 Commissioner’s Group Disability Table for claims incurred January 1, 1989 and later, at an interest rate equal to the Single Premium Immediate Annuity rate (based on year incurred) less 1 percent.

Liabilities for deposit-type contracts, which include supplementary contracts without life contingencies and annuities certain, are based on the discounting of future payments at an annual statutory effective rate. Tabular interest on other funds not involving life contingencies is based on the interest rate at which the liability accrues.

Policy and contract claims represent the ultimate net cost of all reported and unreported claims incurred during the year. Reserves for unpaid claims are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary, as experience develops or new information becomes known; such adjustments are included in current operations.

Reserves for future policy benefits to be paid on life and accident and health policies, incurred in the statement period, but not yet reported, were established using historical data from claim lag experience. The data is aggregated from product specific studies performed on the Company’s business.

Premiums and annuity considerations and related expenses are recognized over different periods. Life premiums are recognized as income over the premium paying periods of the related policies. Annuity considerations are recognized as revenue when received. Premiums for deposit-type products are credited directly to the respective reserves and are not recorded in the Statutory Statement of Operations. Acquisition costs such as commissions and other expenses related to the production of new business are charged to the Statutory Statements of Operations as incurred.

Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Annuity and deposit-type contract surrender benefits are reported on a cash basis, and include annuity benefits, payments under supplementary contracts with life contingencies, surrenders and withdrawals. Withdrawals from deposit-type contracts directly reduce the liability for deposit-type contracts and are not reported in the Statutory Statements of Operations.

General insurance expenses include allocated expenses pursuant to cost allocation agreements. The Company purchases administrative, accounting, marketing and data processing services from AIG, Corebridge and affiliates and is charged based on estimated levels of usage, transactions or time incurred in providing the respective services. The allocation of costs for investment management services purchased from affiliates is based on the level of assets under management.

Federal income tax expense (benefit) is recognized and computed on a separate company basis pursuant to tax sharing agreements, because the Company is included in the consolidated federal income tax returns of its parent company filing group. For the period prior to the Corebridge initial public offering (the “IPO”) on September 19, 2022, the Company joined in the filing of a consolidated federal income tax return with AIG. For the period following the IPO, the Company will join with AGC Life, American General Life Insurance Company (“AGL”), Variable Annuity Life Insurance Company (“VALIC”), and Corebridge Insurance Company of Bermuda, Ltd. (formerly AIG Life of Bermuda, Ltd.) (“Corebridge Bermuda”), in filing a consolidated life company federal income tax return. To the extent that benefits for net operating losses, foreign tax credits, corporate alternative minimum tax (“CAMT”) credits or net capital losses are utilized on a consolidated basis, the Company would recognize tax benefits based upon the amount of those deductions and credits utilized in the consolidated federal income tax return. The federal income tax expense or benefit reflected in the Statutory Statements of Operations represents income taxes provided on income that is currently taxable, but excludes tax on the net realized capital gains or losses.

Income taxes on capital gains or losses reflect differences in the recognition of capital gains or losses on a statutory accounting basis versus a tax accounting basis. The most significant of such differences involve impairments of investments, which are recorded as realized losses in the Statutory Statements of Operations but are not recognized for tax purposes, and the deferral of net capital gains and losses into the IMR for statutory income but not for taxable income. Capital gains and losses on certain related-party transactions are recognized for statutory financial reporting purposes but are deferred for income tax reporting purposes until the security is sold to an outside party.

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

A deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, which reflects the expected future tax consequences of temporary differences between the statement values of assets and liabilities for statutory financial reporting purposes and the amounts used for income tax reporting purposes. The change in the net DTA or DTL is reflected in a separate component of unassigned surplus. Net DTAs are limited in their admissibility.

The CAMT is disregarded when evaluating the need for a valuation allowance for the Company’s non-CAMT DTAs.

Accounting Changes

SSAP No. 86, Derivatives, was revised to adopt with modification derivative guidance from ASU 2017-12, Derivatives and Hedging and ASU 2022-01, Fair Value Hedging – Portfolio Layer Method, to include guidance for the portfolio layer method and partial-term hedges. These revisions were effective January 1, 2023. A partial-term hedge is a hedge for a portion of the time to maturity of a fixed rate asset (liabilities are not included contrary to U.S. GAAP). The portfolio layer method permits reporting entities to designate the portion of a closed portfolio of financial assets, beneficial interests secured by financial assets, or a combination of the two, that is not expected to be prepaid during the hedge period as the hedged item in a fair value hedge.

Substantive changes were made to SSAP 26R, Bonds, SSAP 21R, Other Admitted Assets, and SSAP 43R, Loan-Backed and Structured Securities, effective January 1, 2025. The changes provide a new principle-based bond definition to be used for determining which investments are eligible for reporting on Schedule D as a bond. The changes focus on ensuring appropriate consideration of whether an investment qualifies as an issuer credit obligation or asset-backed security prior to reporting as a bond.

Correction of Errors

SAP requires that corrections of errors related to prior periods be reported as adjustments to unassigned surplus to the extent that they are not material to prior periods.

In 2023, there were three out-of-period errors, including an error identified in the option value that results in increasing reserves as well as an incorrect allocation of 12b-1 fees. These errors decreased unassigned surplus by $8 million.

In 2022, three out-of-period errors, the largest due to separate account rider fees, were identified and corrected, which increased unassigned surplus by $7 million.

In 2021, one out-of-period error due to an understated model of economic hedge targeting was identified and corrected, which decreased unassigned surplus by $5 million.

The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously filed annual statement.

Differences in Statutory Accounting and U.S. GAAP Accounting

The accompanying statutory financial statements have been prepared in accordance with accounting practices prescribed or permitted by the NYDFS. These accounting practices vary in certain respects from U.S. GAAP. The primary differences between NAIC SAP and U.S. GAAP are as follows.

The objectives of U.S. GAAP differ from the objectives of SAP. U.S. GAAP is designed to measure the entity as a going concern and to produce general purpose financial statements to meet the varying needs of the different users of financial statements. SAP is designed to address the accounting requirements of regulators, who are the primary users of statutory-basis financial statements and whose primary objective is to measure solvency. As a result, U.S. GAAP stresses measurement of earnings and financial condition of a business from period to period, while SAP stresses measurement of the ability of the insurer to pay claims in the future.

Investments. Under SAP, investments in bonds and redeemable preferred stocks are generally reported at amortized cost. However, if bonds are designated category “6” and redeemable preferred stocks are designated categories “4 – 6” by the NAIC, these investments are reported at the lesser of amortized cost or fair value with a credit or charge to unrealized investment gains or losses. For U.S. GAAP, such fixed-maturity investments are designated at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity fixed-maturity investments are reported at amortized cost, and the remaining fixed-maturity investments are reported at fair value, with unrealized capital gains and losses

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

reported in operations for those designated as trading and as a component of other comprehensive income for those designated as available-for-sale.

Under SAP, all single- and multi-class MBS or other ABS (e.g., Collateralized Mortgage Obligations (“CMO”) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium with respect to such securities using either the retrospective or prospective method. For LBaSS, if it is determined that a decline in fair value is other than temporary, the cost basis of the security is written down to the discounted estimated future cash flows. Bonds, other than LBaSS, that are other-than-temporarily impaired are written down to fair value. For U.S. GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, MBS and ABS securities), other than high credit quality securities, would be adjusted using the prospective method when there is a change in estimated future cash flows. If high-credit quality securities must be adjusted, the retrospective method would be used. For all bonds, if it is determined that a decline in fair value is other-than-temporary, the cost basis of the security would be written down to the discounted estimated future cash flows, while the non-credit portion of the impairment would be recorded as an unrealized loss in other comprehensive income.

Under SAP, when it is probable that the insurer will be unable to collect all amounts due according to the contractual terms of the mortgage agreement, allowances are established for temporarily-impaired mortgage loans based on the difference between the unpaid loan balance and the estimated fair value of the underlying real estate, less estimated costs to obtain and sell. The initial allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus rather than as a component of earnings as would be required under U.S. GAAP. If the impairment is other-than-temporary, a direct write down is recognized as a realized loss, and a new cost basis is established. Under U.S. GAAP, an allowance for credit losses is based on the expectation of lifetime credit losses.

Under SAP, joint ventures, partnerships and limited liability companies in which the insurer has a minor ownership interest (i.e., less than 10 percent) or lacks control are generally recorded based on the underlying audited U.S. GAAP basis equity of the investee. Under U.S. GAAP, joint ventures, partnerships and limited liability companies in which the insurer has a significant ownership interest or is deemed to have control are accounted for under the equity method. Where that is not the case, such investments are carried at fair value with changes in fair value recognized in earnings.

Real Estate. Under SAP, investments in real estate are reported net of related obligations; under U.S. GAAP, investments in real estate are reported on a gross basis. Under SAP, real estate owned and occupied by the insurer is included in investments; under U.S. GAAP, real estate owned and occupied by the insurer is reported as an operating asset, and operating income and expenses include rent for the insurer’s occupancy of those properties.

Derivatives. Under SAP, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with the changes in fair value recorded as unrealized capital gains or losses. Under U.S. GAAP, such derivative instruments are accounted for at fair value with the changes in fair value recorded as realized capital gains or losses. Under U.S. GAAP, fair value measurement for free standing derivatives incorporate either counterparty’s credit risk for derivative assets or the insurer’s credit risk for derivative liabilities by determining the explicit cost to protect against credit exposure. This credit exposure evaluation takes into consideration observable credit default swap rates. Under SAP, non-performance risk (own credit-risk) is not reflected in the fair value calculations for derivative liabilities. Under U.S. GAAP, index features in indexed universal life and fixed index annuity contracts and certain guaranteed features of variable annuities are bifurcated and accounted for separately as embedded policy derivatives and market risk benefits, respectively. Under SAP, embedded derivatives and market risk benefits are not bifurcated or accounted for separately from the host contract.

Interest Maintenance Reserve. Under SAP, the insurer is required to maintain an IMR. IMR is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related capital gains and losses realized through sales or OTTI. IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. After-tax capital gains or losses realized upon the sale or impairment of such investments resulting from changes in the overall level of interest rates are excluded from current period net income and transferred to the IMR. The transferred after-tax net realized capital gains or losses are then amortized into income over the remaining period to maturity of the divested asset. Realized capital gains and losses are reported net of tax and transfers to the IMR, after net gain from operations. Any negative IMR balance is treated as non-admitted asset, unless

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

certain criteria are met. This reserve is not required under U.S. GAAP and pre-tax realized capital gains and losses are reported as component of total revenues, with related taxes included in taxes from operations.

Asset Valuation Reserve. Under SAP, the insurer is required to maintain an AVR, which is computed in accordance with a prescribed formula and represents a provision for possible fluctuations in the value of bonds, equity securities, mortgage loans, real estate, and other invested assets. The level of AVR is based on both the type of investment and its credit rating. Under SAP, AVR is included in total adjusted capital for RBC analysis purposes. Changes to AVR are charged or credited directly to unassigned surplus. This reserve is not required under U.S. GAAP.

Subsidiaries. Under SAP, investments in insurance subsidiaries are recorded based upon the underlying audited statutory equity of a subsidiary with all undistributed earnings or losses shown as an unrealized capital gain or loss in unassigned surplus. Dividends received by the parent company from its subsidiaries are recorded through net investment income. Under U.S. GAAP, subsidiaries’ financial statements are combined with the parent company’s financial statements through consolidation. All intercompany balances and transactions are eliminated under U.S. GAAP. Dividends received by the parent company from its subsidiaries reduce the parent company’s investment in the subsidiaries.

Policy Acquisition Costs and Sales Inducements. Under SAP, policy acquisition costs are expensed when incurred. Under U.S. GAAP, acquisition costs that are incremental and directly related to the successful acquisition of new and renewal of existing insurance contracts are deferred as deferred policy acquisition costs (“DAC”). DAC is amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances. Under SAP, sales inducements are expensed when incurred. Under U.S. GAAP, certain sales inducements on interest-sensitive life insurance contracts and deferred annuities are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC.

Deferred Premiums. Under SAP, when deferred premiums exist, statutory deferred premiums are held as a statutory asset, while under U.S. GAAP, deferred premiums are held as a contra-liability in the future policy benefits liability.

Non-admitted Assets. Certain assets designated as “non-admitted,” principally any agents’ balances or unsecured loans or advances to agents, certain DTAs, furniture, equipment and computer software, receivables over 90 days and prepaid expenses, as well as other assets not specifically identified as admitted assets within the NAIC SAP, are excluded from the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus and are charged directly to unassigned surplus. Under U.S. GAAP, such assets are included in the balance sheet.

Universal Life and Annuity Policies. Under SAP, revenues for universal life and annuity policies containing mortality or morbidity risk considerations consist of the entire premium received, and benefits incurred consist of the total of death benefits paid and the change in policy reserves. Payments received on contracts that do not incorporate any mortality or morbidity risk considerations (deposit-type contracts) are credited directly to an appropriate liability for deposit-type contract account without recognizing premium income. Interest credited to deposit-type contracts is recorded as an expense in the Statutory Statements of Operations as incurred. Payments that represent a return of policyholder balances are recorded as a direct reduction of the liability for deposit-type contracts, rather than a benefit expense. Under U.S. GAAP, premiums received in excess of policy charges are not recognized as premium revenue, and benefits represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves. Under SAP, loading is the difference between the gross and valuation net premium. Valuation net premium is calculated using valuation assumptions which are different for statutory and U.S. GAAP. Statutory valuation assumptions are set by the insurer within limits as defined by statutory law. U.S. GAAP valuation assumptions are set by the insurer based on management’s estimates and judgment.

Policyholder funds not involving life contingencies use different valuation assumptions for SAP and U.S. GAAP. Under SAP, prescribed rates of interest related to payout annuities are used in the discounting of expected benefit payments, while under U.S. GAAP, the insurer’s best estimates of interest rates are used.

Under SAP, the CRVM is used for the majority of individual insurance reserves. Under U.S. GAAP, individual insurance policyholder liabilities for traditional forms of insurance are generally established using the net premium ratio (“NPR”) method. For interest-sensitive policies, a liability for policyholder account balances is established under U.S. GAAP based on the contract value that has accrued to the benefit of the policyholder. Policy assumptions used in the

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

estimation of policyholder liabilities are generally prescribed under SAP. Under U.S. GAAP, policy assumptions are based upon best estimates.

Under SAP, the CARVM is used for the majority of individual deferred annuity reserves, while under U.S. GAAP, individual deferred annuity policyholder liabilities are generally equal to the contract value that has accrued to the benefit of the policyholder, together with liabilities for certain contractual guarantees, if applicable. Under SAP, reserves for fixed rate deposit-type contracts are based upon their accumulated values, discounted at an annual statutory effective rate, while under U.S. GAAP, reserves for deposit-type contracts are recorded at their accumulated values.

Under GAAP, indexed interest credits and guarantees in excess of contract account values are bifurcated from the host contract as embedded derivatives and market risk benefits, respectively, and reported at fair value. Under SAP, embedded derivatives and market risk benefits are not bifurcated and accounted for separately, but rather are included in the benefit reserve valuation for the host contract.

Reinsurance. Under SAP, policy and contract liabilities ceded to reinsurers are reported as reductions of the related reserves rather than as assets as required under U.S. GAAP. Under SAP, a liability for reinsurance balances has been provided for unsecured policy reserves, unearned premiums, and unpaid losses ceded to reinsurers not licensed to assume such business. Changes to these amounts are credited or charged directly to unassigned surplus. Under U.S. GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings. Under SAP, the criteria used to demonstrate risk transfer varies from U.S. GAAP, which may result in transactions that are accounted for as reinsurance for SAP and deposit accounting for U.S. GAAP. Under SAP, the reserve credit permitted for unauthorized reinsurers is less than or equal to the amount of letter of credit or funds held in trust by the reinsurer. Under U.S. GAAP, assumed and ceded reinsurance is reflected on a gross basis in the balance sheet, and certain commissions allowed by reinsurers on ceded business are deferred and amortized generally on a basis consistent with DAC.

Policyholder Dividend Liabilities. Under SAP, policyholder dividends are recognized when declared. Under U.S. GAAP, policyholder dividends are recognized over the term of the related policies.

Separate Accounts. Under SAP, separate account surplus created through the use of the CRVM, the VACARVM or other reserving methods is reported by the general account as an unsettled transfer from the separate account. The net change on such transfers is included as a part of the net gain from operations in the general account. This is not required under U.S. GAAP.

Separate accounts include certain non-unitized assets which primarily represent MVA fixed options of variable annuity contracts issued in various states. Under SAP, these contracts are accounted for in the separate account financial statements, while under U.S. GAAP, they are accounted for in the general account.

Deferred Income Taxes. Under SAP, statutory DTAs that are more likely than not to be realized are limited to: 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse by the end of the subsequent calendar year, plus 2) the lesser of the remaining gross DTA expected to be realized within a maximum three years of the reporting date or a maximum 15 percent of the capital and surplus excluding any net DTA, EDP equipment and operating software and any net positive goodwill, plus 3) the amount of the remaining gross DTA that can be offset against existing gross DTLs. The remaining DTAs are non-admitted. Deferred taxes do not include amounts for state taxes. Under U.S. GAAP, state taxes are included in the computation of deferred taxes, all DTAs are recorded and a valuation allowance is established if it is more likely than not that some portion of the DTA will not be realized. Under SAP, income tax expense is based upon taxes currently payable. Changes in deferred taxes are reported in surplus and subject to admissibility limits. Under U.S. GAAP, changes in deferred taxes are recorded in income tax expense.

Offsetting of Assets and Liabilities. Under SAP, offsetting of assets and liabilities is not permitted when there are master netting agreements unless four requirements for valid right of offset are met. The requirements include 1) each of the two parties owes the other determinable amounts, 2) the reporting party has the right to set off the amount owed with the amount owed by the other party, 3) the reporting party intends to set off, and 4) the right of setoff is enforceable. The prohibition against offsetting extends to derivatives and collateral posted against derivative positions, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions, when the reporting entity does not have the intent to set off. Under U.S. GAAP, these amounts under master netting arrangements may generally be

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

offset and presented on a net basis pursuant to an accounting election, even when the reporting entity does not have the intent to set off.

3. INVESTMENTS

Bonds and Equity Securities

The following table presents the statement value, gross unrealized gain, gross unrealized loss and the estimated fair value of bonds and equity securities by major security type:


(in millions)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2023
Bonds:
U.S. government obligations	$	300	$	1	$	(72	)	$	229
All other governments		670		2		(120	)		552
States, territories and possessions		111		1		(8	)		104
Political subdivisions of states, territories and possessions		42		1		(3	)		40
Special revenue		967		4		(98	)		873
Industrial and miscellaneous		17,035		141		(1,783	)		15,393
Hybrid securities		22		1		—			23
Bank loans		243		1		(6	)		238
Total bonds		19,390		152		(2,090	)		17,452
Preferred stock		45		1		—			46
Common stock		18		—		—			18
Total equity securities		63		1		—			64
Total	$	19,453	$	153	$	(2,090	)	$	17,516
December 31, 2022
Bonds:
U.S. government obligations	$	294	$	1	$	(67	)	$	228
All other government		702		1		(137	)		566
States, territories and possessions		95		—		(9	)		86
Political subdivisions of states, territories and possessions		43		—		(3	)		40
Special revenue		1,020		2		(127	)		895
Industrial and miscellaneous		16,549		113		(2,301	)		14,361
Hybrid securities		24		1		(1	)		24
Bank loans		281		—		(17	)		264
Total bonds		19,008		118		(2,662	)		16,464
Preferred stock		27		—		—			27
Common stock		18		—		—			18
Total equity securities		45		—		—			45
Total	$	19,053	$	118	$	(2,662	)	$	16,509

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Bonds and Equity Securities in Loss Positions

The following table summarizes the fair value and gross unrealized losses (where fair value is less than amortized cost) on bonds and equity securities, including amounts on NAIC 6 and 6* bonds, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position:



	Less than 12 Months					12 Months or More					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
December 31, 2023
Bonds:
U.S. government obligations	$	30	$	(3	)	$	181	$	(69	)	$	211	$	(72	)
All other governments		29		(1	)		481		(119	)		510		(120	)
U.S. States, territories and possessions		11		—			52		(8	)		63		(8	)
Political subdivisions of states, territories and possessions		10		—			19		(3	)		29		(3	)
Special revenue		191		(14	)		575		(84	)		766		(98	)
Industrial and miscellaneous		1,591		(127	)		10,461		(1,664	)		12,052		(1,791	)
Hybrid securities		1		—			12		—			13		—
Bank loans		27		—			94		(6	)		121		(6	)
Total bonds		1,890		(145	)		11,875		(1,953	)		13,765		(2,098	)
Preferred stock		2		—			—		—			2		—
Common stock		—		—			—		—			—		—
Total equity securities		2		—			—		—			2		—
Total	$	1,892	$	(145	)	$	11,875	$	(1,953	)	$	13,767	$	(2,098	)
December 31, 2022
Bonds:
U.S. government obligations	$	209	$	(67	)	$	—	$	—		$	209	$	(67	)
All other governments		539		(137	)		—		—			539		(137	)
U.S. States, territories and possessions		71		(9	)		—		—			71		(9	)
Political subdivisions of states, territories and possessions		29		(3	)		—		—			29		(3	)
Special revenue		815		(127	)		2		—			817		(127	)
Industrial and miscellaneous		11,610		(1,988	)		1,001		(315	)		12,611		(2,301	)
Hybrid securities		15		(1	)		—		—			15		(1	)
Bank loans		117		(7	)		143		(10	)		260		(16	)
Total	$	13,405	$	(2,339	)	$	1,146	$	(325	)	$	14,551	$	(2,664	)
Preferred stock		6		—			2		—			8		—
Common stock		—		—			—		—			—		—
Total equity securities		6		—			2		—			8		—
Total	$	13,411	$	(2,339	)	$	1,148	$	(325	)	$	14,559	$	(2,664	)

As of December 31, 2023 and 2022, the number of bonds and equity securities in an unrealized loss position was 3,394 and 3,721, respectively. Bonds comprised 3,393 of the total of which 2,927 were in a continuous loss position greater than 12 months at December 31, 2023. Bonds comprised 3,716 of the total of which 282 were in a continuous loss position greater than 12 months at December 31, 2022.

The Company did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2023 and 2022, respectively, because the Company neither intends to sell the securities nor does the Company believe that it is more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, the Company performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Contractual Maturities of Bonds

The following table presents the statement value and fair value of bonds by contractual maturity:


(in millions)	Statement Value		Fair Value
December 31, 2023
Due in one year or less	$	347	$	343
Due after one year through five years		2,678		2,582
Due after five years through ten years		2,735		2,486
Due after ten years		8,219		6,772
LBaSS		5,411		5,269
Total	$	19,390	$	17,452

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

Bonds in or near default as to payment of principal or interest had a statement value of $9 million and $29 million at December 31, 2023 and 2022, respectively, which is the fair value. At December 31, 2023 and 2022, the Company had no income excluded from due and accrued for bonds.

At December 31, 2023, the Company’s bond portfolio included bonds totaling $1 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 3 percent of invested assets. These below investment grade securities, excluding structured securities, span across 13 industries. At December 31, 2022, the Company’s bond portfolio included bonds totaling $1.0 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 4 percent of invested assets. These below investment grade securities, excluding structured securities, span across 12 industries.

The following table presents the industries that constitute more than 10% of the below investment grade securities:


	December 31,
	2023			2022
Consumer cyclical		13.4	%		21.9	%

Consumer non-cyclical		12.3			13.0

Communications		—			11.4

Energy		10.8			11.2

Utility		10.5			—

LBaSS

The Company determines fair value of LBaSS based on the amount at which a security could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The majority of the Company’s ABS, RMBS, CMBS, and collateralized debt obligations (CDO) are priced by approved independent third-party valuation service providers and broker dealer quotations. Small portions of the LBaSS that are not traded in active markets are priced by market standard internal valuation methodologies, which include discounted cash flow methodologies and matrix pricing. The estimated fair values are based on available market information and management’s judgments.

The following table presents the statement value and fair value of LBaSS:

December 31, 2023

December 31, 2022

(in millions)

Statement

Value

Fair Value

Statement

Value

Fair Value

Loan-backed and structured securities

5,411

5,269

4,363

4,110

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Prepayment assumptions for single class, multi-class mortgage-backed and ABS were obtained from independent third-party valuation service providers or internal estimates. These assumptions are consistent with the current interest rate and economic environment.

At December 31, 2023 and 2022, the Company had exposure to a variety of LBaSS. These securities could have significant concentrations of credit risk by country, geographical region, property type, servicer or other characteristics. As part of the quarterly surveillance process, the Company takes into account many of these characteristics in making the OTTI assessment.

At December 31, 2023 and 2022, the Company did not have any LBaSS with a recognized OTTI due to the intent to sell or an inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis.

During 2023, 2022 and 2021, the Company recognized total OTTI of $5 million, $20 million and $1 million, respectively, on LBaSS that were still held by the Company. In addition, at December 31, 2023 and 2022, the Company held loan-backed impaired securities (fair value is less than cost or amortized cost) for which an OTTI had not been recognized in earnings as a realized loss. Such impairments include securities with a recognized OTTI for non-interest (credit) related declines that were recognized in earnings, but for which an associated interest-related decline has not been recognized in earnings as a realized capital loss.

The following table summarizes the fair value and aggregate amount of unrealized losses on LBaSS and length of time that individual securities have been in a continuous unrealized loss position:


	Less than 12 Months					12 Months or More					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
December 31, 2023

LBaSS	$	932	$	(39	)	$	1,964	$	(205	)	$	2,896	$	(244	)

December 31, 2022

LBaSS	$	2,802	$	(300	)	$	209	$	(32	)	$	3,011	$	(332	)

In its OTTI assessment, the Company considers all information relevant to the collectability of the security, including past history, current conditions and reasonable forecasts when developing an estimate of future cash flows. Relevant analyst reports and forecasts for the asset class also receive appropriate consideration. The Company also considers how credit enhancements affect the expected performance of the security. In addition, the Company generally considers its cash and working capital requirements and expected cash flows in relation to its business plans and how such forecasts affect the intent and ability to hold such securities to recovery of their amortized cost.

The Company does not have any LBaSS for which it is not practicable to estimate fair values.

The following table presents the rollforward of non-interest related OTTI for LBaSS:


	December 31,
(in millions)	2023		2022
Balance, beginning of year	$	177	$	204
Increases due to:
Credit impairment on new securities subject to impairment losses		3		7
Additional credit impairment on previously impaired investments		2		14
Reduction due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell		4		48
Balance, end of year	$	178	$	177

See Note 23 for a list with each LBaSS at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the current year and a list of the Company’s structured notes holding at December 31, 2023.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Mortgage Loans

Mortgage loans had outstanding principal balances of $3.9 billion and $3.9 billion at December 31, 2023 and 2022, respectively. Contractual interest rates range from 0.00 percent to 10.30 percent. The mortgage loans at December 31, 2023 had maturity dates ranging from 2024 to 2055.

The Company’s mortgage loans are collateralized by a variety of commercial real estate property types located throughout the U.S. and Canada. The commercial mortgage loans are non-recourse to the borrower.

The following tables present the geographic and property-type distribution of the Company’s mortgage loan portfolio:


	December 31,
	2023			2022
Geographic distribution:
Mid-Atlantic		26.4	%		26.9	%
Pacific		19.5			19.4
Foreign		18.5			16.8
South Atlantic		12.1			12.7
East North Central		6.3			6.6
West South Central		7.6			7.8
New England		4.3			3.5
Mountain		2.5			3.3
East South Central		2.3			2.4
West North Central		0.5			0.6
Total		100.0	%		100.0	%
Property type distribution:
Multi-family		31.5	%		30.8	%
Office		21.9			22.1
Retail		7.4			7.2
Industrial		20.2			20.3
Hotel/Motel		2.4			2.1
Other		16.6			17.5
Total		100.0	%		100.0	%

At December 31, 2023, there were 59 mortgage loans with outstanding balances of $20 million or more, which loans collectively, aggregated approximately 52 percent of this portfolio.

The following table presents the minimum and maximum lending rates for new mortgage loans during 2023 and 2022:


	Years Ended December 31,
	2023						2022
(in millions)	Maximum			Minimum			Maximum			Minimum
Office		10.14	%		3.00	%		7.83	%		4.16	%
Industrial		4.08			4.08			9.34			2.68
Retail		—			—			—			—
Hotel/Motel		7.43			7.43			—			—
Multi-family		8.47			7.08			8.37			3.01
Other		—			—			9.33			2.52

The Company did not reduce the interest rate on any loans during 2023. The Company reduced the interest rate on one loan during 2022.

The maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgage was 70.0 percent and 80.0 percent, in 2023 and 2022, respectively.

At December 31, 2023, the Company held $92 million in impaired mortgage loans with a related allowance for credit losses. There were no impaired mortgage loans without a related allowance. At December 31, 2022, the Company held $114 million in impaired mortgages with $74 million of related allowances for credit losses and $40 million in impaired loans without a related allowance. The Company’s average recorded investment in impaired loans was $104 million and

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

$79 million, at December 31, 2023 and 2022, respectively. The Company recognized interest income of $1 million, $3 million and $1 million, in 2023, 2022 and 2021, respectively.

The following table presents a rollforward of the changes in the allowance for losses on mortgage loans receivable:


	December 31,
(in millions)	2023		2022		2021
Balance, beginning of year	$	40	$	31	$	37

Additions (reductions) charged to unrealized capital loss		15		9		(6)

Direct write-downs charged against allowance		(7)		—		—
Balance, end of year	$	48	$	40	$	31

During 2023, the Company did not derecognize any mortgage loans and did not recognize any real estate collateral as a result of foreclosure.

The mortgage loan portfolio has been originated by the Company under strict underwriting standards. Commercial mortgage loans on properties such as offices, hotels and shopping centers generally represent a higher level of risk than do mortgage loans secured by multi-family residences. This greater risk is due to several factors, including the larger size of such loans and the more immediate effects of general economic conditions on these commercial property types. However, due to the Company’s strict underwriting standards, the Company believes that it has prudently managed the risk attributable to its mortgage loan portfolio while maintaining attractive yields.

The following table presents the age analysis of mortgage loans:


	December 31,
(in millions)	2023		2022
Current	$	3,875	$	3,904

30 - 59 days past due		1		2

90 - 179 days past due		—		—
Total	$	3,876	$	3,906

At December 31, 2023 and 2022, the Company had mortgage loans outstanding under participant or co-lender agreements of $3.0 billion and $3.0 billion, respectively.

The Company had $61 million and $60 million in restructured loans at December 31, 2023 and 2022, respectively.

Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of December 31, 2023:


(in millions)	Residential				Commercial				Agricultural

Loan-to-Value	Amount		Percentage of Total Admitted Assets		Amount		Percentage of Total Admitted Assets		Amount		Percentage of Total Admitted Assets
a. above 95%	$	—		— %	$	90		0.30	$	—		—	%

b. 91% to 95%		—		—		33		0.10		—		—

c. 81% to 90%		—		—		153		0.60		—		—

d. 71% to 80%		73		0.30		448		1.70		—		—

e. below 70%		569		2.20		2,511		9.70		—		—

Troubled Debt Restructuring

The Company held no restructured debt for which impairment was recognized for both December 31, 2023 and 2022. In 2023, the Company had $1 million in outstanding commitments to debtors that hold loans with restructured terms. In 2022, the Company had $1 million outstanding commitment to debtors that hold loans with restructured terms.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Real Estate

The Company had no investment in real estate at December 31, 2023, 2022 and 2021.

Other Invested Assets

The following table presents the components of the Company’s other invested assets:


	December 31,
(in millions)	2023		2022
Investments in limited liability companies	$	205	$	57
Investments in limited partnerships		1,074		1,240
Collateral loan		—		416
Surplus note		—		133
Other unaffiliated investments		369		56
Receivable for securities		37		25
Non-admitted assets		(16)		(3)
Total	$	1,669	$	1,924

The Company utilizes the look-through approach in valuing its investments in affiliated joint ventures or partnerships that have the characteristics of real estate investments. These affiliated real estate investments had an aggregate value of $248 million and $255 million at December 31, 2023 and 2022, respectively. All liabilities, commitments, contingencies, guarantees, or obligations of these holding company entities, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in each of the respective holding company entities, if applicable.

The Company recorded impairment write-downs in joint ventures was $1 million, $13 million and $12 million during 2023, 2022 and 2021, respectively.

Net Investment Income

The following table presents the components of net investment income:


	Years ended December 31,
(in millions)	2023		2022		2021
Bonds	$	860	$	802	$	880
Common stocks		1		—		1
Cash and short-term investments		21		8		4
Mortgage loans		200		159		140
Contract loans		8		9		9
Derivatives		(36)		145		42
Investment income from affiliates		3		20		18
Other invested assets		96		97		104
Gross investment income		1,153		1,240		1,198
Investment expenses		(30)		(36)		(29)
Net investment income	$	1,123	$	1,204	$	1,169

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Net Realized and Unrealized Capital Gains (Losses)

The following table presents the components of Net realized capital gains (losses):


	Years ended December 31,
(in millions)	2023		2022		2021
Bonds	$	(86)	$	(91)	$	139
Common stocks		1		(1)		1
Cash and short-term investments		2		(4)		1
Mortgage loans		(12)		(7)		—
Derivatives		48		(64)		(159)
Other invested assets		12		(1)		28
Realized capital gains (losses)		(35)		(168)		10
Federal income tax (expense) benefit		7		35		(2)
Net gains transferred to IMR		58		61		(111)
Net realized capital gains (losses)	$	30	$	(72)	$	(103)

During 2023, 2022 and 2021, the Company recognized $7 million, $28 million and $3 million, respectively, of impairment write-downs in accordance with the impairment policy described in Note 2.

The following table presents the proceeds from sales of bonds and equities and the related gross realized capital gains and gross realized capital losses:


	Years ended December 31,
(in millions)	2023		2022		2021
Proceeds	$	513	$	1,410	$	2,452

Gross realized capital gains	$	20	$	46	$	130
Gross realized capital losses	$	(102)		(108)		(27)
Net realized capital gains (losses)	$	(82)	$	(62)	$	103

The following table presents the net change in unrealized capital gains (losses) of investments (including foreign exchange capital gains (losses):


	Years ended December 31,
(in millions)	2023		2022		2021
Bonds	$	29	$	(37)	$	(39)
Preferred and common stocks		—		—		—
Mortgage loans		25		(55)		(7)
Derivatives		29		(102)		63
Other invested assets		(40)		(6)		178
Federal income tax expense		(9)		42		(41)
Net change in unrealized gains (losses) of investments	$	34	$	(158)	$	154

5GI Securities Measured at Aggregate Book Adjusted Carrying Value and Fair Value

The following table presents 5GI Securities measured at aggregate book adjusted carrying value (BACV) and aggregate fair value at December 31:


Investment	Number of 5GI Securities				Aggregate BACV (in millions)				Aggregate Fair Value (in millions)
	2023		2022		2023		2022		2023		2022
Bonds - AC	$	2		1	$	1		10	$	1	$	8
LB&SS - AC		1		13		—		8		—		7
Preferred Stock - AC		—		2		—		2		—		2
Preferred Stock - FV		—				—		—		—		—
Total		3		16	$	1	$	20	$	1	$	17

AC - Amortized Cost

FV - Fair Value

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

4. Loan-Backed and Structured Security Impairments and Structured Notes Holdings

LBaSS

The following table presents the LBaSS held by the Company at December 31, 2023 for which it had recognized non-interest related OTTI subsequent to the adoption of SSAP 43R:


(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
126694EK0	$	993	$	991	$	3	$	991	$	882		3/31/2023
76111XVN0		232		224		8		224		205		3/31/2023
32051GPW9		333		332		1		332		326		3/31/2023
Quarterly Total	$	1,558	$	1,547	$	12	$	1,547	$	1,413
007036KG0		2,642		2,636		6		2,636		2,513		6/30/2023
Quarterly Total	$	2,642	$	2,636	$	6	$	2,636	$	2,513
007036UQ7		592		575		17		575		554		9/30/2023
05952GAE1		5,704		5,676		29		5,676		5,975		9/30/2023
362257AC1		11,386		11,004		382		11,004		12,942		9/30/2023
76112FAA9		17,278		16,565		713		16,565		18,626		9/30/2023
362480AD7		11,619		11,591		28		11,591		11,898		9/30/2023
362367AD6		11,913		9,485		2,428		9,485		12,897		9/30/2023
93934FCF7		7,329		7,170		158		7,170		6,890		9/30/2023
50179MAH4		82		68		14		68		67		9/30/2023
Quarterly Total	$	65,903	$	62,134	$	3,769	$	62,134	$	69,849
67088CAA5		865		80		786		80		80		12/31/2023
12544KAA1		4,203		4,192		11		4,192		3,927		12/31/2023
60688CAJ5		44		5		39		5		5		12/31/2023
007036LR5		4,730		4,716		13		4,716		4,365		12/31/2023
126694JS8		385		380		5		380		378		12/31/2023
02660TGV9		8,235		8,191		44		8,191		7,635		12/31/2023
251510FG3		3,097		3,057		39		3,057		2,568		12/31/2023
92990GAC7		398		397		1		397		359		12/31/2023
Quarterly Total	$	21,957	$	21,018	$	938	$	21,018	$	19,317
				Year End Total	$	4,725

None of the structured notes held by the Company are defined as a Mortgage-Referenced Security by the IAO.

5. SECURITIES LENDING AND REPURCHASE AGREEMENTS

Securities Lending

At December 31, 2023, the Company had no bonds loaned pursuant to the securities lending program. At December 31, 2022, the Company had no bonds loaned pursuant to the securities lending program.

The following table presents the aggregate fair value of cash collateral received related to the securities lending program and the terms of the contractually obligated collateral positions:


	December 31,
(in millions)	2023		2022
30 days or less	$	—	$	—
31 to 60 days		—		—
61 to 90 days		—		—
Subtotal		—		—
Securities collateral received		—		—
Total collateral received	$	—	$	—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the securities lending program by maturity date:

December 31, 2023

December 31, 2022

(in millions)

Amortized

Cost

Fair Value

Amortized

Cost

Fair Value

Open positions

—

Subtotal

—

Securities collateral received

—

Total collateral reinvested

—

Repurchase Agreements

At December 31, 2023, no bonds were subject to repurchase agreements to secure amounts borrowed by the Company. At December 31, 2022, no bonds were subject to repurchase agreements to secure amounts borrowed by the Company.

The following table presents the aggregate fair value of cash collateral received related to the repurchase agreement program and the terms of the contractually obligated collateral positions:


	December 31,
(in millions)	2023		2022
Open positions	$	—	$	—
30 days or less		—		20
31 to 60 days		—		—
61 to 90 days		—		—
Greater than 90 days		—		—
Subtotal		—		20
Securities collateral received		—		—
Total collateral received	$	—	$	20

The following table presents the original (flow) and residual maturity for bi-lateral repurchase agreement transactions for the year ended December 31, 2023:



(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount
1. Open - No Maturity	$	—	$	—	$	—	$	—
2. Overnight		15		25		—		—
3. 2 Days to 1 Week		15		—		—		—
4. > 1 Week to 1 Month		15		25		—		—
5. > 1 Month to 3 Months		—		—		—		—
6. > 3 Months to 1 Year		—		—		—		—
7. > 1 Year		—		—		—		—

b. Ending Balance
1. Open - No Maturity	$	—	$	—	$	—	$	—
2. Overnight		15		—		—		—
3. 2 Days to 1 Week		—		—		—		—
4. > 1 Week to 1 Month		—		—		—		—
5. > 1 Month to 3 Months		—		—		—		—
6. > 3 Months to 1 Year		—		—		—		—
7. > 1 Year		—		—		—		—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the Company’s liability to return collateral for the year ended December 31, 2023:



(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount
1. Cash (Collateral - All)	$	45	$	51	$	—	$	—
2. Securities Collateral (FV)		—		—		—		—
b. Ending Balance
1. Cash (Collateral - All)	$	15	$	—	$	—	$	—
2. Securities Collateral (FV)		—		—		—		—

The Company requires a minimum of 95 percent of the fair value of securities sold under the repurchase agreements to be maintained as collateral. Cash collateral received is invested in corporate bonds and the offsetting collateral liability for repurchase agreements is included in other liabilities.

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the repurchase agreement program by maturity date:

December 31, 2023

December 31, 2022

(in millions)

Amortized

Cost

Fair Value

Amortized

Cost

Fair Value

Open positions

—

Greater than three years

—

Subtotal

—

Securities collateral received

—

Total collateral reinvested

—

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2023:

(in millions)

FIRST
QUARTER

SECOND
QUARTER

THIRD
QUARTER

FOURTH
QUARTER

a. Maximum Amount

1. BACV

—

2. Nonadmitted - Subset of BACV

—

3. Fair Value

—

b. Ending Balance

1. BACV

—

2. Nonadmitted - Subset of BACV

—

3. Fair Value

—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2023:

(in millions)

None

NAIC 1

NAIC 2

NAIC 3

Ending Balance

a. Bonds - BACV

—

b. Bonds - FV

—

c. LB & SS - BACV

—

d. LB & SS - FV

—

e. Preferred Stock - BACV

—

f. Preferred Stock - FV

—

g. Common Stock

—

h. Mortgage Loans - BACV

—

i. Mortgage Loans - FV

—

j. Real Estate - BACV

—

k. Real Estate - FV

—

l. Derivatives - BACV

—

m. Derivatives - FV

—

n. Other Invested Assets - BACV

—

o. Other Invested Assets - FV

—

p. Total Assets - BACV

—

q. Total Assets - FV

—

(in millions)

NAIC 4

NAIC 5

NAIC 6

Non-Admitted

Ending Balance

a. Bonds - BACV

—

b. Bonds - FV

—

c. LB & SS - BACV

—

d. LB & SS - FV

—

e. Preferred Stock - BACV

—

f. Preferred Stock - FV

—

g. Common Stock

—

h. Mortgage Loans - BACV

—

i. Mortgage Loans - FV

—

j. Real Estate - BACV

—

k. Real Estate - FV

—

l. Derivatives - BACV

—

m. Derivatives - FV

—

n. Other Invested Assets - BACV

—

o. Other Invested Assets - FV

—

p. Total Assets - BACV

—

q. Total Assets - FV

—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

6. RESTRICTED ASSETS

The Company has restricted assets as detailed below. Assets under restriction are general account assets and are not part of the Separate Accounts.

The following table presents the carrying value of the Company’s restricted assets:


	December 31,
(in millions)	2023		2022
On deposit with states	$	16	$	16

Securities lending		—		—

Collateral held on securities lending		—		—

FHLB stock and collateral pledged		534		396

Subject to repurchase agreements		—		—

Collateral for derivatives		157		405
Total	$	707	$	817

7. SUBPRIME MORTGAGE RISK EXPOSURE

The following features are commonly recognized characteristics of subprime mortgage loans:

•

An interest rate above prime to borrowers who do not qualify for prime rate loans;

•

Borrowers with low credit ratings (FICO scores);

•

Interest-only or negative amortizing loans;

•

Unconventionally high initial loan-to-value ratios;

•

Low initial payments based on a fixed introductory rate that expires after a short initial period, then adjusts to a variable index rate plus a margin for the remaining term of the loan;

•

Borrowers with less than conventional documentation of their income and/or net assets;

•

Very high or no limits on how much the payment amount or the interest rate may increase at reset periods, potentially causing a substantial increase in the monthly payment amount; and/or

•

Substantial prepayment penalties and/or prepayment penalties that extend beyond the initial interest rate adjustment period.

Non-agency RMBS can belong to one of several different categories depending on the characteristics of the borrower, the property and the loan used to finance the property. Categorization is a function of FICO score, the type of loan, loan-to-value ratio, and property type and loan documentation.

Generally, subprime loans are made to borrowers with low FICO scores, low levels of equity and reduced income/asset documentation. Due to these characteristics, subprime borrowers pay a substantially higher interest rate than prime borrowers. In addition, they often utilize mortgage products that reduce their monthly payments in the near-term. These include adjustable-rate mortgages with low initial rates or interest-only loans. Borrowers in products like this often experience significant “payment shock” when the teaser payment resets upwards after the initial fixed period.

The primary classification mechanism the Company uses for subprime loans is FICO score. Specifically, a pool with an average FICO at origination less than 650 is considered to be subprime. However, the Company may subjectively adjust this classification based on an assessment of the other parameters mentioned above.

To monitor subprime securities, the Company uses a model with vintage-specific assumptions for delinquency roll rates, loss severities and the timing of losses. As and when needed, these vintage-based assumptions are supplemented with deal-specific information including, but not limited to, geographic distribution, realized loss severities, trigger status and scenario analysis.

The Company has no direct exposure through investments in subprime mortgage loans. The Company’s exposure is through other investments, primarily in RMBS, as described above.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information regarding the Company’s investments with subprime exposures:


(in millions)	Actual Cost		Book Adjusted Statement Value		Fair Value		OTTI Recognized to Date
December 31, 2023
In general account:
RMBS	$	127	$	127	$	133	$	—
CDOs		13		16		16		—
CMBS		—		—		—		—
Total subprime exposure	$	140	$	143	$	149	$	—
December 31, 2022
In general account:
RMBS	$	149	$	149	$	156	$	—
CDOs		16		20		18		—
CMBS		—		—		—		—
Total subprime exposure	$	165	$	169	$	174	$	—

The Company has no underwriting exposure to subprime mortgage risk through mortgage guaranty or financial guaranty insurance coverage.

8. DERIVATIVES

The Company has taken positions in certain derivative financial instruments to mitigate or hedge the impact of changes in interest rates, foreign currencies, equity markets, swap spreads, volatility, correlations and yield curve risk on cash flows from investment income, policyholder liabilities and equity. Financial instruments used by the Company for such purposes include interest rate swaps, interest rate swaptions, cross-currency swaps, futures and futures options on equity indices, and futures and futures options on government securities. The Company does not engage in the use of derivative instruments for speculative purposes and is neither a dealer nor trader in derivative instruments.

All derivative instruments are recognized in the financial statements. Derivatives that do not qualify for hedge accounting are accounted for at fair value and the changes in the fair value recorded in surplus as unrealized gains and losses, net of deferred taxes. Derivatives which qualify for hedge accounting are accounted at carrying value. The change in the carrying value or cash flow of the derivative is recorded consistently with how the changes in the carrying value or cash flow of the hedged asset. The value of the Company’s exchange traded futures contracts relates to the one day lag in the net cash settlement of these contracts.

The Company recognized a net unrealized capital gain of $32 million in 2023, an unrealized capital loss of $95 million in 2022 and an unrealized capital gain of $63 million in 2021, related to derivatives that did not qualify for hedge accounting.

The Company is hedging the risk of changes in the fair value of a designated specified percentage of a closed portfolio of purchased fixed-rate investment assets that is attributable to changes in a benchmark interest rate. The Company is hedging the portfolio on a partial term basis. The hedged item is the last $6.9 billion of financial assets in a closed portfolio (par value of $9.1 billion) for a 5-year period. A proportionate amount of existing interest rate swaps has been designated as the hedging instruments.

For the purposes of supporting the five-year hedge relationship, portfolio assets with a term greater than five years are assumed to be five-year assets using the partial-term hedging guidance. By electing to hedge the benchmark interest rate component of the contractual cash flows, the hedged assets will have an assumed coupon based on a five-year benchmark interest rate (i.e., SOFR). As a result, the hedged components of the different tenor assets are considered similar when performing the similar asset analysis.

A haircut of approximately 24% was applied to the portfolio to maintain a hedged item that is projected to always exceed the notional value of the interest rate swaps. The haircut consisted of the following components:

•

Scheduled principal paydowns (approximately 10%)

•

Anticipated annual defaults (approximately 1%)

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

•

Anticipated annual sales (approximately 13%)

Pursuant to fair value hedge accounting, the swaps hedging the portfolio of fixed-interest investments have been reported on the same basis (i.e., amortized cost) as the hedged target. The amortized cost basis of the interest rate swaps was zero at December 31, 2023.

Net cash collateral received for derivative transactions increased in the year 2023, as a result of increases in fair values of derivatives covered by an International Swaps and Derivative Association Master Agreement (“ISDA Master Agreement”) and Credit Support Annex provisions. At December 31, 2023, the Company held $40 million of collateral for derivatives, which is invested in cash, cash equivalents and/or short-term investments.

Refer to Note 3 for disclosures related to net realized capital gains (losses).

Swaps, Options, and Futures

Interest rate or cross-currency swap agreements are agreements to exchange with a counterparty, at specified intervals, payments of differing character (for example, variable-rate payments exchanged for fixed-rate payments) or in different currencies, based on an underlying principal balance, notional amount. Generally no cash is exchanged at the outset of the contract and no principal payments are made by either party. A single net payment is usually made by one counterparty at each contractual payment due date, and this net payment is included in the Statutory Statement of Operations.

Options are contracts that grant the purchaser, for a premium payment, the right, but not the obligation, either to purchase or sell a financial instrument at a specified price within a specified period of time. The Company purchases call options on the S&P 500 Index to offset the risk of certain guarantees of specific equity-index annuity and universal life policy values. The Company also purchases put options on the S&P 500 Index to offset volatility risk arising from minimum guarantees embedded in variable annuities. The options are carried at fair value, with changes in fair value recognized in unrealized investment gains and losses.

Financial futures are contracts between two parties that commit one party to purchase and the other to sell a particular commodity or financial instrument at a price determined on the final settlement day of the contract. Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The Company uses futures contracts on Euro dollar deposits, U.S. Treasury Notes, U.S. Treasury Bonds, the S&P 500 Index, MidCap 400, Russell 2000, MSCI EAFE, foreign government debt securities, and foreign denominated equity indices to offset the risk of certain guarantees on annuity policy values.

Interest Rate Risk

Interest rate derivatives are used to manage interest rate risk associated with certain guarantees of variable annuities and equity indexed annuities and certain bonds. The Company’s interest rate hedging derivative instruments include (1) interest rate swaps and swaptions; (2) listed futures on government securities; and (3) listed futures options on government securities; and (4) unlisted swaps and swaptions in U.S. Dollar Secured Overnight Financing Rate.

Currency Risk

Foreign exchange contracts used by the Company include cross-currency swaps, which are used to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company holds.

Equity Risk

Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities.

Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. For over-the-counter (“OTC”) derivatives, the Company’s net credit exposure is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. The Company is exposed to credit risk when the net position with a particular counterparty results in an asset that exceeds collateral pledged by that counterparty.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

For OTC contracts, the Company generally uses an ISDA Master Agreement and Credit Support Annexes with bilateral collateral provisions to reduce counterparty credit exposures. An ISDA Master Agreement is an agreement between two counterparties, which may cover multiple derivative transactions and such ISDA Master Agreement generally provides for the net settlement of all or a specified group of these derivative transactions, as well as transferred collateral, through a single payment, in a single currency, in the event of a default affecting any one derivative transaction or a termination event affecting all or a specified group of the transactions. The Company minimizes the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and may require additional collateral to be posted upon the occurrence of certain events or circumstances. In the unlikely event of a failure to perform by any of the counterparties to these derivative transactions, there would not be a material effect on the Company’s admitted assets, liabilities or capital and surplus.

The Company has also entered into exchange-traded options and futures contracts. Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post or receive variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The parties with whom the Company enters into exchange-traded futures are regulated futures commission merchants who are members of a trading exchange. The credit risk of exchange-traded futures is partially mitigated because variation margin is settled daily in cash. Exchange-traded option contracts are not subject to daily margin settlements and amounts due to the Company based upon favorable movements in the underlying securities or indices are owed upon exercise.

The following table presents the notional amounts, statement values and fair values of the Company’s derivative instruments:


	December 31, 2023						December 31, 2022

(in millions)	Contract or Notional Amount		Statement Value		Fair Value		Contract or Notional Amount		Statement Value		Fair Value
Assets:
Interest rate contracts	$	8,745	$	48	$	113	$	10,173	$	61	$	61
Foreign exchange contracts		456		54		54		688		90		90
Equity contracts		2,307		327		327		1,444		54		54
Derivative assets, gross		11,508		429		494		12,305		205		205
Counter party netting*		—		(383)		(383)		—		(114)		(114)
Derivative assets, net	$	11,508	$	46	$	111	$	12,305	$	91	$	91
Liabilities:
Interest rate contracts	$	896	$	139	$	139	$	1,064	$	209	$	209
Foreign exchange contracts		1,362		44		46		1,013		52		52
Equity contracts		2,268		202		202		1,146		34		34
Derivative liabilities, gross		4,526		385		387		3,223		295		295
Counter party netting*		—		(383)		(383)		—		(114)		(114)
Derivative liabilities, net	$	4,526	$	2	$	4	$	3,223	$	181	$	181

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

The Company has a right of offset of its derivatives asset and liability positions with various counterparties.

The following table presents the effect of the right of offsets:


	December 31, 2023				December 31, 2022
(in millions)	Assets		Liabilities		Assets		Liabilities
Gross amount recognized	$	429	$	385	$	205	$	297
Amount offset		(383)		(383)		(114)		(114)
Net amount presented in the Statement of Admitted
Assets, Liabilities, and Capital and Surplus	$	46	$	2	$	91	$	183

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

9. INFORMATION ABOUT FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK

The following table presents the Company’s derivative financial instruments with concentrations of credit risk:

December 31, 2023

December 31, 2022

(in millions)

Contract or

Notional

Amount

Final

Maturity

Date

Contract or

Notional

Amount

Final

Maturity

Date

Derivative assets:

Interest rate contracts

8,745

2054

10,173

2061

Foreign exchange contracts

456

2049

688

2049

Equity contracts

2,307

2024

1,444

2023

Derivative liabilities:

Interest rate contracts

896

2052

1,064

2052

Foreign exchange contracts

1,362

2045

1,013

2045

Equity contracts

2,268

2024

1,146

2023

The credit exposure to the Company’s derivative contracts is limited to the fair value of such contracts that are favorable to the Company at the reporting date.

The credit exposure to the Company’s derivative contracts aggregated $134 million and $162 million at December 31, 2023 and 2022, respectively.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

10. FAIR VALUE INSTRUMENTS

Fair Value Measurements

The Company carries certain financial instruments at fair value. The Company defines the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions.

The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions.

Fair Value Hierarchy

Assets and liabilities recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•

Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that the Company has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Company does not adjust the quoted price for such instruments.

•

Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•

Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Company must make certain assumptions as to the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In those cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Bonds: Fair value is based principally on value from independent third-party valuation service providers, broker quotes and other independent information.

Preferred stocks: Fair value of unaffiliated preferred stocks is based principally on value from independent third-party service providers, broker quotes and other independent information.

Cash, cash equivalents and short term investments: Carrying amount approximate fair value because of the relatively short period of time between origination and expected realization and their limited exposure to credit risk.

Mortgage loans: Fair values are primarily determined by discounting future cash flows to the present at current market rates, using expected prepayment rates.

Contract loans: Carrying amounts, which approximate fair value, are generally equal to unpaid principal amount as of each reporting date. No consideration is given to credit risk because contract loans are effectively collateralized by the cash surrender value of the policies.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Securities lending reinvested collateral assets: Securities lending assets are generally invested in short-term investments and thus carrying amounts approximate fair values because of the relatively short period of time between origination and expected realizations.

Separate account assets: Variable annuity and variable universal life assets are carried at the market value of the underlying securities. Certain separate account assets related to market value adjustment fixed annuity contracts are carried at book value. Fair value is based principally on the value from independent third-party valuation service providers, broker quotes and other independent information.

Policy reserves and contractual liabilities: Fair value for investment contracts (those without significant mortality risk) not accounted for at fair value were estimated for disclosure purposes using discounted cash flow calculations based upon interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rates (if available) or current risk-free interest rates consistent with the currency in which cash flows are denominated.

Payable for securities lending: Cash collateral received from the securities lending program is invested in short-term investments and the offsetting liability is included in payable for securities lending. The carrying amount of this liability approximates fair value because of the relatively short period between origination of the liability and expected settlement.

Receivables/payables for securities: Such amounts represent transactions of a short-term nature for which the statement value is considered a reasonable estimate of fair value.

Valuation Methodologies of Financial Instruments Measured at Fair Value

Bonds

Bonds with NAIC 6 or 6* designations and redeemable preferred stocks with NAIC 4, 5 or 6 designations are carried at the lower of amortized cost or fair value. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call rate. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure bonds at fair value. Market price data generally is obtained from exchange or dealer markets.

The Company estimates the fair value of securities not traded in active markets, by referring to traded securities with similar attributes, using dealer quotations, a matrix pricing methodology, discounted cash flow analyses or internal valuation models. This methodology considers such factors as the issuer’s industry, the security’s rating and tenor, its coupon rate, its position in the capital structure of the issuer, yield curves, credit curves, prepayment rates and other relevant factors. For bonds that are not traded in active markets or that are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments generally are based on available market evidence. In the absence of such evidence, management’s best estimate is used.

Fair values for bonds and preferred stocks based on observable market prices for identical or similar instruments implicitly include the incorporation of counterparty credit risk. Fair values for bonds and preferred stocks based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information.

Common Stocks (Unaffiliated)

Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchanges or dealer markets.

Freestanding Derivatives

Derivative assets and liabilities can be exchange-traded or traded OTC. The Company generally values exchange-traded derivatives, such as futures and options, using quoted prices in active markets for identical derivatives at the balance sheet date.

OTC derivatives are valued using market transactions and other observable market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models can require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. When the Company does not have corroborating market evidence to support significant model inputs and cannot verify the model using market transactions, the transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. Subsequent to initial recognition, the Company updates valuation inputs when corroborated by evidence such as similar market transactions, independent third-party valuation services and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

Separate Account Assets

Separate account assets are comprised primarily of registered and open-ended variable funds that trade daily and are measured at fair value using quoted prices in active markets for identical assets. Certain separate account assets are carried at amortized cost.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Assets and Liabilities Measured at Fair Value

The following table presents information about assets and liabilities measured at fair value:


(in millions)	Level 1		Level 2		Level 3		Counterparty Netting*			Total
December 31, 2023

Assets at fair value:

Bonds

Industrial and miscellaneous	$	—	$	7	$	2	$	—		$	9
Total bonds		—		7		2		—			9
Preferred stock

Industrial and miscellaneous		—		—		40		—			40
Total preferred stock		—		—		40		—			40
Common stock

Industrial and miscellaneous		—		—		—		—			—
Total common stock		—		—		—		—			—
Derivative assets:

Interest rate contracts		—		6		39		—			45

Foreign exchange contracts		—		54		—		—			54

Equity contracts		1		327		—		—			328

Counterparty netting		—		—		—		(383	)		(383	)
Total derivative assets		1		387		39		(383	)		44
Separate account assets		3,532		1,078		—		—		$	4,610
Total assets at fair value	$	3,533	$	1,472	$	81	$	(383	)	$	4,703
Liabilities at fair value:

Derivative liabilities:

Interest rate contracts	$	—	$	139	$	—	$	—		$	139

Foreign exchange contracts		—		34		—		—			34

Equity contracts		—		202		—		—			202

Counterparty netting		—		—		—		(383	)		(383	)
Total derivative liabilities		—		375		—		(383	)		(8	)
Total liabilities at fair value	$	—	$	375	$	—	$	(383	)	$	(8	)
December 31, 2022

Assets at fair value:

Bonds

Industrial and miscellaneous	$	—	$	7	$	8	$	—		$	15
Total bonds		—		7		8		—			15
Preferred stock

Industrial and miscellaneous		—		—		21		—			21
Total preferred stock		—		—		21		—			21
Common stock

Industrial and miscellaneous		—		—		—		—			—
Total common stock		—		—		—		—			—
Derivative assets:

Interest rate contracts		—		47		14		—			61

Foreign exchange contracts		—		90		—		—			90

Equity contracts		1		53		—		—			54

Counterparty netting		—		—		—		(114	)		(114	)

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


(in millions)	Level 1		Level 2		Level 3		Counterparty Netting*			Total
Total derivative assets		1		190		14		(114	)		91
Separate account assets		3,272		1,010		—		—			4,282
Total assets at fair value	$	3,273	$	1,207	$	43	$	(114	)	$	4,409
Liabilities at fair value:

Derivative liabilities:

Interest rate contracts	$	—	$	209	$	—	$	—		$	209

Foreign exchange contracts	$	—	$	46	$	—	$	—		$	46

Equity contracts		—		34		—		—			34

Counterparty netting		—		—		—		(114	)		(114	)
Total derivative liabilities		—		289		—		(114	)		175
Total liabilities at fair value	$	—	$	289	$	—	$	(114	)	$	175

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Changes in Level 3 Fair Value Measurements

The following tables present changes in Level 3 assets and liabilities measured at fair value and the gains (losses) related to the Level 3 assets and liabilities that remained on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus:


(in millions)	Bonds			Preferred Stocks		Common Stocks		Derivative Assets			Total Assets
Balance, January 1, 2022	$	36		$	2	$	—	$	—		$	38
Total realized/unrealized capital gains or losses:
Included in net (loss) income		1			—		—		(10	)		(9	)
Included in surplus		(3	)		—		—		10			7
Purchases, issuances and settlements		(55	)		19		—		14			(22	)
Transfers into Level 3		29			—		—		—			29
Transfers out of Level 3		—			—		—		—			—
Balance, December 31, 2022	$	8		$	21	$	—	$	14		$	43

Included in net (loss) income		(1	)		—		—		(27	)		(28	)
Included in surplus		(5	)		—		—		25			20
Purchases, issuances and settlements		—			19		—		27			46
Transfers into Level 3		—			—		—		—			—
Transfers out of Level 3		—			—		—		—			—
Balance, December 31, 2023	$	2		$	40	$	—	$	39		$	81

Assets are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data or when the asset is no longer carried at fair value. This may be due to a significant increase in market activity for the asset, a specific event, one or more significant inputs becoming observable or when a long-term interest rate significant to a valuation becomes short-term and thus observable. Transfers out of level 3 can also occur due to favorable credit migration resulting in a higher NAIC designation. Securities are generally transferred into Level 3 due to a decrease in market transparency, downward credit migration and an overall increase in price disparity for certain individual security types. The Company’s policy is to recognize transfers in and out at the end of the reporting period, consistent with the date of the determination of fair value.

In both 2023 and 2022, there were no transfers between Level 1 and Level 2 securities.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized capital gains (losses) on instruments held at December 31, 2023 and 2022 may include changes in fair value that were attributable to both observable and unobservable inputs.

Quantitative Information About Level 3 Fair Value Measurements

The Company had no quantitative information about level 3 fair value measurements to report at December 31, 2023.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Gross Basis Fair Value Measurements

The following table presents the Company’s derivative assets and liabilities measured at fair value, on a gross basis, before counterparty and cash collateral netting:


(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2023
Derivative assets at fair value	$	1	$	386	$	39	$	426
Derivative liabilities at fair value		—		(375)		—		(375)

December 31, 2022
Derivative assets at fair value	$	2	$	190	$	14	$	206
Derivative liabilities at fair value		—		(296)		—		(296)

Fair Value Information about Financial Instruments Not Measured at Fair Value

The following table presents the aggregate fair values of the Company’s financial instruments not measured at fair value compared to their statement values:


(in millions)	Aggregate Fair Value		Admitted Assets or Liabilities		Level 1		Level 2		Level 3
December 31, 2023
Assets:
Bonds	$	17,443	$	19,381	$	—	$	14,966	$	2,477
Preferred stocks		6		5		—		6		—
Common stocks		18		18		—		18		—
Cash, cash equivalents and short-term investments		227		227		(20)		247		—
Mortgage loans		3,598		3,876		—		—		3,598
Contract loans		132		132		—		—		132
Derivatives		59		(4)		—		59		—
Receivables for securities		37		37		—		37		—
Separate account assets		1,163		1,163		—		1,163		—
Liabilities:
Policy reserves and contractual liabilities		497		497		—		6		491
Payable for securities		2		2		—		2		—
Derivatives		(4)		(4)		—		(4)		—
December 31, 2022
Assets:
Bonds	$	16,449	$	18,993	$	—	$	13,991	$	2,458
Preferred stocks		6		6		—		6		—
Common stocks		18		18		—		18		—
Cash, cash equivalents and short-term investments		389		389		318		71		—
Mortgage loans		3,606		3,906		—		—		3,606
Contract loans		141		141		—		—		141
Derivatives		(6)		(7)				(6)
Receivables for securities		25		25		—		25		—
Separate account assets		1,130		1,130		—		1,130		—
Liabilities:
Policy reserves and contractual liabilities		542		523		—		8		534
Payable for securities		1		1		—		1		—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

11. AGGREGATE POLICY RESERVES AND DEPOSIT FUND LIABILITIES

The following table presents the Company’s reserves by major category:


(in millions)	Years ended December 31,
(in millions)	2023			2022
Life insurance	$	3,397		$	3,426
Annuities (excluding supplementary contracts with life contingencies)		16,891			16,840
Supplementary contracts with life contingencies		162			157
Disability - active lives		2			2
Disability - disabled lives		50			55
Excess of VM-21 reserves over basic reserves		90			124
Deficiency reserves		249			237
Other miscellaneous reserve		1,099			1,484
Gross life and annuity reserves		21,940			22,325
Reinsurance ceded		(173	)		(197	)
Net life and annuity reserves		21,767			22,128
Accident and health reserves
Unearned premium reserves		8			8
Present value of amounts not yet due on claims		153			174
Additional contract reserves		45			41
Gross accident and health reserves		206			223
Reinsurance ceded		(15	)		(16	)
Net accident and health reserves		191			207
Aggregate policy reserves	$	21,958			22,335

The following table presents the withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life contingencies:

A. Individual Annuities:


	December 31, 2023
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :

a. With market value adjusted	$	3,086	$	—	$	—	$	3,086		16.29	%

b. At book value less current surrender charge of 5% or more		4,088		—		—		4,088		21.58	%

c. At fair value		—		—		3,417		3,417		18.04	%
d. Total with market adjustment or at fair value		7,174		—		3,417		10,591		55.91	%

e. At book value without adjustment (minimal or no charge or adjustment)		5,533		—		—		5,533		29.20	%

(2) Not subject to discretionary withdrawal		2,820		—		1		2,821		14.89	%
(3) Total (gross: direct + assumed)	$	15,527	$	—	$	3,418	$	18,945		100.00	%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net)* (3) - (4)	$	15,527	$	—	$	3,418	$	18,945
(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:	$	1,117	$	—	$	—	$	1,117

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

B. Group Annuities:

December 31, 2023

(in millions)

General

account

Separate

account with

guarantees

Separate

account

nonguaranteed

Total

% of

Total

(1) Subject to discretionary withdrawal :

a. With market value adjusted

—

b. At book value less current surrender charge of 5% or more

—

c. At fair value

—

1,085

29.03

d. Total with market adjustment or at fair value

—

1,085

29.03

e. At book value without adjustment

(minimal or no charge or adjustment)

447

—

447

11.96

(2) Not subject to discretionary withdrawal

1,078

1,128

—

2,206

59.01

(3) Total (gross: direct + assumed)

1,525

1,128

1,085

3,738

100.00

(4) Reinsurance ceded

—

(5) Total (net)* (3) - (4)

1,525

1,128

1,085

3,738

(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:

—

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

C. Deposit-Type Contracts (no life contingencies):


	December 31, 2023
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :

a. With market value adjusted	$	—	$	—	$	—	$	—		—	%

b. At book value less current surrender charge of 5% or more		—		—		—		—		—	%

c. At fair value		—		—		—		—		—	%
d. Total with market adjustment or at fair value		—		—		—		—		—	%

e. At book value without adjustment (minimal or no charge or adjustment)		5		—		—		5		0.66	%

(2) Not subject to discretionary withdrawal		756		—		1		757		99.34	%
(3) Total (gross: direct + assumed)	$	761	$	—	$	1	$	762		100.00	%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net)* (3) - (4)	$	761	$	—	$	1	$	762
(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:	$	—	$	—	$	—	$	—

* Represents annuity reserves reported in separate accounts liabilities.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2023:


	December 31, 2023
	General Account						Separate Account - Nonguaranteed
(in millions)	Account value		Cash value		Reserve		Account value		Cash value		Reserve
A. Subject to discretionary withdrawal, surrender values, or policy loans:

(1) Term policies with cash value	$	—	$	9	$	22	$	—	$	—	$	—

(2) Universal life		1,143		1,138		1,243		—		—		—

(3) Universal life with secondary guarantees		136		127		727		—		—		—

(4) Indexed universal life		4		4		4		—		—		—

(5) Indexed universal life with secondary guarantees		53		36		66		—		—		—

(6) Indexed life		—		—		—		—		—		—

(7) Other permanent cash value life insurance		57		339		381		11		11		11

(8) Variable life		—		—		—		—		—		—

(9) Variable universal life		1		1		1		12		12		12

(10) Miscellaneous reserves		—		—		—		—		—		—
B. Not subject to discretionary withdrawal or no cash values

(1) Term policies without cash value		XXX		XXX	$	954		XXX		XXX	$	—

(2) Accidental death benefits		XXX		XXX		—		XXX		XXX		—

(3) Disability - active lives		XXX		XXX		2		XXX		XXX		—

(4) Disability - disabled lives		XXX		XXX		50		XXX		XXX		—

(5) Miscellaneous reserves		XXX		XXX		323		XXX		XXX		—
C. Total (gross: direct + assumed)	$	1,394	$	1,654	$	3,773	$	23	$	23	$	23
D. Reinsurance ceded		39		47		173		—		—		—
E. Total (net) (C) - (D)	$	1,355	$	1,607	$	3,600	$	23	$	23	$	23

12. SEPARATE ACCOUNTS

Separate Accounts

The separate accounts held by the Company consist primarily of variable life insurance policies and variable annuities. These contracts generally are non-guaranteed in nature such that the benefit is determined by the performance and/or market value of the investments held in the separate accounts. The net investment experience of the separate accounts is credited directly to the policyholder and can be positive or negative.

The separate accounts also include a funding agreement, which provides a stable value protection feature on the assets held within the account.

The Company does not engage in securities lending transactions within the separate accounts.

The legal insulation of the separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account.

The following table presents separate account assets by product or transaction:


	December 31, 2023				December 31, 2022
(in millions)	Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)		Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)
Variable annuity products	$	4,623	$	—	$	4,300	$	—
Variable universal life products		23		—		20		—
Pension risk transfer annuities		1,128		—		1,092		—
Total	$	5,774	$	—	$	5,412	$	—

Some separate account liabilities are guaranteed by the general account. To compensate the general account for the risks taken, the separate accounts pay risk charges to the general account.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

If claims were filed on all contracts, the current total maximum guarantee the general account would provide to the separate account as of December 31, 2023 and 2022 is $109 million and $246 million, respectively.

There was no separate account business seed money at December 31, 2023 and 2022.

The following table presents the risk charges paid by the separate accounts and the guarantees paid by the general account:


(in millions)	Risk Charge paid by the Separate Account		Guarantees Paid by the General Account
2023	$	55	$	2

2022		63		2

2021		53		1

2020		45		—

2019		37		—

The following table presents information regarding the separate accounts:


(in millions)	Indexed		Non- indexed guarantee less than or equal to 4%		Non- indexed guarantee more than 4%		Non- guaranteed separate accounts		Total
December 31, 2023
Premiums, considerations or deposits	$	—	$	—	$	—	$	267	$	267
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	4,530	$	4,530
Amortized costs		—		1,128		—		—		1,128
Total reserves	$	—	$	1,128	$	—	$	4,530	$	5,658
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	—	$	1,128	$	—	$	—	$	1,128
At market value		—		—		—		4,528		4,528
Subtotal		—		1,128		—		4,528		5,656
Not subject to discretionary withdrawal		—		—		—		2		2
Total reserves	$	—	$	1,128	$	—	$	4,530	$	5,658
December 31, 2022
Premiums, considerations or deposits	$	—	$	—	$	—	$	299	$	299
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	4,194	$	4,194
Amortized costs		—		1,092		—		—		1,092
Total reserves	$	—	$	1,092	$	—	$	4,194	$	5,286
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	—	$	1,092	$	—	$	—	$	1,092
At market value		—		—		—		4,192		4,192
Subtotal		—		1,092		—		4,192		5,284
Not subject to discretionary withdrawal		—		—		—		2		2
Total reserves	$	—	$	1,092	$	—	$	4,194	$	5,286

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Reconciliation of Net Transfers to or from Separate Accounts

The following table presents a reconciliation of the net transfers to (from) separate accounts:


	Years Ended December 31,
(in millions)	2023		2022		2021
Transfers to separate accounts	$	267	$	299	$	1,178
Transfers from separate accounts		(327)		(312)		(331)
Net transfers to (from) separate accounts		(60)		(13)		847
Reconciling adjustments:
Deposit-type contracts		—		—		—
Total reconciling adjustments		—		—		—
Transfers as reported in the Statutory Statements of Operations	$	(60)	$	(13)	$	847

13. RESERVES FOR GUARANTEED POLICY BENEFITS AND ENHANCEMENTS

Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits include guaranteed minimum withdrawal benefits (“GMWB”) and, to a lesser extent, guaranteed minimum accumulation benefits (“GMAB”), which are no longer offered. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder generally can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e. the features are mutually exclusive. A policyholder cannot purchase more than one living benefit on one contract.

Reserves for GMDB and GMWB were included in the VACARVM reserves. Total reserves in excess of basic reserves were $90 million and $124 million at December 31, 2023 and 2022, respectively.

GMDB

Depending on the product, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract less any partial withdrawals plus a minimum return or (b) the highest contract value attained, typically on any anniversary date minus any subsequent withdrawals following the contract anniversary.

GMWB

Certain of the Company’s variable annuity contracts offer optional GMWB. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract only through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. If, after the series of withdrawals, the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount, and, for lifetime GMWB products, the annuity payments continue as long as the covered person(s) are living.

14. PARTICIPATING POLICY CONTRACTS

Participating policy contracts entitle a policyholder to share in earnings through dividend payments. These contracts represented 3.4 percent, 7.0 percent and 10.8 percent of gross insurance in-force at December 31, 2023, 2022 and 2021, respectively. Policyholder dividends for the years ended December 31, 2023, 2022 and 2021 were immaterial.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

15. PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

The following table presents the deferred and uncollected insurance premiums and annuity consideration (before deduction for amounts non-admitted):


	December 31, 2023				December 31, 2022
(in millions)	Gross		Net of Loading		Gross		Net of Loading
Ordinary new business		2		2		—		—
Ordinary renewal		18		50		18		46
Total	$	20	$	52	$	18	$	46

16. REINSURANCE

In the ordinary course of business, the Company utilizes internal and third-party reinsurance transactions to manage insurance risks and to facilitate capital management strategies. Long-duration reinsurance is effected principally under yearly renewable term treaties. Pools of highly-rated third party reinsurers are utilized to manage net amounts at risk in excess of retention limits. Reinsurance agreements do not relieve the Company of its direct obligations to insureds and beneficiaries. Thus, a credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. In addition, the Company assumes reinsurance from other insurance companies.

Reinsurance premiums assumed and reserves on reinsurance assumed were not significant in 2023, 2022 or 2021. Reinsurance premiums ceded in 2023, 2022 and 2021 were $152 million, $133 million and $205 million, respectively. The reserve credit taken on reinsurance ceded was $188 million and $213 million at December 31, 2023 and 2022, respectively. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits. At December 31, 2023 and 2022, the Company’s reinsurance recoverables were $25 million and $49 million, respectively.

The Company has a coinsurance/modified coinsurance agreement (the “Co/Modco Agreement”) with Corebridge Bermuda. Under the Co/Modco Agreement, Corebridge Bermuda reinsures a 90 percent quota share of the Company’s net liability on term life contracts issued by the Company with issue dates on or after March 1, 2002 through August 1, 2009. Corebridge Bermuda is a Bermuda licensed insurer but is not accredited as a reinsurer in the State of New York. At December 31, 2023 and 2022, the Company did not report any liabilities for unauthorized reinsurance, as the coinsurance reserves ($92 million and $116 million, respectively) ceded to Corebridge Bermuda were fully secured by a letter of credit. The letter of credit, secured by Corebridge Bermuda for the benefit of the Company, contain applicable provisions required by NAIC SAP and are subject to reimbursement by Corebridge in the event of a drawdown. In addition, there are certain terms and conditions regarding events of default, which if triggered by future events, would require the Company to pursue a variety of remedies to preserve the amount of the reserve credit. Pursuant to the modified coinsurance portion of the Co/Modco Agreement, the Company does not record a reserve credit since it retains, controls, and owns all assets held in relation to the modified coinsurance reserve.

The Co/Modco Agreement decreased the Company’s pre-tax earnings by $56 million, $78 million and $68 million in 2023, 2022 and 2021, respectively. The agreement is unlimited in duration, but was amended to terminate for new business issued on and after August 1, 2009.

As of December 31, 2023, $5 billion of the Company’s reserves representing a mix of run-off life and annuity risks were ceded to Fortitude Reinsurance Company Ltd.(“Fortitude Re”) under modified coinsurance agreements.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

17. FEDERAL INCOME TAXES

Recent U.S. Tax Law Changes

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act with a 15%, CAMT, on adjusted financial statement income for corporations with profits over $1 billion, a 1% stock buyback tax, increased Internal Revenue Service (“IRS”) enforcement funding, and Medicare’s new ability to negotiate prescription drug prices. The AGC Life Insurance Company consolidated federal income tax return group, of which the Company is a member, has determined that as of the reporting date it is an applicable reporting entity for the CAMT.

Although the U.S. Treasury and IRS issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. The Company’s estimated CAMT liability will continue to be refined based on future guidance.

The following table presents the components of the net deferred tax assets and liabilities :


	December 31, 2023						December 31, 2022						Change

(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Gross DTA	$	679	$	138	$	817	$	746	$	159	$	905	$	(67	)	$	(21	)	$	(88	)

Statutory valuation allowance adjustment		—		23		23		—		29		29		—			(6	)		(6	)
Adjusted gross DTA		679		115		794		746		130		876		(67	)		(15	)		(82	)

DTA non-admitted		485		115		600		524		130		654		(39	)		(15	)		(54	)
Net admitted DTA		194		—		194		222		—		222		(28	)		—			(28	)

DTL		26		—		26		36		—		36		(10	)		—			(10	)
Total	$	168	$	—	$	168	$	186	$	—	$	186	$	(18	)	$	—		$	(18	)

The following table presents the ordinary and capital DTA admitted assets as the result of the application of SSAP 101:


	December 31, 2023						December 31, 2022						Change

(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital		Total
Admission calculation components
SSAP 101

Federal income taxes paid in prior years recoverable through loss carry backs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—

Adjusted gross DTA expected to be realized (excluding amount of DTA from above) after application of the threshold limitation		168		—		168		186		—		186		(18	)		—		(18	)

1. Adjusted gross DTA expected to be realized following the reporting date		168		—		168		186		—		186		(18	)		—		(18	)

2. Adjusted gross DTA allowed per limitation threshold		—		—		378		—		—		285		—			—		93

Adjusted gross DTA (excluding the amount of DTA from above) offset by gross DTL		26		—		26		36		—		36		(10	)		—		(10	)
DTA admitted as the result of application of SSAP 101	$	194	$	—	$	194	$	222	$	—	$	222	$	(28	)	$	—	$	(28	)

The following table presents the ratio percentage and amount of adjusted capital to determine the recovery period and threshold limitation amount:


	Years Ended December 31,
($ in millions)	2023			2022
Ratio percentage used to determine recovery period and threshold limitation amount		1,100	%		768	%

Amount of adjusted capital and surplus used to determine recovery period and threshold limitation amount	$	2,521		$	1,901

The Company has no tax planning strategies used in the determination of adjusted gross DTA’s or net admitted DTA’s.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The Company’s planning strategy does not include the use of reinsurance.

The Company is not aware of any significant DTLs that are not recognized in the statutory financial statements.

The following tables present the major components of the current income tax expense and net deferred tax assets (liabilities):


	Years Ended December 31,
(in millions)	2023		2022		2021
Current income tax expense

Federal	$	46	$	143	$	132

Federal income tax on net capital gains (losses)		(7)		(35)		2
Federal income tax incurred		39		108		134

	Years Ended December 31,
(in millions)	2023		2022		Change
Deferred tax assets:

Ordinary:

Policyholder reserves	$	511	$	562	$	(51)

Investments		29		32		(3)

Deferred acquisition costs		133		136		(3)

Fixed assets		5		4		1

Net operating loss carry forward		—		8		(8)

Tax credit carryforward		—		—		—

Other (including items less than 5% of total ordinary tax assets)		1		4		(3)
Subtotal		679		746		(67)

Non-admitted		485		524		(39)
Admitted ordinary deferred tax assets		194		222		(28)
Capital:

Investments		138		159		(21)

Real Estate		—		—		—
Subtotal		138		159		(21)

Statutory valuation allowance adjustment		23		29		(6)

Non-admitted		115		130		(15)
Admitted capital deferred tax assets		—		—		—
Admitted deferred tax assets		194		222		(28)
Deferred tax liabilities:

Ordinary:

Deferred and uncollected premium		16		16		—

Policyholder reserves		10		20		(10)
Deferred tax liabilities		26		36		(10)
Net deferred tax assets	$	168	$	186	$	(18)

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of non-admitted assets as the change in non-admitted assets and the change in net deferred income taxes are reported in separate components of capital and surplus):


	Years Ended December 31,
(in millions)	2023		2022		Change
Total adjusted deferred tax assets	$	794	$	876	$	(82	)

Total deferred tax liabilities	$	26	$	36	$	(10	)
Net adjusted deferred tax assets	$	768	$	840	$	(72	)
Tax effect of unrealized gains (losses)					$	8
Change in net deferred income tax					$	(64	)

The provision for incurred federal taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The following table presents the significant items causing this difference:


	December 31, 2023						December 31, 2022						December 31, 2021
(in millions)	Amount			Effective Tax Rate			Amount			Effective Tax Rate			Amount			Effective Tax Rate
Income tax expense at applicable rate	$	136			21.0	%	$	6			21.0	%	$	66			21.0	%
Change in valuation adjustment		(6	)		(1.0	)		29			97.8
Surplus adjustments		(2	)		(0.4	)		1			3.2			(2	)		(0.5	)
Prior year return true-ups and adjustments		(5	)		(0.8	)		(2	)		(5.8	)		(1	)		(0.2	)
Amortization of interest maintenance reserve		(15	)		(2.3	)		(18	)		(62.2	)		17			5.3
Change in non-admitted assets		(3	)		(0.4	)		(1	)		(5.7	)		4			1.3
Dividend received deduction		(2	)		(0.3	)		(1	)		(2.9	)		(1	)		(0.3	)
Other permanent adjustments		(1	)		(0.1	)		—			—			1			0.3
Credits		—			—			—			—			—			—
Statutory income tax expense (benefit)	$	102			15.7	%	$	14			45.4	%	$	84			26.9	%

Federal income taxes incurred	$	38			5.9	%	$	108			362.1	%	$	134			42.8	%
Change in net deferred income taxes		64			9.8			(94	)		(316.7	)		(50	)		(15.9	)
Total statutory income taxes	$	102			15.7	%	$	14			45.4	%	$	84			26.9	%

At December 31, 2023, the Company had no foreign tax credits carryforwards.

At December 31, 2023, the Company had no U.S federal operating loss carryforwards.

At December 31, 2023, the Company had no capital loss carryforwards.

At December 31, 2023, the Company had no general business credit carryforwards.

At December 31, 2023, the Company had no alternative minimum tax credits.

At December 31, 2023, the Company had no CAMT credits.

The following table presents income tax incurred that is available for recoupment in the event of future net losses:


(in millions) December 31,	Capital
2021	$	95

2022		—

2023		—
Total	$	95

In general, realization of DTAs depends on a company’s ability to generate sufficient taxable income of the appropriate character within the carryforward periods in the jurisdictions in which the net operating losses and deductible temporary differences were incurred. In accordance with the requirements established in SSAP 101, the Company assessed its

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

ability to realize DTAs of $817 million and concluded that $23 million valuation allowance was required at December 31, 2023. The Company had concluded that $29 million valuation allowance was required on the DTAs of $876 million at December 31, 2022.

The Company had no deposits admitted under Internal Revenue Code Section 6603.

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:


	Years Ended December 31,
(in millions)	2023		2022
Gross unrecognized tax benefits at beginning of year	$	—	$	—

Increases in tax position for prior years		—		—

Decreases in tax position for prior years		—		—
Gross unrecognized tax benefits at end of year	$	—	$	—

At December 31, 2023 and 2022, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $0.4 million and $0.4 million, respectively.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expenses. At both December 31, 2023 and 2022, the Company had accrued less than $1 million for the payment of interest (net of federal benefit) and penalties. In 2023, 2022 and 2021, the Company recognized an expense of less than $1 million, net of federal benefit, and penalties.

The Company regularly evaluates proposed adjustments by taxing authorities. At December 31, 2023, such proposed adjustments would not have resulted in a material change to the Company’s financial condition, although it is possible that the effect could be material to the Company’s results of operations for an individual reporting period. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next twelve months, based on the information currently available, the Company does not expect any change to be material to its financial condition.

The Company is currently under IRS examinations for the taxable years 2011-2019 and engaging in the IRS Appeals process in regard to years 2007-2010. Although the final outcome of possible issues raised in any future examination are uncertain, the Company believes that the ultimate liability, including interest, will not materially exceed amounts recorded in the financial statements. The Company’s taxable years 2007-2022 remain subject to examination by major tax jurisdictions.

The Company is not subject to the repatriation transition tax for the year ended December 31, 2023.

For the period prior to the Corebridge IPO on September 19, 2022, the Company joined in the filing of a consolidated federal income tax return with AIG. For the period following the IPO, the Company will join with AGC Life, AGL, VALIC and Corebridge Bermuda in filing a consolidated life company federal income tax return.

The Company has written agreements with both parent entities, AIG and AGC Life, under which each subsidiary agrees to pay the parent company an amount equal to the consolidated federal income tax expense multiplied by the ratio that the subsidiary’s separate return tax liability bears to the consolidated tax liability, plus one hundred percent of the excess of the subsidiary’s separate return tax liability over the allocated consolidated tax liability. Both AIG and AGC Life agree to pay each subsidiary for the tax benefits, if any, of net operating losses, net capital losses and tax credits which are not usable by the subsidiary but which are used by other members of the consolidated group.

The Company may be charged with a portion of CAMT incurred by the AGC Life consolidated group (or credited with a portion of the consolidated group’s CAMT credit utilization).

18. CAPITAL AND SURPLUS

RBC standards are designed to measure the adequacy of an insurer’s statutory capital and surplus in relation to the risks inherent in its business. The RBC standards consist of formulas that establish capital requirements relating to asset, insurance, business and interest rate risks. The standards are intended to help identify companies that are under-capitalized, and require specific regulatory actions in the event an insurer’s RBC is deficient. The RBC formula develops

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

a risk-adjusted target level of adjusted statutory capital and surplus by applying certain factors to various asset, premium and reserve items. Higher factors are applied to more risky items and lower factors are applied to less risky items. Thus, the target level of statutory surplus varies not only because of the insurer’s size, but also on the risk profile of the insurer’s operations. At December 31, 2023, the Company exceeded RBC requirements that would require any regulatory action.

The Company is subject to New York Insurance Law (“NYIL”), which imposes certain restrictions on shareholder dividends and has two different standards for determination of ordinary dividends (Sections 4207(a)(2) and 4207(a)(3)). Based on current management estimates, the Company would elect the standard under NYIL Section 4207(a)(2). Under Section 4207(a)(2), the maximum amount of dividends that can be paid by New York domiciled life insurance companies out of earned surplus without prior notice to the NYDFS in a calendar year is the greater of (1) 10 percent of surplus as regards policyholders as of the immediately preceding calendar year or (2) the net gain from operations of the Company for the immediately preceding calendar year. Section 4207(a)(2) further provides that an insurer may not distribute an ordinary dividend in the calendar year immediately following a calendar year in which the insurer’s net gain from operations, not including realized capital gains, was negative, without the approval of the NYDFS Superintendent. Other than the limitations discussed above, there are no restrictions placed on the portion of the Company’s profits that may be paid as ordinary dividends to its shareholder. The maximum amount of dividends that the Company may pay to AGC Life (as immediate parent company) without prior approval of the NYDFS in 2024 is $322 million, subject to availability of earned surplus.

Dividends are paid as determined by the Board of Directors and are noncumulative. The following table presents the dividends paid by the Company during 2023, 2022 and 2021:


Date	Type	Cash or Non-cash	Amount (in millions)
2023
—	—	—	$ —

2022
March 28, 2022	Ordinary	Cash	200

2021
March 15, 2021	Ordinary	Cash	101

19. RETIREMENT AND SHARE-BASED AND DEFERRED COMPENSATION

The Company does not directly sponsor any defined benefit or defined contribution plans and does not participate in any multi-employer plans.

Employee Retirement and Postretirement Benefit Plans

Certain employees and retirees of the Company participated in various AIG-sponsored defined benefit pension and postretirement plans. AIG, as sponsor, is ultimately responsible for the maintenance of these plans in compliance with applicable laws. The Company is not directly liable for obligations under these plans; its obligation results from AIG’s allocation of the Company’s share of expenses from the plans based on participants’ earnings for the pension plans and on estimated claims less contributions from participants for the postretirement plans.

The following table presents information about employee-related costs (expense credits) allocated to the Company:


	Years Ended December 31,
(in millions)	2023		2022			2021
Defined benefit plans	$	1	$	(1	)	$	(1	)
Total	$	1	$	(1	)	$	(1	)

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Defined Contribution Plan

Prior to August 22, 2022, the Company’s employees participated in AIG’s qualified defined contribution plan that provided for contributions by employees, as well as an employer contribution. On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan.

The 401(k) plan provides for pre-tax salary reduction contributions by its U.S. employees. Employer matching contributions of 100 percent were made on the first six percent of participant contributions, subject to IRS-imposed limitations, and an additional fully vested, non-elective, non-discretionary employer contribution equal to three percent of the participant’s annual base compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations.

The Company’s pre-tax expense associated with this plan was $3 million, $3 million and $3 million in 2023, 2022 and 2021, respectively.

Share-based and Deferred Compensation Plans

Prior to the IPO, certain Corebridge employees received grants of equity awards under the AIG Long Term Incentive Plan (as amended) and its predecessor plan, the AIG 2013 Long Term Incentive Plan, which are governed by the AIG 2013 Omnibus Incentive Plan. The value of AIG equity awards are linked to the performance of AIG’s common stock. AIG granted equity awards to the Company’s employees primarily in the form of AIG restricted stock units (“RSUs”) but also granted AIG performance share units (“PSUs”) and AIG stock options to certain executives. AIG RSUs that were held by the Company’s active employees on September 14, 2022 (the pricing date for the IPO) were converted into RSUs linked to the performance of Corebridge stock (“Corebridge RSUs”), on terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of AIG RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding).

Following the IPO, the Company’s employees participate in several stock compensation programs under the Corebridge Financial, Inc. Long-term Incentive Plan (each as applicable, the “LTIP”), which are governed by the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023. Corebridge’s LTIP provides for an annual award to certain employees, including senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: RSUs or stock options. RSUs and stock options are earned based solely on continued service by the participant and vesting occurs in three equal installments on the first, second and third anniversaries of the grant date.

The Company recognized compensation expenses of $0 million, $3 million and $3 million for the years ending December 31, 2023, 2022 and 2021, respectively, on the grant date of the awards.

20. DEBT

The Company is a member of the Federal Home Loan Bank (“FHLB”) of New York.

Membership with the FHLB provides the Company with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management. The Company’s ownership in the FHLB stock is reported as common stock. Pursuant to the membership terms, the Company elected to pledge such stock to the FHLB as collateral for the Company’s obligations under agreements entered into with the FHLB.

Cash advances obtained from the FHLB are reported in and accounted for as borrowed money. The Company may periodically obtain cash advances on a same-day basis, up to a limit determined by management and applicable laws. The Company is required to pledge certain mortgage-backed securities, government and agency securities and other qualifying assets to secure advances obtained from the FHLB. To provide adequate collateral for potential advances, the Company has pledged securities to the FHLB in excess of outstanding borrowings. Upon any event of default by the Company, the recovery by the FHLB would generally be limited to the amount of the Company’s liability under advances borrowed.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the aggregate carrying value of stock held with the FHLB of New York and the classification of the stock:


	December 31,
(in millions)	2023		2022
Membership stock - Class B	$	7	$	7

Activity stock		11		11

Excess stock		—		—
Total	$	18	$	18
Actual or estimated borrowing capacity as determined by the insurer	$	935	$	1,022

The Company did not hold any Class A at December 31, 2023 or 2022.

The following table presents the amount of collateral pledged, including FHLB common stock held, to secure advances from the FHLB:

December 31, 2023

December 31, 2022

(in millions)

Amortized
Cost

Fair Value

Amortized
Cost

Fair Value

Amount pledged

534

497

396

372

Maximum amount pledged during reporting period

723

684

415

431

The Company’s borrowing capacity determined quarterly based upon the borrowing limit imposed by statute in the state of domicile.

The following table presents the outstanding funding agreements and maximum borrowings from the FHLB:


	December 31,
(in millions)	2023		2022
Amount outstanding	$	240	$	240

Maximum amount borrowed during reporting period	$	240	$	240

While the funding agreements are presented herein to show all amounts received from FHLB, the funding agreements are treated as deposit-type contracts, consistent with the other funding agreements for which the Company’s intent is to earn a spread and not to fund operations. The Company had no debt outstanding with the FHLB at December 31, 2023 or 2022.

The following table reflects the principal amounts of the funding agreements issued to the FHLB:


(in millions)
Funding Agreements	Date Issued	Amounts
5-year fixed rate	February 25, 2020	$	124
5-year fixed rate	April 5, 2019		42
5-year fixed rate	April 16, 2019		52
6-year fixed rate	July 15, 2019		23

21. COMMITMENTS AND CONTINGENCIES

Commitments

The Company had commitments to provide funding to various limited partnerships totaling $525 million and $669 million at December 31, 2023 and 2022, respectively. The commitments to invest in limited partnerships and other funds may be called at the discretion of each fund, as needed and subject to the provisions of such fund’s governing documents, for funding new investments, follow-on investments and/or fees and other expenses of the fund. Of the total commitments at December 31, 2023, $265 million are currently expected to expire in 2024, and the remainder by 2029 based on the expected life cycle of the related funds and the Company’s historical funding trends for such commitments.

At December 31, 2023 and 2022, the Company had $332 million and $612 million, respectively, of outstanding commitments related to various funding obligations associated with its investments in commercial mortgage loans. Of

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

the total current commitments, $129 million are expected to expire in 2024 and the remainder by 2036, based on the expected life cycle of the related loans and the Company’s historical funding trends for such commitments.

The Company has various leases, substantially all of which are for office space and facilities. Rentals under financing leases, contingent rentals, future minimum rental commitments, and rental expense under operating leases are not material.

Contingencies

Legal Matters

Various lawsuits against the Company have arisen in the ordinary course of business. The Company believes it is unlikely that contingent liabilities arising from such lawsuits will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Regulatory Matters

Various federal, state or other regulatory agencies may from time to time review, examine or inquire into the operations, practices and procedures of the Company, such as through financial examinations, subpoenas, investigations, market conduct exams or other regulatory inquiries. Based on the current status of pending regulatory examinations, investigations, and inquiries involving the Company, the Company believes it is not likely that these regulatory examinations, investigations, or inquiries will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Other Contingencies

All fifty states and the District of Columbia have laws requiring solvent life insurance companies, through participation in guaranty associations, to pay assessments to protect the interests of policyholders of insolvent life insurance companies. These state insurance guaranty associations generally levy assessments, up to prescribed limits, on member insurers in a particular state based on the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer is engaged. Such assessments are used to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. The Company accrues liabilities for guaranty fund assessments (“GFA”) when an assessment is probable and can be reasonably estimated. The Company estimates the liability using the latest information available from the National Organization of Life and Health Insurance Guaranty Associations. While the Company cannot predict the amount and timing of any future GFA, the Company has established reserves it believes are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings.

The Company accrued $2 million at December 31, 2023 and $2 million at December 31, 2022, for GFA. The Company has recorded receivables of $432 thousand and $476 thousand at December 31, 2023 and 2022, respectively, for expected recoveries against the payment of future premium taxes.

22. RELATED PARTY TRANSACTIONS

Events Related to AIG and Corebridge

Separation of Life and Retirement Business from AIG and Relationship with Blackstone

On September 19, 2022, Corebridge completed an IPO in which AIG sold 80 million shares of Corebridge common stock to the public. Since the IPO, AIG has sold 159.8 million shares of Corebridge common stock and Corebridge has repurchased 17.2 million shares of its common stock from AIG. As of December 31, 2023, AIG owns 52.2% of outstanding common stock of Corebridge.

On November 2, 2021, Argon Holdco LLC (“Argon”), a wholly-owned subsidiary of Blackstone, Inc. (“Blackstone”), acquired a 9.9% equity stake in Corebridge and Corebridge entered into a long-term asset management relationship with Blackstone ISG-1 Advisors L.L.C (“Blackstone IM”). Pursuant to the partnership, Corebridge initially transferred $50 billion in book value of assets in its consolidated investment portfolio to Blackstone IM, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027. As of December 31, 2023, Blackstone IM managed approximately $55.4 billion in book value of assets in Corebridge’s investment portfolio.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Pursuant to the Stockholders’ Agreement that Corebridge entered into with AIG and Argon at the time of acquisition of Argon’s Corebridge equity stake, Argon may not sell its ownership interest in Corebridge subject to exceptions permitting Argon to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the IPO, with the transfer restrictions terminating in full on the fifth anniversary of the IPO. Also, until Argon no longer owns at least 50% of its initial investment in Corebridge, it will have the right to designate for nomination for election one member of the Corebridge Board of Directors.

Prior to the IPO, Corebridge and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. The provision for income taxes is calculated on a separate return basis. Following the IPO, AIG owns a less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group and in a small minority of state jurisdictions which follow federal consolidation rules, the most significant being Florida. In addition, under the applicable law, AGC Life and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with other subsidiaries (collectively, the “Non-Life Group”) for the five year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

Investment Management Agreements with BlackRock

Since April 2022, certain of the Corebridge insurers, including the Company, entered into investment management agreements with BlackRock Financial Management, Inc. (“BlackRock”) and its investment advisory affiliates. Under the investment management agreements with BlackRock, Corebridge completed the transfer of the management of liquid fixed income and certain private placement assets to BlackRock in 2022. As of December 31, 2023, BlackRock managed approximately $85.3 billion in book value of assets in Corebridge’s consolidated investment portfolio. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management in 2023. The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, expense reimbursement, liability, indemnity and other provisions.

Affiliate Transactions

During 2023, the Company purchased $114 million and sold $107 million of securities, at fair market value, from or to one or more of its affiliates in the ordinary course of business.

At December 31, 2023, the Company’s unfunded capital commitment to U.S. Fund I, U.S. Fund II, U.S Fund III, Europe Fund I and Europe Fund II were approximately $21.7 million, $14.7 million, $12.7 million, $30.9 million, $6.8 million and $24.8 million, respectively.

At December 31, 2022, the company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II (which are managed by an affiliate) were approximately $21.7 million, $15.8 million, $13 million, $41.7 million, $6.5 million and $31.8 million, respectively.

On September 9, 2022, the Company purchased $165 million of mortgage loans securities from an affiliated company American Home Assurance Company.

Financing Agreements

On May 17, 2022, the Company and certain of its affiliates entered into a revolving loan facility with Corebridge, pursuant to which the Company and each such affiliate can, on a several basis, borrow monies from Corebridge (as lender) subject to the terms and conditions stated therein. Principal amounts borrowed under this facility may be repaid and re-borrowed, in whole or in part, from time to time, without penalty. However, the total aggregate amount of loans borrowed by all borrowers under the facility cannot exceed $500,000,000. The loan facility also sets forth individual borrowing limits for each borrower, with the Company’s maximum borrowing limit being $500,000,000.

At both December 31, 2023 and 2022, the Company did not have a balance outstanding under this facility.

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Investments in Subsidiary, Controlled and Affiliated Entities

The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2023:


(in millions)	Gross Amount		Non- admitted Amount		Admitted Asset Amount		Date of NAIC Filing
Clinton Grand Holdings LLC	$	8			$	8		NA
AIG LIQUID ALTERNATIVE EQUITY ALPHA FUND, LLC		1				1		NA
Corebridge REI LB Southeast Industrial JV LLC		58				58		NA
Bayshore PII Company LLC		3				3		NA
Corebridge Europe Real Estate Fund II LR Feeder, LLC		26				26		NA
Corebridge Deco Fund II, LLC		145				145		NA
Branch Retail Partners II, LP		2				2		NA

GRE LB Industrial Joint Venture II, LP		5				5		NA
Corebridge U.S. Real Estate Fund IV Development Sidecar LP		10				10		NA
Corebridge U.S. Real Estate Fund IV, LP		41				41		NA
Bayshore Shopping Center JV LLC		7				7		NA
Corebridge U.S. Real Estate Fund III, LP		27				27		NA
Corebridge U.S. Real Estate Fund I, LP		17				17		NA
Corebridge U.S. Real Estate Fund II, LP		22				22		NA
Corebridge U.S. LT Apartments JV, LP		21				21		NA
Corebridge Europe Real Estate Fund I S.C.SP		3				3		NA
Total	$	396	$	—	$	396

Operating Agreements

The Company has investments in a Liquidity Pool in which funds are managed by an affiliate, AIG Asset Management (U.S.), LLC, in the amount of $240 million and $62 million at December 31, 2023 and 2022, respectively.

Pursuant to service and expense agreements, AIG, Corebridge and affiliates provide, or cause to be provided, administrative, marketing, investment management, accounting, occupancy, and data processing services to the Company. The allocation of costs for services is based generally on estimated levels of usage, transactions or time incurred in providing the respective services. Generally, these agreements provide for the allocation of costs upon either the specific identification basis or a proportional cost allocation basis which management believes to be reasonable. In all cases, billed amounts pursuant to these agreements do not exceed the cost to AIG, Corebridge or the affiliate providing the service. The Company was charged $112 million, $108 million and $103 million under such agreements in 2023, 2022 and 2021, respectively.

Pursuant to an amended and restated investment advisory agreement, the majority of the Company’s invested assets are managed by an affiliate. The investment management fees incurred were $23 million, $30 million and $23 million in 2023, 2022 and 2021, respectively.

23. SUBSEQUENT EVENTS

Management considers events or transactions that occur after the reporting date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. The Company has evaluated subsequent events through April 18, 2024, the date the financial statements were issued.

On March 11, 2024, Corebridge entered into an Amendment and Waiver of Consent and Voting Rights (the “Amendment and Waiver”) with AIG and certain affiliates of Argon and Blackstone that (i) amends the Stockholders Agreement, dated as of November 2, 2021, between Corebridge, AIG and Argon such that Argon shall have no right to consent to any repurchase of shares of common stock of Corebridge, par value $0.01 per share (“Corebridge Common Stock”) if such repurchase would result in Argon owning, of record, more than 9.9% of the then-outstanding Corebridge Common

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Stock, provided that, no such repurchase will be permitted if it would result in Argon owning, of record, more than 14.9% of the then-outstanding Corebridge Common Stock and (ii) waives the right of Argon, Blackstone and certain of their affiliates to vote or act by written consent with respect to any shares of Corebridge Common Stock owned by them from time to time.

The Company paid an ordinary cash dividend of $320 million to AGC Life on March 25, 2024.

Supplemental Information

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA


(in millions)	December 31, 2023
Investment income earned:
Government bonds	$	9
Other bonds (unaffiliated)		851
Bonds of affiliates		—
Preferred stocks (unaffiliated)		—
Common stocks (unaffiliated)		1
Common stocks of affiliates		—
Cash and short-term investments		21
Mortgage loans		200
Real estate		—
Contract loans		8
Other invested assets		99
Derivative instruments		(36)
Miscellaneous income		—
Gross investment income	$	1,153

Real estate owned - book value less encumbrances	$	—

Mortgage loans - book value:
Commercial mortgages	$	3,155
Residential mortgages		641
Mezzanine loans		129
Affiliated residential mortgages		—
Total mortgage loans	$	3,925

Mortgage loans by standing - book value:
Good standing	$	3,864
Good standing with restructured terms		61
Interest overdue more than 90 days, not in foreclosure		—
Foreclosure in process		—
Total mortgage loans	$	3,925

Partnerships - statement value	$	1,632

Bonds and stocks of parents, subsidiaries and affiliates - statement value:
Bonds	$	—
Common stocks		—

Bonds, short-term and cash equivalent bond investments by class and maturity:
Bonds, short-term and cash equivalent bond investments by maturity - statement value:
Due within one year or less	$	1,044
Over 1 year through 5 years		5,413
Over 5 years through 10 years		4,294
Over 10 years through 20 years		3,368
Over 20 years		5,271
Total maturity	$	19,390

Bonds, short-term and cash equivalent bond investments by class - statement value:
Class 1	$	11,781
Class 2		6,691
Class 3		527
Class 4		309
Class 5		73
Class 6		9
Total by class	$	19,390

Total bonds, short-term and cash equivalent bond investments publicly traded	$	10,020
Total bonds, short-term and cash equivalent bond investments privately traded		9,370

Preferred stocks - statement value	$	45
Common stocks - market value		18
Short-term investments - book value		—
Cash equivalents - book value		247
Options, caps and floors owned - statement value		164
Collar, swap and forward agreements open - statement value		(121)
Futures contracts open - current value		1
Cash on deposit		(20)

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA (Continued)


(in millions)	December 31, 2023
Life insurance in-force:
Ordinary	$	74,081
Credit		14
Group		809

Amount of accidental death insurance in-force under ordinary policies		203

Life insurance policies with disability provisions in-force:
Ordinary		4,276
Group life		22

Supplementary contracts in-force:
Ordinary - not involving life contingencies:
Amount on deposit		65
Income payable		23

Ordinary - involving life contingencies:
Amount on deposit		34
Income payable		21

Group - not involving life contingencies:
Amount on deposit		3
Income Payable		3

Annuities:
Ordinary:
Immediate - amount of income payable	$	224
Deferred, fully paid - account balance		9,062
Deferred, not fully paid - account balance		7,009

Group:
Amount of income payable		155
Fully paid - account balance		59
Not fully paid - account balance		407

Accident and health insurance - premiums in-force:
Other	$	1
Group		18
Credit		—

Deposit funds and dividend accumulations:
Deposit funds - account balance	$	243
Dividend accumulations - account balance		16

Claim payments in 2022
Group accident & health:
2023	$	9
2022		7
2021		10
2020		20
2019		15
Prior		624

Other accident & health:
2023		(1	)
2022		—
2021		—
2020		—
2019		1
Prior		1

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES

DECEMBER 31, 2023

(in millions)

1. The Company’s total admitted assets as of December 31, 2023 are $31.8 billion.

The Company’s total admitted assets, excluding separate accounts, as of December 31, 2023 are $26.0 billion.

2. Following are the 10 largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. Government, U.S. Government agency securities and those U.S. Government money market funds listed in the Appendix to the IAO Practices and Procedures Manual as exempt, (ii) property occupied by the Company, and (iii) policy loans:


Issuer	Description of Exposure	Amount		Percentage of Total Admitted Assets
a. Senior Direct Lending Program LLC	Bonds	$	490		1.90	%
b. Amazon.com, Inc.	Bonds		158		0.60
c. KPMG LLP	Bonds		129		0.50
d. Bristol-Myers Squibb Company	Bonds		120		0.50
e. Comcast Corporation	Bonds		113		0.40
f. RTX Corporation	Bonds		109		0.40
g. UnitedHealth Group Incorporated	Bonds		107		0.40
h. Duke Energy Corporation	Bonds		103		0.40
i. EY Global Finance Inc.	Bonds		89		0.30
j. Ernst & Young LLP	Bonds		87		0.30

3. The Company’s total admitted assets held in bonds and preferred stocks, by NAIC rating, are:


Bonds and Short-Term Investments						Preferred Stocks
NAIC Rating	Amount		Percentage of Total Admitted Assets			NAIC Rating	Amount		Percentage of Total Admitted Assets
NAIC - 1	$	11,781		45.30	%	P/RP - 1	$	5		—	%

NAIC - 2		6,691		25.70		P/RP - 2		40		0.20

NAIC - 3		527		2.00		P/RP - 3		—		—

NAIC - 4		309		1.20		P/RP - 4		—		—

NAIC - 5		73		0.30		P/RP - 5		—		—

NAIC - 6		9		—		P/RP - 6		—		—

4. Assets held in foreign investments:


	Amount		Percentage of Total Admitted Assets
a. Total admitted assets held in foreign investments	$	4,685		18.00	%

b. Foreign currency denominated investments		1,567		6.00

c. Insurance liabilities denominated in that same foreign currency		—		—

5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:


	Amount		Percentage of Total Admitted Assets
a. Countries rated NAIC - 1	$	4,095		15.80	%
b. Countries rated NAIC - 2		510		2.00
c. Countries rated NAIC - 3 or below		80		0.30

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

6. Two largest foreign investment exposures to a single country, categorized by the country’s NAIC sovereign rating:


	Amount		Percentage of Total Admitted Assets
a. Countries rated NAIC - 1
Country 1: Cayman Islands	$	728		2.80	%
Country 2: United Kingdom		689		2.70
b. Countries rated NAIC - 2
Country 1: Mexico		134		0.50
Country 2: Panama		111		0.40
c. Countries rated NAIC - 3 or below
Country 1: Colombia		17		0.10
Country 2: British Virgin Island		11		—
7. Aggregate unhedged foreign currency exposure:
	Amount		Percentage of Total Admitted Assets
Aggregate unhedged foreign currency exposure	$	1,567		6.00	%
8. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign rating:
	Amount		Percentage of Total Admitted Assets
a. Countries rated NAIC - 1	$	1,567		6.00	%
b. Countries rated NAIC - 2		—		—
c. Countries rated NAIC - 3 or below		—		—
9. Two largest unhedged foreign currency exposures to a single country, categorized by the country’s NAIC sovereign rating:
	Amount		Percentage of Total Admitted Assets
a. Countries rated NAIC - 1
Country 1: United Kingdom	$	425		1.60	%
Country 2: Ireland		390		1.50
b. Countries rated NAIC - 2
Country 1:		—		—
Country 2:		—		—
c. Countries rated NAIC - 3 or below
Country 1:		—		—
Country 2:		—		—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)


10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:

	NAIC Rating	Amount		Percentage of Total Admitted Assets
a. 5555233	MORTGAGE LOAN	$	86		0.30	%
b. TotalEnergies SE	NAIC 1 & 2 - Bonds		71		0.30
c. Granite DEBTCO 10 Limited	MORTGAGE LOAN		65		0.30
d. 5555221	MORTGAGE LOAN		64		0.20

e. Suzano S.A.	NAIC 2 - Bonds		59		0.20

f. 5555143	MORTGAGE LOAN		57		0.20
g. Granite DEBTCO 9 Limited	MORTGAGE LOAN		57		0.20

h. Silver (BREDS)	OTHER OIA		57		0.20
i. 5555229	MORTGAGE LOAN		55		0.20

j. 5555189	MORTGAGE LOAN		54		0.20

11. Assets held in Canadian investments are less than 2.5% of the reporting entity’s total admitted assets.

12. Assets held in investments with contractual sales restrictions are less than 2.5 percent of the Company’s total admitted assets.

13. The Company’s admitted assets held in the ten largest equity interests (including investments in the shares of mutual funds, preferred stocks, publicly traded equity securities, and other equity securities and excluding money market and bond mutual funds listed in the Appendix to the SVO Practices and Procedures Manual as exempt or Class 1) are:


	Amount		Percentage of Total Admitted Assets
a. Corebridge Real Estate Investors Inc.	$	264		1.00	%
b. Carlyle Group		214		0.80
c. American Securities Capital Partners L.P.		61		0.20
d. Silver (BREDS)		57		0.20
e. Marlin Equity Partners		43		0.20
f. MASS MUTUAL LIFE INS CO		42		0.20
g. The Spiral		41		0.20
h. Franklin BSP Capital Corporation		40		0.20
i. NORTHWESTERN MUTUAL LIFE		39		0.20
j. Platinum Equity LLC		36		0.10

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

14. Assets held in nonaffiliated, privately placed equities:


	Amount		Percentage of Total Admitted Assets

Aggregate statement value of investment held in nonaffiliated, privately placed equities:	$	425		1.60	%

Largest three investments held in nonaffiliated, privately placed equities:
a. Carlyle Alternative Opportunities Fund L.P.	$	65		0.30
b. Silver (BREDS)		57		0.20
c. The Spiral		41		0.20

Ten largest fund managers:


Fund Manager	Total Invested		Diversified		Non- diversified
a. Corebridge Real Estate Investors Inc.	$	264	$	—	$	264
b. Carlyle Group		214		214		—
c. American Securities Capital Partners L.P.		61		61		—
d. Silver (BREDS)		57		—		57
e. Marlin Equity Partners		43		43		—
f. MASS MUTUAL LIFE INS CO		42		42		—
g. The Spiral		41		—		41
h. Franklin BSP Capital Corporation		40		40		—
i. NORTHWESTERN MUTUAL LIFE		39		39		—

j. Platinum Equity LLC		36		36		—

15. Assets held in general partnership interests are less than 2.5 percent of the Company’s total admitted assets.

16. Mortgage loans reported in Schedule B, include the following ten largest aggregate mortgage interests. The aggregate mortgage interest represents the combined value of all mortgages secured by the same property or same group of properties:


	Amount		Percentage of Total Admitted Assets
a. COMMERCIAL MORTGAGE LOAN, Loan No. 5555233, ESP	$	86		0.30	%
b. COMMERCIAL MORTGAGE LOAN, Loan No. 8002615, HI		85		0.30
c. COMMERCIAL MORTGAGE LOAN, Loan No. 5555221, ESP		64		0.20
d. COMMERCIAL MORTGAGE LOAN, Loan No. 8002341, NY		63		0.20
e. COMMERCIAL MORTGAGE LOAN, Loan No. 8002157, NY		60		0.20
f. COMMERCIAL MORTGAGE LOAN, Loan No. 8002541, IN		58		0.20
g. COMMERCIAL MORTGAGE LOAN, Loan No. 5555143, GBR		57		0.20
h. COMMERCIAL MORTGAGE LOAN, Loan No. 5555229, FIN		55		0.20
i. COMMERCIAL MORTGAGE LOAN, Loan No. 5555189, NLD		54		0.20
j. COMMERCIAL MORTGAGE LOAN, Loan No. 8002508, CA		52		0.20

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

Amount and percentage of the reporting entity’s total admitted assets held in the following categories of mortgage loans:


	Amount		Percentage of Total Admitted Assets
a. Construction loans	$	243		0.90	%

b. Mortgage loans over 90 days past due		—		—

c. Mortgage loans in the process of foreclosure		—		—

d. Mortgage loans foreclosed		—		—

e. Restructured mortgage loans		61		0.20

17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:


	Residential					Commercial					Agricultural
Loan-to-Value	Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets
a. above 95%	$	—		—	%	$	90		0.30	%	$	—		—	%

b. 91% to 95%		—		—			33		0.10			—		—

c. 81% to 90%		—		—			153		0.60			—		—

d. 71% to 80%		73		0.30			448		1.70			—		—

e. below 70%		569		2.20			2,511		9.70			—		—

18. Assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate reported in Schedule A are less than 2.5 percent of the Company’s total admitted assets.

19. Assets held in mezzanine real estate loans are less than 2.5 percent of the Company’s total admitted assets.

20. The Company’s total admitted assets subject to the following types of agreements as of the following dates:

Unaudited At End of Each Quarter

At Year-End

1st Quarter

2nd Quarter

3rd Quarter

Amount

Percentage of
Total Admitted
Assets

Amount

a. Securities lending (do not include assets held as collateral for such transactions)

—

b. Repurchase agreements

—

c. Reverse repurchase agreements

—

d. Dollar repurchase agreements

—

e. Dollar reverse repurchase agreements

—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

21. The Company’s potential exposure to warrants not attached to other financial instruments, options, caps, and floors:

Owned

Written

Amount

Percentage
of Total
Admitted
Assets

Amount

Percentage
of Total
Admitted
Assets

a. Hedging

—

b. Income generation

—

c. Other

—

22. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for collars, swaps, and forwards as of the following dates:


						Unaudited At End of Each Quarter
	At Year-End					1st Quarter		2nd Quarter		3rd Quarter
	Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a. Hedging	$	114		0.40	%	$	141	$	141	$	142
b. Income generation		—		—			—		—		—
c. Replications		—		—			—		—		—
d. Other		—		—			—		—		—

23. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for futures contracts as of the following dates:


						Unaudited At End of Each Quarter
	At Year-End					1st Quarter		2nd Quarter		3rd Quarter
	Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a. Hedging	$	20		0.10	%	$	23	$	24	$	21
b. Income generation		—		—			—		—		—
c. Replications		—		—			—		—		—
d. Other		—		—			—		—		—

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2023


(in millions)	Gross Investment Holdings						Admitted Assets as Reported in the Annual Statement
Investment Categories	Amount			Percentage			Amount			Securities Lending Reinvested Collateral Amount		Total Amount			Percentage
Bonds:
U.S. governments	$	301			1.2	%	$	301		$	—	$	301			1.2	%
All other governments		670			2.6			670			—		670			2.6
U.S. states, territories and possessions, etc. guaranteed		111			0.4			111			—		111			0.4
U.S. political subdivisions of states, territories, and possessions, guaranteed		42			0.2			42			—		42			0.2
U.S. special revenue and special assessment obligations, etc. non-guaranteed		967			3.8			967			—		967			3.8
Industrial and miscellaneous		17,034			66.9			17,034			—		17,034			66.9
Hybrid securities		22			0.1			22			—		22			0.1
Parent, subsidiaries and affiliates		—			—			—			—		—			—
SVO identified funds		—			—			—			—		—			—
Unaffiliated Bank loans		243			1.0			243			—		243			1.0
Total long-term bonds	$	19,390			76.1		$	19,390		$	—	$	19,390			76.1
Preferred stocks:
Industrial and miscellaneous (Unaffiliated)	$	45			0.2		$	45		$	—	$	45			0.2
Parent, subsidiaries and affiliates		—			—			—			—		—			—
Total preferred stocks	$	45			0.2		$	45		$	—	$	45			0.2
Common stocks:
Industrial and miscellaneous Publicly traded (Unaffiliated)	$	—			—		$	—		$	—	$	—			—
Industrial and miscellaneous Other (Unaffiliated)		18			0.1			18			—		18			0.1
Parent, subsidiaries and affiliates Publicly traded		—			—			—			—		—			—
Parent, subsidiaries and affiliates Other		—			—			—			—		—			—
Mutual funds		—			—			—			—		—			—
Total common stocks	$	18			0.1		$	18		$	—	$	18			0.1
Mortgage loans:
Farm mortgages	$	—			—		$	—		$	—	$	—			—
Residential mortgages		641			2.5			641		$	—		641			2.5
Commercial mortgages		3,155			12.4			3,155		$	—		3,155			12.4
Mezzanine real estate loans		129			0.5			129		$	—		129			0.5
Total valuation allowance		(49	)		(0.2	)		(49	)	$	—		(49	)		(0.2	)
Total mortgage loans	$	3,876			15.2		$	3,876		$	—	$	3,876			15.2
Real estate:
Properties occupied by company	$	—			—		$	—		$	—	$	—			—
Properties held for production of income		—			—			—			—		—			—
Properties held for sale		—			—			—			—		—			—
Total real estate	$	—			—		$	—		$	—	$	—			—
Cash, cash equivalents and short-term investments:
Cash	$	(20	)		(0.1	)	$	(20	)	$	—	$	(20	)		(0.1	)
Cash equivalents		247			1.0			247			—		247			1.0
Short-term investments		—			—			—			—		—			—
Total cash, cash equivalents and short-term investments	$	227			0.9		$	227		$	—	$	227			0.9
Contract loans	$	132			0.5		$	132		$	—	$	132			0.5
Derivatives		46			0.2			46			—		46			0.2
Other invested assets		1,648			6.5			1,632			—		1,632			6.4
Receivables for securities		37			0.2			37			—		37			0.2
Securities Lending		—			—			—			XXX		XXX			XXX
Other invested assets		63			0.3			63			—		63			0.3
Total invested assets	$	25,482			100.1	%	$	25,466		$	—	$	25,466			100.0	%

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

December 31, 2023

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is subject to Appendix A-791, Life and Health Reinsurance Agreements, and includes a provision that limits the reinsurer’s assumption of significant risks identified in Appendix A-791?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply: __________

If yes, indicate if deposit accounting was applied for all contracts subject to Appendix A-791 that limit significant risks.

Yes [ ] No [ ] N/A [ X ]

Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is not subject to Appendix A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply: __________

If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features.

Yes [ ] No [ ] N/A [ X ]

3.	Does the Company have any reinsurance contracts (other than reinsurance contracts with a federal or state facility) that contain one or more of the following features which may result in delays in payment in form or in fact:

(a)

Provisions that permit the reporting of losses to be made less frequently than quarterly;

(b)

Provisions that permit settlements to be made less frequently than quarterly;

(c)

Provisions that permit payments due from the reinsurer to not be made in cash within ninety (90) days of the settlement date (unless there is no activity during the period); or

(d)

The existence of payment schedules, accumulating retentions from multiple years, or any features inherently designed to delay timing of the reimbursement to the ceding entity.

Yes [ ] No [ X ]

4.	Has the Company reflected reinsurance accounting credit for any contracts that are not subject to Appendix A-791 and not yearly renewable term reinsurance, which meet the risk transfer requirements of SSAP No. 61R?

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

December 31, 2023

5.	Has the Company ceded any risk, which is not subject to Appendix A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statements, and either:

(a) Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under generally accepted accounting principles (GAAP); or

Yes [ ] No [ X ] N/A [ ]

(b) Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

Yes [ ] No [ X ] N/A [ ]

If the answer to item (a) or item (b) is yes, include relevant information regarding GAAP to SAP differences from the accounting policy footnote to the audited statutory-basis financial statements to explain why the contract(s) is treated differently for GAAP and SAP below: