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Filed Pursuant to Rule 497
Registration File No.: 2-74667
Equitable Life's 300+ Series
Certificates under Group Annuity Contracts
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Supplement dated October 18, 1999
to the prospectus dated May 1, 1999
This supplement adds and modifies certain information contained in the
prospectus dated May 1, 1999 for Equitable Life's 300+ Series Certificates
issued by THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES.
You should read this supplement together with the prospectus. Terms used in this
supplement have the same meaning as they do in the prospectus, unless we
indicate otherwise. This supplement provides information on:
(1) the new portfolios of EQ Advisors Trust now available under your
Certificate. Pursuant to the Substitution effected October 18, 1999, these
new portfolios replaced each of the portfolios of The Hudson River Trust
formerly available;
(2) the Equitable Companies Incorporated name change to AXA Financial, Inc.;
(3) change in management of EQ Advisors Trust from EQ Financial Consultants,
Inc. to Equitable Life;
(4) EQ Financial Consultants, Inc. change to AXA Advisors, LLC; and
(5) updated information "About our year 2000 progress."
(1) NEW EQ ADVISORS TRUST PORTFOLIOS
THE FOLLOWING SENTENCE REPLACES THE SECOND SENTENCE OF THE FIRST PARAGRAPH ON
THE COVER PAGE OF THE PROSPECTUS:
Also, at the end of this prospectus you will find attached the prospectus for EQ
Advisors Trust, which contains important information about the Trust.
THE FOLLOWING SENTENCE REPLACES THE SECOND SENTENCE OF THE PARAGRAPH IMMEDIATELY
FOLLOWING THE TABLE ON THE COVER PAGE OF THE PROSPECTUS:
They, in turn, invest in a corresponding securities portfolio ("portfolio") of
EQ Advisors Trust.
IN THE "EQUITABLE 300 + SERIES CERTIFICATES AT A GLANCE - KEY FEATURES," THE
INFORMATION IN THE FIFTH BULLET POINT ON PAGE 5 OF THE PROSPECTUS UNDER "FEES
AND CHARGES" IS MODIFIED AS FOLLOWS:
o Annual expenses of EQ Advisors Trust Portfolios are calculated as a
percentage of net assets in each portfolio. These expenses include
management fees ranging from 0.25% to 0.80% annually, other expenses and,
for certain Portfolios, 12b-1 fees of 0.25% annually.
THE FOLLOWING INFORMATION REPLACES THE INFORMATION FOR THESE FUNDS UNDER "FEE
TABLE" AND "EXAMPLES" ON PAGES 6 AND 7 OF THE PROSPECTUS:
For a complete description of portfolio charges and expenses, please see the
attached prospectus for EQ Advisors Trust.
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The Fund charges shown in the table are expressed as an annual percentage of
daily net assets, in each Fund. The EQ Advisors Trust annual expenses are shown
as a percentage of average daily net assets in each portfolio.
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CERTIFICATE OWNER TRANSACTION EXPENSES:
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Sales loan on purchases NONE
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Maximum annual participant service charge $30
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<TABLE>
<CAPTION>
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Alliance
Alliance Intermediate Alliance Alliance
Money Government High Alliance Growth
Market Securities Yield Balanced & Income
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<S> <C> <C> <C> <C> <C>
Fund Related
Expenses
Administration charge 0.25% 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.15 0.22 0.33 0.13 0.24
Total 0.40% 0.47% 0.58% 0.38% 0.49%
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Trust Related
Expenses
Management fees 0.35%(l) 0.35%(l) 0.60% 0.41% 0.55%
Other Expenses 0.03 0.06 0.04 0.05 0.04
Total 0.38%(1) 0.41%(l) 0.64% 0.46% 0.59%
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TOTAL FUND AND PORTFOLIO ANNUAL EXPENSES (AFTER EXPENSE LIMITATION AS TO
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES)(2)(3)
0.78% 0.88%(1) 1.22% 0.84% 1.08%
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<CAPTION>
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Alliance Alliance Alliance Alliance
Common Aggressive Alliance Conservative Growth
Stock Stock Global Investors Investors
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<S> <C> <C> <C> <C> <C>
Fund Related
Expenses
Administration charge
Other Expenses 0.25% 0.15% 0.25% 0.25% 0.25%
Total 0.13 0.22 0.24 0.53 0.44
0.38% 0.47% 0.49% 0.78% 0.69%
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Trust Related
Expenses
Management fees 0.36% 0.54% 0.64% 0.48% 0.51%
Other Expenses 0.04 0.03 0.08 0.06 0.05
Total 0.40% 0.57% 0.72% 0.54% 0.56%
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TOTAL FUND AND PORTFOLIO ANNUAL EXPENSES (AFTER EXPENSE LIMITATION AS TO
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES)(2)(3)
0.78% 1.04% 1.21% 1.32% 1.25%
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</TABLE>
(1) The annual amount of management fees applicable to the Alliance Money
Market Portfolio and Alliance Intermediate Government Securities Portfolio
is, in each case, limited to 0.35% of the value of the portfolio's average
daily net assets. This limitation is a Certificate right for participants
who enrolled prior to May 1, 1987 and cannot be changed without their
consent. Equitable Life has voluntarily agreed to impose this limitation
for all other participants in those portfolios and reserves the right to
discontinue the limitation at any time. Absent this limitation, the
management fees for the Alliance Intermediate Government Securities
Portfolio would be 0.50% and for the Alliance Money Market Portfolio would
be 0.35%, the same as the limitation. See "Charges and Expense-Expense
Limitations."
(2) The management fee for each portfolio may vary from year to year depending
upon the average daily net assets of the respective Portfolios. The maximum
management fee for each portfolio, however, cannot be increased without a
vote of the portfolio's shareholders. The amounts shown in the Table under
"Fund Related Expenses" and under "Trust Related Expenses" for the Alliance
Money Market, Alliance Intermediate Government Securities, Alliance
Balanced and Alliance Common Stock Funds/Portfolios, when added together,
are limited by the Certificates to 1% of the value of the Alliance Money
Market option's average daily net assets and 1.5% of the value of the
Alliance Common Stock, Alliance Intermediate Government Securities and
Alliance Balanced Funds' respective average daily net assets. For the
Alliance High Yield, Alliance Aggressive Stock and Alliance Global Funds,
Equitable Life applies a voluntary combined Fund/Portfolio expense
limitation at an effective annual rate of 1.5% of average daily net assets
of each fund. See "Charges and Expense-Expense Limitations."
(3) On October 18, 1999, these portfolios became part of EQ Advisors Trust. The
"Other expenses" for these portfolios have been restated to reflect the
estimated expenses that would have been incurred had these portfolios been
portfolios of EQ Advisors Trust for the year ended December 31, 1998. The
restated expenses reflect an increase of 0.01%.
EXAMPLES
The examples below show the expenses that a hypothetical participant would pay,
assuming a $1,000 contribution is invested in one of the funds listed, and a 5%
annual return on assets(1). The expenses are the same whether or not the
participant withdraws amounts held in any of the Funds. For purposes of the
examples, the participant service charge is computed by applying a charge of $12
to the average number of participants for the year, divided by average assets
for each Fund for the same period.
These examples should not be considered a representation of past or future
expenses for each Fund or portfolio. Actual expenses may be greater or less than
those shown below. Similarly, the annual rate of return assumed in the examples
is not an estimate or guarantee of future investment performance.
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1 Year 3 Years 5 Years 10 Years
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Alliance Money Market $8.31 $25.97 $45.13 $100.42
Alliance Intermediate
Government Securities 9.33 29.12 50.56 112.18
Alliance High Yield 12.78 39.78 68.80 151.27
Alliance Balanced 8.92 27.86 48.39 107.49
Alliance Growth & Income 11.36 35.40 61.33 135.35
Alliance Common Stock 8.31 25.97 45.13 100.41
Alliance Aggressive Stock 10.95 34.15 59.18 130.75
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1 Year 3 Years 5 Years 10 Years
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Alliance Global 12.68 39.47 68.27 150.14
Alliance Conservative
Investors 13.80 42.89 74.11 162.49
Alliance Growth Investors 13.09 40.71 70.40 154.64
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(1) The amount accumulated from the $1,000 contribution could not be paid in
the form of an annuity at the end of any of the periods shown in the
examples. This is because the minimum amount applied must be $2,000 and the
initial annuity payment must be at least $20. See "Certificate
Provisions--Retirement Benefits." In some cases, charges for state premium
or other taxes will be deducted from the amount applied.
THE FOLLOWING INFORMATION REPLACES THE TABLE AND INFORMATION FOLLOWING THE TABLE
UNDER "VARIABLE INVESTMENT FUNDS" ON PAGE 11 OF THE PROSPECTUS:
PORTFOLIOS OF EQ ADVISORS TRUST
<TABLE>
<CAPTION>
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PORTFOLIO NAME OBJECTIVE ADVISER
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<S> <C> <C>
Alliance Money Market High level of current income while Alliance Capital Management LP.
preserving assets and maintaining liquidity
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Alliance Intermediate Government High current income consistent with Alliance Capital Management LP.
Securities preserving assets and principal
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Alliance High Yield High return by maximizing current income Alliance Capital Management LP.
and, to the extent consistent with that
objective, capital appreciation
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Alliance Balanced High return through a combination of Alliance Capital Management LP.
current income and capital appreciation
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Alliance Growth & Income Long-term growth through a combination Alliance Capital Management LP.
of current income and capital appreciation
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Alliance Common Stock Long-term growth of capital and increasing Alliance Capital Management LP.
income
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Alliance Aggressive Stock Long-term growth of capital Alliance Capital Management LP.
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Alliance Global Long-term growth of capital Alliance Capital Management LP.
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Alliance Conservative Investors High total return without, in the adviser's Alliance Capital Management LP.
opinion, undue risk to principal
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Alliance Growth Investors High total return consistent with the Alliance Capital Management LP.
adviser's determination of reasonable risk
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MFS Emerging Growth Companies Long-term growth of capital Massachusetts Financial Services Company
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BT Equity 500 Index Fund Replicate as closely as possible (before Bankers Trust Company
the deduction of portfolio expenses) the total
return of the S&P 500
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Lazard Small Cap Value Capital appreciation Lazard Asset Management
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T. Rowe Price International Stock Long-term growth of capital Rowe Price-Fleming International, Inc,
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</TABLE>
Other important information about the portfolios is included in the separate
prospectus for EQ Advisors Trust attached at the end of this prospectus. We may
add or delete portfolios under the Funds.
THE FOLLOWING INFORMATION REPLACES THE CAPTION, FIRST SENTENCE AND FIRST BULLET
UNDER "EXPENSES THAT THE TRUSTS INCUR" ON PAGE 19 OF THE PROSPECTUS:
EXPENSES THAT THE TRUST INCURS
The EQ Advisors Trust incurs the following types of fees and
expenses: Management fees ranging from 0.25% to 0.80%.
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UNDER "CERTAIN EXPENSE LIMITATIONS" ON PAGE 20 OF THE PROSPECTUS, THE
INFORMATION IN THE FIRST BULLET POINT IS MODIFIED AS FOLLOWS;
o Management fees and certain other expenses attributable to assets of the
Funds invested in the corresponding portfolio of EQ Advisors Trust.
THE FOLLOWING TWO SENTENCES REPLACE THE FIRST SENTENCE AND THE SENTENCE IN THE
THIRD BULLET POINT, RESPECTIVELY,UNDER "ABOUT YOUR VOTING RIGHTS" ON PAGE 27 OF
THE PROSPECTUS:
As the owner of the shares of EQ Advisors Trust, we have the right to vote on
certain matters involving the portfolios, such as:
o Any other matters described in the prospectus for the Trust or requiring a
shareholders' vote under the Investment Company Act of 1940.
THE FOLLOWING INFORMATION REPLACES THE INFORMATION UNDER "VOTING RIGHTS OF
OTHERS" ON PAGE 27 OF THE PROSPECTUS:
Currently, we control EQ Advisors Trust. EQ Advisors Trust shares are sold to
our separate accounts and an affiliated qualified plan Trust. In addition,
shares of EQ Advisors Trust are held by other separate accounts of ours and by
separate accounts of insurance companies both affiliated and unaffiliated with
us. Shares held by these separate accounts will probably be voted according to
the instructions of the owners of insurance policies and contracts issued by
those insurance companies. While this will dilute the effect of the voting
instructions of the Certificate owners, we currently do not foresee any
disadvantages because of this. EQ Advisors Trust Board of Trustees intends to
monitor events in order to identify any material irreconcilable conflicts that
may arise and to determine what action, if any, should be taken in response. If
we believe that a response to any of those events insufficiently protects our
Certificate owners, we will see to it that appropriate action is taken.
THE FOLLOWING PARAGRAPH IS ADDED AFTER THE THIRD SENTENCE OF THE SECOND
PARAGRAPH UNDER "INVESTMENT PERFORMANCE" ON PAGE 31 OF THE PROSPECTUS:
EQ Advisors Trust commenced operations on May 1, 1997. For periods prior to
October 18, 1999 the Alliance portfolios were part of The Hudson River Trust. On
October 18, 1999, these portfolios became corresponding portfolios of
EQ Advisors Trust and any predecessors that it may have had.
(2) THE EQUITABLE COMPANIES INCORPORATED NAME CHANGE
THE FOLLOWING INFORMATION REPLACES THE INFORMATION UNDER "ABOUT EQUITABLE LIFE"
ON PAGE 25 OF THE PROSPECTUS:
We are The Equitable Life Assurance Society of the United States ("Equitable
Life"), a stock life insurance company that issues the Certificates. We are a
New York corporation and have been doing business since 1859. Equitable Life is
a wholly-owned subsidiary of AXA Financial, Inc. The majority shareholder of AXA
Financial, Inc. is AXA, a French insurance holding company. As a majority
shareholder, and under its other arrangements with Equitable Life's parent, AXA
exercises significant influence over the operations and capital structure of
Equitable Life and its parent. Equitable Life's related companies, however, have
no legal responsibility to pay amounts that Equitable Life owes under the
Certificates.
AXA Financial, Inc. and its consolidated subsidiaries managed approximately
$390.8 billion in assets as of June 30, 1999. For over 100 years Equitable Life
has been among the largest insurance companies in the United States. We are
licensed to sell life insurance and annuities in all fifty states, the District
of Columbia, Puerto Rico, and the U.S. Virgin Islands. Our home office is
located at 1290 Avenue of the Americas, New York, NY 10104.
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(3) CHANGE IN EQ ADVISORS TRUST MANAGEMENT
THE FOLLOWING INFORMATION REPLACES THE CAPTION AND INFORMATION UNDER "ABOUT THE
HUDSON RIVER TRUST AND EQ ADVISORS TRUST" ON PAGE 25 OF THE PROSPECTUS:
ABOUT EQ ADVISORS TRUST
EQ Advisors Trust is registered under the Investment Company Act of 1940. It is
classified as an "open-end management investment company," more commonly called
a mutual fund. EQ Advisors Trust issues different shares relating to a different
portfolio of the Trust.
Equitable Life serves as the investment manager of EQ Advisors Trust. As such,
Equitable Life oversees the activities of the investment advisers with respect
to EQ Advisors Trust and is responsible for retaining or discontinuing the
services of those advisers. (Prior to September, 1999 EQ Financial Consultants,
Inc. served as investment manager to EQ Advisors Trust.)
EQ Advisors Trust commenced operations on May 1, 1997. Prior to October 18,
1999 the Alliance portfolios were part of The Hudson River Trust. On October 18,
1999 these portfolios became corresponding portfolios of EQ Advisors Trust and
any predecessors that it may have had.
EQ Advisors Trust does not impose sales charges or "loads" for buying and
selling its shares. All dividends and other distributions on a Trust's shares
are reinvested in full. The Board of Trustees of EQ Advisors Trust may establish
additional portfolios or eliminate existing portfolios at any time. More
detailed information about EQ Advisors Trust, its investment objectives,
policies, restrictions, risks, expenses, its Rule 12b-1 plan relating to its
class 1B shares and other aspects of its operations, appears in its prospectus
attached at the end of this prospectus, or in the SAI, which is available upon
request.
(4) EQ FINANCIAL CONSULTANTS, INC. NAME CHANGE
THE FOLLOWING INFORMATION REPLACES THE INFORMATION UNDER "UNDERWRITER" ON PAGE
29 OF THE PROSPECTUS:
AXA Advisors, LLC ("AXA Advisors"), the successor to EQ Financial Consultants
Inc. and an affiliate of Equitable Life, performs all sales functions for the
Certificates and may be deemed to be the principal underwriter of Separate
Account No.301. AXA Advisors is registered with the SEC as a broker-dealer under
the Securities Exchange Act of 1934 and is a member of the National Association
of Securities Dealers, Inc. AXA Advisors' principal business address is 1290
Avenue of the Americas, New York, NY 10104. AXA Advisors and Equitable Life are
both indirect subsidiaries of AXA Financial, Inc. The offering of the
Certificates is intended to be continuous. We have paid no underwriting
commissions during any of the last three fiscal years with respect to units of
interest under the Certificates.
(5) ABOUT OUR YEAR 2000 PROGRESS
THE FOLLOWING INFORMATION REPLACES THE INFORMATION UNDER "ABOUT OUR YEAR 2000
PROGRESS" ON PAGE 28 OF THE PROSPECTUS:
Equitable Life relies upon various computer systems in order to administer your
Certificate and operate the investment options. Some of these systems belong to
service providers who are not affiliated with Equitable Life.
In 1995, Equitable Life began addressing the question of whether its computer
systems would recognize the year 2000 before, on, or after January 1, 2000, and
Equitable Life has identified those of its systems critical to business
operations that were not year 2000 compliant. Equitable Life has completed the
work of modifying or replacing non-compliant systems and has confirmed, through
testing, that its systems are year 2000 compliant. Equitable Life has contacted
third-party vendors and service providers to seek confirmation that they are
acting to address the year 2000 issue with the goal of avoiding any material
adverse effect on services provided to contract owners and on operations of the
investment options. All third-party vendors and service providers considered
critical to Equitable Life's business, and substantially all vendors and service
providers considered non-critical, have provided us confirmation of their year
2000 compliance or a satisfactory plan for compliance. If confirmation is not
received from any of the remaining non-critical vendors or service providers,
the vendor or service provider will be replaced, eliminated or the subject of
contingency plans, Additionally, Equitable Life has
<PAGE>
supplemented its existing business continuity and disaster recovery plans to
cover certain categories of contingencies that could arise as a result of year
2000 related failures.
There are many risks associated with year 2000 issues, including the risk that
Equitable Life's computer systems will not operate as intended. Additionally,
there can be no assurance that the system of third parties will be year 2000
compliant. Any significant unresolved difficulty related to the year 2000
compliance initiatives could result in an interruption in, or a failure of,
normal business operations and, accordingly, could have a material adverse
effect on our ability to administer your contract and operate the investment
options.
To the fullest extent permitted by law, the foregoing year 2000 discussion is a
"Year 2000 Readiness Disclosure" within the meaning of The Year 2000 Information
and Readiness Disclosure Act (P.L. 105-271)(1998).
