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Filed Pursuant to Rule 424(b)(3)
Registration File No.: 33-91648
SUPPLEMENT DATED OCTOBER 4, 1995 TO PROSPECTUS DATED MAY 1, 1995
AMERICAN DENTAL ASSOCIATION MEMBERS
RETIREMENT PROGRAM
FUNDED UNDER A GROUP ANNUITY CONTRACT WITH
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
This supplement to the prospectus (the "Prospectus") dated May 1, 1995
relating to the American Dental Association Members Retirement Program and
describing in detail all Investment Options except the Equity Index Fund and
the Lifecycle Funds should be read in conjunction with the Prospectus and
retained for future reference. All defined terms herein have the meaning
applied to them in the Prospectus. This supplement describes future changes
being made to three of the Investment Options under the Program.
AGGRESSIVE EQUITY FUND
The Aggressive Equity Fund is currently invested in our Separate Account
No. 3 (Pooled). However, the Trustees have determined that on or about
November 30, 1995 (the "Transfer Date"), the value of all Program Account
Balances then held in the Aggressive Equity Fund will be transferred to a new
separate account established for the Program. The new separate account,
Separate Account No. 200, will invest in shares of MFS Emerging Growth Fund
(the "MFS Fund"). After the Transfer Date, no further contributions or
transfers will be allocated to Separate Account No. 3, and all future
contributions to the Aggressive Equity Fund will be allocated to Separate
Account No. 200. The transfer will not affect the number of Aggressive Equity
Fund Units credited to your account. The Unit Value as of the close of
business on the Transfer Date will become the Unit Value of Separate Account
No. 200 at the opening of business on the day Separate Account No. 200
commences operations.
Separate Account No. 200 will commence operation on the business day which
next succeeds the Transfer Date (expected to be December 1, 1995) with funds
consisting of cash proceeds from the redemption of Units in Separate Account
No. 3. Separate Account No. 200 will be used only for the Program and will be
invested in accordance with the investment objectives and policies briefly
described below.
The Trustees have decided that all of the funds contributed to Separate
Account No. 200 will be invested in Class A shares of the MFS Fund, a
diversified series of MFS Series Trust II, an open-end management investment
company. The MFS Fund's investment adviser is Massachusetts Financial
Services Company ("MFS"), located in Boston, Massachusetts. The commencement
of Separate Account No. 200's operation is subject to regulatory approval and
the effectiveness of a registration statement relating to that separate
account that has been filed with the Securities and Exchange Commission. The
offering of interests that participate in Separate Account No. 200, or the
Aggressive Equity Fund, will only be made by means of a prospectus and
related statement of additional information.
The Aggressive Equity Fund will continue to seek to provide long-term
capital growth by investing, through the MFS Fund, primarily in securities of
small and medium-sized companies that MFS believes to have greater growth
potential than larger companies. The MFS Fund may also invest in more
established companies whose rates of earnings growth are expected to
accelerate.
MFS serves as adviser to the MFS Fund and to each of the other funds in
the MFS Family of Funds as well as other mutual funds and variable accounts.
MFS is an indirectly wholly-owned subsidiary of Sun Life Assurance Company of
Canada. As of February 28, 1995, net assets under the management of MFS were
approximately $34.5 billion. The net assets of the MFS Fund as of November
30, 1994 (the last fiscal year-end of the MFS Fund) was $470 million.
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An investment in Separate Account No. 200 is expected to be subject to the
following fees and expenses:
<TABLE>
<CAPTION>
INVESTMENT PROGRAM ADMINISTRATION
MANAGEMENT FEE EXPENSE CHARGE FEE OTHER EXPENSES 12B-1 FEE TOTAL
-------------- -------------- -------------- -------------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Aggressive Equity
Fund ............ None 0.66% 0.15%(2) 0.17%(3) None 0.98%(2)
MFS Fund(1) ...... 0.75% None None 0.33% 0.25%(2) 1.33%
TOTAL ............ 0.75% 0.66% 0.15%(2) 0.50% 0.25%(2) 2.31%(2)
<FN>
1 Source: MFS Fund prospectus dated April 1, 1995.
2 Equitable Life expects that an amount equal to the 12b-1 service fees
received by the MFS Fund's distribution, MFS Fund Distributions, Inc.
("MFD") will be paid by MFD to Equitable Life. Equitable Life will
waive the 0.15% Administration Fee applicable to the Aggressive
Equity Fund and will use the payment from MFD to defray
administrative expenses associated with the Program's operations and
to fund Program enhancements. The agreement and waiver are expected
to be in effect for an indefinite period, but these arrangements will
be subject to termination by either party upon notice. Giving effect
to Equitable Life's waiver of the Administration Fee, the total fees
and expenses would be 2.16%, instead of 2.31%.
3 Includes estimated expenses incurred in connection with the
organization of Separate Account No. 200.
A detailed description of the Aggressive Equity Fund, as Separate Account
No. 200, and the MFS Fund will be included in prospectuses relating to such
Funds which are expected to be furnished to all Program participants shortly
before the Transfer Date. Our preliminary prospectus with respect to Separate
Account No. 200, including a summary description of the MFS Fund, is
available by calling 1-800-223-5790.
BALANCED FUND
The Trustees have also determined that after the close of business on
December 8, 1995 (the "Transfer Date" for the Balanced Fund), an amount in
cash equal to the value of all Program Account Balances then held in the
Balanced Fund upon a redemption of Units will be transferred from the
Balanced Fund (our Separate Account No. 190) to the Lifecycle Fund--Moderate
(Separate Account No. 198). The sale of assets necessary to generate the cash
required for the redemption of Units and transfer is likely to alter the
ranges of the percentage of Balanced Fund investments in equity and fixed
income securities described on page 13 of the Prospectus. Furthermore, the
holding of the proceeds of the liquidated securities in cash or short term
assets may prevent the participation of the Balanced Fund in rising
securities markets. The transferred funds will be used to buy Units of the
Lifecycle Fund-- Moderate at the Unit Value of such Units on the
Transfer Date. Each participant in the Balanced Fund on the
Transfer Date will be allocated the number of Units in the Lifecycle
Fund--Moderate equal to his/her transferred Account Balance divided by the
Lifecycle Fund--Moderate Unit Value on the Transfer Date.
On the Transfer Date, the Balanced Fund will be discontinued as an
investment option under the Program. Transfers and withdrawals from the
Balanced Fund may be made at any time until it is discontinued. Any
investment or GRA maturity allocation designating the Balanced Fund will be
automatically changed on the Transfer Date to a designation of the Lifecycle
Fund--Moderate for future transactions, unless we receive instructions to the
contrary.
The Lifecycle Fund--Moderate commenced operation on May 1, 1995. The
Lifecycle Fund-- Moderate invests in units of the Lifecycle Fund Group
Trust--Moderate, managed by State Street Global Advisors. For a detailed
description of the investment policies and strategies of the Lifecycle Fund--
Moderate, the investment risks associated with investing in that Fund and the
fees charged with respect thereto, please see our separate prospectus for the
Lifecycle Funds and the Equity Index Fund previously sent to you. If you have
lost or discarded that prospectus please call 1-800-223-5790.
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GROWTH EQUITY FUND
As of December 1, 1995, the investment management fee that we charge
Program assets in the Growth Equity Fund (our Separate Account No. 4
(Pooled)) will increase. That fee is calculated as of the first day of each
month based on the Program assets in that Fund on the last day of the second
previous month. The current monthly fee is shown on page 49 of the
Prospectus. The revised monthly fee will be 1/12 of the following amounts:
</TABLE>
<TABLE>
<CAPTION>
VALUE OF PROGRAM INVESTMENT
FUND ASSETS MANAGEMENT FEE
- ------------------ --------------
<S> <C>
First $100 million .29%
Over $100 million .20%
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All other fees relating to the Growth Equity Fund will remain the same
(see Deductions and Charges in the Prospectus).
Based on the revised investment management fee, the example relating to
the Growth Equity Fund expenses on page 7 of the Prospectus would be the
following:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- --------- --------- ----------
<S> <C> <C> <C> <C>
GROWTH EQUITY FUND $11.64 $36.28 $62.82 $138.54
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