Registration No. 33-89510
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------------
POST EFFECTIVE AMENDMENT NO. 4
TO
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
The Equitable Life Assurance Society of the United States
(Exact name of registrant as specified in its charter)
---------------------------------------------------------
New York
(State or other jurisdiction of incorporation or organization)
13-5570651
(I.R.S. Employer Identification No.)
1290 Avenue of the Americas, New York, New York 10104
(212)554-1234
(Address, including zip code, and telephone number, including area code,
of registrant's principal executive offices)
------------------------------------------------------------------------
MARY P. BREEN
VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL
The Equitable Life Assurance Society of the United States
1290 Avenue of the Americas, New York, New York 10104
(212)554-1234
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
------------------------------------------------------------------
Please send copies of all communications to:
PETER E. PANARITES, ESQ.
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W., Suite 825
Washinhgton, D.C. 20036
<PAGE>
NOTE
This Post-Effective Amendment No. 4 ("PEA") to the Form S-3 Registration
Statement No. 33-89510 ("Registraion Statement") of The Equitable Life Assurance
Society of the United States is being filed solely for the purpose of including
in the Registration Statement a new ROTH Advantage Supplement ("Supplement") and
related exhibits, including certain standard Roth IRA exhibits. The Supplement
relates to the prospectus for EQUI-VEST dated May 1, 1998, previously filed in
the Registration Statement. The PEA does not amend or delete any other part of
the Registration Statement except as specifically noted herein.
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SUPPLEMENT DATED JULY ___, 1998
TO
EQUI-VEST(R) PROSPECTUS
DATED MAY 1, 1998
ROTH ADVANTAGE(SM)
This supplement modifies certain information contained in the prospectus dated
May 1, 1998 ("Prospectus") as it relates to EQUI-VEST Roth Advantage Contracts
offered by The Equitable Life Assurance Society of the United States.
Capitalized terms have the same meaning as in the Prospectus.
EQUI-VEST ROTH ADVANTAGE CONTRACT (ROTH ADVANTAGE)
EQUI-VEST Roth Advantage is designed to qualify as a Roth individual retirement
annuity under Sections 408A and 408(b) of the Code. Your interest in the Roth
Advantage cannot be forfeited. You or your beneficiaries who survive you are the
only ones who can receive the benefits or payments.
EQUI-VEST Roth Advantage is offered on the same basis and under the same terms
and conditions described in the Prospectus as applicable to the EQUI-VEST Roth
IRA, except that for EQUI-VEST Roth Advantage the daily charge applied to the
investment funds and the circumstances under which the contingent withdrawal
charge is waived or modified are as follows:
THE FOLLOWING TABLE AND EXAMPLES ARE ADDED AFTER "EQUI-VEST: SERIES 300 AND 400
- - ACCUMULATION UNIT VALUES" ON PAGE 23 OF THE PROSPECTUS.
TABLE 5: EQUI-VEST ROTH ADVANTAGE
Description of Expenses
<TABLE>
<S> <C>
CONTRACT OWNER TRANSACTION EXPENSES
SALES LOAD ON PURCHASES ................................................................ NONE
MAXIMUM CONTINGENT WITHDRAWAL CHARGE (1) ............................................... 6%
MAXIMUM/CURRENT ANNUAL ADMINISTRATIVE CHARGE (2) ....................................... $65/30
MAXIMUM/CURRENT THIRD PARTY TRANSFER OR EXCHANGE FEE (3) ............................... $65/25 PER OCCURRENCE
SEPARATE ACCOUNT ANNUAL EXPENSES
Mortality and Expense Risk Fees (including Death Benefit Charges)....................... 1.20%
Other Expenses ......................................................................... .25%
========
Total Separate Account Annual Expenses (4)............................................ 1.45%
========
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
ALLIANCE
ALLIANCE INTERMEDIATE ALLIANCE ALLIANCE ALLIANCE ALLIANCE
MONEY GOVERNMENT QUALITY ALLIANCE GROWTH EQUITY COMMON
MARKET SECURITIES BOND HIGH YIELD & INCOME INDEX STOCK
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
HRT ANNUAL EXPENSES
Investment Advisory Fees .35% .50% .53% .60% .55% .32% .37%
Other Expenses .04% .06% .05% .04% .04% .04% .03%
- -------------------------------------------------------------------------------------------------------------------------------
Total HRT Annual Expenses (5)(6) .39% .56% .58% .64% .59% .36% .40%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
ALLIANCE ALLIANCE ALLIANCE ALLIANCE
ALLIANCE ALLIANCE AGGRESSIVE SMALL CAP CONSERVATIVE ALLIANCE GROWTH
GLOBAL INTERNATIONAL STOCK GROWTH INVESTORS BALANCED INVESTORS
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
HRT ANNUAL EXPENSES
Investment Advisory Fees .65% .90% .54% .90% .48% .42% .52%
Other Expenses .08% .18% .03% .05% .07% .05% .05%
- -------------------------------------------------------------------------------------------------------------------------------
Total HRT Annual Expenses (5)(6) .73% 1.08% .57% .95% .55% .47% .57%
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH
T. ROWE PRICE T. ROWE PRICE & EQ/ PUTNAM
INTERNATIONAL EQUITY INCOME INCOME VALUE BALANCED MFS RESEARCH
STOCK PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQAT Annual Expenses
Investment Management and
Advisory Fee .75% .55% .55% .55% .55%
Rule 12b-1 Fee(7) .25% .25% .25% .25% .25%
Other Expenses .20% .05% .05% .10% .05%
- -------------------------------------------------------------------------------------------------------------------------------
Total EQAT Annual Expenses (8) 1.20% .85% .85% .90% .85%
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
MORGAN STANLEY
MFS EMERGING EMERGING WARBURG PINCUS MERRILL LYNCH MERRILL LYNCH
GROWTH COM- MARKETS EQUITY SMALL COMPANY WORLD STRATEGY BASIC VALUE
PANIES PORTFOLIO PORTFOLIO VALUE PORTFOLIO PORTFOLIO EQUITY PORTFOLIO
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQAT Annual Expenses
Investment Management and
Advisory Fee .55% 1.15% .65% .70% .55%
Rule 12b-1 Fee(7) .25% .25% .25% .25% .25%
Other Expenses .05% .35% .10% .25% .05%
- -------------------------------------------------------------------------------------------------------------------------------
Total EQAT Annual Expenses (8) .85% 1.75% 1.00% 1.20% .85%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------
Notes:
(1) The contingent withdrawal charge is a percentage of specified contributions.
See "Contingent Withdrawal Charge" in Part 7. As discussed in the Prospectus
and as set forth below in this Supplement, important exceptions and
limitations may eliminate or reduce the contingent withdrawal charge.
(2) The Annual Administrative Charge is the lesser of $30 or 2% of the Annuity
Account Value (adjusted to include any withdrawals made during that year)
during the first two Contract Years; and $30 for each Contract Year
thereafter. See "Annual Administrative Charge" in Part 7. We reserve the
right to increase this fee in the future if our administrative costs
increase, but such fee may not exceed an annual maximum of $65, subject to
applicable law.
(3) There is a Third Party Transfer or Exchange Fee of $25 per occurrence. We
reserve the right to increase this fee in the future, but such fee may not
exceed a maximum of $65 per occurrence, subject to applicable law.
(4) The total charge for Separate Account annual expenses is subject to change,
but may not exceed 2.00%. See "Charges to Investment Funds" in the addition
to Part 7 of the Prospectus set forth below in this Supplement.
(5) Effective May 1, 1997, a new Investment Advisory Agreement was entered into
between HRT and Alliance Capital Management L.P., HRT's Investment Adviser,
which effected changes in HRT's management fee and expense structure. See
HRT's prospectus for more information.
The tables above reflecting HRT's expenses are based on average portfolio
net assets for the year ended December 31, 1997 and have been restated to
reflect (i) the fees that would have been paid to Alliance if the current
advisory agreement had been in effect as of January 1, 1997 and (ii)
estimated accounting expenses for the year ending December 31, 1997.
(6) The investment advisory fee for each Portfolio may vary from year to year
depending upon the average daily net assets of the respective Portfolio of
the HRT. The maximum investment advisory fee, however, cannot be increased
without a vote of that Portfolio's shareholders. The other direct operating
expenses will also fluctuate from year to year depending on actual expenses.
HRT's expenses are shown as a percentage of each Portfolio's average
portfolio net assets. See "Charges to Portfolios" in Part 7.
(7) The Class IB shares of EQAT are subject to fees imposed under distribution
plans (herein, the "Rule 12b-1 Plans" ) adopted by EQAT pursuant to Rule
12b-1 under the Investment Company Act of 1940, as amended. The Rule 12b-1
Plans provide that EQAT, on behalf of each Portfolio, may charge annually up
to 0.25% of the average daily net assets of a Portfolio attributable to its
Class IB shares in respect of activities primarily intended to result in the
sale of the Class IB shares. The 12b-1 fee will not be increased for the
life of the Contracts.
2
<PAGE>
(8) All EQAT Portfolios commenced operations on May 1, 1997 except the Morgan
Stanley Emerging Markets Equity Portfolio, which commenced operations on
August 20, 1997.
The maximum investment management and advisory fees for each EQAT Portfolio
cannot be increased without a vote of that Portfolio's shareholders. The
amounts shown as "Other Expenses" will fluctuate from year to year depending
on actual expenses; however, EQ Financial Consultants, Inc. ("EQ
Financial"), EQAT's manager, has entered into an expense limitation
agreement with respect to each Portfolio ("Expense Limitation Agreement"),
pursuant to which EQ Financial has agreed to waive or limit its fees and
assume other expenses. Under the Expense Limitation Agreement, total annual
operating expenses of each Portfolio (other than interest, taxes, brokerage
commissions, capitalized expenditures, extraordinary expenses and 12b-1
fees) are limited for the respective average daily net assets of each
Portfolio as follows: 0.60% for Merrill Lynch Basic Value Equity, MFS
Research, MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value and
T. Rowe Price Equity Income; 0.65% for EQ/Putnam Balanced; 0.75% for Warburg
Pincus Small Company Value; 0.95% for Merrill Lynch World Strategy and T.
Rowe Price International Stock; and 1.50% for Morgan Stanley Emerging
Markets Equity.
Absent the expense limitation, "Other Expenses" for 1997 on an annualized
basis for each of the Portfolios would have been as follows: 0.80% for
Warburg Pincus Small Company Value; 0.94% for T. Rowe Price Equity Income;
0.95% for EQ/Putnam Growth & Income Value; 0.98% for MFS Research; 1.02% for
MFS Emerging Growth Companies; 1.09% for Merrill Lynch Basic Value Equity;
1.21% for Morgan Stanley Emerging Markets Equity; 1.56% for T. Rowe Price
International Stock; 1.75% for EQ/Putnam Balanced; and 2.10% for Merrill
Lynch World Strategy.
Each Portfolio may at a later date make a reimbursement to EQ Financial for
any of the management fees waived or limited and other expenses assumed and
paid by EQ Financial pursuant to the Expense Limitation Agreement provided,
that among other things, such Portfolio has reached sufficient size to
permit such reimbursement to be made and provided that the Portfolio's
current annual operating expenses do not exceed the operating expense limit
determined for such Portfolio. See the EQAT prospectus for more information.
EXAMPLES: EQUI-VEST ROTH ADVANTAGE
For the Roth Advantage Contract, the examples which follow show the expenses
that a hypothetical Contract Owner would pay in the surrender and nonsurrender
situations noted below, assuming a single contribution of $1,000 on the Contract
Date invested in one of the Investment Funds listed, a 5% annual return on
assets and no waiver of the contingent withdrawal charge. For purposes of these
examples, the annual administrative charge is computed by reference to the
actual aggregate annual administrative charges as a percentage of the total
assets held under all EQUI-VEST Contracts.
These examples should not be considered a representation of past or future
expenses for each Investment Fund or Portfolio. Actual expenses may be greater
or less than those shown. Similarly, the annual rate of return assumed in the
examples is not an estimate or guarantee of future investment performance.
IF YOU SURRENDER YOUR CONTRACT AT THE END OF EACH PERIOD SHOWN, THE EXPENSE
WOULD BE:
- --------------------------------------------------------------------------------
INVESTMENT FUND 1 YEAR 3 YEARS
--------------- -------------------------------
Alliance Money Market $75.63 $120.87
Alliance Intermediate Government Securities 77.32 125.96
Alliance Quality Bond 77.52 126.55
Alliance High Yield 78.12 128.34
Alliance Growth & Income 77.62 126.85
Alliance Equity Index 75.34 119.97
Alliance Common Stock 75.73 121.17
Alliance Global 79.01 131.03
Alliance International 82.48 141.41
Alliance Small Cap Growth 81.19 137.56
Alliance Aggressive Stock 77.42 126.25
Alliance Conservative Investors 77.22 125.66
Alliance Balanced 76.43 123.26
Alliance Growth Investors 77.42 126.25
T. Rowe Price International Stock Portfolio 83.67 144.95
T. Rowe Price Equity Income Portfolio 80.20 134.59
EQ/Putnam Growth & Income Value Portfolio 80.20 134.59
EQ/Putnam Balanced Portfolio 80.70 136.08
MFS Research Portfolio 80.20 134.59
MFS Emerging Growth Companies Portfolio 80.20 134.59
Morgan Stanley Emerging Markets Equity Portfolio 89.13 161.07
Warburg Pincus Small Company Value Portfolio 81.69 139.04
Merrill Lynch World Strategy Portfolio 83.67 144.95
Merrill Lynch Basic Value Equity Portfolio 80.20 134.59
- --------------------------------------------------------------------------------
3
<PAGE>
IF YOU DO NOT SURRENDER YOUR CONTRACT AT THE END OF EACH PERIOD SHOWN, THE
EXPENSE WOULD BE:
- --------------------------------------------------------------------------------
INVESTMENT FUND 1 YEAR 3 YEARS
--------------- -------------------------------
Alliance Money Market $20.01 $ 61.86
Alliance Intermediate Government Securities 21.80 67.26
Alliance Quality Bond 22.01 67.89
Alliance High Yield 22.64 69.79
Alliance Growth & Income 22.11 68.21
Alliance Equity Index 19.70 60.91
Alliance Common Stock 20.12 62.18
Alliance Global 23.58 72.63
Alliance International 27.25 83.64
Alliance Small Cap Growth 25.89 79.56
Alliance Aggressive Stock 21.90 67.57
Alliance Conservative Investors 21.69 66.94
Alliance Balanced 20.85 64.40
Alliance Growth Investors 21.90 67.57
T. Rowe Price International Stock Portfolio 28.51 87.39
T. Rowe Price Equity Income Portfolio 24.84 76.41
EQ/Putnam Growth & Income Value Portfolio 24.84 76.41
EQ/Putnam Balanced Portfolio 25.37 77.99
MFS Research Portfolio 24.84 76.41
MFS Emerging Growth Companies Portfolio 24.84 76.41
Morgan Stanley Emerging Markets Equity Portfolio 34.29 104.48
Warburg Pincus Small Company Value Portfolio 26.42 81.13
Merrill Lynch World Strategy Portfolio 28.51 87.39
Merrill Lynch Basic Value Equity Portfolio 24.84 76.41
- -------------------
The amount accumulated could not be paid in the form of an annuity at the end of
any of the periods shown in the examples. If the amount applied to purchase an
annuity is less than $2,000, or the initial annuity payment is less than $20, we
may pay the amount to the payee in a single sum instead of as payments under an
annuity form. See "Distribution Options" in Part 6. In some cases, charges for
state premium or other taxes will be deducted from the amount applied, if
applicable.
INVESTMENT FUND PERFORMANCE - ROTH ADVANTAGE
In order to help show how the performance of Investment Funds affects Annuity
Account Values, the following tables provide a historical view of investment
performance for each of the Funds included. The performance shown has been
calculated under two methods, as explained under "How Performance Data Are
Presented" below. The information presented includes performance results along
with data representing unmanaged market indices and similarly managed funds.
Except as noted below, performance data for the Investment Funds reflect (i) the
actual historical investment results of the corresponding Portfolios of HRT or
EQAT from the date of inception of those Portfolios or certain predecessor
Portfolios or accounts, and (ii) the actual investment advisory fee, Rule 12b-1
fee, if any, and direct operating expenses of the relevant Portfolios. In
addition, for all periods, the performance data reflects the Separate Account
asset charges assessed under the Roth Advantage Contract, as if it had been
available in the periods shown.
Performance for the Alliance Money Market, Alliance Balanced, Alliance Common
Stock and Alliance Aggressive Stock Funds for the period before those Funds were
operated as a unit investment trust has been adjusted to reflect the investment
advisory fee and expense structure that became applicable to the unit investment
trust. See "The Reorganization" in the SAI for additional information.
Because amounts allocated to the Investment Funds are invested in a mutual fund,
investment return and principal will fluctuate and Accumulation Units may be
worth more or less than the original cost when redeemed. The results shown are
not an estimate or guarantee of future investment performance.
HOW PERFORMANCE DATA ARE PRESENTED
Tables 1 and 2 compare annualized and cumulative rates of return for each
Investment Fund along with appropriate benchmarks. Table 3 shows the
year-by-year rates of return for each Investment Fund. These performance results
are based on the change in the Accumulation Unit value for each Investment Fund
for the periods shown.
Investment results in Tables 1, 2, and 3 are net of all charges and expenses
assessed against the Investment Funds (including fees and expenses of the
Trusts) but exclude the annual administrative charge and any withdrawal charges
which would also reduce the actual return. Tables 4 and 5 show performance
results after giving effect to all charges and expenses including the annual
administrative charge and the contingent withdrawal
4
<PAGE>
charge. Since charges under the Contracts may vary, we have assumed, for each
charge, the highest that might apply.
Certain of the Investment Funds began operations on a date after the inception
date of the corresponding Portfolio. When we advertise the performance of an
Investment Fund we will separately set forth the performance of that Fund since
its inception date, to the extent required by regulatory authorities.
BENCHMARKS
Market indices are not subject to any charges for investment advisory fees
typically associated with a managed portfolio. Comparisons with these
benchmarks, therefore, are of limited use. We include them because they are
widely known and may help you to understand the universe of securities from
which each Portfolio manager is likely to make selections.
INCEPTION DATES AND COMPARATIVE BENCHMARKS
ALLIANCE MONEY MARKET: May 11, 1982; Salomon Brothers Three-Month T-Bill Index
(3-Month T-Bill).
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES: April 1, 1991; Lehman Intermediate
Government Bond Index (Lehman Intermediate Government).
ALLIANCE QUALITY BOND: October 1, 1993; Lehman Aggregate Bond Index (Lehman
Aggregate).
ALLIANCE HIGH YIELD: January 2, 1987; Merrill Lynch High Yield Master Index
(Master High Yield).
ALLIANCE GROWTH & INCOME: October 1, 1993; 75% Standard & Poor's 500 Index (S&P
500) and 25% Value Line Convertibles Index (75% S&P 500/25% Value Line Conv.).
ALLIANCE EQUITY INDEX: March 1, 1994; Standard & Poor's 500 Index (S&P 500).
ALLIANCE COMMON STOCK: August 1, 1968; Standard & Poor's 500 Index (S&P 500).
ALLIANCE GLOBAL: August 27, 1987; Morgan Stanley Capital International World
Index (MSCI World).
ALLIANCE INTERNATIONAL: April 3, 1995; Morgan Stanley Capital International
Europe, Australia, Far East Index (MSCI EAFE).
ALLIANCE AGGRESSIVE STOCK: May 1, 1984; 50% Russell 2000 Small Stock Index and
50% S&P MidCap Total Return (50% Russell 2000/50% S&P MidCap).
ALLIANCE SMALL CAP GROWTH: May 1, 1997; Russell 2000 Growth Index (Russell 2000
Gr).
ALLIANCE CONSERVATIVE INVESTORS: October 2, 1989; 70% Lehman Treasury Bond
Composite Index and 30% S&P 500 Index (70% Lehman Treas./30% S&P 500).
ALLIANCE BALANCED: May 1, 1984; 50% S&P 500 and 50% Lehman Government/Corporate
Bond Index (50% S&P 500/50% Lehman Corp.).
ALLIANCE GROWTH INVESTORS: October 2, 1989; 30% Lehman Government/Corporate Bond
Index and 70% S&P 500 Index (30% Lehman Treas./70% S&P 500).
T. ROWE PRICE INTERNATIONAL STOCK: May 1, 1997; Morgan Stanley Capital
International Europe, Australia, Far East Index (MSCI EAFE).
T. ROWE PRICE EQUITY INCOME: May 1, 1997; Standard & Poor's 500 Index (S&P 500).
EQ/PUTNAM GROWTH & INCOME VALUE: May 1, 1997; Standard & Poor's 500 Index (S&P
500).
EQ/PUTNAM BALANCED: May 1, 1997; 60% Standard & Poor's 500 Index and 40% Lehman
Government/Corporate Bond Index (60% S&P500/40% Lehman Corp.)
MFS RESEARCH: May 1, 1997; Standard & Poor's 500 Index (S&P 500).
MFS EMERGING GROWTH COMPANIES: May 1, 1997; Russell 2000 Index (Russell 2000).
MORGAN STANLEY EMERGING MARKETS EQUITY: August 20, 1997; Morgan Stanley Capital
International Emerging Markets Free Price Return Index (MSCI Emerging Markets).
WARBURG PINCUS SMALL COMPANY VALUE: May 1, 1997; Russell 2000 Index (Russell
2000).
MERRILL LYNCH WORLD STRATEGY: May 1, 1997; 36% S&P 500/24% MSCI EAFE/21% Salomon
Brothers US Treasury Bond 1 Year+/14% Salomon Brothers World Government Bond Ex
US/5% 3-Month U.S. T-bill-(Market Composite).
5
<PAGE>
MERRILL LYNCH BASIC VALUE EQUITY: May 1, 1997; Standard & Poor's 500 Index (S&P
500).
The Lipper Variable Insurance Products Performance Analysis Survey (Lipper)
records the performance of a large group of variable annuity and variable life
products, including managed separate accounts of insurance companies. According
to Lipper Analytical Services, Inc., the data are presented net of investment
management fees, direct operating and asset-based charges applicable under
variable insurance policies or variable annuity contracts. Lipper data provide a
more accurate picture than market indices of EQUI-VEST performance relative to
other annuity products.
All rates of return presented are time-weighted and include reinvestment of
investment income, including interest and dividends. Cumulative rates of return
reflect performance over a stated period of time. Annualized rates of return
represent the annual rate of growth that would have produced the same cumulative
return, if performance had been constant over the entire period.
6
<PAGE>
TABLE 1:
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
SINCE INCEPTION
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION DATE
-----------------------------------------------------------------------------------
<S> <C>
FIXED-INCOME SERIES:
Domestic Fixed Income
ALLIANCE MONEY MARKET 5/11/82
Lipper Money Market
3-Month T-Bill
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES 4/1/91
Lipper U.S. Government
Lehman Intermediate Government
ALLIANCE QUALITY BOND 10/1/93
Lipper Corporate Bond A-Rated
Lehman Aggregate
Aggressive Fixed Income
ALLIANCE HIGH YIELD 1/2/87
Lipper High Yield
Master High Yield
EQUITY SERIES:
Domestic Equity
T. ROWE PRICE EQUITY INCOME 5/1/97
Lipper Equity Income
S&P 500
EQ/PUTNAM
GROWTH & INCOME VALUE 5/1/97
Lipper Growth & Income
S&P 500
ALLIANCE GROWTH & INCOME 10/1/93
Lipper Growth
25% Value Line Conv./75% S&P 500
ALLIANCE EQUITY INDEX 3/1/94
Lipper S&P 500 Index Funds
S&P 500
MERRILL LYNCH
BASIC VALUE EQUITY 5/1/97
Lipper Growth & Income
S&P 500
ALLIANCE COMMON STOCK 8/1/68
Lipper Growth
S&P 500
MFS RESEARCH 5/1/97
Lipper Growth
S&P 500
International Equity
ALLIANCE GLOBAL 8/27/87
Lipper Global
MSCI World
ALLIANCE INTERNATIONAL 4/3/95
Lipper International
MSCI EAFE
T. ROWE PRICE
INTERNATIONAL STOCK 5/1/97
Lipper International
MSCI EAFE
MORGAN STANLEY EMERGING
MARKETS EQUITY 8/20/97
Lipper Emerging Markets
MSCI Emerging Markets
- -------------------------------------------------------------------------------------------------------------------------------
<FN>
+ Return for this Fund is unannualized and represents 8 months of performance. This table continues on next page
* Return for this Fund is unannualized and represents 5 months of performance.
</FN>
</TABLE>
7
<PAGE>
TABLE 1:
ANNUALIZED RATES OF RETURN (CONTINUED):
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
SINCE INCEPTION
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION DATE
-----------------------------------------------------------------------------------
<S> <C>
EQUITY SERIES (CONTINUED):
Aggressive Equity
ALLIANCE AGGRESSIVE STOCK 5/1/84
Lipper Mid-Cap Growth
50% Russell 2000/50% S&P Mid-Cap
WARBURG PINCUS
SMALL COMPANY VALUE 5/1/97
Lipper Small-Cap
Russell 2000 Growth
ALLIANCE SMALL CAP GROWTH 5/1/97
Lipper Small-Cap
Russell 2000 Growth
MFS EMERGING GROWTH 5/1/97
COMPANIES
Lipper Mid-Cap
Russell 2000
ASSET ALLOCATION SERIES:
ALLIANCE CONSERVATIVE INVESTORS 10/2/89
Lipper Income
70% Lehman Treas./30% S&P 500
EQ/PUTNAM BALANCED 5/1/97
Lipper Balanced
40% Lehman Gov't./Corp./60% S&P 500
ALLIANCE BALANCED 5/1/84
Lipper Flexible Portfolio
50% Lehman Gov't./Corp./70% S&P 500
ALLIANCE GROWTH INVESTORS 10/2/89
Lipper Flexible Portfolio
30% Lehman Gov't./Corp./70% S&P 500
MERRILL LYNCH WORLD STRATEGY 5/1/97
Lipper Global Flexible Portfolio --
Market Composite --
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Return for this Fund is unannualized and represents 8 months of performance.
* Return for this Fund is unannualized and represents 5 months of performance.
8
<PAGE>
TABLE 2:
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
SINCE INCEPTION
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION DATE
-----------------------------------------------------------------------------------
<S> <C>
FIXED-INCOME SERIES:
Domestic Fixed Income
ALLIANCE MONEY MARKET 5/11/82
Lipper Money Market
3-Month T-Bill
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES 4/1/91
Lipper U.S. Government
Lehman Intermediate Government
ALLIANCE QUALITY BOND 10/1/93
Lipper Corporate Bond A-Rated
Lehman Aggregate
Aggressive Fixed Income
ALLIANCE HIGH YIELD 1/2/87
Lipper High Yield
Master High Yield
EQUITY SERIES:
Domestic Equity
T. ROWE PRICE EQUITY INCOME 5/1/97
Lipper Equity Income
S&P 500
EQ/PUTNAM
GROWTH & INCOME VALUE 5/1/97
Lipper Growth & Income
S&P 500
ALLIANCE GROWTH & INCOME 10/1/93
Lipper Growth & Income
25% Value Line Conv./75% S&P 500
ALLIANCE EQUITY INDEX 3/1/94
Lipper S&P 500 Index Funds
S&P 500
MERRILL LYNCH BASIC VALUE EQUITY 5/1/97
Lipper Growth & Income
S&P 500
ALLIANCE COMMON STOCK 8/1/68
Lipper Growth
S&P 500
MFS RESEARCH 5/1/97
Lipper Growth
S&P 500
International Equity
ALLIANCE GLOBAL 8/27/87
Lipper Global
MSCI World
ALLIANCE INTERNATIONAL 4/3/95
Lipper International
MSCI EAFE
T. ROWE PRICE
INTERNATIONAL STOCK 5/1/97
Lipper International
MSCI EAFE
MORGAN STANLEY EMERGING
MARKETS EQUITY 8/20/97
Lipper Emerging Markets
MSCI Emerging Market
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
TABLE 2: CUMULATIVE RATES OF RETURN (CONTINUED):
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
SINCE INCEPTION
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION DATE
-----------------------------------------------------------------------------------
<S> <C>
EQUITY SERIES (CONTINUED):
Aggressive Equity
ALLIANCE AGGRESSIVE STOCK 5/1/84
Lipper Mid-Cap Growth
50% Russell 2000/50% S&P Mid-Cap
WARBURG PINCUS
SMALL COMPANY VALUE 5/1/97
Lipper Small-Cap
Russell 2000
ALLIANCE SMALL CAP GROWTH 5/1/97
Lipper Small-Cap
Russell 2000 Growth
MFS EMERGING GROWTH COMPANIES 5/1/97
Lipper Mid-Cap
Russell 2000
ASSET ALLOCATION SERIES:
ALLIANCE CONSERVATIVE INVESTORS 10/2/89
Lipper Income
70% Lehman Treas./30% S&P 500
EQ/PUTNAM BALANCED 5/1/97
Lipper Balanced
40% Lehman Gov't./Corp./60% S&P 500
ALLIANCE BALANCED 5/1/84
Lipper Flexible Portfolio
50% Lehman Gov't./Corp./70% S&P 500
ALLIANCE GROWTH INVESTORS 10/2/89
Lipper Flexible Portfolio
30% Lehman Gov't./Corp./70% S&P 500
MERRILL LYNCH WORLD STRATEGY 5/1/97
Lipper Global Flexible Portfolio
Market Composite
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
TABLE 3:
YEAR-BY-YEAR RATES OF RETURN
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALLIANCE MONEY MARKET
ALLIANCE INTERMEDIATE GOVERNMENT
SECURITIES
ALLIANCE QUALITY BOND
ALLIANCE HIGH YIELD
ALLIANCE GROWTH & INCOME
ALLIANCE EQUITY INDEX
ALLIANCE COMMON STOCK
ALLIANCE GLOBAL
ALLIANCE INTERNATIONAL
ALLIANCE AGGRESSIVE STOCK
ALLIANCE SMALL CAP GROWTH
ALLIANCE CONSERVATIVE INVESTORS
ALLIANCE BALANCED
ALLIANCE GROWTH INVESTORS
T. ROWE PRICE INTERNATIONAL STOCK
PORTFOLIO
T. ROWE PRICE EQUITY INCOME
PORTFOLIO
EQ/PUTNAM GROWTH & INCOME VALUE
PORTFOLIO
EQ/PUTNAM BALANCED PORTFOLIO
MFS RESEARCH PORTFOLIO
MFS EMERGING GROWTH COMPANIES
PORTFOLIO
MORGAN STANLEY EMERGING MARKETS
EQUITY PORTFOLIO
WARBURG PINCUS SMALL COMPANY VALUE
PORTFOLIO
MERRILL LYNCH WORLD STRATEGY
PORTFOLIO
MERRILL LYNCH BASIC VALUE EQUITY
PORTFOLIO
<FN>
- -------------------
* Unannualized
</FN>
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
The performance data in Tables 4 and 5 illustrate the growth of an investment,
and the average annual total return of the Investment Funds, respectively, over
the periods shown assuming a single initial contribution of $1,000 and
termination of the Roth Advantage Contract at the end of each period on December
31, 1997, under circumstances in which the contingent withdrawal charge applies.
The values shown are also net of all other charges and expenses assessed against
the Investment Funds. An Investment Fund's average annual total return is the
annual rate of growth of the Investment Fund that would be necessary to achieve
the ending value of a contribution kept in the Investment Fund for the period
specified.
Each calculation further assumes that the $1,000 contribution was allocated to
only one Investment Fund, no transfers or additional contributions were made, no
loans, and no amounts were allocated to any other Investment Fund under the
Contract.
In order to calculate the performance information, we divide the termination
value (defined below) of a Contract which is terminated on December 31, 1997 by
the $1,000 investment made at the beginning of each period illustrated. The
result of that calculation is the total growth rate for the period. Then we
annualize that growth rate to obtain the average annual percentage increase
(decrease) during the period shown. When we "annualize," we assume that a single
rate of return applied each year during the period will produce the ending
value, taking into account the effect of compounding. "Termination value" means
the Annuity Account Value less the contingent withdrawal charge, the annual
administrative charge and all other charges and expenses which are applied
against an Investment Fund. See "Part 7: Deductions and Charges" in the
Prospectus.
12
<PAGE>
TABLE 4:
GROWTH OF $1,000 FOR CONTRACTS TERMINATED ON DECEMBER 31, 1997:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
--------------------------------------------------------------------------------------
INVESTMENT ONE THREE FIVE TEN SINCE PORTFOLIO
FUND YEAR YEARS YEARS YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Alliance Money Market
Alliance Intermediate Government
Securities
Alliance Quality Bond
Alliance High Yield
Alliance Growth & Income
Alliance Equity Index
Alliance Common Stock
Alliance Global
Alliance International
Alliance Aggressive Stock
Alliance Small Cap Growth
Alliance Conservative Investors
Alliance Balanced
Alliance Growth Investors
T. Rowe Price International Stock
Portfolio
T. Rowe Price Equity Income Portfolio
E/Q Putnam Growth &
Income Value Portfolio
E/Q Putnam Balanced Portfolio
MFS Research Portfolio
MFS Emerging Growth Companies Portfolio
Morgan Stanley Emerging Markets Equity
Portfolio
Warburg Pincus Small Company Value
Portfolio
Merrill Lynch World Strategy Portfolio
Merrill Lynch Basic Value Equity
Portfolio
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Portfolio inception dates are shown in Tables 1 and 2.
13
<PAGE>
TABLE 5:
AVERAGE ANNUAL TOTAL RETURN UNDER CONTRACTS TERMINATED ON DECEMBER 31, 1997:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
--------------------------------------------------------------------------------------
INVESTMENT SINCE
FUND ONE THREE FIVE TEN SINCE FUND PORTFOLIO
YEAR YEARS YEARS YEARS INCEPTION* INCEPTION**
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Alliance Money Market
Alliance Intermediate Government
Securities
Alliance Quality Bond
Alliance High Yield
Alliance Growth & Income
Alliance Equity Index
Alliance Common Stock
Alliance Global
Alliance International
Alliance Aggressive Stock
Alliance Small Cap Growth
Alliance Conservative Investors
Alliance Balanced
Alliance Growth Investors
T. Rowe Price International Stock
Portfolio
T. Rowe Price Equity Income Portfolio
E/Q Putnam Growth &
Income Value Portfolio
E/Q Putnam Balanced Portfolio
MFS Research Portfolio
MFS Emerging Growth Companies Portfolio
Morgan Stanley Emerging Markets Equity
Portfolio
Warburg Pincus Small Company Value
Portfolio
Merrill Lynch World Strategy Portfolio
Merrill Lynch Basic Value Equity
Portfolio
<FN>
- -------------------
* Fund inception dates are: Alliance Money Market (5/11/82), Alliance
Intermediate Government Securities (6/1/94), Alliance Quality Bond (1/4/94),
Alliance High Yield (1/4/94), Alliance Growth & Income (1/4/94), Alliance
Equity Index (6/1/94), Alliance Common Stock (8/27/81), Alliance Global
(1/4/94), Alliance International (9/1/95), Alliance Growth Investors
(1/4/94), Alliance Aggressive Stock (5/1/84), Alliance Small Cap Growth
(6/2/97), Alliance Conservative Investors (1/4/94), Alliance Balanced
(5/1/84), T. Rowe Price International Stock (6/2/97), T. Rowe Price Equity
Income (6/2/97), EQ/Putnam Growth & Income Value (6/2/97), EQ/Putnam Balanced
(6/2/97), MFS Research (6/2/97), MFS Emerging Growth Companies (6/2/97),
Morgan Stanley Emerging Markets Equity (8/20/97), Warburg Pincus Small
Company Value (6/2/97), Merrill Lynch World Strategy (6/2/97), Merrill Lynch
Basic Value Equity (6/2/97).
** Portfolio inception dates are shown in Tables 1 and 2.
</FN>
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
14
<PAGE>
COMMUNICATING PERFORMANCE DATA
In reports or other communications or in advertising material, we may describe
general economic and market conditions affecting the Separate Account and HRT or
EQAT and may present the performance of the Investment Funds or compare it with
(1) that of other insurance company separate accounts or mutual funds included
in the rankings prepared by Lipper Analytical Services, Inc., Morningstar Inc.,
VARDS or similar investment services that monitor the performance of insurance
company separate accounts or mutual funds, (2) other appropriate indices of
investment securities and averages for peer universes of funds which are
described elsewhere in this prospectus, or (3) data developed by us derived from
such indices or averages. The Morningstar Variable Annuity/Life Report consists
of over 700 variable life and annuity funds, all of which report their data net
of investment management fees, direct operating expenses and separate account
charges. VARDS is a monthly reporting service that monitors over 2,500 variable
life and variable annuity funds on performance and account information.
Advertisements or other communications furnished to present or prospective
Contract Owners may also include evaluations of an Investment Fund or Portfolio
by financial publications that are nationally recognized such as Barron's,
Morningstar's Variable Annuity Sourcebook, Business Week, Chicago Tribune,
Forbes, Fortune, Institutional Investor, Investment Adviser, Investment Dealer's
Digest, Investment Management Weekly, Los Angeles Times, Money, Money Management
Letter, Kiplinger's Personal Finance, Financial Planning, National Underwriter,
Pension & Investments, USA Today, Investor's Daily, The New York Times and The
Wall Street Journal.
WITH RESPECT TO EQUI-VEST ROTH ADVANTAGE, THE FOLLOWING DISCUSSION REPLACES THE
DISCUSSION UNDER "CHARGES TO INVESTMENT FUNDS" ON PAGE 56 OF THE PROSPECTUS:
We make a daily charge at the effective annual rate of 1.45% against
the assets held in each of the Investment Funds. This charge is
reflected in the Accumulation Unit Values for the particular Investment
Fund and covers mortality and expense risk charges of 1.20% and
expenses of 0.25%.
The mortality and expense risk and death benefit charge is comprised of
0.65% for mortality risk, including guaranteed death benefits, and
0.55% for expense risk, although the allocation of these charges may
vary. We assume a mortality risk by (a) our obligation to pay a death
benefit that will not be less than the total value of all contributions
made (less any applicable taxes) adjusted for total withdrawals, (b)
our obligation to make annuity payments for the life of the Annuitant
under guaranteed fixed annuity options, regardless of the Annuitant's
longevity, (c) our guarantees relating to annuity purchase rates, the
actuarial basis for which can be changed only for new contributions and
only on the fifth anniversary of the Contract Date and every five years
thereafter, and (d) our obligation to waive the contingent withdrawal
charge upon the payment of a death benefit.
The expense risk we assume is the risk that, over time, our actual
expense of administering the Contracts, including financial accounting,
may exceed the amounts realized from the expense charge and the annual
administrative expense charge. Part of the mortality and expense risk
charge may be considered to be an indirect reimbursement for certain
sales and promotional expenses relating to the Contracts to the extent
that the charge is not needed to meet the actual expenses incurred.
The charge for expenses, together with the annual administrative charge
described below, is designed to reimburse us for our costs in providing
administrative services in connection with the Contracts.
Maximum Total Separate Account Charges
We may change the annual rate of the daily asset charge imposed on the
amounts held in the Investment Funds comprising the Separate Account.
We may increase or decrease the 1.45% total Separate Account charge
currently applicable, but may not increase the total charge above a
maximum annual rate of 2.00%. Any increase would only be made upon
advance notice to you and would apply only to contributions made after
the date of the change. Changes, if any, would reflect differences in
costs and anticipated mortality and expense expenses, and would not be
unfaily discriminatory.
15
<PAGE>
THE FOLLOWING SENTENCE REPLACES THE FIRST SENTENCE OF THE THIRD PARAGRAPH OF THE
DISCUSSION UNDER "CONTINGENT WITHDRAWAL CHARGE" ON PAGE 57 OF THE PROSPECTUS:
We reserve the right to change the amount of the contingent withdrawal
charge, provided that it will not exceed 8% of the amount deemed
attributable to withdrawn contributions.
THE FOLLOWING IS ADDED AT THE END OF THE DISCUSSION UNDER "CONTINGENT WITHDRAWAL
CHARGE - EXCEPTIONS TO THE CONTINGENT WITHDRAWAL CHARGE" ON PAGE 57 OF THE
PROSPECTUS:
Additionally, a withdrawal charge will not apply to a Roth Advantage
Contract upon any of the following events:
o the Annuitant has completed at least five Contract Years and has
attained age 59 1/2;
o during any Contract Year in which the amount withdrawn is less than
or equal to 25% of the Annuity Account Value at the time the
withdrawal is requested minus any amount previously withdrawn
during that Contract Year, provided that the withdrawal is used to
pay specified higher education expenses as defined in the Code and
subject to receipt of evidence satisfactory to us that such
withdrawal is in fact for such purpose;
o the Annuitant has completed at least five Contract Years, and the
withdrawal, up to a $10,000 maximum, is a "qualified first-time
homebuyer distribution" (as defined in the Code), subject to
receipt of evidence satisfactory to us that such withdrawal is in
fact for such purpose; or
o a request is made for a refund of a contribution in excess of
amounts allowed to be contributed under the Code within one month
of the date on which the contribution is made.
59002
16
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
This Part II is amended solely for the purpose of adding Exhibits 4(f), 4(g),
4(h), 4(i) and 5(c) to Item. 16, and filing such exhibits herewith. No amendment
or deletion is made of any of the information set forth under the Part II Items
as provided in Post Effective Amendment No. 3 to the Registration Statement.
Item 16. Exhibits
--------
Exhibits No.
------------
4(f) Form of Data Pages for standard Roth IRA
Certificates, incorporated herein by reference to
Exhibit 4(m) to the Registration Statement on
Form N-4, File No. 2-30070, filed June 9, 1998
4(g) Form of Endorsement for standard Roth IRA
Certificates, incorporated herein by reference to
Exhibit 4(n) to the Registration Statement on
Form N-4, File No. 2-30070, filed June 9, 1998
4(h) Form of Data Pages for Roth Advantage
Certificates, incorporated herein by reference to
Exhibit 4(o) to the Registration Statement on
Form N-4, File No. 2-30070, filed June 9, 1998
4(i) Form of Endorsement for Roth Advantage
Certificates, incorporated herein by reference to
Exhibit 4(p) to the Registration Statement on
Form N-4, File No. 2-30070, filed June 9, 1998
5(c) Form of Application for use with standard Roth IRA
Certificates and Roth Advantage Certificates,
incorporated herein by reference to Exhibit No.
5(c) to the Registration Statement on Form N-4,
File No. 2-30070, filed June 9, 1998.
II-1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this amendment to
the Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City and State of New York, on June 9, 1998.
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE
UNITED STATES
(Registrant)
By: /s/ Naomi Weinstein
----------------------
Naomi Weinstein
Vice President
Pursuant to the requirements of the Securities Act of 1933, this
amendment to the Registration Statement has been signed by or on behalf of the
following persons in the capacities and on the date indicated.
PRINCIPAL EXECUTIVE OFFICERS:
Michael Hegarty President, Chief Operating Officer and
Director
Edward D. Miller Chairman of the Board, Chief Executive
Officer and Director
PRINCIPAL FINANCIAL OFFICER:
Stanley B. Tulin Vice Chairman of the Board,
Chief Financial Officer and Director
PRINCIPAL ACCOUNTING OFFICER:
/s/ Alvin H. Fenichel
- ---------------------
Alvin H. Fenichel Senior Vice President and
June 9, 1998 Controller
DIRECTORS:
Francoise Colloc'h Donald J. Greene George T. Lowy
Henri de Castries John T. Hartley Edward D. Miller
Joseph L. Dionne John H.F. Haskell, Jr. Didier Pineau Valencienne
Denis Duverne Michael Hegarty George J. Sella, Jr.
William T. Esrey Mary R. (Nina) Henderson Stanley B. Tulin
Jean-Rene Fourtou W. Edwin Jarmain Dave H. Williams
Norman C. Francis G. Donald Johnston, Jr.
/s/ Naomi Weinstein
- ----------------------
Naomi Weinstein
Attorney-in-Fact
June 9, 1998
II-2
