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SUPPLEMENT TO PROSPECTUS FOR FNAL VARIABLE ACCOUNT DATED MAY 1, 1997
NAME CHANGES
Effective October 1, 1997, the names of First North American Life
Assurance Company ("FNAL") and its parent company, North American Life Insurance
Company ("NASL") and certain companies and mutual funds affiliated with FNAL and
NASL were changed. These names were changed to more clearly indicate that these
companies are affiliated with The Manufacturers Life Insurance Company
("Manulife") and do not reflect any change in control of the entity.
Prior Name New Name
- ---------- --------
First North American Life The Manufacturers Life Insurance
Assurance Company Company of New York
North American Security Life The Manufacturers Life Insurance
Insurance Company Company of North America
NASL Series Trust Manufacturers Investment Trust
NASL Financial Services, Inc.* Manufacturers Securities Services, LLC*
FNAL Variable Account The Manufacturers Life Insurance
Company of New York Separate Account A
*On September 30, 1997, NASL Financial Services, Inc., a Massachusetts
corporation, was reconstituted as a Delaware limited liability company. The
change was in connection with a Manulife internal restructuring and
Manufacturers Securities Services, LLC has substantially the same management as
was in place for NASL Financial Services, Inc. and continues to be controlled by
Manulife.
NEW INVESTMENT OPTION
Effective October 1, 1997, one new investment option will be added to the
variable portion of your contract. The new portfolio is a series of
Manufacturers Investment Trust (the "Trust"). Set forth below is the subadviser
for the new portfolio as well as a brief description of the portfolio's
investment objective and certain policies relating to that objective and a
schedule of fees applicable to the portfolio.
INVESTMENT OBJECTIVE AND POLICIES
SMALL COMPANY VALUE TRUST. The investment objective of the Small Company Value
Trust is to seek long term growth of capital. Rosenberg Institutional Equity
Management ("Rosenberg") manages the Small Company Value Trust and will pursue
this objective by investing in equity securities of smaller companies which are
traded principally in the markets of the United States.
For more information on the Small Company Value Trust and Rosenberg, see the
Manufacturers Investment Trust prospectus dated October 1, 1997.
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FEE TABLE AND EXAMPLE
The Contract Owner or owner (collectively, "contract owner") Transaction
Expenses, Annual Contract Fee and Separate Account Annual Expenses are as set
forth in the current Fee Table. The Trust Annual Expenses and Example are
amended to include the Small Company Value Trust:
TRUST ANNUAL EXPENSES
(as a percentage of Trust average net assets)
<TABLE>
<CAPTION>
Management Other Total Trust
Trust Portfolio Expenses Expenses Annual Expenses
--------------- -------- -------- ---------------
<S> <C> <C> <C>
Small Company Value Trust 1.05% 0.15%* 1.20%
</TABLE>
* Based on estimates of payments to be made during the current fiscal year on
an annual basis.
EXAMPLE
A contract owner would pay the following expenses on a $1,000 investment,
assuming 5% annual return on assets, if the Contract Owner surrendered the
contract at the end of the applicable time period:
<TABLE>
Trust Portfolio 1 Year 3 Years
--------------- ------ -------
<S> <C> <C>
Small Company Value Trust $83 $132
</TABLE>
A contract owner would pay the following expenses on a $1,000 investment,
assuming 5% annual return on assets, if the contract owner annuitized as
provided in the contract or did not surrender the contract at the end of the
applicable time period:
<TABLE>
Trust Portfolio 1 Year 3 Years
--------------- ------ -------
<S> <C> <C>
Small Company Value Trust $27 $83
</TABLE>
The example for the Small Company Value Trust does not include 5 and 10 year
figures because it is a newly formed portfolio.
CONFIRMATION STATEMENTS
Contract owners will be sent confirmation statements for certain transactions in
their account. Contract owners should carefully review these statements to
verify their accuracy. Any mistakes should immediately be reported to the
Company's Annuity Service Office. If the contract owner fails to notify the
Company's Annuity Service Office of any mistake within 60 days of the mailing of
the confirmation statement, the contract owner will be deemed to have ratified
the transaction.
SUPPLEMENT DATED OCTOBER 1, 1997
