Registration No. 33-47949
Registration No. 811-1705
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | |
Pre-Effective Amendment No. | |
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Post-Effective Amendment No. 12 |X|
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AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |
Amendment No. 80 |X|
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(Check appropriate box or boxes)
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SEPARATE ACCOUNT A
of
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
(Exact Name of Registrant)
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THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
(Name of Depositor)
1290 Avenue of the Americas, New York, New York 10104
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code: (212) 554-1234
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ROBIN WAGNER
VICE PRESIDENT AND COUNSEL
The Equitable Life Assurance Society of the United States
1290 Avenue of the Americas, New York, New York 10104
(Names and Addresses of Agents for Service)
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Please send copies of all communications to:
PETER E. PANARITES
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W., Suite 825
Washington, D.C. 20036
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<PAGE>
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective
(check appropriate box):
|_| Immediately upon filing pursuant to paragraph (b) of Rule 485.
|X| On May 1, 2000 pursuant to paragraph (b) of Rule 485.
|_| 60 days after filing pursuant to paragraph (a)(1) of Rule 485.
|_| On (date) pursuant to paragraph (a)(1) of Rule 485.
|_| 75 days after filing pursuant to paragraph (a)(2) of Rule 485.
|_| On (date) pursuant to paragraph (a)(3) of Rule 485.
If appropriate, check the following box:
|_| This post-effective amendment designates a new
effective date for previously filed post-effective
amendment.
Title of Securities Being Registered:
Units of interest in Separate Account under variable annuity contracts.
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<PAGE>
MOMENTUM(SM)
Retirement Planning from Equitable Life
PROSPECTUS DATED MAY 1, 2000
Please read and keep this prospectus for future reference. It contains important
information that you should know before purchasing or taking any other action
under your contract. Also, at the end of this prospectus you will find attached
the prospectus for EQ Advisors Trust, which contains important information about
its portfolios.
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WHAT IS MOMENTUM?
MOMENTUM is a group deferred annuity contract issued by THE EQUITABLE LIFE
ASSURANCE SOCIETY OF THE UNITED STATES. It is a funding vehicle for employers
who sponsor qualified retirement plans. The MOMENTUM employer-sponsored
retirement program includes 401(a) and 401(k) plans, which are described in this
prospectus. The MOMENTUM program consists of a defined contribution master plan
and trust ("Master Plan and Trust"), which we sponsor, and a pooled trust
("Pooled Trust") for employers who prefer to use their own qualified plan.
The contract provides for the accumulation of retirement savings and for income.
The contract also offers death benefit protection and a number of payout
options. Contributions accumulate on a tax-deferred basis. You may fund your
plan by selecting any number of our investment options. The investment options
include variable investment options and one guaranteed interest option
("investment options").
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VARIABLE INVESTMENT OPTIONS
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FIXED INCOME
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o Alliance High Yield o Alliance Money Market
o Alliance Intermediate
Government Securities
o Alliance Quality Bond
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DOMESTIC STOCKS INTERNATIONAL STOCKS
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o EQ/Aggressive Stock(3) o Alliance Global
o Alliance Common Stock o Alliance International
o Alliance Equity Index o Capital Guardian
o Alliance Growth and Income International
o EQ/Alliance Premier Growth o Morgan Stanley Emerging
o Alliance Small Cap Growth Markets Equity
o EQ/Alliance Technology(1) o EQ/Putnam International
o Calvert Socially Responsible Equity
o Capital Guardian Research o T. Rowe Price International
o Capital Guardian U.S. Equity Stock
o EQ/Evergreen
o Lazard Large Cap Value
o Lazard Small Cap Value
o MFS Emerging Growth
Companies
o MFS Growth with Income
o MFS Research
o Mercury Basic Value Equity(2)
o EQ/Putnam Growth & Income
Value
o EQ/Putnam Investors Growth
o T. Rowe Price Equity Income
o Warburg Pincus Small
Company Value
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BALANCED/HYBRID
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o Alliance Conservative o EQ/Evergreen Foundation
Investors o EQ/Putnam Balanced
o Alliance Growth Investors o Mercury World Strategy(5)
o EQ/Balanced(4)
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(1) Anticipated to become available on or about May 22, 2000. This option may
not be available in the state of California.
(2) Formerly named "Merrill Lynch Basic Value Equity."
(3) Formerly named "Alliance Aggressive Stock."
(4) Formerly named "Alliance Balanced."
(5) Formerly named "Merrill Lynch World Strategy."
As permitted by your employer's plan, you may allocate amounts to any of the
variable investment options subject to any restrictions that may apply. Each
variable investment option is a subaccount of our Separate Account A. Each
variable investment option, in turn, invests in either Class IA or IB shares of
a corresponding securities portfolio of EQ Advisors Trust. Your investment
results in a variable investment option will depend on the investment
performance of the related portfolio.
GUARANTEED INTEREST OPTION. You also may allocate amounts to the guaranteed
interest option. This option is part of our general account and pays interest at
guaranteed rates.
A registration statement relating to this offering has been filed with the
Securities and Exchange Commission ("SEC"). The Statement of Additional
Information ("SAI") dated May 1, 2000, is a part of the registration statement.
The SAI is available free of charge. You may request one by writing to our
processing office or calling 1-800-528-0204. The SAI has been incorporated by
reference into this prospectus. This prospectus and the SAI can also be obtained
from the SEC's Web site at http://www.sec.gov. The table of contents for the SAI
appears at the back of this prospectus.
THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS
PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. THE CONTRACTS ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.
THEY ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK
GUARANTEED. THEY ARE SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL.
72192
<PAGE>
Contents of this prospectus
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2
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MOMENTUM(SM)
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Index of key words and phrases 4
Who is Equitable Life? 5
How to reach us 6
MOMENTUM at a glance - key features 9
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FEE TABLE 11
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Examples 15
Condensed financial information 16
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1 CONTRACT FEATURES AND BENEFITS 17
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How contributions can be made 17
What are your investment options under the contract? 17
Selecting investment options (employers and plan
trustees only) 20
Allocating your contributions 20
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2 DETERMINING YOUR CONTRACT'S VALUE 22
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Your retirement account value 22
Your contract's value in the variable investment
options 22
Your contract's value in the guaranteed interest option 22
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"We," "our" and "us" refer to Equitable Life.
When we address the reader of this prospectus with words such as "you" and
"your," we mean the person who has the right or responsibility that the
prospectus is discussing at that point. This is usually the employer, plan
trustee, or the individual who participates in an employer's plan funded by the
MOMENTUM contract. This individual is also referred to as the "participant."
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3
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3 TRANSFERRING YOUR MONEY AMONG
INVESTMENT OPTIONS 23
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Transferring your retirement account value 23
Market timing 23
Investment simplifier: automatic transfer options 24
Rebalancing your retirement account value 25
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4 ACCESSING YOUR MONEY 26
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Withdrawals and termination 26
Forfeitures 26
Plan loans 26
When to expect payments 27
Your annuity payout options 28
Minimum distributions (automatic minimum
withdrawal option) - over age 70 1/2 29
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5 THE MOMENTUM PROGRAM 30
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Master Plan and Trust 30
Pooled Trust 30
Trustee 30
Employer's responsibilities 31
Adopting the MOMENTUM program 31
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6 PLAN RECORDKEEPING SERVICES 32
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Basic recordkeeping option 32
Full-service recordkeeping option 32
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7 CHARGES AND EXPENSES 33
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Charges that Equitable Life deducts 33
Charges that EQ Advisors Trust deducts 36
Charge reductions under special circumstances 36
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8 PAYMENT OF DEATH BENEFIT 38
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Death benefit amount 38
Distribution of the death benefit 38
Beneficiary's payment options 38
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9 TAX INFORMATION 40
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Overview 40
Tax aspects of contributions to a plan 40
Tax aspects of distributions from a plan 42
Certain rules applicable to plan loans 45
Impact of taxes to Equitable Life 46
Certain rules applicable to plans designed to comply
with Section 404(c) of ERISA 46
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10 MORE INFORMATION 47
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About Separate Account A 47
About EQ Advisors Trust 47
About the general account 48
Dates and prices at which contract events occur 48
About your voting rights 49
About legal proceedings 50
Financial statements 50
Distribution of the contracts 50
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11 INVESTMENT PERFORMANCE 51
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Benchmarks 51
Communicating performance data 62
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APPENDICES
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I - Original certificates A-1
II - Condensed financial information B-1
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STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
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<PAGE>
Index of key words and phrases
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4
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This index should help you locate more information on the terms used in this
prospectus.
PAGE
active loan 33
annuitant 27
annuity payout option 26
beneficiary 36
business day 46
contributions 16
default option 16
DOL 24
elective deferrals 39
EQAccess 6
ERISA 28
fixed-dollar option 22
guaranteed interest account option 19
interest sweep option 23
investment options cover
IRA 41
IRS 28
Master Plan and Trust 28
participant 2
participation date 9
participation year 9
Pooled Trust 28
portfolio cover
processing office 6
retirement account value 21
SAI cover
takeover loans 24
TOPS 6
unit 21
unit investment trust 45
variable investment options 16
To make this prospectus easier to read, we sometimes use different words than in
the contract or supplemental materials. This is illustrated below. Although we
use different words, they have the same meaning in this prospectus as in the
contract or supplemental materials. Your financial professional can provide
further explanation about your contract.
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PROSPECTUS CONTRACT OR SUPPLEMENTAL MATERIALS
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variable investment options Investment Funds or Investment Divisions
unit Accumulator Unit
unit value Accumulation Unit Value
guaranteed interest option Guaranteed Interest Account
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We also have contracts that we refer to as "original contracts/certificates."
These certificates are no longer available for new purchasers. Any information
about original certificates which is different from the current contracts we
offer can be found in Appendix I, which will be referenced throughout this
prospectus when it applies.
<PAGE>
Who is Equitable Life?
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5
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We are The Equitable Life Assurance Society of the United States ("Equitable
Life"), a New York stock life insurance corporation. We have been doing business
since 1859. Equitable Life is a wholly owned subsidiary of AXA Financial, Inc.
(previously, The Equitable Companies Incorporated). The majority shareholder of
AXA Financial, Inc. is AXA, a French holding company for an international group
of insurance and related financial services companies. As a majority
shareholder, and under its other arrangements with Equitable Life and Equitable
Life's parent, AXA exercises significant influence over the operations and
capital structure of Equitable Life and its parent. No company other than
Equitable Life, however, has any legal responsibility to pay amounts that
Equitable Life owes under the contract.
AXA Financial, Inc. and its consolidated subsidiaries managed approximately
$462.7 billion in assets as of December 31, 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, N.Y. 10104.
<PAGE>
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HOW TO REACH US
You may communicate with our processing office as listed below for any of the
following purposes:
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FOR PAYMENTS (E.G., CONTRIBUTIONS, LOAN
PAYMENTS, ETC.) SENT BY REGULAR MAIL:
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Equitable Life
MOMENTUM
P.O. Box 13629
Newark, NJ 07188-0629
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FOR PAYMENTS (E.G., CONTRIBUTIONS, LOAN
PAYMENTS, ETC.) SENT BY EXPRESS DELIVERY:
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Bank One, NA
300 Harmon Meadow Boulevard, 3rd Floor
Secaucus, NJ 07094
Attention: MOMENTUM 13629
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FOR PAYMENTS (E.G., CONTRIBUTIONS, LOAN
PAYMENTS, ETC.) SENT BY REGULAR MAIL
AND DATA TRANSMITTED VIA AUTOMATED
MEDIA (E.G., TAPE, DISKETTE, ETC.):
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Equitable Life
MOMENTUM
P.O. Box 13094
Newark, NJ 07188
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FOR PAYMENTS (E.G., CONTRIBUTIONS, LOAN
PAYMENTS, ETC.) SENT BY EXPRESS MAIL
AND DATA TRANSMITTED VIA AUTOMATED
MEDIA (E.G., TAPE, DISKETTE, ETC.):
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Bank One, NA
300 Harmon Meadow Boulevard, 3rd Floor
Secaucus, NJ 07094
Attention: MOMENTUM 13094
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FOR ALL OTHER COMMUNICATIONS (E.G.,
REQUESTS FOR TRANSFERS OR WITHDRAWALS)
SENT BY REGULAR MAIL:
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MOMENTUM
P.O. Box 2919
New York, NY 10116
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FOR ALL OTHER COMMUNICATIONS (E.G.,
REQUESTS FOR TRANSFERS OR WITHDRAWALS)
SENT BY EXPRESS DELIVERY:
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MOMENTUM
200 Plaza Drive
Harmon Meadow
Secaucus, NJ 07094
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REPORTS WE PROVIDE:
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o written confirmation of financial transactions;
o annual statement of retirement account; and
o semiannual statement of retirement account.
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TELEPHONE OPERATED PROGRAM SUPPORT
("TOPS") AND EQACCESS SYSTEMS
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TOPS is designed to provide you with up-to-date information via touch-tone
telephone. You may use TOPS only if your employer elects this service. A
personal identification number ("PIN") will automatically be assigned to you
when you enroll in your plan. EQAccess is designed to provide this information
through the Internet. You can obtain information on:
o your current retirement account value;
o your current allocation percentages;
o the number of units you have in the variable investment options under your
account; and
o the daily unit values for the variable investment options.
<PAGE>
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7
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You can also:
o change your allocation percentages and/or transfer money among investment
options (anticipated to be available through EQAccess by the end of 2000); and
o change your EQAccess password (not available through TOPS).
TOPS and EQAccess are normally available seven days a week, 24 hours a day.
However, on a day that Equitable is not open for business, any request will be
processed on the next business day. Any transfer requests that are received
prior to 4:00 p.m. Eastern Time (or if the New York Stock Exchange closes
earlier, such earlier time) will be processed as of the close of business on the
date the request is made and any transfer request received after 4:00 p.m.
Eastern Time will be effective as of the close of business on the next business
day following the request.
You may use TOPS by calling toll-free 1-800-821-7777. You may use EQAccess by
visiting our Website at http://www.equitable.com and clicking on EQAccess. Of
course, for reasons beyond our control, these services may sometimes be
unavailable.
We have established procedures to reasonably confirm that the instructions
communicated by telephone or Internet are genuine. For example, we will require
certain personal identification information before we will act on telephone or
the Internet instructions and we will provide written confirmation of
instructions communicated by telephone. If we do not employ reasonable
procedures to confirm the genuineness of telephone or Internet instructions, we
may be liable for any losses arising out of any act or omission that constitutes
negligence, lack of good faith, or wilful misconduct. In light of our
procedures, we will not be liable for following the telephone, or Internet
instructions we reasonably believe to be genuine. We reserve the right to
terminate or modify any telephone or automated transfer/withdrawal service we
provide upon 90 days written notice.
We reserve the right to limit access to this service if we determine that you
are engaged in a market timing strategy (see "Market timing" in "Transferring
your money among investment options").
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CUSTOMER SERVICE REPRESENTATIVE:
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You may also use our toll-free number 1-800-528-0204 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day from Monday through Thursday 8:30 a.m. to 7:00
p.m., and on Fridays until 5:00 p.m. Eastern Time.
You may obtain daily unit values for the variable investment options and other
information regarding MOMENTUM and your account.
Hearing or speech-impaired clients may obtain information regarding MOMENTUM
contracts by dialing, toll-free, the SPRINT national relay number
(800-877-8973). This service enables clients with a telecommunications device
for the deaf ("TDD") to have their message or questions relayed to our customer
service department between the hours of 8:30 a.m. until 7:00 p.m. Eastern Time
Monday through Thursday and 8:30 a.m. until 5 p.m. Eastern Time on Fridays
(800-528-0204) by SPRINT personnel, who will communicate our reply back to them
via the TDD.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE WHICH SHOULD BE AVAILABLE THROUGH YOUR EMPLOYER OR PLAN
TRUSTEE:
(1) address changes;
(2) change of investments and allocations;
(3) transfers among investment options;
(4) election of the Investment simplifier: automatic transfer options and
retirement account value rebalancing (anticipated to be available by the
end of 2000);
(5) loan application;
<PAGE>
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8
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(6) withdrawal requests; and
(7) contract termination.
TO CANCEL OR CHANGE ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) Investment simplifier:
- interest sweep option;
- fixed-dollar option; or
- retirement account value rebalancing
(2) the date annuity payments are to begin.
SIGNATURES:
The proper person to sign forms, notices and requests is normally the
participant and the employer or plan trustee.
<PAGE>
MOMENTUM at a glance - key features
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9
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PROFESSIONAL MOMENTUM's variable investment options invest in
INVESTMENT different portfolios managed by professional investment
MANAGEMENT advisers.
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GUARANTEED INTEREST o Principal and interest guarantees
OPTION o Interest rates set periodically
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TAX ADVANTAGES o On earnings inside the No tax on any dividends,
contract interest or capital gains
until you make withdrawals
from your contract or receive
annuity payments
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o On transfers inside the No tax on transfers among
contract investment options
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Because you are buying a contract to fund a retirement
plan that already provides tax deferral under the Internal
Revenue Code you should do so for the contract's features
and benefits other than tax deferral. The tax deferral of
the contract does not provide necessary or additional
benefits.
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ACCESS TO YOUR o Partial withdrawals
MONEY o Automatic minimum withdrawals
o Plan loans
o Full withdrawal
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You may incur a withdrawal charge for certain withdrawals.
You may also incur income tax and a penalty tax.
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Depending on the terms of the employer's plan, not all
features are available and access to your funds may be
limited.
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PAYOUT OPTIONS o Fixed annuity payout options
o Variable annuity payout options
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ADDITIONAL FEATURES o Automatic transfer options
o Fixed-dollar option
o Interest sweep option
o Retirement account value rebalancing
o No charge on transfers among investment options
o Waiver of withdrawal charge upon death
o Minimum death benefit
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SERVICES WE PROVIDE o Two plan recordkeeping options
o Educational materials and seminars to assist retirement
planning needs of plan participants
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FEES AND CHARGES o We deduct a daily charge at a maximum effective annual
rate of 1.34% of assets invested in variable investment
options and 1.49% for the Alliance Balanced, Alliance
Common Stock, and Alliance Money Market options. Also,
for the EQ/Aggressive, EQ/Balanced, Alliance Common
Stock, and Alliance Money Market options. The combined
option and portfolio expenses may not exceed an annual
rate of 1.75%.
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<PAGE>
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10
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FEES AND o Administrative charge:
CHARGES (CONTINUED) Generally $30 annually per participant.
o Plan loan charges:
$25 set-up fee;
$6 quarterly recordkeeping fee while a loan is active.
o Plan recordkeeping services (billed to employer):
$300 annually for basic recordkeeping plan;
Additional fee for full-service recordkeeping plan.
o Withdrawal charge:
6% of withdrawals that exceed the free withdrawal
amount or the amount withdrawn attributable to
contributions that were made in the current and five
prior participation years, whichever is less. There is
no charge in any participation year in which the
amount withdrawn does not exceed 10% of your
retirement account value plus any active loan at the
time of your withdrawal request, minus prior
withdrawals in that participation year. This is the
free withdrawal amount. There are many circumstances
under which the withdrawal charge will not apply. They
are discussed under "Charges and expenses" later in
this prospectus.
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The 12-month period beginning on your participation date and each 12-month
period thereafter is a "participation year." The "participation date" is the
date we receive your properly completed and signed enrollment form and any other
required documents at our processing office or the date we receive your initial
contribution, if earlier. For participants in plans that converted to MOMENTUM
from our EQUI-VEST(R) Corporate Trusteed contract, the participation date is the
same participation date as in the EQUI-VEST Corporate Trusteed certificate
relating to that participant. If more than one EQUI-VEST Corporate Trusteed
certificate is in force with respect to a participant, then the participation
date will be the earliest participation date.
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o We deduct a charge designed to approximate certain taxes
that may be imposed on us, such as premium taxes in your
state. This charge is generally deducted from the amount
applied to an annuity payout option.
o We deduct a $350 annuity administrative fee from amounts
applied to a variable annuity payout option.
o Annual expenses of EQ Advisors Trust portfolios are
calculated as a percentage of the average daily net assets
invested in each portfolio. These expenses include
management fees ranging from a maximum of 0.25% to 1.15%
annually, other expenses, and for Class IB shares 12b-1
fees of 0.25% annually.
o No sales charge deducted at the time you make
contributions
THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY. MAXIMUM EXPENSE
LIMITATIONS APPLY TO CERTAIN VARIABLE INVESTMENT OPTIONS AND RIGHTS ARE RESERVED
TO CHANGE OR WAIVE CERTAIN CHARGES WITHIN SPECIFIED LIMITS. ALSO, ALL FEATURES
OF THE CONTRACT ARE NOT NECESSARILY AVAILABLE IN YOUR STATE OR AT CERTAIN AGES.
For more detailed information we urge you to read the contents of this
prospectus, as well as your contract. Please feel free to speak with your
financial professional, or call us, if you have any questions.
OTHER CONTRACTS
We offer plan sponsors a variety of variable annuity contracts. They may offer
features, including investment options, fees and/or charges that are different
from those offered by this prospectus. Upon request, your financial professional
can show you information regarding other Equitable Life annuity contracts.
<PAGE>
Fee table
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11
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The fee table below will help you understand the various charges and expenses
that apply to your contract. The table reflects charges you will directly incur
under the MOMENTUM contract, as well as charges and expenses of the portfolios
that you will bear indirectly. Charges designed to approximate certain taxes
that may be imposed on us, such as premium taxes in your state, may also apply.
However, certain expenses and fees shown in this table may not apply. Each of
the charges and expenses is more fully described in "Charges and expenses" later
in this prospectus. For a complete description of portfolio charges and
expenses, please see the attached prospectus for EQ Advisors Trust.
The guaranteed interest option is not covered by the fee table and examples.
However, the withdrawal charge, the administrative charge and any annuity
administrative fee do apply to the guaranteed interest option. Also, a variable
annuity administrative fee may apply when your annuity payments are to begin.
<TABLE>
CHARGES WE DEDUCT FROM YOUR VARIABLE INVESTMENT OPTIONS AS AN ANNUAL PERCENTAGE OF DAILY
NET ASSETS
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ALLIANCE MONEY MARKET,
EQ/BALANCED, AND ALL OTHER VARIABLE
ALLIANCE COMMON STOCK INVESTMENT OPTIONS
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<S> <C> <C>
Mortality and expense risk(1) 0.65% 0.50%
Other expenses 0.84% 0.84%
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Total Separate Account A annual expenses(2) 1.49% 1.34%
</TABLE>
<TABLE>
TRANSACTION CHARGES WE DEDUCT FROM YOUR RETIREMENT ACCOUNT VALUE
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<S> <C>
Sales load on purchases None
Transfer fees None
Maximum withdrawal charge (3) 6%
Plan loan charges (4) $25 current ($50 maximum
per loan) when loan is made
+ $6 per quarter
Quarterly administrative charge (5) $7.50 Per Participant
If a participant's retirement account value is $25,000 or more 0
Annual basic recordkeeping charge (6) $300 Per Plan
</TABLE>
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EQ ADVISORS TRUST ANNUAL EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS
IN EACH PORTFOLIO)
<TABLE>
<CAPTION>
TOTAL
ANNUAL
EXPENSES
MANAGEMENT(7) OTHER (AFTER EXPENSE
CLASS IA SHARES FEES EXPENSES(7) LIMITATION)(8)
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<S> <C> <C> <C>
EQ/Aggressive Stock 0.60% 0.04% 0.64%
Alliance Common Stock 0.46% 0.04% 0.50%
Alliance Conservative Investors 0.60% 0.07% 0.67%
Alliance Equity Index 0.25% 0.05% 0.30%
Alliance Global 0.73% 0.09% 0.82%
Alliance Growth and Income 0.59% 0.05% 0.64%
Alliance Growth Investors 0.57% 0.05% 0.62%
Alliance High Yield 0.60% 0.05% 0.65%
Alliance Intermediate Government Securities 0.50% 0.07% 0.57%
Alliance International 0.85% 0.20% 1.05%
Alliance Money Market 0.34% 0.05% 0.39%
Alliance Quality Bond 0.53% 0.05% 0.58%
Alliance Small Cap Growth 0.75% 0.07% 0.82%
EQ/Balanced 0.57% 0.05% 0.62%
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</TABLE>
<TABLE>
<CAPTION>
TOTAL
OTHER ANNUAL
EXPENSES EXPENSES
MANAGEMENT(7) (AFTER EXPENSE (AFTER EXPENSE
CLASS IB SHARES FEES 12b-1 FEE(9) LIMITATION) LIMITATION)(10)
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<S> <C> <C> <C> <C>
EQ/Alliance Premier Growth 0.90% 0.25% 0.00% 1.15%
EQ/Alliance Technology 0.90% 0.25% 0.00% 1.15%
Calvert Socially Responsible 0.65% 0.25% 0.15% 1.05%
Capital Guardian International 0.85% 0.25% 0.10% 1.20%
Capital Guardian Research 0.65% 0.25% 0.05% 0.95%
Capital Guardian U.S. Equity 0.65% 0.25% 0.05% 0.95%
EQ/Evergreen 0.65% 0.25% 0.05% 0.95%
EQ/Evergreen Foundation 0.60% 0.25% 0.10% 0.95%
MFS Emerging Growth Companies 0.65% 0.25% 0.10% 1.00%
MFS Growth with Income 0.60% 0.25% 0.10% 0.95%
MFS Research 0.65% 0.25% 0.05% 0.95%
Mercury Basic Value Equity 0.60% 0.25% 0.10% 0.95%
Mercury World Strategy 0.70% 0.25% 0.25% 1.20%
Morgan Stanley Emerging Markets Equity 1.15% 0.25% 0.35% 1.75%
EQ/Putnam Balanced 0.60% 0.25% 0.05% 0.90%
EQ/Putnam Growth & Income Value 0.60% 0.25% 0.10% 0.95%
EQ/Putnam International Equity 0.85% 0.25% 0.15% 1.25%
EQ/Putnam Investors Growth 0.65% 0.25% 0.05% 0.95%
T. Rowe Price Equity Income 0.60% 0.25% 0.10% 0.95%
T. Rowe Price International Stock 0.85% 0.25% 0.15% 1.25%
Warburg Pincus Small Company Value 0.75% 0.25% 0.10% 1.10%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
13
- --------------------------------------------------------------------------------
- ----------
Notes:
(1) A portion of this charge is for providing the minimum death benefit.
(2) The total Separate Account A annual expenses of the variable investment
options are guaranteed not to exceed an annual rate of 1.49% for the
Alliance Money Market, EQ/Balanced, and Alliance Common Stock options and
an annual rate of 1.34% for all other options. The total Separate Account
A annual expenses deducted from the variable investment options and the
total annual expenses of EQ Advisors Trust, when added together, are not
permitted to exceed a total annual rate of 1.75% of the value of the
assets held in each of the EQ/Aggressive Stock, EQ/Balanced, Alliance
Common Stock and Alliance Money Market options. Without this expense
limitation, total annual expenses deducted from those variable investment
options plus annual expenses of the corresponding portfolios of EQ
Advisors Trust for 1999 would have been as follows: 1.98% for the
EQ/Aggressive Stock option, 2.11% for EQ/Balanced option, 1.99% for
Alliance Common Stock option, and 1.88% for Alliance Money Market option.
(3) The maximum withdrawal charge is 6% of the amount withdrawn or the
contributions made in the current and five prior participation years,
whichever is less. Important exceptions and limitations may eliminate or
reduce the withdrawal charge.
(4) Your employer may elect to pay these charges and we have reserved the
right to increase them.
(5) The administrative charge is currently $7.50 or, if less, 0.50% of your
retirement account value plus the amount of any active loan. We deduct
this charge quarterly. Your employer may elect to pay this charge. We do
not currently assess this charge for any calendar quarter in which the
retirement account value plus any active loan is $25,000 or more on the
last business day of that calendar quarter. We have reserved the right to
increase this charge.
(6) We will bill this charge directly to your employer if the employer elects
the basic plan recordkeeping option. We charge a fee of $25 per check
drawn if the employer elects to have us directly distribute plan benefits
and withdrawals. We reserve the right to waive, or increase these charges
upon 90 days written notice to the employer or plan trustee.
(7) The management fees shown reflect revised management fees, effective on
May 1, 2000 which were approved by shareholders at a meeting on April 14,
2000. The management fees shown for EQ/Putnan Balanced, EQ/Putnam Growth &
Income Value, Lazard Large Cap Value, Warburg Pincus Small Company Value
and T. Rowe Price International Stock do not reflect the waiver of a
portion of each portfolio's investment management fees that is currently
in effect. The management fee for each portfolio cannot be increased
without a vote of each portfolio's shareholders.
(8) On October 18, 1999 the Alliance portfolios other than EQ/Alliance
Premier Growth and EQ/Alliance Technology became part of the portfolios
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 entire
year ended December 31, 1999. The restated expenses reflect an increase
of 0.01%.
(9) The Class IB shares of EQ Advisors Trust are subject to fees imposed under
a distribution plan (the "Rule 12b-1 Plan") adopted by EQ Advisors Trust
pursuant to Rule 12b-1 under the Investment Company Act of 1940. The 12b-1
fee will not be increased for participants enrolled under the MOMENTUM
contract.
(10) Equitable LIfe, EQ Advisors Trust's manager, has entered into an expense
limitation agreement with respect to certain portfolios. Under this
agreement Equitable Life has agreed to waive or limit its fees and assume
other expenses. Under the expense limitation agreement, total annual
operating expenses of certain portfolios (other than interest, taxes,
brokerage commissions, capitalized expenditures and extraordinary
expenses are limited as a percentage of the average daily net assets of
each of the following portfolios: 1.75% for Morgan Stanley
<PAGE>
- -----
14
- --------------------------------------------------------------------------------
Emerging Market Equity; 1.25% for T. Rowe Price International Stock and
EQ/Putnam International Equity; 1.20% for Capital Guardian International and
Mercury World Strategy; 1.15% for EQ/Alliance Premier Growth and EQ/Alliance
Technology; 1.10% for Lazard Small Cap Value and Warburg Pincus Small
Company Value; 1.05% for Calvert Socially Responsible; 1.00% for MFS
Emerging Growth Companies; 0.95% for Capital Guardian U.S. Equity, Capital
Guardian Research, EQ/Evergreen, EQ/Evergreen Foundation, Lazard Large Cap
Value, MFS Growth with Income, MFS Research, Mercury Basic Value Equity,
EQ/Putnam Growth & Income Value, EQ/Putnam Investors Growth and T. Rowe
Price Equity Income; 0.90% for EQ/Putnam Balanced. The expense limitations
for the EQ/Putnam Growth & Income Value, and EQ/Putnam International Equity,
Mercury Basic Value Equity, MFS Growth with Income, MFS Research, MFS
Emerging Growth Companies, T. Rowe Price Equity Income, T. Rowe Price
International Stock and Warburg Pincus Small Company Value, portfolios
reflect an increase effective on May 1, 2000. The expense limitation for the
EQ/Evergreen and Lazard Small Cap Value portfolios reflect a decrease
effective on May 1, 2000.
Absent the expense limitation, the "Other Expenses" for 1999 on an
annualized basis for each of the portfolios would have been as follows:
1.00% for Morgan Stanley Emerging Markets Equity; 0.30% for T. Rowe Price
International Stock; 0.32% for EQ/Putnam International Equity; 0.66% for
Capital Guardian International; 0.46% for Mercury World Strategy; 0.23% for
EQ/Alliance Premier Growth; 0.10% for EQ/Alliance Technology; 0.26% for
Lazard Small Cap Value; 0.24% for Warburg Pincus Small Company Value; 4.45%
for Calvert Socially Responsible; 0.17% for MFS Emerging Growth Companies;
0.34% for Capital Guardian U.S. Equity; 0.47% for Capital Guardian Research;
1.87% for EQ/Evergreen; 1.07% for EQ/Evergreen Foundation, 0.21% for Lazard
Large Cap Value, 0.37% for MFS Growth with Income, 0.17% for MFS Research,
0.17% for Mercury Basic Value Equity; 0.16% for EQ/Putnam Growth & Income
Value, 0.19% for EQ/Putnam Investors Growth; 0.21% for T. Rowe Price Equity
Income, 0.28% for EQ/Putnam Balanced. Initial seed capital was invested on
April 30, 1999 for the EQ/Alliance Premier Growth, Capital Guardian U.S.
Equity, and Capital Guardian Research portfolios and will be invested on or
about May 1, 2000 for the EQ/Alliance Technology portfolio and therefore
expenses have been estimated.
Each portfolio may at a later date make a reimbursement to Equitable Life
for any of the management fees waived or limited and other expenses assumed
and paid by Equitable Life 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. For more information see the
prospectus for EQ Advisors Trust.
<PAGE>
- -----
15
- --------------------------------------------------------------------------------
EXAMPLES
The examples below show the expenses that a hypothetical participant would pay
in the situations illustrated. We assume a $1,000 contribution is invested in
one of the variable investment options listed and a 5% annual return is earned
on the assets in that option. We also assume there is no waiver of the
withdrawal charge.(1) The quarterly administrative charge is based on the
charges that apply to a mix of estimated contract sizes, resulting in an
estimated administrative charge of $0.95 per $1,000. These examples do not
reflect the $300 annual charge for basic recordkeeping services, which we bill
directly to the employer. The administrative charge used in the examples is the
maximum charge. Each of the charges and expenses is more fully described in
"Charges and expenses" later in the prospectus.
These examples should not be considered a representation of past or future
expenses for each option. Actual expenses may be greater or less than those
shown.(2) Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
<TABLE>
<CAPTION>
IF YOUR PARTICIPATION UNDER THE MOMENTUM
CONTRACT TERMINATES AT THE END OF EACH
PERIOD SHOWN, THE EXPENSES WOULD BE:
------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
---------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
EQ ADVISORS TRUST OPTIONS
- ---------------------------------
EQ/Aggressive Stock $ 75.01 $ 118.98 $ 162.89 $ 222.54
Alliance Common Stock $ 75.01 $ 118.98 $ 162.89 $ 222.54
Alliance Conservative Investors $ 77.59 $ 126.76 $ 176.75 $ 250.74
Alliance Equity Index $ 73.92 $ 115.68 $ 156.98 $ 210.39
Alliance Global $ 79.08 $ 131.24 $ 184.68 $ 266.67
Alliance Growth and Income $ 77.29 $ 125.87 $ 175.16 $ 247.52
Alliance Growth Investors $ 77.09 $ 125.27 $ 174.10 $ 245.37
Alliance High Yield $ 77.39 $ 126.17 $ 175.69 $ 248.59
Alliance Intermediate Government
Securities $ 76.60 $ 123.78 $ 171.44 $ 239.98
Alliance International $ 81.36 $ 138.06 $ 196.73 $ 290.63
Alliance Money Market $ 75.01 $ 118.98 $ 162.89 $ 222.54
EQ/Alliance Premier Growth $ 82.35 $ 141.02 - -
EQ Alliance Technology $ 82.35 $ 141.02 - -
Alliance Quality Bond $ 76.70 $ 124.07 $ 171.97 $ 241.06
Alliance Small Cap Growth $ 79.08 $ 131.24 $ 184.68 $ 266.67
EQ/Balanced $ 75.01 $ 118.98 $ 162.89 $ 222.54
Calvert Socially Responsible $ 81.36 $ 138.06 - -
Capital Guardian International $ 82.85 $ 142.50 - -
Capital Guardian Research $ 80.37 $ 135.10 - -
Capital Guardian U.S. Equity $ 80.37 $ 135.10 - -
EQ/Evergreen $ 80.37 $ 135.10 - -
EQ/Evergreen Foundation $ 80.37 $ 136.10 - -
Lazard Large Cap Value $ 80.37 $ 135.10 - -
<CAPTION>
IF YOUR PARTICIPATION UNDER THE MOMENTUM
CONTRACT DOES NOT TERMINATE AT THE END OF
EACH PERIOD SHOWN, THE EXPENSES WOULD BE:
------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
EQ ADVISORS TRUST OPTIONS
- ---------------------------------
EQ/Aggressive Stock $ 19.36 $ 59.85 $ 102.89 $ 222.54
Alliance Common Stock $ 19.36 $ 59.86 $ 102.89 $ 222.54
Alliance Conservative Investors $ 22.08 $ 68.11 $ 116.75 $ 250.74
Alliance Equity Index $ 18.20 $ 56.36 $ 96.98 $ 210.39
Alliance Global $ 23.66 $ 72.85 $ 124.68 $ 266.67
Alliance Growth and Income $ 21.77 $ 67.16 $ 115.16 $ 247.52
Alliance Growth Investors $ 21.56 $ 66.53 $ 114.10 $ 245.37
Alliance High Yield $ 21.87 $ 67.48 $ 115.69 $ 248.59
Alliance Intermediate Government
Securities $ 21.03 $ 64.95 $ 111.44 $ 239.98
Alliance International $ 26.07 $ 80.09 $ 136.73 $ 290.63
Alliance Money Market $ 19.36 $ 59.86 $ 102.89 $ 222.54
EQ/Alliance Premier Growth $ 27.12 $ 83.23 - -
EQ Alliance Technology $ 27.12 $ 83.23 - -
Alliance Quality Bond $ 21.14 $ 65.26 $ 111.97 $ 241.06
Alliance Small Cap Growth $ 23.66 $ 72.85 $ 124.68 $ 266.67
EQ/Balanced $ 19.36 $ 59.86 $ 102.89 $ 222.54
Calvert Socially Responsible $ 26.07 $ 80.09 - -
Capital Guardian International $ 27.64 $ 84.79 - -
Capital Guardian Research $ 25.02 $ 76.95 - -
Capital Guardian U.S. Equity $ 25.02 $ 76.95 - -
EQ/Evergreen $ 25.02 $ 76.95 - -
EQ/Evergreen Foundation $ 25.02 $ 76.95 - -
Lazard Large Cap Value $ 25.02 $ 76.95 - -
</TABLE>
<PAGE>
- -----
16
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
IF YOUR PARTICIPATION UNDER THE MOMENTUM
CONTRACT TERMINATES AT THE END OF EACH
PERIOD SHOWN, THE EXPENSES WOULD BE:
------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
---------- ------------ ------------ -----------
EQ ADVISORS TRUST OPTIONS (CONTINUED)
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lazard Small Cap Value $ 81.86 $ 139.54 - -
Mercury Basic Value Equity $ 80.37 $ 135.10 $ 191.51 $ 280.28
Mercury World Strategy $ 82.85 $ 142.50 $ 204.53 $ 305.96
MFS Emerging Growth Companies $ 80.86 $ 136.58 $ 194.12 $ 285.47
MFS Growth with Income $ 80.37 $ 135.10 $ -- $ --
MFS Research $ 80.37 $ 135.10 $ 191.51 $ 280.28
Morgan Stanley Emerging Markets
Equity $ 88.31 $ 158.64 $ 231.32 $ 360.19
EQ/Putnam Balanced $ 79.87 $ 133.61 $ 188.88 $ 275.07
EQ/Putnam Growth & Income
Value $ 80.37 $ 135.10 $ 191.51 $ 280.28
EQ/Putnam International Equity $ 83.35 $ 143.97 - -
EQ/Putnam Investors Growth $ 80.37 $ 135.10 - -
T. Rowe Price Equity Income $ 80.37 $ 135.10 $ 191.51 $ 280.28
T. Rowe Price International Stock $ 83.35 $ 143.97 $ 207.12 $ 311.01
Warburg Pincus Small Company
Value $ 81.86 $ 139.54 $ 199.34 $ 295.76
- ----------------------------------------------------------------------------------
<CAPTION>
IF YOUR PARTICIPATION UNDER THE MOMENTUM
CONTRACT DOES NOT TERMINATE AT THE END OF
EACH PERIOD SHOWN, THE EXPENSES WOULD BE:
------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ---------- ------------ ------------
EQ ADVISORS TRUST OPTIONS (CONTINUED)
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lazard Small Cap Value $ 26.59 $ 81.66 - -
Mercury Basic Value Equity $ 25.02 $ 76.95 $ 131.51 $ 280.28
Mercury World Strategy $ 27.64 $ 84.79 $ 144.53 $ 305.96
MFS Emerging Growth Companies $ 25.54 $ 78.52 $ 134.12 $ 285.47
MFS Growth with Income $ 25.02 $ 76.95 $ -- $ --
MFS Research $ 25.02 $ 76.95 $ 131.51 $ 280.28
Morgan Stanley Emerging Markets
Equity $ 33.41 $ 101.91 $ 172.69 $ 360.19
EQ/Putnam Balanced $ 24.50 $ 75.38 $ 128.88 $ 275.07
EQ/Putnam Growth & Income
Value $ 25.02 $ 76.95 $ 131.51 $ 280.28
EQ/Putnam International Equity $ 28.17 $ 86.36 - -
EQ/Putnam Investors Growth $ 25.02 $ 76.95 - -
T. Rowe Price Equity Income $ 25.02 $ 76.95 $ 131.51 $ 280.28
T. Rowe Price International Stock $ 28.17 $ 86.36 $ 147.12 $ 311.01
Warburg Pincus Small Company
Value $ 26.59 $ 81.66 $ 139.34 $ 295.76
- ----------------------------------------------------------------------------------
</TABLE>
- ----------
(1) The amount accumulated could not be paid in the form of an annuity payout
option at the end of any of the periods shown in the examples. This is
because the amount applied to purchase an annuity payout option must be at
least $3,500. See "Accessing your money." In some cases, charges for state
premium or other applicable taxes will be deducted from the amount
applied, if applicable.
(2) Actual administrative charges may be less if you, as employer, are billed
directly for the quarterly administrative charge or if we do not deduct
the quarterly administrative charge.
IF YOU ELECT VARIABLE ANNUITY PAYOUT OPTION:
Assuming an annuity payout option could be issued (see note (1) above), and you
elect a variable annuity payout option, the expenses shown in the example for
"if your participation under the MOMENTUM contract does not terminate" would, in
each case, be increased by $4.34 based on the average amount applied to annuity
payout options in 1999. See "Annuity administrative fee" in "Charges and
expenses."
CONDENSED FINANCIAL INFORMATION
Please see Appendix II at the end of this prospectus for the unit values and
number of units outstanding as of the periods shown for the variable investment
options available as of December 31, 1999.
<PAGE>
1
Contract features and benefits
- ----------------
17
- --------------------------------------------------------------------------------
HOW CONTRIBUTIONS CAN BE MADE
Employers and plan trustees may make contributions at any time by either wire
transfer or check. Participants should not send contributions directly to
Equitable Life. There is no minimum contribution amount, however, we have the
right to require a minimum aggregate amount of contributions. All contributions
made by check must be drawn on a U.S. bank, in U.S. dollars, and made payable
to Equitable Life. We do not accept third-party checks endorsed to us except
for rollover contributions from a qualified plan, tax-free exchanges or trustee
checks that involve no refund. All checks are subject to our ability to collect
the funds. We reserve the right to reject a payment if it is received in an
unacceptable form. We also have the right to stop accepting contributions upon
notice to employers and plan trustees.
Your initial contribution must generally be accompanied by all properly
completed forms. Failure to use the proper form, or to complete the form
properly, may result in a delay in crediting contributions. Employers should
send all contributions to Equitable Life at the processing office. See "How to
reach us."
If we receive your initial contribution before we receive the signed enrollment
form or the allocation instructions on the form are incomplete (e.g., do not
add up to 100%), we will allocate all or a portion of your initial contribution
to the plan's default option. The plan's default option may be either the
guaranteed interest option or the Alliance Money Market option. If your
instructions add up to less than 100%, we will only allocate the portion of the
contribution for which we do not have instructions to the default option. If
your instructions add up to more than 100%, we will allocate the entire amount
of the contribution to the default option. We will then notify your employer or
plan trustee and request corrected instructions. If we do not receive corrected
instructions after sending three notices, but in no event later than 105 days
from the date a contribution is first credited to the default option, we will
return to the employer or plan trustee, whichever applies, all contributions
for which notices had been sent, plus earnings.
We will return the contribution to the employer or plan trustee in five
business days, if we have not received the signed form or corrected allocation
instructions, unless we have obtained your permission to continue to hold the
contribution.
-------------------------------------------------------------------------------
Generally, our "business day" is any day on which Equitable Life is open and
the New York Stock Exchange is open for trading.
-------------------------------------------------------------------------------
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options are the variable investment options and the guaranteed
interest option.
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. Only 25
variable investment options can be active at any one time. If, at a later date,
we offer additional investment options, a limit of 45 investment options can be
chosen over the life of the contract. Listed below are the currently available
portfolios, their investment objectives, and their advisers.
-------------------------------------------------------------------------------
The employer or plan trustee can choose from among the variable investment
options.
-------------------------------------------------------------------------------
<PAGE>
- -----
18
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
PORTFOLIOS OF EQ ADVISORS TRUST
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EQ/Aggressive Stock Long-term growth of capital Alliance Capital Management L.P.
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock Long-term growth of capital and increasing Alliance Capital Management L.P.
income
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors High total return without, in the adviser's Alliance Capital Management L.P.
opinion, undue risk to principal
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Equity Index Total return (before EQ Advisors Trust and Alliance Capital Management L.P.
Separate Account A annual expenses) that
approximates the total return performance of
the Standard & Poor's 500 Composite Stock
Price Index
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Global Long-term growth of capital Alliance Capital Management L.P.
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Growth and Income High total return through a combination of Alliance Capital Management L.P.
current income and capital appreciation
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors High total return consistent with the adviser's Alliance Capital Management L.P.
determination of reasonable risk
- ---------------------------------------------------------------------------------------------------------------------------
Alliance High Yield High return by maximizing current income Alliance Capital Management L.P.
and, to the extent consistent with that
objective, capital appreciation
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Intermediate High current income consistent with relative Alliance Capital Management L.P.
- ---------------------------------------------------------------------------------------------------------------------------
Government Securities stability of principal
- ---------------------------------------------------------------------------------------------------------------------------
Alliance International Long-term growth of capital Alliance Capital Management L.P.
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Money Market High level of current income while preserving Alliance Capital Management L.P.
assets and maintaining liquidity
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Premier Growth Long-term growth of capital Alliance Capital Management L.P.
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond High current income consistent with Alliance Capital Management L.P.
preservation of capital
- ---------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth Long-term growth of capital Alliance Capital Management L.P.
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Technology Long-term growth of capital Alliance Capital Management L.P.
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Balanced(2) High return through a combination of current Alliance Capital Management L.P.
income and capital appreciation Capital Guardian Trust Company
Prudential Investments
Fund Management, LLC
Jennison Associates, LLC
- ---------------------------------------------------------------------------------------------------------------------------
Calvert Socially Responsible Long-term capital appreciation Calvert Asset Management Company, Inc.
and Brown Capital Management, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
Capital Guardian International Long-term growth of capital by investing Capital Guardian Trust Company
primarily in non-United States equity
securities
- ---------------------------------------------------------------------------------------------------------------------------
Capital Guardian Research Long-term growth of capital Capital Guardian Trust Company
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -----
19
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
PORTFOLIOS OF EQ ADVISORS TRUST (CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------------
PORTFOLIO NAME OBJECTIVE ADVISER
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Capital Guardian U.S. Equity Long-term growth of capital Capital Guardian Trust Company
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Long-term growth of capital Evergreen Asset Management Corp.
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Foundation In order of priority, reasonable income, Evergreen Asset Management Corp.
conservation of capital, and capital
appreciation
- ---------------------------------------------------------------------------------------------------------------------------
Lazard Large Cap Value Capital appreciation Lazard Asset Management
- ---------------------------------------------------------------------------------------------------------------------------
Lazard Small Cap Value Capital appreciation Lazard Asset Management
- ---------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies Long-term capital growth Massachusetts Financial Services Company
- ---------------------------------------------------------------------------------------------------------------------------
MFS Growth with Income Reasonable current income and long-term Massachusetts Financial Services Company
growth of capital and income
- ---------------------------------------------------------------------------------------------------------------------------
MFS Research Long-term growth of capital and future Massachusetts Financial Services Company
income
- ---------------------------------------------------------------------------------------------------------------------------
Mercury Basic Value Equity Capital appreciation and, secondarily, Mercurcy Asset Management US
income
- ---------------------------------------------------------------------------------------------------------------------------
Mercury World Strategy High total investment return Mercury Asset Management US
- ---------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Long-term capital appreciation Morgan Stanley Asset Management Inc.
Equity
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced Balanced investment Putnam Investment Management, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Value Capital growth, current income is a Putnam Investment Management, Inc.
secondary objective
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Putnam International Equity Capital appreciation Putnam Investment Management, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Investors Growth Long-term growth of capital and any Putnam Investment Management, Inc.
increased income that results from this
growth
- ---------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income Substantial dividend income and also T. Rowe Price Associates, Inc.
capital appreciation
- ---------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock Long-term growth of capital Rowe Price-Fleming International, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value Long-term capital appreciation Warburg Pincus Asset Management, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
Other important information about the portfolios is included in the separate
prospectus for EQ Advisors Trust attached at the end of this prospectus.
<PAGE>
- ---------
20
- --------------------------------------------------------------------------------
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays interest
at guaranteed rates. We discuss our general account under "More information."
We set interest rates periodically at our discretion according to our
procedures that we have in effect at the time. All interest rates are effective
annual interest rates, but before deduction of annual administrative charges or
any withdrawal charges.
We credit interest daily to amounts in the guaranteed interest option. There
are three levels of interest rates in effect at the same time in the guaranteed
interest option:
(1) the minimum interest rate guaranteed over the life of the contract,
(2) the yearly guaranteed interest rate for the calendar year, and
(3) the current interest rate.
For the MOMENTUM program, we set quarterly "current" rates. The current rate
applies to the entire amount you have in the guaranteed interest option during
the calendar quarter for which it is declared. This calendar quarter is
referred to as the "interest guarantee period." We may change the duration of
future interest guarantee periods, but no interest guarantee period will exceed
one year. We may assign different current rates based on when we receive
contributions. We may assign different current and yearly guaranteed rates to
different plans based upon when the plan became enrolled in the MOMENTUM
program.
A plan will be considered enrolled in the MOMENTUM program as of the earliest
participation date that applies to a participant in that plan. All participants
within the same plan will be subject to the same interest rates. Plans that
converted from our EQUI-VEST Corporate Trusteed contract to MOMENTUM will be
considered in the same group of participants, or class, regardless of the date
of the plan's enrollment under EQUI-VEST.
The yearly guaranteed interest rate is 4% for 2000. The yearly guaranteed
interest rate will never be less than the minimum contract guarantee of 3%, or
4% for participants in plans that converted to MOMENTUM from our EQUI-VEST
Corporate Trusteed contract. Current rates will never be less than the yearly
guaranteed interest rate. At least 15 days before the beginning of a calendar
year, we will notify you in writing of the guaranteed interest rate for the
next year.
SELECTING INVESTMENT OPTIONS (EMPLOYERS AND PLAN TRUSTEES ONLY)
Subject to state regulatory approval, you, as employer or plan trustee, can
fund your plan with up to 25 active variable investment options at any one
time, and a limit of 45 investment options over the life of the contract if we
offer additional investment options in the future. You make your selection on
the application. You may change this selection subject to our rules that we
have in effect at the time.
If you choose any one of the Alliance Conservative Investors, Alliance High
Yield, Alliance Intermediate Government Securities, or Alliance Quality Bond
options, you must also select the Alliance Money Market option. Also, if you
select the guaranteed interest option and any of the above-listed options,
certain restrictions will apply to transfers out of the guaranteed interest
option. See "Transferring your money among investment options." Lastly, if you
do not select any of the above-listed options, you must elect the guaranteed
interest option as an investment option.
See Appendix I for information regarding investment choices available under
Original certificates.
ALLOCATING YOUR CONTRIBUTIONS
We allocate contributions to the investment options according to the allocation
percentages on the participant's enrollment form or as later changed. Under
participant-directed plans, you, as participant, will provide the allocation
percentages. In trustee-directed plans, the plan trustee will provide the
percentages. Employee and employer contributions may be allocated in different
percentages.
<PAGE>
- ----------
21
- --------------------------------------------------------------------------------
You, as a participant, should review your confirmation notices carefully to
determine whether your contributions have been allocated correctly. We will
send you a certificate evidencing your participation under the MOMENTUM
contract.
Unless restricted by your employer's plan, you can change your allocation
percentages at any time. To change your allocation instructions, you can file a
change of investment allocation form with your employer or plan trustee to be
forwarded to our processing office. If your employer elects to use TOPS or
EQAccess, you can change your allocation percentages over the phone or over the
Internet (anticipated to be available through EQAccess by the end of 2000). The
change will remain in effect for future contributions unless you request
another change.
<PAGE>
2
Determining your contract's value
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YOUR RETIREMENT ACCOUNT VALUE
Your "retirement account value" is the total of the values you have in the
variable investment options and the guaranteed interest option. These amounts
are subject to certain fees and charges discussed under "Charges and expenses."
If you make a partial or full withdrawal, or if your employer terminates a
plan's participation in the MOMENTUM program, your retirement account value
will be reduced by any withdrawal charge that applies.
YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the contract.
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Units measure your value in each variable investment option.
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The unit value for each variable investment option depends on the investment
performance of that option, minus daily charges for mortality and expense risks
and other expenses. On any day, your value in any variable investment option
equals the number of units credited under that option, adjusted for any units
purchased for or deducted from your contract under that option, multiplied by
that day's value for one unit. The number of your contract units in any
variable investment option does not change unless they are:
(i) increased to reflect additional contributions,
(ii) decreased to reflect a withdrawal (plus applicable withdrawal
charges),
(iii) decreased to reflect on a loan or increased to reflect a loan
repayment, or
(iv) increased to reflect a transfer into or decreased to reflect a
transfer out of an investment option.
In addition, when we deduct the quarterly administrative charge and certain
other charges, the number of units credited to your contract will be reduced. A
description of how unit values are calculated is found in the SAI.
YOUR CONTRACT'S VALUE IN THE GUARANTEED INTEREST OPTION
Your value in the guaranteed interest option at any time will equal: your
contributions, transfers, and repayments to that option, plus interest, less
withdrawals, loans, and transfers out of the option, and the charges we deduct.
<PAGE>
3
Transferring your money among investment options
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23
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TRANSFERRING YOUR RETIREMENT ACCOUNT
VALUE
Subject to certain restrictions, the MOMENTUM contract permits transfers of all
or a portion of your retirement account value among the investment options at
any time. Your employer's plan may, however, impose restrictions on transfers.
We also offer automatic transfer services described under "Investment
simplifier: automatic transfer option" and "Rebalancing your retirement account
value" below. There is no charge for transfers or retirement account value
rebalancing.
You, as a participant, may make transfer requests by filing a request form to
transfer with your employer or plan trustee to be forwarded to our processing
office. You can also use our TOPS or EQAccess systems to make transfers among
the investment options if your employer has adopted the system.
If your employer elects to fund your plan with the guaranteed interest option
and any of the Alliance Money Market, Alliance Intermediate Government
Securities, Alliance Quality Bond, Alliance High Yield, or Alliance
Conservative Investors options, the maximum amount that may be transferred from
the guaranteed interest option to any other variable investment option during a
"transfer period" is the greater of:
(i) 25% of the amount you had in the guaranteed interest option as of the
last business day of the calendar year immediately preceding the current
calendar quarter, or
(ii) the total of all amounts you transferred out of the guaranteed interest
option during the same immediately preceding calendar year.
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A transfer period is the calendar quarter in which the transfer request is made
and the preceding three calendar quarters.
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Generally, this means that new participants will not be able to transfer funds
out of the guaranteed interest option during the first calendar year of their
participation under the contract.
See Appendix I for transfer restrictions under "Original certificates."
We will not permit transfers out of the guaranteed interest option for 90 days
after we receive notice of a plan termination. However, automatic transfers
under the fixed-dollar option and the interest sweep option will continue
during this 90-day period. After 90 days, the transfer limitation described
above will go into effect for all transfers (regardless of which variable
investment options are available under your employer's plan).
Transfers you make from the guaranteed interest option when there is no
transfer limitation in effect will not count against the maximum transfer
amount if the transfer limitation subsequently goes into effect.
If the employer or plan trustee has transferred assets to the MOMENTUM contract
from another funding vehicle, you may transfer, for the remainder of the
calendar year in which the assets have been transferred, up to 25% of the
amount that is initially allocated to the guaranteed interest option on your
behalf.
We may, at any time, restrict the use of market timers and other agents acting
under a power of attorney who are acting on behalf of more than one
participant. Any agreements to use market timing services to make transfers are
subject to our rules in effect at that time.
A transfer request does not change your percentages for allocating current or
future contributions among the investment options. We will confirm all
transfers in writing.
MARKET TIMING
You should note that the product is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in market
timing, making programmed transfers, frequent transfers, or transfers that are
large in relation to the total assets of the underlying mutual fund portfolio.
Market timing strategies are disruptive to the underlying mutual fund
portfolios in which the variable investment options invest. If we determine
that your transfer patterns among the variable
<PAGE>
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investment options reflect a market timing strategy, we reserve the right to
take action, but not limited to: restricting the availability of transfers
through telephone requests, facsimile transmissions, automated telephone
services, internet services or any electronic transfer services. We may also
refuse to act on transfer instructions of an agent acting under a power of
attorney who is acting on behalf of more than one owner.
INVESTMENT SIMPLIFIER: AUTOMATIC TRANSFER OPTIONS
Your employer can elect to provide one of two automatic options for
transferring amounts from the guaranteed interest option to the variable
investment options. The transfer options are the "Fixed-dollar option" and the
"Interest sweep option." You may select one or the other, but not both.
FIXED-DOLLAR OPTION. Under this option you may elect to have a fixed-dollar
amount transferred out of the guaranteed interest option and into the variable
investment options of your choice on a monthly basis. You can specify the
number of monthly transfers or instruct us to continue to make monthly
transfers until available amounts in the guaranteed interest option have been
transferred out.
See Appendix I for transfer restrictions under "Original certificates."
In order to elect the fixed-dollar option you must have a minimum of $5,000 in
the guaranteed interest option on the date we receive your election form at our
processing office. You also must elect to transfer at least $50 per month. The
fixed-dollar option is subject to the guaranteed interest option transfer
limitation described above.
The fixed-dollar option is a form of dollar-cost averaging. Dollar-cost
averaging allows you to gradually allocate amounts to the variable investment
options by periodically transferring approximately the same dollar amount to
the variable investment options you select. This will cause you to purchase
more units if the unit's value is low and fewer units if the unit's value is
high. Therefore, you may get a lower average cost per unit over the long term.
This plan of investing, however, does not guarantee that you will earn a profit
or be protected against losses.
INTEREST SWEEP OPTION. Under the interest sweep option, each month we transfer
the interest credited to amounts you have in the guaranteed interest option
from the last business day of the prior month to the last business day of the
current month. You must have at least $7,500 in the guaranteed interest option
on the date we receive your election and on the last business day of each month
after that to participate in the interest sweep option. The interest sweep
option is not subject to the transfer restrictions mentioned above.
You may elect an automatic transfer option by completing an election form and
sending it to our processing office. You can obtain a form from your employer,
plan trustee, or financial professional. For the fixed-dollar option, the first
monthly transfer will occur on the last business day of the month in which we
receive your election form at our processing office. For the interest sweep
option, the first monthly transfer will occur on the last business day of the
month following the month in which we receive your election form at our
processing office.
TERMINATION OF AN AUTOMATIC TRANSFER OPTION
Your participation in an automatic transfer option will end:
o Under the fixed-dollar option, when either the number of designated monthly
transfers have been completed or the amount you have available for transfer
from the guaranteed interest option has been transferred out.
o Under the interest sweep option, when the amount you have in the guaranteed
interest option falls below $7,500 (determined on the last business day of
the month) for two months in a row.
o Under either option, on the date we receive your written request to cancel
automatic transfers, or on the date your contract terminates.
<PAGE>
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REBALANCING YOUR RETIREMENT ACCOUNT
VALUE
We anticipate offering by year-end a rebalancing feature which, subject to
availability under your program, a participant may use to automatically
reallocate his or her retirement account value among the variable investment
options which your employer has selected for your plan. You must tell us:
(a) the percentage you want invested in each variable investment option
(whole percentages only), and
(b) how often you want the rebalancing to occur (quarterly, semiannually, or
annually).
While your rebalancing program is in effect, we will transfer amounts among
each variable investment option so that the percentage of your retirement
account value that you specify is invested in each option at the end of each
rebalancing date. Your entire retirement account value in the variable
investment options must be included in the rebalancing program.
-------------------------------------------------------------------------------
Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your financial professional and/or
financial adviser before electing the program.
-------------------------------------------------------------------------------
You may elect the rebalancing program at any time. Rebalancing is not available
for amounts you have allocated in the guaranteed interest option.
You may change your allocation instructions or cancel the program at any time.
<PAGE>
4
Accessing your money
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WITHDRAWALS AND TERMINATION
Subject to any restrictions in your employer's plan, the contract allows your
employer or plan trustee, whichever applies, to make a withdrawal from your
retirement account value on your behalf by submitting a completed withdrawal
form to our processing office. We will process your withdrawal request on the
business day we receive the required information. We will send withdrawal
proceeds to your employer or plan trustee, unless your employer has elected our
full-service plan recordkeeping option, which provides for direct distribution
to participants. If we receive only partially completed information, we will
return the request to the employer or plan trustee for completion before we can
process it.
As a deterrent to premature withdrawal (generally before age 59 1/2), federal
income tax rules provide certain restrictions on and penalties for early
withdrawals. In addition, for payments made directly to participants, we
withhold income taxes from the amount withdrawn unless an exception applies.
See "Tax information."
The employer or plan trustee may also terminate its entire participation under
the contract by writing to our processing office. In addition, if a plan does
not qualify under federal income rules, or, if you fail to provide us with the
participant data necessary to administer the contract, we may return the plan
assets to the employer or plan trustee.
Withdrawals or terminations may result in a withdrawal charge, explained fully
in "Charges and expenses."
While you have a loan outstanding, an amount equal to 10% of your loan balance
will be restricted, and may not be withdrawn from your retirement account
value.
FORFEITURES
Forfeitures can arise when a participant who is not fully vested under a plan
terminates employment. Under the terms of the Master Plan and Trust and the
Pooled Trust, when a forfeiture occurs, we will withdraw the unvested portion
of the retirement account value and deposit such amount in a forfeiture
account. We allocate amounts in the forfeiture account to the "default option."
The default option is the Alliance Money Market option, if that is an option
under your plan. Otherwise, the guaranteed interest option is the default
option. For more information on vesting, refer to the SAI.
See Appendix I for the default option under "Original certificates."
Ex-participants returning to active service would have their forfeiture account
returned to them as a contribution account as their plan permits. Special rules
apply to how the withdrawal charge will apply when forfeitures have occurred.
See "Withdrawal charge" under "Charges and expenses."
PLAN LOANS
The contract permits your employer, or plan trustee, to withdraw funds from
your retirement account value, without incurring a withdrawal charge, in order
to make a loan to you under your employer's plan. Your employer can tell you
whether loans are available under your plan.
Employers who adopt the Master Plan and Trust may choose to offer its loan
feature. The availability of loans under an individually designed or prototype
plan depends on the terms of the plan.
Employers transferring plan assets to the MOMENTUM program may also transfer
outstanding plan loans to the contract. We call these "takeover loans." We will
allocate repayments of loans to the investment option elected on the takeover
loan form.
You presently may not borrow from your vested retirement account value without
first obtaining a prohibited transaction exemption from the Department of Labor
("DOL") if:
o you are a partner who owns more than 10% of the business, or
o a shareholder-employee of an S Corporation who owns more than 5% of the
business.
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Participants should apply for a plan loan through their employer or the plan
trustee, whichever applies. The employer or plan trustee and the participant
must complete and sign a loan agreement and application before we make any plan
loan. Before taking a plan loan, married participants must generally obtain
written consent of their spouse. In addition, participants should always
consult their tax adviser before taking out a plan loan.
We permit only one outstanding plan loan at any time. We will permit any number
of takeover loans at any time. You may not have both takeover loans and plan
loans outstanding at the same time. The minimum loan amount is $1,000 and the
maximum is 50% of your vested retirement account value and cannot exceed
$50,000. This $50,000 limit is reduced by the excess (if any) of the highest
outstanding loan balance over the previous twelve months over the outstanding
balance of plan loans on the date the loan was made. See "Additional loan
provisions" in the SAI and "Tax information" of this prospectus.
While you have a plan loan outstanding, an amount equal to 10% of your loan
balance will be restricted, and may not be withdrawn from your retirement
account value. See "Plan loan charges" under "Charges and expenses" for a
description of charges associated with plan loans.
Your employer or the plan trustee will set the interest rate that applies to
your plan loan under the terms of your employer's plan. Each employer or plan
trustee is responsible for determining the interest rate that applies to each
loan. We will add all interest (as well as principal) that you pay to your
retirement account value. The interest paid in repaying a loan may not be
deductible, but amounts paid as interest on your loan will be taxable when it
is distributed.
Plan loan repayments covering interest and principal will be due according to
the repayment schedule determined according to the terms of the employer's
plan. Participants should send plan loan repayments to the plan administrator
and not to Equitable Life. All plan loan payments made by the plan
administrator to us must be made by check or wire transfer subject to the same
rules for contributions. See "How contributions can be made."
You may prepay a plan loan in whole or in part at any time. We will apply any
payments we receive to interest first, and principal second. Plan loan
repayments will be allocated to the investment options according to
instructions we receive on the loan request form.
A plan loan will be in default if:
o we do not receive the amount of any scheduled repayment within 90 days of
its due date,
o the participant dies, or
o participation under the contract terminates.
We may treat the plan loan principal as a withdrawal subject to the withdrawal
charge.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to an
annuity payout option, payment of a death benefit, payment of any portion of
your retirement account value (less any withdrawal charge). We may postpone
such payments or applying proceeds for any period during which:
(1) the New York Stock Exchange is closed or restricts trading,
(2) sales of securities or determination of the fair value of a variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people
remaining in the variable investment options.
We can defer payment of any portion of your value in the guaranteed interest
option for up to six months while you are living.
<PAGE>
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YOUR ANNUITY PAYOUT OPTIONS
MOMENTUM offers you several choices of annuity payout options. You may choose
fixed or variable annuity payments.
You can choose from among the annuity payout options listed below.
Your choices are always subject to the terms of your employer's plan.
<TABLE>
<CAPTION>
- -------------------------------------------------------------
<S> <C>
Annuity Payout Options Life annuity
Life annuity with period certain
Life annuity with refund certain
Period certain annuity
Qualified joint and survivor life
- -------------------------------------------------------------
</TABLE>
ANNUITY PAYOUT OPTIONS
You can choose from among the following annuity payout options:
o Life annuity: An annuity that guarantees payments for the rest of your
life. Payments end with the last monthly payment before your death. Because
there is no death benefit with this payout option, it provides the highest
monthly payment of any of the life annuity options. The monthly payments
terminate with your death.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of your life, and, if you die before the end of a selected period
of time ("period certain"), provides payments to the beneficiary for the
balance of the period certain cannot extend beyond the annuitant's life
expectancy or the joint life expectancy of you and your spouse. A life
annuity with period certain is the form of annuity under the contracts that
you will receive if you do not elect a different payout option. In this
case, the period certain will be based on the annuitant's age and will not
exceed 10 years or the annuitant's life expectancy.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of your life, and, if you die before the amount applied to purchase
the annuity option has been recovered, provides payments to the beneficiary
that will continue until that amount has been recovered. This payout option
is available only as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15, or 20 years. The guarantee period may not
exceed your life expectancy. This option does not guarantee payments for the
rest of your life.
o Qualified joint and survivor life annuity: An annuity that guarantees
lifetime income to you, and after your death, continuation of income to your
surviving spouse. Generally, unless married participants elect otherwise
with the written consent of their spouse, this will be the normal form of
annuity payment for plans such as the Master Plan and Trust.
The life annuity, life annuity with period certain, and life annuity with
refund certain payout options are available on a single life or joint and
survivor life basis. The joint and survivor life annuity guarantees payments
for the rest of your life and, after your death, continuation of payments to
your surviving spouse.
We offer other payout options not outlined here. Your financial professional
can provide details.
The MOMENTUM contract offers both fixed and variable annuity payout options.
With fixed annuities, we guarantee fixed annuity payments that will be based
either on the tables of guaranteed annuity payments in your contract or on our
then current annuity rates, whichever is more favorable for the participant.
Variable annuities will be funded through your choice of variable investment
options investing in portfolios of EQ Advisors Trust through the purchase of
annuity units. The contract also offers a fixed annuity payout option that can
be elected in combination with the variable annuity payout options. The amount
of each variable annuity payment will fluctuate, depending upon the performance
of the variable investment options, and whether the actual rate of return is
higher or lower than an assumed base rate. Please see "Calculating annuity
payments" in the SAI.
<PAGE>
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SELECTING AN ANNUITY PAYOUT OPTION
In order to elect an annuity payout option, a retirement account value must be
at least $3,500. You, the participant, choose whether these payments will be
either fixed or variable. Once you have selected a payout option and payments
have begun, no change can be made.
The amount of the annuity payments will depend on:
(1) the amount applied to purchase the annuity;
(2) the type of annuity chosen, and whether it is fixed or variable. If you
choose a variable annuity, we use an assumed base rate of either 5% or 3 1/2%
to calculate the level of payments. We provide information about the assumed
base rate in the SAI; and
(3) in the case of a life annuity, the participant's age (or the participant's
and joint annuitant's ages).
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An annuitant is the measuring life for determining payments. You, the
participant, are also an annuitant.
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MINIMUM DISTRIBUTIONS (AUTOMATIC MINIMUM WITHDRAWAL OPTION) -
OVER AGE 70 1/2
Under federal income tax rules, distributions from qualified plans generally
must begin by April 1st of the calendar year after the calendar year in which
the participant reaches age 70 1/2, or retires from the employer sponsoring the
plan, whichever is later. For participants who own more than 5% of the
business, minimum distributions must begin after age 70 1/2 even if they are
still working. Subsequent distributions must be made by December 31st of each
calendar year (including the calendar year in which distributions must begin).
If you, the participant, take less than the required minimum distribution in
any year, you could have to pay a 50% penalty tax on the "shortfall" (required
amount less amount actually taken).
AUTOMATIC MINIMUM WITHDRAWAL OPTION
The "automatic minimum withdrawal option" is a payment option we designed to
help you, the participant, meet the required minimum distributions. If you
elect the automatic minimum withdrawal option, we will withdraw the amount that
the federal income tax rules require you to withdraw from your retirement
account value. We calculate the amount to be withdrawn under this option based
on the information you give us, the various choices you make, and certain
assumptions. We assume that the funds you hold under your certificate are the
only funds subject to the required minimum distributions. We are not
responsible for errors that result from inaccuracies of information you
provide. We describe the choices you can make in the SAI.
You may elect the automatic minimum withdrawal option if you, the participant,
are at least age 70 1/2 and have a retirement account value of at least $3,500.
You can elect the automatic minimum withdrawal option by filing the proper
election form with your employer.
You may discontinue the automatic minimum withdrawals program at any time.
Generally, electing this option does not restrict you from taking additional
partial withdrawals or subsequently electing an annuity payout option.
The automatic minimum withdrawal option is not available if you have an
outstanding loan.
The minimum amount that you may receive under this option is $300, or your
retirement account value, whichever is less. We will also deduct any withdrawal
charges that apply.
<PAGE>
5
The MOMENTUM program
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This section is primarily directed at employers and plan trustees. Discussion
in this and other sections of features of the MOMENTUM Program (other than the
variable investment options) such as the Master Plan and Trust, the Pooled
Trust, Plan recordkeeping services and Plan fees and charges, are solely to
provide a more complete understanding of how the variable investment options
operate within the MOMENTUM Program.
The MOMENTUM program offers, according to the terms of either the Master Plan
and Trust or the Pooled Trust, a group variable annuity contract as a funding
vehicle for employers who sponsor "qualified retirement plans." A qualified
retirement plan provides for an individual account for each plan participant,
and benefits based solely on the amounts contributed to such an account and any
income, expenses, gains and losses. A qualified retirement plan meets the
requirements of Section 401(a) of the Internal Revenue Code and Treasury
regulations that apply.
You, the employer or plan trustee, whichever applies, are responsible for
determining whether the MOMENTUM contract is a suitable funding vehicle for
your qualified retirement plan. You should read this prospectus and the
MOMENTUM contract before entering into the contract.
MASTER PLAN AND TRUST
As an employer, subject to Equitable Life's underwriting requirements, you can
use the MOMENTUM program to adopt the Master Plan and Trust, in which case the
Master Trust will be the sole funding vehicle for your plan. The Master Trust
is funded by the MOMENTUM contract.
The Master Plan and Trust consists of Internal Revenue Service ("IRS") approved
master defined contribution plans, all of which use the same basic plan
document. They include:
o a standardized and nonstandardized profit-sharing plan (both with an
optional qualified cash or deferred arrangement pursuant to Section 401(k)
of the Internal Revenue Code); and
o a standardized and a nonstandardized defined contribution pension plan.
An employer may adopt one or more of these plans. The plans are all
participant-directed. That means the plan participants choose which variable
investment options to use for the investment of their plan accounts. The plans
are designed to meet the requirements of The Employee Retirement Income
Security Act of 1974, as amended ("ERISA") Section 404(c). However, as an
employer, you are responsible for making sure the variable investment options
chosen constitute a broad range of investment choices as required by the
Department of Labor's ("DOL") regulation under 404(c). See "Certain rules
applicable to plans designed to comply with section 404(c) of ERISA" under "Tax
information."
If you adopt the Master Plan and Trust, you must choose our full-service plan
recordkeeping option. The SAI contains more information about the Master Plan
and Trust.
POOLED TRUST
If you want to use your own individually designed or a prototype qualified
defined contribution plan, you may adopt the Pooled Trust as a funding vehicle.
The Pooled Trust is for investment only. You may use it as your plan's only
funding vehicle or in addition to other funding vehicles. The same group
variable annuity contract (i.e., the MOMENTUM contract) is used under the
Pooled Trust and the Master Plan and Trust.
The Pooled Trust is available for qualified defined contribution plans with
either participant-directed or trustee-directed investments. If you adopt the
Pooled Trust, only the basic plan recordkeeping option is available. However,
we may offer to perform additional plan recordkeeping services for an
additional charge. We will provide such services according to the terms of a
written service agreement between us and the plan trustee.
TRUSTEE
Chase Manhattan Bank N.A. currently is the trustee under both the Pooled Trust
and the Master Plan and Trust. The
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sole responsibility of Chase Manhattan Bank N.A. is to serve as a party to the
MOMENTUM contract. It has no responsibility for the administration of the
MOMENTUM program or for any distributions or duties under the MOMENTUM
contract. The Master Plan and Trust and the Pooled Trust will not be available
in certain states where the MOMENTUM contract may only be issued directly to
the employer or plan trustee. Employers will not be able to use our
full-service plan recordkeeping option in those states.
EMPLOYER'S RESPONSIBILITIES
If you elect the full-service recordkeeping option, your responsibilities
relating to the administration and qualification of your plan will include:
o sending us contributions at the proper time;
o determining the amount of all contributions for each participant;
o maintaining all personnel records necessary for administering your plan;
o determining who is eligible to receive benefits;
o forwarding all forms to us that the employees are required to submit;
o arranging to have all reports distributed to employees and former employees
if you elect to have them sent to you;
o arranging to have our prospectuses distributed;
o filing an annual information return for your plan with the IRS, if
required;
o providing us with the information needed for running special
nondiscrimination tests, if you have a 401(k) plan or if your plan accepts
post-tax employee or employer matching contributions, and making any
corrections if you do not pass the test;
o selecting interest rates and monitoring default procedures, if you elect to
offer participant loans in your plan; and
o meeting the requirements of ERISA Section 404(c) if you intend for your plan
to comply with that section.
The plan recordkeeping services agreement contains other responsibilities of
the employer relating to the administration and qualification of your plan. All
plans that elect the full-service plan recordkeeping option must enter into the
recordkeeping services agreement. We will give you guidance and assistance in
performing your responsibilities; however, you are ultimately responsible.
Employers who use an individually designed or a prototype plan already have
most of these responsibilities; therefore, adopting the Pooled Trust will not
increase such responsibilities.
ADOPTING THE MOMENTUM PROGRAM
To adopt the Master Plan and Trust, you, as the employer, must complete and
sign a participation agreement, and complete certain other installation forms
and agreements.
To adopt the Pooled Trust, a plan trustee must execute a Pooled Trust
participation agreement. Return your completed participation agreement to the
address specified on the form. You should keep copies of all completed forms
for your own records. In addition, the employer or plan trustee, whichever
applies, must complete a contract application in order to participate in the
MOMENTUM contract.
Your financial professional can help you complete the participation agreement
and the application for the MOMENTUM contract. We recommend that your tax or
benefits adviser review the participation agreement.
The provisions of your plan or applicable laws or regulations may be more
restrictive than the MOMENTUM contract. We reserve the right to amend the
MOMENTUM contract without the consent of any other person to comply with any
laws and regulations that may apply.
<PAGE>
6
Plan recordkeeping services
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We offer two plan recordkeeping options: basic recordkeeping or full-service
recordkeeping. Employers must elect one of these options for each plan. If you
elect the full-service recordkeeping option, you must adopt the Master Plan and
Trust.
BASIC RECORDKEEPING OPTION
Our basic recordkeeping option includes:
o accounting by participant;
o accounting by source of contributions;
o plan administration manual and forms (including withdrawal, transfer, loan
processing, and account allocation forms);
o provision of annual 5500 series Schedule A report information for use in
making the plan's annual report to the IRS and the DOL; and
o plan loan processing, if applicable.
For an additional fee, we will also, based on information submitted by
employers, direct distribution of plan benefits and withdrawals to
participants, including tax withholding and reporting to the IRS. Employers who
elect this service must enter into a written agreement with Equitable Life. The
written agreement specifies the fees for this service.
FULL-SERVICE RECORDKEEPING OPTION
A full-service recordkeeping option is available for employers who adopt the
Master Plan and Trust. Under this option, we will provide the following plan
recordkeeping services in addition to the services described above:
o Master Plan and Trust documents approved by the IRS;
o assistance in interpreting the Master Plan and Trust, including plan
installation and ongoing administrative support;
o assistance in annual reporting with the IRS and the DOL;
o plan administration manual and forms (including withdrawal, transfer, loan
processing, and account allocation forms);
o performance of vesting calculations;
o performance of special nondiscrimination tests applicable to Internal
Revenue Code Section 401(k) plans;
o tracking of hardship withdrawal amounts in Internal Revenue Code Section
401(k) plans; and
o direct distribution of plan benefits and withdrawals to participants,
including tax withholding and reporting to the IRS.
Employers or plan trustees who elect the full-service recordkeeping option must
sign a plan recordkeeping services agreement. This agreement specifies the fees
for the recordkeeping services and describes any additional services that we
will provide.
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7
Charges and expenses
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CHARGES THAT EQUITABLE LIFE DEDUCTS
We deduct the following charges each day from the net assets of each variable
investment option. These charges are reflected in the unit value of each
variable investment option:
o A mortality and expense risk charge
o An expense charge
We deduct the following charges from each retirement account value. When we
deduct these charges from your variable investment options, we reduce the
number of units credited to your account. Any portion of the charge deducted
from the guaranteed interest option is withdrawn in dollars:
o A quarterly administrative charge.
o A withdrawal charge when you make certain withdrawals.
o A loan set-up charge when a plan loan is made.
o A recordkeeping charge on the last business day of each calendar quarter if
there is an active loan.
o Charges at the time annuity payments begin - charges for state premium and
other applicable taxes. An annuity administrative fee may also apply.
We also bill the employer directly an annual charge for plan recordkeeping
services. More information about these charges appears below.
MORTALITY AND EXPENSE RISK CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the minimum death
benefit. The daily charge is a percentage of the net assets in each of the
variable investment options. We deduct this charge daily at a maximum annual
rate that will not exceed 0.65% for the Alliance Money Market, EQ/Balanced and
Alliance Common Stock options. The daily charge for all other variable
investment options is equivalent to an annual rate that will not exceed 0.50%.
We assume a mortality risk by our obligation to make annuity payments for the
life of the annuitant under guaranteed annuity payout options, regardless of
how long the annuitant lives. We also assume a mortality risk by our guarantees
relating to annuity purchase rates. We can change the actuarial basis for such
rates only for new contributions and only on every fifth anniversary of the
contract date. We assume a mortality risk to the extent that at the time of
death, the minimum death benefit exceeds your retirement account value. In
addition, we waive any withdrawal charge upon the payment of a death benefit.
The expense risk we assume is the risk that it will cost us more to issue and
administer the contracts than we expect.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge is for providing administrative and financial accounting
services under the contracts. The daily charge is equivalent to a maximum
annual rate of 0.84% of net assets in each variable investment option. 0.60% of
this charge is designed to reimburse us for research and development costs and
for administrative expenses that are not covered by the quarterly
administrative charges described below. The remaining 0.24% is to reimburse us
for the cost of financial accounting services we provide under the contracts.
To the extent the above charges are not needed to cover the actual expenses
incurred, they may be considered an indirect reimbursement for certain sales
and promotional expenses relating to the MOMENTUM contract.
QUARTERLY ADMINISTRATIVE CHARGE
On the last business day of each calendar quarter, we deduct an administrative
charge from each retirement account value to compensate us for administrative
expenses relating to the contract. The charge is currently equal to $7.50 or,
if less, 0.50% of the total of the retirement account value plus the amount of
any active loan. We deduct this charge from each variable investment option in
a specified order based on the source of the contributions. We describe how we
deduct this
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charge in more detail under "How we deduct the quarterly administrative charge"
in the SAI.
There is currently no charge for any calendar quarter in which the retirement
account value plus any active loan is at least $25,000 as of the last business
day of that quarter. We reserve the right to increase this charge if our
administrative costs increase. We will give employers or plan trustees 90 days
written notice of any increase. We may also reduce this charge under certain
circumstances. See "Charge reductions under special circumstances" in this
section.
You, as employer, may choose to have this quarterly administrative charge
billed to you directly.
WITHDRAWAL CHARGE
We do not deduct a sales charge from contributions. However, we assess a charge
on amounts withdrawn from retirement account values to help pay the various
sales and promotional expenses incurred in selling the contract.
A withdrawal charge may apply in three circumstances:
(1) if you make a withdrawal in excess of the 10% free withdrawal amount
during a participation year, or
(2) upon a full withdrawal of a participant's retirement account value, or
(3) termination of the MOMENTUM contract.
In order to give you the exact dollar amount of the withdrawal you request, we
deduct the amount of the withdrawal and the amount of any withdrawal charges
from your retirement account value. Any amount deducted to pay withdrawal
charges is also subject to a withdrawal charge.
The amount of the withdrawal charge we deduct is equal to 6% of the lesser of:
o partial withdrawals in excess of the free withdrawal amount, or
o the amount withdrawn attributable to contributions made in the current and
five prior participation years.
In the case of terminations or full withdrawals, we will pay the plan the
greater of:
o your retirement account value after any withdrawal charge has been imposed,
or
o the free withdrawal amount plus 94% of the remaining retirement account
value and any active loan, less the active loan.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
free withdrawal amount are not considered withdrawal of any contribution. We
also treat contributions that have been invested for the longest period as
having been withdrawn first. Active loans do not include takeover loans for
this purpose.
The withdrawal charge does not apply in the circumstances described below.
10% FREE WITHDRAWAL AMOUNT. Each participation year, you can withdraw up to 10%
of the sum of the retirement account value and any active loan at the time you
request the withdrawal, minus any other withdrawals made during that
participation year (including any defaulted loan amounts and forfeited
amounts).
If you, as the employer, have transferred your plan assets to the MOMENTUM
program from another qualified plan and we have not yet received from you the
allocation of values among participants, we will treat the total amount we hold
as one retirement account value. Withdrawals from this retirement account value
will not have the benefit of a free withdrawal amount. However, once the amount
we hold is allocated among the various participants, withdrawals will have the
benefit of the free withdrawal amount.
FORFEITED RETIREMENT ACCOUNT VALUE. If a portion of your retirement account
value is forfeited under the terms of your plan, we will assess a withdrawal
charge only against vested contribution amounts. Under the basic plan
recordkeeping option, the plan trustee must tell us the vested balance. We will
waive the balance of the withdrawal charge at that time. However, if you, as
the employer or plan trustee, withdraw the forfeited amount
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from the MOMENTUM contract before it is reallocated to other participants, we
will charge you the balance of the withdrawal charge at that time.
WE WILL WAIVE THE WITHDRAWAL CHARGE IF:
o the amount withdrawn is applied to the election of a life annuity payout
option;
o you, the participant, die;
o you, the participant, have been a participant for at least five
participation years and are at least age 59 1/2;
o you, the participant, are at least age 59 1/2 and have separated from
service (regardless of the number of participation years);
o the amount withdrawn is the result of a request for a refund of "excess
contributions" or "excess aggregate contributions" as such terms are defined
in Section 401(k)(8)(B) and 401(m)(6)(B), respectively, of the Internal
Revenue Code, including any gains or losses, and the withdrawal is made no
later than the end of the plan year following the plan year for which such
contributions were made;
o the amount withdrawn is a request for a refund of "excess deferrals" as such
term is defined in Section 402(g)(2) of the Internal Revenue Code, including
any gains or losses, provided the withdrawal is made no later than April
15th, following the calendar year in which such excess deferrals were made;
o the amount withdrawn is a request for a refund of contributions made due to
a mistake of fact made in good faith, provided the withdrawal is made within
12 months of the date such mistake of fact contributions were made and any
earnings that apply to such contributions are not included in such
withdrawal;
o the amount withdrawn is a request for a refund of contributions disallowed
as a deduction by the employer for federal income tax purposes, provided
such withdrawal is made within 12 months after the disallowance of the
deduction has occurred and no earnings attributable to such contributions
are included in such withdrawal; or
o the amount withdrawn is a withdrawal for disability as defined in Section
72(m) of the Internal Revenue Code.
There is no withdrawal charge on conversions from an EQUI-VEST Corporate
Trusteed contract to a MOMENTUM contract. For participants in plans that
converted to MOMENTUM from our EQUI-VEST Corporate Trusteed contract, for
purposes of the withdrawal charge, the contribution date is the same
contribution date as under the EQUI-VEST Corporate Trusteed contract relating
to that participant. For example, if an EQUI-VEST Corporate Trusteed contract
was purchased on behalf of a participant on June 1, 1987 with a single $5,000
contribution, we will continue to treat the $5,000 contribution as made on June
1, 1987 under the MOMENTUM contract.
PLAN LOAN CHARGES
We will deduct a $25 charge from your retirement account value when a plan loan
is made. Also, we will deduct a recordkeeping charge of $6 from your retirement
account value on the last business day of each calendar quarter if there is an
active loan on that date. An "active loan" is the principal amount of any
participant plan loan that has neither been repaid nor considered distributed
under Section 72(p) of the Internal Revenue Code.
We intend these charges to reimburse us for the added administrative costs
associated with processing loans. The $6 per-quarter recordkeeping charge (but
not the $25 set-up charge) will apply to takeover loans and to loans converted
from EQUI-VEST Corporate Trusteed contracts to MOMENTUM.
Your employer may elect to pay these charges. We reserve the right to increase
these administrative charges if our costs increase. We will give employers or
plan trustees 90 days written notice of any increase.
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We will assess a withdrawal charge against any defaulted loan amount as
described above under "Withdrawal charge."
CHARGE FOR PLAN RECORDKEEPING SERVICES
The annual charge for the basic plan recordkeeping option is $300 (prorated in
the first year). We will bill this charge directly to the employer. The $300
charge is not imposed on plans that converted to the MOMENTUM contract from our
EQUI-VEST Corporate Trusteed contract. Employers may enter into a written
agreement with us for direct distribution of plan benefits and withdrawals to
participants, including tax withholding and reporting to the IRS. We charge a
$25 checkwriting fee for each check drawn under this service. We reserve the
right to increase these charges if our plan recordkeeping costs increase. We
will give employers or plan trustees 90 days written notice of any increase.
There are additional charges if the employer or plan trustee elects to use our
full-service plan recordkeeping option. The additional charges will be set out
in the recordkeeping services agreement and will depend on the services used.
LIMITATION ON CHARGES FOR CERTAIN VARIABLE INVESTMENT OPTIONS
Under the terms of the MOMENTUM contract, for the EQ/Aggressive Stock,
EQ/Balanced, Alliance Common Stock and Alliance Money Market options, the
aggregate amount of the Separate Account A charges imposed for those options,
and the charges for investment advisory fees and the direct operating expenses
of the corresponding portfolios of EQ Advisors Trust may not exceed a total
annual rate of 1.75% of the value of the assets held in those options for the
MOMENTUM contract.
CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES
We deduct a charge designed to approximate certain taxes that may be imposed on
us, such as premium taxes in your state. Generally, we deduct the charge from
the amount applied to provide an annuity payout option. The current tax charge
that might be imposed varies by state and ranges from 0% to 1% (1% in Puerto
Rico and 5% in the U.S. Virgin Islands).
VARIABLE ANNUITY ADMINISTRATION FEE
We deduct a fee of up to $350 from the amount to a variable annuity payout
option.
CHARGES THAT EQ ADVISORS TRUST DEDUCTS
EQ Advisors Trust deducts charges for the following types of fees and expenses:
o Management fees ranging from 0.25% to 1.15%.
o 12b-1 fees of 0.25% for Class IB shares.
o Operating expenses, such as trustees' fees, independent auditors' fees,
legal counsel fees, custodian fees, and liability insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each portfolio. Since
shares of EQ Advisors Trust are purchased at their net asset value, these fees
and expenses are, in effect, passed on to the variable investment options and
are reflected in their unit values. For more information about these charges,
please refer to the prospectus for EQ Advisors Trust following this prospectus.
CHARGE REDUCTIONS UNDER SPECIAL CIRCUMSTANCES
For certain group arrangements, we may reduce certain charges. To qualify for
these reductions or reduced charges, a group must meet certain requirements. We
take factors such as our costs for sales, administrations, the size of the
group and frequency of contributions in account when reducing such charges. We
also make charge reductions according to our rules in effect when we approve a
contract
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for issue. Notwithstanding the above, we will not permit a reduction in charges
where it will be unfairly discriminatory. All charge reductions are subject to
any required governmental or regulatory approval.
<PAGE>
8
Payment of death benefit
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DEATH BENEFIT AMOUNT
In general, the death benefit is equal to the greater of:
o the retirement account value, or
o the "minimum death benefit."
The minimum death benefit equals all contributions made, less withdrawals of
contributions (including loans that default upon death). For example, assume
that a $1,000 contribution is made, and that the contribution earns $1,000 (for
a balance of $2,000). A $1,500 withdrawal is then made, leaving a balance of
$500. Assume that a new $500 contribution is subsequently made. If the
participant subsequently dies, the minimum death benefit will be $500 because
there was a $500 contribution that had not been withdrawn, borrowed or
forfeited.
If the participant dies while a loan is outstanding, the loan will
automatically default and be subject to federal income tax as a plan
distribution. We will treat this defaulted loan as a withdrawal for purposes of
calculating the minimum death benefit. Defaulted takeover loans will not,
however, be considered withdrawals for this purpose.
DISTRIBUTION OF THE DEATH BENEFIT
If a participant dies before the entire benefit has been paid, the remaining
benefits will be paid to the participant's beneficiary. If a participant dies
before he or she begins receiving benefits, the law generally requires the
entire benefit to be distributed no more than five years after death. There are
exceptions:
(1) A beneficiary who is not the participant's spouse may elect payments over
his or her life or a fixed period which does not exceed the beneficiary's
life expectancy, provided payments begin within one year of death, or
(2) if the benefit is payable to the spouse, the spouse may elect to receive
benefits over his or her life or a fixed period which does not exceed
his/her life expectancy beginning any time up to the date the participant
would have turned age 70 1/2.
If, at death, a participant was already receiving benefits, the beneficiary can
continue to receive benefits based on the payment option selected by the
participant.
Under the Master Plan and Trust and the Pooled Trust, on the day we receive
proof of death, we automatically transfer the participant's retirement account
value to the default option unless the beneficiary gives us other written
instructions. We hold all monies in the default option until your beneficiary
requests a distribution or transfer.
To designate a beneficiary or to change an earlier designation, a participant
must have the employer send us a beneficiary designation form. In some cases,
the spouse must consent in writing to a designation of any non-spouse
beneficiary, as explained under "Tax information." We are not responsible for
any beneficiary change request that we do not receive.
BENEFICIARY'S PAYMENT OPTIONS
The beneficiary may elect to:
(a) receive the death benefit in a single sum,
(b) apply the death benefit to an annuity payout option we offer,
(c) apply the death benefit to provide any other form of benefit payment we
offer, or
(d) have the death benefit credited to an account under the MOMENTUM contract
maintained on behalf of the beneficiary in accordance with the
beneficiary's investment allocation instructions.
If the beneficiary elects the last option then:
(1) the beneficiary will be entitled to delay distribution of his or her
account as permitted under the terms of the employer's plan and the
minimum distribution rules under federal income tax rules;
(2) we will determine the value of the beneficiary's account at the time of
distribution to the beneficiary which, depending upon investment gains
or losses,
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may be worth more or less than the value of the beneficiary's initial
account; and
(3) if the beneficiary dies prior to taking a distribution of his or her
entire account, the beneficiary of the deceased beneficiary will be
entitled to a death benefit as though the deceased beneficiary were a
participant, based on the deceased beneficiary's initial account.
The beneficiary's choices may be limited by the terms of the plan, our rules in
effect at the time, and federal income tax rules.
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9
Tax information
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OVERVIEW
Employer retirement plans that may qualify for tax-favored treatment are
governed by the provisions of the Internal Revenue Code and ERISA. The Internal
Revenue Code is administered by the IRS. ERISA is administered primarily by the
DOL.
Provisions of the Internal Revenue Code and ERISA include requirements for
various features including:
o participation, vesting and funding;
o nondiscrimination;
o limits on contributions and benefits;
o distributions;
o penalties;
o duties of fiduciaries;
o prohibited transactions; and
o withholding, reporting and disclosure.
IT IS THE RESPONSIBILITY OF THE EMPLOYER, PLAN TRUSTEE AND PLAN ADMINISTRATOR
TO SATISFY THE REQUIREMENTS OF THE INTERNAL REVENUE CODE AND ERISA.
This prospectus does not provide detailed tax or ERISA information. The
following discussion briefly outlines the Internal Revenue Code provisions
relating to contributions to and distributions from certain tax-qualified
retirement plans, although some information on other provisions is also
provided. Various tax disadvantages, including penalties, may result from
actions that conflict with requirements of the Internal Revenue Code or ERISA,
and regulations or other interpretations of them. In addition, federal tax laws
and ERISA are continually under review by the Congress, and any changes in
those laws, or in the regulations pertaining to those laws, may affect the tax
treatment of amounts contributed to tax-qualified retirement plans or the
legality of fiduciary actions under ERISA. Any such change could have
retroactive effects regardless of the date of enactment.
Certain tax advantages of a tax-qualified retirement plan may not be available
under certain state and local tax laws. This outline does not discuss the
effect of any state or local tax laws. It also does not discuss the effect of
federal estate and gift tax laws (or state and local estate, inheritance and
other similar tax laws). This outline assumes that the participant does not
participate in any other qualified retirement plan. Finally, it should be noted
that many tax consequences depend on the particular jurisdiction or
circumstances of a participant or beneficiary.
Because you are buying a contract to fund a retirement plan that already
provides tax deferral, you should do so for the contract's features and
benefits other than tax deferral. The tax deferral of the contract does not
provide additional benefits.
THE PROVISIONS OF THE INTERNAL REVENUE CODE AND ERISA ARE HIGHLY COMPLEX. FOR
COMPLETE INFORMATION ON THESE PROVISIONS, AS WELL AS ALL OTHER FEDERAL, STATE,
LOCAL AND OTHER TAX CONSIDERATIONS, QUALIFIED LEGAL AND TAX ADVISERS SHOULD BE
CONSULTED.
TAX ASPECTS OF CONTRIBUTIONS TO A PLAN
Corporations, partnerships and self-employed individuals can establish
qualified plans for the working owners and their employees who participate in
the plan. Both employer and employee contributions to these plans are subject
to a variety of limitations, some of which are discussed here briefly. See your
tax adviser for more information. Violation of contribution limits may result
in plan disqualification and/or imposition of monetary penalties. The trustee
or plan administrator may make contributions on behalf of the plan participants
which are deductible from the employer's federal gross income. Employer
contributions which exceed the amount currently deductible are subject to a 10%
penalty tax.
The limits on the amount of contributions that can be made and/or forfeitures
that can be allocated to each participant in defined contribution plans is the
lesser of $30,000 or 25% of the compensation or earned income for each
participant. In 2000, the employer may not consider compensation in
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excess of $170,000 in calculating contributions to the plan. This amount may be
adjusted for cost-of-living changes in future years. For self-employed
individuals, earned income is defined so as to exclude deductible contributions
made to all tax-qualified retirement plans, including Keogh plans, and takes
into account the deduction for one-half the individual's self-employment tax.
Deductions for aggregate contributions to profit-sharing plans may not exceed
15% of all participants' compensation.
Special limits on contributions apply to anyone who participates in more than
one qualified plan or who controls another trade or business. In addition,
there is an overall limit on the total amount of contributions and benefits
under all tax-qualified retirement plans in which an individual participates.
A qualified plan may allow the participant to direct the employer to make
contributions that will not be included in the employee's income ("elective
deferrals") by entering into a salary reduction agreement with the employer
under Section 401(k) of the Internal Revenue Code. The 401(k) plan, otherwise
known as a cash or deferred arrangement, must not allow withdrawals of elective
deferrals and the earnings on them before the earliest of the following events:
(1) reaching age 59 1/2,
(2) death,
(3) disability,
(4) certain business dispositions and plan terminations, or
(5) termination of employment. In addition, in-service withdrawals of
elective deferrals (but not earnings after 1988) may be made in the case
of financial hardship.
A participant cannot elect to defer more than $7,000 ($10,500 as indexed for
inflation in 2000) annually under all salary reduction arrangements with all
employers in which the individual participates.
Employer matching contributions to a 401(k) plan for self-employed individuals
are no longer treated as elective deferrals, and are treated the same as
employer matching contributions for other employees.
A qualified plan must not discriminate in favor of highly compensated
employees. Two special nondiscrimination rules limit contributions and benefits
for highly compensated employees in the case of (1) a 401(k) plan and (2) any
defined contribution plan, whether or not a 401(k) plan, which provides for
employer matching contributions to employee post-tax contributions or elective
deferrals. Generally, these nondiscrimination tests require an employer to
compare the deferrals or the aggregate contributions, as the case may be, made
by the eligible highly compensated employees with those made by the non-highly
compensated employees, although alternative simplified tests are available.
Highly compensated participants include five percent owners and employees
earning more than $80,000 for the prior year. (If desired, the latter group can
be limited to employees who are in the top 20% of all employees based on
compensation.) In addition, special "top heavy" rules apply to plans where more
than 60% of the contributions or benefits are allocated to certain highly
compensated employees known as "key employees."
Certain 401(k) plans can adopt a "SIMPLE 401(k)" feature, which will enable the
plan to meet nondiscrimination requirements without testing. The SIMPLE 401(k)
feature requires the 401(k) plan to meet specified contribution, vesting and
exclusive plan requirements.
Also, employers may adopt a safe harbor 401(k) arrangement. Under this
arrangement, an employer agrees to offer a matching contribution equal to (a)
100% of salary deferral contributions up to 3% of compensation; and (b) 50% of
salary deferral contributions that exceed 3% but are less than 5% of
compensation. These contributions must be nonforfeitable. If the employer makes
these contributions and gives proper notification to plan participants, the
plan is not subject to nondiscrimination testing on salary deferral and the
above contributions.
If a 401(k) plan or defined contribution plan with an employer match makes
contributions to highly compensated
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employees exceeding applicable nondiscrimination limits for any plan year, the
plan may be disqualified unless the excess amounts including earnings are
distributed before the close of the next plan year. In addition, the employer
is subject to a 10% penalty on any such excess contributions or excess
aggregate contributions. The employer may avoid the penalty by distributing the
excess contributions or excess aggregate contributions, plus income, within two
and one-half months after the close of the plan year. Except where the
distribution is under $100, the participant receiving any such distribution is
taxed on the distribution and the related income for the year of the excess
contribution or excess aggregate contribution. Such a distribution is not
treated as an impermissible withdrawal by the employee or an eligible rollover
distribution and will not be subject to the 10% penalty tax on premature
distributions.
Contributions to a 401(k) plan or a defined contribution plan as matching
contributions, within the meaning of section 401(m) of the Internal Revenue
Code, may not be deductible by the employer for a particular taxable year if
the plan contributions are attributable to compensation earned by a participant
after the end of the taxable year.
TAX ASPECTS OF DISTRIBUTIONS FROM A PLAN
Amounts held under qualified plans are generally not subject to federal income
tax until benefits are distributed to the participant or other recipient. In
addition, there will not be any tax liability for transfers of any part of the
retirement account value among the investment options.
The various types of benefit payments include withdrawals, annuity payments and
lump sum distributions. Each benefit payment made to the participant or other
recipient is generally fully taxable as ordinary income. An exception to this
general rule is made, however, when a distribution is treated as a recovery of
post-tax contributions made by the participant.
In addition to income tax, the taxable portion of any distribution may be
subject to a 10% penalty tax. See "Penalty tax on premature distributions" in
this section.
INCOME TAXATION OF WITHDRAWALS
The amount of any distribution prior to the annuity starting date is treated as
ordinary income except to the extent the distribution is treated as a
withdrawal of post-tax contributions. Withdrawals from a qualified plan are
normally treated as pro rata withdrawals of post-tax contributions and earnings
on those contributions. If the plan allowed withdrawals prior to separation
from service as of May 5, 1986, however, all post-tax contributions made prior
to January 1, 1987 may be withdrawn tax free prior to withdrawing any taxable
amounts if properly accounted for by the plan.
As discussed in this section in "Certain rules applicable to plan loans,"
taking a loan or failing to repay an outstanding loan as required may, in
certain situations, be treated as a taxable withdrawal.
INCOME TAXATION OF ANNUITY PAYMENTS
In the case of a distribution in the form of an annuity, the amount of each
annuity payment is treated as ordinary income except where the participant has
a cost basis in the annuity.
The cost basis is equal to the amount of after-tax contributions, plus any
employer contributions that had to be included in gross income in prior years.
If the participant has a cost basis in the annuity, a portion of each payment
received will be excluded from gross income to reflect the return of the cost
basis. The remainder of each payment will be included in gross income as
ordinary income. The excludable portion is based on the ratio of the
participant's cost basis in the annuity on the annuity starting date to the
expected return, generally determined in accordance with a statutory table,
under the annuity as of such date. The full amount of the payments received
after the cost basis of the annuity is recovered is fully taxable. If there is
a refund feature under the annuity, the beneficiary of the refund may recover
the remaining cost basis as payments are made. If the participant (and
beneficiary under a joint and survivor
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annuity) dies prior to recovering the full cost basis of the annuity, a
deduction is allowed on the participant's (or beneficiary's) final tax return.
INCOME TAXATION OF LUMP SUM DISTRIBUTIONS
If benefits are paid in a lump sum, the payment may be eligible for the special
tax treatment accorded lump sum distributions. In certain limited cases, a
distribution may be eligible for favorable ten-year averaging and long-term
capital gain treatment. Please consult your tax advisor for information about
your individual circumstances.
ELIGIBLE ROLLOVER DISTRIBUTION
Many types of distributions from qualified plans are "eligible rollover
distributions" that can be rolled over directly to another qualified plan or a
traditional individual retirement arrangement ("IRA"), or rolled over by the
individual to another plan or IRA within 60 days of receipt. Death benefits
received by a spouse's beneficiary may only be rolled over into an IRA. To the
extent a distribution is rolled over, it remains tax deferred. Distributions
not rolled over directly are subject to 20% mandatory withholding. See "Federal
income tax withholding" in this section.
The taxable portion of most distributions will generally be an "eligible
rollover distribution" unless the distribution falls within the following list
of exceptions:
o One of a series of substantially equal periodic payments is made (not less
frequently than annually):
(a) for the life (or life expectancy) of the participant or the joint lives
(or joint life expectancies) of the participant and his or her
designated beneficiary, or
(b) for a specified period of ten years or more.
o nondeductible voluntary contributions;
o a hardship withdrawal;
o any distribution to the extent that it is a required distribution under
Section 401(a)(9) of the Internal Revenue Code (see "Distribution
requirements and limits" below);
o certain corrective distributions in plans subject to Sections 401(k),
401(m), or 402(g) of the Internal Revenue Code;
o loans that are treated as deemed distributions under Section 72(p) of the
Internal Revenue Code;
o P.S. 58 costs (incurred if the plan provides life insurance protection for
participants);
o dividends paid on employer securities as described in Section 404(k) of the
Internal Revenue Code; and
o a distribution to a non-spousal beneficiary.
If a distribution is made to a participant's surviving spouse, or to a current
or former spouse under a qualified domestic relations order, the distribution
may be an eligible rollover distribution, subject to mandatory 20% withholding,
unless one of the exceptions described above applies.
PENALTY TAX ON PREMATURE DISTRIBUTIONS
An additional 10% penalty tax is imposed on all taxable amounts distributed to
a participant who has not reached age 59 1/2 unless the distribution falls
within a specified exception or is rolled over into an IRA or other qualified
plan. The specified exceptions are for:
(a) distributions made on account of the participant's death or disability,
(b) distributions (which begin after separation from service) in the form of
a life annuity or substantially equal periodic installments over the
participant's life expectancy (or the joint life expectancy of the
participant and the beneficiary),
(c) distributions due to separation from active service after age 55; and
(d) distributions used to pay certain extraordinary medical expenses.
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FEDERAL INCOME TAX WITHHOLDING
Mandatory federal income tax withholding at a 20% rate will apply to all
"eligible rollover distributions" unless the participant elects to have the
distribution directly rolled over to another qualified plan or traditonal IRA.
See the description in this section of "Eligible rollover distributions."
For all other distributions, federal income tax must also be withheld on the
taxable portion of pension and annuity payments, unless the recipient is
eligible to elect out and elects out of withholding. The rate of withholding
will depend on the type of distribution and, in certain cases, the amount of
the distribution. Special rules may apply to foreign recipients, or United
States citizens residing outside the United States. If a recipient does not
have sufficient income tax withheld, or does not make sufficient estimated
income tax payments, the recipient may incur penalties under the estimated
income tax rules. Recipients should consult their tax advisers to determine
whether they should elect out of withholding.
Requests not to withhold federal income tax must be made in writing prior to
receiving payments and submitted in accordance with the terms of the employer
plan. No election out of withholding is valid unless the recipient provides the
recipient's correct Taxpayer Identification Number and a U.S. residence
address.
STATE INCOME TAX WITHHOLDING
Certain states have indicated that pension and annuity withholding will apply
to payments made to residents of such states. In some states a recipient may
elect out of state income tax withholding, even if federal withholding applies.
It is not clear whether such states may require mandatory withholding with
respect to eligible rollover distributions that are not rolled over (as
described in this section under "Eligible rollover distributions"). Contact
your tax adviser to see how state withholding may apply to your payment.
DISTRIBUTION REQUIREMENTS
Distributions from qualified plans generally must commence no later than April
1st of the calendar year following the calendar year in which the participant
reaches age 70 1/2 (or retires from service with the employer sponsoring the
plan, if later). 5% owners of qualified plans must commence minimum
distributions after age 70 1/2 even if they are still working. Distributions
can generally be made:
(1) in a lump sum payment,
(2) over the life of the participant,
(3) over the joint lives of the participant and his or her designated
beneficiary,
(4) over a period not extending beyond the life expectancy of the
participant, or
(5) over a period not extending beyond the joint life expectancies of the
participant and his or her designated beneficiary.
The plan document will specify the options available to participants.
The minimum amount required to be distributed in each year after minimum
distributions are required to begin is described in the Internal Revenue Code,
Treasury Regulations and IRS guidelines.
If the participant dies after required distribution has begun, payment of the
remaining interest under the plan must be made at least as rapidly as under the
method used prior to the participant's death. If a participant dies before
required distribution has begun, payment of the entire interest under the plan
must be completed within five years after death. An exception is if payments to
a designated beneficiary begin within one year of the participant's death and
are made over the beneficiary's life or over a period certain which does not
extend beyond the beneficiary's life expectancy. If the surviving spouse is the
designated beneficiary, the spouse may delay the commencement of such payments
up until the date that the participant would have attained age 70 1/2.
Distributions received by a beneficiary are generally given the same tax
treatment the participant would have received if distribution had been made to
the participant.
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If there is an insufficient distribution in any year, a 50% tax may be imposed
on the amount by which the minimum required to be distributed exceeds the
amount actually distributed. Failure to have distributions made as the Internal
Revenue Code and Treasury Regulations require may result in plan
disqualification.
SPOUSAL REQUIREMENTS
In the case of many qualified retirement plans, if a participant is married at
the time benefit payments become payable, unless the participant elects
otherwise with written consent of the spouse, the benefit must be paid in the
form of a qualified joint and survivor annuity (QJSA). A QJSA is an annuity
payable for the life of the participant with a survivor annuity for the life of
the spouse in an amount which is not less than one-half of the amount payable
to the participant during his or her lifetime. In addition, most plans require
that a married participant's beneficiary must be the spouse, unless the spouse
consents in writing to the designation of a different beneficiary.
CERTAIN RULES APPLICABLE TO PLAN LOANS
The following are federal tax and ERISA rules that apply to loan provisions of
all employer plans. Employer plans may have additional restrictions. Employers
and participants should review these matters with their own tax advisers before
requesting a loan. There will not generally be any tax liability with respect
to properly made loans in accordance with an employer plan. A loan may be in
violation of applicable provisions unless it complies with the following
conditions:
o with respect to specific loans made by the plan to a plan participant, the
plan administrator determines the interest rate, the maximum term and all
other terms and conditions of the loan;
o in general, the term of the loan cannot exceed five years unless the loan is
used to acquire the participant's primary residence;
o all principal and interest must be amortized in substantially level payments
over the term of the loan, with payments being made at least quarterly;
o the amount of a loan to a participant, when aggregated with all other loans
to the participant from all qualified plans of the employer, cannot exceed
the greater of $10,000 or 50% of the participant's non-forfeitable accrued
benefits, and cannot exceed $50,000 in any event. This $50,000 limit is
reduced by the excess (if any) of the highest outstanding loan balance over
the previous twelve months over the outstanding balance of plan loans on the
date the loan was made;
o for loans made prior to January 1, 1987 and not renewed, modified,
renegotiated or extended after December 31, 1986, the $50,000 maximum
aggregate loan balance is not required to be reduced, the quarterly
amortization requirement does not apply, and the term of a loan may exceed
five years if used to purchase the principal residence of the participant or
a member of his or her family, as defined in the Internal Revenue Code;
o only 50% of the participant's vested account balance may serve as security
for a loan. To the extent that a participant borrows an amount which should
be secured by more than 50% of the participant's vested account balance, it
is the responsibility of the trustee or plan administrator to obtain the
additional security;
o loans must be available to all plan participants, former participants who
still have account balances under the plan, beneficiaries and alternate
payees on a reasonably equivalent basis;
o each new or renewed loan must bear a reasonable rate of interest
commensurate with the interest rates charged by persons in the business of
lending money for loans that would be made under similar circumstances;
o many plans provide that the participant's spouse must consent in writing to
the loan; and
o except to the extent permitted in accordance with the terms of a prohibited
transaction exemption issued by the
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DOL, loans are not available (i) in a plan to an owner-employee or a partner
who owns more than 10% of a partnership or (ii) to 5% shareholders in an
S corporation.
If the loan does not qualify under the conditions above, the participant fails
to repay the interest or principal when due, or in some instances, if the
participant separates from service or the plan is terminated, the amount
borrowed or not repaid may be treated as a distribution. The participant may be
required to include as ordinary income the unpaid amount due and a 10% penalty
tax on early distributions may apply. The plan should report the amount of the
unpaid loan balance to the IRS as a distribution. See "Tax aspects of
distributions from a plan" in this section.
The loan requirements and provisions of MOMENTUM shall apply regardless of the
plan administrator's guidelines.
IMPACT OF TAXES TO EQUITABLE LIFE
Under existing federal income tax rules, Equitable Life does not pay tax on
investment income and capital gains of the variable investment options if they
are applied to increase the reserves under the contracts. Accordingly,
Equitable Life does not anticipate that it will incur any federal income tax
liability attributable to income allocated to the variable annuity contracts
participating in the variable investment options and it does not currently
impose a charge for federal income tax on this income when it computes unit
values for the variable investment options. If changes in federal tax laws or
interpretations of them would result in our being taxed, then we may impose a
charge against the variable investment options (on some or all contracts) to
provide for payment of such taxes.
CERTAIN RULES APPLICABLE TO PLANS DESIGNED TO COMPLY WITH SECTION 404(c) OF
ERISA
Section 404(c) of ERISA, and the related DOL regulation, provide that if a plan
participant or beneficiary exercises control over the assets in his or her plan
account, plan fiduciaries will not be liable for any loss that is the direct
and necessary result of the plan participant's or beneficiary's exercise of
control. As a result, if the plan complies with Section 404(c) and the DOL
regulation thereunder, the plan participant can make, and is responsible for
the results of, his or her own investment decisions.
Section 404(c) plans must provide, among other things, that a broad range of
investment choices are available to plan participants and beneficiaries and
must provide such plan participants and beneficiaries with enough information
to make informed investment decisions. Compliance with the Section 404(c)
regulation is completely voluntary by the plan sponsor, and the plan sponsor
may choose not to comply with Section 404(c).
The MOMENTUM program provides employer plans with the broad range of investment
choices and information needed in order to meet the requirements of the Section
404(c) regulation. If the plan is intended to be a Section 404(c) plan, it is,
however, the plan sponsor's responsibility to see that the requirements of the
DOL regulation are met. Equitable Life and its representatives shall not be
responsible if a plan fails to meet the requirements of Section 404(c).
<PAGE>
10
More information
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ABOUT SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 under special provisions of the New York
Insurance Law. These provisions prevent creditors from any other business we
conduct from reaching the assets we hold in our variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options
under our contracts. The results of Separate Account A's operations are
accounted for without regard to Equitable Life's other operations.
Separate Account A is registered under the Investment Company Act of 1940 and
is classified by that act as a "unit investment trust." The SEC, however, does
not manage or supervise Equitable Life or Separate Account A.
Each subaccount (variable investment option) within Separate Account A invests
solely in Class IA or Class IB shares issued by the corresponding portfolio of
EQ Advisors Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment
option to another variable investment option;
(4) to operate Separate Account A or any variable investment option as a
management investment company under the Investment Company Act of 1940
(in which case, charges and expenses that otherwise would be assessed
against an underlying mutual fund would be assessed against Separate
Account A or a variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of
1940;
(6) to restrict or eliminate any voting rights as to Separate Account A; and
(7) to cause one or more variable investment options to invest some or all of
their assets in one or more other trusts or investment companies.
We will notify MOMENTUM employers if any changes result in a material change in
the underlying investments of a variable investment option. We may make other
changes in the contracts that do not reduce any retirement account value,
annuity benefit, or other accrued rights or benefits.
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 each
portfolio.
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. the predecessor to AXA Advisors, LLC and a subsidiary of Equitable Life,
served as investment manager to EQ Advisors Trust.)
EQ Advisors Trust commenced operations on May 1, 1997.
For periods prior to October 18, 1999, the Alliance portfolios (other than
EQ/Alliance Premier Growth) were part of The Hudson River Trust. On October 18,
1999, these portfolios became corresponding portfolios of EQ Advisors Trust.
EQ Advisors Trust does not impose sales charges or "loads" for buying and
selling its shares. All dividends and other distributions on Trust shares are
reinvested in full. The Board
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of Trustees of EQ Advisors Trust may establish additional portfolios or
eliminate existing portfolios at any time. More detailed information about EQ
Advisors Trust, the portfolio's investment objectives, policies, restrictions,
risks, expenses, multiple class distribution systems, their Rule 12b-1 plan
relating to the Class IB shares, and other aspects of its operations, appear in
the prospectus for EQ Advisors Trust attached at the end of this prospectus, or
in its SAI, which is available upon request.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option, as well as our
general obligations.
The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations
of all jurisdictions where we are authorized to do business. Because of
exemptions and exclusionary provisions that apply, interests in the general
account have not been registered under the Securities Act of 1933, nor is the
general account an investment company under the Investment Company Act of 1940.
We have been advised that the staff of the SEC has not reviewed the portions of
this prospectus that relate to the general account. The disclosure with regard
to the general account, however, may be subject to certain provisions of the
federal securities laws relating to the accuracy and completeness of statements
made in prospectuses.
DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR
We describe below the general rules for when, and at what prices, events under
your contract will occur. Other portions of this prospectus describe
circumstances that give rise to exceptions. We generally do not repeat those
exceptions below.
BUSINESS DAY
Our "business day" is any day on which Equitable Life is open and the New York
Stock Exchange is open for trading. We are closed on national business holidays
including Martin Luther King, Jr. Day and the Friday after Thanksgiving.
Additionally, we may choose to close on the day immediately preceding or
following a national business holiday or due to emergency conditions. Our
business day ends at 4:00 p.m., Eastern time for purposes of determining the
date when contributions are applied and any other transaction requests are
processed. Contributions will be applied and any other transaction requests
will be processed when they are received along with all the required
information unless another date applies as indicated below.
o If your contribution, transfer, or any other transaction request, containing
all the required information, reaches us on a non-business day or after 4:00
P.M., Eastern Time on a business day, we will use the next business day.
o When a charge is to be deducted on a participation date anniversary that is
a non-business day, we will deduct the charge on the next business day.
CONTRIBUTIONS AND TRANSFERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the close of the business day.
o Contributions allocated to the guaranteed interest option will receive the
guaranteed interest rate in effect on that business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the close of the business day.
o Transfers to the guaranteed interest option will receive the guaranteed
interest rate in effect on that business day.
o For the fixed-dollar option, the first monthly transfer will occur on the
last business day of the month in which we receive your election form at our
processing office.
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o For the interest sweep option, the first monthly transfer will occur on the
last business day of the month following the month in which we receive your
election form at our processing office.
ABOUT YOUR VOTING RIGHTS
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 the election of trustees; or
o the formal approval of independent auditors selected for EQ Advisors Trust;
or
o any other matters described in the prospectus for EQ Advisors Trust or
requiring a shareholders' vote under the Investment Company Act of 1940.
We will give participants or plan trustees, as applicable, the opportunity to
instruct us how to vote the number of shares attributable to their retirement
account values if a shareholder vote is taken. If we do not receive
instructions in time from all participants or plan trustees, whichever applies,
we will vote the shares of a portfolio for which no instructions have been
received in the same proportion as we vote shares of that portfolio for which
we have received instructions. We will also vote any shares that we are
entitled to vote directly because of amounts we have in a portfolio in the same
proportions that participants or plan trustees, whichever applies, vote.
VOTING RIGHTS OF OTHERS
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 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
participants and plan trustees, we currently do not foresee any disadvantages
because of this. The Board of Trustees of EQ Advisors Trust 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
participants, we will see to it that appropriate action is taken.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require participant approval,
participants will be entitled to one vote for each unit they have in the
variable investment options. Each participant who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount
of reserves we are holding for that annuity in a variable investment option
divided by the unit value for that option. We will cast votes attributable to
any amounts we have in the variable investment options in the same proportion
as votes cast by participants or plan trustees, as it applies.
CHANGES IN APPLICABLE LAW
The voting rights we describe in this prospectus are created under applicable
federal securities laws. To the extent that those laws or the regulations
published under those laws eliminate the necessity to submit matters for
approval by persons having voting rights in separate accounts of insurance
companies, we reserve the right to proceed in accordance with those laws or
regulations.
IRS DISQUALIFICATION
If a retirement plan funded by the contract is found not to qualify under
federal income tax rules, we may terminate your participation in the MOMENTUM
program and pay you, the plan trustee, or other designated person, the
retirement account value balance. We will, however, make a deduction for any
federal income tax payable by us because of the non-qualification.
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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).
ABOUT LEGAL PROCEEDINGS
Equitable Life and its affiliates are parties to various legal proceedings. In
our view, none of these proceedings is likely to have a material adverse effect
upon Separate Account A, our ability to meet our obligations under the
contracts, or the contract's distribution.
FINANCIAL STATEMENTS
The financial statements of Separate Account No. A, as well as the consolidated
financial statements of Equitable Life, are in the SAI. The SAI is available
free of charge. You may request one by writing to our processing office or
calling 1-800-528-0204.
DISTRIBUTION OF THE CONTRACTS
AXA Advisors, LLC ("AXA Advisors"), the successor to Equitable Financial
Consultants, Inc., and an affiliate of Equitable Life, is the distributor of
the contracts and has responsibility for sales and marketing functions for
Separate Account A. AXA Advisors serves as the principal underwriter of
Separate Account A. AXA Advisors is registered with the SEC as a broker-dealer
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. Pursuant to a Distribution and Servicing Agreement between AXA
Advisors, Equitable Life, and certain of Equitable Life's separate accounts,
including Separate Account A, Equitable Life paid AXA Advisors distribution
fees of $325,380 for 1999, $325,380 for 1998 and $325,380 for 1997, as
distributor of certain contracts and as the principal underwriter of certain
separate accounts including Separate Account A.
The contracts are sold by financial professionals who are registered
representatives of AXA Advisors and its affiliates, who are also our licensed
insurance agents. AXA Advisors may also receive compensation and reimbursement
for its marketing services under the terms of its distribution agreement with
Equitable Life. The offering of the contracts is intended to be continuous.
<PAGE>
11
Investment performance
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We provide the following tables to show five different measurements of the
investment performance of the variable investment options and/or the portfolios
in which they invest. We include these tables because they may be of general
interest to you.
Table 1 shows the average annual total return of the variable investment
options. Average annual total return is the annual rate of growth that would be
necessary to achieve the ending value of a contribution invested in the
variable investment options for the periods shown.
Table 2 shows the growth of a hypothetical $1,000 investment in the variable
investment options over the periods shown. Both Tables 1 and 2 take into
account all current fees and charges under the contract, including the
quarterly administrative charges, if applicable, and the withdrawal charges and
expenses, if applicable, but do not reflect the charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your state or
any applicable annuity administrative fee.
Tables 3, 4 and 5 show the rates of return of the variable investment options
on an annualized, cumulative, and year-by-year basis. These tables take into
account all current fees and charges under the contract, but do not reflect the
quarterly administrative charge, any withdrawal charge, or the charges designed
to approximate certain taxes that may be imposed on us, such as premium taxes
in your state or any applicable annuity administrative fee. If the charges were
reflected they would effectively reduce the rates of return shown.
In all cases the results shown are based on the actual historical investment
experience of the portfolio in which the variable investment option invests. In
some cases, the results shown relate to periods when the variable investment
options and/or the contract were not available. In those cases, we adjusted the
results of the portfolios to reflect the charges under the contract that would
have applied had the investment options and/or contract been available.
The results shown for the Alliance Money Market, EQ/Balanced, Alliance Common
Stock and EQ/Aggressive Stock options for periods before those options were
operated as part of a unit investment trust has been adjusted to reflect the
investment advisory fee and expense structure that became applicable to
Separate Account A, as a unit investment trust. See "The Reorganization" in the
SAI for additional information.
EQ Advisors Trust commenced operations on May 1, 1997. For periods prior to
October 18, 1999 the Alliance portfolios (other than EQ/Alliance Premier
Growth) were part of The Hudson River Trust. On October 18, 1999, these
portfolios became corresponding portfolios of EQ Advisors Trust. In each case,
the performance shown is for the indicated EQ Advisors Trust portfolio and any
predecessors that it may have had.
All rates of return presented are time-weighted and include reinvestment of
investment income, including interest and dividends.
From time to time, we may advertise different measurements of the investment
performance options and/or portfolios, including the measurements reflected in
the tables below.
THE PERFORMANCE SHOWN BELOW AND THE PERFORMANCE THAT WE ADVERTISE REFLECTS PAST
PERFORMANCE AND DOES NOT INDICATE HOW THE VARIABLE INVESTMENT OPTIONS MAY
PERFORM IN THE FUTURE. SUCH INFORMATION ALSO DOES NOT REPRESENT THE RESULTS
EARNED BY ANY PARTICULAR INVESTOR. YOUR RESULTS WILL DIFFER.
BENCHMARKS
Tables 3 and 4 compare the performance of variable investment options to market
indices that serve as benchmarks. Market indices are not subject to any charges
for investment advisory fees, brokerage commission or other operating expenses
typically associated with a managed portfolio. Also, they do not reflect other
charges such as the mortality and expense risks charge, other expenses,
administrative charge, or any withdrawal charges under the contracts.
Comparisons with these benchmarks, therefore, may be of limited use. We include
them because they are widely known and may help you to understand the universe
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of securities from which each portfolio is likely to select its holdings.
Benchmark data reflect the reinvestment of dividend income. The benchmarks
include:
EQ/AGGRESSIVE STOCK: 50% Russell 2000 Index and 50%
Standard & Poor's Mid-Cap Total Return Index.
ALLIANCE COMMON STOCK: Standard & Poor's 500 Index.
ALLIANCE CONSERVATIVE INVESTORS: 70% Lehman Treasury
Bond Composite Index and 30% Standard & Poor's 500 Index.
ALLIANCE EQUITY INDEX: Standard & Poor's 500 Index.
ALLIANCE GLOBAL: Morgan Stanley Capital International World
Index.
ALLIANCE GROWTH AND INCOME: 75% Standard & Poor's 500
Index and 25% Value Line Convertibles Index.
ALLIANCE GROWTH INVESTORS: 30% Lehman
Government/Corporate Bond Index and 70% Standard & Poor's 500 Index.
ALLIANCE HIGH YIELD: Benchmark #1 - Merrill Lynch High Yield
Master Index and Benchmark #2 - Credit Suisse First Boston
Global High Yield Index.
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES: Lehman
Intermediate Government Bond Index.
ALLIANCE INTERNATIONAL: Morgan Stanley Capital International
Europe, Australia, Far East Index.
ALLIANCE MONEY MARKET: Salomon Brothers Three-Month
T-Bill Index.
EQ/ALLIANCE PREMIER GROWTH: Standard & Poor's 500 Index.
ALLIANCE QUALITY BOND: Lehman Aggregate Bond Index.
ALLIANCE SMALL CAP GROWTH: Russell 2000 Growth Index.
EQ/ALLIANCE TECHNOLOGY: NASDAQ Composite.
EQ/BALANCED: 50% Standard & Poor's 500 and 50% Lehman
Government/Corporate Bond Index.
CAPITAL GUARDIAN INTERNATIONAL: Morgan Stanley Capital
International Europe, Australia, Far East Index.
CAPITAL GUARDIAN RESEARCH: Standard & Poor's 500 Index.
CAPITAL GUARDIAN U.S. EQUITY: Standard & Poor's 500 Index.
EQ/EVERGREEN: Benchmark #1 - Russell 2000 Index and Bench
#2 - Russell 2000 Value Index.
EQ/EVERGREEN FOUNDATION: 60% Standard & Poor's 500
Index/40% Lehman Brothers Aggregate Bond Index.
LAZARD LARGE CAP VALUE: Standard & Poor's 500 Index.
LAZARD SMALL CAP VALUE: Russell 2000 Index.
MFS EMERGING GROWTH COMPANIES: Russell 2000 Index.
MFS GROWTH WITH INCOME: Standard & Poor's 500 Index.
MFS RESEARCH: Standard & Poor's 500 Index.
MERCURY BASIC VALUE EQUITY: Standard & Poor's 500 Index.
MERCURY WORLD STRATEGY: 36% Standard & Poor's 500
Index/24% Morgan Stanley Capital International Europe, Australia,
Far East Index/21% Salomon Brothers U.S. Treasury Bond 1 Year+
14% Salomon Brothers World Government Bond (excluding
U.S.)/and 5% Three-Month U.S. Treasury Bill.
MORGAN STANLEY EMERGING MARKETS EQUITY: Morgan
Stanley Capital International Emerging Markets Free Price Return
Index.
EQ/PUTNAM BALANCED: 60% Standard & Poor's 500 Index and
40% Lehman Government/Corporate Bond Index.
EQ/PUTNAM GROWTH & INCOME VALUE: Standard & Poor's
500 Index.
EQ/PUTNAM INTERNATIONAL EQUITY: Morgan Stanley Capital
International Europe, Australia, Far East Index.
EQ/PUTNAM INVESTORS GROWTH: Standard & Poor's 500 Index.
T. ROWE PRICE EQUITY INCOME: Standard & Poor's 500 Index.
T. ROWE PRICE INTERNATIONAL STOCK: Morgan Stanley Capital
International Europe, Australia, Far East Index.
WARBURG PINCUS SMALL COMPANY VALUE: Benchmark #1 -
Russell 2000 Index and Benchmark #2 - Russell 2000 Value
Index.
LIPPER SURVEY. The Lipper Variable Insurance Products Performance Analysis
Survey (Lipper Survey) records the performance of a large group of variable
annuity products, including managed separate accounts of insurance companies.
According to Lipper Analytical Services, Inc. (Lipper), the data are presented
net of investment management fees, direct operating expenses and asset-based
charges applicable under annuity contracts. Lipper data provide a more accurate
picture than market benchmarks of the MOMENTUM performance relative to other
variable annuity products.
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TABLE 1
AVERAGE ANNUAL TOTAL RETURN FOR A PARTICIPANT TERMINATION ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
LENGTH OF INVESTMENT PERIOD
-----------------------------------------------------------------------
SINCE SINCE
OPTION PORTFOLIO
VARIABLE INVESTMENT OPTIONS 1 YEAR 3 YEARS 5 YEARS 10 YEARS INCEPTION* INCEPTION**
- --------------------------- -------- --------- --------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
EQ/Aggressive Stock 9.09% 4.44% 11.91% 13.47% 15.06% 15.06%
Alliance Common Stock 15.02% 22.46% 23.75% 15.05% 15.43% 11.13%
Alliance Conservative Investors 0.76% 6.98% 7.88% 6.37% 5.98% 6.45%
Alliance Equity Index 10.41% 21.50% 23.60% - 21.28% 19.95%
Alliance Global 27.96% 18.00% 16.18% 12.28% 14.12% 11.00%
Alliance Growth and Income 8.75% 16.60% 17.68% - 14.34% 13.43%
Alliance Growth Investors 16.41% 15.30% 15.68% 13.69% 12.33% 13.72%
Alliance High Yield (11.59)% (2.43)% 5.31% 6.82% 4.06% 5.99%
Alliance Intermediate Government Securities (8.39)% (0.32)% 1.76% - 2.00% 2.77%
Alliance International 27.24% 8.45% - - 8.20% 8.47%
Alliance Money Market (4.01)% (0.13)% 0.74% 1.69% 3.22% 3.22%
Alliance Quality Bond (10.35)% (0.19)% 2.87% - 1.83% 1.50%
Alliance Small Cap Growth (17.69)% - - - 8.09% 12.15%
EQ/Balanced 7.94% 11.56% 11.91% 8.21% 9.50% 9.50%
MFS Emerging Growth Companies 62.04% - - - 39.36% 42.31%
MFS Research 13.05% - - - 15.96% 18.17%
Mercury Basic Value Equity 9.02% - - - 9.57% 12.20%
Mercury World Strategy 11.34% - - - 4.60% 6.43%
Morgan Stanley Emerging Markets Equity 83.49% - - - (0.16)% (0.16)%
EQ/Putnam Balanced (8.48)% - - - 2.69% 4.02%
EQ/Putnam Growth & Income Value (9.76)% - - - 2.56% 4.43%
T. Rowe Price Equity Income (5.27)% - - - 5.40% 7.11%
T. Rowe Price International Stock 21.52% - - - 8.84% 10.01%
Warburg Pincus Small Company Value (6.87)% - - - (4.54)% (2.13)%
</TABLE>
Notes to Table 1 are on following page.
<PAGE>
- -------
54
- --------------------------------------------------------------------------------
- ----------
* The variable investment option inception dates are: EQ/Aggressive Stock
(5/1/84), EQ/Balanced (5/1/84), Alliance Common Stock (8/27/81), Alliance
Conservative Investors (1/4/94), Alliance Equity Index (6/1/94), Alliance
Global (1/4/94), Alliance Growth and Income (1/4/94), Alliance Growth
Investors (1/4/94), Alliance High Yield (1/4/94), Alliance Intermediate
Government Securities (6/1/94), Alliance International (9/1/95), Alliance
Money Market (5/11/82), Alliance Quality Bond (1/4/94), Alliance Small
Cap Growth (6/2/97), MFS Emerging Growth Companies (6/2/97), MFS Research
(6/2/97), Mercury Basic Value Equity (6/2/97), Mercury World Strategy
(6/2/97), Morgan Stanley Emerging Markets Equity (8/20/97), EQ/Putnam
Balanced (6/2/97), EQ/Putnam Growth & Income Value (6/2/97), T. Rowe
Price Equity Income (6/2/97), T. Rowe Price International Stock (6/2/97),
and Warburg Pincus Small Company Value (6/2/97). The inception dates for
the variable investment options that became available after December 31,
1998 and are therefore not shown in this table are: EQ/Alliance Premier
Growth, Calvert Socially Responsible, Capital Guardian International,
Capital Guardian Research, Capital Guardian U.S. Equity, EQ/Evergreen,
EQ/Evergreen Foundation, Lazard Large Cap Value, Lazard Small Cap Value,
MFS Growth with Income, EQ/Putnam International Equity, and EQ/Putnam
Investors Growth (8/30/99) and EQ/Alliance Technology (5/1/00).
** The portfolio inception dates for the underlying Alliance variable
investment options shown in the tables are for portfolios of The Hudson
River Trust, the assets of which became assets of corresponding
portfolios of EQ Advisors Trust on 10/18/99. The portfolio inception
dates are: EQ/Aggressive Stock (5/1/84), EQ/Balanced (5/1/84), Alliance
Common Stock (8/1/68), Alliance Conservative Investors (10/2/89),
Alliance Equity Index (3/1/94), Alliance Global (8/27/87), Alliance
Growth and Income (10/1/93), Alliance Growth Investors (10/2/89),
Alliance High Yield (1/2/87), Alliance Intermediate Government Securities
(4/1/91), Alliance International (4/3/95), Alliance Money Market
(5/11/82), Alliance Quality Bond (10/1/93), Alliance Small Cap Growth
(5/1/97), MFS Emerging Growth Companies (5/1/97), MFS Research (5/1/97),
Mercury Basic Value Equity (5/1/97), Mercury World Strategy (5/1/97),
Morgan Stanley Emerging Markets Equity (8/20/97), EQ/Putnam Balanced
(5/1/97), EQ/Putnam Growth & Income Value (5/1/97), T. Rowe Price Equity
Income (5/1/97), T. Rowe Price International Stock (5/1/97), and Warburg
Pincus Small Company Value (5/1/97), Lazard Large Cap Value (12/31/97),
Lazard Small Cap Value (12/31/97), EQ/Putnam International Equity
(5/1/97), EQ/Putnam Investors Growth (5/1/97), EQ/Evergreen, EQ/Evergreen
Foundation, and MFS Growth with Income (inception dates of 12/31/98) are
not included because the variable investment options that correspond to
the portfolios became available after 12/31/98). The inception dates for
the Portfolios that became available on or after December 31, 1998 and
are therefore not shown in the tables are: EQ/Alliance Premier Growth,
Capital Guardian U.S. Equity, Capital Guardian Research, and Capital
Guardian International (4/30/99); Calvert Socially Responsible (8/30/99)
and EQ/Alliance Technology (5/1/00).
<PAGE>
- -------
55
- --------------------------------------------------------------------------------
TABLE 2
GROWTH OF $1,000 UNDER A CONTRACT TERMINATED ON DECEMBER 31, 1999
<TABLE>
<CAPTION>
LENGTH OF INVESTMENT PERIOD
----------------------------------------------------------------------
SINCE
PORTFOLIO
VARIABLE INVESTMENT OPTIONS 1 YEAR 3 YEARS 5 YEARS 10 YEARS INCEPTION*
- --------------------------- -------- --------- --------- ---------- -------------
<S> <C> <C> <C> <C> <C>
EQ/Aggressive Stock $ 1,090.90 $ 1,139.18 $ 1,755.37 $ 3,539.42 $ 9,010.91
Alliance Common Stock $ 1,150.20 $ 1,836.36 $ 2,901.66 $ 4,062.15 $ 27,538.09
Alliance Conservative Investors $ 1,007.61 $ 1,224.32 $ 1,461.41 $ 1,854.41 $ 1,898.08
Alliance Equity Index $ 1,104.14 $ 1,793.72 $ 2,885.20 - $ 2,892.65
Alliance Global $ 1,279.60 $ 1,643.00 $ 2,117.10 $ 3,183.70 $ 3,627.36
Alliance Growth and Income $ 1,087.49 $ 1,585.30 $ 2,257.03 - $ 2,198.63
Alliance Growth Investors $ 1,164.08 $ 1,532.88 $ 2,071.89 $ 3,606.51 $ 3,733.71
Alliance High Yield $ 884.13 $ 929.00 $ 1,295.07 $ 1,934.95 $ 2,131.21
Alliance Intermediate Government Securities $ 916.08 $ 990.30 $ 1,091.21 - $ 1,270.37
Alliance International $ 1,272.42 $ 1,275.58 - - $ 1,471.43
Alliance Money Market $ 959.92 $ 996.16 $ 1,037.79 $ 1,182.56 $ 1,749.45
Alliance Quality Bond $ 896.50 $ 994.46 $ 1,151.98 - $ 1,097.44
Alliance Small Cap Growth $ 1,176.94 - - - $ 1,358.40
EQ/Balanced $ 1,079.36 $ 1,388.29 $ 1,755.28 $ 2,200.26 $ 4,146.44
MFS Emerging Growth Companies $ 1,620.41 - - - $ 2,566.30
MFS Research $ 1,130.54 - - - $ 1,562.10
Mercury Basic Value Equity $ 1,090.18 - - - $ 1,360.13
Mercury World Strategy $ 1,113.43 - - - $ 1,181.16
Morgan Stanley Emerging Markets Equity $ 1,834.93 - - - $ 996.26
EQ/Putnam Balanced $ 915.16 - - - $ 1,110.95
EQ/Putnam Growth & Income Value $ 902.38 - - - $ 1,122.65
T. Rowe Price Equity Income $ 947.31 - - - $ 1,201.39
T. Rowe Price International Stock $ 1,215.21 - - - $ 1,290.35
Warburg Pincus Small Company Value $ 931.27 - - - $ 944.06
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1.
<PAGE>
- -----
56
- --------------------------------------------------------------------------------
TABLE 3
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
-------- --------- --------- --------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK 17.42% 8.39% 14.83% 15.10% - 16.23%
Lipper Mid-Cap Growth 51.65% 24.68% 19.97% 14.78% - 15.86%
Benchmark 18.09% 17.48% 19.92% 15.41% - 14.58%
ALLIANCE COMMON STOCK 23.47% 26.17% 26.31% 16.97% 16.89% 12.45%
Lipper Growth 29.78% 26.87% 25.55% 16.90% 15.83% 15.16%
Benchmark 21.03% 27.56% 28.56% 18.21% 17.88% 16.19%
ALLIANCE CONSERVATIVE INVESTORS 8.67% 10.90% 10.96% 8.46% - 8.54%
Lipper Income 4.42% 11.65% 13.70% 10.10% - 10.15%
Benchmark 4.19% 12.07% 13.60% 10.75% - 10.68%
ALLIANCE EQUITY INDEX 18.77% 25.21% 26.12% - - 21.99%
Lipper S&P 500 Index Funds 19.36% 25.86% 26.81% - - 23.89%
Benchmark 21.03% 27.56% 28.56% - - 24.14%
ALLIANCE GLOBAL 36.67% 21.81% 19.09% 14.28% - 12.93%
Lipper Global 44.62% 23.92% 20.57% 11.65% - 11.06%
Benchmark 24.93% 21.61% 19.76% 11.42% - 10.74%
ALLIANCE GROWTH AND INCOME 17.07% 20.41% 20.42% - - 15.56%
Lipper Growth & Income 12.90% 17.23% 20.50% - - 16.45%
Benchmark 20.71% 23.10% 25.01% - - 18.77%
ALLIANCE GROWTH INVESTORS 24.89% 19.14% 18.56% 15.50% - 15.50%
Lipper Flexible Portfolio 10.45% 14.19% 15.15% 11.65% - 11.68%
Benchmark 13.77% 20.90% 22.15% 15.13% - 15.15%
ALLIANCE HIGH YIELD (4.65)% 1.41% 8.39% 8.75% - 7.89%
Lipper High Yield 3.65% 4.82% 8.59% 9.61% - 7.79%
Benchmark #1 1.57% 5.91% 9.61% 10.79% - 9.99%
Benchmark #2 3.28% 5.37% 9.07% 11.06% - 10.04%
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES (1.20)% 3.59% 4.94% - - 4.85%
Lipper U.S. Government (2.60)% 4.04% 5.81% - - 5.89%
Benchmark 0.49% 5.50% 6.93% - - 6.76%
ALLIANCE INTERNATIONAL 35.94% 12.36% - - - 11.61%
Lipper International 43.24% 18.74% - - - 16.13%
Benchmark 26.96% 15.74% - - - 13.11%
ALLIANCE MONEY MARKET 3.53% 3.80% 3.93% 3.75% - 5.23%
Lipper Money Market 3.78% 4.05% 4.16% 3.96% - 5.70%
Benchmark 4.74% 5.01% 5.20% 5.06% - 6.65%
ALLIANCE QUALITY BOND (3.31)% 3.74% 6.02% - - 3.55%
Lipper Corporate Bond A-Rated (2.56)% 4.06% 6.53% - - 4.36%
Benchmark (0.82)% 5.73% 7.73% - - 5.64%
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1.
<PAGE>
- -------
57
- --------------------------------------------------------------------------------
TABLE 3 (CONTINUED)
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
-------- --------- --------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
ALLIANCE SMALL CAP GROWTH 26.20% - - - - 16.30%
Lipper Small-Cap 34.26% - - - - 19.49%
Benchmark 43.09% - - - - 25.88%
EQ/BALANCED 16.24% 15.43% 14.89% 10.28% - 11.15%
Lipper Balanced 10.45% 14.19% 15.15% 11.65% - 11.09%
Benchmark 9.07% 16.47% 17.93% 13.04% - 13.19%
MFS EMERGING GROWTH COMPANIES 71.35% - - - - 46.28%
Lipper Mid-Cap 51.65% - - - - 32.50%
Benchmark 21.26% - - - - 16.99%
MFS RESEARCH 21.47% - - - - 22.28%
Lipper Growth 29.78% - - - - 29.33%
Benchmark 21.03% - - - - 27.36%
MERCURY BASIC VALUE EQUITY 17.35% - - - - 16.36%
Lipper Growth & Income 12.90% - - - - 18.00%
Benchmark 21.03% - - - - 27.36%
MERCURY WORLD STRATEGY 19.72% - - - - 10.63%
Lipper Global Flexible Portfolio 12.93% - - - - 11.91%
Benchmark 13.07% - - - - 16.18%
MORGAN STANLEY EMERGING
MARKETS EQUITY 93.12% - - - - 4.28%
Lipper Emerging Markets 82.53% - - - - 2.90%
Benchmark 66.41% - - - - (0.88)%
EQ/PUTNAM BALANCED (1.30)% - - - - 8.24%
Lipper Balanced 8.69% - - - - 13.91%
Benchmark 11.39% - - - - 18.81%
EQ/PUTNAM GROWTH & INCOME
VALUE (2.68)% - - - - 8.64%
Lipper Growth & Income 12.90% - - - - 18.00%
Benchmark 21.03% - - - - 27.36%
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1.
<PAGE>
- -----
58
- --------------------------------------------------------------------------------
TABLE 3 (CONTINUED)
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
-------- --------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
T. ROWE PRICE EQUITY INCOME 2.17% - - - - 11.30%
Lipper Equity Income 6.90% - - - - 14.28%
Benchmark 21.03% - - - - 27.36%
T. ROWE PRICE INTERNATIONAL STOCK 30.10% - - - - 14.18%
Lipper International 43.24% - - - - 20.38%
Benchmark 26.96% - - - - 18.32%
WARBURG PINCUS SMALL COMPANY
VALUE 0.44% - - - - 1.95%
Lipper Small-Cap 34.26% - - - - 24.22%
Benchmark (1.49)% - - - - 7.06%
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1. Lipper survey and
benchmark "since portfolio inception" information are as month-end closest
to the actual date of portfolio inception.
<PAGE>
- -------
59
- --------------------------------------------------------------------------------
TABLE 4
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
-------- --------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK 17.42% 27.35% 99.67% 308.23% 955.87%
Lipper Mid-Cap Growth 51.65% 102.87% 158.98% 311.69% - 683.45%
Benchmark 18.09% 62.12% 147.96% 319.19% - 595.55%
ALLIANCE COMMON STOCK 23.47% 100.83% 221.53% 379.30% 2,167.37% 3885.41%
Lipper Growth 29.78% 106.30% 216.51% 386.68% 1,816.52% 2,838.39%
Benchmark 21.03% 107.56% 251.12% 432.78% 2,584.39% 3,555.48%
ALLIANCE CONSERVATIVE
INVESTORS 8.67% 36.39% 68.17% 125.28% 131.47%
Lipper Income 4.42% 39.31% 91.71% 163.35% - 169.02%
Benchmark 4.19% 40.74% 89.21% 177.71% - 186.90%
ALLIANCE EQUITY INDEX 18.77% 96.29% 219.12% 218.98%
Lipper S&P 500 Index Funds 19.36% 99.37% 227.98% - - 242.77%
Benchmark 21.03% 107.56% 251.12% - - 253.66%
ALLIANCE GLOBAL 36.67% 80.74% 139.55% 279.89% 348.60%
Lipper Global 44.62% 93.38% 162.57% 205.54% - 273.03%
Benchmark 24.93% 79.83% 146.35% 194.99% - 252.80%
ALLIANCE GROWTH AND INCOME 17.07% 74.59% 153.19% 146.91%
Lipper Growth & Income 12.90% 62.52% 157.04% - - 158.01%
Benchmark 20.71% 86.55% 205.26% - - 204.09%
ALLIANCE GROWTH INVESTORS 24.89% 69.11% 134.23% 322.51% 337.94%
Lipper Flexible Portfolio 10.45% 49.38% 103.90% 204.29% - 211.11%
Benchmark 13.77% 76.71% 171.92% 309.28% - 352.50%
ALLIANCE HIGH YIELD (4.65)% 4.29% 49.59% 131.44% 168.42%
Lipper High Yield 3.65% 15.25% 51.19% 151.82% - 166.74%
Benchmark 1.57% 18.80% 58.22% 178.72% - 245.03%
Benchmark #2 3.28% 17.00% 54.39% 185.43% - 246.92%
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES (1.20)% 11.17% 27.26% 51.40%
Lipper U.S. Government (2.60)% 12.55% 32.56% - - 64.40%
Benchmark 0.49% 17.43% 39.81% - - 77.41%
ALLIANCE INTERNATIONAL 35.94% 41.84% 68.41%
Lipper International 43.24% 69.17% - - - 103.07%
Benchmark 26.96% 55.06% - - - 79.52%
ALLIANCE MONEY MARKET 3.53% 11.83% 21.27% 44.51% 145.59%
Lipper Money Market 3.78% 12.64% 22.65% 47.52% - 178.18%
Benchmark 4.74% 15.79% 28.88% 63.79% - 229.35%
ALLIANCE QUALITY BOND (3.31)% 11.64% 33.98% 24.39%
Lipper Corporate Bond A-Rated (2.56)% 12.69% 37.39% - - 30.19%
Benchmark (0.82)% 18.20% 45.12% - - 40.97%
ALLIANCE SMALL CAP GROWTH 26.20% - - - - 49.64%
Lipper Small-Cap 34.26% - - - - 62.98%
Benchmark 43.09% - - - - 84.91%
</TABLE>
<PAGE>
- -------
60
- --------------------------------------------------------------------------------
TABLE 4 (CONTINUED)
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
-------- --------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
EQ/BALANCED 16.24% 53.81% 100.15% 166.11% - 423.93%
Lipper Balanced 10.45% 49.38% 103.90% 204.29% - 355.16%
Benchmark 9.07% 58.00% 128.08% 240.54% - 558.00%
MFS EMERGING GROWTH
COMPANIES 71.35% - - - - 175.93%
Lipper Mid-Cap 51.65% - - - - 120.85%
Benchmark 21.26% - - - - 52.05%
MFS RESEARCH 21.47% - - - - 71.06%
Lipper Growth 29.78% - - - - 101.13%
Benchmark 21.03% - - - - 90.75%
MERCURY BASIC VALUE EQUITY 17.35% - - - - 49.82%
Lipper Growth & Income 12.90% - - - - 56.85%
Benchmark 21.03% - - - - 90.75%
MERCURY WORLD STRATEGY 19.72% - - - - 30.94%
Lipper Global Flexible Portfolio 12.93% - - - - 35.69%
Benchmark 13.07% - - - - 49.16%
MORGAN STANLEY EMERGING
MARKETS EQUITY 93.12% - - - - 10.43%
Lipper Emerging Markets 82.53% - - - - 7.48%
Benchmark 66.41% - - - - 5.32%
EQ/PUTNAM BALANCED (1.30)% - - - - 23.53%
Lipper Balanced 8.69% - - - - 42.44%
Benchmark 11.39% - - - - 61.21%
EQ/PUTNAM GROWTH & INCOME
VALUE (2.68)% - - - - 24.76%
Lipper Growth & Income 12.90% - - - - 56.85%
Benchmark 21.03% - - - - 90.75%
T. ROWE PRICE EQUITY INCOME 2.17% - - - - 33.07%
Lipper Equity Income 6.90% - - - - 43.31%
Benchmark 21.03% - - - - 90.75%
T. ROWE PRICE INTERNATIONAL
STOCK 30.10% - - - - 42.46%
Lipper International 43.24% - - - - 65.44%
Benchmark 26.96% - - - - 56.70%
WARBURG PINCUS SMALL
COMPANY VALUE 0.44% - - - - 5.28%
Lipper Small-Cap 34.26% - - - - 83.94%
Benchmark #1 21.26% - - - - 52.05%
Benchmark #2 (1.49)% - - - - 19.99%
</TABLE>
- ----------
* Portfolio inception dates are shown in Table 1. Lipper survey and
benchmark "since portfolio inception" information are as month-end closest
to the actual date of portfolio inception.
<PAGE>
- -------
61
- --------------------------------------------------------------------------------
TABLE 5
YEAR-BY-YEAR RATES OF RETURN
<TABLE>
<CAPTION>
1990 1991 1992 1993
------ ------ ------ ------
<S> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK 5.76% 84.65% (4.37)% 15.28%
ALLIANCE COMMON STOCK (9.27)% 35.81% 1.82% 23.11%
ALLIANCE CONSERVATIVE INVESTORS 4.98% 18.24% 4.37% 9.28%
ALLIANCE EQUITY INDEX - - - -
ALLIANCE GLOBAL (7.32)% 28.81% (1.85)% 30.36%
ALLIANCE GROWTH AND INCOME - - - (0.59)%
ALLIANCE GROWTH INVESTORS 9.13% 46.92% 3.53% 13.72%
ALLIANCE HIGH YIELD (2.42)% 22.79% 10.81% 21.50%
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES - 10.94% 4.18% 9.10%
ALLIANCE INTERNATIONAL - - - -
ALLIANCE MONEY MARKET 6.82% 4.69% 2.19% 1.59%
ALLIANCE QUALITY BOND - - - (0.84)%+
ALLIANCE SMALL CAP GROWTH - - - -
EQ/BALANCED (1.46)% 40.02% (4.15)% 10.81%
MFS EMERGING GROWTH COMPANIES - - - -
MFS RESEARCH - - - -
MERCURY BASIC VALUE EQUITY - - - -
MERCURY WORLD STRATEGY - - - -
MORGAN STANLEY EMERGING
MARKETS EQUITY - - - -
E/Q PUTNAM BALANCED - - - -
E/Q PUTNAM GROWTH & INCOME
VALUE - - - -
T. ROWE PRICE EQUITY INCOME - - - -
T. ROWE PRICE INTERNATIONAL
STOCK - - - -
WARBURG PINCUS SMALL COMPANY
VALUE - - - -
<CAPTION>
1994 1995 1996 1997 1998 1999
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK (5.03)% 29.97% 20.63% 9.45% (0.91)% 17.42%
ALLIANCE COMMON STOCK (3.48)% 30.64% 22.55% 27.45% 27.62% 23.47%
ALLIANCE CONSERVATIVE INVESTORS (5.38)% 18.79% 3.79% 11.71% 12.35% 8.67%
ALLIANCE EQUITY INDEX (0.04)% 34.66% 20.73% 30.79% 26.36% 18.77%
ALLIANCE GLOBAL 3.82% 17.23% 13.06% 10.05% 20.17% 36.67%
ALLIANCE GROWTH AND INCOME (1.90)% 22.42% 18.47% 25.06% 19.25% 17.07%
ALLIANCE GROWTH INVESTORS (4.44)% 24.68% 11.09% 15.21% 17.53% 24.89%
ALLIANCE HIGH YIELD (4.09)% 18.32% 21.23% 16.88% (6.42)% (4.65)%
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES (5.65)% 11.81% 2.38% 5.85% 6.30% (1.20)%
ALLIANCE INTERNATIONAL - 9.60% 8.33% (4.35)% 9.09% 35.94%
ALLIANCE MONEY MARKET 2.63% 4.35% 3.92% 3.98% 3.89% 3.53%
ALLIANCE QUALITY BOND (6.37)% 15.46% 3.94% 7.68% 7.23% (3.31)%
ALLIANCE SMALL CAP GROWTH - - - 25.55% (5.56)% 26.20%
EQ/BALANCED (9.27)% 18.13% 10.16% 13.49% 16.58% 16.24%
MFS EMERGING GROWTH COMPANIES - - - 21.34% 32.72% 71.35%
MFS RESEARCH - - - 15.01% 22.44% 21.47%
MERCURY BASIC VALUE EQUITY - - - 15.97% 10.09% 17.35%
MERCURY WORLD STRATEGY - - - 3.77% 5.39% 19.72%
MORGAN STANLEY EMERGING
MARKETS EQUITY - - - (20.59)% (28.00)% 93.12%
E/Q PUTNAM BALANCED - - - 13.46% 10.31% (1.30)%
E/Q PUTNAM GROWTH & INCOME
VALUE - - - 15.17% 11.31% (2.68)%
T. ROWE PRICE EQUITY INCOME - - - 21.04% 7.61% 2.17%
T. ROWE PRICE INTERNATIONAL
STOCK - - - (2.39)% 12.17% 30.10%
WARBURG PINCUS SMALL COMPANY
VALUE - - - 18.06% (11.21)% 0.44%
</TABLE>
- ----------
+ Returns for these portfolios represent less than 12 months of performance.
The returns are as of each portfolio's inception date as shown in Table 1.
<PAGE>
- ---------
62
- --------------------------------------------------------------------------------
COMMUNICATING PERFORMANCE DATA
In reports or other communications to contract owners or in advertising
material, we may describe general economic and market conditions affecting our
variable investment options and the portfolios and may compare the performance
or ranking of those options and the portfolios with:
o those 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;
o other appropriate indices of investment securities and averages for peer
universes of mutual funds; or
o data developed by us derived from such indices or averages.
We also may furnish to present or prospective contract owners advertisements
or other communications that include evaluations of a variable investment
option or portfolio by nationally recognized financial publications. Examples
of such publications are:
- --------------------------------------------------------------------------
Barron's Money Management Letter
Morningstar's Variable Annuity Sourcebook Investment Dealers Digest
Business Week National Underwriter
Forbes Pension & Investments
Fortune USA Today
Institutional Investor Investor's Business Daily
Money The New York Times
Kiplinger's Personal Finance The Wall Street Journal
Financial Planning The Los Angeles Times
Investment Adviser The Chicago Tribune
Investment Management Weekly
- --------------------------------------------------------------------------
Lipper compiles performance data for peer universes of funds with similar
investment objectives in its Lipper Survey. Morningstar, Inc. compiles similar
data in the Morningstar Variable Annuity/Life Report (Morningstar Report).
The Lipper Survey records performance data as reported to it by over 800 mutual
funds underlying variable annuity and life insurance products. It divides these
actively managed portfolios into 25 categories by portfolio objectives. The
Lipper Survey contains two different universes, which reflect different types
of fees in performance data as discussed under "Lipper" above:
o The "separate account" universe reports performance data net of investment
management fees, direct operating expenses and asset-based charges
applicable under variable life and annuity contracts; and
o The "mutual fund" universe reports performance net only of investment
management fees and direct operating expenses, and therefore reflects only
charges that relate to the underlying mutual fund.
The Morningstar Variable Annuity/Life Report consists of nearly 700 variable
life and annuity funds, all of which report their data net of investment
management fees, direct operating expenses and separate account level charges.
VARDS is a monthly reporting service that monitors approximately 2,500 variable
life and variable annuity funds on performance and account information.
YIELD INFORMATION
Current yield for the Alliance Money Market option will be based on net changes
in a hypothetical investment over a given seven-day period, exclusive of
capital changes, and then "annualized" (assuming that the same seven-day result
would occur each week for 52 weeks). Current yield for the other options will
be based on net changes in a hypothetical investment over a given 30-day
period, exclusive of capital changes, and then "annualized" (assuming that the
same 30-day result would occur each month for 12 months).
"Effective yield" is calculated in a similar manner, but when annualized, any
income earned by the investment is assumed to be reinvested. The "effective
yield" will be slightly higher than the "current yield" because any earnings
are compounded weekly for the Alliance Money Market option. The current yields
and effective yields assume the deduction of all current contract charges and
expenses other than the quarterly administrative charge, the withdrawal charge,
and
<PAGE>
- ------
63
- --------------------------------------------------------------------------------
any charge designed to approximate certain taxes that may be imposed on us,
such as premium taxes in your state. For more information, see "Alliance Money
Market option yield information" and "Other yield information" in the SAI.
<PAGE>
Appendix I: Original certificates
- --------
A-1
- --------------------------------------------------------------------------------
Original certificates are MOMENTUM certificates under which the MOMENTUM
employer has not elected to add any new variable investment options. Therefore,
only EQ/Aggressive Stock, EQ/Balanced, Alliance Common Stock and Alliance Money
Market variable investment options are available.
SELECTING YOUR INVESTMENT METHOD. Employers and plan trustees should note that
for original certificates, only the guaranteed interest option, EQ/Aggressive
Stock, EQ/Balanced, Alliance Common Stock and Alliance Money Market options are
available.
TRANSFERRING YOUR RETIREMENT ACCOUNT VALUE. If you own an original certificate,
the Alliance Money Market option is always available. However, we will not
permit transfers into the Alliance Money Market option from any other investment
option. There will not be any other transfer limitations under your original
certificate.
DEFAULT OPTION FOR THE FORFEITURE ACCOUNT. We allocate amounts in the
forfeiture account to the default option. For Original certificates, the
guaranteed interest option is the default option.
<PAGE>
Appendix II: Condensed financial information
- --------
B-1
- --------------------------------------------------------------------------------
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT
OPTION.
<TABLE>
<CAPTION>
1993 1994 1995 1996 1997 1998 1999
------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
EQ/AGGRESSIVE STOCK
Unit value $ 55.68 $ 52.88 $ 68.73 $ 82.91 $ 90.75 $ 89.92 $ 105.59
Number of units outstanding (000's) 258 620 969 1,281 1,437 1,401 12.07
ALLIANCE COMMON STOCK
Unit value $ 128.81 $ 124.32 $ 162.42 $ 199.05 $ 253.68 $ 323.75 399.74
Number of units outstanding (000's) - 120 270 403 519 591 553
ALLIANCE CONSERVATIVE INVESTORS
Unit value - $ 95.10 $ 112.97 $ 117.25 $ 130.98 $ 147.17 $ 159.92
Number of units outstanding (000's) - 3 11 18 22 24 22
ALLIANCE EQUITY INDEX
Unit value - $ 100.95 $ 135.94 $ 164.12 $ 214.66 $ 271.24 $ 322.15
Number of units outstanding (000's) - 1 12 51 94 135 172
ALLIANCE GLOBAL
Unit value - $ 104.12 $ 122.06 $ 138.00 $ 151.87 $ 182.50 $ 249.43
Number of units outstanding (000's) - 16 62 116 147 156 156
ALLIANCE GROWTH AND INCOME
Unit value - $ 98.86 $ 121.02 $ 143.37 $ 179.30 $ 213.81 $ 250.31
Number of units outstanding (000's) - 4 17 41 69 96 109
ALLIANCE GROWTH INVESTORS
Unit value - $ 96.31 $ 120.08 $ 133.40 $ 153.69 $ 180.63 $ 225.59
Number of units outstanding (000's) - 10 57 110 147 159 165
ALLIANCE HIGH YIELD
Unit value - $ 95.88 $ 113.44 $ 137.53 $ 160.74 $ 150.42 $ 143.43
Number of units outstanding (000's) - 1 7 18 29 37 34
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES
Unit value - $ 98.19 $ 109.80 $ 112.40 $ 118.98 $ 126.48 $ 124.96
Number of units outstanding (000's) - 1 7 10 10 11 14
ALLIANCE INTERNATIONAL
Unit value - $ 104.15 $ 104.15 $ 112.82 $ 107.92 $ 117.72 $ 160.04
Number of units outstanding (000's) - 0 0 19 32 37 37
ALLIANCE MONEY MARKET
Unit value $ 25.41 $ 26.08 $ 27.22 $ 28.28 $ 29.41 $ 30.55 $ 31.63
Number of units outstanding (000's) 56 166 188 240 308 367 469
EQ/ALLIANCE PREMIER GROWTH
Unit value - - - - - - $ 116.36
Number of units outstanding (000's) - - - - - - 13
ALLIANCE QUALITY BOND
Unit value - $ 93.87 $ 108.38 $ 112.65 $ 121.30 $ 130.07 $ 125.76
Number of units outstanding (000's) - 1 4 7 10 15 15
</TABLE>
<PAGE>
- -------
B-2
- --------------------------------------------------------------------------------
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT
OPTION. (CONTINUED)
<TABLE>
<CAPTION>
1993 1994 1995 1996 1997 1998 1999
------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
ALLIANCE SMALL CAP GROWTH
Unit value - - - - $ 125.55 $ 118.57 $ 149.64
Number of units outstanding (000's) - - - - 6 27 36
EQ/BALANCED
Unit value $ 28.85 $ 26.18 $ 30.92 $ 34.06 $ 38.66 $ 45.07 $ 52.39
Number of units outstanding (000's) 348 776 957 1,057 1,052 986 865
CALVERT SOCIALLY RESPONSIBLE
Unit value - - - - - - $ 107.58
Number of units outstanding (000's) - - - - - - -
CAPITAL GUARDIAN INTERNATIONAL
Unit value - - - - - - $ 129.55
Number of units outstanding (000's) - - - - - - -
CAPITAL GUARDIAN RESEARCH
Unit value - - - - - - $ 106.78
Number of units outstanding (000's) - - - - - - -
CAPITAL GUARDIAN U.S. EQUITY
Unit value - - - - - - $ 101.64
Number of units outstanding (000's) - - - - - - -
EQ/EVERGREEN
Unit value - - - - - - $ 106.57
Number of units outstanding (000's) - - - - - - -
EQ/EVERGREEN FOUNDATION
Unit value - - - - - - $ 105.16
Number of units outstanding (000's) - - - - - - -
LAZARD SMALL CAP
Unit value - - - - - - $ 97.34
Number of units outstanding (000's) - - - - - - -
MFS EMERGING GROWTH
COMPANIES
Unit value - - - - - $ 161.04 $ 275.93
Number of units outstanding (000's) - - - - - 5 33
MFS GROWTH WITH INCOME
Unit value - - - - - - $ 104.48
Number of units outstanding (000's) - - - - - - -
MFS RESEARCH
Unit value - - - - - $ 140.83 $ 171.06
Number of units outstanding (000's) - - - - - 4 8
MERCURY BASIC VALUE EQUITY
Unit value - - - - - $ 127.67 $ 149.82
Number of units outstanding (000's) - - - - - 3 6
</TABLE>
<PAGE>
- -------
B-3
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1993 1994 1995 1996 1997 1998 1999
------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
MERCURY WORLD STRATEGY
Unit value - - - - - $ 109.37 $ 130.94
Number of units outstanding (000's) - - - - - - 1
MORGAN STANLEY EMERGING
MARKETS EQUITY
Unit value - - - - - $ 57.18 $ 110.43
Number of units outstanding (000's) - - - - - - 6
EQ/PUTNAM BALANCED
Unit value - - - - - $ 125.16 $ 123.53
Number of units outstanding (000's) - - - - - - 2
EQ/PUTNAM GROWTH & INCOME
VALUE
Unit value - - - - - $ 128.20 $ 124.76
Number of units outstanding (000's) - - - - - 1 2
EQ/PUTNAM INVESTORS GROWTH
Unit value - - - - - - $ 122.57
Number of units outstanding (000's) - - - - - - 1
EQ/PUTNAM INTERNATIONAL EQUITY
Unit value - - - - - - $ 137.09
Number of units outstanding (000's) - - - - - - 1
T. ROWE PRICE EQUITY INCOME
Unit value - - - - - $ 130.25 $ 133.07
Number of units outstanding (000's) - - - - - 1 5
T. ROWE PRICE INTERNATIONAL STOCK
Unit value - - - - - $ 109.49 $ 142.46
Number of units outstanding (000's) - - - - - 1 4
WARBURG PINCUS SMALL COMPANY
VALUE
Unit value - - - - - $ 104.82 $ 105.28
Number of units outstanding (000's) - - - - - - 3
</TABLE>
<PAGE>
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS PAGE
- --------------------------------------------------------------------
Additional information about the MOMENTUM program 2
How we deduct the MOMENTUM quarterly administrative charge 3
Description of contribution sources for the MOMENTUM program 3
Additional loan provisions 4
Automatic minimum withdrawal option 4
Unit values 5
Calculation of annuity payments 6
The reorganization 7
Custodian and independent accountants 7
Alliance Money Market option yield information 7
Other Alliance yield information 8
Distribution 8
Financial statements 12
- --------------------------------------------------------------------
HOW TO OBTAIN A MOMENTUM STATEMENT OF ADDITIONAL INFORMATION FOR SEPARATE
ACCOUNT A
Call 1-800-528-0204 or Send this request form to:
MOMENTUM
P.O. Box 2919
New York, NY 10116
Please send me a MOMENTUM SAI dated May 1, 2000
- ------------------------------------------------------------------------------
Name
- ------------------------------------------------------------------------------
Address
- ------------------------------------------------------------------------------
City State Zip
888-1229
<PAGE>
MOMENTUM(SM)
A group variable and fixed deferred annuity
contract
STATEMENT OF ADDITIONAL INFORMATION DATED
MAY 1, 2000
- --------------------------------------------------------------------------------
This statement of additional information ("SAI") is not a prospectus. It should
be read in conjunction with the related MOMENTUM prospectus, dated May 1, 2000.
That prospectus provides detailed information concerning the contract and the
variable investment options, as well as the fixed interest option, that fund the
contract. Each variable investment option is a subaccount of Equitable Life's
Separate Account A. Definitions of special terms used in the SAI are found in
the prospectus.
A copy of the prospectus is available free of charge by writing the processing
office (Post Office Box 2919, New York, NY 10116), by calling toll free,
1-800-528-0204, or by contacting your financial professional.
TABLE OF CONTENTS
Additional information about the MOMENTUM program 2
How we deduct the MOMENTUM quarterly administrative
charge 3
Description of contribution sources for the MOMENTUM
program 3
Additional loan provisions 4
Automatic minimum withdrawal option 4
Unit values 5
Calculation of annuity payments 6
The reorganization 7
Custodian and independent accountants 7
Alliance Money Market option yield information 7
Other Alliance yield information 8
Distribution 8
Financial statements 9
Copyright 2000 The Equitable Life Assurance Society of the United States.
All rights reserved. Momentum is a service mark of The Equitable Life Assurance
Society of the United States.
888-1229
<PAGE>
- --------------------------------------------------------------------------------
2
ADDITIONAL INFORMATION ABOUT THE MOMENTUM PROGRAM
MASTER PLAN ELIGIBILITY REQUIREMENTS
Under the Master Plan, the employer specifies the eligibility requirements for
its plan in the participation agreement. The employer may exclude any employee
who has not attained a specified age (not to exceed 21) and completed a
specified number of years (not to exceed two) in each of which he completed
1,000 hours of service. The employer may not require more than one year of
eligibility service for a 401(k) plan.
The Master Plan provides that a sole proprietor, partner or shareholder may
elect not to participate in the plan. However, provisions of the Internal
Revenue Code may require that the plan cover all employees even if they
previously elected not to participate.
VESTING UNDER THE MASTER PLAN
Vesting refers to the nonforfeitable portion of a participant's retirement
account value and loans attributable to employer and matching contributions
under the Master Plan. The participant's retirement account value attributable
to salary-deferral contributions, post-tax employee contributions, prior plan
contributions, qualified non-elective and qualified matching contributions is
nonforfeitable at all times.
A participant becomes fully vested in all benefits if still employed at death,
disability, attainment of normal retirement age or upon termination of the plan.
A participant who terminates employment before that time, forfeits any benefits
that are not already vested under the plan's vesting schedule.
Benefits generally must vest in accordance with any of the schedules below or
one at least as favorable to participants as Schedule B or C:
- ------------------------------------------------------------
SCHEDULE A SCHEDULE B SCHEDULE C SCHEDULE E
YEARS OF VESTED VESTED VESTED VESTED
SERVICE PERCENTAGE PERCENTAGE PERCENTAGE PERCENTAGE
- ------------------------------------------------------------
1 0% 0% 0% 100%
2 100 20 0 100
3 100 40 100 100
4 100 60 100 100
5 100 80 100 100
6 100 100 100 100
- ------------------------------------------------------------
If the plan requires more than one year of service for participation, it must
use Schedule E or one at least as favorable to participants.
If the plan is not top "heavy" and does not require more than one year of
service for participation, an employer may, in accordance with provisions of the
Master Plan, instead elect one of the following vesting schedules or one at
least as favorable to participants:
- ---------------------------------------------------------
SCHEDULE F SCHEDULE G
YEARS OF VESTED VESTED
SERVICE PERCENTAGE PERCENTAGE
- ---------------------------------------------------------
less than 3 0% 0%
3 20 0
4 40 0
5 60 100
6 80 100
7 100 100
- ---------------------------------------------------------
BENEFIT DISTRIBUTIONS
If we receive your properly completed forms, you will be eligible to receive a
distribution as follows:
<PAGE>
- --------------------------------------------------------------------------------
3
- ---------------------------------------------------------
FORM RECEIVED
AT THE WHEN ELIGIBLE
TYPE OF THE PROCESSING TO RECEIVE
DISTRIBUTION OFFICE DISTRIBUTION
- ---------------------------------------------------------
Single Sum N/A The 1st business
Payments day that is 7
calendar days
Annuities after we receive
the form.
- ---------------------------------------------------------
In-Service N/A The business day
Withdrawals on which we
receive the form.
Hardship
Withdrawals
Withdrawals of
Post-Tax
Employee
Contributions
- ---------------------------------------------------------
Installment 1st through 25th The 1st business
Payments business day of day of the
month inclusive. following
26th through calendar month.
31st business day
of month The 1st business
inclusive. day of the second
following
calendar month.
- ---------------------------------------------------------
In order for you to begin receiving benefits (including annuity payments) under
an individually designed or prototype defined contribution plan, your employer
must send us a properly completed request for disbursement form. We will send
single sum payments to your plan trustee as of the close of business on the
business day we receive a properly completed form. If you wish to receive
annuity payments, your plan trustee may purchase an annuity contract from us.
The annuity contract will be purchased on the business day we receive a properly
completed form, and payments will commence as of that business day.
HOW WE DEDUCT THE MOMENTUM QUARTERLY ADMINISTRATIVE CHARGE
Each calendar quarter we currently deduct an administrative charge of $7.50 or,
if less, .50% of the total of your retirement account value plus the amount of
any active loan from your retirement account value. We do not make any deduction
if your retirement account value equals or exceeds $25,000. We will deduct this
charge in a specified order of contribution sources and investment options. The
order of contribution sources is: employer contributions, matching
contributions, qualified non-elective and qualified matching contributions,
prior plan contributions, elective contributions and post-tax contributions. The
order of investment options is: guaranteed interest account option, Alliance
Common Stock, EQ/Balanced, EQ/Aggressive Stock, Alliance Money Market, Alliance
Intermediate Government Securities, Alliance Growth Investors, Alliance
Conservative Investors, Alliance High Yield, Alliance Global, Alliance Growth
and Income, Alliance Equity Index, Alliance Quality Bond, Alliance
International, Alliance Small Cap Growth options and pro rata from the remainder
of the investment options, based on your account value in each of these
options. The last contribution source is the EQ Advisors Trust variable
investment options. If necessary we will deduct the administrative charge on a
pro rata basis from these options.
For example, on the last business day of a calendar quarter we will first
attempt to deduct the administrative charge from employer contributions within
the guaranteed interest account option. If there is no money in the guaranteed
interest account option, we will attempt to deduct the charge from the Alliance
Common Stock option, then EQ/Balanced, etc. If there are no employer
contributions in any of the investment options, we will go to the next
contribution source, employer matching contributions, and attempt to deduct the
charge from the investment options in the same order described above.
DESCRIPTION OF CONTRIBUTION SOURCES FOR THE MOMENTUM PROGRAM
There are six types of sources of contributions under qualified plans:
<PAGE>
- --------------------------------------------------------------------------------
4
EMPLOYER CONTRIBUTIONS
These are contributions made to a plan for the benefit of participants and
beneficiaries by the employer not covered by the remaining sources.
MATCHING CONTRIBUTIONS
These are employer contributions that are allocated to a participant's account
under a plan by reason of the participant's post-tax contributions or salary
deferral contributions to the plan.
POST-TAX CONTRIBUTIONS
These are after-tax contributions made by a participant in accordance with the
terms of a plan.
SALARY-DEFERRAL CONTRIBUTIONS
These are contributions to a plan that are made pursuant to a cash or deferred
election (normally in accordance with the terms of a qualified cash or deferred
arrangement under Section 401(k) of the Internal Revenue Code).
PRIOR PLAN CONTRIBUTIONS
These are contributions that are transferred or rolled over from another
qualified plan or a conduit IRA (as described in Section 408(d)(3)(A)(ii) of the
Internal Revenue Code).
QUALIFIED NON-ELECTIVE AND QUALIFIED MATCHING CONTRIBUTIONS
These are employer contributions made pursuant to the terms of a plan subject to
either or both of the special nondiscrimination tests applicable to plans that
are subject to Section 401(k) (qualified cash or deferred arrangements) or
Section 401(m) (applicable to plans that accept matching contributions and/or
post-tax contributions) of the Internal Revenue Code. Employers make such
qualified non-elective and qualified matching contributions to meet the
nondiscrimination requirements of Section 401(k) and/or 401(m) of the Internal
Revenue Code. This source is called the employer 401(k) Account in the Master
Plan.
ADDITIONAL LOAN PROVISIONS
Under the MOMENTUM contract, (1) the minimum amount of the loan is $1,000 and
(2) the maximum amount of the loan is 50% of the participant's vested retirement
account value. A plan loan may never be greater than $50,000 less the highest
outstanding loan balance in the preceding twelve calendar months. We will deduct
the plan loan from the investment options you specify when you request the loan.
The loan term must comply with applicable law. See "Tax information" in the
prospectus.
If there is a loan outstanding under an EQUI-VEST corporate trusteed contract
and you convert it to the MOMENTUM contract, the retirement account value
established for the participant under the MOMENTUM contract will be equal to the
account value under the EQUI-VEST contract, less the principal amount of the
loan outstanding on the effective date of conversion. That means we will reduce
the account value under the EQUI-VEST contract by the principal amount of the
loan. You may withdraw or transfer amounts that were in the EQUI-VEST loan
reserve account in excess of the principal balance of the loan, subject to any
restrictions in the MOMENTUM contract.
If you, as the employer, are transferring plan assets to the MOMENTUM program,
outstanding plan loans may also be transferred to the MOMENTUM contract. We
refer to these loans as "takeover loans." We will not impose a withdrawal charge
if a takeover loan defaults. Also, we will not deem defaulted takeover loans as
withdrawals for purposes of calculating the minimum death benefits. We will
allocate repayments of takeover loans to the guaranteed interest account option.
Loans converted from EQUI-VEST corporate trusteed to MOMENTUM are not takeover
loans.
AUTOMATIC MINIMUM WITHDRAWAL OPTION
If you elect this feature designed for participants age 70 1/2 or older,
described in the prospectus, each year we calculate your minimum distribution
amount by using the retirement account value as of December 31 of the prior
calendar year. We then calculate the minimum distribution amount based on the
<PAGE>
- --------------------------------------------------------------------------------
5
various choices you make. This calculation takes into account partial
withdrawals made during the current calendar year but prior to the date we
determine your minimum distribution withdrawal amount. However, when the
automatic minimum withdrawal option is elected in the year in which the
participant attains age 71 1/2, no adjustment will be made for any withdrawals
made between January 1 and April 1 in satisfaction of the minimum distribution
requirements for the prior year.
You may choose whether we will calculate the automatic minimum withdrawals based
on your life expectancy alone, or based on the joint-life expectancies of you
and your spouse. You may also choose (1) to have us recalculate your life
expectancy, or joint-life expectancies, each year, or (2) to have us determine
your life expectancy, or joint life expectancies, once and then subtract one
year, each year, from that amount. If you have chosen a joint-life expectancy
method of calculation with your spouse, you must choose to have both lives
recalculated or neither life recalculated.
When we recalculate life expectancy, that means that each calendar year we see
what each individual's life expectancy is under Treasury Regulations.
If you do not specify a method, we will base a calculation on your life
expectancy alone, recalculating it each year. If you do not specify that we
should recalculate life expectancy, you cannot later apply your retirement
account value to an annuity payout.
You should not elect the automatic minimum withdrawal option if you, the
participant, continue to work beyond age 70 1/2 and you continue to make
contributions into the contract. To do so could result in an insufficient
distribution. You must request the amount to be separately calculated each year
to ensure that you withdraw the correct amount.
Note that our automatic minimum withdrawal option is less flexible than federal
law allows. For example, federal law permits you to recalculate your life
expectancy and not your spouse's and to choose the joint-life expectancy method
with a beneficiary other than your spouse. See your tax adviser.
UNIT VALUES
Unit values are determined at the end of each valuation period for each of the
variable investment options. The unit values may vary.
The unit value for a variable investment option for any valuation period is
equal to: (i) the unit value for the preceding valuation period multiplied by
(ii) the net investment factor for that variable investment option for that
valuation period. A valuation period is each business day together with any
preceding non-business days. The net investment factor is:
(a/b) - c
where:
(a)is the value of the variable investment option's shares of the corresponding
portfolio at the end of the valuation period. Any amounts allocated to or
withdrawn from the option for the valuation period are not taken into
account. For this purpose, we use the share value reported to us by EQ
Advisors Trust. This share value is after deduction for investment advisory
fees and other fees and direct expenses of the trusts.
(b)is the value of the variable investment option's shares of the corresponding
portfolio at the end of the preceding valuation period. (Any amounts
allocated or withdrawn for that valuation period are taken into account.)
<PAGE>
- --------------------------------------------------------------------------------
6
(c)is the daily charges relating to the contracts for mortality risks,
expenses, expense risks, death benefits and financial accounting, times the
number of calendar days in the valuation period, plus any charge for taxes or
amounts set aside as a reserve for taxes. These charges are at an effective
annual rate not to exceed a total of 1.49% for the Alliance Money Market,
EQ/Balanced and Alliance Common Stock options and 1.34% for all other
variable investment options.
CALCULATION OF ANNUITY PAYMENTS
The calculation of monthly annuity payment under a contract takes into account
the number of annuity units of each variable investment option credited under a
contract, their respective annuity unit values, and a net investment factor.
Annuity unit values will also vary by variable investment option.
For each valuation period, the adjusted net investment factor is equal to the
net investment factor for the option reduced for each day in the valuation
period by:
o .00013366 of the net investment factor if the assumed base rate of net
investment return is 5% a year; or
o .00009425 of the net investment factor if the assumed base rate of net
investment return is 3 1/2%.
Because of this adjustment, the annuity unit value rises and falls depending on
whether the actual rate of net investment return (after charges) is higher or
lower than the assumed base rate.
All contracts have a 5% assumed base rate of net investment return, except in
states where that rate is not permitted. Annuity payments under contracts with
an assumed base rate of 3 1/2% will at first be smaller than those under
contracts with a 5% assumed base rate. Payments under the 3 1/2% contracts,
however, will rise more rapidly when unit values are rising, and payments will
fall more slowly when unit values are falling than those under 5% contracts.
The amounts of variable annuity payments are determined as follows:
Payments normally start on the business day specified on your election form, or
on such other future date as you specify. The first three monthly payments are
the same. The initial payment will be calculated using the basis guarantee in
the contract or our current basis, whichever would provide the higher initial
benefit.
The first three payments depend on the assumed base rate of net investment
return and the form of annuity chosen (and any fixed period). If the payments
under the annuity depend on the life of an annuitant, the risk class and the age
of the annuitant(s) will affect payments.
Payments after the first three will vary according to the investment performance
of the variable investment option(s) selected to fund the variable payments. We
will calculate each monthly payment by multiplying the number of annuity units
credited by the average annuity unit value for the selected option for the
second calendar month immediately preceding the due date of the payment. We
calculate the number of units by dividing the first monthly payment by the
annuity unit value for the valuation period. This includes the due date of the
first monthly payment. The average annuity unit value is the average of the
annuity unit values for the valuation periods ending in that month.
ILLUSTRATION OF CALCULATION OF ANNUITY PAYMENTS
To show how we determine variable annuity payments, assume that the retirement
account value on a retirement date is enough to fund an annuity with a monthly
payment of $100. Also assume that the annuity unit value of the selected
variable investment option for the valuation period that includes the due date
of the first annuity payment is $3.74. The number of annuity units credited
under the contract would be 26.74 (100 divided by 3.74 = 26.74). Based on a
hypothetical average annuity unit value of $3.56 in October 1998, the annuity
payment due in December 1998 would be $95.19 (the number of units (26.74) times
$3.56).
<PAGE>
- --------------------------------------------------------------------------------
7
THE REORGANIZATION
Equitable Life established Separate Account A as a stock account on August 1,
1968. It was one of four separate investment accounts used to fund retirement
benefits under variable annuity certificates issued by us. Each of these
separate accounts, which included the predecessors to the Alliance Money Market
option, the EQ/Balanced option, the Alliance Common Stock option and the
EQ/Aggressive Stock option, was organized as an open-end management investment
company. Each separate account had its own investment objectives and policies.
Collectively these separate accounts, as well as two other separate accounts
which had been used to fund retirement benefits under certain other annuity
contracts, are called the Predecessor Separate Accounts.
On December 18, 1987, the Predecessor Separate Accounts were combined in part
and reorganized into the Alliance Money Market, EQ/Balanced, Alliance Common
Stock and EQ/Aggressive Stock options of Separate Account A. In connection with
the Reorganization, all of the assets and investment-related liabilities of the
Predecessor Separate Accounts were transferred to a corresponding portfolio of
The Equitable Trust in exchange for shares of the portfolios of The Equitable
Trust, which were issued to these corresponding variable investment options of
Separate Account A. As described in "Investment performance" in the prospectus,
on September 6, 1991, all of the shares of The Equitable Trust held by these
variable investment options were replaced by shares of portfolios of The Hudson
River Trust corresponding to these variable investment options of Separate
Account A. On October 18, 1999, the Portfolios of the Hudson River Trust were
transferred to EQ Advisors Trust.
CUSTODIAN AND INDEPENDENT ACCOUNTANTS
Equitable Life is the custodian for shares of the Trust owned by Separate
Account A.
The financial statements of Separate Account A as of December 31, 1999 and for
the periods ended December 31, 1999 and 1998, and the consolidated financial
statements of Equitable Life as at December 31, 1999 and 1998, and for each of
the three years ended December 31, 1999 included in this SAI have been so
included in reliance on the reports of PricewaterhouseCoopers LLP, independent
accountants, given on the authority of said firm as experts in auditing and
accounting.
ALLIANCE MONEY MARKET OPTION YIELD INFORMATION
The Alliance Money Market option calculates yield information for seven-day
periods. To determine the seven-day rate of return, the net change in a unit
value is computed by subtracting the unit value at the beginning of the period
from a unit value, exclusive of capital changes, at the end of the period.
The net change is then reduced by the average administrative charge factor for
your contract. This reduction is made to recognize the deduction of the
quarterly administrative charge, which is not reflected in the unit value. See
the applicable "Administrative charge" under "Charges and expenses" in the
prospectus. Unit values reflect all other accrued expenses of the Alliance Money
Market option.
The adjusted net change is divided by the unit value at the beginning of the
period to obtain the adjusted base period rate of return. This seven-day
adjusted base period return is then multiplied by 365/7 to produce an annualized
seven-day current yield figure carried to the nearest one-hundredth of one
percent.
The actual dollar amount of the quarterly administrative charge that is deducted
for MOMENTUM from the Alliance Money Market option will vary for each
participant depending upon how the retirement account value is allocated among
the investment options. To determine the effect of the quarterly administrative
charge on the yield, we start with the total dollar amount of the charges
deducted from the option during the twelve-month period ending on the last day
of the prior year divided by 4. We multiply this amount by 7/91.25 to produce an
average administrative charge factor which we use in all weekly yield
computations for the next quarter. The average administrative charge is then
divided by the number
<PAGE>
- --------------------------------------------------------------------------------
8
of MOMENTUM Alliance Money Market option units as of the end of the prior
calendar year. We deduct the resulting quotient from the net change in unit
value for the seven-day period.
The effective yield is obtained by modifying the current yield to give effect to
the compounding nature of the Alliance Money Market option's investments, as
follows: the unannualized adjusted base period return is compounded by adding
one to the adjusted base period return, raising the sum to a power equal to 365
divided by 7, and subtracting one from the result, i.e., effective yield = (base
period return + 1)365/7 - 1. The Alliance Money Market option yields will
fluctuate daily. Accordingly, yields for any given period are not necessarily
representative of future results. In addition, the value of units of the
Alliance Money Market option will fluctuate and not remain constant.
The Alliance Money Market option yields reflect charges that are not normally
reflected in the yields of other investments. Therefore they may be lower when
compared with yields of other investments. The Alliance Money Market option
yields should not be compared to the return on fixed-rate investments which
guarantee rates of interest for specified periods, such as the guaranteed
interest account option or bank deposits. Nor should the yields be compared to
the yields of money market funds made available to the general public. Yields of
money market funds usually are calculated on the basis of a constant $1 price
per share and they pay out earnings in dividends which accrue on a daily basis.
The seven-day current yield for the Alliance Money Market option was 3.93% for
the period ended December 31, 1999. The effective yield for the Alliance Money
Market option for that period was 4.01%. Because these yields reflect the
deduction of variable investment option expenses, including the quarterly
administrative charge, they are lower than the corresponding yield figures for
the Alliance Money Market portfolio which reflect only the deduction of
Trust-level expenses.
OTHER ALLIANCE YIELD INFORMATION
The effective yield is obtained by giving effect to the compounding nature of
the option's investments, as follows: the sum of the 30-day adjusted return,
plus one, is raised to a power equal to 365 divided by 30, and subtracting one
from the result.
The effective yields for the 30-day period ended December 31, 1999 were 4.62%
for the Alliance Intermediate Government Securities option, 5.40% for the
Alliance Quality Bond option and 12.44% for the Alliance High Yield option.
Because these yields reflect the deduction of variable investment option
expenses, including the quarterly administrative charge, they are lower than the
yield figures for the corresponding portfolios which reflect only the deduction
of Trust-level expenses.
DISTRIBUTION
AXA Advisors, LLC ("AXA Advisors"), an affiliate of Equitable Life, is the
distributor of the contracts and has responsibility for sales and marketing
functions for Separate Account A. AXA Advisors serves as the principal
underwriter of Separate Account A. AXA Advisors is registered with the SEC as a
broker-dealer 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. Under a Distribution and Servicing Agreement between AXA
Advisors, Equitable Life, and certain of Equitable Life's separate accounts,
including Separate Account A, Equitable Life paid AXA Advisors fees of $325,380
for each of the three years ended December 31, 1999, as distributor of certain
contracts and as the principal underwriter of certain separate accounts
including Separate Account A.
The contracts will be sold by financial professionals who are registered
representatives of AXA Advisors, and are also our licensed insurance agents. AXA
Advisors may also receive compensation and reimbursement for its marketing
services under the terms of its distribution agreement with Equitable Life. The
offering of the contracts is intended to be continuous.
<PAGE>
- --------------------------------------------------------------------------------
9
FINANCIAL STATEMENTS
The consolidated financial statements of Equitable Life included herein should
be considered only as bearing upon the ability of Equitable Life to meet its
obligations under the contracts.
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
<TABLE>
<CAPTION>
INDEX TO FINANCIAL STATEMENTS
<S> <C>
Report of Independent Accountants.............................................................. FSA-2
Financial Statements:
Statements of Assets and Liabilities, December 31, 1999................................ FSA-3
Statements of Operations for the Year Ended December 31, 1999.......................... FSA-7
Statements of Changes in Net Assets for the Years Ended December 31, 1999 and 1998..... FSA-11
Notes to Financial Statements.......................................................... FSA-19
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Accountants.............................................................. F-1
Consolidated Financial Statements:
Consolidated Balance Sheets, December 31, 1999 and 1998................................ F-2
Consolidated Statements of Earnings, Years Ended December 31, 1999, 1998 and 1997...... F-3
Consolidated Statements of Shareholder's Equity, Years Ended December 31, 1999,
1998 and 1997...................................................................... F-4
Consolidated Statements of Cash Flows, Years Ended December 31, 1999, 1998 and 1997.... F-5
Notes to Consolidated Financial Statements............................................. F-6
</TABLE>
FSA-1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
The Equitable Life Assurance Society of the United States
and Contractowners of Separate Account A
of The Equitable Life Assurance Society of the United States
In our opinion, the accompanying statements of assets and liabilities and the
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of the following Variable
Investment Options: Alliance Intermediate Government Securities, Alliance Money
Market, Alliance Quality Bond, Alliance High Yield, Alliance Common Stock,
Alliance Equity Index, Alliance Growth and Income, EQ/Alliance Premier Growth,
Calvert Socially Responsible, Capital Guardian Research, Capital Guardian US
Equity, MFS Growth with Income, MFS Research, Merrill Lynch Basic Value Equity,
EQ/Putnam Growth and Income Value, EQ/Putnam Investors Growth, T. Rowe Price
Equity Income, Alliance Global, Alliance International, Capital Guardian
International, Morgan Stanley Emerging Markets Equity, EQ/Putnam International
Equity, T. Rowe Price International Stock, Alliance Aggressive Stock, Alliance
Small Cap Growth, EQ/Evergreen, Lazard Small Cap, MFS Emerging Growth Companies,
Warburg Pincus Small Company Value, Alliance Balanced, Alliance Conservative
Investors, Alliance Growth Investors, EQ/Evergreen Foundation, Merrill Lynch
World Strategy and EQ/Putnam Balanced ("EQ Advisors Trust Variable Investment
Options"), separate Variable Investment Options of The Equitable Life Assurance
Society of the United States ("Equitable Life") Separate Account A at December
31, 1999 and the results of each of their operations and changes in each of
their net assets for the periods indicated, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of Equitable Life's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of shares owned in The EQ Advisors Trust at December 31, 1999 with
the transfer agent, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 1, 2000
FSA-2
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
FIXED INCOME OPTIONS:
-------------------------------------------------------------------
ALLIANCE
INTERMEDIATE ALLIANCE ALLIANCE ALLIANCE
GOVERNMENT MONEY QUALITY HIGH
SECURITIES MARKET BOND YIELD
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 60,082,884............................... $57,906,717
163,287,918............................... $161,838,990
94,146,952............................... $87,638,085
215,503,539............................... $162,851,355
7,081,410,266...............................
1,241,149,518...............................
738,153,596...............................
102,033,512...............................
Receivable for Trust shares sold....................... -- 1,028,717 -- --
Due from Equitable Life's General Account
(Note 3)............................................ 47,887 -- -- 121,855
----------- ------------ ----------- ------------
Total assets.................................. 57,954,604 162,867,707 87,638,085 162,973,210
----------- ------------ ----------- ------------
LIABILITIES:
Payable for Trust shares purchased.................... 51,887 -- 44,501 109,010
Due to Equitable Life's General Account
(Note 3)............................................ -- 1,561,127 362,870 --
----------- ------------ ----------- ------------
Total liabilities............................. 51,887 1,561,127 407,371 109,010
----------- ------------ ----------- ------------
NET ASSETS............................................. $57,902,717 $161,306,580 $87,230,714 $162,864,200
=========== ============ =========== ============
Amount retained by Equitable Life in
Separate Account A (Note 6)......................... $ 308,836 $ 277,983 $ 208,331 $ 317,227
Net Assets attributable to Contractowners.............. 57,593,881 161,028,597 87,022,383 162,546,973
----------- ------------ ----------- ------------
NET ASSETS............................................. $57,902,717 $161,306,580 $87,230,714 $162,864,200
=========== ============ =========== ============
</TABLE>
<TABLE>
<CAPTION>
EQUITY OPTIONS:
------------------------------------------------------------------------
ALLIANCE ALLIANCE ALLIANCE EQ/ALLIANCE
COMMON EQUITY GROWTH & PREMIER
STOCK INDEX INCOME GROWTH
-------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 60,082,884...............................
163,287,918...............................
94,146,952...............................
215,503,539...............................
7,081,410,266............................... $9,526,714,337
1,241,149,518............................... $1,652,266,720
738,153,596............................... $870,429,052
102,033,512............................... $112,446,542
Receivable for Trust shares sold....................... -- -- -- --
Due from Equitable Life's General Account
(Note 3)............................................ 4,754,978 1,758,325 2,895,540 3,036,081
-------------- -------------- ------------ ------------
Total assets.................................. 9,531,469,315 1,654,025,045 873,324,592 115,482,623
-------------- -------------- ------------ ------------
LIABILITIES:
Payable for Trust shares purchased.................... 4,480,463 1,330,619 2,571,390 3,059,843
Due to Equitable Life's General Account
(Note 3)............................................ -- -- -- --
-------------- -------------- ------------ ------------
Total liabilities............................. 4,480,463 1,330,619 2,571,390 3,059,843
-------------- -------------- ------------ ------------
NET ASSETS............................................. $9,526,988,852 $1,652,694,426 $870,753,202 $112,422,780
============== ============== ============ ============
Amount retained by Equitable Life in
Separate Account A (Note 6)......................... $ 4,405,355 $ 155,358 $ 298,729 $ 6,094
Net Assets attributable to Contractowners.............. 9,522,583,497 1,652,539,068 870,454,473 112,416,686
-------------- -------------- ------------ ------------
NET ASSETS............................................. $9,526,988,852 $1,652,694,426 $870,753,202 $112,422,780
============== ============== ============ ============
</TABLE>
- ------------------------
See Notes to Financial Statements.
FSA-3
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONTINUED):
---------------------------------------------------------------------------
CALVERT CAPITAL CAPITAL
SOCIALLY GUARDIAN GUARDIAN MFS GROWTH
RESPONSIBLE RESEARCH U.S. EQUITY WITH INCOME MFS RESEARCH
----------- --------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 2,446,950............................... $2,619,135
904,638............................... $933,921
1,359,966............................... $1,434,095
2,105,001............................... $2,228,502
142,661,215............................... $170,641,453
95,590,228...............................
88,147,694...............................
137,610...............................
148,440,785...............................
Receivable for Trust shares sold ................. -- -- -- -- --
Due from Equitable Life's General Account
(Note 3).......................................... -- 17,498 34,287 97,247 638,785
---------- -------- ---------- ---------- ------------
Total assets................................ 2,619,135 951,419 1,468,382 2,325,749 171,280,238
---------- -------- ---------- ---------- ------------
LIABILITIES:
Payable for Trust shares purchased................... -- 17,498 34,287 97,247 638,743
Due to Equitable Life's General Account
(Note 3).......................................... -- -- -- -- --
---------- -------- ---------- ---------- ------------
Total liabilities........................... -- 17,498 34,287 97,247 638,743
---------- -------- ---------- ---------- ------------
NET ASSETS........................................... $2,619,135 $933,921 $1,434,095 $2,228,502 $170,641,495
========== ======== ========== ========== ============
Amount retained by Equitable Life in
Separate Account A (Note 6)....................... $2,162,831 $ 25,662 $ 26,093 $ 25,961 $ 68,297
Net Assets attributable to Contractowners............ 456,304 908,259 1,408,002 2,202,541 170,573,198
---------- -------- ---------- ---------- ------------
NET ASSETS........................................... $2,619,135 $933,921 $1,434,095 $2,228,502 $170,641,495
========== ======== ========== ========== ============
</TABLE>
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONTINUED):
----------------------------------------------------------------
MERRILL
LYNCH EQ/PUTNAM EQ/PUTNAM
BASIC VALUE GROWTH & INVESTORS T. ROWE PRICE
EQUITY INCOME VALUE GROWTH EQUITY INCOME
----------- ------------ --------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 2,446,950...............................
904,638...............................
1,359,966...............................
2,105,001...............................
142,661,215...............................
95,590,228............................... $96,711,476
88,147,694............................... $82,894,604
137,610............................... $144,275
148,440,785............................... $146,836,293
Receivable for Trust shares sold ................. -- -- --
Due from Equitable Life's General Account
(Note 3).......................................... 387,406 167,010 -- 305,349
----------- ----------- -------- ------------
Total assets................................ 97,098,882 83,061,614 144,275 147,141,642
----------- ----------- -------- ------------
LIABILITIES:
Payable for Trust shares purchased................... 387,381 167,010 -- 305,349
Due to Equitable Life's General Account
(Note 3).......................................... -- -- -- --
----------- ----------- -------- ------------
Total liabilities........................... 387,381 167,010 -- 305,349
----------- ----------- -------- ------------
NET ASSETS........................................... $96,711,501 $82,894,604 $144,275 $146,836,293
=========== =========== ======== ============
Amount retained by Equitable Life in
Separate Account A (Note 6)....................... $ 92,069 $ 37,968 $ 25,183 $ 93,736
Net Assets attributable to Contractowners............ 96,619,432 82,856,636 119,092 146,742,557
----------- ----------- -------- ------------
NET ASSETS........................................... $96,711,501 $82,894,604 $144,275 $146,836,293
=========== =========== ======== ============
</TABLE>
- ------------------------
See Notes to Financial Statements.
FSA-4
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONTINUED):
----------------------------------------------------------------------
CAPITAL MORGAN STANLEY
ALLIANCE ALLIANCE GUARDIAN EMERGING
GLOBAL INTERNATIONAL INTERNATIONAL MARKETS EQUITY
-------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 766,621,720............................... $1,012,530,908
150,121,195............................... $170,754,238
52,943............................... $60,652
64,520,081............................... $70,941,248
232,702...............................
94,262,015...............................
2,936,518,572...............................
132,783,835...............................
585,194...............................
Receivable for Trust shares sold...................... -- -- -- --
Due from Equitable Life's General Account
(Note 3)............................................ 1,115,281 705,332 23,763 340,817
-------------- ------------ ------- -----------
Total assets.................................. 1,013,646,189 171,459,570 84,415 71,282,065
-------------- ------------ ------- -----------
LIABILITIES:
Payable for Trust shares purchased.................... 1,236,460 705,945 -- 340,817
Due to Equitable Life's General Account
(Note 3)............................................ -- -- -- --
-------------- ------------ ------- -----------
Total liabilities............................. 1,236,460 705,945 -- 340,817
-------------- ------------ ------- -----------
NET ASSETS............................................. $1,012,409,729 $170,753,625 $84,415 $70,941,248
============== ============ ======= ===========
Amount retained by Equitable Life in
Separate Account A (Note 6)......................... $ 327,840 $ 296,064 $24,903 $ 1,815,808
Net Assets attributable to Contractowners.............. 1,012,081,889 170,457,561 59,512 69,125,440
-------------- ------------ ------- -----------
NET ASSETS............................................. $1,012,409,729 $170,753,625 $84,415 $70,941,248
============== ============ ======= ===========
</TABLE>
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONTINUED):
-------------------------------------------------------------------------
EQ/PUTNAM T. ROWE PRICE ALLIANCE ALLIANCE
INTERNATIONAL INTERNATIONAL AGGRESSIVE SMALL CAP EQ/
EQUITY STOCK STOCK GROWTH EVERGREEN
------------- ------------- -------------- ------------ ---------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 766,621,720...............................
150,121,195...............................
52,943...............................
64,520,081...............................
232,702............................... $247,014
94,262,015............................... $112,485,497
2,936,518,572............................... $3,103,346,996
132,783,835............................... $157,961,371
585,194............................... $601,728
Receivable for Trust shares sold...................... -- -- -- 8,394,247 4,299
Due from Equitable Life's General Account
(Note 3)............................................ -- 501,225 2,308,834 -- --
-------- ------------ -------------- ------------ --------
Total assets.................................. 247,014 112,986,722 3,105,655,830 166,355,618 606,027
-------- ------------ -------------- ------------ --------
LIABILITIES:
Payable for Trust shares purchased.................... -- 501,225 2,277,652 -- --
Due to Equitable Life's General Account
(Note 3)............................................ -- -- -- 8,378,678 4,299
-------- ------------ -------------- ------------ --------
Total liabilities............................. -- 501,225 2,277,652 8,378,678 4,299
-------- ------------ -------------- ------------ --------
NET ASSETS............................................. $247,014 $112,485,497 $3,103,378,178 $157,976,940 $601,728
======== ============ ============== ============ ========
Amount retained by Equitable Life in
Separate Account A (Note 6)......................... $ 25,835 $ 65,454 $ 622,815 $ 19,011 $ 24,984
Net Assets attributable to Contractowners.............. 221,179 112,420,043 3,102,755,363 157,957,929 576,744
-------- ------------ -------------- ------------ --------
NET ASSETS............................................. $247,014 $112,485,497 $3,103,378,178 $157,976,940 $601,728
======== ============ ============== ============ ========
</TABLE>
- ------------------------
See Notes to Financial Statements.
FSA-5
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONCLUDED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONCLUDED): ASSET ALLOCATION OPTIONS:
----------------------------------------- ------------------------------
MFS
LAZARD EMERGING WARBURG PINCUS ALLIANCE
SMALL GROWTH SMALL COMPANY ALLIANCE CONSERVATIVE
CAP COMPANIES VALUE BALANCED INVESTORS
------- ------------ -------------- -------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 14,966............................... $15,432
481,452,421............................... $706,184,521
77,137,358............................... $77,385,072
1,293,423,216............................... $1,447,662,131
133,146,188............................... $142,502,666
891,309,537...............................
149,393...............................
11,818,349...............................
45,826,487...............................
Receivable for Trust shares sold ................... -- -- -- 385,629 --
Due from Equitable Life's General Account
(Note 3)............................................ 548 3,490,310 237,134 -- 217,358
------- ------------ ----------- -------------- ------------
Total assets.................................. 15,980 709,674,831 77,622,206 1,448,047,760 142,720,024
------- ------------ ----------- -------------- ------------
LIABILITIES:
Payable for Trust shares purchased.................... 650 3,448,913 233,408 -- 211,005
Due to Equitable Life's General Account
(Note 3)............................................ -- -- -- 161,997 --
------- ------------ ----------- -------------- ------------
Total liabilities............................. 650 3,448,913 233,408 161,997 211,005
------- ------------ ----------- -------------- ------------
NET ASSETS............................................. $15,330 $706,225,918 $77,388,798 $1,447,885,763 $142,509,019
======= ============ =========== ============== ============
Amount retained by Equitable Life in
Separate Account A (Note 6)......................... $ 15 $ 7,255 $ 105,004 $ 416,773 $ 372,648
Net Assets attributable to Contractowners.............. 15,315 706,218,663 77,283,794 1,447,468,990 142,136,371
------- ------------ ----------- -------------- ------------
NET ASSETS............................................. $15,330 $706,225,918 $77,388,798 $1,447,885,763 $142,509,019
======= ============ =========== ============== ============
</TABLE>
<TABLE>
<CAPTION>
ASSET ALLOCATION OPTIONS:
------------------------------------------------------------------
ALLIANCE MERRILL LYNCH
GROWTH EQ/EVERGREEN WORLD EQ/PUTNAM
INVESTORS FOUNDATION STRATEGY BALANCED
-------------- ------------ ------------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments in shares of The Trust,
at market value (Note 2):
Cost: $ 14,966...............................
481,452,421...............................
77,137,358...............................
1,293,423,216...............................
133,146,188...............................
891,309,537............................... $1,100,873,895
149,393............................... $153,654
11,818,349............................... $12,982,709
45,826,487............................... $43,845,686
Receivable for Trust shares sold ................... -- -- -- --
Due from Equitable Life's General Account
(Note 3)............................................ 1,396,249 13,625 1,005,478 216,893
-------------- -------- ----------- -----------
Total assets.................................. 1,102,270,144 167,279 13,988,187 44,062,579
-------------- -------- ----------- -----------
LIABILITIES:
Payable for Trust shares purchased.................... 1,456,888 13,625 5,478 216,893
Due to Equitable Life's General Account
(Note 3)............................................ -- -- -- --
-------------- -------- ----------- -----------
Total liabilities............................. 1,456,888 13,625 5,478 216,893
-------------- -------- ----------- -----------
NET ASSETS............................................. $1,100,813,256 $153,654 $13,982,709 $43,845,686
============== ======== =========== ===========
Amount retained by Equitable Life in
Separate Account A (Note 6)......................... $ 357,746 $ 25,151 $ 1,984,816 $ 91,201
Net Assets attributable to Contractowners.............. 1,100,455,510 128,503 11,997,893 43,754,485
-------------- -------- ----------- -----------
NET ASSETS............................................. $1,100,813,256 $153,654 $13,982,709 $43,845,686
============== ======== =========== ===========
</TABLE>
- ------------------------
See Notes to Financial Statements.
FSA-6
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
FIXED INCOME OPTIONS:
----------------------------------------------------------------------
ALLIANCE
INTERMEDIATE
GOVERNMENT ALLIANCE ALLIANCE ALLIANCE HIGH
SECURITIES MONEY MARKET QUALITY BOND YIELD
----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust..................... $ 2,937,999 $ 6,632,786 $ 4,553,232 $ 19,034,530
----------- ----------- ----------- ------------
Expenses (Note 3):
Asset-based charges.......................... 758,673 1,934,895 1,173,541 2,413,928
Less: Reduction for expense limitation............. 7,493 58,246 -- 2,104
----------- ----------- ----------- ------------
Net expenses................................. 751,180 1,876,649 1,173,541 2,411,824
----------- ----------- ----------- ------------
NET INVESTMENT INCOME (LOSS)....................... 2,186,819 4,756,137 3,379,691 16,622,706
----------- ----------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments.......... 302,141 1,316,696 191,231 (8,436,859)
Realized gain distribution from
The Trust................................. -- 4,911 318,916 180,607
----------- ----------- ----------- ------------
Net realized gain (loss)........................ 302,141 1,321,607 510,147 (8,256,252)
Change in unrealized appreciation
(depreciation) of investments................ (3,147,010) (1,138,368) (6,837,979) (16,895,279)
----------- ----------- ----------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.................................. (2,844,869) 183,239 (6,327,832) (25,151,531)
----------- ----------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2).............. $ (658,050) $ 4,939,376 $(2,948,141) $ (8,528,825)
=========== =========== =========== ============
</TABLE>
<TABLE>
<CAPTION>
EQUITY OPTIONS:
---------------------------------------------------------------------------
EQ/ALLIANCE
ALLIANCE COMMON ALLIANCE EQUITY ALLIANCE GROWTH PREMIER
STOCK INDEX & INCOME GROWTH (A)
--------------- --------------- --------------- -----------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust..................... $ 51,104,424 $ 14,960,854 $ 1,997,933 $ 66,348
-------------- ------------ ------------ -----------
Expenses (Note 3):
Asset-based charges.......................... 121,577,640 19,026,732 9,772,896 233,917
Less: Reduction for expense limitation............. 6,643,743 -- -- --
-------------- ------------ ------------ -----------
Net expenses................................. 114,933,897 19,026,732 9,772,896 233,917
-------------- ------------ ------------ -----------
NET INVESTMENT INCOME (LOSS)....................... (63,829,473) (4,065,878) (7,774,963) (167,569)
-------------- ------------ ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments.......... 304,121,396 121,577,058 5,912,796 706,229
Realized gain distribution from
The Trust................................. 1,263,337,800 12,305,386 78,401,040 232,218
-------------- ------------ ------------ -----------
Net realized gain (loss)........................ 1,567,459,196 133,882,444 84,313,836 938,447
Change in unrealized appreciation
(depreciation) of investments................ 320,673,163 118,641,942 39,845,140 10,413,030
-------------- ------------ ------------ -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.................................. 1,888,132,359 252,524,386 124,158,976 11,351,477
-------------- ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2).............. $1,824,302,886 $248,458,508 $116,384,013 $11,183,908
============== ============ ============ ===========
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-7
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Equity Options (Continued):
-----------------------------------------------------------------------
CAPITAL CAPITAL MFS GROWTH
CALVERT SOCIALLY GUARDIAN GUARDIAN WITH
RESPONSIBLE (A) RESEARCH (A) U.S. EQUITY (A) INCOME (A)
---------------- ------------ --------------- ----------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust..................... $ -- $ 1,409 $ 2,643 $ 6,665
-------- ------- ------- --------
Expenses (Note 3):
Asset-based charges.......................... 852 1,505 3,056 4,451
Less: Reduction for expense limitation............. -- -- -- --
-------- ------- ------- --------
Net expenses................................. 852 1,505 3,056 4,451
-------- ------- ------- --------
NET INVESTMENT INCOME (LOSS)....................... (852) (96) (413) 2,214
-------- ------- ------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments.......... 1,827 19,055 (2,061) (1,566)
Realized gain distribution from
The Trust................................. 14,015 136 3,439 --
-------- ------- ------- --------
Net realized gain (loss)........................ 15,842 19,191 1,378 (1,566)
Change in unrealized appreciation
(depreciation) of investments................ 172,185 29,283 74,129 123,501
-------- ------- ------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.................................. 188,027 48,474 75,507 121,935
-------- ------- ------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2).............. $187,175 $48,378 $75,094 $124,149
======== ======= ======= ========
</TABLE>
<TABLE>
<CAPTION>
Equity Options (Continued):
---------------------------------------------------------------------
EQ/PUTNAM
MERRILL LYNCH GROWTH & EQ/PUTNAM
BASIC VALUE INCOME INVESTORS
MFS RESEARCH EQUITY VALUE GROWTH (A)
------------ ------------- ------------ ----------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust..................... $ 184,100 $ 1,148,124 $ 1,073,404 $ --
----------- ----------- ------------ -------
Expenses (Note 3):
Asset-based charges.......................... 1,819,815 1,032,563 1,129,545 121
Less: Reduction for expense limitation............. -- -- -- --
----------- ----------- ------------ -------
Net expenses................................. 1,819,815 1,032,563 1,129,545 121
----------- ----------- ------------ -------
NET INVESTMENT INCOME (LOSS)....................... (1,635,715) 115,561 (56,141) (121)
----------- ----------- ------------ -------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments.......... 13,149,852 5,360,258 2,754,940 6
Realized gain distribution from
The Trust................................. 3,784,361 4,821,412 5,808,382 1,806
----------- ----------- ------------ -------
Net realized gain (loss)........................ 16,934,213 10,181,670 8,563,322 1,812
Change in unrealized appreciation
(depreciation) of investments................ 14,109,284 (127,488) (11,414,919) 6,665
----------- ----------- ------------ -------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.................................. 31,043,497 10,054,182 (2,851,597) 8,477
----------- ----------- ------------ -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2).............. $29,407,782 $10,169,743 $ (2,907,738) $8,356
=========== =========== ============ ======
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-8
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Equity Options (Continued):
--------------------------------------------------------------------------
CAPITAL
T. ROWE PRICE ALLIANCE GUARDIAN
EQUITY INCOME ALLIANCE GLOBAL INTERNATIONAL INTERNATIONAL (A)
---------------- ----------------- --------------- -------------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust .......... $ 2,775,622 $ 783,566 $ -- $ --
----------- ------------ ----------- ------
Expenses (Note 3):
Asset-based charges ............... 1,967,072 10,979,287 1,860,758 75
Less: Reduction for expense limitation .. -- -- -- --
----------- ------------ ----------- ------
Net expenses ...................... 1,967,072 10,979,287 1,860,758 75
----------- ------
NET INVESTMENT INCOME (LOSS) ............ 808,550 (10,195,721) (1,860,758) (75)
----------- ------------ ----------- ------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments 4,579,254 90,103,575 31,152,702 5
Realized gain distribution from
The Trust ...................... 5,792,887 62,266,802 2,919,087 --
----------- ------------ ----------- ------
Net realized gain (loss) ............. 10,372,141 152,370,377 34,071,789 5
Change in unrealized appreciation
(depreciation) of investments ..... (9,195,970) 128,133,406 18,061,228 7,708
----------- ------------ ----------- ------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS ....................... 1,176,171 280,503,783 52,133,017 7,713
----------- ------------ ----------- ------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2) ... $ 1,984,721 $270,308,062 $50,272,259 $7,638
=========== ============ =========== ======
<CAPTION>
Equity Options (Continued):
-----------------------------------------------------------------------------------------
MORGAN STANLEY EQ/PUTNAM T. ROWE PRICE
EMERGING INTERNATIONAL INTERNATIONAL ALLIANCE ALLIANCE SMALL
MARKETS EQUITY EQUITY (A) STOCK AGGRESSIVE STOCK CAP GROWTH
---------------- --------------- ---------------- ------------------ ----------------
<S> <C> <C> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust .......... $ -- $ 2,705 $ 409,202 $ 9,326,310 $ --
----------- --------- ----------- ------------ -----------
Expenses (Note 3):
Asset-based charges ............... 408,713 221 1,142,190 39,543,477 1,657,966
Less: Reduction for expense limitation .. -- -- -- 2,850,436 --
----------- --------- ----------- ------------ -----------
Net expenses ...................... 408,713 221 1,142,190 36,693,041 1,657,966
----------- --------- ----------- ------------ -----------
NET INVESTMENT INCOME (LOSS) ............ (408,713) 2,484 (732,988) (27,366,731) (1,657,966)
----------- --------- ----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments 19,242,288 17 14,429,637 (62,580,567) 20,167,565
Realized gain distribution from
The Trust ...................... 726,334 8,191 1,135,189 182,510,142 --
----------- --------- ----------- ------------ -----------
Net realized gain (loss) ............. 19,968,622 8,208 15,564,826 119,929,575 20,167,565
Change in unrealized appreciation
(depreciation) of investments ..... 7,484,816 14,312 10,967,057 376,094,230 14,165,644
----------- --------- ----------- ------------ -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS ....................... 27,453,438 22,520 26,531,883 496,023,805 34,333,209
----------- --------- ----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2) ... $27,044,725 $ 25,004 $25,798,895 $468,657,074 $32,675,243
=========== ========= =========== ============ ===========
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-9
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (CONCLUDED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Equity Options (Concluded):
--------------------------------------------------------------------
WARBURG
EQ/ LAZARD MFS EMERGING PINCUS SMALL
EVERGREEN (A) SMALL CAP (A) GROWTH COMPANIES COMPANY VALUE
---------------- ---------------- ----------------- ---------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust............. $ 2,596 $ 42 $ -- $ 146,193
---------- ----------- ----------------- ---------------
Expenses (Note 3):
Asset-based charges.................. 1,086 10 4,720,964 1,056,877
Less: Reduction for expense limitation..... -- -- -- --
---------- ----------- ----------------- ---------------
Net expenses......................... 1,086 10 4,720,964 1,056,877
---------- ----------- ----------------- ---------------
NET INVESTMENT INCOME (LOSS)............... 1,510 32 (4,720,964) (910,684)
---------- ----------- ----------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments.. 21,001 (89) 61,863,513 (7,130,907)
Realized gain distribution from
The Trust......................... -- 68 11,833,932 --
---------- ----------- ----------------- ---------------
Net realized gain (loss)................ 21,001 (21) 73,697,445 (7,130,907)
Change in unrealized appreciation
(depreciation) of investments........ 16,534 466 189,033,575 7,537,570
---------- ----------- ----------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.......................... 37,535 445 262,731,020 406,663
---------- ----------- ----------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2)...... $39,045 $ 477 $258,010,056 $ (504,021)
========== =========== ================= ===============
<CAPTION>
Asset Allocation Options:
------------------------------------------------------
ALLIANCE
ALLIANCE CONSERVATIVE ALLIANCE GROWTH
BALANCED INVESTORS INVESTORS
----------------- ---------------- -----------------
<S> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust............. $ 38,003,635 $ 4,691,893 $ 15,432,724
----------------- ---------------- -----------------
Expenses (Note 3):
Asset-based charges.................. 19,917,253 1,743,144 12,546,669
Less: Reduction for expense limitation..... 2,095,569 -- --
----------------- ---------------- -----------------
Net expenses......................... 17,821,684 1,743,144 12,546,669
----------------- --------------- -----------------
NET INVESTMENT INCOME (LOSS)............... 20,181,951 2,948,749 2,886,055
----------------- ---------------- -----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments.. 13,692,432 1,638,812 12,741,923
Realized gain distribution from
The Trust......................... 133,932,137 5,885,004 94,424,163
----------------- ---------------- -----------------
Net realized gain (loss)................ 147,624,569 7,523,816 107,166,086
Change in unrealized appreciation
(depreciation) of investments........ 39,004,307 689,307 106,086,756
----------------- ---------------- -----------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.......................... 186,628,876 8,213,123 213,252,842
----------------- ---------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2)...... $206,810,827 $11,161,872 $216,138,897
================= ================ =================
<CAPTION>
Asset Allocation Options:
---------------------------------------------------
EQ/EVERGREEN MERRILL LYNCH EQ/
FOUNDATION (A) WORLD STRATEGY PUTNAM BALANCED
------------------ --------------- ----------------
<S> <C> <C> <C>
INCOME AND EXPENSES:
Investment Income (Note 2):
Dividends from The Trust............. $1,116 $ 101,490 $ 1,154,530
---------- --------------- ----------------
Expenses (Note 3):
Asset-based charges.................. 202 136,368 554,156
Less: Reduction for expense limitation..... -- -- --
---------- --------------- ----------------
Net expenses......................... 202 136,368 554,156
---------- --------------- ----------------
NET INVESTMENT INCOME (LOSS)............... 914 (34,878) 600,374
---------- --------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 2):
Realized gain (loss) on investments.. 63 1,380,620 1,111,281
Realized gain distribution from
The Trust......................... -- 163,800 1,419,016
---------- --------------- ----------------
Net realized gain (loss)................ 63 1,544,420 2,530,297
Change in unrealized appreciation
(depreciation) of investments........ 4,261 669,904 (3,992,030)
---------- --------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.......................... 4,324 2,214,324 (1,461,733)
---------- --------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (NOTE 2)...... $5,238 $2,179,446 $ (861,359)
========== =============== ================
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-10
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
FIXED INCOME OPTIONS:
---------------------------------------------------------------
ALLIANCE INTERMEDIATE ALLIANCE
GOVERNMENT SECURITIES MONEY MARKET
---------------------------------- --------------------------
1999 1998 1999 1998
---------------- ---------------- ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................... $ 2,186,819 $ 1,762,313 $ 4,756,137 $ 3,823,222
Net realized gain (loss) on investments.................... 302,141 470,342 1,321,607 238,059
Change in unrealized appreciation
(depreciation) of investments........................... (3,147,010) 512,287 (1,138,368) 121,024
---------------- ---------------- ------------- ------------
Net increase (decrease) in net assets from operations...... (658,050) 2,744,942 4,939,376 4,182,305
---------------- ---------------- ------------- ------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions........................................... 10,803,619 10,106,543 72,843,109 59,238,443
Transfers from other Funds and
Guaranteed Interest Account.......................... 17,510,838 23,196,411 151,517,985 99,124,881
---------------- ---------------- ------------- ------------
Total............................................. 28,314,457 33,302,954 224,361,094 158,363,324
---------------- ---------------- ------------- ------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits................................... 7,077,940 5,018,282 32,264,005 25,401,484
Transfers to other Funds and
Guaranteed Interest Account.......................... 16,376,682 14,425,062 161,836,076 108,901,266
Withdrawal and administrative charges................... 61,594 75,927 265,560 307,072
---------------- ---------------- ------------- ------------
Total............................................. 23,516,216 19,519,271 194,365,641 134,609,822
---------------- ---------------- ------------- ------------
Net increase (decrease) in net assets from
Contractowners transactions............................. 4,798,241 13,783,683 29,995,453 23,753,502
---------------- ---------------- ------------- ------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3)........... (90,814) (610,623) 285,634 (1,229,280)
---------------- ---------------- ------------- ------------
INCREASE (DECREASE) IN NET ASSETS............................. 4,049,377 15,918,002 35,220,463 26,706,527
NET ASSETS -- BEGINNING OF PERIOD............................. 53,853,340 37,935,338 126,086,117 99,379,590
---------------- ---------------- ------------- ------------
NET ASSETS -- END OF PERIOD (NOTE 1).......................... $57,902,717 $53,853,340 $161,306,580 $126,086,117
================ ================ ============= ============
<CAPTION>
FIXED INCOME OPTIONS:
----------------------------------------------------------
ALLIANCE ALLIANCE
QUALITY BOND HIGH YIELD
-------------------------- -----------------------------
1999 1998 1999 1998
------------ ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................... $ 3,379,691 $ 2,601,044 $ 16,622,706 $ 17,912,128
Net realized gain (loss) on investments.................... 510,147 1,993,466 (8,256,252) 3,914,555
Change in unrealized appreciation
(depreciation) of investments........................... (6,837,979) (486,113) (16,895,279) (36,813,923)
------------ ------------- ------------- -------------
Net increase (decrease) in net assets from operations...... (2,948,141) 4,108,397 (8,528,825) (14,987,240)
------------ ------------- ------------- -------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions........................................... 17,826,110 20,999,014 26,936,544 52,878,815
Transfers from other Funds and
Guaranteed Interest Account.......................... 23,994,287 46,264,543 30,740,677 114,552,746
------------ ------------- ------------- -------------
Total............................................. 41,820,397 67,263,557 57,677,221 167,431,561
------------ ------------- ------------- -------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits................................... 8,423,954 4,294,846 18,107,373 15,414,754
Transfers to other Funds and
Guaranteed Interest Account.......................... 25,178,431 26,129,927 66,186,094 96,757,242
Withdrawal and administrative charges..... 69,431 64,190 262,567 269,447
------------ ------------- ------------- -------------
Total............................................. 33,671,816 30,488,963 84,556,034 112,441,443
------------ ------------- ------------- -------------
Net increase (decrease) in net assets from
Contractowners transactions............................. 8,148,581 36,774,594 (26,878,813) 54,990,118
------------ ------------- ------------- -------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3)........... 117,914 (387,566) (118,422) (1,942,757)
------------ ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS............................. 5,318,354 40,495,424 (35,526,060) 38,060,121
NET ASSETS -- BEGINNING OF PERIOD............................. 81,912,360 41,416,935 198,390,260 160,330,139
------------ ------------- ------------- -------------
NET ASSETS -- END OF PERIOD (NOTE 1).......................... $87,230,714 $81,912,360 $162,864,200 $198,390,260
============ ============= ============= =============
</TABLE>
- ------------------------
See Notes to Financial Statements.
FSA-11
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
Equity Options:
----------------------------------------
ALLIANCE
COMMON STOCK
----------------------------------------
1999 1998
-------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ (63,829,473) $ (46,516,714)
Net realized gain (loss) on investments........................... 1,567,459,196 1,122,099,298
Change in unrealized appreciation
(depreciation) of investments.................................. 320,673,163 573,857,850
-------------------- -------------------
Net increase (decrease) in net assets from operations............. 1,824,302,886 1,649,440,434
-------------------- -------------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 559,831,359 526,598,693
Transfers from other Funds and
Guaranteed Interest Account................................. 1,373,905,485 1,219,987,398
-------------------- -------------------
Total.................................................... 1,933,736,844 1,746,586,091
-------------------- -------------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... 645,258,965 439,741,977
Transfers to other Funds and
Guaranteed Interest Account................................. 1,305,180,800 1,134,646,060
Withdrawal and administrative charges..... 7,166,669 7,821,832
-------------------- -------------------
Total.................................................... 1,957,606,434 1,582,209,869
-------------------- -------------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... (23,869,590) 164,376,222
-------------------- -------------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. (3,359,970) (56,413,626)
-------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS.................................... 1,797,073,326 1,757,403,030
NET ASSETS -- BEGINNING OF PERIOD.................................... 7,729,915,526 5,972,512,496
-------------------- -------------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $9,526,988,852 $7,729,915,526
==================== ===================
<CAPTION>
Equity Options:
----------------------------------------
ALLIANCE
EQUITY INDEX
----------------------------------------
1999 1998
-------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ (4,065,878) $ (1,365,362)
Net realized gain (loss) on investments........................... 133,882,444 40,417,098
Change in unrealized appreciation
(depreciation) of investments.................................. 118,641,942 170,263,193
-------------------- -------------------
Net increase (decrease) in net assets from operations............. 248,458,508 209,314,929
-------------------- -------------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 207,110,009 169,623,980
Transfers from other Funds and
Guaranteed Interest Account................................. 843,228,288 637,861,607
-------------------- -------------------
Total.................................................... 1,050,338,297 807,485,587
-------------------- -------------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... 110,899,865 55,265,209
Transfers to other Funds and
Guaranteed Interest Account................................. 685,337,381 455,238,354
Withdrawal and administrative charges..... 1,410,369 1,207,740
-------------------- -------------------
Total.................................................... 797,647,615 511,711,303
-------------------- -------------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... 252,690,682 295,774,284
-------------------- -------------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. (1,458,118) (7,530,762)
-------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS.................................... 499,691,072 497,558,451
NET ASSETS-- BEGINNING OF PERIOD..................................... 1,153,003,354 655,444,903
-------------------- -------------------
NET ASSETS-- END OF PERIOD (NOTE 1).................................. $1,652,694,426 $1,153,003,354
==================== ===================
<CAPTION>
Equity Options:
------------------------------------------------------
EQ/ALLIANCE
ALLIANCE PREMIER
GROWTH & INCOME GROWTH (A)
----------------------------------- -----------------
1999 1998 1999
----------------- ----------------- -----------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ (7,774,963) $ (4,742,310) $ (167,569)
Net realized gain (loss) on investments........................... 84,313,836 51,666,978 938,447
Change in unrealized appreciation
(depreciation) of investments.................................. 39,845,140 39,346,894 10,413,030
----------------- ----------------- -----------------
Net increase (decrease) in net assets from operations............. 116,384,013 86,271,562 11,183,908
----------------- ----------------- -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 123,351,766 101,906,524 19,961,106
Transfers from other Funds and
Guaranteed Interest Account................................. 190,419,567 162,800,542 94,910,089
----------------- ----------------- -----------------
Total.................................................... 313,771,333 264,707,066 114,871,195
----------------- ----------------- -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... 54,339,299 30,427,264 460,182
Transfers to other Funds and
Guaranteed Interest Account................................. 103,291,011 89,917,684 13,207,345
Withdrawal and administrative charges..... 742,582 678,233 3,650
----------------- ----------------- -----------------
Total.................................................... 158,372,892 121,023,181 13,671,177
----------------- ----------------- -----------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... 155,398,441 143,683,885 101,200,018
----------------- ----------------- -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. (794,427) (4,193,814) 38,854
----------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS.................................... 270,988,027 225,761,633 112,422,780
NET ASSETS -- BEGINNING OF PERIOD.................................... 599,765,175 374,003,542 --
----------------- ----------------- -----------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $870,753,202 $599,765,175 $112,422,780
================= ================= =================
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-12
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
EQUITY SERIES (CONTINUED):
---------------------------------------------------------
CALVERT CAPITAL CAPITAL
SOCIALLY GUARDIAN GUARDIAN U.S.
RESPONSIBLE (A) RESEARCH (A) EQUITY (A)
------------------- --------------- -----------------
1999 1999 1999
------------------- --------------- -----------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ (852) $ (96) $ (413)
Net realized gain (loss) on investments........................... 15,842 19,191 1,378
Change in unrealized appreciation
(depreciation) of investments.................................. 172,185 29,283 74,129
--------------- --------------- ---------------
Net increase (decrease) in net assets from operations............. 187,175 48,378 75,094
--------------- --------------- ---------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 50,075 372,085 386,988
Transfers from other Funds and
Guaranteed Interest Account................................. 454,057 840,605 1,098,135
--------------- --------------- ---------------
Total.................................................... 504,132 1,212,690 1,485,123
--------------- --------------- ---------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... -- 902 17,579
Transfers to other Funds and
Guaranteed Interest Account................................. 72,191 351,450 133,777
Withdrawal and administrative charges......................... 54 1 13
--------------- --------------- ---------------
Total.................................................... 72,245 352,353 151,369
--------------- --------------- ---------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... 431,887 860,337 1,333,754
--------------- --------------- ---------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. 2,000,073 25,206 25,247
--------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS.................................... 2,619,135 933,921 1,434,095
NET ASSETS -- BEGINNING OF PERIOD.................................... -- -- --
--------------- --------------- ---------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $ 2,619,135 $ 933,921 $1,434,095
=============== =============== ===============
<CAPTION>
EQUITY SERIES (CONTINUED):
-------------------------------------------------------
MFS GROWTH
WITH
INCOME (A) MFS RESEARCH
-------------- --------------------------------------
1999 1999 1998
-------------- ------------------ -----------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ 2,214 $ (1,635,715) $ (486,308)
Net realized gain (loss) on investments........................... (1,566) 16,934,213 (916,443)
Change in unrealized appreciation
(depreciation) of investments.................................. 123,501 14,109,284 13,393,079
-------------- ------------------ -----------------
Net increase (decrease) in net assets from operations............. 124,149 29,407,782 11,990,328
-------------- ------------------ -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 891,850 30,557,735 26,220,920
Transfers from other Funds and
Guaranteed Interest Account................................. 1,303,993 79,447,062 79,372,885
-------------- ------------------ -----------------
Total.................................................... 2,195,843 110,004,797 105,593,805
-------------- ------------------ -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... 15,682 7,842,822 2,234,932
Transfers to other Funds and
Guaranteed Interest Account................................. 100,983 63,062,485 39,937,639
Withdrawal and administrative charges......................... 30 132,468 56,352
-------------- ------------------ -----------------
Total.................................................... 116,695 71,037,775 42,228,923
-------------- ------------------ -----------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... 2,079,148 38,967,022 63,364,882
-------------- ------------------ -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. 25,205 (131,866) (3,618,924)
-------------- ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS.................................... 2,228,502 68,242,938 71,736,286
NET ASSETS -- BEGINNING OF PERIOD.................................... -- 102,398,557 30,662,271
-------------- ------------------ -----------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $2,228,502 $170,641,495 $102,398,557
============== ================== =================
<CAPTION>
EQUITY SERIES (CONTINUED):
-----------------------------------
MERRILL LYNCH
BASIC VALUE EQUITY
-----------------------------------
1999 1998
---------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ 115,561 $ 56,464
Net realized gain (loss) on investments........................... 10,181,670 703,647
Change in unrealized appreciation
(depreciation) of investments.................................. (127,488) 1,021,838
---------------- ----------------
Net increase (decrease) in net assets from operations............. 10,169,743 1,781,949
---------------- ----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 18,954,806 18,099,811
Transfers from other Funds and
Guaranteed Interest Account................................. 51,439,310 54,374,032
---------------- ----------------
Total.................................................... 70,394,116 72,473,843
---------------- ----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... 4,950,153 1,998,824
Transfers to other Funds and
Guaranteed Interest Account................................. 36,220,977 31,529,622
Withdrawal and administrative charges......................... 75,889 37,806
---------------- ----------------
Total.................................................... 41,247,019 33,566,252
---------------- ----------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... 29,147,097 38,907,591
---------------- ----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. (77,654) (2,107,254)
---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS.................................... 39,239,186 38,582,286
NET ASSETS -- BEGINNING OF PERIOD.................................... 57,472,315 18,890,029
---------------- ----------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $96,711,501 $57,472,315
================ ================
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-13
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
EQUITY SERIES (CONTINUED):
-------------------------------------------------
EQ/PUTNAM
INVESTORS
EQ/PUTNAM GROWTH & INCOME VALUE GROWTH
----------------------------------- -------------
1999 1998 1999
----------------- ---------------- -------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (56,141) $ (27,881) $ (121)
Net realized gain (loss) on investments................... 8,563,322 241,200 1,812
Change in unrealized appreciation
(depreciation) of investments.......................... (11,414,919) 5,418,025 6,665
----------------- ---------------- -------------
Net increase (decrease) in net assets from operations..... (2,907,738) 5,631,344 8,356
----------------- ---------------- -------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.......................................... 15,111,566 21,041,270 4,282
Transfers from other Funds and
Guaranteed Interest Account......................... 21,929,146 31,492,288 106,618
----------------- ---------------- -------------
Total............................................ 37,040,712 52,533,558 110,900
----------------- ---------------- -------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.................................. 5,975,591 2,208,567 --
Transfers to other Funds and
Guaranteed Interest Account......................... 19,982,421 9,702,715 --
Withdrawal and administrative charges.................. 95,368 53,830 --
----------------- ---------------- -------------
Total............................................ 26,053,380 11,965,112 --
----------------- ---------------- -------------
Net increase (decrease) in net assets from
Contractowners transactions............................ 10,987,332 40,568,446 110,900
----------------- ---------------- -------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).......... (173,782) (2,075,426) 25,019
----------------- ---------------- -------------
INCREASE (DECREASE) IN NET ASSETS............................ 7,905,812 44,124,364 144,275
NET ASSETS -- BEGINNING OF PERIOD............................ 74,988,792 30,864,428 --
----------------- ---------------- -------------
NET ASSETS -- END OF PERIOD (NOTE 1)......................... $ 82,894,604 $74,988,792 $144,275
================= ================ =============
<CAPTION>
EQUITY SERIES (CONTINUED):
------------------------------------
T. ROWE PRICE
EQUITY INCOME
------------------------------------
1999 1998
------------------ -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 808,550 $ 972,619
Net realized gain (loss) on investments................... 10,372,141 1,957,941
Change in unrealized appreciation
(depreciation) of investments.......................... (9,195,970) 4,171,888
------------------ -----------------
Net increase (decrease) in net assets from operations..... 1,984,721 7,102,448
------------------ -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.......................................... 22,420,408 34,984,402
Transfers from other Funds and
Guaranteed Interest Account......................... 32,033,807 70,500,028
------------------ -----------------
Total............................................ 54,454,215 105,484,430
------------------ -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.................................. 10,573,400 4,063,205
Transfers to other Funds and
Guaranteed Interest Account......................... 38,746,496 26,010,302
Withdrawal and administrative charges.................. 143,698 88,752
------------------ -----------------
Total............................................ 49,463,594 30,162,259
------------------ -----------------
Net increase (decrease) in net assets from
Contractowners transactions............................ 4,990,621 75,322,171
------------------ -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).......... (117,973) (2,151,022)
------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS............................ 6,857,369 80,273,597
NET ASSETS -- BEGINNING OF PERIOD............................ 139,978,924 59,705,327
------------------ -----------------
NET ASSETS -- END OF PERIOD (NOTE 1)......................... $146,836,293 $139,978,924
================== =================
<CAPTION>
EQUITY SERIES (CONTINUED):
--------------------------------------
ALLIANCE GLOBAL
--------------------------------------
1999 1998
-------------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (10,195,721) $ (952,981)
Net realized gain (loss) on investments................... 152,370,377 59,782,149
Change in unrealized appreciation
(depreciation) of investments.......................... 128,133,406 60,932,110
-------------------- -----------------
Net increase (decrease) in net assets from operations..... 270,308,062 119,761,278
-------------------- -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.......................................... 75,156,941 73,052,084
Transfers from other Funds and
Guaranteed Interest Account......................... 328,119,254 97,000,214
-------------------- -----------------
Total............................................ 403,276,195 170,052,298
-------------------- -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.................................. 66,837,255 45,379,156
Transfers to other Funds and
Guaranteed Interest Account......................... 320,264,708 124,416,716
Withdrawal and administrative charges.................. 875,060 1,061,880
-------------------- -----------------
Total............................................ 387,977,023 170,857,752
-------------------- -----------------
Net increase (decrease) in net assets from
Contractowners transactions............................ 15,299,172 (805,454)
-------------------- -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).......... (355,951) (7,993,835)
-------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS............................ 285,251,283 110,961,989
NET ASSETS-- BEGINNING OF PERIOD............................. 727,158,446 616,196,457
-------------------- -----------------
NET ASSETS-- END OF PERIOD (NOTE 1).......................... $1,012,409,729 $727,158,446
==================== =================
<CAPTION>
EQUITY SERIES (CONTINUED):
------------------------------------
ALLIANCE
INTERNATIONAL
------------------------------------
1999 1998
------------------ -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (1,860,758) $ 630,063
Net realized gain (loss) on investments................... 34,071,789 (6,291,778)
Change in unrealized appreciation
(depreciation) of investments.......................... 18,061,228 17,134,710
------------------ -----------------
Net increase (decrease) in net assets from operations..... 50,272,259 11,472,995
------------------ -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.......................................... 21,074,414 18,021,919
Transfers from other Funds and
Guaranteed Interest Account......................... 648,133,522 252,313,930
------------------ -----------------
Total............................................ 669,207,936 270,335,849
------------------ -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.................................. 11,095,235 9,618,434
Transfers to other Funds and
Guaranteed Interest Account......................... 667,775,669 259,822,531
Withdrawal and administrative charges.................. 186,358 226,908
------------------ -----------------
Total............................................ 679,057,262 269,667,873
------------------ -----------------
Net increase (decrease) in net assets from
Contractowners transactions............................ (9,849,326) 667,976
------------------ -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).......... 115,663 (1,963,601)
------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS............................ 40,538,596 10,177,370
NET ASSETS -- BEGINNING OF PERIOD............................ 130,215,029 120,037,659
------------------ -----------------
NET ASSETS -- END OF PERIOD (NOTE 1)......................... $170,753,625 $130,215,029
================== =================
</TABLE>
- ------------------------
See Notes to Financial Statements.
FSA-14
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
EQUITY SERIES (CONTINUED):
--------------------------------------------------------
CAPITAL
GUARDIAN MORGAN STANLEY
INTERNATIONAL (A) EMERGING MARKETS EQUITY
-------------------- ----------------------------------
1999 1999 1998
-------------------- ----------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ (75) $ (408,713) $ (77,914)
Net realized gain (loss) on investments........................... 5 19,968,622 (4,762,302)
Change in unrealized appreciation
(depreciation) of investments.................................. 7,708 7,484,816 34,335
------------ ----------------- ----------------
Net increase (decrease) in net assets from operations............. 7,638 27,044,725 (4,805,881)
------------ ----------------- ----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 246 7,422,677 4,268,805
Transfers from other variable investment
options and Guaranteed Interest Account..................... 51,521 256,457,729 58,497,186
------------ ----------------- ----------------
Total.................................................... 51,767 263,880,406 62,765,991
------------ ----------------- ----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... -- 2,295,400 371,931
Transfers from other variable investment
options and Guaranteed Interest Account..................... -- 230,400,637 55,007,653
Withdrawal and administrative charges.......................... -- 25,133 12,342
------------ ----------------- ----------------
Total.................................................... -- 232,721,170 55,391,926
------------ ----------------- ----------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... 51,767 31,159,236 7,374,065
------------ ----------------- ----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. 25,010 (3,346,947) 74,039
------------ ----------------- ----------------
INCREASE (DECREASE) IN NET ASSETS.................................... 84,415 54,857,014 2,642,223
NET ASSETS -- BEGINNING OF PERIOD.................................... -- 16,084,234 13,442,011
------------ ----------------- ----------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $ 84,415 $ 70,941,248 $16,084,234
============ ================= ================
<CAPTION>
EQUITY SERIES (CONTINUED):
------------------------------------------------------
EQ/PUTNAM
INTERNATIONAL T. ROWE PRICE
EQUITY INTERNATIONAL STOCK
---------------- -----------------------------------
1999 1999 1998
---------------- ------------------ ----------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ 2,484 $ (732,988) $ (89,213)
Net realized gain (loss) on investments........................... 8,208 15,564,826 (2,186,910)
Change in unrealized appreciation
(depreciation) of investments.................................. 14,312 10,967,057 8,173,937
------------ ------------------ ----------------
Net increase (decrease) in net assets from operations............. 25,004 25,798,895 5,897,814
------------ ------------------ ----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 21,152 15,381,272 17,268,615
Transfers from other variable investment
options and Guaranteed Interest Account..................... 175,825 109,128,680 79,807,973
------------ ------------------ ----------------
Total.................................................... 196,977 124,509,952 97,076,588
------------ ------------------ ----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... -- 5,855,141 2,262,558
Transfers from other variable investment
options and Guaranteed Interest Account..................... -- 105,733,445 64,643,746
Withdrawal and administrative charges.......................... -- 94,699 65,025
------------ ------------------ ----------------
Total.................................................... -- 111,683,285 66,971,329
------------ ------------------ ----------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... 196,977 12,826,667 30,105,259
------------ ------------------ ----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. 25,033 (21,952) (6,011,889)
------------ ------------------ ----------------
INCREASE (DECREASE) IN NET ASSETS.................................... 247,014 38,603,610 29,991,184
NET ASSETS -- BEGINNING OF PERIOD.................................... -- 73,881,887 43,890,703
------------ ------------------ ----------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $247,014 $112,485,497 $73,881,887
============ ================== ================
<CAPTION>
EQUITY SERIES (CONTINUED):
-----------------------------------------
ALLIANCE
AGGRESSIVE STOCK
-----------------------------------------
1999 1998
-------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ (27,366,731) $ (25,699,164)
Net realized gain (loss) on investments........................... 119,929,575 229,821,681
Change in unrealized appreciation
(depreciation) of investments.................................. 376,094,230 (233,439,908)
-------------------- -------------------
Net increase (decrease) in net assets from operations............. 468,657,074 (29,317,391)
-------------------- -------------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.................................................. 211,928,010 292,963,500
Transfers from other variable investment
options and Guaranteed Interest Account..................... 690,307,548 837,060,745
-------------------- -------------------
Total.................................................... 902,235,558 1,130,024,245
-------------------- -------------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits.......................................... 293,091,030 246,890,973
Transfers from other variable investment
options and Guaranteed Interest Account..................... 1,138,246,663 1,105,075,546
Withdrawal and administrative charges.......................... 4,048,698 5,526,894
-------------------- -------------------
Total.................................................... 1,435,386,391 1,357,493,413
-------------------- -------------------
Net increase (decrease) in net assets from
Contractowners transactions.................................... (533,150,833) (227,469,168)
-------------------- -------------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3).................. (1,296,959) (23,708,725)
-------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS.................................... (65,790,718) (280,495,284)
NET ASSETS -- BEGINNING OF PERIOD.................................... 3,169,168,896 3,449,664,180
-------------------- -------------------
NET ASSETS -- END OF PERIOD (NOTE 1)................................. $3,103,378,178 $3,169,168,896
==================== ===================
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-15
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
EQUITY SERIES (CONCLUDED):
---------------------------------------------------------------------
ALLIANCE EQ/ LAZARD
SMALL CAP GROWTH EVERGREEN (A) SMALL CAP
------------------------------------ ------------------ -------------
1999 1998 1999 1999
------------------ ----------------- ------------------ -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ (1,657,966) $ (1,425,679) $ 1,510 $ 32
Net realized gain (loss) on investments................. 20,167,565 (18,408,722) 21,001 (21)
Change in unrealized appreciation
(depreciation) of investments........................ 14,165,644 12,576,541 16,534 466
------------------ ----------------- -------------- ------------
Net increase (decrease) in net assets from operations... 32,675,243 (7,257,860) 39,045 477
------------------ ----------------- -------------- ------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions........................................ 19,245,738 43,309,112 159,057 650
Transfers from other variable investment
options and Guaranteed Interest Account........... 356,043,363 363,094,583 852,104 24,205
------------------ ----------------- -------------- ------------
Total.......................................... 375,289,101 406,403,695 1,011,161 24,855
------------------ ----------------- -------------- ------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits................................ 8,512,986 3,905,019 8,783 --
Transfers from other variable investment
options and Guaranteed Interest Account........... 381,010,271 319,261,827 464,579 10,014
Withdrawal and administrative charges................ 181,537 112,019 2 --
------------------ ----------------- -------------- ------------
Total.......................................... 389,704,794 323,278,865 473,364 10,014
------------------ ----------------- -------------- ------------
Net increase (decrease) in net assets from
Contractowners transactions.......................... (14,415,693) 83,124,830 537,797 14,841
------------------ ----------------- -------------- ------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3)........ 400,260 (2,107,093) 24,886 12
------------------ ----------------- -------------- ------------
INCREASE (DECREASE) IN NET ASSETS.......................... 18,659,810 73,759,877 601,728 15,330
NET ASSETS -- BEGINNING OF PERIOD........ ................. 139,317,130 65,557,253 -- --
------------------ ----------------- -------------- ------------
NET ASSETS -- END OF PERIOD (NOTE 1)...... ................ $157,976,940 $139,317,130 $ 601,728 $ 15,330
================== ================= ============== ============
<CAPTION>
EQUITY SERIES (CONCLUDED):
-----------------------------------------------------------------------
MFS EMERGING WARBURG PINCUS
GROWTH COMPANIES SMALL COMPANY VALUE
------------------------------- -----------------------------------
1999 1998 1999 1998
--------------- --------------- ----------------- -----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ (4,720,964) $ (1,122,240) $ (910,684) $ (628,813)
Net realized gain (loss) on investments................. 73,697,445 (4,911,369) (7,130,907) (3,319,964)
Change in unrealized appreciation
(depreciation) of investments........................ 189,033,575 35,293,322 7,537,570 (7,312,118)
-------------- --------------- ----------------- -----------------
Net increase (decrease) in net assets from operations... 258,010,056 29,259,713 (504,021) (11,260,895)
-------------- --------------- ----------------- -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions........................................ 99,850,182 45,965,336 10,670,794 25,746,572
Transfers from other variable investment
options and Guaranteed Interest Account........... 412,004,872 245,232,174 18,055,879 45,701,935
-------------- --------------- ----------------- -----------------
Total.......................................... 511,855,054 291,197,510 28,726,673 71,448,507
-------------- --------------- ----------------- -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits................................ 24,089,810 3,422,691 4,921,343 3,085,017
Transfers from other variable investment
options and Guaranteed Interest Account........... 216,250,323 170,609,391 36,061,195 34,873,684
Withdrawal and administrative charges................ 387,668 94,296 117,502 105,234
-------------- --------------- ----------------- -----------------
Total.......................................... 240,727,801 174,126,378 41,100,040 38,063,935
-------------- --------------- ----------------- -----------------
Net increase (decrease) in net assets from
Contractowners transactions.......................... 271,127,253 117,071,132 (12,373,367) 33,384,572
-------------- --------------- ----------------- -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3)........ (163,969) (3,838,123) (65,352) (974,114)
-------------- --------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS.......................... 528,973,340 142,492,722 (12,942,740) 21,149,563
NET ASSETS -- BEGINNING OF PERIOD.......................... 177,252,578 34,759,856 90,331,538 69,181,975
-------------- --------------- ----------------- -----------------
NET ASSETS -- END OF PERIOD (NOTE 1)....................... $706,225,918 $177,252,578 $77,388,798 $ 90,331,538
============== =============== ================= =================
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-16
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
ASSET ALLOCATION OPTIONS:
-----------------------------------------
ALLIANCE
BALANCED
-----------------------------------------
1999 1998
------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 20,181,951 $ 17,242,619
Net realized gain (loss) on investments.................. 147,624,569 133,532,418
Change in unrealized appreciation
(depreciation) of investments......................... 39,004,307 42,665,225
------------------- -------------------
Net increase (decrease) in net assets from operations.... 206,810,827 193,440,262
------------------- -------------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions......................................... 80,322,283 76,987,846
Transfers from other variable investment
options and Guaranteed Interest Accou.............. 117,629,758 168,586,346
------------------- -------------------
Total........................................... 197,952,041 245,574,192
------------------- -------------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits................................. 131,721,182 107,639,830
Transfers from other variable investment
options and Guaranteed Interest Account............ 146,487,798 202,971,507
Withdrawal and administrative charges................. 1,231,936 1,699,980
------------------- -------------------
Total........................................... 279,440,916 312,311,317
------------------- -------------------
Net increase (decrease) in net assets from
Contractowners transactions........................... (81,488,875) (66,737,125)
------------------- -------------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3)......... (358,009) (11,812,039)
------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS........................... 124,963,943 114,891,098
NET ASSETS -- BEGINNING OF PERIOD........................... 1,322,921,820 1,208,030,722
------------------- -------------------
NET ASSETS -- END OF PERIOD (NOTE 1)........................ $1,447,885,763 $1,322,921,820
=================== ===================
<CAPTION>
ASSET ALLOCATION OPTIONS:
------------------------------------
ALLIANCE
CONSERVATIVE INVESTORS
------------------------------------
1999 1998
------------------ -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 2,948,749 $ 2,806,823
Net realized gain (loss) on investments.................. 7,523,816 7,693,592
Change in unrealized appreciation
(depreciation) of investments......................... 689,307 2,040,567
------------------ -----------------
Net increase (decrease) in net assets from operations.... 11,161,872 12,540,982
------------------ -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions......................................... 19,554,473 19,140,568
Transfers from other variable investment
options and Guaranteed Interest Accou.............. 18,725,190 16,914,697
------------------ -----------------
Total........................................... 38,279,663 36,055,265
------------------ -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits................................. 12,359,171 8,188,450
Transfers from other variable investment
options and Guaranteed Interest Account............ 14,458,723 12,810,163
Withdrawal and administrative charges................. 126,838 167,275
------------------ -----------------
Total........................................... 26,944,732 21,165,888
------------------ -----------------
Net increase (decrease) in net assets from
Contractowners transactions........................... 11,334,931 14,889,377
------------------ -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3)......... (56,486) (1,763,255)
------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS........................... 22,440,317 25,667,104
NET ASSETS -- BEGINNING OF PERIOD........................... 120,068,702 94,401,598
------------------ -----------------
NET ASSETS -- END OF PERIOD (NOTE 1)........................ $142,509,019 $120,068,702
================== =================
<CAPTION>
ASSET ALLOCATION OPTIONS:
---------------------------------------
ALLIANCE
GROWTH INVESTORS
---------------------------------------
1999 1998
-------------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 2,886,055 $ 5,499,380
Net realized gain (loss) on investments.................. 107,166,086 75,887,319
Change in unrealized appreciation
(depreciation) of investments......................... 106,086,756 40,944,576
-------------------- -----------------
Net increase (decrease) in net assets from operations.... 216,138,897 122,331,275
-------------------- -----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions......................................... 96,197,073 90,895,614
Transfers from other variable investment
options and Guaranteed Interest Accou.............. 116,747,082 81,033,459
-------------------- -----------------
Total........................................... 212,944,155 171,929,073
-------------------- -----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits................................. 72,680,626 50,079,041
Transfers from other variable investment
options and Guaranteed Interest Account............ 96,645,261 81,495,051
Withdrawal and administrative charges................. 1,067,645 1,338,300
-------------------- -----------------
Total........................................... 170,393,532 132,912,392
-------------------- -----------------
Net increase (decrease) in net assets from
Contractowners transactions........................... 42,550,623 39,016,681
-------------------- -----------------
Net increase (decrease) in amount retained by
Equitable Life in Separate Account A (Note 3)......... (781,556) (8,570,191)
-------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS........................... 257,907,964 152,777,765
NET ASSETS -- BEGINNING OF PERIOD........................... 842,905,292 690,127,527
-------------------- -----------------
NET ASSETS -- END OF PERIOD (NOTE 1)........................ $1,100,813,256 $842,905,292
==================== =================
</TABLE>
- ------------------------
See Notes to Financial Statements.
FSA-17
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
ASSET ALLOCATION OPTIONS (CONCLUDED):
-------------------------------------------------------
EQ/EVERGREEN MERRILL LYNCH WORLD
FOUNDATION (A) STRATEGY
------------------ -----------------------------------
1999 1999 1998
------------------ ---------------- ----------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).................................. $ 914 $ (34,878) $ (11,329)
Net realized gain (loss) on investments....................... 63 1,544,420 (103,174)
Change in unrealized appreciation
(depreciation) of investments.............................. 4,261 669,904 648,068
------------ ---------------- ----------------
Net increase (decrease) in net assets from operations......... 5,238 2,179,446 533,565
------------ ---------------- ----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.............................................. 14,367 1,755,419 1,929,793
Transfers from other variable investment
options and Guaranteed Interest Account................. 122,112 17,812,153 7,365,231
------------ ---------------- ----------------
Total................................................ 136,479 19,567,572 9,295,024
------------ ---------------- ----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits...................................... 1,952 615,160 340,072
Transfers to other Funds and
Guaranteed Interest Account............................. 11,137 18,171,482 5,454,326
Withdrawal and administrative charges...................... 1 12,610 10,176
------------ ---------------- ----------------
Total................................................ 13,090 18,799,252 5,804,574
------------ ---------------- ----------------
Net increase (decrease) in net assets from
Contractowners transactions................................ 123,389 768,320 3,490,450
------------ ---------------- ----------------
Net (increase) decrease in amount retained by
Equitable Life in Separate Account A (Note 3).............. 25,027 (7,305) (1,551,800)
------------ ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS................................ 153,654 2,940,461 2,472,215
NET ASSETS -- BEGINNING OF PERIOD................................ -- 11,042,248 8,570,033
------------ ---------------- ----------------
NET ASSETS -- END OF PERIOD (NOTE 1)............................. $153,654 $13,982,709 $11,042,248
============ ================ ================
<CAPTION>
ASSET ALLOCATION OPTIONS (CONCLUDED):
---------------------------------------
EQ/PUTNAM
BALANCED
----------------------------------
1999 1998
---------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).................................. $ 600,374 $ 346,828
Net realized gain (loss) on investments....................... 2,530,297 702,128
Change in unrealized appreciation
(depreciation) of investments.............................. (3,992,030) 1,408,394
---------------- ----------------
Net increase (decrease) in net assets from operations......... (861,359) 2,457,350
---------------- ----------------
FROM CONTRACTOWNERS TRANSACTIONS (NOTE 4):
Contributions and Transfers:
Contributions.............................................. 8,724,210 10,044,027
Transfers from other variable investment
options and Guaranteed Interest Account................. 13,434,909 24,576,797
---------------- ----------------
Total................................................ 22,159,119 34,620,824
---------------- ----------------
Payments, Transfers and Charges:
Annuity payments, withdrawals
and death benefits...................................... 2,214,146 975,331
Transfers to other Funds and
Guaranteed Interest Account............................. 9,911,791 13,658,260
Withdrawal and administrative charges...................... 33,963 20,744
---------------- ----------------
Total................................................ 12,159,900 14,654,335
---------------- ----------------
Net increase (decrease) in net assets from
Contractowners transactions................................ 9,999,219 19,966,489
---------------- ----------------
Net (increase) decrease in amount retained by
Equitable Life in Separate Account A (Note 3).............. (80,011) (3,502,422)
---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS................................ 9,057,849 18,921,417
NET ASSETS -- BEGINNING OF PERIOD................................ 34,787,837 15,866,420
---------------- ----------------
NET ASSETS -- END OF PERIOD (NOTE 1)............................. $43,845,686 $34,787,837
================ ================
</TABLE>
- ------------------------
(a) Commenced operations on August 30, 1999.
See Notes to Financial Statements.
FSA-18
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
1. General
The Equitable Life Assurance Society of the United States (Equitable Life)
Separate Account A (The Account) is organized as a unit investment trust, a
type of investment company, and is registered with the Securities and
Exchange Commission under the Investment Company Act of 1940. EQ Advisors
Trust ("EQAT" or "Trust") commenced operations on May 1, 1997. EQAT is an
open-end, diversified investment management company that sells shares of a
portfolio ("Portfolio") of a mutual fund to separate accounts of insurance
companies. Each Portfolio has separate investment objectives.
For periods prior to October 18, 1999, the Alliance portfolios (other than
EQ/Alliance Premier Growth) were part of The Hudson River Trust ("HRT"). On
October 18, 1999, a Substitution of new Portfolios of EQAT for the Portfolios
of HRT was performed. At that time assets of each of the HRT Portfolios were
transferred to the corresponding new Portfolios of EQAT. Class IA shares and
Class IB shares of the HRT became Class IA shares and Class IB shares of
EQAT.
Prior to the Substitution, Alliance Capital Management L.P., an indirect,
majority-owned subsidiary of Equitable Life, managed HRT and was investment
advisor for all the HRT Portfolios. Subsequent to the Substitution, Alliance
continues as investment advisor for the Alliance portfolios (including
EQ/Alliance Premier Growth).
Effective September 1999, Equitable Life serves as investment manager of
EQAT. As such Equitable Life oversees the activities of the investment
advisors with respect to EQAT and is responsible for retaining or
discontinuing the services of those advisors. Prior to September 1999, AXA
Advisors, LLC (formerly EQ Financial Consultants, Inc.), a subsidiary of
Equitable Life, served as investment manager to EQAT.
Effective September 1999, AXA Advisors was sold by Equitable Life to an
affiliated company. AXA Advisors, LLC earns fees from EQAT under distribution
agreements held with the Trust. Equitable Life also earns fees under an
investment management agreement with EQAT. Alliance earns fees under an
investment advisory agreement with Equitable Life.
The Account consists of 35 variable investment options:
FIXED INCOME OPTIONS:
Domestic Fixed Income
o Alliance Intermediate Government Securities
o Alliance Money Market
o Alliance Quality Bond
Aggressive Fixed Income
o Alliance High Yield
EQUITY OPTIONS:
Domestic Equity
o Alliance Common Stock
o Alliance Equity Index
o Alliance Growth & Income
o EQ/Alliance Premier Growth
o Calvert Socially Responsible
o Capital Guardian Research
o Capital Guardian U.S. Equity
o MFS Growth with Income
o MFS Research
o Merrill Lynch Basic Value Equity
o EQ/Putnam Growth & Income Value
o EQ/Putnam Investors Growth
o T. Rowe Price Equity Income
International Equity
o Alliance Global
o Alliance International
o Capital Guardian International
o Morgan Stanley Emerging Markets Equity
o EQ/Putnam International Equity
o T. Rowe Price International Stock
Aggressive Equity
o Alliance Aggressive Stock
o Alliance Small Cap Growth
o EQ/Evergreen
o Lazard Small Cap
o MFS Emerging Growth Companies
o Warburg Pincus Small Company Value
ASSET ALLOCATION OPTIONS:
o Alliance Balanced
o Alliance Conservative Investors
o Alliance Growth Investors
o EQ/Evergreen Foundation
o Merrill Lynch World Strategy
o EQ/Putnam Balanced
FSA-19
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
1. General (Continued)
The assets in each variable investment option are invested in Class IA and IB
shares of a corresponding portfolio (Portfolio) of a mutual fund of EQAT.
Class IA and IB shares are offered by EQAT at net asset value. Both classes
of shares are subject to fees for investment management and advisory services
and other Trust expenses. Class IA shares are not subject to distribution
fees imposed pursuant to a distribution plan. Class IB shares are also
subject to distribution fees imposed under a distribution plan (herein, the
"Rule 12b-1 Plans") adopted pursuant to Rule 12b-1 under the 1940 Act, as
amended. The Rule 12b-1 Plans provide that EQAT, on behalf of each Fund, may
charge annually up to 0.25% of the average daily net assets of a variable
investment option attributable to its Class IB shares in respect of
activities primarily intended to result in the sale of the Class IB shares.
These fees are reflected in the net asset value of the shares.
The Account is used to fund benefits for variable annuities issued by
Equitable Life including certain individual tax-favored variable annuity
contracts (Old Contracts), individual non-qualified variable annuity
contracts (EQUIPLAN Contracts), tax-favored and non-qualified certificates
issued under group deferred variable annuity contracts and certain related
individual contracts (EQUI-VEST Contracts), group deferred variable annuity
contracts used to fund tax-qualified defined contribution plans (Momentum
Contracts) and group variable annuity contracts used as a funding vehicle for
employers who sponsor qualified defined contribution plans (Momentum Plus).
All of these contracts and certificates are collectively referred to as the
Contracts.
The net assets of the Account are not chargeable with liabilities arising
out of any other business Equitable Life may conduct. The excess of assets
over reserves and other contract liabilities, if any, in the Account may be
transferred to Equitable Life's General Account. Equitable Life's General
Account is subject to creditor rights. Due to/from Equitable Life's General
Account represents amounts receivable/payable to/from the General Account
and is predominately related to policy-related transactions, premiums,
surrenders and death benefits.
2. Significant Accounting Policies
The accompanying financial statements are prepared in conformity with
generally accepted accounting principles (GAAP). The preparation of financial
statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Investments are made in shares of EQAT and are valued at the net asset values
per share of the respective Portfolios. The net asset value is determined by
EQAT using the market or fair value of the underlying assets of the Portfolio
less liabilities.
Investment transactions are recorded by the Account on the trade date.
Dividends and capital gains are declared and distributed by the Trust at the
end of the year and are automatically reinvested on the ex-dividend date.
Realized gains and losses include (1) gains and losses on redemptions of
EQAT's shares (determined on the identified cost basis) and (2) Trust
distributions representing the net realized gains on Trust investment
transactions.
No federal income tax based on net income or realized and unrealized capital
gains is currently applicable to Contracts participating in the Account by
reason of applicable provisions of the Internal Revenue Code and no federal
income tax payable by Equitable Life is expected to affect the unit value of
Contracts participating in the Account. Accordingly, no provision for income
taxes is required. Equitable Life retains the right to charge for any federal
income tax incurred which is attributable to the Account if the law is
changed.
FSA-20
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
3. Asset Charges
The following charges are made directly against the daily net assets of the
Account and are reflected daily in the computation of the accumulation unit
values of the Contracts:
<TABLE>
<CAPTION>
DEATH MORTALITY OTHER EXPENSE FINANCIAL
BENEFITS RISKS EXPENSES RISKS ACCOUNTING TOTAL
----------- ----------- ----------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
EQUI-VEST/
MOMENTUM CONTRACTS
Alliance Money Market Fund,
Alliance Balanced Fund
Alliance Common Stock Fund 0.05% 0.30% 0.60% 0.30% 0.24% 1.49%
All Other Funds 0.05% 0.30% 0.60% 0.15% 0.24% 1.34%
MOMENTUM PLUS CONTRACTS -- ALL
FUNDS -- 0.50% 0.25% 0.60% -- 1.35%
OLD CONTRACTS
Common Stock and Money Market
Funds 0.05% 0.45% 0.16% 0.08% -- .74%
EQUIPLAN CONTRACTS
Common Stock and
Intermediate Government
Securities Funds 0.05% 0.45% 0.16% 0.08% -- .74%
EQUI-VEST SERIES 300 & SERIES
400 CONTRACTS
Alliance Money Market Fund
Alliance Common Stock Fund
Alliance Aggressive Stock Fund
Alliance Balanced Fund -- 0.60% 0.25% 0.50% -- 1.35%
All Other Funds -- 0.60% 0.24%* 0.50% -- 1.34%
EQUI-VEST SERIES 500 CONTRACTS
All Funds -- 0.70% 0.25% 0.50% -- 1.45%
EQUI-VEST SERIES 600 CONTRACTS
All Funds -- 0.45% 0.25% 0.50% -- 1.20%
<CAPTION>
MORTALITY AND
DEATH EXPENSE OTHER EXPENSE FINANCIAL
BENEFITS RISKS EXPENSES RISKS ACCOUNTING TOTAL
----------- ----------- ----------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
EQUI-VEST EXPRESS SERIES 700
CONTRACTS
All Funds -- 0.70% 0.25% -- -- 0.95%
EQUI-VEST SERIES 800 CONTRACTS
All Funds -- 0.95% 0.25% -- -- 1.20%
</TABLE>
--------------
* During 1999, Equitable Life charged EQUI-VEST Series 300 and 400 Contracts
0.24% against the assets of the Trust for expenses, except as noted. This
voluntary expense limitation discounted from 0.25% to 0.24% may be
discontinued by Equitable Life at its discretion.
The above charges may be retained in the Account by Equitable Life and, to
the extent retained, participate in the net investment results of EQAT
ratably with assets attributable to the Contracts.
Since EQAT shares are valued at their net asset value, investment advisory
fees and direct operating expenses of EQAT are, in effect, passed on to the
Account and are reflected in the computation of the accumulation unit values
of the Contracts.
Under the terms of the Contracts, the aggregate of these asset charges and
the charges of the Trust for advisory fees and for direct operating expenses
may not exceed a total effective annual rate of 1.75% for EQUI-VEST and
Momentum Contracts for the Alliance
FSA-21
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
3. Asset Charges (Continued)
Money Market Fund, the Alliance Common Stock Fund, the Alliance Aggressive
Stock Fund, the Alliance Balanced Funds and 1% for the Old Contracts and
EQUIPLAN Contracts.
Under the Contracts, the total charges may be reallocated among the various
expense categories. Equitable Life, however, intends to limit any possible
reallocation to include only the expense risks, mortality risks and death
benefit charges.
4. Contributions, Payments, Transfers and Charges
Contributions represent participant contributions under EQUI-VEST, Momentum,
Momentum Plus and EQUI-VEST Series 300 through 800 Contracts (but excludes
amounts allocated to the Guaranteed Interest Account, which are reflected in
the General Account) and participant contributions under other Contracts (Old
Contracts, EQUIPLAN) reduced by applicable deductions, charges and state
premium taxes. Contributions also include amounts applied to purchase
variable annuities. Transfers are amounts that participants have directed to
be moved among the Funds, including permitted transfers to and from the
Guaranteed Interest Account, which is part of Equitable Life's General
Account.
Variable annuity payments and death benefits are payments to participants and
beneficiaries made under the terms of the Contracts. Withdrawals are amounts
that participants have requested to be withdrawn and paid to them or applied
to purchase annuities. Withdrawal charges, if applicable, are the deferred
contingent withdrawal charges that apply to certain withdrawals under
EQUI-VEST, Momentum, Momentum Plus and EQUI-VEST Series 300 through 800
Contracts. Administrative charges, if applicable, are deducted annually under
EQUI-VEST, EQUIPLAN and Old Contracts and quarterly under Momentum, Momentum
Plus and EQUI-VEST Series 300 through 800 Contracts.
Accumulation units issued and redeemed during the periods indicated were:
(Acronym BP refers to total Basis Points charged for that product as
described in Footnote 3)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Fixed Income Options:
ALLIANCE INTERMEDIATE GOVERNMENT
SECURITIES
- ------------------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 15,460 5,893
Momentum Plus Contracts 135 BP.................... 22,427 50,402
Momentum Plus Contracts 100 BP.................... 1 1,592
EQUIPLAN Contracts................................ -- 4
EQUI-VEST Contracts Series 300 & 400 134 BP....... 185,382 216,535
EQUI-VEST Contracts Series 500 145 BP............. 199 78
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,400 --
EQUI-VEST Contracts Series 600 90 BP.............. 3,025 --
EQUI-VEST Express Contracts Series 700 95 BP...... 2,848 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 12,715 4,863
Momentum Plus Contracts 135 BP.................... 35,566 51,462
Momentum Plus Contracts 100 BP.................... 3,569 471
EQUIPLAN Contracts................................ 1,406 4,747
EQUI-VEST Contracts Series 300 & 400 134 BP....... 139,676 103,688
EQUI-VEST Contracts Series 500 145 BP............. 19 45
EQUI-VEST Contracts Series 600 & 800 120 BP....... 195 --
EQUI-VEST Contracts Series 600 90 BP.............. 68 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
</TABLE>
FSA-22
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Fixed Income Options (Continued):
ALLIANCE MONEY MARKET
- ---------------------
Issued -- EQUI-VEST Contracts............................... 1,601,533 1,229,299
Momentum Contracts................................ 674,927 386,247
Momentum Plus Contracts 135 BP.................... 522,422 503,516
Momentum Plus Contracts 100 BP.................... 1,165 7,375
Old Contracts..................................... -- 42
EQUI-VEST Contracts Series 300 & 400 135 BP....... 733,606 458,194
EQUI-VEST Contracts Series 500 145 BP............. 1,201 547
EQUI-VEST Contracts Series 600 & 800 120 BP....... 25,829 --
EQUI-VEST Contracts Series 600 90 BP.............. 4,849 --
EQUI-VEST Express Contracts Series 700 95 BP...... 46,749 --
Redeemed -- EQUI-VEST Contracts............................... 1,345,411 941,797
Momentum Contracts................................ 573,316 326,686
Momentum Plus Contracts 135 BP.................... 513,142 506,664
Momentum Plus Contracts 100 BP.................... 9,352 10,102
Old Contracts..................................... 914 2,025
EQUI-VEST Contracts Series 300 & 400 135 BP....... 635,870 341,437
EQUI-VEST Contracts Series 500 145 BP............. 1,351 156
EQUI-VEST Contracts Series 600 & 800 120 BP ...... 9,279 --
EQUI-VEST Contracts Series 600 90 BP ............. 3,358 --
EQUI-VEST Express Contracts Series 700 95 BP...... 3,903 --
ALLIANCE QUALITY BOND
- ---------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 7,021 10,469
Momentum Plus Contracts 135 BP.................... 27,397 36,968
Momentum Plus Contracts 100 BP.................... 10 444
Old Contracts..................................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 287,495 483,053
EQUI-VEST Contracts Series 500 145 BP............. 216 146
EQUI-VEST Contracts Series 600 & 800 120 BP....... 4,070 --
EQUI-VEST Contracts Series 600 90 BP.............. 3,206 --
EQUI-VEST Express Contracts Series 700 95 BP...... 4,167 --
</TABLE>
FSA-23
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Fixed Income Options (Concluded):
ALLIANCE QUALITY BOND
(CONCLUDED)
- ----------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 6,707 5,361
Momentum Plus Contracts 135 BP.................... 33,070 27,523
Momentum Plus Contracts 100 BP.................... 1,353 182
Old Contracts..................................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 222,493 209,302
EQUI-VEST Contracts Series 500 145 BP............. 96 19
EQUI-VEST Contracts Series 600 & 800 120 BP....... 402 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,586 --
EQUI-VEST Express Contracts Series 700 95 BP...... 16 --
ALLIANCE HIGH
YIELD
- ----------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 12,411 19,540
Momentum Plus Contracts 135 BP.................... 39,641 45,063
Momentum Plus Contracts 100 BP.................... 11 1,531
Old Contracts..................................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 324,376 976,709
EQUI-VEST Contracts Series 500 145 BP............. 637 387
EQUI-VEST Contracts Series 600 & 800 120 BP....... 5,169 1
EQUI-VEST Contracts Series 600 90 BP.............. 16,437 --
EQUI-VEST Express Contracts Series 700 95 BP...... 3,618 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 14,640 11,692
Momentum Plus Contracts 135 BP.................... 57,901 55,069
Momentum Plus Contracts 100 BP.................... 5,171 1,524
Old Contracts..................................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 490,350 643,692
EQUI-VEST Contracts Series 500 145 BP............. 103 8
EQUI-VEST Contracts Series 600 & 800 120 BP....... 228 --
EQUI-VEST Contracts Series 600 90 BP.............. 11,758 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
</TABLE>
FSA-24
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options:
ALLIANCE COMMON STOCK
- ---------------------
Issued -- EQUI-VEST Contracts............................... 3,241,060 4,199,955
Momentum Contracts................................ 175,408 171,967
Momentum Plus Contracts 135 BP.................... 428,759 479,798
Momentum Plus Contracts 100 BP.................... 2,010 10,617
Momentum Plus Contracts 90 BP..................... -- 2,467
Old Contracts..................................... -- 19
EQUIPLAN Contracts................................ -- 4
EQUI-VEST Contracts Series 300 & 400 135 BP....... 2,214,776 2,035,253
EQUI-VEST Contracts Series 500 145 BP............. 15,117 4,784
EQUI-VEST Contracts Series 600 & 800 120 BP....... 106,914 2
EQUI-VEST Contracts Series 600 90 BP.............. 289,677 --
EQUI-VEST Express Contracts Series 700 95 BP...... 25,534 --
Redeemed -- EQUI-VEST Contracts............................... 3,767,190 4,354,955
Momentum Contracts................................ 213,824 169,605
Momentum Plus Contracts 135 BP.................... 529,883 539,175
Momentum Plus Contracts 100 BP.................... 25,998 8,027
Momentum Plus Contracts 90 BP..................... -- 686
Old Contracts..................................... 32,470 42,795
EQUIPLAN Contracts................................ 4,522 14,746
EQUI-VEST Contracts Series 300 & 400 135 BP....... 1,520,593 992,260
EQUI-VEST Contracts Series 500 145 BP............. 817 56
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,500 --
EQUI-VEST Contracts Series 600 90 BP.............. 56,355 --
EQUI-VEST Express Contracts Series 700 95 BP...... 119 --
ALLIANCE EQUITY INDEX
- ---------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 92,446 79,518
Momentum Plus Contracts 135 BP.................... 195,122 205,393
Momentum Plus Contracts 100 BP.................... 871 6,938
Momentum Plus Contracts 90 BP..................... 929 1,097
EQUI-VEST Contracts Series 300 & 400 134 BP....... 3,313,145 3,094,562
EQUI-VEST Contracts Series 500 145 BP............. 7,433 2,295
EQUI-VEST Contracts Series 600 & 800 120 BP....... 51,909 3
EQUI-VEST Contracts Series 600 90 BP.............. 68,076 --
EQUI-VEST Express Contracts Series 700 95 BP...... 9,913 --
</TABLE>
FSA-25
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
ALLIANCE EQUITY INDEX (CONCLUDED)
- ---------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 55,383 37,943
Momentum Plus Contracts 135 BP.................... 173,898 153,058
Momentum Plus Contracts 100 BP.................... 6,729 1,574
Momentum Plus Contracts 90 BP..................... 550 193
EQUI-VEST Contracts Series 300 & 400 134 BP....... 2,539,543 1,974,951
EQUI-VEST Contracts Series 500 145 BP............. 1,019 44
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,563 --
EQUI-VEST Contracts Series 600 90 BP.............. 15,055 --
EQUI-VEST Express Contracts Series 700 95 BP...... 611 --
ALLIANCE GROWTH & INCOME
- ------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 46,367 52,613
Momentum Plus Contracts 135 BP.................... 102,674 113,506
Momentum Plus Contracts 100 BP.................... 554 4,425
Momentum Plus Contracts 90 BP..................... 505 642
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,202,829 1,224,228
EQUI-VEST Contracts Series 500 145 BP............. 2,959 1,401
EQUI-VEST Contracts Series 600 & 800 120 BP....... 38,707 --
EQUI-VEST Contracts Series 600 90 BP.............. 15,419 --
EQUI-VEST Express Contracts Series 700 95 BP...... 14,261 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 33,820 25,771
Momentum Plus Contracts 135 BP.................... 94,715 87,335
Momentum Plus Contracts 100 BP.................... 3,298 1,838
Momentum Plus Contracts 90 BP..................... 90 38
EQUI-VEST Contracts Series 300 & 400 134 BP....... 582,912 548,572
EQUI-VEST Contracts Series 500 145 BP............. 87 9
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,281 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,097 --
EQUI-VEST Express Contracts Series 700 95 BP...... 29 --
</TABLE>
FSA-26
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
EQ/ALLIANCE PREMIER GROWTH
- --------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 13,459 --
Momentum Plus Contracts 135 BP.................... 6,290 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... 209 --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,015,911 --
EQUI-VEST Contracts Series 500 145 BP............. 470 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 36,664 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,366 --
EQUI-VEST Express Contracts Series 700 95 BP...... 20,919 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 220 --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 128,767 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 186 --
EQUI-VEST Contracts Series 600 90 BP.............. 3 --
EQUI-VEST Express Contracts Series 700 95 BP...... 73 --
CALVERT SOCIALLY RESPONSIBLE
- ----------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 4,718 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1 --
EQUI-VEST Contracts Series 600 90 BP.............. 237 --
</TABLE>
FSA-27
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
CALVERT SOCIALLY RESPONSIBLE (CONCLUDED)
- ----------------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 716 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... -- --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
CAPITAL GUARDIAN RESEARCH
- -------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... 150 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 10,886 --
EQUI-VEST Contracts Series 500 145 BP............. 3 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 847 --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... 7 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... 98 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 3,291 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... -- --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
</TABLE>
FSA-28
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
CAPITAL GUARDIAN U.S. EQUITY
- ----------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 57 --
Momentum Plus Contracts 135 BP.................... 39 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 14,409 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 581 --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... 317 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,552 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... -- --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
MFS GROWTH WITH INCOME
- ----------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 91 --
Momentum Plus Contracts 135 BP.................... 79 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 18,783 --
EQUI-VEST Contracts Series 500 145 BP............. 16 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 2,469 --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... 833 --
</TABLE>
FSA-29
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
MFS GROWTH WITH INCOME (CONCLUDED)
- -------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,183 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 10 --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
MFS RESEARCH
- ------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 7,188 4,266
Momentum Plus Contracts 135 BP.................... 31,459 3,956
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 706,130 811,244
EQUI-VEST Contracts Series 500 145 BP............. 1,831 897
EQUI-VEST Contracts Series 600 & 800 120 BP....... 6,127 --
EQUI-VEST Contracts Series 600 90 BP.............. 6,138 --
EQUI-VEST Express Contracts Series 700 95 BP...... 2,879 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 3,230 455
Momentum Plus Contracts 135 BP.................... 8,253 1,331
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 466,481 327,759
EQUI-VEST Contracts Series 500 145 BP............. 179 11
EQUI-VEST Contracts Series 600 & 800 120 BP....... 18 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,687 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
</TABLE>
FSA-30
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
MERRILL LYNCH BASIC VALUE EQUITY
- --------------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 6,310 3,082
Momentum Plus Contracts 135 BP.................... 20,448 2,932
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 450,684 563,336
EQUI-VEST Contracts Series 500 145 BP............. 733 352
EQUI-VEST Contracts Series 600 & 800 120 BP....... 7,429 1
EQUI-VEST Contracts Series 600 90 BP.............. 2,506 --
EQUI-VEST Express Contracts Series 700 95 BP...... 4,965 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 3,499 --
Momentum Plus Contracts 135 BP.................... 7,742 991
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 277,983 263,606
EQUI-VEST Contracts Series 500 145 BP............. 34 10
EQUI-VEST Contracts Series 600 & 800 120 BP....... 5 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,038 --
EQUI-VEST Express Contracts Series 700 95 BP...... 18 --
EQ/PUTNAM GROWTH & INCOME VALUE
- -------------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 2,743 523
Momentum Plus Contracts 135 BP.................... 12,758 2,572
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 261,643 431,414
EQUI-VEST Contracts Series 500 145 BP............. 840 407
EQUI-VEST Contracts Series 600 & 800 120 BP....... 3,176 1
EQUI-VEST Contracts Series 600 90 BP.............. 2,166 --
EQUI-VEST Express Contracts Series 700 95 BP...... 199 --
</TABLE>
FSA-31
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued
EQ/PUTNAM GROWTH & INCOME VALUE (CONCLUDED)
- -------------------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 817 --
Momentum Plus Contracts 135 BP.................... 3,123 328
Momentum Plus Contracts 100 BP.................... -- 507
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 195,000 99,601
EQUI-VEST Contracts Series 500 145 BP............. 44 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 102 --
EQUI-VEST Contracts Series 600 90 BP.............. 302 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
EQ/PUTNAM INVESTORS GROWTH
- --------------------------
Issued -- Momentum Contracts................................ 694 --
Momentum Plus Contracts 135 BP.................... 278 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
Redeemed -- Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
T. ROWE PRICE EQUITY INCOME
- ---------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 4,967 1,360
Momentum Plus Contracts 135 BP.................... 24,254 3,355
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 367,590 838,991
EQUI-VEST Contracts Series 500 145 BP............. 437 418
EQUI-VEST Contracts Series 600 & 800 120 BP....... 3,199 1
EQUI-VEST Contracts Series 600 90 BP.............. 5,796 --
EQUI-VEST Express Contracts Series 700 95 BP...... 2,378 --
</TABLE>
FSA-32
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
T. ROWE PRICE EQUITY INCOME
(CONCLUDED)
- ---------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 1,395 214
Momentum Plus Contracts 135 BP.................... 3,459 628
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 365,900 244,081
EQUI-VEST Contracts Series 500 145 BP............. 132 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 3 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,459 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
ALLIANCE GLOBAL
- ---------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 45,099 49,409
Momentum Plus Contracts 135 BP.................... 107,747 127,169
Momentum Plus Contracts 100 BP.................... 538 2,960
Momentum Plus Contracts 90 BP..................... 931 1,062
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,794,736 885,709
EQUI-VEST Contracts Series 500 145 BP............. 1,278 509
EQUI-VEST Contracts Series 600 & 800 120 BP....... 22,689 1
EQUI-VEST Contracts Series 600 90 BP.............. 13,741 --
EQUI-VEST Express Contracts Series 700 95 BP...... 8,650 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 44,663 40,074
Momentum Plus Contracts 135 BP.................... 162,580 182,741
Momentum Plus Contracts 100 BP.................... 8,551 3,546
Momentum Plus Contracts 90 BP..................... 386 266
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,680,726 859,826
EQUI-VEST Contracts Series 500 145 BP............. 54 12
EQUI-VEST Contracts Series 600 & 800 120 BP....... 2,601 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,106 --
EQUI-VEST Express Contracts Series 700 95 BP...... 12 --
</TABLE>
FSA-33
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
-------------------------------------
1999 1998
-------------- ------------
<S> <C> <C>
Equity Options (Continued):
ALLIANCE INTERNATIONAL
- ----------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 14,570 19,308
Momentum Plus Contracts 135 BP.................... 54,980 45,097
Momentum Plus Contracts 100 BP.................... 975 1,430
Momentum Plus Contracts 90 BP..................... 142 368
EQUI-VEST Contracts Series 300 & 400 134 BP....... 5,204,881 2,265,890
EQUI-VEST Contracts Series 500 145 BP............. 15,482 149
EQUI-VEST Contracts Series 600 & 800 120 BP....... 4,825 --
EQUI-VEST Contracts Series 600 90 BP.............. 4,992 --
EQUI-VEST Express Contracts Series 700 95 BP...... 1,130 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 14,441 14,348
Momentum Plus Contracts 135 BP.................... 57,727 43,776
Momentum Plus Contracts 100 BP.................... 1,736 860
Momentum Plus Contracts 90 BP..................... 100 162
EQUI-VEST Contracts Series 300 & 400 134 BP....... 5,249,623 2,262,822
EQUI-VEST Contracts Series 500 145 BP............. 14,287 4
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,629 --
EQUI-VEST Contracts Series 600 90 BP.............. 531 --
EQUI-VEST Express Contracts Series 700 95 BP...... 9 --
CAPITAL GUARDIAN INTERNATIONAL
- ------------------------------
Issued -- Momentum Contracts................................ 376 --
Momentum Plus Contracts 135 BP.................... 83 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
Redeemed -- Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
</TABLE>
FSA-34
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
MORGAN STANLEY EMERGING MARKETS EQUITY
- --------------------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 6,625 453
Momentum Plus Contracts 135 BP.................... 14,449 1,191
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 3,333,785 971,105
EQUI-VEST Contracts Series 500 145 BP............. 425 86
EQUI-VEST Contracts Series 600 & 800 120 BP....... 6,913 1
EQUI-VEST Contracts Series 600 90 BP.............. 3,811 --
EQUI-VEST Express Contracts Series 700 95 BP...... 1,157 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 604 --
Momentum Plus Contracts 135 BP.................... 4,339 84
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 2,960,612 863,432
EQUI-VEST Contracts Series 500 145 BP............. 16 2
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,643 --
EQUI-VEST Contracts Series 600 90 BP.............. 1,687 --
EQUI-VEST Express Contracts Series 700 95 BP...... 14 --
EQ/PUTNAM INTERNATIONAL EQUITY
- ------------------------------
Issued -- Momentum Contracts................................ 1,130 --
Momentum Plus Contracts 135 BP.................... 483 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
Redeemed -- Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
</TABLE>
FSA-35
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
T. ROWE PRICE INTERNATIONAL STOCK
- ---------------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 3,624 1,408
Momentum Plus Contracts 135 BP.................... 17,131 3,038
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,050,427 922,463
EQUI-VEST Contracts Series 500 145 BP............. 617 245
EQUI-VEST Contracts Series 600 & 800 120 BP....... 3,760 1
EQUI-VEST Contracts Series 600 90 BP.............. 2,676 --
EQUI-VEST Express Contracts Series 700 95 BP...... 3,343 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 325 904
Momentum Plus Contracts 135 BP.................... 6,200 401
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 956,309 640,201
EQUI-VEST Contracts Series 500 145 BP............. 40 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 389 --
EQUI-VEST Contracts Series 600 90 BP.............. 482 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
ALLIANCE AGGRESSIVE STOCK
- -------------------------
Issued -- EQUI-VEST Contracts............................... 5,109,687 7,874,975
Momentum Contracts................................ 523,133 567,249
Momentum Plus Contracts 135 BP.................... 362,271 444,735
Momentum Plus Contracts 100 BP.................... 1,715 10,329
Momentum Plus Contracts 90 BP..................... 1,991 2,726
EQUI-VEST Contracts Series 300 & 400 135 BP....... 1,918,066 2,038,278
EQUI-VEST Contracts Series 500 145 BP............. 2,505 1,374
EQUI-VEST Contracts Series 600 & 800 120 BP....... 18,617 --
EQUI-VEST Contracts Series 600 90 BP.............. 160,347 --
EQUI-VEST Express Contracts Series 700 95 BP...... 3,453 --
</TABLE>
FSA-36
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
ALLIANCE AGGRESSIVE STOCK (CONCLUDED)
- -------------------------------------
Redeemed -- EQUI-VEST Contracts............................... 9,797,641 10,271,285
Momentum Contracts................................ 717,280 604,014
Momentum Plus Contracts 135 BP.................... 445,695 567,458
Momentum Plus Contracts 100 BP.................... 29,491 8,422
Momentum Plus Contracts 90 BP..................... 1,900 1,959
EQUI-VEST Contracts Series 300 & 400 135 BP....... 2,280,156 1,922,386
EQUI-VEST Contracts Series 500 145 BP............. 234 2
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,366 --
EQUI-VEST Contracts Series 600 90 BP.............. 33,563 --
EQUI-VEST Express Contracts Series 700 95 BP...... 5 --
ALLIANCE SMALL CAP GROWTH
- -------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 23,724 28,706
Momentum Plus Contracts 135 BP.................... 40,570 47,698
Momentum Plus Contracts 100 BP.................... -- 305
Momentum Plus Contracts 90 BP..................... 213 977
EQUI-VEST Contracts Series 300 & 400 134 BP....... 3,124,353 3,265,688
EQUI-VEST Contracts Series 500 145 BP............. 852 603
EQUI-VEST Contracts Series 600 & 800 120 BP....... 3,404 --
EQUI-VEST Contracts Series 600 90 BP.............. 7,141 --
EQUI-VEST Express Contracts Series 700 95 BP...... 860 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 15,106 7,539
Momentum Plus Contracts 135 BP.................... 48,214 14,989
Momentum Plus Contracts 100 BP.................... 305 --
Momentum Plus Contracts 90 BP..................... 754 119
EQUI-VEST Contracts Series 300 & 400 134 BP....... 3,248,788 2,652,769
EQUI-VEST Contracts Series 500 145 BP............. 117 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,112 --
EQUI-VEST Contracts Series 600 90 BP.............. 2,118 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
</TABLE>
FSA-37
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
EQ/EVERGREEN
- ------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... 75 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 9,562 --
EQUI-VEST Contracts Series 500 145 BP............. 9 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 323 --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... 47 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 4,605 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... -- --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
LAZARD SMALL CAP
- ----------------
Issued -- Momentum Contracts................................ 157 --
Momentum Plus Contracts 135 BP.................... 107 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
Redeemed -- Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... 107 --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
</TABLE>
FSA-38
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
MFS EMERGING GROWTH COMPANIES
- -----------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 32,563 5,123
Momentum Plus Contracts 135 BP.................... 110,549 8,576
Momentum Plus Contracts 100 BP.................... 500 --
Momentum Plus Contracts 90 BP..................... 42 --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 2,613,449 2,078,356
EQUI-VEST Contracts Series 500 145 BP............. 4,485 1,523
EQUI-VEST Contracts Series 600 & 800 120 BP....... 37,353 --
EQUI-VEST Contracts Series 600 90 BP.............. 10,711 --
EQUI-VEST Express Contracts Series 700 95 BP...... 17,428 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 4,699 --
Momentum Plus Contracts 135 BP.................... 31,376 1,491
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,275,713 1,244,873
EQUI-VEST Contracts Series 500 145 BP............. 250 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,632 --
EQUI-VEST Contracts Series 600 90 BP.............. 3,557 --
EQUI-VEST Express Contracts Series 700 95 BP...... 83 --
WARBURG PINCUS SMALL COMPANY VALUE
- ----------------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 3,593 423
Momentum Plus Contracts 135 BP.................... 9,711 2,025
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 272,603 612,043
EQUI-VEST Contracts Series 500 145 BP............. 3,134 327
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,214 2
EQUI-VEST Contracts Series 600 90 BP.............. 3,096 --
EQUI-VEST Express Contracts Series 700 95 BP...... 786 --
</TABLE>
FSA-39
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Equity Options (Continued):
WARBURG PINCUS SMALL COMPANY VALUE
(CONCLUDED)
- ----------------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 1,274 61
Momentum Plus Contracts 135 BP.................... 4,973 482
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 410,399 329,886
EQUI-VEST Contracts Series 500 145 BP............. 2,746 7
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1 --
EQUI-VEST Contracts Series 600 90 BP.............. 552 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
Asset Allocation Options:
ALLIANCE BALANCED
- -----------------
Issued -- EQUI-VEST Contracts............................... 2,547,481 4,212,025
Momentum Contracts................................ 198,159 226,716
Momentum Plus Contracts 135 BP.................... 130,000 155,854
Momentum Plus Contracts 100 BP.................... 368 4,058
Momentum Plus Contracts 90 BP..................... 516 487
EQUI-VEST Contracts Series 300 & 400 135 BP....... 279,069 357,343
EQUI-VEST Contracts Series 500 145 BP............. 1,251 493
EQUI-VEST Contracts Series 600 & 800 120 BP....... 12,102 --
EQUI-VEST Contracts Series 600 90 BP.............. 73,664 --
EQUI-VEST Express Contracts Series 700 95 BP...... 367,590 --
Redeemed -- EQUI-VEST Contracts............................... 4,474,460 5,887,319
Momentum Contracts................................ 318,908 292,550
Momentum Plus Contracts 135 BP.................... 183,195 220,244
Momentum Plus Contracts 100 BP.................... 9,827 3,530
Momentum Plus Contracts 90 BP..................... 203 61
EQUI-VEST Contracts Series 300 & 400 135 BP....... 334,035 260,878
EQUI-VEST Contracts Series 500 145 BP............. 39 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 861 --
EQUI-VEST Contracts Series 600 90 BP.............. 8,971 --
EQUI-VEST Express Contracts Series 700 95 BP...... 365,900 --
</TABLE>
FSA-40
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Asset Allocation Options (Continued):
ALLIANCE CONSERVATIVE INVESTORS
- -------------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 7,739 8,324
Momentum Plus Contracts 135 BP.................... 34,499 40,973
Momentum Plus Contracts 100 BP.................... 2 1,546
Momentum Plus Contracts 90 BP..................... 495 --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 204,288 213,369
EQUI-VEST Contracts Series 500 145 BP............. 213 49
EQUI-VEST Contracts Series 600 & 800 120 BP....... 6,018 1
EQUI-VEST Contracts Series 600 90 BP.............. 3,346 --
EQUI-VEST Express Contracts Series 700 95 BP...... 3,600 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 9,150 7,000
Momentum Plus Contracts 135 BP.................... 55,731 45,023
Momentum Plus Contracts 100 BP.................... 4,165 2,688
Momentum Plus Contracts 90 BP..................... 57 --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 113,217 105,278
EQUI-VEST Contracts Series 500 145 BP............. 22 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 354 --
EQUI-VEST Contracts Series 600 90 BP.............. 30 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
ALLIANCE GROWTH INVESTORS
- -------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 44,846 50,095
Momentum Plus Contracts 135 BP.................... 121,207 148,895
Momentum Plus Contracts 100 BP.................... 547 4,888
Momentum Plus Contracts 90 BP..................... -- 685
EQUI-VEST Contracts Series 300 & 400 134 BP....... 939,080 882,636
EQUI-VEST Contracts Series 500 145 BP............. 1,515 744
EQUI-VEST Contracts Series 600 & 800 120 BP....... 21,845 1
EQUI-VEST Contracts Series 600 90 BP.............. 20,404 --
EQUI-VEST Express Contracts Series 700 95 BP...... 9,542 --
</TABLE>
FSA-41
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Asset Allocation Options (Continued):
ALLIANCE GROWTH INVESTORS (CONCLUDED)
- -------------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 38,372 38,654
Momentum Plus Contracts 135 BP.................... 203,142 192,540
Momentum Plus Contracts 100 BP.................... 9,726 3,629
Momentum Plus Contracts 90 BP..................... -- 118
EQUI-VEST Contracts Series 300 & 400 134 BP....... 670,587 624,987
EQUI-VEST Contracts Series 500 145 BP............. 76 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 739 --
EQUI-VEST Contracts Series 600 90 BP.............. 2,481 --
EQUI-VEST Express Contracts Series 700 95 BP...... 18 --
EQ/EVERGREEN FOUNDATION
- -----------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 1,169 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 19 --
EQUI-VEST Contracts Series 600 90 BP.............. 123 --
EQUI-VEST Express Contracts Series 700 95 BP...... 44 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ -- --
Momentum Plus Contracts 135 BP.................... -- --
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 132 --
EQUI-VEST Contracts Series 500 145 BP............. -- --
EQUI-VEST Contracts Series 600 & 800 120 BP....... -- --
EQUI-VEST Contracts Series 600 90 BP.............. -- --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
</TABLE>
FSA-42
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Asset Allocation Options (Continued):
MERRILL LYNCH WORLD STRATEGY
- ----------------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 678 112
Momentum Plus Contracts 135 BP.................... 1,440 841
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 164,781 85,123
EQUI-VEST Contracts Series 500 145 BP............. 88 25
EQUI-VEST Contracts Series 600 & 800 120 BP....... 1,119 1
EQUI-VEST Contracts Series 600 90 BP.............. 760 --
EQUI-VEST Express Contracts Series 700 95 BP...... 139 --
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 22 --
Momentum Plus Contracts 135 BP.................... 479 50
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 160,869 53,481
EQUI-VEST Contracts Series 500 145 BP............. 5 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... 50 --
EQUI-VEST Contracts Series 600 90 BP.............. 186 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
EQ/PUTNAM BALANCED
- ------------------
Issued -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 1,642 442
Momentum Plus Contracts 135 BP.................... 6,446 1,376
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 163,155 290,577
EQUI-VEST Contracts Series 500 145 BP............. 577 174
EQUI-VEST Contracts Series 600 & 800 120 BP....... 2,991 --
EQUI-VEST Contracts Series 600 90 BP.............. 556 --
EQUI-VEST Express Contracts Series 700 95 BP...... 431 --
</TABLE>
FSA-43
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
4. Contributions, Payments, Transfers and Charges (Concluded)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------------
1999 1998
--------------- ------------
<S> <C> <C>
Asset Allocation Options (Concluded):
EQ/PUTNAM BALANCED (CONCLUDED)
- ------------------------------
Redeemed -- EQUI-VEST Contracts............................... -- --
Momentum Contracts................................ 294 --
Momentum Plus Contracts 135 BP.................... 2,375 116
Momentum Plus Contracts 100 BP.................... -- --
Momentum Plus Contracts 90 BP..................... -- --
EQUI-VEST Contracts Series 300 & 400 134 BP....... 93,687 124,887
EQUI-VEST Contracts Series 500 145 BP............. 52 --
EQUI-VEST Contracts Series 600 & 800 120 BP....... -- --
EQUI-VEST Contracts Series 600 90 BP.............. 8 --
EQUI-VEST Express Contracts Series 700 95 BP...... -- --
</TABLE>
FSA-44
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
5. Net Assets
Net assets consist of net assets attributable to: (i) Contracts in the
accumulation period, which are represented by Contract accumulation units
outstanding multiplied by net unit values and (ii) actuarial reserves and
other liabilities attributable to Contracts in the payout period which are
not represented by accumulation units or unit values.
Listed below are components of net assets:
<TABLE>
<CAPTION>
FIXED INCOME OPTIONS: EQUITY OPTIONS:
---------------------------------------------------------- --------------------------------
ALLIANCE
INTERMEDIATE ALLIANCE ALLIANCE
GOVERNMENT MONEY QUALITY ALLIANCE HIGH ALLIANCE ALLIANCE EQUITY
SECURITIES MARKET BOND YIELD COMMON STOCK INDEX
----------- ----------- ----------- -------------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period............. -- $ 47,953,060 -- -- $6,677,613,399 --
Net assets attributable tO
Old Contracts in
accumulation period............. -- 4,463,407 -- -- 117,229,051 --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period............. $ 2,526,522 -- -- -- 36,079,474 --
Net assets attributable to
Momentum Contracts in
accumulation period............. 1,762,846 14,829,201 $ 1,938,838 $ 4,926,158 220,37,339 $ 55,499,299
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period... 7,544,984 41,392,37 5,459,517 12,498,444 336,638,928 97,974,197
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period... 199 226,465 9,645 35,037 4,057,407 1,248,749
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period.... -- -- -- -- 1,852,620 1,040,742
Net assets attributable to
EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period............. 44,992,792 44,831,748 78,204,034 143,200,206 2,030,783,065 1,475,046,769
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period............. 21,645 25,408 24,662 62,849 2,414,935 1,065,943
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period............. 122,831 1,741,360 367,052 419,895 13,379,736 6,193,833
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period.... 302,659 157,802 162,564 400,786 30,365,275 6,661,283
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period.......... 285,876 4,348,318 412,126 359,359 2,821,468 987,585
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout............. 33,527 1,059,455 443,945 644,239 48,410,800 6,820,668
----------- ------------ ----------- ------------ -------------- --------------
$57,593,881 $161,028,597 $87,022,383 $162,546,973 $9,522,583,497 $1,652,539,068
=========== ============ =========== ============ ============== ==============
</TABLE>
FSA-45
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
5. Net Assets (Continued):
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONTINUED):
--------------------------------------------------------------------------
ALLIANCE EQ/ALLIANCE CALVERT CAPITAL CAPITAL
GROWTH & PREMIER SOCIALLY GUARDIAN GUARDIAN
INCOME GROWTH RESPONSIBLE RESEARCH U.S. EQUITY
------------ ------------ ----------- --------- -----------
<S> <C> <C> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period............ -- -- -- -- --
Net assets attributable to
Old Contracts in
accumulation period............ -- -- -- -- --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period............ -- -- -- -- --
Net assets attributable to
Momentum Contracts in
accumulation period............ $ 27,180,831 $ 1,540,596 -- -- $ 5,781
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period.. 54,435,381 731,869 -- $ 5,583 3,968
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period.. 727,966 -- -- -- --
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period... 435,148 24,313 -- -- --
Net assets attributable to
EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period............ 774,757,819 103,230,471 $430,560 811,072 1,306,874
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period............ 512,279 54,608 -- 327 --
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period............ 4,496,396 4,246,843 161 90,515 59,111
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period... 1,751,393 158,860 25,583 -- --
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period......... 1,478,227 2,429,126 -- 762 32,268
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout............ 4,679,033 -- -- -- --
------------ ---------- -------- -------- ----------
$870,454,473 $112,416,686 $456,304 $908,259 $1,408,002
============ ============ ======== ======== ==========
</TABLE>
FSA-46
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
5. Net Assets (Continued):
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONTINUED):
-------------------------------------------------------------------------------------
MFS
GROWTH MERRILL EQ/PUTNAM EQ/PUTNAM
WITH LYNCH BASIC GROWTH & INVESTORS T. ROWE PRICE
INCOME MFS RESEARCH VALUE EQUITY INCOME VALUE GROWTH EQUITY INCOME
---------- ------------ ------------ ------------ ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period............ -- -- -- -- -- --
Net assets attributable to
Old Contracts in
accumulation period............ -- -- -- -- -- --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period............ -- -- -- -- -- --
Net assets attributable to
Momentum Contracts into
accumulation period............ $ 9,555 $ 1,328,996 $ 883,035 $ 304,069 $ 85,032 $ 627,908
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period.. 8,279 3,206,695 1,664,977 1,069,594 34,060 2,438,418
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period.. -- -- -- -- -- --
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period... -- -- -- -- -- --
Net assets attributable
to EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period............ 1,838,837 164,111,638 92,449,755 80,862,261 -- 142,591,563
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period............ 1,654 304,808 119,311 117,436 -- 74,533
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period............ 257,100 736,387 854,262 301,484 -- 330,731
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period... -- 547,897 167,110 183,438 -- 457,017
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period......... 87,116 336,777 480,982 18,354 -- 222,387
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout............ -- -- -- -- -- --
---------- ------------ ----------- ----------- -------- ------------
$2,202,541 $170,573,198 $96,619,432 $82,856,636 $119,092 $146,742,557
========== ============ =========== =========== ======== ============
</TABLE>
FSA-47
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
5. Net Assets (Continued):
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONTINUED):
-------------------------------------------------------------------------------
CAPITAL MORGAN STANLEY
ALLIANCE GUARDIAN EMERGING
ALLIANCE GLOBAL INTERNATIONAL INTERNATIONAL MARKETS EQUITY
------------------- ------------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period................. -- -- -- --
Net assets attributable to
Old Contracts in
accumulation period................. -- -- -- --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period................. -- -- -- --
Net assets attributable to
Momentum Contracts in
accumulation period................. $ 8,999,433 $ 5,972,294 $ 48,726 $ 714,993
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period....... 89,525,048 13,404,451 10,786 1,791,265
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period....... 724,016 491,082 -- --
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period........ 757,757 162,375 -- --
Net assets attributable
to EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period................. 875,306,152 148,251,698 -- 65,119,721
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period.................. 231,210 169,181 -- 77,496
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period.................. 2,697,765 403,618 -- 830,752
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period......... 1,765,905 585,986 -- 422,428
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period............... 1,032,525 142,055 -- 168,785
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout................. 1,042,078 874,821 -- --
-------------------- ----------------- ------------ ----------------
$1,012,081,889 $170,457,561 $ $59,512 $69,125,440
==================== ================= ============ ================
<CAPTION>
EQUITY OPTIONS (CONTINUED):
--------------------------------------------------------
EQ/PUTNAM T. ROWE PRICE
INTERNATIONAL INTERNATIONAL ALLIANCE
EQUITY STOCK AGGRESSIVE STOCK
---------------- ----------------- -------------------
<S> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period................. -- -- $2,211,593,921
Net assets attributable to
Old Contracts in
accumulation period................. -- -- --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period................. -- -- --
Net assets attributable to
Momentum Contracts in
accumulation period................. $154,981 $ 541,782 127,393,104
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period....... 66,198 1,684,186 175,047,852
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period....... -- -- 1,533,762
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period........ -- -- 1,083,246
Net assets attributable
to EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period................. -- 108,971,732 564,570,320
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period.................. -- 100,369 385,090
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period.................. -- 413,465 1,823,246
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period......... -- 294,311 13,502,403
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period............... -- 414,198 387,245
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout................. -- -- 5,435,174
------------ ----------------- -------------------
$221,179 $112,420,043 $3,102,755,363
============ ================= ===================
</TABLE>
FSA-48
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
5. Net Assets (Continued):
<TABLE>
<CAPTION>
EQUITY OPTIONS (CONCLUDED):
-------------------------------------------------------------------------
ALLIANCE SMALL CAP
GROWTH EQ/EVERGREEN LAZARD SMALL CAP
--------------------- -------------------- --------------------
<S> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period............... -- -- --
Net assets attributable to
Old Contracts in
accumulation period............... -- -- --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period............... -- -- --
Net assets attributable to
Momentum Contracts in
accumulation period............... $ 5,375,014 -- $15,315
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period..... 5,017,992 $ 8,021 --
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period..... -- -- --
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period...... 118,457 -- --
Net assets attributable
to EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period............... 146,078,308 528,323 --
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period............... 146,679 965 --
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period............... 251,337 34,397 --
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period...... 554,453 5 --
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period............ 112,532 5,033 --
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout............... 303,157 -- --
-------------------- --------------- ------------
$157,957,929 $576,744 $15,315
==================== =============== ============
<CAPTION>
EQUITY OPTIONS (CONCLUDED):
-----------------------------------------------------------
MFS EMERGING GROWTH WARBURG PINCUS SMALL
COMPANIES COMPANY VALUE
---------------------------- ----------------------------
<S> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period............... -- --
Net assets attributable to
Old Contracts in
accumulation period............... -- --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period............... -- --
Net assets attributable to
Momentum Contracts in
accumulation period............... $ 9,101,853 $ 282,253
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period..... 15,974,271 597,356
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period..... 92,810 --
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period...... 7,858 --
Net assets attributable
to EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period............... 669,751,717 75,896,226
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period............... 1,019,057 58,795
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period............... 6,345,594 101,234
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period...... 1,190,343 264,497
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period............ 2,735,160 83,433
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout............... -- --
-------------------- -------------------
$706,218,663 $77,283,794
==================== ===================
</TABLE>
FSA-49
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
5. Net Assets (Concluded):
<TABLE>
<CAPTION>
ASSET ALLOCATION OPTIONS:
---------------------------------------------------------------------------
ALLIANCE
CONSERVATIVE ALLIANCE GROWTH
ALLIANCE BALANCED INVESTORS INVESTORS
------------------------ -------------------- -----------------------
<S> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period............... $1,175,378,503 -- --
Net assets attributable to
Old Contracts in
accumulation period............... -- -- --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period............... -- -- --
Net assets attributable to
Momentum Contracts in
accumulation period............... 45,345,000 $ 3,565,949 $ 37,228,153
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period..... 59,240,549 15,626,477 97,424,160
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period..... 262,619 250 1,139,649
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period...... 246,610 -- 468,007
Net assets attributable
to EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period............... 156,507,662 120,303,198 954,347,320
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period............... 202,754 26,828 277,645
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period............... 1,336,153 631,850 2,684,114
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period...... 7,828,093 374,172 2,328,729
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period............ 170,141 375,924 1,069,503
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout............... 950,906 1,231,723 3,488,230
----------------------- --------------------- -----------------------
$1,447,468,990 $142,136,371 $1,100,455,510
======================= ===================== =======================
<CAPTION>
ASSET ALLOCATION OPTIONS:
----------------------------------------------------------------
EQ/ EVERGREEN MERRILL LYNCH EQ/PUTNAM
FOUNDATION WORLD STRATEGY BALANCED
----------------- -------------------- --------------------
<S> <C> <C> <C>
Net assets attributable to
EQUI-VEST Contracts in
accumulation period............... --
Net assets attributable to
Old Contracts in
accumulation period............... --
Net assets attributable to
EQUIPLAN Contracts in
accumulation period............... --
Net assets attributable to
Momentum Contracts in
accumulation period............... -- $ 100,545 $ 221,145
Net assets attributable to
Momentum Plus Contracts
135 BP in accumulation period..... -- 178,289 496,064
Net assets attributable to
Momentum Plus Contracts
100 BP in accumulation period..... -- -- --
Net assets attributable to
Momentum Plus Contracts
90 BP in accumulation period...... -- -- --
Net assets attributable
to EQUI-VEST Series 300
& 400 Contracts 134 BP in
accumulation period............... $108,993 11,500,893 42,572,904
Net assets attributable to
EQUI-VEST Series 500
Contracts 145 BP in
accumulation period............... -- 12,266 69,622
Net assets attributable to
EQUI-VEST Series 600 & 800
Contracts 120 BP in
accumulation period............... 1,955 121,881 299,029
Net assets attributable to EQUI-
VEST Series 600 Contracts
90 BP in accumulation period...... 12,909 68,277 54,497
Net assets attributable to
EQUI-VEST Express
Contracts Series 700 95 BP
in accumulation period............ 4,646 15,742 41,224
Net assets attributable to
actuarial reserves, financial
reserves, and other contract
liabilities attributable to
Contracts in payout............... -- -- --
-------------- ------------------- -------------------
$128,503 $11,997,893 $43,754,485
============== =================== ===================
</TABLE>
FSA-50
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
6. Amounts retained by Equitable Life in Separate Account A:
The amount retained by Equitable Life in the Account arises principally from
(1) contributions from Equitable Life, (2) mortality risk, death benefit,
expense and expense risk charges accumulated in the account, and (3) that
portion, determined ratably, of the Account's investment results applicable
to those assets in the Account in excess of the net assets for the
Contracts. Amounts retained by Equitable Life are not subject to charges for
mortality and expense risks and asset-based administrative expenses.
Amounts retained by Equitable Life in the Account may be transferred at any
time by Equitable Life to its General Account.
The following table shows the contributions (withdrawals) in net amounts
retained by Equitable Life by investment fund:
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
VARIABLE INVESTMENT OPTION 1999 1998
-------------------------- ------------------------- -------------------------
<S> <C> <C>
Alliance Intermediate Government Securities...... (802,521) (1,197,288)
Alliance Money Market............................ (1,547,729) (2,688,601)
Alliance Quality Bond............................ (1,005,712) (1,182,381)
Alliance High Yield.............................. (2,404,593) (4,543,159)
Alliance Common Stock............................ (121,476,252) (151,143,037)
Alliance Equity Index............................ (19,773,678) (19,528,595)
Alliance Growth & Income......................... (10,200,561) (10,589,931)
EQ/Alliance Premier Growth (1)................... (189,943) --
Calvert Socially Responsible (1)................. 1,999,222 --
Capital Guardian Research (1).................... 23,701 --
Capital Guardian U.S. Equity..................... 22,190 --
MFS Growth with Income (1)....................... 21,065 --
MFS Research..................................... (1,891,032) (4,354,231)
Merrill Lynch Basic Value Equity................. (1,054,765) (2,601,544)
EQ/Putnam Growth & Income Value.................. (1,248,568) (2,746,396)
EQ/Putnam Investors Growth....................... -- --
T. Rowe Price Equity Income...................... (2,027,611) (3,455,566)
Alliance Global.................................. (10,920,548) (16,871,490)
Alliance International........................... (1,660,381) (3,666,188)
Capital Guardian International (1)............... -- --
Morgan Stanley Emerging Markets Equity........... (3,733,004) (65,019)
EQ/Putnam International Equity................... -- --
T. Rowe Price International Stock................ (1,126,238) (6,729,718)
Alliance Aggressive Stock........................ (39,082,247) (66,908,740)
Alliance Small Cap Growth........................ (1,178,363) (3,390,303)
EQ/Evergreen (1)................................. 24,040 --
Lazard Small Cap................................. -- --
MFS Emerging Growth Companies.................... (4,742,770) (4,963,332)
Warburg Pincus Small Company Value............... (1,075,981) (2,023,318)
Alliance Balanced................................ (19,614,445) (29,775,707)
Alliance Conservative Investors.................. (1,736,098) (3,169,993)
Alliance Growth Investors........................ (12,883,156) (18,612,858)
EQ/Evergreen Foundation (1)...................... 24,827 --
Merrill Lynch World Strategy..................... (134,654) (1,646,130)
EQ/Putnam Balanced............................... (613,248) (3,789,791)
</TABLE>
--------------
(1) Commenced operations on January 1, 1999.
FSA-51
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values
Shown below is accumulation unit value information for units outstanding.
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES --
EQUIPLAN CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $58.81 $54.83 $51.34 $49.69 $44.04
========= ========= ========== ========= =========
Unit value, end of period............... $58.63 $58.81 $54.83 $51.34 $49.69
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 43 45 50 55 50
========= ========= ========== ========= =========
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $126.48 $118.98 $112.40 $109.80 $ 98.19
========= ========= ========= ========= =========
Unit value, end of period............... $124.96 $126.48 $118.98 $112.40 $109.80
========= ========= ========= ========= =========
Number of units outstanding,
end of period (000's)................ 14 11 10 10 7
========= ========= ========= ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $122.00 $114.78 $108.45 $105.94 $ 94.76
========= ========= ========== ========= =========
Unit value, end of period............... $120.52 $122.00 $114.78 $108.45 $105.94
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 63 76 77 81 88
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $119.81 $112.32 $105.75 $100.00
========= ========= ========== =========
Unit value, end of period............... $118.78 $119.81 $112.32 $105.75
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ -- 4 2 2
========= ========= ========== =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $126.48 $118.98 $112.40 $109.80 $ 98.19
========= ========= ========== ========= =========
Unit value, end of period............... $124.96 $126.48 $118.98 $112.40 $109.80
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 360 314 202 146 89
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES --
EQUIPLAN CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $46.25 $42.04 $40.00 $35.17 $33.12
========= ========== ========= ========= =========
Unit value, end of period............... $44.04 $46.25 $42.04 $40.00 $35.17
========= ========== ========= ========= =========
Number of units outstanding,
end of period (000's)................ 54 58 66 74 82
========= ========== ========= ========= =========
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 98.19
=========
Number of units outstanding,
end of period (000's)................ 1
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $100.44 $100.00
========= ==========
Unit value, end of period............... $ 94.76 $100.44
========= ==========
Number of units outstanding,
end of period (000's)................ 64 1
========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 98.19
=========
Number of units outstanding,
end of period (000's)................ 32
=========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-52
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- -----------------------------------------
Unit value, beginning of period......... $103.32 $100.00
========= =========
Unit value, end of period............... $101.96 $103.32
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $103.32 $100.00
========= =========
Unit value, end of period............... $101.97 $103.32
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $102.33
=========
Number of units outstanding,
end of period (000's)................ 3
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $100.40
=========
Number of units outstanding,
end of period (000's)................ 3
=========
ALLIANCE MONEY MARKET --
OLD CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $36.76 $35.12 $33.52 $32.00 $30.44
========= ========= ========== ========= =========
Unit value, end of period............... $38.35 $36.76 $35.12 $33.52 $32.00
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 116 117 119 129 140
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE MONEY MARKET --
OLD CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $29.43 $28.75 $27.92 $26.47 $24.59
========= ========== ========= ========= =========
Unit value, end of period............... $30.44 $29.43 $28.75 $27.92 $26.47
========= ========== ========= ========= =========
Number of units outstanding,
end of period (000's)................ 147 168 204 246 289
========= ========== ========= ========= =========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-53
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE MONEY MARKET (CONTINUED) --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $30.55 $29.41 $28.28 $27.22 $26.08
========= ========= ========== ========= =========
Unit value, end of period............... $31.63 $30.55 $29.41 $28.28 $27.22
========= ========= ========== ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................... 1,516 1,261 973 1,013 1,021
========= ========= ========== ========= =========
Number of Momentum units outstanding,
end of period (000's)................ 469 367 308 240 188
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $120.76 $116.21 $111.75 $107.55 $103.10
========= ========= ========== ========= =========
Unit value, end of period............... $125.06 $120.76 $116.21 $111.75 $107.55
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 331 322 325 307 299
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $114.98 $110.26 $105.65 $100.00
========= ========= ========== =========
Unit value, end of period............... $119.50 $114.98 $110.26 $105.65
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 2 10 13 13
========= ========= ========== =========
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $120.19 $115.66 $111.21 $107.04 $102.61
========= ========= ========== ========= =========
Unit value, end of period............... $124.47 $120.19 $115.66 $111.21 $107.04
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 360 262 146 165 81
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.68 $100.00
========= =========
Unit value, end of period............... $105.20 $101.68
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE MONEY MARKET (CONTINUED) --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $25.41 $25.01 $24.48 $23.38 $21.89
========= ========== ========= ========= =========
Unit value, end of period............... $26.08 $25.41 $25.01 $24.48 $23.38
========= ========== ========= ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................... 1,000 1,065 1,201 1,325 1,307
========= ========== ========= ========= =========
Number of Momentum units outstanding,
end of period (000's)................ 166 56
========= ==========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $100.47 $100.00
========= ==========
Unit value, end of period............... $103.10 $100.47
========= ==========
Number of units outstanding,
end of period (000's)................ 474 62
========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $102.61
=========
Number of units outstanding,
end of period (000's)................ 63
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-54
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE MONEY MARKET (CONCLUDED) --
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.68 $100.00
========= =========
Unit value, end of period............... $105.21 $101.68
========= =========
Number of units outstanding,
end of period (000's)................ 17 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.79
=========
Number of units outstanding,
end of period (000's)................ 1
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.49
=========
Number of units outstanding,
end of period (000's)................ 43
=========
ALLIANCE QUALITY BOND --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $130.07 $121.30 $112.65 $108.38 $ 93.87
========= ========= ========== ========= =========
Unit value, end of period............... $125.76 $130.07 $121.30 $112.65 $108.38
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 15 15 10 7 4
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $137.23 $127.99 $118.87 $114.38 $ 99.07
========= ========= ========== ========= =========
Unit value, end of period............... $132.67 $137.23 $127.99 $118.87 $114.38
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 41 47 37 28 17
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE MONEY MARKET (CONCLUDED) --
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE QUALITY BOND --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 93.87
=========
Number of units outstanding,
end of period (000's)................ 1
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 99.07
=========
Number of units outstanding,
end of period (000's)................ 3
=========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-55
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE QUALITY BOND (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $126.54 $117.60 $108.84 $100.00
========= ========= ========== =========
Unit value, end of period............... $122.77 $126.54 $117.60 $108.84
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ -- 1 1 1
========= ========= ========== =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $130.07 $121.30 $112.65 $108.38 $ 93.87
========= ========= ========== ========= =========
Unit value, end of period............... $125.76 $130.07 $121.30 $112.65 $108.38
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 622 557 283 196 135
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $103.62 $100.00
========= =========
Unit value, end of period............... $100.08 $103.62
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $103.62 $100.00
========= =========
Unit value, end of period............... $100.07 $103.62
========= =========
Number of units outstanding,
end of period (000's)................ 4 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $100.33
=========
Number of units outstanding,
end of period (000's)................ 2
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE QUALITY BOND (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 93.87
=========
Number of units outstanding,
end of period (000's)................ 53
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-56
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE QUALITY BOND (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $99.28
=========
Number of units outstanding,
end of period (000's)................ 4
=========
ALLIANCE HIGH YIELD --
- ----------------------------------------
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $150.42 $160.74 $137.53 $113.44 $ 95.88
========= ========= ========== ========= =========
Unit value, end of period............... $143.43 $150.42 $160.74 $137.53 $113.44
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 34 37 29 18 7
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $160.53 $171.56 $146.80 $121.10 $102.37
========= ========= ========== ========= =========
Unit value, end of period............... $153.05 $160.53 $171.56 $146.80 $121.10
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 82 100 110 94 70
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $140.38 $149.49 $127.46 $100.00
========= ========= ========== =========
Unit value, end of period............... $134.31 $140.38 $149.49 $127.46
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ -- 5 5 5
========= ========= ========== =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $150.42 $160.74 $137.53 $113.44 $ 95.88
========= ========= ========== ========= =========
Unit value, end of period............... $143.43 $150.42 $160.74 $137.53 $113.44
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 998 1,164 831 444 209
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C>
ALLIANCE QUALITY BOND (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE HIGH YIELD --
- ----------------------------------------
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 95.88
=========
Number of units outstanding,
end of period (000's)................ 1
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $106.74 $100.00
========= ==========
Unit value, end of period............... $102.37 $106.74
========= ==========
Number of units outstanding,
end of period (000's)................ 38 1
========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 95.88
=========
Number of units outstanding,
end of period (000's)................ 99
=========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-57
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE HIGH YIELD (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $89.20 $100.00
========= =========
Unit value, end of period............... $84.96 $ 89.20
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $89.20 $100.00
========= =========
Unit value, end of period............... $84.97 $ 89.20
========= =========
Number of units outstanding,
end of period (000's)................ 5 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $85.66
=========
Number of units outstanding,
end of period (000's)................ 5
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $99.34
=========
Number of units outstanding,
end of period (000's)................ 4
=========
ALLIANCE COMMON STOCK --
- ----------------------------------------
OLD CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $407.19 $316.64 $246.57 $199.66 $151.67
========= ========= ========== ========= =========
Unit value, end of period............... $506.59 $407.19 $316.64 $246.57 $199.66
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 231 264 307 345 387
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE HIGH YIELD (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE COMMON STOCK --
- ----------------------------------------
OLD CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $155.96 $125.72 $122.56 $ 89.56 $97.97
========= ========== ========= ========= =========
Unit value, end of period............... $151.67 $155.96 $125.72 $122.56 $89.56
========= ========== ========= ========= =========
Number of units outstanding,
end of period (000's)................ 438 467 525 598 694
========= ========== ========= ========= =========
</TABLE>
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-58
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE COMMON STOCK (CONTINUED) --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $323.75 $253.68 $199.05 $162.42 $124.32
========= ========= ========== ========= =========
Unit value, end of period............... $399.74 $323.75 $253.68 $199.05 $162.42
========= ========= ========== ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................ 16,705 17,231 17,386 16,933 16,292
========= ========= ========== ========= =========
Number of Momentum units outstanding,
end of period (000's) ............. 553 591 519 403 270
========= ========= ========== ========= =========
EQUIPLAN CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $441.07 $342.99 $267.08 $216.27 $164.29
========= ========= ========== ========= =========
Unit value, end of period............... $548.74 $441.07 $342.99 $267.08 $216.27
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 66 70 85 96 108
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $264.22 $207.00 $162.39 $132.47 $101.38
========= ========= ========== ========= =========
Unit value, end of period............... $326.32 $264.22 $207.00 $162.39 $132.47
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 1,032 1,133 1,192 1,039 706
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $206.28 $161.04 $125.89 $100.00
========= ========= ========== =========
Unit value, end of period............... $255.67 $206.28 $161.04 $125.89
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 16 40 37 140
========= ========= ========== =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- --------- ---------- --------- ---------
ALLIANCE COMMON STOCK (CONTINUED) --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $128.81 $104.63 $102.76 $75.67 $ 83.40
========= ========= ========== ========= =========
Unit value, end of period............... $124.32 $128.81 $104.63 $102.76 $ 75.67
========= ========= ========== ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................ 15,749 13,917 11,841 10,292 9,670
========= ========= ========== ========= =========
Number of Momentum units outstanding,
end of period (000's) ............... 120
========= ========= ========== ========= =========
EQUIPLAN CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $168.93 $136.10 $132.67 $96.95 $106.05
========= ========= ========== ========= =========
Unit value, end of period............... $164.29 $168.93 $136.10 $132.67 $ 96.95
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 119 124 135 144 157
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $105.01 $100.00
========= =========
Unit value, end of period............... $101.38 $105.01
========= =========
Number of units outstanding,
end of period (000's)................ 330 12
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-59
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE COMMON STOCK (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $190.33 $148.44 $115.92
========= ========= ==========
Unit value, end of period............... $236.14 $190.33 $148.44
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 8 7 5
========= ========= ==========
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $252.88 $198.12 $155.42 $126.78 $ 97.03
========= ========= ========== ========= =========
Unit value, end of period............... $312.31 $252.88 $198.12 $155.42 $126.78
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 6,502 5,808 4,765 3,457 1,989
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.87 $100.00
========= =========
Unit value, end of period............... $126.91 $102.87
========= =========
Number of units outstanding,
end of period (000's)................ 19 5
========= =========
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.87 $100.00
========= =========
Unit value, end of period............... $126.92 $102.87
========= =========
Number of units outstanding,
end of period (000's)................ 105 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $130.14
=========
Number of units outstanding,
end of period (000's)................ 233
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE COMMON STOCK (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 97.03
=========
Number of units outstanding,
end of period (000's)................ 948
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-60
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE COMMON STOCK (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $111.02
=========
Number of units outstanding,
end of period (000's)................ 25
=========
ALLIANCE EQUITY INDEX --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $271.24 $214.66 $164.12 $135.94 $100.95
========= ========= ========== ========= =========
Unit value, end of period............... $322.15 $271.24 $214.66 $164.12 $135.94
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 172 135 94 51 12
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $271.11 $214.58 $164.08 $135.92 $100.94
========= ========= ========== ========= =========
Unit value, end of period............... $321.97 $271.11 $214.58 $164.08 $135.92
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 304 283 231 128 44
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $215.84 $170.23 $139.70 $100.00
========= ========= ========== =========
Unit value, end of period............... $257.24 $215.84 $170.23 $139.70
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 5 11 5 4
========= ========= ========== =========
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $190.44 $150.05 $114.21
========= ========= ==========
Unit value, end of period............... $227.20 $190.44 $150.05
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 5 4 3
========= ========= ==========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE COMMON STOCK (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE EQUITY INDEX --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $100.95
=========
Number of units outstanding,
end of period (000's)................ 1
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $100.94
=========
Number of units outstanding,
end of period (000's)................ 3
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-61
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE EQUITY INDEX (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $271.24 $214.66 $164.12 $135.94 $100.95
========= ========= ========== ========= =========
Unit value, end of period............... $322.15 $271.24 $214.66 $164.12 $135.94
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 4,579 3,805 2,686 1,486 592
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $103.68 $100.00
========= =========
Unit value, end of period............... $123.01 $103.68
========= =========
Number of units outstanding,
end of period (000's)................ 9 2
========= =========
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $103.69 $100.00
========= =========
Unit value, end of period............... $123.02 $103.69
========= =========
Number of units outstanding,
end of period (000's)................ 50 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $125.64
=========
Number of units outstanding,
end of period (000's)................ 53
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.17
=========
Number of units outstanding,
end of period (000's)................ 9
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE EQUITY INDEX (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $100.95
=========
Number of units outstanding,
end of period (000's)................ 47
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-62
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE GROWTH & INCOME --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $213.81 $179.30 $143.37 $121.02 $ 98.86
========= ========= ========== ========= =========
Unit value, end of period............... $250.31 $213.81 $179.30 $143.37 $121.02
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 109 96 69 41 17
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $214.14 $179.60 $143.63 $121.25 $ 99.06
========= ========= ========== ========= =========
Unit value, end of period............... $250.67 $214.14 $179.60 $143.63 $121.25
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 217 209 183 121 67
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $185.60 $155.11 $123.61 $100.00
========= ========= ========== =========
Unit value, end of period............... $218.04 $185.60 $155.11 $123.61
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 3 6 3 3
========= ========= ========== =========
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $174.26 $145.48 $115.81
========= ========= ==========
Unit value, end of period............... $204.92 $174.26 $145.48
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 2 2 1
========= ========= ==========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $213.81 $179.30 $143.37 $121.02 $ 98.86
========= ========= ========== ========= =========
Unit value, end of period............... $250.31 $213.81 $179.30 $143.37 $121.02
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 3,095 2,475 1,800 975 498
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE GROWTH & INCOME --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 98.86
=========
Number of units outstanding,
end of period (000's)................ 4
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 99.06
=========
Number of units outstanding,
end of period (000's)................ 9
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 98.86
=========
Number of units outstanding,
end of period (000's)................ 210
=========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-63
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
ALLIANCE GROWTH & INCOME (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.73 $100.00
========= =========
Unit value, end of period............... $120.13 $102.73
========= =========
Number of units outstanding,
end of period (000's)................ 4 1
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.73 $100.00
========= =========
Unit value, end of period............... $120.14 $102.73
========= =========
Number of units outstanding,
end of period (000's)................ 37 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $122.29
=========
Number of units outstanding,
end of period (000's)................ 14
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $103.87
=========
Number of units outstanding,
end of period (000's)................ 14
=========
EQ/ALLIANCE PREMIER GROWTH --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.36
=========
Number of units outstanding,
end of period (000's)................ 13
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
ALLIANCE GROWTH & INCOME (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQ/ALLIANCE PREMIER GROWTH --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-64
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
EQ/ALLIANCE PREMIER GROWTH (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.36
=========
Number of units outstanding,
end of period (000's)................ 6
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.51
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.55
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.36
=========
Number of units outstanding,
end of period (000's)................ 887
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.32
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/ALLIANCE PREMIER GROWTH (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-65
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
EQ/ALLIANCE PREMIER GROWTH (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.42
=========
Number of units outstanding,
end of period (000's)................ 36
=========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.55
=========
Number of units outstanding,
end of period (000's)................ 1
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.53
=========
Number of units outstanding,
end of period (000's)................ 21
=========
CALVERT SOCIALLY RESPONSIBLE --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $107.58
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $107.57
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/ALLIANCE PREMIER GROWTH (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
CALVERT SOCIALLY RESPONSIBLE --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-66
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
CALVERT SOCIALLY RESPONSIBLE (CONCLUDED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $107.72
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $107.76
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $107.58
=========
Number of units outstanding,
end of period (000's)................ 4
=========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $107.64
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $107.76
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
CALVERT SOCIALLY RESPONSIBLE (CONCLUDED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-67
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
CAPITAL GUARDIAN RESEARCH --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.78
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ---------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.78
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.92
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.96
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.78
=========
Number of units outstanding,
end of period (000's)................ 8
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
CAPITAL GUARDIAN RESEARCH --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ---------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-68
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
CAPITAL GUARDIAN RESEARCH (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.74
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.84
=========
Number of units outstanding,
end of period (000's)................ 1
=========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.96
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.94
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
CAPITAL GUARDIAN RESEARCH (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-69
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
CAPITAL GUARDIAN U.S. EQUITY--
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.64
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.64
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.77
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.81
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.64
=========
Number of units outstanding,
end of period (000's)................ 13
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
CAPITAL GUARDIAN U.S. EQUITY--
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-70
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
CAPITAL GUARDIAN U.S. EQUITY (CONCLUDED)--
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.60
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.69
=========
Number of units outstanding,
end of period (000's)................ 1
=========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.79
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $101.79
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
CAPITAL GUARDIAN U.S. EQUITY (CONCLUDED)--
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-71
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
LAZARD SMALL CAP --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $97.34
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $97.34
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $97.47
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $97.50
=========
Number of units outstanding,
end of period (000's)................ --
=========
MFS GROWTH WITH INCOME --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.48
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
LAZARD SMALL CAP --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MFS GROWTH WITH INCOME --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-72
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
MFS GROWTH WITH INCOME (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.48
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.61
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.65
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.48
=========
Number of units outstanding,
end of period (000's)................ 18
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.44
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MFS GROWTH WITH INCOME (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-73
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
MFS GROWTH WITH INCOME (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.53
=========
Number of units outstanding,
end of period (000's)................ 2
=========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.65
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.63
=========
Number of units outstanding,
end of period (000's)................ 1
=========
MFS RESEARCH --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $140.83 $100.00
========= =========
Unit value, end of period............... $171.06 $140.83
========= =========
Number of units outstanding,
end of period (000's)................ 8 4
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $100.75 $100.00
========= =========
Unit value, end of period............... $122.37 $100.75
========= =========
Number of units outstanding,
end of period (000's)................ 26 3
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MFS GROWTH WITH INCOME (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MFS RESEARCH --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-74
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
MFS RESEARCH (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $100.92 $100.00
========= =========
Unit value, end of period............... $123.01 $100.92
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $100.97 $100.00
========= =========
Unit value, end of period............... $123.19 $100.97
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $140.83 $115.01 $100.00
========= ========= ==========
Unit value, end of period............... $171.06 $140.83 $115.01
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 959 720 236
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $98.99 $100.00
========= =========
Unit value, end of period............... $120.11 $ 98.99
========= =========
Number of units outstanding,
end of period (000's)................ 3 1
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $99.10 $100.00
========= =========
Unit value, end of period............... $120.55 $ 99.10
========= =========
Number of units outstanding,
end of period (000's)................ 6 --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MFS RESEARCH (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-75
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
MFS RESEARCH (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $123.09
=========
Number of units outstanding,
end of period (000's)................ 4
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $116.97
=========
Number of units outstanding,
end of period (000's)................ 3
=========
MERRILL LYNCH BASIC VALUE EQUITY --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $127.67 $100.00
========= =========
Unit value, end of period............... $149.82 $127.67
========= =========
Number of units outstanding,
end of period (000's)................ 6 3
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $98.58 $100.00
========= =========
Unit value, end of period............... $115.67 $ 98.58
========= =========
Number of units outstanding,
end of period (000's)................ 14 2
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $98.75 $100.00
========= =========
Unit value, end of period............... $116.28 $ 98.75
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MFS RESEARCH (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MERRILL LYNCH BASIC VALUE EQUITY --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-76
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
MERRILL LYNCH BASIC VALUE EQUITY (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $98.80 $100.00
========= =========
Unit value, end of period............... $116.45 $ 98.80
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $127.67 $115.97 $100.00
========= ========= ==========
Unit value, end of period............... $149.82 $127.67 $115.97
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 617 444 145
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
- ----------------------------------------
Unit value, beginning of period......... $97.80 $100.00
========= =========
Unit value, end of period............... $114.64 $ 97.80
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $97.91 $100.00
========= =========
Unit value, end of period............... $115.06 $ 97.91
========= =========
Number of units outstanding,
end of period (000's)................ 7 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $113.77
=========
Number of units outstanding,
end of period (000's)................ 1
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MERRILL LYNCH BASIC VALUE EQUITY (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-77
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
MERRILL LYNCH BASIC VALUE EQUITY (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $97.22
=========
Number of units outstanding,
end of period (000's)................ 5
=========
EQ/PUTNAM GROWTH & INCOME VALUE --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $128.20 $100.00
========= =========
Unit value, end of period............... $124.76 $128.20
========= =========
Number of units outstanding,
end of period (000's)................ 2 1
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.60 $100.00
========= =========
Unit value, end of period............... $98.87 $101.60
========= =========
Number of units outstanding,
end of period (000's)................ 11 2
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- -----------------------------------------
Unit value, beginning of period......... $101.77 $100.00
========= =========
Unit value, end of period............... $99.38 $101.77
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.82 $100.00
========= =========
Unit value, end of period............... $99.53 $101.82
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MERRILL LYNCH BASIC VALUE EQUITY (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQ/PUTNAM GROWTH & INCOME VALUE --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-78
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
EQ/PUTNAM GROWTH & INCOME VALUE (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $128.20 $115.17 $100.00
========= ========= ==========
Unit value, end of period............... $124.76 $128.20 $115.17
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 648 581 250
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $100.48 $100.00
========= =========
Unit value, end of period............... $97.68 $100.48
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $100.60 $100.00
========= =========
Unit value, end of period............... $98.04 $100.60
========= =========
Number of units outstanding,
end of period (000's)................ 3 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $98.44
=========
Number of units outstanding,
end of period (000's)................ 2
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
- -----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $92.44
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/PUTNAM GROWTH & INCOME VALUE (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-79
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
EQ/PUTNAM INVESTORS GROWTH --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $122.57
=========
Number of units outstanding,
end of period (000's)................ 1
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $122.56
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $122.72
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $122.77
=========
Number of units outstanding,
end of period (000's)................ --
=========
T. ROWE PRICE EQUITY INCOME --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $130.25 $100.00
========= =========
Unit value, end of period............... $133.07 $130.25
========= =========
Number of units outstanding,
end of period (000's)................ 5 1
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/PUTNAM INVESTORS GROWTH --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
T. ROWE PRICE EQUITY INCOME --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-80
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
T. ROWE PRICE EQUITY INCOME (CONTINUED)--
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.39 $100.00
========= =========
Unit value, end of period............... $103.58 $101.39
========= =========
Number of units outstanding,
end of period (000's)................ 24 3
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.56 $100.00
========= =========
Unit value, end of period............... $104.12 $101.56
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.61 $100.00
========= =========
Unit value, end of period............... $104.28 $101.61
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $130.25 $121.04 $100.00
========= ========= ==========
Unit value, end of period............... $133.07 $130.25 $121.04
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 1,072 1,070 475
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.00 $100.00
========= =========
Unit value, end of period............... $103.08 $101.00
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
T. ROWE PRICE EQUITY INCOME (CONTINUED)--
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-81
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
T. ROWE PRICE EQUITY INCOME (CONCLUDED)--
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.12 $100.00
========= =========
Unit value, end of period............... $103.45 $101.12
========= =========
Number of units outstanding,
end of period (000's)................ 3 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.38
=========
Number of units outstanding,
end of period (000's)................ 4
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $93.54
=========
Number of units outstanding,
end of period (000's)................ 2
=========
ALLIANCE GLOBAL --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $182.50 $151.87 $138.00 $122.06 $104.12
========= ========= ========== ========= =========
Unit value, end of period............... $249.43 $182.50 $151.87 $138.00 $122.06
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 156 156 147 116 62
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $185.78 $154.12 $140.51 $124.30 $106.04
========= ========= ========== ========= =========
Unit value, end of period............... $253.89 $185.78 $154.12 $140.51 $124.30
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 353 408 464 459 391
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C>
T. ROWE PRICE EQUITY INCOME (CONCLUDED)--
EQUI-VEST SERIES 600 & 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE GLOBAL --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.12
=========
Number of units outstanding,
end of period (000's)................ 16
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $102.14 $100.00
========= ==========
Unit value, end of period............... $106.04 $102.14
========= ==========
Number of units outstanding,
end of period (000's)................ 223 8
========= ==========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-82
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE GLOBAL (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $154.96 $128.51 $116.37 $100.00
========= ========= ========== =========
Unit value, end of period............... $212.51 $154.96 $128.51 $116.37
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 3 11 12 13
========= ========= ========== =========
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $147.40 $122.12 $110.47
========= ========= ==========
Unit value, end of period............... $202.36 $147.40 $122.12
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 4 3 2
========= ========= ==========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $182.50 $151.87 $138.00 $122.06 $104.12
========= ========= ========== ========= =========
Unit value, end of period............... $249.43 $182.50 $151.87 $138.00 $122.06
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 3,509 3,395 3,369 2,995 2,121
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $98.37 $100.00
========= =========
Unit value, end of period............... $134.30 $ 98.37
========= =========
Number of units outstanding,
end of period (000's)................ 2 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $98.37 $100.00
========= =========
Unit value, end of period............... $134.29 $ 98.37
========= =========
Number of units outstanding,
end of period (000's)................ 20 --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE GLOBAL (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.12
=========
Number of units outstanding,
end of period (000's)................ 1,305
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-83
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE GLOBAL (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $139.76
=========
Number of units outstanding,
end of period (000's)................ 13
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $119.52
=========
Number of units outstanding,
end of period (000's)................ 9
=========
ALLIANCE INTERNATIONAL --
MOMENTUM CONTRACTS (E)
- ----------------------------------------
Unit value, beginning of period......... $117.72 $107.92 $112.82 $104.15 $100.00
========= ========= ========== ========= =========
Unit value, end of period............... $160.04 $117.72 $107.92 $112.82 $104.15
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 37 37 32 19 0
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (E)
- ----------------------------------------
Unit value, beginning of period......... $117.68 $107.89 $112.81 $104.15 $100.00
========= ========= ========== ========= =========
Unit value, end of period............... $159.96 $117.68 $107.89 $112.81 $104.15
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 84 87 85 54 3
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $118.67 $108.42 $112.96 $100.00
========= ========= ========== =========
Unit value, end of period............... $161.88 $118.67 $108.42 $112.96
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 3 4 3 21
========= ========= ========== =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
ALLIANCE GLOBAL (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE INTERNATIONAL --
MOMENTUM CONTRACTS (E)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (E)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-84
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE INTERNATIONAL (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $114.73 $104.70 $108.98
========= ========= ==========
Unit value, end of period............... $156.65 $114.73 $104.70
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 1 1 788
========= ========= ==========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (E)
- ----------------------------------------
Unit value, beginning of period......... $117.72 $107.92 $112.83 $104.15 $100.00
========= ========= ========== ========= =========
Unit value, end of period............... $160.04 $117.72 $107.92 $112.83 $104.15
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 926 971 968 763 141
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $93.00 $100.00
========= =========
Unit value, end of period............... $126.29 $ 93.00
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $93.00 $100.00
========= =========
Unit value, end of period............... $126.30 $ 93.00
========= =========
Number of units outstanding,
end of period (000's)................ 3 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $131.34
=========
Number of units outstanding,
end of period (000's)................ 4
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
ALLIANCE INTERNATIONAL (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (E)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-85
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
ALLIANCE INTERNATIONAL (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $126.71
=========
Number of units outstanding,
end of period (000's)................ 1
=========
CAPITAL GUARDIAN INTERNATIONAL --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $129.55
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $129.55
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $129.71
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $129.76
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
ALLIANCE INTERNATIONAL (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
CAPITAL GUARDIAN INTERNATIONAL --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-86
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
MORGAN STANLEY EMERGING MARKETS EQUITY --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $57.18 $100.00
========= =========
Unit value, end of period............... $110.43 $ 57.18
========= =========
Number of units outstanding,
end of period (000's)................ 6 --
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $86.23 $100.00
========= =========
Unit value, end of period............... $166.52 $ 86.23
========= =========
Number of units outstanding,
end of period (000's)................ 11 1
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- -----------------------------------------
Unit value, beginning of period......... $86.38 $100.00
========= =========
Unit value, end of period............... $167.39 $ 86.38
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $86.42 $100.00
========= =========
Unit value, end of period............... $167.64 $ 86.42
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (L)
- ----------------------------------------
Unit value, beginning of period......... $57.18 $79.41 $100.00
========= ========= ==========
Unit value, end of period............... $110.43 $57.18 $ 79.41
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 590 217 109
========= ========= ==========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MORGAN STANLEY EMERGING MARKETS EQUITY --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (L)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-87
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
MORGAN STANLEY EMERGING MARKETS EQUITY (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $81.40 $100.00
========= =========
Unit value, end of period............... $157.03 $ 81.40
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $81.49 $100.00
========= =========
Unit value, end of period............... $157.61 $ 81.49
========= =========
Number of units outstanding,
end of period (000's)................ 5 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $198.84
=========
Number of units outstanding,
end of period (000's)................ 2
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- -----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $147.71
=========
Number of units outstanding,
end of period (000's)................ 1
=========
EQ/PUTNAM INTERNATIONAL EQUITY --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $137.09
=========
Number of units outstanding,
end of period (000's)................ 1
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MORGAN STANLEY EMERGING MARKETS EQUITY (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQ/PUTNAM INTERNATIONAL EQUITY --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-88
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
EQ/PUTNAM INTERNATIONAL EQUITY (CONCLUDED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- -------------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $137.09
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- -------------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $137.27
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- -------------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $137.32
=========
Number of units outstanding,
end of period (000's)................ --
=========
T. ROWE PRICE INTERNATIONAL STOCK--
MOMENTUM CONTRACTS (H)
- -------------------------------------------
Unit value, beginning of period......... $109.49 $100.00
========= =========
Unit value, end of period............... $142.46 $109.49
========= =========
Number of units outstanding,
end of period (000's)................ 4 1
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- -------------------------------------------
Unit value, beginning of period......... $98.95 $100.00
========= =========
Unit value, end of period............... $128.72 $ 98.95
========= =========
Number of units outstanding,
end of period (000's)................ 13 3
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/PUTNAM INTERNATIONAL EQUITY (CONCLUDED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- -------------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- -------------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- -------------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
T. ROWE PRICE INTERNATIONAL STOCK--
MOMENTUM CONTRACTS (H)
- -------------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- -------------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-89
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
T. ROWE PRICE INTERNATIONAL STOCK (CONTINUED)--
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $99.11 $100.00
========= =========
Unit value, end of period............... $129.39 $ 99.11
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $99.16 $100.00
========= =========
Unit value, end of period............... $129.59 $ 99.16
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $109.49 $ 97.61 $100.00
========= ========= ==========
Unit value, end of period............... $142.46 $109.49 $ 97.61
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 765 671 387
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- -----------------------------------------
Unit value, beginning of period......... $94.04 $100.00
========= =========
Unit value, end of period............... $122.22 $ 94.04
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $94.15 $100.00
========= =========
Unit value, end of period............... $122.67 $ 94.15
========= =========
Number of units outstanding,
end of period (000's)................ 3 --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
T. ROWE PRICE INTERNATIONAL STOCK (CONTINUED)--
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-90
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
T. ROWE PRICE INTERNATIONAL STOCK (CONCLUDED)--
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $134.15
=========
Number of units outstanding,
end of period (000's)................ 2
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $123.90
=========
Number of units outstanding,
end of period (000's)................ 3
=========
ALLIANCE AGGRESSIVE STOCK --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $89.92 $90.75 $82.91 $68.73 $52.88
========= ========= ========== ========= =========
Unit value, end of period............... $105.59 $89.92 $90.75 $82.91 $68.73
========= ========= ========== ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................ 20,946 25,634 28,030 27,945 25,821
========= ========= ========== ========= =========
Number of Momentum units outstanding,
end of period (000's)................ 1,207 1,401 1,437 1,281 969
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $170.12 $171.96 $157.31 $130.50 $100.49
========= ========= ========== ========= =========
Unit value, end of period............... $199.45 $170.12 $171.96 $157.31 $130.50
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 878 1,098 1,220 1,070 718
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $136.73 $137.72 $125.54 $100.00
========= ========= ========== =========
Unit value, end of period............... $160.87 $136.73 $137.72 $125.54
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 10 37 35 109
========= ========= ========== =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
T. ROWE PRICE INTERNATIONAL STOCK (CONCLUDED)--
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE AGGRESSIVE STOCK --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $55.68 $48.30 $50.51 $27.36 $25.86
========= ========== ========= ========= =========
Unit value, end of period............... $52.88 $55.68 $48.30 $50.51 $27.36
========= ========== ========= ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................ 24,787 21,496 17,986 12,962 9,545
========= ========== ========= ========= =========
Number of Momentum units outstanding,
end of period (000's)................ 620 258
========= ==========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $105.90 $100.00
========= ==========
Unit value, end of period............... $100.49 $105.90
========= ==========
Number of units outstanding,
end of period (000's)................ 350 12
========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-91
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
-----------------------------------------
1999 1998 1997 1996
--------- --------- ---------- ---------
<S> <C> <C> <C> <C>
ALLIANCE AGGRESSIVE STOCK (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $118.68 $119.41 $108.74
========= ========= ==========
Unit value, end of period............... $139.76 $118.68 $119.41
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 8 8 7
========= ========= ==========
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $161.59 $163.33 $149.41 $123.95
========= ========= ========== =========
Unit value, end of period............... $189.44 $161.59 $163.33 $149.41
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 2,980 3,342 3,226 2,468
========= ========= ========== =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $90.25 $100.00
========= =========
Unit value, end of period............... $105.69 $ 90.25
========= =========
Number of units outstanding,
end of period (000's)................ 4 1
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $90.25 $100.00
========= =========
Unit value, end of period............... $105.70 $ 90.25
========= =========
Number of units outstanding,
end of period (000's)................ 17 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.50
=========
Number of units outstanding,
end of period (000's)................ 127
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE AGGRESSIVE STOCK (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 95.45
=========
Number of units outstanding,
end of period (000's)................ 664
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-92
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
ALLIANCE AGGRESSIVE STOCK (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $112.33
=========
Number of units outstanding,
end of period (000's)................ 3
=========
ALLIANCE SMALL CAP GROWTH --
MOMENTUM CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $118.57 $125.55 $100.00
========= ========= ==========
Unit value, end of period............... $149.64 $118.57 $125.55
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 36 27 6
========= ========= ==========
MOMENTUM PLUS CONTRACTS 135 B.P. (G)
- ----------------------------------------
Unit value, beginning of period......... $118.55 $125.54 $100.00
========= ========= ==========
Unit value, end of period............... $149.59 $118.55 $125.54
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 34 41 8
========= ========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $119.25 $100.00
========= =========
Unit value, end of period............... $151.02 $119.25
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $119.45 $100.00
========= =========
Unit value, end of period............... $151.42 $119.45
========= =========
Number of units outstanding,
end of period (000's)................ 1 1
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
ALLIANCE AGGRESSIVE STOCK (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE SMALL CAP GROWTH --
MOMENTUM CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-93
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
ALLIANCE SMALL CAP GROWTH (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $118.57 $125.55 $100.00
========= ========= ==========
Unit value, end of period............... $149.64 $118.57 $125.55
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 976 1,101 488
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $86.93 $100.00
========= =========
Unit value, end of period............... $109.59 $ 86.93
========= =========
Number of units outstanding,
end of period (000's)................ 1 1
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $86.94 $100.00
========= =========
Unit value, end of period............... $109.62 $ 86.94
========= =========
Number of units outstanding,
end of period (000's)................ 2 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $110.37
=========
Number of units outstanding,
end of period (000's)................ 5
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $130.79
=========
Number of units outstanding,
end of period (000's)................ 1
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
ALLIANCE SMALL CAP GROWTH (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-94
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
EQ/EVERGREEN --
EQ/EVERGREEN -- MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.57
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.57
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.71
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.75
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.57
=========
Number of units outstanding,
end of period (000's)................ 5
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/EVERGREEN --
EQ/EVERGREEN -- MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-95
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
EQ/EVERGREEN (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.53
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.63
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.75
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.73
=========
Number of units outstanding,
end of period (000's)................ --
=========
MFS EMERGING GROWTH COMPANIES --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $161.04 $100.00
========= =========
Unit value, end of period............... $275.93 $161.04
========= =========
Number of units outstanding,
end of period (000's)................ 33 5
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/EVERGREEN (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MFS EMERGING GROWTH COMPANIES --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-96
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
MFS EMERGING GROWTH COMPANIES (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $107.73 $100.00
========= =========
Unit value, end of period............... $184.57 $107.73
========= =========
Number of units outstanding,
end of period (000's)................ 87 7
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $107.91 $100.00
========= =========
Unit value, end of period............... $185.54 $107.91
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $107.96 $100.00
========= =========
Unit value, end of period............... $185.82 $107.96
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- -----------------------------------------
Unit value, beginning of period......... $161.04 $121.34 $100.00
========= ========= ==========
Unit value, end of period............... $275.93 $161.04 $121.34
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 2,427 1,090 256
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $103.41 $100.00
========= =========
Unit value, end of period............... $177.00 $103.41
========= =========
Number of units outstanding,
end of period (000's)................ 6 1
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MFS EMERGING GROWTH COMPANIES (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-97
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
MFS EMERGING GROWTH COMPANIES (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $103.53 $100.00
========= =========
Unit value, end of period............... $177.65 $103.53
========= =========
Number of units outstanding,
end of period (000's)................ 36 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $166.37
=========
Number of units outstanding,
end of period (000's)................ 7
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $157.69
=========
Number of units outstanding,
end of period (000's)................ 17
=========
WARBURG PINCUS SMALL COMPANY VALUE --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $104.82 $100.00
========= =========
Unit value, end of period............... $105.28 $104.82
========= =========
Number of units outstanding,
end of period (000's)................ 3 --
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ---------------------------------------
Unit value, beginning of period......... $83.08 $100.00
========= =========
Unit value, end of period............... $83.43 $ 83.08
========= =========
Number of units outstanding,
end of period (000's)................ 7 2
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MFS EMERGING GROWTH COMPANIES (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
WARBURG PINCUS SMALL COMPANY VALUE --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ---------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-98
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
WARBURG PINCUS SMALL COMPANY VALUE (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $83.22 $100.00
========= =========
Unit value, end of period............... $83.87 $ 83.22
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $83.26 $100.00
========= =========
Unit value, end of period............... $83.99 $ 83.26
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $104.82 $118.06 $100.00
========= ========= ==========
Unit value, end of period............... $105.28 $104.82 $118.06
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 721 859 577
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $82.78 $100.00
========= =========
Unit value, end of period............... $83.05 $ 82.78
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $82.88 $100.00
========= =========
Unit value, end of period............... $83.36 $ 82.88
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
WARBURG PINCUS SMALL COMPANY VALUE (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-99
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
WARBURG PINCUS SMALL COMPANY VALUE (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS 90 B.P. (I)
- -----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $103.94
=========
Number of units outstanding,
end of period (000's)................ 3
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $106.09
=========
Number of units outstanding,
end of period (000's)................ 1
=========
ALLIANCE BALANCED --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $45.07 $38.66 $34.06 $30.92 $26.18
========= ========= ========== ========= =========
Unit value, end of period............... $52.39 $45.07 $38.66 $34.06 $30.92
========= ========= ========== ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................ 22,434 24,361 26,036 28,319 30,212
========= ========= ========== ========= =========
Number of Momentum units outstanding,
end of period (000's)................ 865 986 1,052 1,057 957
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $158.63 $136.14 $120.01 $108.95 $ 92.22
========= ========= ========== ========= =========
Unit value, end of period............... $184.34 $158.63 $136.14 $120.01 $108.95
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 321 375 439 417 336
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $151.97 $129.97 $114.16 $100.00
========= ========= ========== =========
Unit value, end of period............... $177.22 $151.97 $129.97 $114.16
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 1 11 10 48
========= ========= ========== =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
WARBURG PINCUS SMALL COMPANY VALUE (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS 90 B.P. (I)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE BALANCED --
EQUI-VEST CONTRACTS (A)
- ----------------------------------------
Unit value, beginning of period......... $28.85 $26.04 $27.17 $19.40 $19.69
========= ========== ========= ========= =========
Unit value, end of period............... $26.18 $28.85 $26.04 $27.17 $19.40
========= ========== ========= ========= =========
Number of EQUI-VEST units outstanding,
end of period (000's)................ 32,664 31,259 25,975 21,100 19,423
========= ========== ========= ========= =========
Number of Momentum units outstanding,
end of period (000's)................ 776 348
========= ==========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $101.63 $100.00
========= ==========
Unit value, end of period............... $ 92.22 $101.63
========= ==========
Number of units outstanding,
end of period (000's)................ 188 9
========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-100
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE BALANCED (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $143.60 $122.68 $100.00
========= ========= ==========
Unit value, end of period............... $167.63 $143.60 $122.68
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 1 1 1
========= ========= ==========
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $157.63 $135.29 $119.26 $108.26 $ 91.64
========= ========= ========== ========= =========
Unit value, end of period............... $183.18 $157.63 $135.29 $119.26 $108.26
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 854 752 655 548 386
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.39 $100.00
========= =========
Unit value, end of period............... $118.86 $102.39
=========
=========
Number of units outstanding,
end of period (000's)................ 2 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.39 $100.00
========= =========
Unit value, end of period............... $118.86 $102.39
========= =========
Number of units outstanding,
end of period (000's)................ 11 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $121.00
=========
Number of units outstanding,
end of period (000's)................ 65
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
---------------------------------------------------------------
1995 1994 1993 1992 1991 1990
--------- --------- ---------- --------- --------- ---------
<S> <C> <C>
ALLIANCE BALANCED (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 300 AND 400 CONTRACTS
135 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $ 91.64 $100.00
========= =========
Unit value, end of period............... $108.26 $ 91.64
========= =========
Number of units outstanding,
end of period (000's)................ 386 289
========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-101
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE BALANCED (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $108.71
=========
Number of units outstanding,
end of period (000's)................ 2
=========
ALLIANCE CONSERVATIVE INVESTORS --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $147.17 $130.98 $117.25 $112.97 $ 95.10
========= ========= ========== ========= =========
Unit value, end of period............... $159.92 $147.17 $130.98 $117.25 $112.97
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 22 24 22 18 11
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $144.30 $128.45 $114.99 $110.81 $ 93.29
========= ========= ========== ========= =========
Unit value, end of period............... $156.79 $144.30 $128.45 $114.99 $110.81
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 100 121 125 136 129
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $138.35 $122.71 $109.47 $100.00
========= ========= ========== =========
Unit value, end of period............... $150.86 $138.35 $122.71 $109.47
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ -- 4 5 5
========= ========= ========== =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $147.17 $130.98 $117.25 $112.97 $ 95.10
========= ========= ========== ========= =========
Unit value, end of period............... $159.92 $147.17 $130.98 $117.25 $112.97
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 752 661 553 567 491
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C>
ALLIANCE BALANCED (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE CONSERVATIVE INVESTORS --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 95.10
=========
Number of units outstanding,
end of period (000's)................ 3
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $98.60 $100.00
========= ==========
Unit value, end of period............... $93.29 $ 98.60
========= ==========
Number of units outstanding,
end of period (000's)................ 92 10
========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (C)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 95.10
=========
Number of units outstanding,
end of period (000's)................ 325
=========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-102
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE CONSERVATIVE INVESTORS (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.74 $100.00
========= =========
Unit value, end of period............... $111.52 $102.74
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $102.74 $100.00
========= =========
Unit value, end of period............... $111.53 $102.74
========= =========
Number of units outstanding,
end of period (000's)................ 6 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- -----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $112.84
=========
Number of units outstanding,
end of period (000's)................ 3
=========
EQUI-VEST EXPRESS SERIES 700
CONTRACTS 95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $104.41
=========
Number of units outstanding,
end of period (000's)................ 4
=========
ALLIANCE GROWTH INVESTORS --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $180.63 $153.69 $133.40 $120.08 $ 96.31
========= ========= ========== ========= =========
Unit value, end of period............... $225.59 $180.63 $153.69 $133.40 $120.08
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 165 159 147 110 57
========= ========= ========== ========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C>
ALLIANCE CONSERVATIVE INVESTORS (CONCLUDED) --
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700
CONTRACTS 95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
ALLIANCE GROWTH INVESTORS --
MOMENTUM CONTRACTS (D)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 96.31
=========
Number of units outstanding,
end of period (000's)................ 10
=========
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-103
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
ALLIANCE GROWTH INVESTORS (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $182.69 $155.46 $134.95 $121.49 $ 97.45
========= ========= ========== ========= =========
Unit value, end of period............... $228.14 $182.69 $155.46 $134.95 $121.49
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 427 509 553 508 375
========= ========= ========== ========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period......... $159.46 $135.20 $116.95 $100.00
========= ========= ========== =========
Unit value, end of period............... $199.83 $159.46 $135.20 $116.95
========= ========= ========== =========
Number of units outstanding,
end of period (000's)................ 6 15 14 15
========= ========= ========== =========
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period......... $149.61 $126.72 $109.51
========= ========= ==========
Unit value, end of period............... $187.67 $149.61 $126.72
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 2 2 1
========= ========= ==========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (M)
- ----------------------------------------
Unit value, beginning of period......... $180.63 $153.69 $133.40 $120.08 $ 96.31
========= ========= ========== ========= =========
Unit value, end of period............... $225.59 $180.63 $153.69 $133.40 $120.08
========= ========= ========== ========= =========
Number of units outstanding,
end of period (000's)................ 4,231 3,962 3,704 3,325 2,113
========= ========= ========== ========= =========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.93 $100.00
========= =========
Unit value, end of period............... $127.16 $101.93
========= =========
Number of units outstanding,
end of period (000's)................ 2 1
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S> <C> <C>
ALLIANCE GROWTH INVESTORS (CONTINUED) --
MOMENTUM PLUS CONTRACTS 135 B.P. (B)
- ----------------------------------------
Unit value, beginning of period......... $101.99 $100.00
========= ==========
Unit value, end of period............... $ 97.45 $101.99
========= ==========
Number of units outstanding,
end of period (000's)................ 188 13
========= ==========
MOMENTUM PLUS CONTRACTS 100 B.P. (F)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P.
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (M)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $ 96.31
=========
Number of units outstanding,
end of period (000's)................ 1,023
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-104
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
ALLIANCE GROWTH INVESTORS (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.93 $100.00
========= =========
Unit value, end of period............... $127.17 $101.93
========= =========
Number of units outstanding,
end of period (000's)................ 21 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $129.93
=========
Number of units outstanding,
end of period (000's)................ 18
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $112.30
=========
Number of units outstanding,
end of period (000's)................ 10
=========
EQ/EVERGREEN FOUNDATION --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.16
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.15
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
ALLIANCE GROWTH INVESTORS (CONCLUDED) --
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQ/EVERGREEN FOUNDATION --
MOMENTUM CONTRACTS (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-105
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C>
EQ/EVERGREEN FOUNDATION (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.29
=========
Number of units outstanding,
end of period (000's)................ --
=========
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.33
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.16
=========
Number of units outstanding,
end of period (000's)................ 1
=========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.11
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.21
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/EVERGREEN FOUNDATION (CONTINUED) --
MOMENTUM PLUS CONTRACTS 100 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS 134 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-106
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
EQ/EVERGREEN FOUNDATION (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(J)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.33
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $105.31
=========
Number of units outstanding,
end of period (000's)................ --
=========
MERRILL LYNCH WORLD STRATEGY --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $109.37 $100.00
========= =========
Unit value, end of period............... $130.94 $109.37
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $96.28 $100.00
========= =========
Unit value, end of period............... $115.26 $ 96.28
========= =========
Number of units outstanding,
end of period (000's)................ 2 1
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $96.44 $100.00
========= =========
Unit value, end of period............... $115.86 $ 96.44
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/EVERGREEN FOUNDATION (CONCLUDED) --
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (J)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MERRILL LYNCH WORLD STRATEGY --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-107
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
MERRILL LYNCH WORLD STRATEGY (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $96.49 $100.00
========= =========
Unit value, end of period............... $116.04 $ 96.49
========= =========
Number of units outstand6ing,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- -----------------------------------------
Unit value, beginning of period......... $109.37 $103.77 $100.00
========= ========= ==========
Unit value, end of period............... $130.94 $109.37 $103.77
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 88 84 52
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $94.86 $100.00
========= =========
Unit value, end of period............... $113.44 $ 94.86
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $94.96 $100.00
========= =========
Unit value, end of period............... $113.85 $ 94.96
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $118.88
=========
Number of units outstanding,
end of period (000's)................ 1
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MERRILL LYNCH WORLD STRATEGY (CONTINUED) --
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstand6ing,
end of period (000's)................
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- -----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS 90 B.P.
(I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-108
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Continued)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C>
MERRILL LYNCH WORLD STRATEGY (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $113.34
=========
Number of units outstanding,
end of period (000's)................ --
=========
EQ/PUTNAM BALANCED --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period......... $125.16 $100.00
========= =========
Unit value, end of period............... $123.53 $125.16
========= =========
Number of units outstanding,
end of period (000's)................ 2 --
========= =========
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.67 $100.00
========= =========
Unit value, end of period............... $100.34 $101.67
========= =========
Number of units outstanding,
end of period (000's)................ 5 1
========= =========
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.84 $100.00
========= =========
Unit value, end of period............... $100.86 $101.84
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.89 $100.00
========= =========
Unit value, end of period............... $101.01 $101.89
========= =========
Number of units outstanding,
end of period (000's)................ -- --
========= =========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
MERRILL LYNCH WORLD STRATEGY (CONCLUDED) --
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQ/PUTNAM BALANCED --
MOMENTUM CONTRACTS (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 135 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 100 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
MOMENTUM PLUS CONTRACTS 90 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-109
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
DECEMBER 31, 1999
7. Accumulation Unit Values (Concluded)
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- ---------- --------- ---------
<S> <C> <C> <C>
EQ/PUTNAM BALANCED (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period......... $125.16 $113.46 $100.00
========= ========= ==========
Unit value, end of period............... $123.53 $125.16 $113.46
========= ========= ==========
Number of units outstanding,
end of period (000's)................ 345 275 109
========= ========= ==========
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.05 $100.00
========= =========
Unit value, end of period............... $99.62 $101.05
========= =========
Number of units outstanding,
end of period (000's)................ 1 --
========= =========
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period......... $101.17 $100.00
========= =========
Unit value, end of period............... $99.99 $101.17
========= =========
Number of units outstanding,
end of period (000's)................ 3 --
========= =========
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $99.46
=========
Number of units outstanding,
end of period (000's)................ 1
=========
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period......... $100.00
=========
Unit value, end of period............... $95.64
=========
Number of units outstanding,
end of period (000's)................ --
=========
<CAPTION>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
1994 1993 1992 1991 1990
--------- ---------- --------- --------- ---------
<S>
EQ/PUTNAM BALANCED (CONCLUDED) --
EQUI-VEST SERIES 100 THROUGH 400
CONTRACTS (G)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 500 CONTRACTS
145 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 AND 800 CONTRACTS
120 B.P. (H)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST SERIES 600 CONTRACTS
90 B.P. (I)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
EQUI-VEST EXPRESS SERIES 700 CONTRACTS
95 B.P. (K)
- ----------------------------------------
Unit value, beginning of period.........
Unit value, end of period...............
Number of units outstanding,
end of period (000's)................
</TABLE>
- ----------------------
(a) Momentum Units were made available for sale on February 15, 1993.
(b) Units were made available for sale on September 9, 1993.
(c) Units were made available for sale on January 3, 1994.
(d) Units were made available for sale on June 1, 1994.
(e) Units were made available for sale on September 1, 1994.
(f) Units were made available for sale on September 1, 1996.
(g) Units were made available for sale on May 1, 1997.
(h) Units were made available for sale on July 13, 1998.
(i) Units were made available for sale on January 30, 1999.
(j) Units were made available for sale on August 30, 1999.
(k) Units were made available for sale on October 6, 1999.
(l) Units were made available for sale on August 20, 1997.
(m) Units were made available for sale on January 1, 1994.
FSA-110
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholder of
The Equitable Life Assurance Society of the United States
In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of earnings, of shareholder's equity and comprehensive
income and of cash flows present fairly, in all material respects, the financial
position of The Equitable Life Assurance Society of the United States and its
subsidiaries ("Equitable Life") at December 31, 1999 and 1998, and the results
of their operations and their cash flows for each of the three years in the
period ended December 31, 1999, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
are the responsibility of Equitable Life's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
New York, New York
February 1, 2000
F-1
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
1999 1998
------------- --------------
(IN MILLIONS)
<S> <C> <C>
ASSETS
Investments:
Fixed maturities:
Available for sale, at estimated fair value............................. $ 18,599.7 $ 18,993.7
Held to maturity, at amortized cost..................................... 133.2 125.0
Mortgage loans on real estate............................................. 3,270.0 2,809.9
Equity real estate........................................................ 1,160.2 1,676.9
Policy loans.............................................................. 2,257.3 2,086.7
Other equity investments.................................................. 671.2 713.3
Investment in and loans to affiliates..................................... 1,201.8 928.5
Other invested assets..................................................... 911.6 808.2
------------- -------------
Total investments..................................................... 28,205.0 28,142.2
Cash and cash equivalents................................................... 628.0 1,245.5
Deferred policy acquisition costs........................................... 4,033.0 3,563.8
Other assets................................................................ 3,868.3 3,054.6
Closed Block assets......................................................... 8,607.3 8,632.4
Separate Accounts assets.................................................... 54,453.9 43,302.3
------------- -------------
TOTAL ASSETS................................................................ $ 99,795.5 $ 87,940.8
============= =============
LIABILITIES
Policyholders' account balances............................................. $ 21,351.4 $ 20,857.5
Future policy benefits and other policyholders' liabilities................. 4,777.6 4,726.4
Short-term and long-term debt............................................... 1,407.9 1,181.7
Other liabilities........................................................... 3,133.6 3,474.3
Closed Block liabilities.................................................... 9,025.0 9,077.0
Separate Accounts liabilities............................................... 54,332.5 43,211.3
------------- -------------
Total liabilities..................................................... 94,028.0 82,528.2
------------- -------------
Commitments and contingencies (Notes 11, 13, 14, 15 and 16)
SHAREHOLDER'S EQUITY
Common stock, $1.25 par value 2.0 million shares authorized, issued
and outstanding........................................................... 2.5 2.5
Capital in excess of par value.............................................. 3,557.2 3,110.2
Retained earnings........................................................... 2,600.7 1,944.1
Accumulated other comprehensive (loss) income............................... (392.9) 355.8
------------- -------------
Total shareholder's equity............................................ 5,767.5 5,412.6
------------- -------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY.................................. $ 99,795.5 $ 87,940.8
============= =============
</TABLE>
See Notes to Consolidated Financial Statements.
F-2
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
CONSOLIDATED STATEMENTS OF EARNINGS
YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
<TABLE>
<CAPTION>
1999 1998 1997
------------ ------------- -------------
(IN MILLIONS)
<S> <C> <C> <C>
REVENUES
Universal life and investment-type product policy fee
income...................................................... $ 1,257.5 $ 1,056.2 $ 950.6
Premiums...................................................... 558.2 588.1 601.5
Net investment income......................................... 2,240.9 2,228.1 2,282.8
Investment (losses) gains, net................................ (96.9) 100.2 (45.2)
Commissions, fees and other income............................ 2,177.9 1,503.0 1,227.2
Contribution from the Closed Block............................ 86.4 87.1 102.5
------------ ------------- -------------
Total revenues.......................................... 6,224.0 5,562.7 5,119.4
------------ ------------- -------------
BENEFITS AND OTHER DEDUCTIONS
Interest credited to policyholders' account balances.......... 1,078.2 1,153.0 1,266.2
Policyholders' benefits....................................... 1,038.6 1,024.7 978.6
Other operating costs and expenses............................ 2,797.3 2,201.2 2,203.9
------------ ------------- -------------
Total benefits and other deductions..................... 4,914.1 4,378.9 4,448.7
------------ ------------- -------------
Earnings from continuing operations before Federal
income taxes and minority interest.......................... 1,309.9 1,183.8 670.7
Federal income taxes.......................................... 332.0 353.1 91.5
Minority interest in net income of consolidated subsidiaries.. 199.4 125.2 54.8
------------ ------------- -------------
Earnings from continuing operations........................... 778.5 705.5 524.4
Discontinued operations, net of Federal income taxes.......... 28.1 2.7 (87.2)
------------ ------------- -------------
Net Earnings.................................................. $ 806.6 $ 708.2 $ 437.2
============ ============= =============
</TABLE>
See Notes to Consolidated Financial Statements.
F-3
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
<TABLE>
<CAPTION>
1999 1998 1997
------------ ------------- -------------
(IN MILLIONS)
<S> <C> <C> <C>
Common stock, at par value, beginning and end of year......... $ 2.5 $ 2.5 $ 2.5
------------ ------------- -------------
Capital in excess of par value, beginning of year............. 3,110.2 3,105.8 3,105.8
Additional capital in excess of par value..................... 447.0 4.4 -
------------ ------------- -------------
Capital in excess of par value, end of year................... 3,557.2 3,110.2 3,105.8
------------ ------------- -------------
Retained earnings, beginning of year.......................... 1,944.1 1,235.9 798.7
Net earnings.................................................. 806.6 708.2 437.2
Dividend paid to the Holding Company.......................... (150.0) - -
------------ ------------- -------------
Retained earnings, end of year................................ 2,600.7 1,944.1 1,235.9
------------ ------------- -------------
Accumulated other comprehensive income,
beginning of year........................................... 355.8 516.3 177.0
Other comprehensive (loss) income............................. (748.7) (160.5) 339.3
------------ ------------- -------------
Accumulated other comprehensive (loss) income, end of year.... (392.9) 355.8 516.3
------------ ------------- -------------
TOTAL SHAREHOLDER'S EQUITY, END OF YEAR....................... $ 5,767.5 $ 5,412.6 $ 4,860.5
============ ============= ============
COMPREHENSIVE INCOME
Net earnings.................................................. $ 806.6 $ 708.2 $ 437.2
------------ ------------- -------------
Change in unrealized (losses) gains, net of reclassification
adjustment.................................................. (776.9) (149.5) 343.7
Minimum pension liability adjustment.......................... 28.2 (11.0) (4.4)
------------ ------------- -------------
Other comprehensive (loss) income............................. (748.7) (160.5) 339.3
------------ ------------- -------------
COMPREHENSIVE INCOME.......................................... $ 57.9 $ 547.7 $ 776.5
============ ============= ============
</TABLE>
See Notes to Consolidated Financial Statements.
F-4
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
<TABLE>
<CAPTION>
1999 1998 1997
------------ ------------- -------------
(IN MILLIONS)
<S> <C> <C> <C>
Net earnings.................................................. $ 806.6 $ 708.2 $ 437.2
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Interest credited to policyholders' account balances........ 1,078.2 1,153.0 1,266.2
Universal life and investment-type product
policy fee income......................................... (1,257.5) (1,056.2) (950.6)
Investment losses (gains)................................... 96.9 (100.2) 45.2
Change in Federal income tax payable........................ 157.4 123.1 (74.4)
Change in property and equipment............................ (256.3) (81.8) (9.6)
Change in deferred acquisition costs........................ (260.7) (314.0) (220.7)
Other, net.................................................. (168.8) 70.9 399.7
------------ ------------- -------------
Net cash provided by operating activities..................... 195.8 503.0 893.0
------------ ------------- -------------
Cash flows from investing activities:
Maturities and repayments................................... 2,019.0 2,289.0 2,702.9
Sales....................................................... 7,572.9 16,972.1 10,385.9
Purchases................................................... (10,737.3) (18,578.5) (13,205.4)
(Increase) decrease in short-term investments............... (178.3) 102.4 (555.0)
Decrease in loans to discontinued operations................ - 660.0 420.1
Sale of subsidiaries........................................ - - 261.0
Other, net.................................................. (134.8) (341.8) (612.6)
------------ ------------- -------------
Net cash (used) provided by investing activities.............. (1,458.5) 1,103.2 (603.1)
------------ ------------- -------------
Cash flows from financing activities: Policyholders'
account balances:
Deposits.................................................. 2,366.2 1,508.1 1,281.7
Withdrawals............................................... (1,765.8) (1,724.6) (1,886.8)
Net increase (decrease) in short-term financings............ 378.2 (243.5) 419.9
Repayments of long-term debt................................ (41.3) (24.5) (196.4)
Payment of obligation to fund accumulated deficit of
discontinued operations................................... - (87.2) (83.9)
Dividend paid to the Holding Company........................ (150.0) - -
Other, net.................................................. (142.1) (89.5) (62.7)
------------ ------------- -------------
Net cash provided (used) by financing activities.............. 645.2 (661.2) (528.2)
------------ ------------- -------------
Change in cash and cash equivalents........................... (617.5) 945.0 (238.3)
Cash and cash equivalents, beginning of year.................. 1,245.5 300.5 538.8
------------ ------------- -------------
Cash and Cash Equivalents, End of Year........................ $ 628.0 $ 1,245.5 $ 300.5
============ ============= =============
Supplemental cash flow information
Interest Paid............................................... $ 92.2 $ 130.7 $ 217.1
============ ============= =============
Income Taxes Paid........................................... $ 116.5 $ 254.3 $ 170.0
============ ============= =============
</TABLE>
See Notes to Consolidated Financial Statements.
F-5
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1) ORGANIZATION
The Equitable Life Assurance Society of the United States ("Equitable
Life") is an indirect, wholly owned subsidiary of AXA Financial, Inc. (the
"Holding Company," and collectively with its consolidated subsidiaries,
"AXA Financial"). Equitable Life's insurance business is conducted
principally by Equitable Life and its wholly owned life insurance
subsidiaries, Equitable of Colorado ("EOC"), and, prior to December 31,
1996, Equitable Variable Life Insurance Company ("EVLICO"). Effective
January 1, 1997, EVLICO was merged into Equitable Life. Equitable Life's
investment management business, which comprises the Investment Services
segment, is conducted principally by Alliance Capital Management L.P.
("Alliance"), and Donaldson, Lufkin & Jenrette, Inc. ("DLJ"), an investment
banking and brokerage affiliate. AXA, a French holding company for an
international group of insurance and related financial services companies,
is the Holding Company's largest shareholder, owning approximately 58.0% at
December 31, 1999 (53.0% if all securities convertible into, and options
on, common stock were to be converted or exercised).
On September 20, 1999, as part of AXA Financial's "branding" strategic
initiative, EQ Financial Consultants, Inc., a broker-dealer subsidiary of
Equitable Life, was merged into a new company, AXA Advisors, LLC ("AXA
Advisors"). Also, on September 21, 1999, AXA Advisors was transferred by
Equitable Life to AXA Distribution Holding Corporation ("AXA
Distribution"), a wholly owned indirect subsidiary of the Holding Company,
for $15.3 million. The excess of the sales price over AXA Advisors' book
value has been recorded in Equitable Life's books as a capital
contribution. Equitable Life will continue to develop and market the
"Equitable" brand of life and annuity products, while AXA Distribution and
its subsidiaries begin to assume responsibility for providing financial
advisory services, product distribution and customer relationship
management.
The Insurance segment offers a variety of traditional, variable and
interest-sensitive life insurance products, disability income, annuity
products, mutual fund and other investment products to individuals and
small groups. It also administers traditional participating group annuity
contracts with conversion features, generally for corporate qualified
pension plans, and association plans which provide full service retirement
programs for individuals affiliated with professional and trade
associations. This segment includes Separate Accounts for individual
insurance and annuity products.
The Investment Services segment includes Alliance and the results of DLJ
which are accounted for on an equity basis. In 1999, Alliance reorganized
into Alliance Capital Management Holding L.P. ("Alliance Holding") and
Alliance (the "Reorganization"). Alliance Holding's principal asset is its
interest in Alliance and it functions as a holding entity through which
holders of its publicly traded units own an indirect interest in the
operating partnership. The Company exchanged substantially all of its
Alliance Holding units for units in Alliance ("Alliance Units"). As a
result of the reorganization, the Company was the beneficial owner of
approximately 2% of Alliance Holding and 56% of Alliance. Alliance provides
diversified investment fund management services to a variety of
institutional clients, including pension funds, endowments, and foreign
financial institutions, as well as to individual investors, principally
through a broad line of mutual funds. This segment includes institutional
Separate Accounts which provide various investment options for large group
pension clients, primarily deferred benefit contribution plans, through
pooled or single group accounts. At December 31, 1999, Equitable Life has a
31.7% ownership interest in DLJ. DLJ's businesses include securities
underwriting, sales and trading, merchant banking, financial advisory
services, investment research, venture capital, correspondent brokerage
services, online interactive brokerage services and asset management. DLJ
serves institutional, corporate, governmental and individual clients both
domestically and internationally. Through June 10, 1997, this segment also
includes Equitable Real Estate Investment Management Inc. ("EREIM") which
was sold. EREIM provided real estate investment management services,
property management services, mortgage servicing and loan asset management,
and agricultural investment management.
F-6
<PAGE>
2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
-----------------------------------------------------
The accompanying consolidated financial statements are prepared in
conformity with generally accepted accounting principles ("GAAP") which
require management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
The accompanying consolidated financial statements include the accounts of
Equitable Life and certain of its subsidiaries engaged in insurance related
business (collectively, the "Insurance Group"); other subsidiaries,
principally Alliance and through June 10, 1997, EREIM (see Note 5); and
those partnerships and joint ventures in which Equitable Life or its
subsidiaries has control and a majority economic interest (collectively,
including its consolidated subsidiaries, the "Company"). The Company's
investment in DLJ is reported on the equity basis of accounting. Closed
Block assets, liabilities and results of operations are presented in the
consolidated financial statements as single line items (see Note 7). Unless
specifically stated, all other footnote disclosures contained herein
exclude the Closed Block related amounts.
All significant intercompany transactions and balances except those with
the Closed Block, DLJ and discontinued operations (see Note 8) have been
eliminated in consolidation. The years "1999," "1998" and "1997" refer to
the years ended December 31, 1999, 1998 and 1997, respectively. Certain
reclassifications have been made in the amounts presented for prior periods
to conform these periods with the 1999 presentation.
Closed Block
------------
On July 22, 1992, Equitable Life established the Closed Block for the
benefit of certain individual participating policies which were in force on
that date. The assets allocated to the Closed Block, together with
anticipated revenues from policies included in the Closed Block, were
reasonably expected to be sufficient to support such business, including
provision for payment of claims, certain expenses and taxes, and for
continuation of dividend scales payable in 1991, assuming the experience
underlying such scales continues.
Assets allocated to the Closed Block inure solely to the benefit of the
Closed Block policyholders and will not revert to the benefit of the
Holding Company. No reallocation, transfer, borrowing or lending of assets
can be made between the Closed Block and other portions of Equitable Life's
General Account, any of its Separate Accounts or any affiliate of Equitable
Life without the approval of the New York Superintendent of Insurance (the
"Superintendent"). Closed Block assets and liabilities are carried on the
same basis as similar assets and liabilities held in the General Account.
The excess of Closed Block liabilities over Closed Block assets represents
the expected future post-tax contribution from the Closed Block which would
be recognized in income over the period the policies and contracts in the
Closed Block remain in force.
Discontinued Operations
-----------------------
Discontinued operations at December 31, 1999, principally consists of the
Group Non-Participating Wind-Up Annuities ("Wind-Up Annuities"), for which
a premium deficiency reserve has been established. Management reviews the
adequacy of the allowance each quarter and believes the allowance for
future losses at December 31, 1999 is adequate to provide for all future
losses; however, the quarterly allowance review continues to involve
numerous estimates and subjective judgments regarding the expected
performance of Discontinued Operations Investment Assets. There can be no
assurance the losses provided for will not differ from the losses
ultimately realized. To the extent actual results or future projections of
the discontinued operations differ from management's current best estimates
and assumptions underlying the allowance for future losses, the difference
would be reflected in the consolidated statements of earnings in
discontinued operations. In particular, to the extent income, sales
proceeds and holding periods for equity real estate differ from
management's previous assumptions, periodic adjustments to the allowance
are likely to result (see Note 8).
F-7
<PAGE>
Accounting Changes
------------------
In March 1998, the American Institute of Certified Public Accountants
("AICPA") issued Statement of Position ("SOP") 98-1, "Accounting for the
Costs of Computer Software Developed or Obtained for Internal Use," which
requires capitalization of external and certain internal costs incurred to
obtain or develop internal-use computer software during the application
development stage. The Company applied the provisions of SOP 98-1
prospectively effective January 1, 1998. The adoption of SOP 98-1 did not
have a material impact on the Company's consolidated financial statements.
Capitalized internal-use software is amortized on a straight-line basis
over the estimated useful life of the software.
New Accounting Pronouncements
-----------------------------
In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standard ("SFAS") No. 133, "Accounting
for Derivative Instruments and Hedging Activities," which establishes
accounting and reporting standards for derivative instruments, including
certain derivatives embedded in other contracts, and for hedging
activities. It requires all derivatives to be recognized on the balance
sheet at fair value. The accounting for changes in the fair value of a
derivative depends on its intended use. Derivatives not used in hedging
activities must be adjusted to fair value through earnings. Changes in the
fair value of derivatives used in hedging activities will, depending on the
nature of the hedge, either be offset in earnings against the change in
fair value of the hedged item attributable to the risk being hedged or
recognized in other comprehensive income until the hedged item affects
earnings. For all hedging activities, the ineffective portion of a
derivative's change in fair value will be immediately recognized in
earnings. In June 1999, the FASB issued SFAS No. 137, "Accounting for
Derivative Instruments and Hedging Activities - Deferral of the Effective
Date of FASB Statement No. 133," which defers the effective date of SFAS
No. 133 to all fiscal quarters of all fiscal years beginning after June 15,
2000. The Company expects to adopt SFAS No. 133 effective January 1, 2001.
Adjustments resulting from initial adoption of the new requirements will be
reported in a manner similar to the cumulative effect of a change in
accounting principle and will be reflected in net income or accumulated
other comprehensive income based upon existing hedging relationships, if
any. Management currently is assessing the impact of adoption. However,
Alliance's adoption of the new requirements is not expected to have a
significant impact on the Company's consolidated balance sheet or statement
of earnings. Also, since most of DLJ's derivatives are carried at fair
values, the Company's consolidated earnings and financial position are not
expected to be significantly affected by DLJ's adoption of the new
requirements.
Valuation of Investments
------------------------
Fixed maturities identified as available for sale are reported at estimated
fair value. Fixed maturities, which the Company has both the ability and
the intent to hold to maturity, are stated principally at amortized cost.
The amortized cost of fixed maturities is adjusted for impairments in value
deemed to be other than temporary.
Valuation allowances are netted against the asset categories to which they
apply.
Mortgage loans on real estate are stated at unpaid principal balances, net
of unamortized discounts and valuation allowances. Valuation allowances are
based on the present value of expected future cash flows discounted at the
loan's original effective interest rate or the collateral value if the loan
is collateral dependent. However, if foreclosure is or becomes probable,
the measurement method used is collateral value.
Real estate, including real estate acquired in satisfaction of debt, is
stated at depreciated cost less valuation allowances. At the date of
foreclosure (including in-substance foreclosure), real estate acquired in
satisfaction of debt is valued at estimated fair value. Impaired real
estate is written down to fair value with the impairment loss being
included in investment gains (losses), net. Valuation allowances on real
estate held for sale are computed using the lower of depreciated cost or
current estimated fair value, net of disposition costs. Depreciation is
discontinued on real estate held for sale.
F-8
<PAGE>
Policy loans are stated at unpaid principal balances.
Partnerships and joint venture interests in which the Company does not have
control or a majority economic interest are reported on the equity basis of
accounting and are included either with equity real estate or other equity
investments, as appropriate.
Equity securities, comprised of common stock classified as both trading and
available for sale securities, are carried at estimated fair value and are
included in other equity investments.
Short-term investments are stated at amortized cost which approximates fair
value and are included with other invested assets.
Cash and cash equivalents includes cash on hand, amounts due from banks and
highly liquid debt instruments purchased with an original maturity of three
months or less.
All securities are recorded in the consolidated financial statements on a
trade date basis.
Net Investment Income, Investment Gains, Net and Unrealized Investment
----------------------------------------------------------------------
Gains (Losses)
--------------
Net investment income and realized investment gains (losses) (collectively,
"investment results") related to certain participating group annuity
contracts which are passed through to the contractholders are reflected as
interest credited to policyholders' account balances.
Realized investment gains (losses) are determined by specific
identification and are presented as a component of revenue. Changes in
valuation allowances are included in investment gains (losses).
Unrealized gains (losses) on publicly-traded common equity securities
classified as trading securities are reflected in net investment income.
Unrealized investment gains (losses) on fixed maturities and equity
securities available for sale held by the Company are accounted for as a
separate component of accumulated comprehensive income, net of related
deferred Federal income taxes, amounts attributable to discontinued
operations, participating group annuity contracts and deferred policy
acquisition costs ("DAC") related to universal life and investment-type
products and participating traditional life contracts.
Recognition of Insurance Income and Related Expenses
----------------------------------------------------
Premiums from universal life and investment-type contracts are reported as
deposits to policyholders' account balances. Revenues from these contracts
consist of amounts assessed during the period against policyholders'
account balances for mortality charges, policy administration charges and
surrender charges. Policy benefits and claims that are charged to expense
include benefit claims incurred in the period in excess of related
policyholders' account balances.
Premiums from participating and non-participating traditional life and
annuity policies with life contingencies generally are recognized as income
when due. Benefits and expenses are matched with such income so as to
result in the recognition of profits over the life of the contracts. This
match is accomplished by means of the provision for liabilities for future
policy benefits and the deferral and subsequent amortization of policy
acquisition costs.
For contracts with a single premium or a limited number of premium payments
due over a significantly shorter period than the total period over which
benefits are provided, premiums are recorded as income when due with any
excess profit deferred and recognized in income in a constant relationship
to insurance in force or, for annuities, the amount of expected future
benefit payments.
Premiums from individual health contracts are recognized as income over the
period to which the premiums relate in proportion to the amount of
insurance protection provided.
F-9
<PAGE>
Deferred Policy Acquisition Costs
---------------------------------
The costs of acquiring new business, principally commissions, underwriting,
agency and policy issue expenses, all of which vary with and are primarily
related to the production of new business, are deferred. DAC is subject to
recoverability testing at the time of policy issue and loss recognition
testing at the end of each accounting period.
For universal life products and investment-type products, DAC is amortized
over the expected total life of the contract group (periods ranging from 25
to 35 years and 5 to 17 years, respectively) as a constant percentage of
estimated gross profits arising principally from investment results,
mortality and expense margins and surrender charges based on historical and
anticipated future experience, updated at the end of each accounting
period. The effect on the amortization of DAC of revisions to estimated
gross profits is reflected in earnings in the period such estimated gross
profits are revised. The effect on the DAC asset that would result from
realization of unrealized gains (losses) is recognized with an offset to
accumulated other comprehensive income in consolidated shareholder's equity
as of the balance sheet date.
As part of its asset/liability management process, in second quarter 1999,
management initiated a review of the matching of invested assets to
Insurance product lines given their different liability characteristics and
liquidity requirements. As a result of this review, management reallocated
the current and prospective interests of the various product lines in the
invested assets. These asset reallocations and the related changes in
investment yields by product line, in turn, triggered a review of and
revisions to the estimated future gross profits used to determine the
amortization of DAC for universal life and investment-type products. The
revisions to estimated future gross profits resulted in an after-tax
writedown of DAC of $85.6 million (net of a Federal income tax benefit of
$46.1 million).
For participating traditional life policies (substantially all of which are
in the Closed Block), DAC is amortized over the expected total life of the
contract group (40 years) as a constant percentage based on the present
value of the estimated gross margin amounts expected to be realized over
the life of the contracts using the expected investment yield. At December
31, 1999, the expected investment yield, excluding policy loans, generally
ranged from 7.75% grading to 7.5% over a 20 year period. Estimated gross
margin includes anticipated premiums and investment results less claims and
administrative expenses, changes in the net level premium reserve and
expected annual policyholder dividends. The effect on the amortization of
DAC of revisions to estimated gross margins is reflected in earnings in the
period such estimated gross margins are revised. The effect on the DAC
asset that would result from realization of unrealized gains (losses) is
recognized with an offset to accumulated comprehensive income in
consolidated shareholder's equity as of the balance sheet date.
For non-participating traditional life DAC is amortized in proportion to
anticipated premiums. Assumptions as to anticipated premiums are estimated
at the date of policy issue and are consistently applied during the life of
the contracts. Deviations from estimated experience are reflected in
earnings in the period such deviations occur. For these contracts, the
amortization periods generally are for the total life of the policy.
Policyholders' Account Balances and Future Policy Benefits
----------------------------------------------------------
Policyholders' account balances for universal life and investment-type
contracts are equal to the policy account values. The policy account values
represents an accumulation of gross premium payments plus credited interest
less expense and mortality charges and withdrawals.
For participating traditional life policies, future policy benefit
liabilities are calculated using a net level premium method on the basis of
actuarial assumptions equal to guaranteed mortality and dividend fund
interest rates. The liability for annual dividends represents the accrual
of annual dividends earned. Terminal dividends are accrued in proportion to
gross margins over the life of the contract.
For non-participating traditional life insurance policies, future policy
benefit liabilities are estimated using a net level premium method on the
basis of actuarial assumptions as to mortality, persistency and interest
established at policy issue. Assumptions established at policy issue as to
mortality and persistency are based on the Insurance Group's experience
which, together with interest and expense assumptions, includes a margin
for adverse deviation. When the liabilities for future policy benefits plus
the present value of expected future gross premiums for a product are
insufficient to provide for expected future policy benefits
F-10
<PAGE>
and expenses for that product, DAC is written off and thereafter, if
required, a premium deficiency reserve is established by a charge to
earnings. Benefit liabilities for traditional annuities during the
accumulation period are equal to accumulated contractholders' fund balances
and after annuitization are equal to the present value of expected future
payments. Interest rates used in establishing such liabilities range from
2.25% to 11.5% for life insurance liabilities and from 2.25% to 8.35% for
annuity liabilities.
Individual health benefit liabilities for active lives are estimated using
the net level premium method and assumptions as to future morbidity,
withdrawals and interest. Benefit liabilities for disabled lives are
estimated using the present value of benefits method and experience
assumptions as to claim terminations, expenses and interest. While
management believes its disability income ("DI") reserves have been
calculated on a reasonable basis and are adequate, there can be no
assurance reserves will be sufficient to provide for future liabilities.
Claim reserves and associated liabilities for individual DI and major
medical policies were $948.4 million and $951.7 million at December 31,
1999 and 1998, respectively. Incurred benefits (benefits paid plus changes
in claim reserves) and benefits paid for individual DI and major medical
are summarized as follows:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Incurred benefits related to current year.......... $ 150.7 $ 140.1 $ 132.3
Incurred benefits related to prior years........... 64.7 84.2 60.0
------------- ------------ ------------
Total Incurred Benefits............................ $ 215.4 $ 224.3 $ 192.3
============= ============ ============
Benefits paid related to current year.............. $ 28.9 $ 17.0 $ 28.8
Benefits paid related to prior years............... 189.8 155.4 146.2
------------- ------------ ------------
Total Benefits Paid................................ $ 218.7 $ 172.4 $ 175.0
============= ============ ============
</TABLE>
Policyholders' Dividends
------------------------
The amount of policyholders' dividends to be paid (including those on
policies included in the Closed Block) is determined annually by Equitable
Life's board of directors. The aggregate amount of policyholders' dividends
is related to actual interest, mortality, morbidity and expense experience
for the year and judgment as to the appropriate level of statutory surplus
to be retained by Equitable Life.
At December 31, 1999, participating policies, including those in the Closed
Block, represent approximately 23.0% ($47.0 billion) of directly written
life insurance in force, net of amounts ceded.
Federal Income Taxes
--------------------
The Company files a consolidated Federal income tax return with the Holding
Company and its consolidated subsidiaries. Current Federal income taxes are
charged or credited to operations based upon amounts estimated to be
payable or recoverable as a result of taxable operations for the current
year. Deferred income tax assets and liabilities are recognized based on
the difference between financial statement carrying amounts and income tax
bases of assets and liabilities using enacted income tax rates and laws.
Separate Accounts
-----------------
Separate Accounts are established in conformity with the New York State
Insurance Law and generally are not chargeable with liabilities that arise
from any other business of the Insurance Group. Separate Accounts assets
are subject to General Account claims only to the extent the value of such
assets exceeds Separate Accounts liabilities.
F-11
<PAGE>
Assets and liabilities of the Separate Accounts, representing net deposits
and accumulated net investment earnings less fees, held primarily for the
benefit of contractholders, and for which the Insurance Group does not bear
the investment risk, are shown as separate captions in the consolidated
balance sheets. The Insurance Group bears the investment risk on assets
held in one Separate Account; therefore, such assets are carried on the
same basis as similar assets held in the General Account portfolio. Assets
held in the other Separate Accounts are carried at quoted market values or,
where quoted values are not available, at estimated fair values as
determined by the Insurance Group.
The investment results of Separate Accounts on which the Insurance Group
does not bear the investment risk are reflected directly in Separate
Accounts liabilities. For 1999, 1998 and 1997, investment results of such
Separate Accounts were $6,045.5 million, $4,591.0 million and $3,411.1
million, respectively.
Deposits to Separate Accounts are reported as increases in Separate
Accounts liabilities and are not reported in revenues. Mortality, policy
administration and surrender charges on all Separate Accounts are included
in revenues.
Employee Stock Option Plan
--------------------------
The Company accounts for stock option plans sponsored by the Holding
Company, DLJ and Alliance in accordance with the provisions of Accounting
Principles Board Opinion ("APB") No. 25, "Accounting for Stock Issued to
Employees," and related interpretations. In accordance with the opinion,
compensation expense is recorded on the date of grant only if the current
market price of the underlying stock exceeds the option strike price at the
grant date. See Note 22 for the pro forma disclosures for the Holding
Company, DLJ and Alliance required by SFAS No. 123, "Accounting for
Stock-Based Compensation".
F-12
<PAGE>
3) INVESTMENTS
The following tables provide additional information relating to fixed
maturities and equity securities:
<TABLE>
<CAPTION>
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED ESTIMATED
COST GAINS LOSSES FAIR VALUE
------------- ------------- ------------ -------------
(IN MILLIONS)
<S> <C> <C> <C> <C>
DECEMBER 31, 1999
-----------------
Fixed Maturities:
Available for Sale:
Corporate.......................... $ 14,866.8 $ 139.5 $ 787.0 $ 14,219.3
Mortgage-backed.................... 2,554.5 2.3 87.8 2,469.0
U.S. Treasury, government and
agency securities................ 1,194.1 18.9 23.4 1,189.6
States and political subdivisions.. 110.0 1.4 4.9 106.5
Foreign governments................ 361.8 16.2 14.8 363.2
Redeemable preferred stock......... 286.4 1.7 36.0 252.1
------------- ------------- ------------ -------------
Total Available for Sale............... $ 19,373.6 $ 180.0 $ 953.9 $ 18,599.7
============= ============= ============ =============
Held to Maturity: Corporate......... $ 133.2 $ - $ - $ 133.2
============= ============= ============ =============
Equity Securities:
Common stock available for sale...... 25.5 1.5 17.8 9.2
Common stock trading securities...... 7.2 9.1 2.2 14.1
------------- ------------- ------------ -------------
Total Equity Securities................ $ 32.7 $ 10.6 $ 20.0 $ 23.3
============= ============= ============ =============
December 31, 1998
-----------------
Fixed Maturities:
Available for Sale:
Corporate.......................... $ 14,520.8 $ 793.6 $ 379.6 $ 14,934.8
Mortgage-backed.................... 1,807.9 23.3 .9 1,830.3
U.S. Treasury, government and
agency securities................ 1,464.1 107.6 .7 1,571.0
States and political subdivisions.. 55.0 9.9 - 64.9
Foreign governments................ 363.3 20.9 30.0 354.2
Redeemable preferred stock......... 242.7 7.0 11.2 238.5
------------- ------------- ------------ -------------
Total Available for Sale............... $ 18,453.8 $ 962.3 $ 422.4 $ 18,993.7
============= ============= ============ =============
Held to Maturity: Corporate......... $ 125.0 $ - $ - $ 125.0
============= ============= ============ =============
Equity Securities:
Common stock available for sale...... $ 58.3 $ 114.9 $ 22.5 $ 150.7
============= ============= ============ =============
</TABLE>
For publicly traded fixed maturities and equity securities, estimated fair
value is determined using quoted market prices. For fixed maturities
without a readily ascertainable market value, the Company determines an
estimated fair value using a discounted cash flow approach, including
provisions for credit risk, generally based on the assumption such
securities will be held to maturity. Estimated fair values for equity
securities, substantially all of which do not have a readily ascertainable
market value, have been determined by the Company. Such estimated fair
values do not necessarily represent the values for which these securities
could have been sold at the dates of the consolidated balance sheets. At
December 31, 1999 and 1998, securities without a readily ascertainable
market value having an amortized cost of $3,322.2 million and $3,539.9
million, respectively, had estimated fair values of $3,177.7 million and
$3,748.5 million, respectively.
F-13
<PAGE>
The contractual maturity of bonds at December 31, 1999 is shown below:
<TABLE>
<CAPTION>
AVAILABLE FOR SALE
-------------------------------
AMORTIZED ESTIMATED
COST FAIR VALUE
------------ ------------
(IN MILLIONS)
<S> <C> <C>
Due in one year or less................................................ $ 479.1 $ 477.8
Due in years two through five.......................................... 2,991.8 2,921.2
Due in years six through ten........................................... 7,197.9 6,813.0
Due after ten years.................................................... 5,864.0 5,666.5
Mortgage-backed securities............................................. 2,554.4 2,469.1
------------ ------------
Total.................................................................. $ 19,087.2 $ 18,347.6
============ ============
</TABLE>
Corporate bonds held to maturity with an amortized cost and estimated fair
value of $133.2 million are due in one year or less.
Bonds not due at a single maturity date have been included in the above
table in the year of final maturity. Actual maturities will differ from
contractual maturities because borrowers may have the right to call or
prepay obligations with or without call or prepayment penalties.
The Insurance Group's fixed maturity investment portfolio includes
corporate high yield securities consisting of public high yield bonds,
redeemable preferred stocks and directly negotiated debt in leveraged
buyout transactions. The Insurance Group seeks to minimize the higher than
normal credit risks associated with such securities by monitoring
concentrations in any single issuer or a particular industry group. Certain
of these corporate high yield securities are classified as other than
investment grade by the various rating agencies, i.e., a rating below Baa
or National Association of Insurance Commissioners ("NAIC") designation of
3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near
default). At December 31, 1999, approximately 14.9% of the $18,344.3
million aggregate amortized cost of bonds held by the Company was
considered to be other than investment grade.
In addition, the Insurance Group is an equity investor in limited
partnership interests which primarily invest in securities considered to be
other than investment grade. The carrying values at December 31, 1999 and
1998 were $647.9 million and $562.6 million, respectively.
Investment valuation allowances and changes thereto are shown below:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Balances, beginning of year........................ $ 230.6 $ 384.5 $ 137.1
Additions charged to income........................ 68.2 86.2 334.6
Deductions for writedowns and
asset dispositions............................... (150.2) (240.1) (87.2)
------------- ------------ ------------
Balances, End of Year.............................. $ 148.6 $ 230.6 $ 384.5
============= ============ ============
Balances, end of year comprise:
Mortgage loans on real estate.................... $ 27.5 $ 34.3 $ 55.8
Equity real estate............................... 121.1 196.3 328.7
------------- ------------ ------------
Total.............................................. $ 148.6 $ 230.6 $ 384.5
============= ============ ============
</TABLE>
F-14
<PAGE>
At December 31, 1999, the carrying value of fixed maturities which are
non-income producing for the twelve months preceding the consolidated
balance sheet date was $152.1 million.
The payment terms of mortgage loans on real estate may from time to time be
restructured or modified. The investment in restructured mortgage loans on
real estate, based on amortized cost, amounted to $106.0 million and $115.1
million at December 31, 1999 and 1998, respectively. Gross interest income
on restructured mortgage loans on real estate that would have been recorded
in accordance with the original terms of such loans amounted to $9.5
million, $10.3 million and $17.2 million in 1999, 1998 and 1997,
respectively. Gross interest income on these loans included in net
investment income aggregated $8.2 million, $8.3 million and $12.7 million
in 1999, 1998 and 1997, respectively.
Impaired mortgage loans along with the related provision for losses were as
follows:
<TABLE>
<CAPTION>
DECEMBER 31,
-----------------------------------
1999 1998
-------------- --------------
(IN MILLIONS)
<S> <C> <C>
Impaired mortgage loans with provision for losses.................. $ 142.4 $ 125.4
Impaired mortgage loans without provision for losses............... 2.2 8.6
-------------- --------------
Recorded investment in impaired mortgage loans..................... 144.6 134.0
Provision for losses............................................... (23.0) (29.0)
-------------- --------------
Net Impaired Mortgage Loans........................................ $ 121.6 $ 105.0
============== ==============
</TABLE>
Impaired mortgage loans without provision for losses are loans where the
fair value of the collateral or the net present value of the expected
future cash flows related to the loan equals or exceeds the recorded
investment. Interest income earned on loans where the collateral value is
used to measure impairment is recorded on a cash basis. Interest income on
loans where the present value method is used to measure impairment is
accrued on the net carrying value amount of the loan at the interest rate
used to discount the cash flows. Changes in the present value attributable
to changes in the amount or timing of expected cash flows are reported as
investment gains or losses.
During 1999, 1998 and 1997, respectively, the Company's average recorded
investment in impaired mortgage loans was $141.7 million, $161.3 million
and $246.9 million. Interest income recognized on these impaired mortgage
loans totaled $12.0 million, $12.3 million and $15.2 million ($0.0 million,
$.9 million and $2.3 million recognized on a cash basis) for 1999, 1998 and
1997, respectively.
The Insurance Group's investment in equity real estate is through direct
ownership and through investments in real estate joint ventures. At
December 31, 1999 and 1998, the carrying value of equity real estate held
for sale amounted to $382.2 million and $836.2 million, respectively. For
1999, 1998 and 1997, respectively, real estate of $20.5 million, $7.1
million and $152.0 million was acquired in satisfaction of debt. At
December 31, 1999 and 1998, the Company owned $443.9 million and $552.3
million, respectively, of real estate acquired in satisfaction of debt.
Depreciation of real estate held for production of income is computed using
the straight-line method over the estimated useful lives of the properties,
which generally range from 40 to 50 years. Accumulated depreciation on real
estate was $251.6 million and $374.8 million at December 31, 1999 and 1998,
respectively. Depreciation expense on real estate totaled $21.8 million,
$30.5 million and $74.9 million for 1999, 1998 and 1997, respectively.
F-15
<PAGE>
4) JOINT VENTURES AND PARTNERSHIPS
Summarized combined financial information for real estate joint ventures
(25 individual ventures at both December 31, 1999 and 1998) and for limited
partnership interests accounted for under the equity method, in which the
Company has an investment of $10.0 million or greater and an equity
interest of 10% or greater, follows:
<TABLE>
<CAPTION>
DECEMBER 31,
--------------------------------
1999 1998
------------- -------------
(IN MILLIONS)
<S> <C> <C>
BALANCE SHEETS
Investments in real estate, at depreciated cost........................ $ 861.1 $ 913.7
Investments in securities, generally at estimated fair value........... 678.4 636.9
Cash and cash equivalents.............................................. 68.4 85.9
Other assets........................................................... 239.3 279.8
------------- -------------
Total Assets........................................................... $ 1,847.2 $ 1,916.3
============= =============
Borrowed funds - third party........................................... $ 354.2 $ 367.1
Borrowed funds - AXA Financial......................................... 28.9 30.1
Other liabilities...................................................... 313.9 197.2
------------- -------------
Total liabilities...................................................... 697.0 594.4
------------- -------------
Partners' capital...................................................... 1,150.2 1,321.9
------------- -------------
Total Liabilities and Partners' Capital................................ $ 1,847.2 $ 1,916.3
============= =============
Equity in partners' capital included above............................. $ 316.5 $ 365.6
Equity in limited partnership interests not included above and other... 524.1 390.1
------------- -------------
Carrying Value......................................................... $ 840.6 $ 755.7
============= =============
</TABLE>
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
STATEMENTS OF EARNINGS
Revenues of real estate joint ventures............. $ 180.5 $ 246.1 $ 310.5
Revenues of other limited partnership interests.... 455.1 128.9 506.3
Interest expense - third party..................... (39.8) (33.3) (91.8)
Interest expense - AXA Financial................... (2.5) (2.6) (7.2)
Other expenses..................................... (139.0) (197.0) (263.6)
------------- ------------ ------------
Net Earnings....................................... $ 454.3 $ 142.1 $ 454.2
============= ============ ============
Equity in net earnings included above.............. $ 10.5 $ 44.4 $ 76.7
Equity in net earnings of limited partnership
interests not included above..................... 76.0 37.9 69.5
Other.............................................. - - (.9)
------------- ------------ ------------
Total Equity in Net Earnings....................... $ 86.5 $ 82.3 $ 145.3
============= ============ ============
</TABLE>
F-16
<PAGE>
5) NET INVESTMENT INCOME AND INVESTMENT GAINS (LOSSES)
The sources of net investment income follows:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Fixed maturities................................... $ 1,499.8 $ 1,489.0 $ 1,459.4
Mortgage loans on real estate...................... 253.4 235.4 260.8
Equity real estate................................. 250.2 356.1 390.4
Other equity investments........................... 165.1 83.8 156.9
Policy loans....................................... 143.8 144.9 177.0
Other investment income............................ 161.3 185.7 181.7
------------- ------------ ------------
Gross investment income.......................... 2,473.6 2,494.9 2,626.2
Investment expenses.............................. (232.7) (266.8) (343.4)
------------- ------------ ------------
Net Investment Income.............................. $ 2,240.9 $ 2,228.1 $ 2,282.8
============= ============ ============
</TABLE>
Investment (losses) gains, net, including changes in the valuation
allowances, follow:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Fixed maturities................................... $ (290.9) $ (24.3) $ 88.1
Mortgage loans on real estate...................... (3.3) (10.9) (11.2)
Equity real estate................................. (2.4) 74.5 (391.3)
Other equity investments........................... 88.1 29.9 14.1
Sale of subsidiaries............................... - (2.6) 252.1
Issuance and sales of Alliance Units............... 5.5 19.8 -
Issuance and sales of DLJ common stock............. 106.0 18.2 3.0
Other.............................................. .1 (4.4) -
------------- ------------ ------------
Investment (Losses) Gains, Net..................... $ (96.9) $ 100.2 $ (45.2)
============= ============ ============
</TABLE>
Writedowns of fixed maturities amounted to $223.2 million, $101.6 million
and $11.7 million for 1999, 1998 and 1997, respectively, and writedowns of
equity real estate amounted to $136.4 million for 1997. In fourth quarter
1997, the Company reclassified $1,095.4 million depreciated cost of equity
real estate from real estate held for the production of income to real
estate held for sale. Additions to valuation allowances of $227.6 million
were recorded upon these transfers. Additionally, in fourth quarter 1997,
$132.3 million of writedowns on real estate held for production of income
were recorded.
For 1999, 1998 and 1997, respectively, proceeds received on sales of fixed
maturities classified as available for sale amounted to $7,138.6 million,
$15,961.0 million and $9,789.7 million. Gross gains of $74.7 million,
$149.3 million and $166.0 million and gross losses of $214.3 million, $95.1
million and $108.8 million, respectively, were realized on these sales. The
change in unrealized investment (losses) gains related to fixed maturities
classified as available for sale for 1999, 1998 and 1997 amounted to
$(1,313.8) million, $(331.7) million and $513.4 million, respectively.
On January 1, 1999, investments in publicly-traded common equity securities
in the General Account portfolio within other equity investments amounting
to $102.3 million were transferred from available for sale securities to
trading securities. As a result of this transfer, unrealized investment
gains of $83.3 million ($43.2 million net of related DAC and Federal income
taxes) were recognized as realized investment gains in the consolidated
statements of earnings. Net unrealized holding gains of $7.0 million were
included in net investment income in the consolidated statements of
earnings for 1999. These trading securities had a carrying value of $14.1
million and costs of $7.2 million at December 31, 1999.
F-17
<PAGE>
During 1999, DLJ completed its offering of a new class of its Common Stock
to track the financial performance of DLJdirect, its online brokerage
business. As a result of this offering, the Company recorded a non-cash
pre-tax realized gain of $95.8 million.
For 1999, 1998 and 1997, investment results passed through to certain
participating group annuity contracts as interest credited to
policyholders' account balances amounted to $131.5 million, $136.9 million
and $137.5 million, respectively.
In 1997, Equitable Life sold EREIM (other than its interest in Column
Financial, Inc.) ("ERE") to Lend Lease Corporation Limited ("Lend Lease"),
for $400.0 million and recognized an investment gain of $162.4 million, net
of Federal income tax of $87.4 million. Equitable Life entered into
long-term advisory agreements whereby ERE continues to provide
substantially the same services to Equitable Life's General Account and
Separate Accounts, for substantially the same fees, as provided prior to
the sale. Through June 10, 1997, the businesses sold reported combined
revenues of $91.6 million and combined net earnings of $10.7 million.
On June 30, 1997, Alliance reduced the recorded value of goodwill and
contracts associated with Alliance's 1996 acquisition of Cursitor Holdings
L.P. and Cursitor Holdings Limited (collectively, "Cursitor") by $120.9
million since Cursitor's business fundamentals no longer supported the
carrying value of its investment. The Company's earnings from continuing
operations for 1997 included a charge of $59.5 million, net of a Federal
income tax benefit of $10.0 million and minority interest of $51.4 million.
The remaining balance of intangible assets is being amortized over its
estimated useful life of 20 years.
Net unrealized investment gains (losses), included in the consolidated
balance sheets as a component of accumulated comprehensive income and the
changes for the corresponding years, follow:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Balance, beginning of year......................... $ 384.1 $ 533.6 $ 189.9
Changes in unrealized investment (losses) gains.... (1,486.6) (242.4) 543.3
Changes in unrealized investment losses
(gains) attributable to:
Participating group annuity contracts.......... 24.7 (5.7) 53.2
DAC............................................ 208.6 13.2 (89.0)
Deferred Federal income taxes.................. 476.4 85.4 (163.8)
------------- ------------ ------------
Balance, End of Year............................... $ (392.8) $ 384.1 $ 533.6
============= ============ ============
Balance, end of year comprises:
Unrealized investment (losses) gains on:
Fixed maturities............................... $ (773.9) $ 539.9 $ 871.2
Other equity investments....................... (16.3) 92.4 33.7
Other, principally Closed Block................ 46.8 111.1 80.9
------------- ------------ ------------
Total........................................ (743.4) 743.4 985.8
Amounts of unrealized investment gains
attributable to:
Participating group annuity contracts........ - (24.7) (19.0)
DAC.......................................... 80.8 (127.8) (141.0)
Deferred Federal income taxes................ 269.8 (206.8) (292.2)
------------- ------------ ------------
Total.............................................. $ (392.8) $ 384.1 $ 533.6
============= ============ ============
</TABLE>
Changes in unrealized gains (losses) reflect changes in fair value of only
those fixed maturities and equity securities classified as available for
sale and do not reflect any changes in fair value of policyholders' account
balances and future policy benefits.
F-18
<PAGE>
6) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income (loss) represents cumulative gains
and losses on items that are not reflected in earnings. The balances for
the past three years follow:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Unrealized (losses) gains on investments........... $ (392.8) $ 384.1 $ 533.6
Minimum pension liability.......................... (.1) (28.3) (17.3)
------------- ------------ ------------
Total Accumulated Other
Comprehensive (Loss) Income...................... $ (392.9) $ 355.8 $ 516.3
============= ============ ============
</TABLE>
The components of other comprehensive income (loss) for the past three
years follow:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Net unrealized (losses) gains on investment
securities:
Net unrealized (losses) gains arising during
the period..................................... $ (1,682.3) $ (186.1) $ 564.0
Adjustment to reclassify losses (gains)
included in net earnings during the period..... 195.7 (56.3) (20.7)
------------- ------------ ------------
Net unrealized (losses) gains on investment
securities..................................... (1,486.6) (242.4) 543.3
Adjustments for policyholder liabilities,
DAC and deferred Federal income taxes.......... 709.7 92.9 (199.6)
------------- ------------ ------------
Change in unrealized losses (gains), net of
adjustments.................................... (776.9) (149.5) 343.7
Change in minimum pension liability................ 28.2 (11.0) (4.4)
------------- ------------ ------------
Total Other Comprehensive (Loss) Income............ $ (748.7) $ (160.5) $ 339.3
============= ============ ============
</TABLE>
F-19
<PAGE>
7) CLOSED BLOCK
Summarized financial information for the Closed Block follows:
<TABLE>
<CAPTION>
DECEMBER 31,
---------------------------------
1999 1998
------------ ------------
(IN MILLIONS)
<S> <C> <C
BALANCE SHEETS
Fixed Maturities:
Available for sale, at estimated fair value (amortized cost,
$4,144.8 and $4,149.0)........................................... $ 4,014.0 $ 4,373.2
Mortgage loans on real estate........................................ 1,704.2 1,633.4
Policy loans......................................................... 1,593.9 1,641.2
Cash and other invested assets....................................... 194.4 86.5
DAC.................................................................. 895.5 676.5
Other assets......................................................... 205.3 221.6
------------ ------------
Total Assets......................................................... $ 8,607.3 $ 8,632.4
============ ============
Future policy benefits and policyholders' account balances........... $ 9,011.7 $ 9,013.1
Other liabilities.................................................... 13.3 63.9
------------ ------------
Total Liabilities.................................................... $ 9,025.0 $ 9,077.0
============ ============
</TABLE>
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
STATEMENTS OF EARNINGS
Premiums and other revenue......................... $ 619.1 $ 661.7 $ 687.1
Investment income (net of investment
expenses of $15.8, $15.5 and $27.0).............. 574.2 569.7 574.9
Investment (losses) gains, net..................... (11.3) .5 (42.4)
------------- ------------ ------------
Total revenues............................... 1,182.0 1,231.9 1,219.6
------------- ------------ ------------
Policyholders' benefits and dividends.............. 1,024.7 1,082.0 1,066.7
Other operating costs and expenses................. 70.9 62.8 50.4
------------- ------------ ------------
Total benefits and other deductions.......... 1,095.6 1,144.8 1,117.1
------------- ------------ ------------
Contribution from the Closed Block................. $ 86.4 $ 87.1 $ 102.5
============= ============ ============
</TABLE>
Impaired mortgage loans along with the related provision for losses
follows:
<TABLE>
<CAPTION>
DECEMBER 31,
--------------------------------
1999 1998
------------- -------------
(IN MILLIONS)
<S> <C> <C>
Impaired mortgage loans with provision for losses...................... $ 26.8 $ 55.5
Impaired mortgage loans without provision for losses................... 4.5 7.6
------------- -------------
Recorded investment in impaired mortgages.............................. 31.3 63.1
Provision for losses................................................... (4.1) (10.1)
------------- -------------
Net Impaired Mortgage Loans............................................ $ 27.2 $ 53.0
============= =============
</TABLE>
During 1999, 1998 and 1997, the Closed Block's average recorded investment
in impaired mortgage loans was $37.0 million, $85.5 million and $110.2
million, respectively. Interest income recognized on these impaired
mortgage loans totaled $3.3 million, $4.7 million and $9.4 million ($.3
million, $1.5 million and $4.1 million recognized on a cash basis) for
1999, 1998 and 1997, respectively.
F-20
<PAGE>
Valuation allowances amounted to $4.6 million and $11.1 million on mortgage
loans on real estate and $24.7 million and $15.4 million on equity real
estate at December 31, 1999 and 1998, respectively. Writedowns of fixed
maturities amounted to $3.5 million for 1997. Writedowns of equity real
estate amounted to $28.8 million for 1997.
In fourth quarter 1997, $72.9 million depreciated cost of equity real
estate held for production of income was reclassified to equity real estate
held for sale. Additions to valuation allowances of $15.4 million were
recorded upon these transfers. Also in fourth quarter 1997, $28.8 million
of writedowns on real estate held for production of income were recorded.
Many expenses related to Closed Block operations are charged to operations
outside of the Closed Block; accordingly, the contribution from the Closed
Block does not represent the actual profitability of the Closed Block
operations. Operating costs and expenses outside of the Closed Block are,
therefore, disproportionate to the business outside of the Closed Block.
F-21
<PAGE>
8) DISCONTINUED OPERATIONS
Summarized financial information for discontinued operations follows:
<TABLE>
<CAPTION>
DECEMBER 31,
---------------------------------
1999 1998
------------ ------------
(IN MILLIONS)
<S> <C> <C>
BALANCE SHEETS
Mortgage loans on real estate........................................ $ 454.6 $ 553.9
Equity real estate................................................... 426.6 611.0
Other equity investments............................................. 55.8 115.1
Other invested assets................................................ 87.1 24.9
------------ ------------
Total investments.................................................. 1,024.1 1,304.9
Cash and cash equivalents............................................ 164.5 34.7
Other assets......................................................... 213.0 219.0
------------ ------------
Total Assets......................................................... $ 1,401.6 $ 1,558.6
============ ============
Policyholders' liabilities........................................... $ 993.3 $ 1,021.7
Allowance for future losses.......................................... 242.2 305.1
Other liabilities.................................................... 166.1 231.8
------------ ------------
Total Liabilities.................................................... $ 1,401.6 $ 1,558.6
============ ============
</TABLE>
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
STATEMENTS OF EARNINGS
Investment income (net of investment
expenses of $49.3, $63.3 and $97.3).............. $ 98.7 $ 160.4 $ 188.6
Investment (losses) gains, net..................... (13.4) 35.7 (173.7)
Policy fees, premiums and other income............. .2 (4.3) .2
------------- ------------ ------------
Total revenues..................................... 85.5 191.8 15.1
Benefits and other deductions...................... 104.8 141.5 169.5
(Losses charged) earnings credited to allowance
for future losses................................ (19.3) 50.3 (154.4)
------------- ------------ ------------
Pre-tax loss from operations....................... - - -
Pre-tax earnings from releasing (loss from
strengthening) the allowance for future
losses........................................... 43.3 4.2 (134.1)
Federal income tax (expense) benefit............... (15.2) (1.5) 46.9
------------- ------------ ------------
Earnings (Loss) from Discontinued Operations....... $ 28.1 $ 2.7 $ (87.2)
============= ============ ============
</TABLE>
The Company's quarterly process for evaluating the allowance for future
losses applies the current period's results of the discontinued operations
against the allowance, re-estimates future losses and adjusts the
allowance, if appropriate. Additionally, as part of the Company's annual
planning process which takes place in the fourth quarter of each year,
investment and benefit cash flow projections are prepared. These updated
assumptions and estimates resulted in a release of allowance in 1999 and
1998 and strengthening of allowance in 1997.
In fourth quarter 1997, $329.9 million depreciated cost of equity real
estate was reclassified from equity real estate held for production of
income to real estate held for sale. Additions to valuation allowances of
$79.8 million were recognized upon these transfers. Also in fourth quarter
1997, $92.5 million of writedowns on real estate held for production of
income were recognized.
F-22
<PAGE>
Benefits and other deductions includes $26.6 million and $53.3 million of
interest expense related to amounts borrowed from continuing operations in
1998 and 1997, respectively.
Valuation allowances of $1.9 million and $3.0 million on mortgage loans on
real estate and $54.8 million and $34.8 million on equity real estate were
held at December 31, 1999 and 1998, respectively. Writedowns of equity real
estate were $95.7 million in 1997.
During 1999, 1998 and 1997, discontinued operations' average recorded
investment in impaired mortgage loans was $13.8 million, $73.3 million and
$89.2 million, respectively. Interest income recognized on these impaired
mortgage loans totaled $1.7 million, $4.7 million and $6.6 million ($.0
million, $3.4 million and $5.3 million recognized on a cash basis) for
1999, 1998 and 1997, respectively.
At December 31, 1999 and 1998, discontinued operations had real estate
acquired in satisfaction of debt with carrying values of $24.1 million and
$50.0 million, respectively.
9) SHORT-TERM AND LONG-TERM DEBT
Short-term and long-term debt consists of the following:
<TABLE>
<CAPTION>
DECEMBER 31,
---------------------------------
1999 1998
------------ ------------
(IN MILLIONS)
<S> <C> <C>
Short-term debt...................................................... $ 557.0 $ 179.3
------------ ------------
Long-term debt:
Equitable Life:
Surplus notes, 6.95% due 2005...................................... 399.5 399.4
Surplus notes, 7.70% due 2015...................................... 199.7 199.7
Other.............................................................. .4 .3
------------ ------------
Total Equitable Life........................................... 599.6 599.4
------------ ------------
Wholly Owned and Joint Venture Real Estate:
Mortgage notes, 5.43% - 9.5%, due through 2017..................... 251.3 392.2
------------ ------------
Alliance:
Other.............................................................. - 10.8
------------ ------------
Total long-term debt................................................. 850.9 1,002.4
------------ ------------
Total Short-term and Long-term Debt.................................. $ 1,407.9 $ 1,181.7
============ ============
</TABLE>
Short-term Debt
---------------
Equitable Life has a $700.0 million bank credit facility available to fund
short-term working capital needs and to facilitate the securities
settlement process. The credit facility consists of two types of borrowing
options with varying interest rates and expires in September 2000. The
interest rates are based on external indices dependent on the type of
borrowing and at December 31, 1999 range from 5.76% to 8.5%. There were no
borrowings outstanding under this bank credit facility at December 31,
1999.
Equitable Life has a commercial paper program with an issue limit of $1.0
billion. This program is available for general corporate purposes used to
support Equitable Life's liquidity needs and is supported by Equitable
Life's existing $700.0 million bank credit facility. At December 31, 1999,
there were $166.9 million outstanding under this program.
Alliance has a $425.0 million five-year revolving credit facility with a
group of commercial banks. Under the facility, the interest rate, at the
option of Alliance, is a floating rate generally based upon a defined prime
rate, a rate related to the London Interbank Offered Rate ("LIBOR") or the
Federal Funds Rate. A facility fee is payable on the total facility. During
July 1999, Alliance increased the size of its commercial paper program by
$200.0 million from $425.0 million for a total available limit of $625.0
million. Borrowings from the revolving credit facility and the original
commercial paper program may not exceed $425.0 million in the aggregate.
The revolving credit facility provides backup liquidity for commercial
paper issued under
F-23
<PAGE>
Alliance's commercial paper program and can be used as a direct source of
borrowing. The revolving credit facility contains covenants that require
Alliance to, among other things, meet certain financial ratios. At December
31, 1999, Alliance had commercial paper outstanding totaling $384.7 million
at an effective interest rate of 5.9%; there were no borrowings outstanding
under Alliance's revolving credit facility.
In December 1999, Alliance established a $100.0 million extendible
commercial notes ("ECN") program to supplement its commercial paper
program. ECN's are short-term debt instruments that do not require any
back-up liquidity support.
Long-term Debt
--------------
Several of the long-term debt agreements have restrictive covenants related
to the total amount of debt, net tangible assets and other matters. At
December 31, 1999, the Company is in compliance with all debt covenants.
The Company has pledged real estate, mortgage loans, cash and securities
amounting to $323.6 million and $640.2 million at December 31, 1999 and
1998, respectively, as collateral for certain short-term and long-term
debt.
At December 31, 1999, aggregate maturities of the long-term debt based on
required principal payments at maturity was $3.0 million for 2000 and
$848.7 million for 2005 and thereafter.
10) FEDERAL INCOME TAXES
A summary of the Federal income tax expense in the consolidated statements
of earnings follows:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Federal income tax expense (benefit):
Current.......................................... $ 174.0 $ 283.3 $ 186.5
Deferred......................................... 158.0 69.8 (95.0)
------------- ------------ ------------
Total.............................................. $ 332.0 $ 353.1 $ 91.5
============= ============ ============
</TABLE>
F-24
<PAGE>
The Federal income taxes attributable to consolidated operations are
different from the amounts determined by multiplying the earnings before
Federal income taxes and minority interest by the expected Federal income
tax rate of 35%. The sources of the difference and their tax effects
follow:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Expected Federal income tax expense................ $ 458.4 $ 414.3 $ 234.7
Non-taxable minority interest...................... (47.8) (33.2) (38.0)
Non-taxable subsidiary gains....................... (37.1) (6.4) -
Adjustment of tax audit reserves................... 27.8 16.0 (81.7)
Equity in unconsolidated subsidiaries.............. (64.0) (39.3) (45.1)
Other.............................................. (5.3) 1.7 21.6
------------- ------------ ------------
Federal Income Tax Expense......................... $ 332.0 $ 353.1 $ 91.5
============= ============ ============
</TABLE>
The components of the net deferred Federal income taxes are as follows:
<TABLE>
<CAPTION>
DECEMBER 31, 1999 December 31, 1998
----------------------------- -----------------------------
ASSETS LIABILITIES Assets Liabilities
----------- ------------ ------------ -----------
(IN MILLIONS)
<S> <C> <C> <C> <C>
Compensation and related benefits...... $ - $ 37.7 $ 235.3 $ -
Other.................................. - 20.6 27.8 -
DAC, reserves and reinsurance.......... - 329.7 - 231.4
Investments............................ 115.1 - - 364.4
----------- ------------ ------------ -----------
Total.................................. $ 115.1 $ 388.0 $ 263.1 $ 595.8
=========== ============ ============ ===========
</TABLE>
At December 31, 1999, in conjunction with the non-qualified employee
benefit plans, $236.8 million in deferred tax asset was transferred to the
Holding Company. See Note 12 for discussion of the benefit plans
transferred.
The deferred Federal income taxes impacting operations reflect the net tax
effects of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for
income tax purposes. The sources of these temporary differences and their
tax effects follow:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
DAC, reserves and reinsurance...................... $ 83.2 $ (7.7) $ 46.2
Investments........................................ 3.2 46.8 (113.8)
Compensation and related benefits.................. 21.0 28.6 3.7
Other.............................................. 50.6 2.1 (31.1)
------------- ------------ ------------
Deferred Federal Income Tax
Expense (Benefit)................................ $ 158.0 $ 69.8 $ (95.0)
============= ============ ============
</TABLE>
The Internal Revenue Service (the "IRS") is in the process of examining the
Holding Company's consolidated Federal income tax returns for the years
1992 through 1996. Management believes these audits will have no material
adverse effect on the Company's results of operations.
F-25
<PAGE>
11) REINSURANCE AGREEMENTS
The Insurance Group assumes and cedes reinsurance with other insurance
companies. The Insurance Group evaluates the financial condition of its
reinsurers to minimize its exposure to significant losses from reinsurer
insolvencies. Ceded reinsurance does not relieve the originating insurer of
liability. The effect of reinsurance (excluding group life and health) is
summarized as follows:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Direct premiums.................................... $ 420.6 $ 438.8 $ 448.6
Reinsurance assumed................................ 206.7 203.6 198.3
Reinsurance ceded.................................. (69.1) (54.3) (45.4)
------------- ------------ ------------
Premiums........................................... $ 558.2 $ 588.1 $ 601.5
============= ============ ============
Universal Life and Investment-type Product
Policy Fee Income Ceded.......................... $ 69.7 $ 75.7 $ 61.0
============= ============ ============
Policyholders' Benefits Ceded...................... $ 99.6 $ 85.9 $ 70.6
============= ============ ============
Interest Credited to Policyholders' Account
Balances Ceded................................... $ 38.5 $ 39.5 $ 36.4
============= ============ ============
</TABLE>
Since 1997, the Company reinsures on a yearly renewal term basis 90% of the
mortality risk on new issues of certain term, universal and variable life
products. The Company's retention limit on joint survivorship policies is
$15.0 million. All in force business above $5.0 million is reinsured. The
Insurance Group also reinsures the entire risk on certain substandard
underwriting risks and in certain other cases.
The Insurance Group cedes 100% of its group life and health business to a
third party insurer. Premiums ceded totaled $.1 million, $1.3 million and
$1.6 million for 1999, 1998 and 1997, respectively. Ceded death and
disability benefits totaled $44.7 million, $15.6 million and $4.3 million
for 1999, 1998 and 1997, respectively. Insurance liabilities ceded totaled
$510.5 million and $560.3 million at December 31, 1999 and 1998,
respectively.
F-26
<PAGE>
12) EMPLOYEE BENEFIT PLANS
The Company sponsors qualified and non-qualified defined benefit plans
covering substantially all employees (including certain qualified part-time
employees), managers and certain agents. The pension plans are
non-contributory. Equitable Life's benefits are based on a cash balance
formula or years of service and final average earnings, if greater, under
certain grandfathering rules in the plans. Alliance's benefits are based on
years of credited service, average final base salary and primary social
security benefits. The Company's funding policy is to make the minimum
contribution required by the Employee Retirement Income Security Act of
1974 ("ERISA").
Effective December 31, 1999, the Holding Company legally assumed primary
liability from Equitable Life for all current and future obligations of its
Excess Retirement Plan, Supplemental Executive Retirement Plan and certain
other employee benefit plans that provide participants with medical, life
insurance, and deferred compensation benefits; Equitable Life remains
secondarily liable. The amount of the liability associated with employee
benefits transferred was $676.5 million, including $183.0 million of
non-qualified pension benefit obligations and $394.1 million of
postretirement benefits obligations at December 31, 1999. This transfer was
recorded as a non-cash capital contribution to Equitable Life.
Components of net periodic pension (credit) cost for the qualified and
non-qualified plans follow:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Service cost....................................... $ 36.7 $ 33.2 $ 32.5
Interest cost on projected benefit obligations..... 131.6 129.2 128.2
Actual return on assets............................ (189.8) (175.6) (307.6)
Net amortization and deferrals..................... 7.5 6.1 166.6
------------- ------------ ------------
Net Periodic Pension Cost (Credit)................. $ (14.0) $ (7.1) $ 19.7
============= ============ ============
</TABLE>
The projected benefit obligations under the qualified and non-qualified
pension plans were comprised of:
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------------
1999 1998
------------ ------------
(IN MILLIONS)
<S> <C> <C>
Benefit obligations, beginning of year................................. $ 1,933.4 $ 1,801.3
Service cost........................................................... 36.7 33.2
Interest cost.......................................................... 131.6 129.2
Actuarial (gains) losses............................................... (53.3) 108.4
Benefits paid.......................................................... (123.1) (138.7)
------------ ------------
Subtotal before transfer............................................... 1,925.3 1,933.4
Transfer of Non-qualified Pension Benefit Obligation
to the Holding Company............................................... (262.5) -
------------ ------------
Benefit Obligation, End of Year........................................ $ 1,662.8 $ 1,933.4
============ ============
</TABLE>
F-27
<PAGE>
The funded status of the qualified and non-qualified pension plans was as
follows:
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------------
1999 1998
------------ ------------
(IN MILLIONS)
<S> <C> <C>
Plan assets at fair value, beginning of year........................... $ 2,083.1 $ 1,867.4
Actual return on plan assets........................................... 369.0 338.9
Contributions.......................................................... .1 -
Benefits paid and fees................................................. (108.5) (123.2)
------------ ------------
Plan assets at fair value, end of year................................. 2,343.7 2,083.1
Projected benefit obligations.......................................... 1,925.3 1,933.4
------------ ------------
Excess of plan assets over projected benefit obligations............... 418.4 149.7
Unrecognized prior service cost........................................ (5.2) (7.5)
Unrecognized net (gain) loss from past experience different
from that assumed.................................................... (197.3) 38.7
Unrecognized net asset at transition................................... (.1) 1.5
------------ ------------
Subtotal before transfer............................................... 215.8 182.4
Transfer of Accrued Non-qualified Pension Benefit Obligation
to the Holding Company............................................... 183.0 -
------------ ------------
Prepaid Pension Cost, Net.............................................. $ 398.8 $ 182.4
============ ============
</TABLE>
The prepaid pension cost for pension plans with assets in excess of
projected benefit obligations was $412.2 million and $363.9 million and the
accrued liability for pension plans with projected benefit obligations in
excess of plan assets was $13.5 million and $181.5 million at December 31,
1999 and 1998, respectively.
The pension plan assets include corporate and government debt securities,
equity securities, equity real estate and shares of group trusts managed by
Alliance. The discount rate and rate of increase in future compensation
levels used in determining the actuarial present value of projected benefit
obligations were 8.0% and 6.38%, respectively, at December 31, 1999 and
7.0% and 3.83%, respectively, at December 31, 1998. As of January 1, 1999
and 1998, the expected long-term rate of return on assets for the
retirement plan was 10.0% and 10.25%, respectively.
The Company recorded, as a reduction of shareholder's equity, an additional
minimum pension liability of $.1 million, $28.3 million and $17.3 million,
net of Federal income taxes, at December 31, 1999, 1998 and 1997,
respectively, primarily representing the excess of the accumulated benefit
obligation of the non-qualified pension plan over the accrued liability.
The aggregate accumulated benefit obligation and fair value of plan assets
for pension plans with accumulated benefit obligations in excess of plan
assets were $325.7 million and $36.3 million, respectively, at December 31,
1999 and $309.7 million and $34.5 million, respectively, at December 31,
1998.
Prior to 1987, the qualified plan funded participants' benefits through the
purchase of non-participating annuity contracts from Equitable Life.
Benefit payments under these contracts were approximately $30.2 million,
$31.8 million and $33.2 million for 1999, 1998 and 1997, respectively.
The Company provides certain medical and life insurance benefits
(collectively, "postretirement benefits") for qualifying employees,
managers and agents retiring from the Company (i) on or after attaining age
55 who have at least 10 years of service or (ii) on or after attaining age
65 or (iii) whose jobs have been abolished and who have attained age 50
with 20 years of service. The life insurance benefits are related to age
and salary at retirement. The costs of postretirement benefits are
recognized in accordance with the provisions of SFAS No. 106. The Company
continues to fund postretirement benefits costs on a pay-as-you-go basis
and, for 1999, 1998 and 1997, the Company made estimated postretirement
benefits payments of $29.5 million, $28.4 million and $18.7 million,
respectively.
F-28
<PAGE>
The following table sets forth the postretirement benefits plan's status,
reconciled to amounts recognized in the Company's consolidated financial
statements:
<TABLE>
<CAPTION>
1999 1998 1997
----------------- ---------------- -----------------
(IN MILLIONS)
<S> <C> <C> <C>
Service cost....................................... $ 4.7 $ 4.6 $ 4.5
Interest cost on accumulated postretirement
benefits obligation.............................. 34.4 33.6 34.7
Unrecognized prior service costs................... (7.0) - -
Net amortization and deferrals..................... 8.4 .5 1.9
----------------- ---------------- -----------------
Net Periodic Postretirement Benefits Costs......... $ 40.5 $ 38.7 $ 41.1
================= ================ =================
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------------
1999 1998
------------ ------------
(IN MILLIONS)
<S> <C> <C>
Accumulated postretirement benefits obligation, beginning
of year.............................................................. $ 490.4 $ 490.8
Service cost........................................................... 4.7 4.6
Interest cost.......................................................... 34.4 33.6
Contributions and benefits paid........................................ (29.5) (28.4)
Actuarial gains........................................................ (29.0) (10.2)
------------ ------------
Accumulated postretirement benefits obligation, end of year............ 471.0 490.4
Unrecognized prior service cost........................................ 26.9 31.8
Unrecognized net loss from past experience different
from that assumed and from changes in assumptions.................... (86.0) (121.2)
------------ ------------
Subtotal before transfer............................................... 411.9 401.0
Transfer to the Holding Company........................................ (394.1) -
------------ ------------
Accrued Postretirement Benefits Cost................................... $ 17.8 $ 401.0
============ ============
</TABLE>
Since January 1, 1994, costs to the Company for providing these medical
benefits available to retirees under age 65 are the same as those offered
to active employees and medical benefits will be limited to 200% of 1993
costs for all participants.
The assumed health care cost trend rate used in measuring the accumulated
postretirement benefits obligation was 7.5% in 1999, gradually declining to
4.75% in the year 2010, and in 1998 was 8.0%, gradually declining to 2.5%
in the year 2009. The discount rate used in determining the accumulated
postretirement benefits obligation was 8.0% and 7.0% at December 31, 1999
and 1998, respectively.
If the health care cost trend rate assumptions were increased by 1%, the
accumulated postretirement benefits obligation as of December 31, 1999
would be increased 3.55%. The effect of this change on the sum of the
service cost and interest cost would be an increase of 3.91%. If the health
care cost trend rate assumptions were decreased by 1% the accumulated
postretirement benefits obligation as of December 31, 1999 would be
decreased by 4.38%. The effect of this change on the sum of the service
cost and interest cost would be a decrease of 4.96%.
F-29
<PAGE>
13) DERIVATIVES AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivatives
-----------
The Insurance Group primarily uses derivatives for asset/liability risk
management and for hedging individual securities. Derivatives mainly are
utilized to reduce the Insurance Group's exposure to interest rate
fluctuations. Accounting for interest rate swap transactions is on an
accrual basis. Gains and losses related to interest rate swap transactions
are amortized as yield adjustments over the remaining life of the
underlying hedged security. Income and expense resulting from interest rate
swap activities are reflected in net investment income. The notional amount
of matched interest rate swaps outstanding at December 31, 1999 and 1998,
respectively, was $797.3 million and $880.9 million. The average unexpired
terms at December 31, 1999 ranged from two months to 5.0 years. At December
31, 1999, the cost of terminating swaps in a loss position was $1.8
million. Equitable Life maintains an interest rate cap program designed to
hedge crediting rates on interest-sensitive individual annuities contracts.
The outstanding notional amounts at December 31, 1999 of contracts
purchased and sold were $7,575.0 million and $875.0 million, respectively.
The net premium paid by Equitable Life on these contracts was $51.6 million
and is being amortized ratably over the contract periods ranging from 1 to
4 years. Income and expense resulting from this program are reflected as an
adjustment to interest credited to policyholders' account balances.
DLJ enters into certain contractual agreements referred to as derivatives
or off-balance-sheet financial instruments primarily for trading purposes
and to provide products for its clients. DLJ performs the following
activities: writing over-the-counter ("OTC") options to accommodate
customer needs; trading in forward contracts in U.S. government and agency
issued or guaranteed securities; trading in futures contracts on equity
based indices, interest rate instruments, and currencies; and issuing
structured products based on emerging market financial instruments and
indices. DLJ also enters into swap agreements, primarily equity, interest
rate and foreign currency swaps. DLJ is not significantly involved in
commodity derivative instruments.
Fair Value of Financial Instruments
-----------------------------------
The Company defines fair value as the quoted market prices for those
instruments that are actively traded in financial markets. In cases where
quoted market prices are not available, fair values are estimated using
present value or other valuation techniques. The fair value estimates are
made at a specific point in time, based on available market information and
judgments about the financial instrument, including estimates of the timing
and amount of expected future cash flows and the credit standing of
counterparties. Such estimates do not reflect any premium or discount that
could result from offering for sale at one time the Company's entire
holdings of a particular financial instrument, nor do they consider the tax
impact of the realization of unrealized gains or losses. In many cases, the
fair value estimates cannot be substantiated by comparison to independent
markets, nor can the disclosed value be realized in immediate settlement of
the instrument.
Certain financial instruments are excluded, particularly insurance
liabilities other than financial guarantees and investment contracts. Fair
market value of off-balance-sheet financial instruments of the Insurance
Group was not material at December 31, 1999 and 1998.
F-30
<PAGE>
Fair values for mortgage loans on real estate are estimated by discounting
future contractual cash flows using interest rates at which loans with
similar characteristics and credit quality would be made. Fair values for
foreclosed mortgage loans and problem mortgage loans are limited to the
estimated fair value of the underlying collateral if lower.
Fair values of policy loans are estimated by discounting the face value of
the loans from the time of the next interest rate review to the present, at
a rate equal to the excess of the current estimated market rates over the
current interest rate charged on the loan.
The estimated fair values for the Company's association plan contracts,
supplementary contracts not involving life contingencies ("SCNILC") and
annuities certain, which are included in policyholders' account balances,
and guaranteed interest contracts are estimated using projected cash flows
discounted at rates reflecting expected current offering rates.
The estimated fair values for variable deferred annuities and single
premium deferred annuities ("SPDA"), which are included in policyholders'
account balances, are estimated by discounting the account value back from
the time of the next crediting rate review to the present, at a rate equal
to the excess of current estimated market rates offered on new policies
over the current crediting rates.
Fair values for long-term debt are determined using published market
values, where available, or contractual cash flows discounted at market
interest rates. The estimated fair values for non-recourse mortgage debt
are determined by discounting contractual cash flows at a rate which takes
into account the level of current market interest rates and collateral
risk. The estimated fair values for recourse mortgage debt are determined
by discounting contractual cash flows at a rate based upon current interest
rates of other companies with credit ratings similar to the Company. The
Company's carrying value of short-term borrowings approximates their
estimated fair value.
The following table discloses carrying value and estimated fair value for
financial instruments not otherwise disclosed in Notes 3, 7 and 8:
<TABLE>
<CAPTION>
DECEMBER 31,
--------------------------------------------------------------------
1999 1998
--------------------------------- ---------------------------------
CARRYING ESTIMATED Carrying Estimated
VALUE FAIR VALUE Value Fair Value
--------------- ---------------- --------------- ---------------
(IN MILLIONS)
<S> <C> <C> <C> <C>
Consolidated Financial Instruments:
-----------------------------------
Mortgage loans on real estate.......... $ 3,270.0 $ 3,239.3 $ 2,809.9 $ 2,961.8
Other limited partnership interests.... 647.9 647.9 562.6 562.6
Policy loans........................... 2,257.3 2,359.5 2,086.7 2,370.7
Policyholders' account balances -
investment contracts................. 12,740.4 12,800.5 12,892.0 13,396.0
Long-term debt......................... 850.9 834.9 1,002.4 1,025.2
Closed Block Financial Instruments:
-----------------------------------
Mortgage loans on real estate.......... $ 1,704.2 $ 1,650.3 $ 1,633.4 $ 1,703.5
Other equity investments............... 36.3 36.3 56.4 56.4
Policy loans........................... 1,593.9 1,712.0 1,641.2 1,929.7
SCNILC liability....................... 22.8 22.5 25.0 25.0
Discontinued Operations Financial
---------------------------------
Instruments:
------------
Mortgage loans on real estate.......... $ 454.6 $ 467.0 $ 553.9 $ 599.9
Fixed maturities....................... 85.5 85.5 24.9 24.9
Other equity investments............... 55.8 55.8 115.1 115.1
Guaranteed interest contracts.......... 33.2 27.5 37.0 34.0
Long-term debt......................... 101.9 101.9 147.1 139.8
</TABLE>
F-31
<PAGE>
14) COMMITMENTS AND CONTINGENT LIABILITIES
The Company has provided, from time to time, certain guarantees or
commitments to affiliates, investors and others. These arrangements include
commitments by the Company, under certain conditions: to make capital
contributions of up to $59.4 million to affiliated real estate joint
ventures; and to provide equity financing to certain limited partnerships
of $373.8 million at December 31, 1999, under existing loan or loan
commitment agreements.
Equitable Life is the obligor under certain structured settlement
agreements which it had entered into with unaffiliated insurance companies
and beneficiaries. To satisfy its obligations under these agreements,
Equitable Life owns single premium annuities issued by previously wholly
owned life insurance subsidiaries. Equitable Life has directed payment
under these annuities to be made directly to the beneficiaries under the
structured settlement agreements. A contingent liability exists with
respect to these agreements should the previously wholly owned subsidiaries
be unable to meet their obligations. Management believes the satisfaction
of those obligations by Equitable Life is remote.
The Insurance Group had $24.9 million of letters of credit outstanding at
December 31, 1999.
15) LITIGATION
The Company
-----------
Life Insurance and Annuity Sales Cases
A number of lawsuits are pending as individual claims and purported class
actions against Equitable Life, its subsidiary insurance company and a
former insurance subsidiary. These actions involve, among other things,
sales of life and annuity products for varying periods from 1980 to the
present, and allege, among other things, sales practice misrepresentation
primarily involving: the number of premium payments required; the propriety
of a product as an investment vehicle; the propriety of a product as a
replacement of an existing policy; and failure to disclose a product as
life insurance. Some actions are in state courts and others are in U.S.
District Courts in different jurisdictions, and are in varying stages of
discovery and motions for class certification.
In general, the plaintiffs request an unspecified amount of damages,
punitive damages, enjoinment from the described practices, prohibition
against cancellation of policies for non-payment of premium or other
remedies, as well as attorneys' fees and expenses. Similar actions have
been filed against other life and health insurers and have resulted in the
award of substantial judgments, including material amounts of punitive
damages, or in substantial settlements. Although the outcome of litigation
cannot be predicted with certainty, particularly in the early stages of an
action, the Company's management believes that the ultimate resolution of
these cases should not have a material adverse effect on the financial
position of the Company. The Company's management cannot make an estimate
of loss, if any, or predict whether or not any such litigation will have a
material adverse effect on the Company's results of operations in any
particular period.
Discrimination Case
Equitable Life is a defendant in an action, certified as a class action in
September 1997, in the United States District Court for the Northern
District of Alabama, Southern Division, involving alleged discrimination on
the basis of race against African-American applicants and potential
applicants in hiring individuals as sales agents. Plaintiffs seek a
declaratory judgment and affirmative and negative injunctive relief,
including the payment of back-pay, pension and other compensation. Although
the outcome of litigation cannot be predicted with certainty, the Company's
management believes that the ultimate resolution of this matter should not
have a material adverse effect on the financial position of the Company.
The Company's management cannot make an estimate of loss, if any, or
predict whether or not such matter will have a material adverse effect on
the Company's results of operations in any particular period.
Agent Health Benefits Case
Equitable Life is a defendant in an action, certified as a class action in
March 1999, in the United States District Court for the Northern District
of California, alleging, among other things, that Equitable Life violated
ERISA by eliminating certain alternatives pursuant to which agents of
Equitable Life could qualify for health care coverage. The class consists
of "[a]ll current, former and retired Equitable agents, who while
F-32
<PAGE>
associated with Equitable satisfied [certain alternatives] to qualify for
health coverage or contributions thereto under applicable plans."
Plaintiffs allege various causes of action under ERISA, including claims
for enforcement of alleged promises contained in plan documents and for
enforcement of agent bulletins, breach of unilateral contract, breach of
fiduciary duty and promissory estoppel. The parties are currently engaged
in discovery. Although the outcome of any litigation cannot be predicted
with certainty, the Company's management believes that the ultimate
resolution of this matter should not have a material adverse effect on the
financial position of the Company. The Company's management cannot make an
estimate of loss, if any, or predict whether or not such matter will have a
material adverse effect on the Company's results of operations in any
particular period.
Prime Property Fund Case
In January 2000, the California Supreme Court denied the Company's petition
for review of an October 1999 decision by the California Superior Court of
Appeal. Such decision reversed the dismissal by the Supreme Court of Orange
County, California of an action which was commenced in 1995 by a real
estate developer in connection with a limited partnership formed in 1991
with the Company on behalf of Prime Property Fund ("PPF"). The Company
serves as investment manager for PPF, an open-end, commingled real estate
separate account of the Company for pension clients. Plaintiff alleges
breach of fiduciary duty and other claims principally in connection with
PPF's 1995 purchase and subsequent foreclosure of the loan which financed
the partnership's property. Plaintiff seeks compensatory and punitive
damages. The case has been remanded to the Superior Court for further
proceedings. Although the outcome of litigation cannot be predicted with
certainty, the Company's management believes that the ultimate resolution
of this matter should not have a material adverse effect on the financial
position of the Company. The Company's management cannot make an estimate
of loss, if any, or predict whether or not this matter will have a material
adverse effect on the Company's results of operations in any particular
period.
Alliance Capital
----------------
In July 1995, a class action complaint was filed against Alliance North
American Government Income Trust, Inc. (the "Fund"), Alliance Holding and
certain other defendants affiliated with Alliance, including the Holding
Company, alleging violations of Federal securities laws, fraud and breach
of fiduciary duty in connection with the Fund's investments in Mexican and
Argentine securities. The original complaint was dismissed in 1996; on
appeal, the dismissal was affirmed. In October 1996, plaintiffs filed a
motion for leave to file an amended complaint, alleging the Fund failed to
hedge against currency risk despite representations that it would do so,
the Fund did not properly disclose that it planned to invest in
mortgage-backed derivative securities and two Fund advertisements
misrepresented the risks of investing in the Fund. In October 1998, the
U.S. Court of Appeals for the Second Circuit issued an order granting
plaintiffs' motion to file an amended complaint alleging that the Fund
misrepresented its ability to hedge against currency risk and denying
plaintiffs' motion to file an amended complaint containing the other
allegations. In December 1999, the United States District Court for the
Southern District of New York granted the defendants' motion for summary
judgment on all claims against all defendants. Later in December 1999, the
plaintiffs filed motions for reconsideration of the Court's ruling. These
motions are currently pending with the Court.
In connection with the Reorganization; Alliance assumed any liabilities
which Alliance Holding may have with respect to this action. Alliance and
Alliance Holding believe that the allegations in the amended complaint are
without merit and intend to vigorously defend against these claims. While
the ultimate outcome of this matter cannot be determined at this time,
management of Alliance Holding and Alliance do not expect that it will have
a material adverse effect on Alliance Holding's or Alliance's results of
operations or financial condition.
DLJSC
-----
Donaldson, Lufkin & Jenrette Securities Corporation ("DLJSC") is a
defendant along with certain other parties in a class action complaint
involving the underwriting of units, consisting of notes and warrants to
purchase common shares, of Rickel Home Centers, Inc. ("Rickel"), which
filed a voluntary petition for reorganization pursuant to Chapter 11 of the
Bankruptcy Code. The complaint seeks unspecified compensatory and punitive
damages from DLJSC, as an underwriter and as an owner of 7.3% of the common
stock, for alleged violation of Federal securities laws and common law
fraud for alleged misstatements and omissions contained in the prospectus
and registration statement used in the offering of the units. In April
1999, the complaint against DLJSC and the other defendants was dismissed.
The plaintiffs have appealed. DLJSC intends to defend itself vigorously
against all the allegations contained in the complaint.
DLJSC is a defendant in a purported class action filed in a Texas State
Court on behalf of the holders of $550 million principal amount of
subordinated redeemable discount debentures of National Gypsum Corporation
("NGC"). The debentures were canceled in connection with a Chapter 11 plan
of reorganization for NGC consummated in July 1993. The litigation seeks
compensatory and punitive damages for DLJSC's activities as financial
advisor to NGC in the course of NGC's Chapter 11 proceedings. In March
1999, the Court granted motions for summary judgment filed by DLJSC and the
other defendants. The plaintiffs have appealed. DLJSC intends to defend
itself vigorously against all the allegations contained in the complaint.
In November 1998, three purported class actions were filed in the U.S.
District Court for the Southern District of New York against more than 25
underwriters of initial public offering securities, including DLJSC. The
complaints allege that defendants conspired to fix the "fee" paid for
underwriting initial public offering securities by setting the
underwriters' discount or "spread" at 7%, in violation of the Federal
antitrust laws. The complaints seek treble damages in an unspecified amount
and injunctive relief as well as attorneys' fees and costs. In March 1999,
the plaintiffs filed a consolidated amended complaint. A motion by all
defendants
F-33
<PAGE>
to dismiss the complaints on several grounds is pending. Separately, the
U.S. Department of Justice has issued a Civil Investigative Demand to
several investment banking firms, including DLJSC, seeking documents and
information relating to "alleged" price-fixing with respect to underwriting
spreads in initial public offerings. The Justice Department has not made
any charges against DLJSC or the other investment banking firms. DLJSC is
cooperating with the Justice Department in providing the requested
information and believes that no violation of law by DLJSC has occurred.
Although there can be no assurance, DLJ's management does not believe that
the ultimate resolution of the litigations described above to which DLJSC
is a party will have a material adverse effect on DLJ's consolidated
financial condition. Based upon the information currently available to it,
DLJ's management cannot predict whether or not such litigations will have a
material adverse effect on DLJ's results of operations in any particular
period.
Other Matters
In addition to the matters described above, the Holding Company and its
subsidiaries are involved in various legal actions and proceedings in
connection with their businesses. Some of the actions and proceedings have
been brought on behalf of various alleged classes of claimants and certain
of these claimants seek damages of unspecified amounts. While the ultimate
outcome of such matters cannot be predicted with certainty, in the opinion
of management no such matter is likely to have a material adverse effect on
the Company's consolidated financial position or results of operations.
16) LEASES
The Company has entered into operating leases for office space and certain
other assets, principally information technology equipment and office
furniture and equipment. Future minimum payments under noncancelable leases
for 2000 and the four successive years are $111.2 million, $93.3 million,
$78.3 million, $71.9 million, $66.5 million and $523.7 million thereafter.
Minimum future sublease rental income on these noncancelable leases for
2000 and the four successive years is $5.2 million, $4.1 million, $2.8
million, $2.8 million, $2.8 million and $23.8 million thereafter.
At December 31, 1999, the minimum future rental income on noncancelable
operating leases for wholly owned investments in real estate for 2000 and
the four successive years is $120.7 million, $113.5 million, $96.0 million,
$79.7 million, $74.1 million and $354.6 million thereafter.
17) OTHER OPERATING COSTS AND EXPENSES
Other operating costs and expenses consisted of the following:
<TABLE>
<CAPTION>
1999 1998 1997
------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C>
Compensation costs................................. $ 1,010.6 $ 772.0 $ 721.5
Commissions........................................ 549.5 478.1 409.6
Short-term debt interest expense................... 16.7 26.1 31.7
Long-term debt interest expense.................... 76.3 84.6 121.2
Amortization of policy acquisition costs........... 314.5 292.7 287.3
Capitalization of policy acquisition costs......... (709.9) (609.1) (508.0)
Writedown of policy acquisition costs.............. 131.7 - -
Rent expense, net of sublease income............... 113.9 100.0 101.8
Cursitor intangible assets writedown............... - - 120.9
Other.............................................. 1,294.0 1,056.8 917.9
------------- ------------ ------------
Total.............................................. $ 2,797.3 $ 2,201.2 $ 2,203.9
================= ================ =================
</TABLE>
F-34
<PAGE>
During 1997, the Company restructured certain operations in connection with
cost reduction programs and recorded a pre-tax provision of $42.4 million.
The amount paid during 1999 associated with cost reduction programs totaled
$15.6 million. At December 31, 1999, the remaining liabilities associated
with cost reduction programs was $8.8 million. The 1997 cost reduction
program included costs related to employee termination and exit costs.
18) INSURANCE GROUP STATUTORY FINANCIAL INFORMATION
Equitable Life is restricted as to the amounts it may pay as shareholder
dividends. Under the New York Insurance Law, the Superintendent has broad
discretion to determine whether the financial condition of a stock life
insurance company would support the payment of dividends to its
shareholders. For 1999, 1998 and 1997, statutory net income (loss) totaled
$547.0 million, $384.4 million and ($351.7) million, respectively.
Statutory surplus, capital stock and Asset Valuation Reserve ("AVR")
totaled $5,570.6 million and $4,728.0 million at December 31, 1999 and
1998, respectively. In September 1999, $150.0 million in dividends were
paid to the Holding Company by Equitable Life, the first such payment since
Equitable Life's demutualization in 1992.
At December 31, 1999, the Insurance Group, in accordance with various
government and state regulations, had $26.8 million of securities deposited
with such government or state agencies.
The differences between statutory surplus and capital stock determined in
accordance with Statutory Accounting Principles ("SAP") and total
shareholder's equity under GAAP are primarily: (a) the inclusion in SAP of
an AVR intended to stabilize surplus from fluctuations in the value of the
investment portfolio; (b) future policy benefits and policyholders' account
balances under SAP differ from GAAP due to differences between actuarial
assumptions and reserving methodologies; (c) certain policy acquisition
costs are expensed under SAP but deferred under GAAP and amortized over
future periods to achieve a matching of revenues and expenses; (d) external
and certain internal costs incurred to obtain or develop internal use
computer software during the application development stage is capitalized
under GAAP but expensed under SAP; (e) Federal income taxes are generally
accrued under SAP based upon revenues and expenses in the Federal income
tax return while under GAAP deferred taxes provide for timing differences
between recognition of revenues and expenses for financial reporting and
income tax purposes; (f) the valuation of assets under SAP and GAAP differ
due to different investment valuation and depreciation methodologies, as
well as the deferral of interest-related realized capital gains and losses
on fixed income investments; and (g) differences in the accrual
methodologies for post-employment and retirement benefit plans.
F-35
<PAGE>
19) BUSINESS SEGMENT INFORMATION
The Company's operations consist of Insurance and Investment Services. The
Company's management evaluates the performance of each of these segments
independently and allocates resources based on current and future
requirements of each segment. Management evaluates the performance of each
segment based upon operating results adjusted to exclude the effect of
unusual or non-recurring events and transactions and certain revenue and
expense categories not related to the base operations of the particular
business net of minority interest. Information for all periods is presented
on a comparable basis.
Intersegment investment advisory and other fees of approximately $75.6
million, $61.8 million and $84.1 million for 1999, 1998 and 1997,
respectively, are included in total revenues of the Investment Services
segment. These fees, excluding amounts related to discontinued operations
of $.5 million, $.5 million and $4.2 million for 1999, 1998 and 1997,
respectively, are eliminated in consolidation.
The following tables reconcile each segment's revenues and operating
earnings to total revenues and earnings from continuing operations before
Federal income taxes and cumulative effect of accounting change as reported
on the consolidated statements of earnings and the segments' assets to
total assets on the consolidated balance sheets, respectively.
<TABLE>
<CAPTION>
INVESTMENT
INSURANCE SERVICES ELIMINATION TOTAL
------------- ------------ ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C> <C>
1999
----
Segment revenues..................... $ 4,283.0 $ 2,052.7 $ (23.8) $ 6,311.9
Investment (losses) gains............ (199.4) 111.5 - (87.9)
------------- ------------ ------------ ------------
Total Revenues....................... $ 4,083.6 $ 2,164.2 $ (23.8) $ 6,224.0
============= ============ ============ ============
Pre-tax operating earnings........... $ 895.7 $ 427.0 $ - $ 1,322.7
Investment (losses) gains , net of
DAC and other charges.............. (208.4) 110.5 - (97.9)
Non-recurring DAC adjustments........ (131.7) - - (131.7)
Pre-tax minority interest............ - 216.8 - 216.8
------------- ------------ ------------ ------------
Earnings from Continuing
Operations......................... $ 555.6 $ 754.3 $ - $ 1,309.9
============= ============ ============ ============
Total Assets......................... $ 86,842.7 $ 12,961.7 $ (8.9) $ 99,795.5
============= ============ ============ ============
1998
----
Segment revenues..................... $ 4,029.8 $ 1,438.4 $ (5.7) $ 5,462.5
Investment gains..................... 64.8 35.4 - 100.2
------------- ------------ ------------ ------------
Total Revenues....................... $ 4,094.6 $ 1,473.8 $ (5.7) $ 5,562.7
============= ============ ============ ============
Pre-tax operating earnings........... $ 688.6 $ 284.3 $ - $ 972.9
Investment gains, net of
DAC and other charges.............. 41.7 27.7 - 69.4
Pre-tax minority interest............ - 141.5 - 141.5
------------- ------------ ------------ ------------
Earnings from Continuing
Operations......................... 730.3 453.5 - 1,183.8
============= ============ ============ ============
Total Assets......................... $ 75,626.0 $ 12,379.2 $ (64.4) $ 87,940.8
============= ============ ============ ============
</TABLE>
F-36
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT
INSURANCE SERVICES ELIMINATION TOTAL
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
1997
----
Segment revenues..................... $ 3,990.8 $ 1,200.0 $ (7.7) $ 5,183.1
Investment (losses) gains............ (318.8) 255.1 - (63.7)
------------- ------------ ------------ ------------
Total Revenues....................... $ 3,672.0 $ 1,455.1 $ (7.7) $ 5,119.4
============= ============ ============ ============
Pre-tax operating earnings........... $ 507.0 $ 258.3 $ - $ 765.3
Investment (losses) gains, net of
DAC and other charges.............. (292.5) 252.7 - (39.8)
Non-recurring costs and expenses..... (41.7) (121.6) - (163.3)
Pre-tax minority interest............ - 108.5 - 108.5
------------- ------------ ------------ ------------
Earnings from Continuing
Operations......................... $ 172.8 $ 497.9 $ - $ 670.7
============= ============ ============ ============
Total Assets......................... $ 67,762.4 $ 13,691.4 $ (96.1) $ 81,357.7
============= ============ ============ ============
</TABLE>
20) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The quarterly results of operations for 1999 and 1998 are summarized below:
<TABLE>
<CAPTION>
THREE MONTHS ENDED
------------------------------------------------------------------------
MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31
------------- ------------- ------------ ------------
(IN MILLIONS)
<S> <C> <C> <C> <C>
1999
----
Total Revenues................ $ 1,484.3 $ 1,620.3 $ 1,512.1 $ 1,607.3
============= ============= ============ ============
Earnings from Continuing
Operations.................. $ 187.3 $ 222.6 $ 186.5 $ 182.1
============= ============= ============ ============
Net Earnings.................. $ 182.0 $ 221.3 $ 183.1 $ 220.2
============= ============= ============ ============
1998
----
Total Revenues................ $ 1,470.2 $ 1,422.9 $ 1,297.6 $ 1,372.0
============= ============= ============ ============
Earnings from Continuing
Operations.................. $ 212.8 $ 197.0 $ 136.8 $ 158.9
============= ============= ============ ============
Net Earnings.................. $ 213.3 $ 198.3 $ 137.5 $ 159.1
============= ============= ============ ============
</TABLE>
F-37
<PAGE>
21) INVESTMENT IN DLJ
At December 31, 1999, the Company's ownership of DLJ interest was
approximately 31.71%. The Company's ownership interest in DLJ will continue
to be reduced upon the exercise of options granted to certain DLJ employees
and the vesting of forfeitable restricted stock units acquired by DLJ
employees. DLJ restricted stock units represent forfeitable rights to
receive approximately 5.2 million shares of DLJ common stock through
February 2000.
The results of operations of DLJ are accounted for on the equity basis and
are included in commissions, fees and other income in the consolidated
statements of earnings. The Company's carrying value of DLJ is included in
investment in and loans to affiliates in the consolidated balance sheets.
Summarized balance sheets information for DLJ, reconciled to the Company's
carrying value of DLJ, are as follows:
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------------
1999 1998
------------ ------------
(IN MILLIONS)
<S> <C> <C>
Assets:
Trading account securities, at market value............................ $ 27,982.4 $ 13,195.1
Securities purchased under resale agreements........................... 29,538.1 20,063.3
Broker-dealer related receivables...................................... 44,998.1 34,264.5
Other assets........................................................... 6,493.5 4,759.3
------------ ------------
Total Assets........................................................... $ 109,012.1 $ 72,282.2
============ ============
Liabilities:
Securities sold under repurchase agreements............................ $ 56,474.4 $ 35,775.6
Broker-dealer related payables......................................... 37,207.4 26,161.5
Short-term and long-term debt.......................................... 6,518.6 3,997.6
Other liabilities...................................................... 4,704.5 3,219.8
------------ ------------
Total liabilities...................................................... 104,904.9 69,154.5
DLJ's company-obligated mandatorily redeemed preferred
securities of subsidiary trust holding solely debentures of DLJ...... 200.0 200.0
Total shareholders' equity............................................. 3,907.2 2,927.7
------------ ------------
Total Liabilities, Cumulative Exchangeable Preferred Stock and
Shareholders' Equity................................................. $ 109,012.1 $ 72,282.2
============ ============
DLJ's equity as reported............................................... $ 3,907.2 $ 2,927.7
Unamortized cost in excess of net assets acquired in 1985
and other adjustments................................................ 22.9 23.7
The Holding Company's equity ownership in DLJ.......................... (1,341.4) (1,002.4)
Minority interest in DLJ............................................... (1,479.3) (1,118.2)
------------ ------------
The Company's Carrying Value of DLJ.................................... $ 1,109.4 $ 830.8
============ ============
</TABLE>
F-38
<PAGE>
Summarized statements of earnings information for DLJ reconciled to the
Company's equity in earnings of DLJ is as follows:
<TABLE>
<CAPTION>
1999 1998 1997
------------ ------------ -------------
(IN MILLIONS)
<S> <C> <C> <C>
Commission, fees and other income..................... $ 4,145.1 $ 3,150.5 $ 2,430.7
Net investment income................................. 2,175.3 2,189.1 1,652.1
Principal Transactions, net........................... 825.9 67.4 557.7
------------ ------------ -------------
Total revenues........................................ 7,146.3 5,407.0 4,640.5
Total expenses including income taxes................. 6,545.6 5,036.2 4,232.2
------------ ------------ -------------
Net earnings.......................................... 600.7 370.8 408.3
Dividends on preferred stock.......................... 21.2 21.3 12.2
------------ ------------ -------------
Earnings Applicable to Common Shares.................. $ 579.5 $ 349.5 $ 396.1
============ ============ =============
DLJ's earnings applicable to common shares as
reported............................................ $ 579.5 $ 349.5 $ 396.1
Amortization of cost in excess of net assets
acquired in 1985.................................... (.9) (.8) (1.3)
The Holding Company's equity in DLJ's earnings........ (222.7) (136.8) (156.8)
Minority interest in DLJ.............................. (172.9) (99.5) (109.1)
------------ ------------ -------------
The Company's Equity in DLJ's Earnings................ $ 183.0 $ 112.4 $ 128.9
============ ============ =============
</TABLE>
22) ACCOUNTING FOR STOCK-BASED COMPENSATION
The Holding Company sponsors a stock incentive plan for employees of
Equitable Life. DLJ and Alliance each sponsor their own stock option plans
for certain employees. The Company has elected to continue to account for
stock-based compensation using the intrinsic value method prescribed in APB
No. 25. Had compensation expense for the Holding Company, DLJ and Alliance
Stock Option Incentive Plan options been determined based on SFAS No. 123's
fair value based method, the Company's pro forma net earnings for 1999,
1998 and 1997 would have been $757.1 million, $678.4 million and $426.3
million, respectively.
The fair values of options granted after December 31, 1994, used as a basis
for the pro forma disclosures above, were estimated as of the grant dates
using the Black-Scholes option pricing model. The option pricing
assumptions for 1999, 1998 and 1997 follow:
<TABLE>
<CAPTION>
HOLDING COMPANY DLJ ALLIANCE
------------------------------ ------------------------------- ----------------------------------
1999 1998 1997 1999 1998 1997 1999 1998 1997
--------- ---------- --------- ---------- --------- ---------- --------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dividend yield...... 0.31% 0.32% 0.48% 0.56% 0.69% 0.86% 8.70% 6.50% 8.00%
Expected volatility. 28% 28% 20% 36% 40% 33% 29% 29% 26%
Risk-free interest
rate.............. 5.46% 5.48% 5.99% 5.06% 5.53% 5.96% 5.70% 4.40% 5.70%
Expected life
in years.......... 5 5 5 5 5 5 7 7.2 7.2
Weighted average
fair value per
option at
grant-date........ $10.78 $11.32 $6.13 $17.19 $16.27 $10.81 $3.88 $3.86 $2.18
</TABLE>
F-39
<PAGE>
A summary of the Holding Company, DLJ and Alliance's option plans follows:
<TABLE>
<CAPTION>
HOLDING COMPANY DLJ ALLIANCE
----------------------------- ----------------------------- -----------------------------
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Price of Price of Price of
Shares Options Shares Options Units Options
(In Millions) Outstanding (In Millions) Outstanding (In Millions) Outstanding
--------------- ------------- --------------- ------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance as of
January 1, 1997........ 13.4 $10.40 22.2 $14.03 10.0 $ 9.54
Granted................ 6.4 $20.93 6.4 $30.54 2.2 $18.28
Exercised.............. (3.2) $10.13 (.2) $16.01 (1.2) $ 8.06
Forfeited.............. (.8) $11.72 (.2) $13.79 (.4) $10.64
--------------- ------------- ---------------
Balance as of
December 31, 1997...... 15.8 $14.53 28.2 $17.78 10.6 $11.41
Granted................ 8.6 $33.13 1.5 $38.59 2.8 $26.28
Exercised.............. (2.2) $10.59 (1.4) $14.91 (.9) $ 8.91
Forfeited.............. (.8) $23.51 (.1) $17.31 (.2) $13.14
--------------- ------------- ---------------
Balance as of
December 31, 1998...... 21.4 $22.00 28.2 $19.04 12.3 $14.92
Granted................ 4.3 $31.70 4.8 $45.23 2.0 $30.18
Exercised.............. (2.4) $13.26 (2.2) $34.61 (1.5) $ 9.51
Forfeited.............. (.6) $24.29 (.1) $15.85 (.3) $17.79
--------------- ------------- ---------------
Balance as of
December 31, 1999...... 22.7 $24.60 30.7 $23.30 12.5 $17.95
=============== ============= ===============
</TABLE>
F-40
<PAGE>
Information about options outstanding and exercisable at December 31, 1999
follows:
<TABLE>
<CAPTION>
Options Outstanding Options Exercisable
--------------------------------------------------- -------------------------------------
Weighted
Average Weighted Weighted
Range of Number Remaining Average Number Average
Exercise Outstanding Contractual Exercise Exercisable Exercise
Prices (In Millions) Life (Years) Price (In Millions) Price
- -------------------- ------------------ ---------------- --------------- ------------------ ----------------
Holding
Company
- --------------------
<S> <C> <C> <C> <C> <C> <C>
$ 9.06 -$13.88 5.6 4.2 $10.50 10.9 $18.98
$14.25 -$22.63 5.2 7.7 $20.95 - -
$25.32 -$34.59 8.2 8.7 $29.08 - -
$40.97 -$41.28 3.7 8.6 $41.28 - -
----------------- ------------------
$ 9.06 -$41.28 22.7 7.3 $24.60 10.9 $18.98
================= ================ =============== ================== ================
DLJ
- --------------------
$13.50 -$25.99 20.2 8.4 $14.61 20.6 $16.62
$26.00 -$38.99 4.9 7.8 $33.99 - -
$39.00 -$52.875 4.8 9.0 $43.28 - -
$53.00 -$76.875 .8 9.7 $57.09 - -
----------------- ------------------
$13.50 -$76.875 30.7 8.4 $23.30 20.6 $16.62
================= ================ =============== ================== ================
Alliance
- --------------------
$ 3.66 -$ 9.81 2.6 3.8 $ 8.31 2.2 $ 8.12
$ 9.88 -$12.56 3.3 5.6 $11.16 2.6 $10.92
$13.75 -$18.47 1.8 7.9 $18.34 .7 $18.34
$18.78 -$26.31 2.8 8.9 $26.16 .6 $26.06
$27.31 -$30.94 2.0 9.9 $30.24 - -
----------------- ------------------
$ 3.66 -$30.94 12.5 7.0 $17.95 6.1 $12.12
================= ================ =============== ================== ================
</TABLE>
F-41
<PAGE>
PART C
OTHER INFORMATION
-----------------
Item 24. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements included in Part B.
1. Separate Account A:
-------------------
- Report of Independent Accountants - PricewaterhouseCoopers,
LLP;
- Statements of Assets and Liabilities for the Year Ended
December 31, 1999;
- Statements of Operations for the Year Ended
December 31, 1999;
- Statements of Changes in Net Assets for the Years Ended
December 31, 1999 and 1998;
- Notes to Financial Statements.
2. The Equitable Life Assurance Society of the United States:
----------------------------------------------------------
- Report of Independent Accountants - PricewaterhouseCoopers,
LLP;
- Consolidated Balance Sheets as of December 31, 1999
and 1998;
- Consolidated Statements of Earnings for Years Ended
December 31, 1999, 1998 and 1997;
- Consolidated Statements of Equity for Years Ended
December 31, 1999, 1998 and 1997;
- Consolidated Statements of Cash Flows for Years Ended
December 31, 1999, 1998 and 1997;
- Notes to Consolidated Financial Statements.
(b) Exhibits.
The following exhibits are filed herewith:
1. (a) Resolutions of the Board of Directors of The
Equitable Life Assurance Society of the United
States ("Equitable") authorizing the establishment
of the Registrant, previously filed with this
Registration Statement No. 33-47949 on
April 26, 1996.
(b) Resolutions of the Board of Directors of Equitable
dated October 16, 1986 authorizing the
reorganization of Separate Accounts A, C, D, E, J
and K into one continuing separate account,
previously filed with this Registration Statement
No. 33-47949 on April 26, 1996.
2. Not applicable.
C-1
<PAGE>
3. (a) Sales Agreement, dated as of July 22, 1992, among
Equitable, Separate Account A and Equitable
Variable Life Insurance Company, as principal
underwriter for the Hudson River Trust,
incorporated herein by reference to Exhibit 3.(b)
to the Registration Statement on Form N-4 (File No.
2-30070) on April 26, 1993, refiled electronically
on July 10, 1998.
(b) Distribution and Servicing Agreement among Equico
Securities, Inc. (now AXA Advisors, LLC) dated as
of May 1, 1994, previously filed with this
Registration Statement No. 33-47949 on April 13,
1995, incorporated herein by reference to Exhibit
3(c) to Registration Statement No. 2-30070, refiled
electronically on July 10, 1998.
(c) Distribution Agreement by and between The Hudson
River Trust and Equico Securities, Inc. (now AXA
Advisors, LLC), dated as of January 1, 1995,
previously filed with this Registration Statement
No. 33-47949 on April 13, 1995, incorporated herein
by reference to Exhibit No. 3(d) to Registration
Statement File No. 2-30070, refiled electronically
on July 10, 1998.
(d) Sales Agreement among Equico Securities, Inc. (now
AXA Advisors, LLC), Equitable and Equitable's
Separate Account A, Separate Account No. 301 and
Separate Account No. 51 dated as of January 1,
1995, previously filed with this Registration
Statement No. 33-47949 on April 13,
1995,incorporated by reference to Exhibit 3(e) to
Registration Statement File No. 2-30070, refiled
electronically on July 10, 1998.
(e) Participation Agreement among EQ Advisors Trust,
The Equitable Life Assurance Society of the United
States, Equitable Distributors, Inc. and EQ
Financial Consultants, Inc. (now AXA Advisors, LLC)
dated as of the 14th day of April 1997,
incorporated by reference to the Registration
Statement of EQ Advisors Trust, (File No.
333-17217) on Form N-1A, filed August 28, 1997.
4. (a) Form of group annuity contract and individual
annuity certificate, previously filed with this
Registration Statement No. 33-47949
on May 15, 1992, refiled electronically on
August 19, 1998.
5. Form of application, previously filed with this
Registration Statement No. 33-47949 on May 15, 1992,
refiled electronically on August 19, 1998.
6. (a) By-Laws of Equitable, as amended November 21, 1996,
previously filed with this Registration Statement
on Form N-4 (File No. 33-47949) on April 29, 1997.
(b) Copy of the Restated Charter of Equitable, as
amended January 1, 1997, previously filed with this
Registration Statement on Form N-4 (File No.
33-47949) on April 29, 1997.
7. Not applicable.
8. Not applicable.
9. Opinion and Consent of Jonathan E. Gaines, Vice President
and Associate General Counsel as to the legality of the
securities being registered, previously filed with
Pre-effective Amendment No. 1 to this Registration
Statement No. 33-47949 on August 7, 1992, refiled
electronically on August 19, 1998.
10. (a) Consent of PricewaterhouseCoopers LLP.
(b) Powers of Attorney.
11. Not applicable.
C-2
<PAGE>
12. Not applicable.
13. (a) Schedule for computation of Money Market Fund Yield
quotations, previously filed with this Registration
Statement No. 33-47949 on April 28, 1994, refiled
electronically on August 19, 1998.
(b) Separate Account A Performance Values Worksheets
One-Year Standardized Performance for the Year
Ending December 31, 1993, previously filed with
this Registration Statement No. 33-47949 on
April 28, 1994, refiled electronically on
August 19, 1998.
14. Notice concerning regulatory relief, previously filed with
this Registration Statement No. 33-47949 on May 15, 1992,
refiled electronically on August 19, 1998.
C-3
<PAGE>
Item 25: Directors and Officers of Equitable.
Set forth below is information regarding the directors and principal
officers of Equitable. Equitable's address is 1290 Avenue of Americas,
New York, New York 10104. The business address of the persons whose
names are preceded by an asterisk is that of Equitable.
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
DIRECTORS
Francoise Colloc'h Director
AXA
23, Avenue Matignon
75008 Paris, France
Henri de Castries Director
AXA
23, Avenue Matignon
75008 Paris, France
Joseph L. Dionne Director
198 North Wieton Rd.
New Canaan, Ct 06840
Denis Duverne Director
AXA
23, Avenue Matignon
75008 Paris, France
Jean-Rene Fourtou Director
Aventis
25 Quai Paul Doumer
92408 Courbevoie Cedex,
France
Norman C. Francis Director
Xavier University of Louisiana
7325 Palmetto Street
New Orleans, LA 70125
C-4
<PAGE>
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
Donald J. Greene Director
LeBouef, Lamb, Greene & MacRae
125 West 55th Street
New York, NY 10019-4513
John T. Hartley Director
Harris Corporation
1025 NASA Boulevard
Melbourne, FL 32919
John H.F. Haskell, Jr. Director
SBC Warburg Dillon Read LLC
299 Park Ave 40th Floor
New York, NY 10171
Mary R. (Nina) Henderson Director
Bestfoods
International Plaza
700 Sylvan Avenue
Englewood Cliffs, NJ 07632-9976
W. Edwin Jarmain Director
Jarmain Group Inc.
121 King Street West
Suite 2525
Toronto, Ontario M5H 3T9,
Canada
George T. Lowy Director
Cravath, Swaine & Moore
825 Eighth Avenue
New York, NY 10019
C-5
<PAGE>
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
Didier Pineau-Valencienne Director
Credit Suisse First Boston
64, rue de Miromesmil
75008 Paris, France
George J. Sella, Jr. Director
P.O. Box 397
Newton, NJ 07860
Peter J. Tobin Director
St. John's University
8000 Utopia Parkway
Jamaica, NY 11439
Dave H. Williams Director
Alliance Capital Management Corporation
1345 Avenue of the Americas
New York, NY 10105
OFFICER-DIRECTORS
- -----------------
*Michael Hegarty President, Chief Operating
Officer and Director
*Edward D. Miller Chairman of the Board,
Chief Executive Officer
and Director
*Stanley B. Tulin Vice Chairman of the Board,
Chief Financial Officer and Director
OTHER OFFICERS
- --------------
*Leon Billis Executive Vice President
and Chief Information Officer
*Derry Bishop Executive Vice President and
Chief Agency Officer
*Harvey Blitz Senior Vice President
*Robert T. Brockbank Executive Vice President and
AXA Group Deputy Chief
Information Officer
*Kevin R. Byrne Senior Vice President and Treasurer
*John A. Caroselli Executive Vice President
*Selig Ehrlich Senior Vice President and
Chief Actuary
*Alvin H. Fenichel Senior Vice President and
Controller
C-6
<PAGE>
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
*Paul J. Flora Senior Vice President and Auditor
*Robert E. Garber Executive Vice President and
Chief Legal Officer
*James D. Goodwin Vice President
*Edward J. Hayes Senior Vice President
*Craig Junkins Senior Vice President
*Donald R. Kaplan Senior Vice President, Chief
Compliance Officer and Associate
General Counsel
*Michael S. Martin Executive Vice President and Chief
Marketing Officer
*Richard J. Matteis Executive Vice President
*Peter D. Noris Executive Vice President and Chief
Investment Officer
*Brian S. O'Neil Executive Vice President
*Anthony C. Pasquale Senior Vice President
*Pauline Sherman Senior Vice President, Secretary
and Associate General Counsel
*Samuel B. Shlesinger Senior Vice President
*Richard V. Silver Senior Vice President and
General Counsel
*Jose Suquet Senior Executive Vice President and
Chief Distribution Officer
*Naomi J. Weinstein Vice President
*Gregory Wilcox Executive Vice President
*R. Lee Wilson Executive Vice President
*Maureen K. Wolfson Vice President
C-7
<PAGE>
Item 26. Persons Controlled by or Under Common Control with the Insurance
Company or Registrant.
Separate Account No. A of The Equitable Life Assurance Society of the
United States (the "Separate Account") is a separate account of Equitable.
Equitable, a New York stock life insurance company, is a wholly owned subsidiary
of AXA Financial, Inc. (the "Holding Company"), a publicly traded company.
The largest stockholder of the Holding Company is AXA which as of
December 31, 1999 beneficially owned 58.0% of the Holding Company's outstanding
common stock. AXA is able to exercise significant influence over the operations
and capital structure of the Holding Company and its subsidiaries, including
Equitable. AXA, a French company, is the holding company for an international
group of insurance and related financial services companies.
C-8
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
AXA Financial, Inc. (formerly the Equitable Companies, Incorporated) (1991)
(Delaware)
Donaldson Lufkin & Jenrette, Inc. (1933) (Delaware) (38.31%)
(See Addendum B(1) for subsidiaries)
AXA Client Solutions, LLC (1999) (Delaware)
AXA Distribution Holding Corporation (1999) (Delaware)
AXA Advisors, LLC (formerly EQ Financial Consultants, Inc. (1971)
Delaware)(a)(b)
The Equitable Life Assurance Society of the United States (1989)
(New York)(a)(b)
The Equitable of Colorado, Inc. (l983) (Colorado)
EVLICO East Ridge, Inc. (1995) (California)
GP/EQ Southwest, Inc. (1995) (Texas)
Franconom, Inc. (1985) (Pennsylvania) (50.00%)
Frontier Trust Company (1987) (North Dakota)
Gateway Center Buildings, Garage, and Apartment Hotel, Inc.
(inactive) (pre-l970) (Pennsylvania)
Equitable Deal Flow Fund, L.P.
Equitable Managed Assets (Delaware)
Real Estate Partnership Equities (various)
EREIM LP Associates (99%)
EML Associates, L.P. (19.8%)
Alliance Capital Management L.P. (2.7% limited partnership
interest)
ACMC, Inc. (1991) (Delaware)(s) (Note 5)
Alliance Capital Management L.P. (1988) (Delaware)
(38.6% limited partnership interest)
EVSA, Inc. (1992) (Pennsylvania)
Prime Property Funding, Inc. (1993) (Delaware)
Wil Gro, Inc. (1992) (Pennsylvania)
Equitable Underwriting and Sales Agency (Bahamas) Limited (1993)
(Bahamas)
(a) Registered Broker/Dealer (b) Registered Investment Advisor
i
<PAGE>
AXA Financial, Inc. (cont.)
Donaldson Lufkin & Jenrette, Inc. (cont.)
AXA Client Solutions, LLC (cont.)
AXA Distribution Holding Corp. (cont.)
Equitable Life Assurance Society of the United States (cont.)
Fox Run, Inc. (1994) (Massachusetts)
STCS, Inc. (1992) (Delaware)
CCMI Corporation (1994) (Maryland)
HVM Corporation (199 ) (Maryland)
EVSA Incorporated ( ) (Delaware)
FTM Corporation (1994) (Maryland)
Equitable BJVS, Inc. (1992) (California)
Equitable Rowes Wharf, Inc. (1995) (Massachusetts)
ELAS Realty, Inc. (1996) (Delaware)
ELAS Realty, Inc. (Georgia)
Equitable Structured Settlement Corporation (1996) (Delaware)
Prime Property Funding II, Inc. (1997) (Delaware)
Sarasota Prime Hotels, Inc. (1997) (Florida)
ECLL, Inc. (1997) (Michigan)
Equitable Holdings LLC (1997) (New York) (into which Equitable
Holding Corporation was merged in 1997)
ELAS Securities Acquisition Corp. (l980) (Delaware)
100 Federal Street Realty Corporation ( ) (Massachusetts)
100 Federal Street Funding Corporation (Massachusetts)
EquiSource of New York, Inc. (1986) (New York) (See
Addendum A for subsidiaries)
Equitable Casualty Insurance Company (l986) (Vermont)
EREIM LP Corp. (1986) (Delaware)
EREIM LP Associates (L.P.) (1%)
EML Associates (L.P.) (.02%)
(a) Registered Broker/Dealer (b) Registered Investment Advisor
ii
<PAGE>
AXA Financial, Inc. (cont.)
Donaldson Lufkin & Jenrette, Inc. (cont.)
AXA Client Solutions, LLC (cont.)
AXA Distribution Holding Corp. (cont.)
The Equitable Life Assurance Society of the United States (cont.)
Equitable Holdings, LLC (cont.)
Equitable JVS, Inc. (1988) (Delaware)
Astor/Broadway Acquisition Corp. (1990) (New York)
Astor Times Square Corp. (1990) (New York)
PC Landmark, Inc. (1990) (Texas)
Equitable JVS II, Inc. (1994) (Maryland)
EJSVS, Inc. (1995) (New Jersey)
Donaldson, Lufkin & Jenrette, Inc. (1985 by EIC; 1993 by EQ and
EHC) (Delaware) (31.47%) (See Addendum B(1) for
subsidiaries)
JMR Realty Services, Inc. (1994) (Delaware)
Equitable Investment Corporation (l97l) (New York)
Stelas North Carolina Limited Partnership (50% limited
partnership interest) (l984)
Equitable JV Holding Corporation (1989) (Delaware)
Alliance Capital Management Corporation (l991) (Delaware) (b)
(See Addendum B(2) for subsidiaries)
Equitable Capital Management Corporation (l985)
(Delaware) (b)
Equitable Capital Private Income and Equity
Partnership II, L.P. (Delaware)
EQ Services, Inc. (1992) (Delaware)
EREIM Managers Corp. (1986) (Delaware)
ML/EQ Real Estate Portfolio, L.P. (Delaware)
EML Associates, L.P. (New York)
(a) Registered Broker/Dealer (b) Registered Investment
Advisor
iii
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
ADDENDUM A - SUBSIDIARY
OF EQUITABLE HOLDINGS, LLC
HAVING MORE THAN FIVE SUBSIDIARIES
-------------------------------------------------------
EquiSource of New York, Inc. (formerly Traditional Equinet Business Corporation
of New York) has the following subsidiaries that are brokerage companies to
make available to Equitable Agents within each state traditional (non-equity)
products and services not manufactured by Equitable:
EquiSource of Alabama, Inc. (1986) (Alabama)
EquiSource of Arizona, Inc. (1986) (Arizona)
EquiSource of Arkansas, Inc. (1987) (Arkansas)
EquiSource Insurance Agency of California, Inc. (1987) (California)
EquiSource of Colorado, Inc. (1986) (Colorado)
EquiSource of Delaware, Inc. (1986) (Delaware)
EquiSource of Hawaii, Inc. (1987) (Hawaii)
EquiSource of Maine, Inc. (1987) (Maine)
EquiSource Insurance Agency of Massachusetts, Inc. (1988)
(Massachusetts)
EquiSource of Montana, Inc. (1986) (Montana)
EquiSource of Nevada, Inc. (1986) (Nevada)
EquiSource of New Mexico, Inc. (1987) (New Mexico)
EquiSource of Pennsylvania, Inc. (1986) (Pennsylvania)
EquiSource of Puerto Rico, Inc. (1997) (Puerto Rico)
EquiSource Insurance Agency of Utah, Inc. (1986) (Utah)
EquiSource of Washington, Inc. (1987) (Washington)
EquiSource of Wyoming, Inc. (1986) (Wyoming)
iv
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
ADDENDUM B - INVESTMENT SUBSIDIARIES
HAVING MORE THAN FIVE SUBSIDIARIES
------------------------------------
Donaldson, Lufkin & Jenrette, Inc. has the following subsidiaries, and
approximately 150 other subsidiaries, most of which are special
purpose\subsidiaries (the number fluctuates according to business needs):
Donaldson, Lufkin & Jenrette, Securities Corporation (1985)
(Delaware) (a) (b)
Wood, Struthers & Winthrop Management Corp. (1985)
(Delaware) (b)
Autranet, Inc. (1985) (Delaware) (a)
DLJ Real Estate, Inc.
DLJ Capital Corporation (b)
DLJ Mortgage Capital, Inc. (1988) (Delaware)
Alliance Capital Management Corporation (as general partner) (b) has the
following subsidiaries:
Alliance Capital Management L.P. (1988) (Delaware) (b)
Albion Alliance LLC (Delaware) (37.6%)
Cursitor Alliance LLC (Delaware) (93%)
Cursitor Alliance Holdings Ltd. (U.K.)
Draycott Partners, Ltd (MA)
Cursitor Alliance Services Ltd. (U.K.)
Cursitor Management Co. S.A. (Lux.)
Alliance Asset Allocation Ltd. (U.K.)
Cursitor Eaton Asset Allocation Management Co. (NY) (50%)
Alliance Cecogest S.A. (France) (75%)
Cursitor Courtage SARL (France)
Cursitor Gestion S.A. (France)
Alliance Capital Management Corporation of Delaware (Delaware) (100%)
Alliance Fund Services, Inc. (Delaware) (a)
Alliance Fund Distributors, Inc. (Delaware) (a)
Alliance Capital Oceanic Corp. (Delaware)
Alliance Capital Management (Brazil) Ltd. (Brazil) (99%)
Alliance Capital Management Australia Limited (Australia)
Meiji - Alliance Capital Corp. (Delaware) (50%)
Alliance Capital (Luxembourg) S.A. (Lux.) (99%)
Alliance Barra Research Institute, Inc. (Delaware)
Alliance Capital Management Canada, Inc. (Delaware)
Alliance Capital Global Derivatives Corp. (Delaware)
ACM Fund Services, S.A. (Lux.) (99%)
ACM Fund Services (Espana) S.L. (Spain)
Alliance Capital Management (Singapore) Ltd. (Singapore)
ACM CIIC Investment Management Ltd. (Cayman Islands) (54%)
ACM Software Services Ltd. (Delaware)
East Fund Managementberatung GmbH. (Australia) (51%)
Albion Alliance EFM (Czech) (49%)
East Fund Management (Cyprus) Ltd. (Cyprus) (99%)
EFM Consultanta Financiara Bucuresti SRL (Romania)
Alliance Capital (Mauritius) Private Ltd. (Mauritius)
Alliance Capital Asset Management (India) Private Ltd.
(India) (75%)
ACSYS Software India Private Ltd. (India) (51%)
ACAM Trust Company Private Ltd. (India)
Alliance Eastern Europe, Inc. (Delaware)
Alliance Capital Management (Asia) Ltd. (Delware)
Alliance Capital Management (Turkey) Ltd. (Turkey)
Alliance Capital Mangement (Japan) Inc. 1261 (Delaware)
Alliance Capital Invest Tr. Mgmt. K.K. (Japan)
Alliance Capital Limited (U.K)
Alliance Capital Services Ltd. (U.K.)
Dimentional Trust Management Ltd. (U.K)
Alliance Corporate Finance Group Inc. (Delaware)
BCN Alliance Capital Management SA (Brazil) (50%)
Przymierze Trust Fund Co. (Poland) (49%)
Alliance SBS-AGRO Captial Management Co. (Russia) (49%)
Pekao/Alliance PTE S.A. (Poland) (49%)
Whittingdale Holdings Ltd. (U.K.)
Alliance Capital Whittingdale Ltd. (U.K)
ACM Investments Ltd. (U.K.)
Whittingdale Nominees Ltd. (U.K.)
Hanwha Investment Trust Mgmt. Co., Ltd. (South Korea) (20%)
New Alliance Asset Mangement (Asia) Ltd. (H.K.) (50%)
ACM New-Alliance (Luxemborg) S.A. (Lux.)
Alliance Odyssey Capital Mgmt. (Porprietary) Ltd. (South Africa) (80%)
Alliance-MBCA Capital (Private) Ltd. (Zimbabwe) (50%)
Alliance Odyssey Capital Mgmt. (Nambia) (Proprietary) Ltd. (Nambia)
(a) Registered Broker/Dealer (b) Registered Investment Advisor
v
<PAGE>
AXA GROUP CHART
The information listed below is dated as of January 1, 2000; percentages
shown represent voting power. The name of the owner is noted when AXA
indirectly controls the company.
AXA INSURANCE AND REINSURANCE
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA Assurances IARD France 100% by AXA France Assurance
AXA Assurances Vie France 6.48% by AXA Assurances IARD,
82.40% by AXA France Assurance
and 11.13% by AXA Collectives
AXA Courtage IARD France 99.77% by AXA France Assurance
AXA Conseil Vie France 100% by AXA France Assurance
AXA Conseil IARD France 100% by AXA France Assurance
Direct Assurances Vie France 100% by AXA Direct
Juridica France 7.81% by AXA Assurance IARD,
89.27% by AXA France Assurance
1.44% by AXA Courtage IARD
AXA Assistance France 100% by AXA
AXA Collectives France 94.47% by AXA France Assurance,
3.69% by AXA Assurances IARD
and 1.25% by AXA Courtage IARD
NSM Vie France 40.64% by AXA France Assurance
AXA Global Risks France 98.49% by AXA France
Assurance
Argovie France 94.03% by AXA Collectives
S.P.S. Re France 69.03% by AXA Reassurance
vi
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
Direct Assurance France 100% by AXA Direct
Natio Assurances France 50% by AXA Assurances IARD
AXA Assistance France 100% by AXA
AXA Reassurance France 86.33% by AXA, 8.25% by AXA
Assurances IARD, 5.07% by
AXA Global Risks, 0.13% by
AXA France Assurances and
0.02% by AXA Collectives
AXA Re Finance France 79% owned by AXA Reassurance
AXA Cessions France 100% by AXA
UAB Belgium 100% by AXA Holdings Belgium
Ardenne Prevoyante Belgium 99.99% by AXA Holdings Belgium
and 0.01% by AXA Royale Belge
Assurance Courtraisienne Belgium 100% by AXA Holdings Belgium
AXA Royale Belge Belgium 99.57% by AXA Holdings Belgium
and 0.43% by UAB
Assurances de la Poste Belgium 50% by AXA Holdings Belgium
Assurances de la Poste Vie Belgium 50% by AXA Holdings Belgium
C.G.R.M. Monte Carlo France 99.99% by AXA Reassurance
AXA Assurance Vie Luxembourg Luxembourg 100% by AXA Luxembourg S.A.
Paneurore Luxembourg 5% by AXA Portugal Companhia de
Seguros, 20% by AXA Colonia
Versicherungs, 5% by AXA
Assicurazioni, 10% by Aurora
Iberica SA de Seguros y Reas,
20% by AXA Insurance IK,
20% by Royale Belge
Investissement and
20% by Saint George Re
Crealux Luxembourg 100% by AXA Holdings Belgium
Futur Re Luxembourg 100% by AXA Global Risks
AXA Assurances Luxembourg Luxembourg 100% by AXA Luxembourg SA
Hilo Direct Seguros y Reaseguros Spain 71.43% by AXA Aurora
Ayuda Legal SA de Seguros y Spain 88% by AXA Aurora Iberica SA de
Reaseguros Seguros y Reaseguros and 12% by
AXA Seguros de Seguros
Reaseguros
Aurora Iberica SA de Spain 99.82% by AXA Aurora
Seguros y Reaseguros
AXA Seguros de Seguros y Spain 1.45% by AXA and 97.06% by
Reasegiros Aurora Iberica SA de Seguros y
Reas
Eurovita Italy 30% owned by AXA Assicurazioni
UAP Vita Italy 62.21% by AXA, 18.70% by AXA
Conseil Vie, and 19.08% by AXA
Collectives
AXA Interlife Italy 100% by AXA
AXA Assicurazioni Italy 84.10% by AXA, 11.70% by
Grupo UAP Italiana, 2.11% by
AXA Conseil Vie and 2.07%%
by AXA Collectives
AXA Equity & Law Plc U.K. 100% by AXA Sun Life
Assurance Society
AXA Global Risks (U.K) Ltd U.K. 100% by AXA Global Risks
(France)
English & Scottish U.K. 100% by AXA UK
AXA UK U.K. 100% by AXA
AXA Sun Life U.K. 100% by Sun Life and Provincial
Holdings Plc
AXA UK Holding Ltd. U.K. 100% by AXA Reassurance
Guardian Insurance Ltd. U.K. 100% by Guardian Royal Exchange
Plc
GREA Assurance U.K. 100% by Guardian Royal
Exchange Plc
PPP Group Plc. U.K. 100% by Guardian Royal
Exchange Plc
PPP Healthcare Ltd. U.K. 100% by Guardian Royal
Exchange Plc
PPP Lifetimecare U.K. 100% by Guardian Royal
Exchange Plc
AXA Insurance UK U.K. 100% by Guardian Royal
Exxchange Plc
AXA Reinsurance UK Plc. U.K. 100% by AXA UK Holding Ltd.
AXA Sun Life Holdings Plc. U.K. 100% by SLPH
AXA Nederland BV The Nether- 51.31% AXA Royal Belge, 38.94%
lands by Gelderland and 4.11% by
AXA Holdings Belgium
AXA Schade The Nether- 100% by AXA Verzekeringen
lands
AXA Zorg NV The Nether- 100% by UAP Verzekeringen
lands
Vinci BV The Nether- 100% by AXA
lands
AXA Leven NV The Nether- 100% by AXA Verzekeringen
lands
UAP Niew Rotterdam Beheer The Nether- 100% by AXA Nederland BV
lands
AXA Zorg NV The Nether- 100% by AXA Verzekeringen
lands
AXA Portugal Companhia de Portugal 9.63% by AXA Global Risk, 2.28%
Serguros by AXA Portugal Seguros
Vida, 5.71% by AXA Conseil Vie
and 81.93% by AXA
Participations
AXA Portugal Seguros Vida Portugal 87.63% by AXA Conseil Vie and
7.46% by AXA Participations
AXA Compagnie d' Assurances Switzerland 99.95% AXA Participations
AXA Compagnie d' Assurances Switzerland 94.99% by AXA Participations
sur la Vie and 5.01% by AXA Compagnie
d'Assurance.
AXA Al Amane Assurances Morocco 99.99% by AXA Ona
Epargne Croissance Morocco 99.59% by AXA Al Amane
Assurances
Compagnie Africaine Morocco 100% by AXA Al Almane
d'Assurance Assurances
AXA Canada Canada 100% by AXA
AXA Canada ADP Canada 100% by AXA Canada
AXA Colonia Krankenversicherung Germany 51% by AXA Colonia Konzern AG
and 48.36% by AXA Colonia Leben
Colonia Nordstern Versicherungs Germany 100% by AXA Colonia Konzern AG
Sicher Direct Germany 50% by AXA Colonia Konzern AG
and 50% by AXA Direct
Albingia Versicherung Germany 98.98% by GRE Continental
Europe Holding Gmbh
Albingia Lebenversicherung Germany 100% by Albingia Versicherung
AXA Colonia Leben Germany 50% by AXA Colonia Konzern AG
and 50% by AXA Colonia
Versicherung
AXA Colonia Versicherung Germany 100% by AXA Colonia Konzern AG
AXA Norstern Art Germany 100% by AXA Colonia Konzern AG
Tellit Vie Germany 100% by AXA-Colonia Konzern
AG
National Mutual Financial Australia 100% by National Mutual
Services Holdings
AXA Oyak Hayat Sigorta Turkey 100% by AXA Oyak Holding AS
AXA Oyak Sigorta Turkey 0.70% by AXA Oyak Hayat
Sigorta and 70.32% by AXA
Oyak Holding AS
AXA Minmerals Assurance Co. Ltd. China 51% by AXA China
vii
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA Non Life Insurance Co. Ltd. Japan 100% by AXA Direct
AXA Life Insurance Japan 100% by AXA
Dongbu AXA Life South Korea 100% by AXA
AXA Insurance Investment Singapore 100% by AXA
Holdings
AXA Insurance Singapore Singapore 100% by AXA Insurance
Investment Holding
AXA Life Singapore Singapore 100% by National Mutual
International
GRE Singapore Branch Singapore 100% by AXA
AXA Life Hong Kong Singapore 100% by AXA
AXA Insurance Hong Kong Hong Kong 82.5% by AXA Insurance
Investment Holdings Pte Ltd
and 17.5% by AXA
National Mutual Asia Ltd. Hong Kong 53.8% by National Mutual
Holdings, Ltd and 20% by Detura
AXA China Region Ltd. Hong Kong 73.55% by National Mutual
Holdings
Guardian Insurance Ltd. Hong Kong 100% by AXA
Hong Kong
The Equitable Life Assurance U.S.A. 100% by AXA Financial Inc.
Society of the United States
(ELAS)
AXA Reinsurance U.S.A. 100% by AXA America
AXA America U.S.A. 100% by AXA Reassurance
AXA Global Risks US U.S.A. 96.39% by AXA Global Risks and
3.61% by Colonia Nordstern
Versicherungs AG
AXA Re Life Insurance Company U.S.A. 100% by AXA America
National Mutual Holdings Australia 42.1% by AXA and 8.9% by
AXA Equity & Law Life
Assurance Society
National Mutual International Australia 100% by National Mutual
Holdings Ltd
Australian Casualty Insurance Australia 100% by National Mutual
Property Ltd Holdings
National Mutual Health Australia 100% by National Mutual
Insurance Pty Ltd Holdings Ltd
Guardian Dublin Docks Ireland 100% by Guardian PMPA Group
Ltd.
Guardian PMPA Group Ltd. Ireland 100 by Guardian Royal
Exchange Plc
Detura Hong Kong 75% by National Mutual Holdings
AXA Insurance Singapore Singapore 100% by AXA Insurance
Investment Holdings
AXA Reinsurance Asia Singapore 100% by AXA Reassurance
viii
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA Reinsurance U.K. Plc. U.K. 100% owned by AXA U.K.
Holding Ltd.
Nordstern Colonia Versicherung Austria 89.95% by AXA Colonia
Versicherungs
and 10.05% by Colonia Leben
ix
<PAGE>
FINANCIAL SERVICES AND REAL ESTATE
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
Compagnie Financiere de Paris France 96.89% by AXa 0.27% by AXA
(C.F.P.) Assurance IARD and 0.01% by
Societe Beaujon
AXA Banque France 98.7% by Compagnie
Financiere de Paris
AXA Credit France 65% by Compagnie
Financiere de Paris
Sofapi France 100% by Compagnie
Financiere de Paris
Holding Soffim France 100% by Compagnie
Financiere de Paris
Sofinad France 100% by Compagnie
Financiere de Paris
Banque des Tuileries France 100% by Compagnie
Financiere de Paris
Banque de Marches et d'Arbitrage France 19.51% by AXA and 8.2% by AXA
Courtage IARD
AXA Investment Managers France 5.28% by AXA Royale Belge,
56.48 BY AXA, 1.02% by AXA
Reassurance, 19.46% by AXA
Assurance IARD, 5.12% by AXA
Colonia Konzern and 0.25% By
Direct Assurances, 2.63% by
AXA Leven NV, 5.10% by National
Fund Management, 2.03% by AXA
Courtege IARD
Banque Worms France 1.91% by AXA France Assurance,
5.32% by AXA Collectives, 6.30%
by AXA Courtage IARD, 3.06% by
AXA Conseil Vie, 10.72% by AXA
Assurances IARD, 21.63% by AXA
Assurance Vie, 49.56% by
Compagnie Financiere de Paris
Investment Managers Paris France 100% by AXA Investment Managers
Transaxim France 100% by Compagnie Financiere
de Participations
AXA Millesimes 10.10% by AXA Reassurance,
11.95% by AXA Reassurance,
7.26% by Societe Beaujon,
6.87% by Jour Finance
AXA Colonia Asset Management Germany 51% by AXA Investment
Managers and 49% by AXA
Colonia Konzern AG
AXA Colonia KAG Germany 51% by AXA Investment
Managers and 26.50% by AXA
Colonia Konzern AG
AXA Colonia Bausparkasse AG Germany 66.67% by AXA Colonia
Konzern AG and 32.99% by
AXA Colonia Leben
Banque IPPA Belgium 100% by AXA Holdings Belgium
Royal Belge Investissement Belgium 100% by AXA Royale Belge
AXA IM Bruxelles Belgium 100% by AXA Investment
Managers
AXA Banque Belgium Belgium 100% by AXA Holdings Belgium
Royale Belge Investissement Belgium 100% by AXA Royale Belge
Sun Life Asset Management U.K. 66.67% by Sun Life and
Provincial Holdings Plc and
33.33% by AXA Asset Management
Ltd.
x
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
Alliance Capital Management Corp. U.S.A. 100% held by The Equitable
Life Assurance Society
Donaldson Lufkin & Jenrette U.S.A. 0.13% by AXA, 31.44% by
the ELAS, 38.27% by AXA
Financial Inc. and 1.31%
by AXA Participations Belgium
AXA IM Holdings Inc. U.S.A. 100% by AXA Investment
Managers
AXA IM Rose U.S.A. 90% by AXA Investment
Managers and 10% by AXA IM
Holdings Inc.
AXA Rosenberg LLC U.S.A. 50% by AXA IM Rose
National Mutual Funds Australia 100% owned by National
Management Mutual Holdings
AXA Investment Managers Japan 100% by AXA Investment
Tokyo Managers
AXA Investment Managers The Nether- 100% by AXA Investment
Den Haag lands Managers
AXA IM HK SAR Hong Kong 100% by AXA Investment
Managers
AXA Investment Managers Hong Kong 100% by AXA Investment
Hong Kong Managers
xi
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
S.G.C.I. France 100% by AXA
Compagnie Parisienne de France 100% by Sofinad
Participations (C.P.P.)
Monte Scopeto France 99.99% by Compagnie
Parisienne de Participations
Colisee Jeuneurs France 99.82% by Colisee Suresnes and
0.17% by Compagnie Parislenne
de Participation
Colisee Delcasse France 99.98% by Colisee Suresnes
Colisee Victoire France 99.74% by S.G.C.I.
Colisee Suresnes France 21.19% by AXA Assurance IARD,
0.92% by Societe Beaujon,
51.07% by Compagnie Financiere
de Paris, 20.63% by Jour
Finance and 2.53% by AXA
Courtage IARD
Colisee 21 Matignon France 99.44% by S.G.C.I. and 0.55% by
AXA
xii
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
Colisee Saint Georges SA France 100% by SGCI
xiii
<PAGE>
HOLDINGS AND MISCELLANEOUS BUSINESS
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA Direct France 100% by AXA
Societe Beaujon France 100% by AXA
Lor Finance France 99.87% by AXA
Jour Finance France 60.47% by AXA Conseil Vie,
39.53% by AXA Assurance IARD
Financiere 45 France 100% by AXA
Mofipar France 99.92% by AXA
AXA Participations France 53.15% by AXA, 21.90% by AXA
Global Risks and 24.95% by AXA
Courtage IARD
Colisee Excellence France 100% by Financiere Mermoz
Financiere Mermoz France 100% by AXA
AXA France Assurance France 100% by AXA
AXA China France 49% by AXA Region Limited
and 51% by AXA
AXA Participations Belgium Belgium 17.65% by AXA Global Risks,
75% by AXA, 1.82% by AXA
Conseil IARD and 5.53% by AXA
Courtage IARD
Finaxa Belgium Belgium 99.99% by AXA
AXA Holdings Belgium Belgium 43.75% by AXA, 3.02% by AXA
Global Risks, 49.10% by AXA
Participations Belgium and
4.11% by Vinci BV
GRE Continental Europe Germany 100% by AXA Cononia Konzern AG
Holding Gmbh
AXA-Colonia Konzern AG Germany 39.73% by Vinci BV, 25.63% by
Kolnische Verwaltungs and
21.62% by AXA
Kolnische Verwaltungs Germany 67.72% by Vinci BV, 22.99% by
AXA Colonia Konzern AG and
8.83% by AXA
AXA Luxembourg SA Luxembourg 100% by AXA Holdings Belgium
AXA Ona Morocco 51% by AXA Participations
Gelderland The Nether- 100% by AXA Holdings Belgium
lands
AXA Oyak Holdings AS Turkey 50% by AXA
AXA Financial Inc. U.S.A. 4.12% by AXA Equity & Law
Life Assurance Society, 43.01
by AXA, 2.97% by AXA
Reassurance, 0.03% by AXA
America, 0.44% by Societe
Beaujon, 3.21% by Fianciere 45
and 6.46% by LOR Finance
AXA Aurora Spain 30% owned by AXA and 40% by
AXA Participations
AXA Equity & Law Plc U.K. 99.94 by AXA Life
Sun Life and Provincial U.K. 34.52% by AXA and 21.81% by
Holdings (SLPH) AXA Equity & Law Plc
xiv
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
NOTES
-----
1. The year of formation or acquisition and state or country of incorporation
of each affiliate is shown.
2. The chart omits certain relatively inactive special purpose real estate
subsidiaries, partnerships, and joint ventures formed to operate or
develop a single real estate property or a group of related properties,
and certain inactive name-holding corporations.
3. All ownership interests on the chart are 100% common stock ownership
except: (a) AXA Financial, Inc.'s 38.6% interest in Donaldson, Lufkin &
Jenrette, Inc., and Equitable Holdings, LLC's 31.7% interest in same; (b)
as noted for certain partnership interests; (c) Equitable Life's ACMC,
Inc.'s and Equitable Capital Management Corporation's limited partnership
interests in Alliance Capital Management L.P.; and (d) as noted for certain
subsidiaries of Alliance Capital Management Corp. of Delaware, Inc.
4. The following entities are not included in this chart because, while they
have an affiliation with The Equitable, their relationship is not the
ongoing equity-based form of control and ownership that is characteristic
of the affiliations on the chart, and, in the case of the first entity, it
is under the direction of at least a majority of "outside" trustees:
EQ Advisors Trust
Separate Accounts
5. This chart was last revised on January 1, 2000.
xv
<PAGE>
Item 27. Number of Contract Owners
-------------------------
As of March 31, 2000 there were 41,717 certificates in force
under the Momentum Contract offered by the registrant.
Item 28. Indemnification
(a) Indemnification of Directors and Officers
The By-Laws of The Equitable Life Assurance Society of the United
States ("Equitable Life") provide, in Article VII, as follows:
7.4 Indemnification of Directors, Officers and Employees. (a) To the
extent permitted by the law of the State of New York and subject
to all applicable requirements thereof:
(i) any person made or threatened to be made a party to any
action or proceeding, whether civil or criminal, by reason
of the fact that he or she, or his or her testator or
intestate, is or was a director, officer or employee of
the Company shall be indemnified by the Company;
(ii) any person made or threatened to be made a party to any
action or proceeding, whether civil or criminal, by reason
of the fact that he or she, or his or her testator or
intestate serves or served any other organization in any
capacity at the request of the Company may be indemnified
by the Company; and
(iii) the related expenses of any such person in any of said
categories may be advanced by the Company.
(b) To the extent permitted by the law of the State of New
York, the Company may provide for further
indemnification or advancement of expenses by
resolution of shareholders of the Company or the Board
of Directors, by amendment of these By-Laws, or by
agreement. (Business Corporation Law ss. 721-726;
Insurance Law ss. 1216)
The directors and officers of Equitable Life are insured under
policies issued by Lloyd's of London, X.L. Insurance Company and ACE Insurance
Company. The annual limit on such policies is $100 million, and the policies
insure that officers and directors against certain liabilities arising out of
their conduct in such capacities.
(b) Indemnification of Principal Underwriter
To the extent permitted by law of the State of New York and subject to
all applicable requirements thereof, AXA Advisors, LLC has undertaken to
indemnify each of its directors and officers who is made or threatened to be
made a party to any action or proceeding, whether civil or criminal, by reason
of the fact the director or officer, or his or her testator or intestate, is or
was a director or officer of AXA Advisors, LLC.
(c) Undertaking
Insofar as indemnification for liability arising under the Securities
Act of 1933 ("Act") may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
Item 29. Principal Underwriters
----------------------
(a) AXA Advisors, LLC (formerly EQ Financial Consultants,
Inc.) an affiliate of Equitable, is the principal
underwriter for its Separate Account A, Separate Account
No. 301, Separate Account No. 45, Separate Account I,
Separate Account FP and for EQ Advisors Trust. AXA
Advisors, LLC's principal business address is 1290 Avenue
of the Americas, NY, NY 10104.
(b) Set forth below is certain information regarding the
directors and principal officers of AXA Advisors, LLC. The
business address of the persons whose names are preceded
by an asterisk is that of AXA Advisors, LLC.
NAME AND PRINCIPAL POSITIONS AND OFFICES WITH UNDERWRITER
BUSINESS ADDRESS (AXA ADVISORS LLC)
- ---------------- --------------------------------------
*Michael S. Martin Chairman of the Board and Chief
Executive Officer, and Director
*Martin J. Telles Executive Vice President and Chief
Marketing Officer
*Derry E. Bishop Executive Vice President and Director
*Harvey E. Blitz Executive Vice President and Director
S. Patrick McGunagle Executive Vice President and Director
*Richard V. Silver Director
*Mark R. Wutt Director
Edward J. Hayes Executive Vice President
200 Plaza Drive
Secaucus, NJ 07096
*Craig A. Junkins Executive Vice President
*Peter D. Noris Executive Vice President
*Mark A. Silberman Senior Vice President and Chief
Financial Officer
*James Bodowitz Senior Vice President and General Counsel
Stephen T. Burnthall Senior Vice President
6435 Shiloh Road
Suite A
Alpharetta, GA 30005
*Catherine P. Earl Senior Vice President
Richard Magaldi Senior Vice President
6435 Shiloh Road
Suite A
Alpharetta, GA 30005
*Robert Schmedt Senior Vice President
*Cindy Schreiner Senior Vice President
*Donna M. Dazzo First Vice President
*Amy Francesscheni First Vice President
*Anne Nussbaum First Vice President
*Philomena Scamardella First Vice President
*Michael Brzozowski Vice President and Compliance Director
*Mark D. Godolsky Vice President and Controller
*Linda J. Galasso Secretary
*Francesca Divone Assistant Secretary
(c) Not Applicable.
C-24
<PAGE>
(c)
Item 30. Location of Accounts and Records
--------------------------------
The records required to be maintained by Section 31(a) of the
Investment Company Act of 1940 and Rules 31a-1 to 31a-3
thereunder are maintained by Equitable at 1290 Avenue of the
Americas, New York, NY 10104 and the AMA Building, 135 West 50st
Street, New York, NY, 10020 and 200 Plaza Drive, Secaucus, NJ
07096.
Item 31. Management Services
-------------------
Not applicable.
Item 32. Undertakings
------------
The Registrant hereby undertakes:
(a) to file a post-effective amendment to this registration
statement as frequently as is necessary to ensure that the
audited financial statements in the registration statement
are never more than 16 months old for so long as payments
under the variable annuity contracts may be accepted;
(b) to include either (1) as part of any application to
purchase a contract offered by the prospectus, a space
that an applicant can check to request a Statement of
Additional Information, or (2) a postcard or similar
written communication affixed to or included in the
prospectus that the applicant can remove to send for a
Statement of Additional Information; and
(c) to deliver any Statement of Additional Information and any
financial statements required to be made available under
this Form promptly upon written or oral request.
(d) Equitable represents that the fees and charges deducted
under the Contract described in this Registration
Statement, in the aggregate, are reasonable in relation to
the services rendered, the expenses to be incurred, and
the risks assumed by Equitable under the respective
Contracts. Equitable bases its representation on its
assessement of all of the facts and circumstances,
including such relevant factors as: the nature and extent
of such services, expenses and risks, the need for
Equitable to earn a profit, the degree to which the
Contract includes innovative features, and regulatory
standards for the grant of exemptive relief under the
Investment Company Act of 1940 used prior to October 1996,
including the range of industry practice. This
representation applies to all contracts sold pursuant to
this Registration Statement, including those sold on the
terms specifically described in the prospectuses contained
herein, or any variations therein, based on supplements,
endorsements, data pages or riders to any contract, or
prospectus or otherwise.
C-25
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Registrant certifies that it meets the requirements of
Securities Act Rule 485(b) for effectiveness of this amendment to the
Registration Statement and has caused this amendment to the Registration
Statement to be signed on its behalf in the City and State of New York, on this
26th day of April, 2000.
SEPARATE ACCOUNT A OF THE EQUITABLE LIFE
ASSURANCE SOCIETY OF THE UNITED STATES
(Registrant)
By: The Equitable Life Assurance Society
of the United States
By: /s/ Maureen K. Wolfson
--------------------------------
Maureen K. Wolfson
Vice President
C-26
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Depositor has caused this amendment to the Registration
Statement to be signed on its behalf in the City and State of New York, on this
26th day of April, 2000.
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Depositor)
By: /s/ Maureen K. Wolfson
------------------------------
Maureen K. Wolfson
Vice President
As required by the Securities Act of 1933 this amendment to the
registration statement has been signed by 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:
*Alvin H. Fenichel Senior Vice President and 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.
Jean-Rene Fourtou Mary R. (Nina) Henderson Peter J. Tobin
Norman C. Francis W. Edwin Jarmain Stanley B. Tulin
Dave H. Williams
*By: /s/ Maureen K. Wolfson
--------------------------
Maureen K. Wolfson
Attorney-in-Fact
April 26, 2000
C-27
<PAGE>
EXHIBIT INDEX
--------------
EXHIBIT NO. TAG VALUE
- ----------- ---------
10(a) Consent of PricewaterhouseCoopers, LLP. EX-99.10a
10(b) Powers of Attorney. EX-99.10b
C-28
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statement of Additional Information
constituting part of this Post-Effective Amendment No. 12 to the Registration
Statement No. 33-47949 on Form N-4 (the "Registration Statement") of (1) our
report dated February 1, 2000 relating to the financial statements of Separate
Account A of The Equitable Life Assurance Society of the United States for the
year ended December 31, 1999, and (2) our report dated February 1, 2000 relating
to the consolidated financial statements of The Equitable Life Assurance Society
of the United States for the year ended December 31, 1999, which reports appear
in such Statement of Additional Information, and to the incorporation by
reference of our reports into the Prospectus which constitutes part of this
Registration Statement. We also consent to the references to us under the
heading "Custodian and Independent Accountants" in the Statement of Additional
Information.
/s/ PricewaterhouseCoopers, LLP
PricewaterhouseCoopers, LLP
New York, New York
April 26, 2000
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Francoise Colloc'h
----------------------------------
Francoise Colloc'h
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Norman C. Francis
----------------------------------
Norman C. Francis
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Michael Hegarty
----------------------------------
Michael Hegarty
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Edward Miller
----------------------------------
Edward Miller
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Denis Duverne
----------------------------------
Denis Duverne
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Donald J. Greene
----------------------------------
Donald J. Greene
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ George T. Lowy
----------------------------------
George T. Lowy
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Peter J. Tobin
----------------------------------
Peter J. Tobin
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Joseph L. Dionne
----------------------------------
Joseph L. Dionne
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ John T. Hartley
----------------------------------
John T. Hartley
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ John H.F. Haskell, Jr.
----------------------------------
John H.F. Haskell, Jr.
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
5th day of April, 2000.
/s/ Dave H. Williams
----------------------------------
Dave H. Williams
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Mary B. (Nina) Henderson
----------------------------------
Mary B. (Nina) Henderson
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
4th day of April, 2000.
/s/ George J. Sella, Jr.
----------------------------------
George J. Sella, Jr.
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ W. Edwin Jarmain
----------------------------------
W. Edwin Jarmain
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
13th day of April, 2000.
/s/ Alvin H. Fenichel
----------------------------------
Alvin H. Fenichel
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
13th day of April, 2000.
/s/ Jean-Rene Fourtou
----------------------------------
Jean-Rene Fourtou
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
23rd day of March, 2000.
/s/ Stanley B. Tulin
----------------------------------
Stanley B. Tulin
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
4th day of April, 2000.
/s/ Henri de Castries
----------------------------------
Henri de Castries
Rev. 2/2000
122055
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints R. Lee Wilson, Anne M. Katcher, Stuart L. Faust, Nik Malvania, Pauline
Sherman, Naomi J. Weinstein, Mary A. Hyland, Maureen K. Wolfson, Mildred Oliver,
Robin Wagner and each of them (with full power to each of them to act alone),
his or her true and lawful attorney-in-fact and agent, with full power of
substitution to each, for him or her and on his or her behalf and in his or her
name, place and stead, to execute and file any of the documents referred to
below relating to registrations under the Securities Act of 1933, the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 with respect to any
insurance or annuity contracts or other agreements providing for allocation of
amounts to Separate Accounts of the Company, and related units or interests in
Separate Accounts: registration statements on any form or forms under the
Securities Act of 1933 and the Investment Company Act of 1940 and annual reports
on any form or forms under the Securities Exchange Act of 1934, and any and all
amendments and supplements thereto, with all exhibits and all instruments
necessary or appropriate in connection therewith, each of said attorneys-in-fact
and agents and his, her or their substitutes being empowered to act with or
without the others, and to have full power and authority to do or cause to be
done in the name and on behalf of the undersigned each and every act and thing
requisite and necessary or appropriate with respect thereto to be done in and
about the premises in order to effectuate the same, as fully to all intents and
purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, may do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
10th day of April, 2000.
/s/ Didier Pineau Valencienne
----------------------------------
Didier Pineau Valencienne
Rev. 2/2000
122055
